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My 2 cents opinion: had a look at its 2006 annual report today, w/o taking consideration its recent 44 mil share placement, Hor Kew is already a cornered stock. Excluding the top 29 shareholders, the remaining shareholders(2006) will approximately be having 14 lots........Fairly easy for BB to push up the px if they want to......agreeing with ihatcoy and wadrian, Hor Kew perhaps rises base on its landbanks to be developed......With the sale of One Oxley Rise which is expected to contributed positively to the financial results of the Group for the current financial year ending 31 dec 2007, shd have more upside for Hor Kew......Morever, placement share is px @ $0.29......
PS: above all my own opinions, pls vest at own risk and due diligence.Not an inducement to trade!
Property is good for the next few years and so is Hor Kew. Believe that the placement is for mega project not announced yet ...
| Truefacts Member |
Posted: 02-Jul-2007 10:38 |
 x 0  x 0 * Alert Admin |
Be Careful, no solid ground for the rise.. |
Just my 2cents worth opinion as i have not read up much in details on its website Investor Relation yet. My comment is base on SGX basic announcments.
Perhaps, Hor Kew rises base on its landbank (see wadrian post) on hand to be developed. Hence, I believe that is the reason for the rise. Morever, most construction stocks are doing good .... Caveat Emptor.
| wadrian Member |
Posted: 10-Jul-2007 16:24 |
I. Property development at 42 East Coast Road
The 42 East Coast Road development is a freehold development and is located within the vicinity of Parkway Parade shopping complex. It is situated next to Paramount Shopping Centre and Paramount Hotel. The proposed property development will be a 17-storey development comprising a mixture of apartments, duplex units, penthouses and some commercial units, with a total saleable area of approximately 64,200 sq. ft.
Cool!
Singapore hotel rates is on the rise to catch up with the rest of the world. If you have been following the news. Our hotel rates is going up due to forecast shortage due to Singapore revamping on its industries,Integrated Resort etc. See hotel related stocks will know (e.g. Ascott, CDL hospitality).
Potential Implication to Hor Kew:
As such, once the 17th Storey property development completion near Paramount Hotel, more or less, the per unit fetch price gotta be a 'sky price' one? After deducting, its low land cost. Its going to add handsomely to HorKew profit sheet.
& its other project etc etc.
(Reading with interest to be vested in HorKew;doing some research over weekend)
| 11:36:06 | 0.35 | 2,999,000 | Buy Up |
From warrant to placement. This is damn cool !!! Solid !!!!!!!!!!!!!!!!
Company Registration No. 199903415K
Announcement submitted on behalf of HOR KEW CORPORATION LIMITED
Announcement is submitted with respect to * HOR KEW CORPORATION LIMITED
Announcement is submitted by * KOH EE KOON
Designation * COMPANY SECRETARY
Date & Time of Broadcast 12-Jul-2007 22:23:36
Announcement No. 00138
HOR KEW CORPORATION LIMITED
(Registration No. 199903415K)
(Incorporated in the Republic of Singapore on 18 June 1999)
PROPOSED PLACEMENT OF UP TO 44 MILLION NEW ORDINARY SHARES IN THE
CAPITAL OF HOR KEW CORPORATION LIMITED AT AN PLACEMENT PRICE OF
S$0.29466 FOR EACH NEW SHARE
The Board of Directors of Hor Kew Corporation Limited (the "Company?) wishes to announce
that the Company has entered into a placement agreement with DMG & Partners Securities Pte.
Ltd. (the "Placement Agent") on 12 July 2007 (the "Placement Agreement") where, subject to
and upon the terms and conditions of the Placement Agreement, the Placement Agent has
agreed on a best effort basis, to subscribe and pay for and/or procure subscription and payment
for, up to 44,000,000 new ordinary shares (the "New Shares") in the capital of the Company at
the placement price of S$0.29466 (the "Placement Price") for each New Share (the
"Placement").
