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Property Boom by 2010
- Thread starter Merl Haggard
- Start date
Saw Simon Cheong at Cricket Club. Still moaning as his stock continued to dip. He owns about half the company and he is vulnerable with all his high gearing projects not moving despite all the fine wining and dining to prospects.
SCGlobal 0.820 -0.030 -3.5 132 30 0.820 0.830 20 0.855 0.820 PROP
Boom is correct but only SC did not want to say that it would be an implosion of the bubble...
Fortunately I cut at 0.845c. Now left 0.80 nia nia. Downgrader is right....it's heading for 0.30 - 0.45c
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Hahaha horseh liao! SC Global is now trading at 0.795 and heading for 0.30 - 0.45.
My friend, good thing you cut your losses. Plenty of ppl out there get too emotional with stocks and hold on during the joyride downwards.
There'll be a time to pick it up again and you (and many others with opportunity funds) will make plenty.
View from CIMB on property sector - not bank house with vested interest
Where are we now in terms of valuations?
Share prices of Singapore developers have fallen 33% YTD vs. a 22% fall in the FSSTI in the same period. As investors continue to search for the bottom amid increasingly bearish outlook in the property sector, we turn to history as guidance on current valuations. While RNAV discounts and P/B ratios of some of the small-mid cap developers are starting to enter territories unseen in the last decade, we estimate, big cap property stocks are now trading at 30-40% discounts to their RNAVs, still far off from the 55-80% discounts to RNAVs in 1997-98 and 45-55% discounts to RNAVs in 2003. Based on historical trough levels, we think valuations in the sector may not have bottomed-out yet.
Share prices may not reflect all of the bad news yet. While stock valuations have taken a beating, physical prices have remained somewhat resilient amid very thin transaction volumes. As stock markets are typically forward-looking, more downside can be expected if physical prices begin to free fall. We believe more potential bad news on the worsening global economy and unwinding of speculative interests of properties could continue to weigh down on the sector. So far, we believe there haven’t been many cases of panic selling as yet. We believe the test will come in 2009 when more projects receive TOP status.
Where are we now in terms of valuations?
Share prices of Singapore developers have fallen 33% YTD vs. a 22% fall in the FSSTI in the same period. As investors continue to search for the bottom amid increasingly bearish outlook in the property sector, we turn to history as guidance on current valuations. While RNAV discounts and P/B ratios of some of the small-mid cap developers are starting to enter territories unseen in the last decade, we estimate, big cap property stocks are now trading at 30-40% discounts to their RNAVs, still far off from the 55-80% discounts to RNAVs in 1997-98 and 45-55% discounts to RNAVs in 2003. Based on historical trough levels, we think valuations in the sector may not have bottomed-out yet.
Share prices may not reflect all of the bad news yet. While stock valuations have taken a beating, physical prices have remained somewhat resilient amid very thin transaction volumes. As stock markets are typically forward-looking, more downside can be expected if physical prices begin to free fall. We believe more potential bad news on the worsening global economy and unwinding of speculative interests of properties could continue to weigh down on the sector. So far, we believe there haven’t been many cases of panic selling as yet. We believe the test will come in 2009 when more projects receive TOP status.
"We believe that developers could barely break even or may incur losses on selected projects if our expectation of weakening residential selling prices for the rest of 2008 and 2009 pans out." -- Goldman Sachs on Singapore property. Unlike the houses of the three banks, they don't have vested interest
It better be record low and not record high!
SC Global crashed down to 78c liao.
more downside coming
simon is a joker and the best is he go hide one corner and cry
I hate that Simon Cheong bastard! During the property boom year of early 07 when he launched 5% of the The Marq, in a media interview, he stated loud and clear that his units at The Marq are only meant for the super rich foreign buyers and not the local wealthy.
This type of bastard deserves to die or not? I know of many who are pissed off with him!
on your marq, get set... COLLAPSE
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