Tuan Sing Holdings Limited · SGX:T24
Tuan Sing — Shareholder Meeting (April 2021)
52 slides from Tuan Sing's shareholder meeting presentation, Apr 23, 2021
Slide 1: 51st Annual General Meeting
[August] 2019 51st Annual General Meeting 23 April 2021 1
Slide 2: Disclaimer
DISCLAIMER This presentation and the information contained herein does not constitute or form any part of and should not be constructed as any offer or invitation to sell or issue, or any solicitation of any offer to subscribe for or purchase any securities of Tuan Sing Holdings Limited (the “Compan
Slide 3: CFO Presentation
CFO PRESENTATION Mr Leong Kok Ho Chief Financial Officer 3
Slide 4: FY2020 Financial Performance
FY2020 FINANCIAL PERFORMANCE 4
Slide 5: FY2020 Financial Performance
FY2020 Financial Performance ($’m) FY2020 FY2019 Chg (%) Revenue 196.8 310.7 (37) Gross profit 48.6 71.5 (32) Profit before tax & fair value adj 14.7 8.8 67 Profit before tax 59.9 42.0 43 Profit after tax 58.5 32.7 79 Net profit attributable to shareholders 59.0 33.2 78 EPS (cents) 5.0 2.8 79 5
Slide 6: FY2020 Financial Position
FY2020 Financial Position ($’m) 31.12.20 31.12.19 Chg (%) Total Assets 3,143.7 2,997.3 5 Total Liabilities 1,970.2 1,878.3 5 Total Borrowings 1,465.0 1,711.3 (14) Cash and Bank Balances 274.4 172.3 59 Shareholders’ Funds 1,160.1 1,105.0 5 NAV per share (cents) 97.7 93.1 5 Gross Gearing 1.25x 1.53x (
Slide 7: Segment Results
Segment Results 7
Slide 8: Financial Performance by Business Segments
FINANCIAL PERFORMANCE BY BUSINESS SEGMENTS Revenue ($m) Profit after tax ($m) 310.7 66 58.5 196.8 32.7 129.9 26.7 109 101.8 101.4 24.8 21.7 32.8 37.4 3.4 1.4 2.5 (3.3)(1.5) (14.9) (18.8) (21.6) Property Hotels Industrial Corporate & Group Total Property Hotels Industrial Other Corporate & Group Tota
Slide 9: Dividends
Dividends 9
Slide 10: Strong Dividend Track Record
DIVIDEND RECORD STRONG DIVIDEND TRACK RECORD Gross payout Cumulative payout Dividend per share 80,000 0.9 1.0 DIVIDEND PER SHARE (Cents) 70,000 CUMULATIVE PAYOUT 0.8 60,000 0.6 0.6 0.6 0.6 0.6 50,000 0.6 0.5 0.5 0.5 40,000 0.4 30,000 0.3 0.3 0.4 20,000 0.2 10,000 0 0.0 FY09 FY10 FY11 FY12 FY13 FY14
Slide 11: CEO Presentation
CEO PRESENTATION Mr William Liem Chief Executive Officer 11
Slide 12: Our Businesses
OUR BUSINESSES • Investment Property • Development Property • Hotels Investment • Industrial Services • Other Investments 12
Slide 13: Singapore: 18 Robinson and Link@896
SINGAPORE 18 Robinson Link@896 • 28-storey Grade A commercial building in the heart of CBD • 5-storey commercial building on the largest plot of commercial • 6 basement state-of-the-art Automated Guided Vehicle carpark land of 13,089 square metres along Bukit Timah Road and • TOP obtained in January
Slide 14: Singapore: Robinson Point and The Oxley
SINGAPORE Robinson Point The Oxley Artist’s Impression • 21-storey commercial development with 3 levels of carpark in • A freehold 10-storey mixed commercial-cum-residential Description the heart of Singapore CBD acquired in 2013 building completed in 1996 Description • A&A completed in 2015 • Curre
Slide 15: Australia: Commercial Centres & Carparks
AUSTRALIA Commercial Centre & Carpark, Melbourne Commercial Centre & Carpark, Perth Artist’s Impression – Plain Street Post AEI • In the “Paris End” of Collins Street in Melbourne’s Central • Two basement levels of carpark with 883 parking bays and Business District within Grand Hyatt Melbourne comp
Slide 16: Our Businesses
OUR BUSINESSES • Investment Property • Development Property • Hotels Investment • Industrial Services • Other Investments 16
