Tuan Sing Holdings Limited · SGX:T24
Tuan Sing — H1 2021 Earnings Presentation
19 slides from Tuan Sing's earnings presentation, Aug 6, 2021
Slide 1: 1H2021 Unaudited Results Announcement
1H2021 UNAUDITED RESULTS ANNOUNCEMENT 6 August 2021
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) 1H2021 1H2020 Chg Revenue 143.9 91.9 57% Gross profit 36.1 24.4 48% Profit before tax & fair value adjustments 101.0 3.8 2,558% Profit before tax 100.9 7.0 1,341% Profit after tax 99.9 6.5 1,437% Net profit attributable to shareholders 100.7 6.6 1,426% EPS (cent) 8.
Slide 4: Overview
Overview • Revenue increased by 57% to $143.9 million in 1H2021. The increase was due to higher revenue across all business segments, led by Real Estate Development, Industrial Services and Hospitality. • Higher revenue from Real Estate Development was mostly driven by higher progressive recognition
Slide 5: Revenue by Segment
Revenue by Segment ($’m) 1H2021 1H2020 Chg Real Estate Investment 28.3 26.6 7% Real Estate Development 55.9 31.4 78% Hospitality 25.8 20.8 24% Industrial Services 35.6 14.8 141% Other Investments^^ - - - Corporate@ (1.7) (1.7) - Group Total 143.9 91.9 57% • Higher revenue across all business segment
Slide 6: Adjusted EBIT by Segment
Adjusted EBIT by Segment ($’m) 1H2021 1H2020 Chg Real Estate Investment 18.2 16.9 8% Real Estate Development 1.0 1.0 - Hospitality 2.7 (2.2) nm Industrial Services - (0.7) nm Other Investments 16.9 14.2 19% Corporate* (4.6) (4.3) 7% Group Total 34.2 24.9 37% • Higher Adjusted EBIT** from Hospitality
Slide 7: Real Estate Investment and Real Estate Development
Real Estate Investment • Revenue increased by 7% to $28.3 million in 1H2021 due mainly to higher occupancies at 18 Robinson and Link@896 as well as higher average gross rental for Link@896, partially offset by lower contribution from Robinson Point which was disposed on 7 June 2021. • Correspondingl
Slide 8: Hospitality and Industrial Services
Hospitality • Revenue was up by 24% to $25.8 million in 1H2021 largely due to Hyatt Regency Perth’s quarantine business and the fact that Grand Hyatt Melbourne temporarily suspended operations from mid April to mid November in the previous year. • Correspondingly, Adjusted EBIT increased by $4.9 mil
Slide 9: Other Investments
Other Investments • This is mainly the Group’s 44.5% equity stake in GulTech. Adjusted EBIT increased by 19% to $16.9 million in 1H2021 due mainly to higher revenue and an increase in scrap sales income following the rise in material prices such as copper. © Tuan Sing Holdings Limited 9
Slide 10: Group Financial Position
Group Financial Position ($’m) 30.06.21 31.12.20 Chg Total assets 2,756.9 3,143.7 -12% Total liabilities 1,479.6 1,970.2 -25% (a) (a) Total borrowings 1,345.0 1,465.0 -8% Cash and bank balances 329.9 274.4 20% Shareholders’ funds 1,264.7 1,160.1 9% NAV per share (cents) 105.2 97.7 8% (a) (a) Gross g
Slide 11: Review of Financial Position
Review of Financial Position • Total assets decreased by 12% or $386.7 million to $2,756.9 million. • The decrease was due mainly to the disposal of a subsidiary and a decrease in carrying amount of development properties arising from the sale of residential units in Singapore. • The decrease was pa
Slide 12: Group Cash Flow
Group Cash Flow ($’m) 1H2021 1H2020 Operating cash flow 41.1 27.5 Investing cash flow 449.9 (2.8) Financing cash flow (440.3) (6.8) Foreign currency translation adjustments 0.9 1.4 Cash and cash equivalents at period-end^ 250.0 108.3 Free cash flow^^ 491.0 24.7 ^ Net of encumbered fixed deposit and
Slide 13: Review of Cash Flow
Review of Cash Flow • The Group had cash and cash equivalents of $250.0 million as at 30 June 2021, as compared to $198.4 million as at 31 December 2020. • Cash and cash equivalents movement was due mainly to: – Operating cash inflow: $41.1 million, mainly from profit for the period, after changes i
Slide 14: Outlook
Outlook • The Group is focused primarily on real estate development, real estate investment and hospitality business. The Group’s well-diversified assets portfolio, coupled with its disciplined approach and cost containment measures, allowed it to stay resilient amidst the COVID-19 pandemic. • In Si
Slide 15: Outlook
Outlook • In Australia, Hyatt Regency Perth currently operates as a quarantine hotel which is expected to continue until the later part of 2021. Grand Hyatt Melbourne was fully booked for the Australian Open in January 2021. Despite a lockdown in February, pent-up demand from local and inter-state t
Slide 16: Outlook
Outlook • In Indonesia, the Group is actively developing Batam Opus Bay, its upcoming 125-hectare integrated mixed development township project, comprising residential living and proposed facilities such as outlet mall, food and beverages, hotel, tourist attractions, international schools, and medic
Slide 17: Outlook
Outlook • In China, GulTech continues to contribute a positive performance in FY2021. Gultech China Pte Ltd (“Gultech China”), a subsidiary of Gultech, has, further to the execution of sale and purchase agreements to divest approximately 13% of the total shares in the issued share capital of Gultech
Slide 18: Outlook
Outlook • Despite COVID-19, the Group will continue to develop its asset portfolio, explore potential partnerships and collaborations to grow its well-located assets in Singapore and the region. The Group is also not adverse to considering options and opportunities to divest, develop, streamline, re
Slide 19: Thank You
Thank You For further information, please contact: Tan Choong Kiak Group Chief Financial Officer tan_ck@tuansing.com © Tuan Sing Holdings Limited 19