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| Wheelock (fka Marco Polo) |
(Post 1 of 343) 06/01/1999.14:30:00 |
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BUY call just issued by Frasers-AMMB in its 1/6/99 Daily Review |
| (Post 2 of 343) 06/06/1999.15:28:00 |
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anyone know when results are coming out. can buy or not. thnaks |
| (Post 3 of 343) 06/11/1999.01:43:00 |
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Recommendation : Accumulate Marco Polo's net profit within market expectations -------------------------------------------------- * Turnover was marginally lower at S$175.3m. The slight fall in turnover was largely due to the reclassification of the Marco Polo Hotel from an investment into a development property, subsequent to its decision to redevelop the hotel into a prime condominium (The Grange Residences). Hotel contributions, in the meantime, were thus booked against the costs of development in the balance sheet. * However, net profit grew 49.2% to S$80.7m. But turnover and net earnings received a boost, thanks to strong contributions from the Ardmore Park condominium. While there were earlier concerns over potential default in the progress payments by purchasers, a substantial portion of the 10% instalment that was payable in September last year had already been collected. * Marco Polo is well-positioned for future earnings growth. Following its latest acquisition of Ardmore View, MPD's recurrent income base will expand further, along with contributions from Wheelock Place in Orchard Road. Together with strong development income - generated from Ardmore Park, and The Grange Residences (from FY01) - we expect net profit to grow 84.9% to S$149.2m for FY3/00. At S$2.75, the stock is trading at an attractive 7.4 times its FY00 earnings, and at a 16.5% premium to our estimated RNAV of S$2.36. With MPD poised to benefit from the recovery of the high-end segment of the property market (which we project by year-end), we recommend an ACCUMULATE on MPD. ============================================================= $ m YE FY3/98 FY3/99 % FY3/00F ------------------------------------------------------------- Turnover 178.0 175.3 - 1.5 408.5 PBT 74.4 108.0 45.2 193.3 Net Profit 54.1 80.7 49.2 149.2 EPS (¢) 13.56 20.23 49.2 37.4 NTA/Share (¢) 1.54 1.39 - 9.7 2.36 PER @ $2.75 20.3x 13.6x - 7.4 ============================================================= Statement Pursuant to S.50, Securities Industry Act Phillip Securities Research Pte Ltd, its directors, and research staff have no interests in the securities recommended, and its associates may also have positions from time to time. Signed by : Choo Tse Wei (Signed copy of recommendation available on file) |
| (Post 4 of 343) 09/09/1999.17:42:00 |
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David Lawrence, the CEO bought 250,000 shares yesterday at $2.36 each. I recall that David bought into his own company when the shares were hovering around $1 and he eventually sold the lot just above $2. Good to see him collecting his own shares again. Certainly a guy to follow. |
| (Post 5 of 343) 09/09/1999.19:56:00 |
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This is quite signficant. Maybe he bought from Merrill Lynch. Marco has really been bashed down the last few weeks. Strange for a company with such secured earnings going forward. BUY. |
| (Post 6 of 343) 09/09/1999.23:39:00 |
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chart of Marco Polo  |
| (Post 7 of 343) 09/10/1999.00:14:00 |
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Wile - allow for my small interruption. RSI shows oversold, and today's close pretty close to $2.25 (found last in mid-Aug). Any upside could be restricted below $2.50 (where it falls from). Do u agreed, Wile? |
| (Post 8 of 343) 09/10/1999.09:13:00 |
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Qijun, You are right in pointing out that the last closing price was very close to the last lows of $2.24 - 2.26 and the RSI was heading down and close to the oversold 30. Failing at this support would see the danger for the stock falling to $2.10 and then $1.85. The immediate resistance is at $2.50. Don't get me wrong as I am not recommending this stock. I put this up just because of some interests/doubts shown to the stock. The chart was posted for convenience and as a benefit to those who don't have access to charts. This also applies to my other postings. Also, normally I don't add any or too much comments because I am still very new to charts and therefore not that qualified. In addition, charts can be interpreted in different ways. For example, some may see $2.25 as a support and a good point to enter. The best is to let the reader look at the chart and decide for themselves. Sorry if I cause any misunderstanding |
| (Post 9 of 343) 10/02/1999.17:00:00 |
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BT 29/09/99 article. Case of sour grapes, talking down the market since all the choice sites have been sold to CityDev, DBS Land, Simon Cheong, FCC, etc. OR an astute investor bidding his time? Count hotel sites: ANA, Imperial, Garden Hotel, Ladyhill, etc.