Slide 17: Singapore: Kandis Residence
SINGAPORE Kandis Residence • Within North Coast Innovation Corridor, a short drive to Woodlands Regional Centre and Punggol Creative Cluster • Designed by Ong & Ong Architects Description • Tuan Sing was awarded BCI Asia Top 10 Developers Award in 2018 for this project • Site area of 7,046 square me
Slide 18: Singapore: Mont Botanik Residence and Peak Residence
SINGAPORE Mont Botanik Residence Peak Residence Peak Court – Existing Development on Site • Walking distance to Hillview MRT Station and surrounded • Close proximity to Novena MRT and upcoming Mount by lush greenery such as Bukit Timah Nature Reserve Pleasant MRT of the Thomson-East Coast Line Descr
Slide 19: Indonesia - Opus Bay, Batam
INDONESIA - OPUS BAY, BATAM • 125-hectare land bank in Batam • Proposed integrated development consists of hotels with MICE facilities, retail, tourist facilities and attractions as well as residential properties (villas and apartments) Description • World-class collaboration • Master Plan – New Yor
Slide 20: Indonesia - Opus Bay, Batam
INDONESIA - OPUS BAY, BATAM Artist’s Impression Artist’s Impression Artist’s Impression Artist’s Impression Artist’s Impression Preliminary Design Concept © Tuan Sing Holdings Limited 20
Slide 21: Opus Bay, Batam – As Featured in Media
OPUS BAY, BATAM – As Featured in Media The Business Times, Friday, April 9, 2021 Artist’s Impression Channel News Asia, Business Times, EdgeProp Artist’s Impression Artist’s Impression Preliminary Design Concept © Tuan Sing Holdings Limited 21
Slide 22: Indonesia - Kura Kura, Bali
INDONESIA - KURA KURA, BALI • Acquired 2.26% stake in Goodwill Property • Tuan Sing as the lead development partner Investment Limited (GPI), the 80% shareholder of Equity Interest PT Bali Turtle Island Development (BTID) in July • Currently infrastructure works are in progress for 2019 roads, bridg
Slide 23: China - Sanya Integrated Development, Hainan
CHINA - SANYA INTEGRATED DEVELOPMENT, HAINAN • A mixed-use project connected to Sanya High-Speed Railway Station Description • Positioned as an iconic landmark that houses commercial, residential and retail components Equity Interest • 7.8% acquired through stake in Sanya Summer Real Estate Co., Ltd
Slide 24: Our Businesses
OUR BUSINESSES • Investment Property • Development Property • Hotels Investment • Industrial Services • Other Investments 24
Slide 25: Australia: Grand Hyatt Melbourne
AUSTRALIA Grand Hyatt Melbourne • Mixed development comprising a 5-star hotel built over 34 levels with a total of 550 guestrooms Description and suites • Within Melbourne’s Central Business District, at the “Paris End” of Collins Street Location • 121 - 131 Collins Street, Melbourne, Victoria Tenur
Slide 26: Australia: Hyatt Regency Perth
AUSTRALIA Hyatt Regency Perth • Integrated 5-star hotel, office, retail and parking complex with the adjacent Fortescue Centre Description • At eastern end of Perth’s Central Business District with three road frontages to Adelaide Terrace, Plain Street and Terrace Road Location • 87 – 123 Adelaide T
Slide 27: Our Businesses
OUR BUSINESSES • Investment Property • Development Property • Hotels Investment • Industrial Services • Other Investments 27
Slide 28: Industrial Services
INDUSTRIAL SERVICES SP Corporation Limited Hypak Sdn. Bhd. Description • Diversified industrial group principally engaged in Description • Leading industrial packaging producer and supplier of commodities trading such as coal, rubber and metals polypropylene woven bags and laminated bags • Listed on
Slide 29: Our Businesses
