Tuan Sing Holdings Limited · SGX:T24
Tuan Sing — H1 2020 Earnings Presentation
20 slides from Tuan Sing's earnings presentation, Jul 30, 2020
Slide 1: 1H2020 Unaudited Results Announcement
1H2020 UNAUDITED RESULTS ANNOUNCEMENT 30 July 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) 1H2020 1H2019 * Chg Revenue 91.9 151.4 -39% Gross profit 24.4 31.2 -22% Profit before tax & fair value adj 3.8 3.6 5% Profit before tax 7.0 3.4 106% Profit after tax 6.5 (0.8) nm Net profit attributable to shareholders 6.6 (0.5) nm EPS (cent) 0.6 (0.04) nm * The 201
Slide 4: Overview
Overview • Group’s revenue for 1H2020 was $91.9 million (vs $151.4 million, 1H2019), a decrease of $59.5 million. • The decrease for 1H2020 was due mainly to lower revenue from Hotels Investment segment by $28.8 million and Industrial Services segment by $37.4 million, partially offset by higher rev
Slide 5: Overview
Overview • Covid-19 has impacted many industries. The Group has a diversified portfolio in different segments which allow the Group to remain resilient. • Hotels Investment Segment, which accounts for approximately 14% of our asset portfolio, is affected by COVID-19 when the travel restrictions came
Slide 6: Revenue by Segment
Revenue by Segment ($’m) 1H2020 1H2019 Chg Property 58.0 50.5 15% Hotels Investment 20.8 49.5 -58% Industrial Services 14.8 52.1 -72% Other Investments^^ - - - Corporate & Others@ (1.7) (0.7) 143% Group Total 91.9 151.4 -39% • 1H2020 revenue decreased due mainly to lower contribution from the Hotels
Slide 7: Profit After Tax by Segment
Profit After Tax by Segment ($’m) 1H2020 1H2019 Chg Property 6.3 (1.1) nm Hotels Investment (6.4) 0.1 nm Industrial Services 0.6 0.2 200% Other Investments 14.2 10.5 35% Corporate & Others** (8.2) (10.5) -22% Group Total 6.5 (0.8) nm • Group’s higher profit after tax was attributable mainly to the P
Slide 8: Property
Property • Property segment revenue for 1H2020 was $58.0 million as compared to $50.5 million in the same period last year, an increase of $7.5 million. • The increase in revenue was attributable mainly to an increase in contribution from investment properties of $7.2 million in Singapore. The incre
Slide 9: Hotels Investment
Hotels Investment • Hotels Investment segment revenue for 1H2020 was $20.8 million as compared to $49.5 million in the same period last year, a decrease of $28.7 million. • The decrease was due mainly to lower occupancy rate for both Melbourne and Perth hotels which are impacted by the COVID-19 pand
Slide 10: Industrial Services and Other Investments
Industrial Services • Industrial Services segment revenue for 1H2020 was $14.8 million as compared to $52.1 million last year, a decrease of $37.3 million. • The decrease was due mainly to lower sales volume from coal and rubber affected by COVID-19 pandemic as well as the drop in coal price. • Prof
Slide 11: Group Financial Position
Group Financial Position ($’m) 30.06.20 31.12.19 Chg Total assets 3,034.5 2,997.3 1% Total liabilities 1,905.1 1,878.3 1% (a) (a) Total borrowings 1,739.3 1,711.3 2% Cash and bank balances 187.0 172.3 9% Shareholders’ funds 1,115.4 1,105.0 1% NAV per share (cents) 93.9 93.1 1% (a) (a) Gross gearing^
Slide 12: Review of Financial Position
Review of Financial Position • Total assets was $3,034.5 million as compared to $2,997.3 million (31 December 2019). • Total liabilities was $1,905.1 million as compared to $1,878.3 million (31 December 2019). • Gearing: Net gearing decreased from 1.38 times to 1.37 times. Gross gearing increased fr
Slide 13: Review of Financial Position
Review of Financial Position • Shareholders’ fund was $1,115.4 million as compared to $1,105.0 million (31 December 2019). • Company’s share capital was $176.2 million as compared to $175.2 million (31 December 2019). The increase was due to the issuance of shares under the Scrip Dividend Scheme. •
Slide 14: Group Cash Flow
Group Cash Flow ($’m) 1H2020 1H2019 * Operating cash flow 27.5 (6.7) Investing cash flow (2.8) 33.7 Financing cash flow (6.8) (22.1) Foreign currency translation adjustments 1.4 (2.7) Cash and cash equivalents at period-end^ 108.3 68.8 Free cash flow^^ 24.7 27.0 * The 2019 comparatives are restated
Slide 15: Review of Cash Flow
Review of Cash Flow • The Group had cash and cash equivalents of $108.3 million as at 30 June 2020, as compared to $89.0 million as at 31 December 2019. • Cash and cash equivalents increased by $19.3 million, due mainly to: – Operating cash inflow: +$27.5 million, mainly arose from profit for the pe
Slide 16: Outlook
Outlook • The COVID-19 pandemic is causing widespread global disruptions. The Group has a diversified portfolio, namely the property, hotels investment, industrial services and other investments segments. Therefore, these diversified segments, operating in Singapore and the region, allow the Group t
Slide 17: Outlook
Outlook • Property segment forms approximately 73% of the Group asset portfolio, which has a spread of investment properties and residential development properties. The sales of Kandis Residence and Mont Botanik Residence performed better than the Group’s expectations given the current pandemic situ
Slide 18: Outlook
Outlook • In Singapore, the Group expects investment properties to continue to bring in recurring revenue for the Group. The tenants of 18 Robinson started moving in since 1H2019. This has helped to generate healthy recurring rental streams. Link@896, conveniently located beside the King Albert Park
Slide 19: Outlook
Outlook • In China, construction works have commenced for the Group’s 7.8%-owned Sanya project, which will comprise commercial, residential and retail components with connectivity to the Sanya High-Speed Railway Station. Once completed, the development will have a total saleable and leasable area of
Slide 20: Thank You
Thank You For further information, please contact: Leong Kok Ho Chief Financial Officer leong_kokho@tuansing.com © Tuan Sing Holdings Limited 20