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| (Post 10 of 343) 10/02/1999.17:55:00 |
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I think all those large developers are shrewd businessmen...especially folks like Simon Cheung who is totally accountable for his own purchases. Together they can move markets hence I would not downplay the significance of their combined efforts. As for the enblocs, I am sure they have done their due diligence especially after such a severe correction in the last few years. |
| (Post 11 of 343) 10/02/1999.18:33:00 |
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En Bloc sales have reached pre-crisis levels. There are 2 reasons for this: (1) the introduction of the amendments to the Strata Titles Act (80%-90% ruling); (2) It takes approximately 2 years from time from acquisition of the property to the time of grant of TOP concerning the new development - we are therefore talking about the future. I will take the last point first. If you look at rental yield verses cost of purchase on a broad brush basis, you will see that current prices are totally unjustifiable. But the prices continue to hold (although they are not rising). The reason is probably attributable to the prices developers are willing to pay for sales en bloc. Mind you, we are talking about the big boys here. They project way into the future in arriving at their complex calculations concerning the price they are willing to pay for a site. Do they know something we don't? Even the government's attempts at "taming" the price by the announcement of making more land (99 years tenure) available had no effect. We take the next point now. The government. The amended Act was passed as law early this year, but was gazetted only a couple of weeks ago. Why the timing? Is there something we don't know? Something is in the pipeline. That's for sure. Something so sweeping as to affect the property market, the stock market and even the fish market. Not now. But in the very near future. Of course, I may be wrong. |
| (Post 12 of 343) 10/02/1999.20:28:00 |
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Upjones You write as one who doesn't know and I believe you. But you have suspicions and perhaps some scenarios in mind. Care to share? Based on circumstances as you described, it appears too that the dish that is being cooked is very positive for the property sector. Rgds MC |
| (Post 13 of 343) 10/02/1999.21:16:00 |
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MANPOWER21 have raised projected population to 5mio, meaning a 1.1m increase from present level. At 3.5 to 3.75 persons per family unit, that translate into another 293,000 to 314,000 homes needed. Spread this over 10 years, we will need 30,000 more homes per annum inaddition to the usual upgrading/renewals demand. Even stretch over 15 years, it still a high 21,000 more per annum. Campaign to encourage bigger, multi-tier family unit comprising of not just parent-child generation, but also Grand-parents or uncles/aunties are in the pipeline to help increase size of the average family unit...this will help cushion the demand for more homes,and at the same time soften the strains on other social amenities support needed for a fast ageing population. Govt land sales are all 99-yrs lease, not health for longer-term land-banking...it is only thru private acquisitions that freehold or 999 lease are available. Though we have Master Guideplan release 1-2 years ago, the only possible direction going forward is to allow ever higher plot-ratios....certainly not the reverse. I am waiting for the day when country clubs are allowed to construct 20-30 stories high condos above the clubhouse - since rest of facility (pools/tennis court etc) are already available. (Must declare that I am just a layman, no special knowledge on property matters). (NB:- Beside property,public transport is the other major beneficiary of Manpower21) |
| (Post 14 of 343) 10/02/1999.21:35:00 |
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For the record, we have a population of 3,893.6K which includes residents and foreigners staying in Singapore for at least 1 year, and 3,217.5K of PRs and citizens. Latest figures from Dept of Statistics (06/99) |
| (Post 15 of 343) 10/03/1999.00:53:00 |
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McCool, It is not just the property sector that will be creating waves in, perhaps a year-and-a-half down the road. Let's just say I have already shared what I am able to share from the grapevine. Of course, I may be wrong. |
| (Post 16 of 343) 10/03/1999.01:03:00 |
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Upjones, Understand. Keep it that way. At least we have the benefit of your hints here and there. Full exposure may spell the end of further sharing. Rgds |