Proposed Rights Issue of Warrants
On the 11 June 2007, the Company had announced a proposed Rights Issue of Warrants (the
?Warrants Issue?) of up to a maximum of 170,344,392 warrants (the ?Warrants?) at an issue
price of S$0.02 for each Warrant, each Warrant carrying the right to subscribe for one new
ordinary share in the capital of the Company (the ?New Warrant Shares?) at an exercise price of
S$0.05 for each New Warrant Share and on the basis of one Warrant for every four existing
ordinary shares in the capital of the Company (the ?Shares?) held by the shareholders of the
Company as at the books closure date to be determined by the Directors of the Company,
fractional entitlements to be disregarded.
Shareholders' Mandate
As at the date of this announcement, the Company has an issued share capital of S$44,240,732
comprising 567,814,640 ordinary shares in the capital of the Company. The New Shares will be
issued and allotted pursuant to the general mandate to allot and issue ordinary shares in the
Company (whether by way of rights, bonus or otherwise) granted by the shareholders of the
Company by way of an ordinary resolution of the Company?s shareholders at the Company?s
annual general meeting held on 26 April 2007. The New Shares represent approximately 7.7% of
the existing issued share capital of the Company as at 26 April 2007 and approximately 7.7% of
the issued share capital of the Company as at the date of announcement while the maximum of
170,344,392 New Warrant Shares represent approximately 30% of the existing issued share
capital of the Company as at 26 April 2007 and approximately 30% of the issued share capital of
the Company as at the date of this announcement.
Details of the Placement
The New Shares when issued and fully paid will rank pari passu in all respects with the Shares
existing as at the time of issue of the New Shares except for any dividends, distributions or
entitlements the record date of which falls before such date of issue. For the purpose of the
Placement, the New Shares issued by the Company will be entitled to the Warrants.
The Placement Price represents a discount of approximately 10% to the volume-weighted
average price of approximately S$0.3274 per share for trades done for the Shares on the
Singapore Exchange Securities Trading Limited (the ?SGX-ST?) from 9.00 a.m on 11 July 2007
up to 5.00 p.m on 11 July 2007 (being the preceding market day prior to which the Placement
Agreement was signed). When completed, the New Shares will increase the existing issued and
2
paid up share capital of the Company from approximately S$44.2 million comprising 567,814,640
Shares to approximately S$56.6 million comprising 611,814,640 Shares.
Conditions Precedent
The Placement is subject to certain conditions precedent more particularly set out in the
Placement Agreement, including the in-principle approval from the SGX-ST for the listing and
quotation of the New Shares on the Main Board of the SGX-ST.
Financial Effects of the Private Placement
As at 12 July 2007, which is the date of this announcement, the Company?s issued and paid-up
capital was approximately S$44.2 million, comprising 567,814,640 Shares. When the Placement
is completed and assuming the placement of the 44,000,000 Shares is fully subscribed, the
Company?s issued and paid-up capital will be approximately S$56.6 million, comprising
611,814,640 Shares. Based on the consolidated balance sheet of the Company as at 31
December 2006, the issue of the New Shares will increase the net asset value per share by 1.60
cents to 7.46 cents (on an enlarged basis).
Use of Proceeds
The net proceeds from the Placement will amount to approximately S$12.4 million after deducting
estimated expenses of approximately S$0.6 million. Assuming that all the Placement Shares are
fully placed out, approximately S$10 million of the net proceeds from the Placement will be
allocated towards the property development projects of the Group, the local and potential
overseas operations of the Group and with the balance used for working capital purposes. In the
event that the Placement Shares are not fully placed out, the balance of the net proceeds to be
used for working capital purposes will be reduced accordingly.
Pending the deployment of the net proceeds for the purpose mentioned above, the net proceeds
may be placed as deposits with financial institutions or invested in short-term money markets or
debt instruments or for any other purposes on a short-term basis as the Directors may deem fit.
Interests of Directors and Substantial Shareholders
None of the Directors or substantial shareholders of the Company or their associates has any
interest, direct or indirect in the Placement (other than through their shareholdings in the
Company).
By Order of the Board
Koh Ee Koon
Company Secretary
12 July 2007
Hor Kew based is very strong. Only up.
