Tuan Sing Holdings Limited · SGX:T24
Tuan Sing — Q2 2019 Earnings Presentation
17 slides from Tuan Sing's earnings presentation, Jul 24, 2019
Slide 1: 2Q2019 and 1H2019 Results Announcement
2Q2019 AND 1H2019 RESULTS ANNOUNCEMENT 24 July 2019
Slide 2: Notice & Disclaimer
Notice & Disclaimer This document has been prepared for discussion purposes and does not constitute an offer or solicitation, nor it is the basis for any contract, for the purchase or sale of any investment. The information contained in this document is strictly confidential and is made available to
Slide 3: Group Financial Performance
Group Financial Performance ($’m) 2Q2019 2Q2018 Chg 1H2019 1H2018 Chg Revenue 73,917 81,663 -9% 151,380 158,133 -4% Gross profit 13,765 15,489 -11% 30,282 32,078 -6% Profit before tax & fair value adj 4,188 4,309 -3% 6,125 13,973 -56% Profit before tax 3,934 4,178 -6% 5,952 13,775 -57% Profit after
Slide 4: Overview
Overview • Group’s revenue for 2Q2019 was $73.9 million (vs $81.7 million, 2Q2018), a decrease of 9%. • Revenue for 1H2019 was $151.4 million (vs $158.1 million, 1H2018), a decrease of 4%. • The decrease for both periods was mainly due to lower revenue from Hotels Investment and Industrial Services
Slide 5: Revenue by Segment
Revenue by Segment ($’m) 1H2019 1H2018 Chg Property 50.5 35.4 43% Hotels Investment 49.5 54.5 -9% Industrial Services 52.1 68.8 -24% Other Investments^^ - - - Corporate & Others@ (0.7) (0.6) 17% Group Total 151.4 158.1 -4% 1H2019 revenue decreased mainly due to lower contribution from Hotels Investm
Slide 6: Profit after tax by Segment
Profit after tax by Segment ($’m) 1H2019 1H2018 Chg Property 1.5 10.8 -86% Hotels Investment 0.1 1.3 -92% Industrial Services 0.2 0.4 -50% Other Investments 10.5 8.9 18% Corporate & Others** (10.5) (10.1) 4% Group Total 1.8 11.3 -84% • Group’s lower profit after tax was mainly due to higher finance
Slide 7: Property
Property • Property Segment revenue for 1H2019 was $50.5 million as compared to $35.4 million in the same period last year, an increase of $15.1 million. • The increase was mainly driven by an increase in sales and percentage of completion of development properties. This was partially offset by the
Slide 8: Hotels Investment
Hotels Investment • Hotels Investment Segment revenue for 1H2019 was $49.5 million (or A$51.5 million) as compared to $54.5 million (or A$53.2 million) in the same period last year, a decrease of $5.0 million (or A$1.7 million). • Despite a slight decrease in occupancy rate, Melbourne hotel performe
Slide 9: Industrial Services and Other Investments
Industrial Services • Industrial Services Segment revenue for 1H2019 was $52.1 million as compared to $68.8 million in the same period last year, a decrease of $16.7 million. • The decrease was mainly due to lower contribution from the Commodities Trading unit. • Profit for 1H2019 of $0.2 million wa
Slide 10: Group Financial Position
Group Financial Position ($’m) 30.06.19 31.12.18 Chg Total assets 2,872.4 2,917.4 -2% Total liabilities 1,784.2 1,808.9 -1% (a) (a) Total borrowings 1,637.4 1,630.4 * Cash and bank balances 136.9 133.0 3% Shareholders’ funds 1,073.1 1,093.5 -2% NAV per share (cents) 90.4 92.2 -2% (a) (a) Gross geari
Slide 11: Review of Financial Position
Review of Financial Position • Total assets was $2,872.4 million as compared to $2,917.4 million (31 Dec 2018) • Total liabilities was $1,784.2 million as compared to $1,808.9 million (31 Dec 2018) • Gross gearing increased from 1.47 times to 1.50 times • Net gearing increased from 1.35 times to 1.3
Slide 12: Group Cash Flow
Group Cash Flow ($’m) 1H2019 1H2018 Operating cash flow (6.7) 3.5 Investing cash flow 33.7 (58.0) Financing cash flow (22.1) 0.3 Foreign currency translation adjustments (2.7) (0.9) Cash & cash equivalent at period-end^ 68.8 96.0 Free cash flow^^ 27.0 (54.5) ^ Net of encumbered bank balances ^^ Free
Slide 13: Review of Cash Flow
Review of Cash Flow • The Group had cash and cash equivalents of $68.8 million as at 30 June 2019, as compared to $66.6 million as at 31 December 2018 • Cash and cash equivalents movement was due mainly to: – Operating cash out flow: -$6.7 million, mainly arose from profit for the period, after chan
Slide 14: Outlook
Outlook • In Singapore, the office market continues to be favourable. The Group expects 18 Robinson and 896 Dunearn Road to generate healthy stream of recurring rental income in the second half of the year. 18 Robinson secured a variety of tenants such as co-working operators, service and technology
Slide 15: Outlook
Outlook • The Group will continue to market their residential projects actively, namely Kandis Residence and Mont Botanik Residence. Kandis Residence is expected to obtain TOP by year end. This would be a choice development for upgraders in the serene Sembawang Park vicinity. • In Australia, the Gro
Slide 16: Outlook
Outlook • In China, the Group’s investment in the Sanya project has commenced construction work. Upon completion, it will be an iconic landmark project which comprises commercial, residential and retail components and is connected to the Sanya High-Speed Railway Station. It will have a total saleabl
Slide 17: Thank You
Thank You For further information, please contact: Leong Kok Ho Chief Financial Officer leong_kokho@tuansing.com © Tuan Sing Holdings Limited 17