| (Post 17 of 343) 10/05/1999.01:25:00 |
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Fraser re-iterates Buy on Marco Polo Singapore, Oct 4 -- Fraser-AMMB Research continues to rate Marco Polo Developments as a Buy as it sees the stock as a good long-term investment within the property sector. Fraser says that it now assumes a shorter profit recognition schedule for Marco's Ardmore Park project which results in a higher profit forecast and stronger earnings growth in the near term. It has also arrived at a RNAV of $3.13 per share but have not attached a premium to this figure as the research unit believes that favourable development acquisition opportunities are diminishing. The research firm says it favours Marco's strong fundamentals and financials, as well as its ability to create substantial shareholder value. It however notes that while it trades on a large discount to RNAV, valuations hinge on the optimistic projection of prices for premium developments in prime areas. |
| (Post 18 of 343) 11/01/1999.23:48:00 |
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Allee, Have you started to collect Marco Polo? I have collected a few lots at an average price of S$2.15. Based on NTA and PE, this share should be worth at least S$3. Intend to slowly accumulate. May I have your view as I noticed that you were also eyeing the share. [I am not sure if it will see S$2.] {MD of Marco Polo collected 200 lots at $2.36 recently and he is believed to be one shrewd guy. Previously he was the head of one of the large property consultancy firms in Singapore. So he should know more than me. I am just following the leader.] |
| (Post 19 of 343) 11/02/1999.07:55:00 |
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i still has not started on marco polo maybe on the next dip. you have paid a good price for yours but now is still uncertain days. clearer picture should appear in a few weeks time to confirm our bulls has stirred. |
| (Post 20 of 343) 11/02/1999.08:35:00 |
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If the price do dropped to S$2, I suppose I will ride through it as I have high expectation for Marco Polo. |
| (Post 21 of 343) 11/08/1999.10:49:00 |
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Mccool, checked wtih my remisier, couldn't find any. I'm still holding bot at 2.14 5 lots. Already instructed my remisier to offload 3 lots on Thursday 11 Nov. to lock profits. I might call from Tokyo to check on our local market and the sentiments look very bullish, eversince the interest rates hike eased off. I assumed that you have stake in Marcopolo. How many lots and at what price you bot? Have a nice week end and wish all of us good luck. |
| (Post 22 of 343) 11/14/1999.12:34:00 |
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I think Marco Polo is undervalued according to pe ratio, but wondering their profits & revenue are coming from after Ardmore Pk. Seems like they may mkt Grange Residences(Marco polo hotel redevt) from mid-00 onwards at $2000psf! Can anyone confirm this? Is there a mkt for this kind of super high price? (Ardmore was only at $1865psf avg) Any coments pls \(^o^)/ |
| (Post 23 of 343) 11/14/1999.12:57:00 |
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Warrenb I agree with you wholly that Marco Polo is grossly undervalued and I have been accumulating the shares. Better to declare my vested interest upfront. Just passed by Marco the other day and it is in the process of being demolished. Can it sell for S$2000 psf? If the market holds, I see good potential. I was also thinking after these two developments, what next? I have come to believe that with all these enbloc sales, Marco will be able to acquire sites for future development and they seem to be able to pick winning ones. In any events, the profits from these two developments should take care of the matter for the next few years. [I suspect someone was trying to depress the price to collect. At one time, the price dropped by 5%. Well, thank you to them and pick up a few lots.] |
| (Post 24 of 343) 11/16/1999.02:15:00 |
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Marco Polo not in a hurry to buy properties on collective sale SINGAPORE (AFX-ASIA) - Marco Polo Ltd is not in a hurry to buy private freehold properties being offered on collective sale, the Business Times quoted Marco Polo managing director David Lawrence as saying. Lawrence said prices of these properties are rising too fast and that margins are being driven lower as a result. He said the company is looking at properties in Indonesia and Malaysia. Marco Polo has started redeveloping its former hotel site but has not launched the project for sale because of the weak property market, he said. "We never believe selling into a weak property market," he said, adding the company can afford to wait because it has a strong cash flow sufficient for its requirements in the next 5-6 years. jb/zr AFN KAJ56-15Nov99 01:06 GMT |
