Tuan Sing Holdings Limited · SGX:T24
Tuan Sing — Q4 2019 Earnings Presentation
17 slides from Tuan Sing's earnings presentation, Jan 23, 2020
Slide 1: 4Q2019 and FY2019 Unaudited Results Announcement
4Q2019 AND FY2019 UNAUDITED RESULTS ANNOUNCEMENT 23 January 2020
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) 4Q2019 4Q2018 Chg FY2019 FY2018 Chg (restated) (restated) Revenue 92.3 83.3 11% 310.7 336.1 -8% Gross profit 25.3 19.6 29% 71.5 69.5 3% Profit before tax & fair value adj 0.9 3.4 -75% 8.8 22.5 -61% Profit before tax 35.0 116.6 -70% 42.0 135.6 -69% Profit after tax 3
Slide 4: Overview
Overview • Group’s revenue for 4Q2019 was $92.3 million (vs $83.3 million, 4Q2018), an increase of 11%. • The increase for 4Q2019 was attributable mainly to higher revenue from the Property segment, partially offset by lower revenue from Hotels Investment and Industrial Services segments. • Revenue
Slide 5: Revenue by Segment
Revenue by Segment ($’m) FY2019 FY2018 Chg (restated) Property 109.0 83.0 31% Hotels Investment 101.8 109.7 -7% Industrial Services 101.4 144.8 -30% Other Investments^^ - - - Corporate & Others@ (1.5) (1.4) -7% Group Total 310.7 336.1 -8% • FY2019 revenue decreased due mainly to lower contribution f
Slide 6: Profit after Tax by Segment
Profit after tax by Segment ($’m) FY2019 FY2018 Chg (restated) Property 28.0 124.3 -77% Hotels Investment 3.4 5.0 -32% Industrial Services 1.3 1.2 8% Other Investments 21.7 19.3 12% Corporate & Others** (21.7) (18.4) -18% Group Total 32.7 131.4 -75% • Group’s lower profit after tax was due mainly to
Slide 7: Property
Property • Property segment revenue for FY2019 was $109.0 million as compared to $83.0 million in the same period last year, an increase of $26.0 million. • The increase was mainly attributable to an increase in contribution from Singapore development properties of $24.1 million and Singapore invest
Slide 8: Hotels Investment
Hotels Investment • Hotels Investment segment revenue for FY2019 was $101.8 million (or A$107.2 million) as compared to $109.7 million (or A$108.6 million) in the same period last year, a decrease of $7.9 million (or A$1.4 million). • Melbourne hotel performed better with an increase in RevPAR, desp
Slide 9: Industrial Services and Other Investments
Industrial Services • Industrial Services segment revenue for FY2019 was $101.4 million as compared to $144.8 million last year, a decrease of $43.4 million. • The decrease was due mainly to lower contribution from the Commodities Trading unit. • Profit for FY2019 of $1.3 million was comparable to F
Slide 10: Group Financial Position
Group Financial Position ($’m) 31.12.19 31.12.18 Chg (restated) Total assets 2,997.3 2,911.9 3% Total liabilities 1,878.3 1,808.9 4% (a) (a) Total borrowings 1,711.3 1,630.4 5% Cash and bank balances 172.3 133.0 30% Shareholders’ funds 1,105.0 1,088.4 2% NAV per share (cents) 93.1 91.7 2% (a) (a) Gr
Slide 11: Review of Financial Position
Review of Financial Position • Total assets was $2,997.3 million as compared to $2,911.9 million (31 Dec 2018). • Total liabilities was $1,878.3 million as compared to $1,808.9 million (31 Dec 2018). • Gearing: Net gearing increased from 1.36 times to 1.38 times. Gross gearing increased from 1.48 ti
Slide 12: Group Cash Flow
Group Cash Flow ($’m) FY2019 FY2018 (restated) Operating cash flow 20.5 (93.9) Investing cash flow (7.1) (119.0) Financing cash flow 9.8 131.9 Foreign currency translation adjustments (0.9) (3.5) Cash and cash equivalents at period-end^ 89.0 66.6 Free cash flow^^ 13.4 (212.9) ^ Net of encumbered fix
Slide 13: Review of Cash Flow
Review of Cash Flow • The Group had cash and cash equivalents of $89.0 million as at 31 December 2019, as compared to $66.6 million as at 31 December 2018. • Cash and cash equivalents movement was due mainly to: – Operating cash in flow: +$20.5 million, mainly arose from profit for the period, after
Slide 14: Outlook
Outlook • In Singapore, 18 Robinson obtained its TOP in January 2019 and has been welcoming tenants since 3Q2019, which would generate healthy recurring rental streams as Grade A office rental growth reported to be the strongest in the Shenton Way, Tanjong Pagar and Raffles Place areas. LINK@896, th
Slide 15: Outlook
Outlook • In Australia, Tuan Sing’s Hotels Investment segment will continue to bring in income with more contribution expected from the continued positive performance of Grand Hyatt Melbourne compared with Hyatt Regency Perth, which operates in a softer market. The Fortescue Centre, adjacent to the
Slide 16: Outlook
Outlook • Tuan Sing remains upbeat on its prospects in Indonesia, evident by the series of development plans and projects. The Indonesian government has announced plans to build a bridge connecting Batam and Bintan which will benefit the Group’s upcoming integrated mix-use development township in Op
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