OUR BUSINESSES • Investment Property • Development Property • Hotels Investment • Industrial Services • Other Investments 29
Slide 30: Other Investments
OTHER INVESTMENTS Gul Technologies Singapore Pte. Ltd. (“GulTech”) Description • Established printed circuit boards manufacturer • 3 manufacturing plants in China: located in Suzhou and Wuxi • Customers base in automotive, computer peripheral, consumer electronics, telecommunication, healthcare and
Slide 31: Q&A
Q&A Chief Executive Officer Chief Financial Officer 31
Slide 32: Q&A
Q&A ❑ The Company’s responses to the questions raised by shareholders are set out in this section. 32
Slide 33: Q1: Opus Bay funding plans
Q&A Q1: The Opus Bay project is a multi-year project comprising numerous phases requiring large capex. Could you share your funding plans for the project? ❑ The land acquisition cost for the 125 hectares of land for Opus Bay has been fully paid for. ❑ The development of Opus Bay will be conducted in
Slide 34: Q2: Grand Hyatt Melbourne asset enhancement
Q&A Q2: Regarding the enhancement of asset for Grand Hyatt Melbourne complex, could you share the preliminary idea for the redevelopment, ie is it the addition of an office block or other commercial components? ❑ The property sits on one of the most coveted sites in Melbourne, at the junction of Col
Slide 35: Q3: Rental income from 18 Robinson and Link@896
Q&A Q3: The group's rental income rose from $41m in 2019 to $50.2m in 2020. How much was contributed by 18 Robinson, and how much by Link@896? Has rental for these 2 key properties stabilized? ❑ The increase in rental income in FY2020 was largely derived from 18 Robinson which continues to enjoy str
Slide 36: Q4: Singapore land bank replenishment
Q&A Q4: The group has limited land bank in Singapore after the planned launch of Peak Residences. Does the group plan to replenish its landbank in Singapore, or prefers to concentrate on the Sanya and Batam project in the near term? ❑ In line with our business transformation to become a regional pla
Slide 37: Q5: Sanya Summer Real Estate stake
Q&A Q5:The group has a 7.8% stake in Sanya Summer Real Estate, which is in the midst of developing an integrated project in Hainan. (a) Besides the initial investment of RMB75m, has the group put in further equity whether in the form of shareholders' loans or otherwise, given that the project's tota
Slide 38: Q5 (continued): Construction progress and funding
Q&A Q5 (continued) (c) What is the progress of construction and is it substantially funded by bank loans? ❑ The construction of an iconic landmark integrated development comprising commercial, residential and retail components is well underway on the Yuxiu Road land and is expected to be completed i
Slide 39: Q6: GulTech dividend and divestment
Q&A Q6: Relating to the group's investment in GulTech, (a) the group received a $9.4m dividend payout in 2020 from GulTech. Is this dividend one-off in nature or is it sustainable? (b) given the group's focus on real estate as its core business, is there a defined time frame in which the group targe
Slide 40: Q7: Robinson Point divestment proceeds
Q&A Q7: The group is in the midst of divesting Robinson Point, which will bring in c$500m in proceeds. Besides paying off the attached loan, what are the plans to deploy the remaining proceeds? ❑ The Group will unlock cash of approximately S$200 million upon completion of the divestment of Robinson
Slide 41: Q8: Cash dividend consideration