| (Post 25 of 343) 11/22/1999.19:03:00 |
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Juz glanced thru' the latest half yr results...16c EPS for half yr pretty cool...the only worry for me is where the money is coming from after Ardmore...at the moment, Marco Polo's foundations look rock solid. I dun have any vested interest in this stock. |
| (Post 26 of 343) 11/23/1999.01:45:00 |
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Marco Polo H1 to Sept net profit 64.0 mln sgd vs 30.71 mln SINGAPORE (AFX-ASIA) - Marco Polo Developments Ltd first half to September results: Net profit - 64.0 mln sgd vs 30.71 mln Sales - 156.53 mln sgd vs 56.22 mln Pretax profit - 87.46 mln sgd vs 41.61 mln Interim div - 1.50 cents vs 1.0 EPS - 16.04 cents vs 7.70 |
| (Post 27 of 343) 11/25/1999.14:03:00 |
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From DBS Marco's lack of clear strategy hinders NAV upside, says WDR Singapore, Nov 23 -- Warburg Dillon Read is rating Marco Polo a Sell as it believes the stock's 15 percent discount to RNAV of $2.95 is unattractive. Marco just reported a 108 percent rise in first-half net earnings to $64mln on the back of profit recognition from its Ardmore Park project. WDR estimates that the company has to-date booked 22 percent of total group profit on this project. Based on its estimated total potential profit of $1,028.5mln, the group has another $841mln of pre-tax profit to book from Ardmore Park, says the broker. WDR points out that, except for the smallish Ardmore View site, Marco has not participated in land acquisition during this cycle. Given the strong pickup in the property sector, it says Marco is unlikely to be able to buy land at good values which means development margins are likely to be confined to just 20 percent, even after some value-added. |
| (Post 28 of 343) 12/04/1999.10:10:00 |
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Hello Any one out there accumulating Marco Polo? Hello.. Looks like no reply. Lonely me. Well. |
| (Post 29 of 343) 12/04/1999.21:00:00 |
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Hello Lee, & no, I'm no accumulating this either...ya...lonely u :) Juz like to say that I passed by the former Marco Polo hotel today & seems like they have already started their demolition job. Their plan is to start selling Grange Residences units by Jun'00. If the good sentiment holds, they will priced it at $2000psf (think I wrote this in this forum b4) & the avg unit will cost $5 million bucks each!!! WOW!! At those prices, they hope to be able to make $500+ million pre-tax from this pjt. That added on to their $841 million pre-tax profit yet to book from Ardmore is enough to sustain them for a few yrs yet. With so much cashflow, will they do share buybacks?? This is in the event that property prices become too high to acquire new sites if the mkt sentiment is good. Ok, juz some info on this counter :) |
| (Post 30 of 343) 12/04/1999.21:41:00 |
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Hi Warrenb Grateful that you dropped by to keep me warm for a few minutes. Technical Analysis A to Z was previously available on the net. But I tried to find it just then but not successful. Any one can point the site to Warrenb?. I read Technical Analysis Explained by Martin J. Pring and strongly recommend it. It is a good read and (paiseh) the only Technical Analysis book that I have read (so far) and found it understandable. I also read this book based on recommendation. Under Utilities/Education, I am sure that you are aware that there are some useful info on Technical Analysis. Also some useful educational materials from Believer's homepage. Hope above help. |
| (Post 31 of 343) 12/05/1999.11:52:00 |
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Warrenb, Technical Analysis A-Z, can go to site http://www.equis.com/free/taaz/index.html |
| (Post 32 of 343) 12/05/1999.17:09:00 |
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Hello Wile, Lee, Thanx for rendering help on TA. Went to the site Wile suggested & found that it has lots of info, abit "intimidating" - like when I first started reading up abt investing. Shall pick this up patiently. rgds :) |
| (Post 33 of 343) 12/14/1999.23:50:00 |
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 On-Trial (no comments) |
| (Post 34 of 343) 02/12/2000.15:17:00 |
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Marco polo, marco polo, what's happening to your share price recently?? (down to $2.04) Near to 6mth low of $2. Last interim EPS at $0.16. What are you going to do with all the lovely cash from Ardmore - net properties, prime sites or share buybacks?? A little good news will move the share price a long long way.... |