I have some updates on Hor Kew's properties announced on the SGX website recently.
All there properties were bought during the property slums at $480psf (Oxley Rise) and $320psf (East Coast Road). Now these properties are developed in condo units and selling prices are $1600psf at least (Oxley) and $1200-$1500 psf (East Coast Road). not forgetting that nowadays, penthouses can even go from $2000-$5000 psf (read the papers!!). If you assume construction costs to be $200-$300 psf, the returns are >100%.
As such, when you buy Hor Kew shares, you are buying a share of their properties. As nowadays a lot of condos are sold on a 'deferred payment' scheme, we will not see the revenues until the condos are fully completed in a few years time. as such all the PE ratios you see now does not reflect these future earnings.
By then, if you are a patient long term investor, you will see the shares trade above $1/share just like Chip Eng Seng which shot up from 20+cts to today's $1+.....
Anyway, here's the excerpt from the Annoucement:
UPDATES ON DEVELOPMENT PROJECTS
The Board of Directors of Hor Kew Corporation Ltd (the ?Company?) wishes to announce the
status of the following projects undertaken by the Group:
Property development at One Oxley Rise
The property development at One Oxley Rise is a prime freehold development and is located
at District 9, within the Orchard Planning Area. It is a 10-storey high-end, luxurious and
prestigious property development project, comprising 89 residential and two commercial units
with a total saleable area of approximately 84,200 square feet (?sq. ft.?).
As at 22 June 2007, the Group received approximately 87% bookings, of which 81% of the
total saleable area had already been translated into secured sales.
The land cost (excluding development charges) for this property is approximately S$480 per
plot ratio per square feet (?ppr psf?).
The construction work for the development project commenced in late 2006. Barring any
unforeseen circumstances, the Group expects to obtain the Temporary Occupational Permit
(?TOP?) for the development project by the end of 2008 and the returns from One Oxley Rise
is expected to contribute positively to the financial results of the Group for the current financial
year ending 31 December 2007.
Upcoming Property Developments
The Company is also pleased to announce that barring any unforeseen circumstances and
after taking into account current market conditions, it plans to embark on two other
development projects as follows:
I.
Property development at 42 East Coast RoadThe 42 East Coast Road development is a freehold development and is located within
the vicinity of Parkway Parade shopping complex. It is situated next to Paramount
Shopping Centre and Paramount Hotel. The proposed property development will be a
17-storey development comprising a mixture of apartments, duplex units, penthouses
and some commercial units, with a total saleable area of approximately 64,200 sq. ft.
The Company intends to launch the property development later this year or early next
year.
The land cost (excluding development charges) for this property is approximately
S$320 ppr psf.
II.
Property development at 66 Kallang PuddingThe development at 66 Kallang Pudding is a freehold development in a light industrial
estate, and is in close proximity to the Aljunied MRT and approximately 10 minutes
drive to the city. The proposed property development will be a 8-storey high tech
industrial development, with a total lease-able area of approximately 47,000 sq. ft. The
Group currently intends to lease out the property space for rental income.
Construction is expected to commence in early 2008.
The developments of 42 East Coast Road and 66 Kallang Pudding are not expected to be
material to the financial results for the current financial year ending 31 December 2007.
None of the Directors and, to the best knowledge of the Directors, that none of the controlling
shareholders of the Company has any interest, direct or indirect, in the above transactions.
By order of the Board
Koh Ee Koon
Company Secretary
26 June 2007
Never regret investing in this stock. I think something is coming up. Have been moving up strongly these few months.....
I looking at $0.45 at least ...
Be Careful, no solid ground for the rise..
Unlike BanJoo IPO until today which see better times, Hor Kew I hold it since IPO and finally I got a chance to sell out. IPO shares no guaranteed make monies wan. I have learnt it well and nowadays prefer to buy off the market then depend on IPO :P
Last time IPO more easier to kena but as more ppl know how to play the chance of being allocated is getting harder and harder :(
One of the best construction counter ever !