Q&A Q8: Could the group consider cash dividend going forward given a stronger balance sheet with the divestment of Robinson Point? Another suggestion is to peg the dividend payout based on a percentage of the recurring income of the company, ie the rental income stream that the group generates from
Slide 42: Resolutions & Poll Results
Resolutions & Poll Results Mr Richard Eu Chairman 42
Slide 43: Resolution 1: Adoption of Financial Statements
Resolution 1: Ordinary Resolution Adoption of Directors’ Statement, Audited Financial Statements and Independent Auditor’s Report Poll Results “For” Votes “"Against” Votes Total Votes No. of Percentage No. of Percentage No. of Percentage Shares % Shares % Shares % 661,523,607 100 0 0 661,523,607 100
Slide 44: Resolution 2: Payment of First and Final Dividend
Resolution 2: Ordinary Resolution Payment of a first and final dividend Poll Results “For” Votes “Against” Votes Total Votes No. of Percentage No. of Percentage No. of Percentage Shares % Shares % Shares % 661,523,607 100 0 0 661,523,607 100 Ordinary Resolution 2 is carried. © Tuan Sing Holdings Lim
Slide 45: Resolution 3: Approval of Directors' Fees
Resolution 3: Ordinary Resolution Approval of Directors’ fees Poll Results “For” Votes “Against” Votes Total Votes No. of Percentage No. of Percentage No. of Percentage Shares % Shares % Shares % 661,523,607 100 0 0 661,523,607 100 Ordinary Resolution 3 is carried. © Tuan Sing Holdings Limited 45
Slide 46: Resolution 4: Re-election of Mr Cheng Hong Kok
Resolution 4: Ordinary Resolution Re-election of Mr Cheng Hong Kok as a Director Poll Results “For” Votes “Against” Votes Total Votes No. of Percentage No. of Percentage No. of Percentage Shares % Shares % Shares % 661,523,607 100 0 0 661,523,607 100 Ordinary Resolution 4 is carried. © Tuan Sing Hol
Slide 47: Resolution 5: Re-appointment of Auditors
Resolution 5: Ordinary Resolution Re-appointment of Deloitte & Touche LLP as Auditors and authorisation for Directors to fix their remuneration Poll Results “For” Votes “Against” Votes Total Votes No. of Percentage No. of Percentage No. of Percentage Shares % Shares % Shares % 661,523,607 100 0 0 66
Slide 48: Resolution 6: General Share Issue Mandate
Resolution 6: Ordinary Resolution Authority to allot and issue shares (General Share Issue Mandate) Poll Results “For” Votes “Against” Votes Total Votes No. of Percentage No. of Percentage No. of Percentage Shares % Shares % Shares % 661,523,607 100 0 0 661,523,607 100 Ordinary Resolution 6 is carri
Slide 49: Resolution 7: Scrip Dividend Scheme Share Issue
Resolution 7: Ordinary Resolution Authority to allot and issue shares pursuant to the Tuan Sing Holdings Limited Scrip Dividend Scheme Poll Results “For” Votes “Against” Votes Total Votes No. of Percentage No. of Percentage No. of Percentage Shares % Shares % Shares % 661,523,607 100 0 0 661,523,607
Slide 50: Resolution 8: Share Purchase Mandate Renewal
Resolution 8: Ordinary Resolution The Proposed Renewal of the Share Purchase Mandate Poll Results “For” Votes “Against” Votes Total Votes No. of Percentage No. of Percentage No. of Percentage Shares % Shares % Shares % 661,523,607 100 0 0 661,523,607 100 Ordinary Resolution 8 is carried. © Tuan Sing
Slide 51: Resolution 9: Interested Person Transactions Mandate
Resolution 9: Ordinary Resolution The Proposed Renewal of the Interested Person Transactions Mandate Poll Results “For” Votes “Against” Votes Total Votes No. of Percentage No. of Percentage No. of Percentage Shares % Shares % Shares % 32,709,078 100 0 0 32,709,078 100 Ordinary Resolution 9 is carrie
Slide 52: Thank You
pu TUAN SING HOLDINGS LIMITED THANK YOU
Tuan Sing Holdings — Shareholder Meeting (April 2021) on 6ix