| (Post 35 of 343) 02/25/2000.22:29:00 |
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I read somewhere that Marco Polo cannot dot.com their business, therefore out of favour. Bought 1 lot today at 1.93, and closed at 1.87. Gotta believe those silly arguments, no matter how stupid. |
| (Post 36 of 343) 02/25/2000.22:59:00 |
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Oh no , Mccool. We are on the same boat again and this is one is sinking fast . I bought 4 lots at $2.02 recently. Since I am the first to come in , maybe I should be the first go out....FIFO. Will exit at $1.80. Good Luck to us. |
| (Post 37 of 343) 02/25/2000.23:04:00 |
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Same, same. (I made one round though. In at 1.93 and out at 2.07. Didn't report it on this site as it was all over in 2 days.) (BTW - was your Mrs upset with MC for the little joke? The one about knowing you for 15 years, but ...) |
| (Post 38 of 343) 02/25/2000.23:06:00 |
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Quick! Quick! Life jacket on, and start scooping out the water! Plug that hole with your toe, over there. |
| (Post 39 of 343) 02/25/2000.23:13:00 |
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So property stocks are out of favour. Hmm... you buy and it goes lower... so how?...Patience..just cannot believe that in land scarce Singapore, property stocks have so poor value....but better time the purchase and very very slowly accumulate... The MD of Marco Polo bought quite a bit (200 lots? at $2.36. He once bought at around $1 and cashed out at $2 and made a big bundle. As a salaried employee, he has his own interest to look after and to see the share price performed. At least he is keeping me company or am I keeping him company? Hehe... |
| (Post 40 of 343) 02/25/2000.23:19:00 |
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Nope. MC , Me and Albatross do not take thing seriously. That is why we hardly quarrel. Honest. Let me help you with a hand-pump. Help , help , help. |
| (Post 41 of 343) 02/25/2000.23:22:00 |
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Yah, Lee. At some point in time, the increase in GDP per capita will translate into acquisition of properties. Right now, govt policy is to highlight the attractiveness of the internet bubbles as an investment, not property. Even Lim Chee Onn has admitted it in one candid comment. (Can't recall exactly what he said, but something like properties are stagnating.) |
| (Post 42 of 343) 02/26/2000.08:59:00 |
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Mccool, Marcopolo is my favourite counter but not in my list for 1H 2000 bcos i'm bearish on property. Me, prefer to park my money in technology stocks, telecoms & biotech. They are expected to lead economic growth for this millenium. |
| (Post 43 of 343) 11/10/2000.10:45:53 |
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What hope is there? Fire a flare and hope to be rescued by a passing ship, I guess. With luck, may land on an island with tanned beauties, and husbands are allowed 4 wives, and the husband stay at home while the wives work for the bacon. Arty, who else is on this boat? I wouldn't mind having Kate Winslett for company if the island turn out to be deserted. |
| (Post 44 of 343) 02/26/2000.09:48:00 |
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Mdfali You're also on the same boat? I've choped Kate already. You gotta find your own mate (humans, chimps or gorrillas), ok? |
| (Post 45 of 343) 02/26/2000.09:49:00 |
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Arty will have his Albatross of course. (Re Ancient Mariner) |
| (Post 46 of 343) 02/26/2000.18:04:00 |
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McCool, ha ha ha This Muslim man was boasting about his lot in life. He had 4 wives...one went out to work and bring in the bacon, one did the housekeeping, one did the cooking and the last one took care of the children. His job? keep them all happy. I am sure you can't do better than that!! Arty....me in the same boat too lah....not Marco Polo but so many other property counters... You are practising FIFO - First in First Out Me? Didn't do anyting, sank with the boat, now swimming in the sea as a FISH - First In Still Here. |
| (Post 47 of 343) 02/26/2000.23:57:00 |
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Marco Polo - Previous crucial support of $2 becomes a proven resist.  From candlesticks point of view extracted from Metastock Expert Commentary : A falling window occurred (where the bottom of the previous shadow is above the top of the current shadow). This usually implies a continuation of a bearish trend. A big black candle occurred If it occurs when prices are confronting an overhead resistance area (e.g., a moving average, trendline, or price resistance level), the long black candle adds credibility to the resistance. Momentum showing no divergence signal as well. Rdgs |
| (Post 48 of 343) 04/11/2000.08:39:00 |
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Marco Polo as at 10/4/2000  Rdgs |
| (Post 49 of 343) 04/24/2000.06:26:00 |
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BT, 24/04/00 Marco Polo defers launch of Grange Residences to 2001 Weak sentiment, plans to leverage on completion of Ardmore Park cited By Kalpana Rashiwala BLAMING weak market sentiment, Marco Polo Developments said it has decided to delay the launch of its posh Grange Residences condominium project to April or May next year. Originally timed for sale next month, and at an average price of $2,000 psf, its launch has been eagerly awaited by other players in the property market. Giving the reasons for the change of plans, Marco Polo managing director David Lawrence told BT: "We think the market sentiment at the moment is weak and not suitable for the launch of a major good project. "We would now rather wait until after the Temporary Occupation Permit of Ardmore Park in March next year because that is a very good quality project. We would rather let people see the completed Ardmore Park and leverage on that to launch The Grange Residences. "We also expect the property market to be better next year," he added. Mr Lawrence said the developer was still targeting a $2,000 psf average price for the 160-unit freehold project which will come up on the former Marco Polo hotel site at Tanglin Road. "But this will depend on the market next year," he added. If property prices pick up later this year, will Marco Polo bring forward the launch again? No, says Mr Lawrence as the timing will be so close to the completion of Ardmore Park. The postponement seems to make sense, note analysts, as Marco Polo still has a strong income stream from its Ardmore Park condo, and given the poor sentiment in the private housing market. Property experts estimated that the maximum The Grange Residences could fetch if released next month would be $1,700 to $1,800 psf on average -- the range for top-end freehold condos. Sources told BT that sales at a few recent launches had been paltry -- with fewer than a dozen units sold in the first weekend of launch in some cases. The uncertain stock market sentiment and diversion of funds to the New Economy are among the reasons blamed for the poor showing. It may also be a sign of resistance to current price levels after last year's 33 per cent jump in private home prices. Those analysts who had assumed Marco Polo would book some profits from The Grange Residences sales in the current financial year ending March 2001 will now likely revise downwards their profit forecasts -- although this may be offset to some extent by lumpy profit booking from the ongoing Ardmore Park project. Analysts polled by Barra Global Estimates have made a consensus net profit forecast of $226.6 million for the developer for the current financial year. For the year just ended March 2000, their net profit forecast is $151.7 million. The developer reported net earnings of $80 million for the year ended March 1999. Analysts say Ardmore Park will yield Marco Polo about $1 billion in pre-tax profits. As for Grange Residences, their pre-tax profit estimates vary greatly -- from about $180 million to more than $500 million -- depending on which valuation is used for the site. Despite the just announced delay in the timing of the project's marketing, its construction schedule remains unchanged. Piling works are slated to finish by the end of this year and Marco Polo will then go ahead with the main contract award, Mr Lawrence said. Each of the project's 160 apartments will have four bedrooms and four bathrooms. Buyers will have a choice of three sizes -- 68 units of 2,666 sq ft each, another 68 apartments of 2,660 sq ft each and 24 units of 2,472 sq ft each, with a total saleable area of 421,465 sq ft. The development comprises two 18-storey towers and an eight-storey block which will house the smaller units. |
| (Post 50 of 343) 04/24/2000.12:20:00 |
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MARKET TALK: ... [Dow Jones]: Marco Polo Developments may be hurt by Business Times report, quoting its managing director David Lawrence as saying it will defer marketing its Grange Residences condominium to next year due to current weak property sentiment. News is further indication of current sentiment in property sector, although outlook expected to improve in longer-term. |
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