Parkway   

Parkway

Invested. 

Please use your judgement before buying...

Parkway Holdings (BUY/S$2.85/Target: S$3.62)

4Q07: Strong growth from Healthcare Services from Pantai Holdings,

radiology and laboratory services, primary care and managed care.

 

 

This fellow cheong liao

 

11. Dividend
(a) Current financial period reported on
Any dividend recommended for the current financial period reported on? Yes
Name of Dividend
Final
Dividend Type
Ordinary
Amount per share
4.51 cents per ordinary share
Tax Rate
Tax Exempt
With the transition to the one-tier tax system, the Board is recommending a final tax-exempt dividend of 4.51 cents per share. This is equivalent to final dividends of 5.50 cents per share less 18.0% tax.


(b) Corresponding period of the immediately preceding financial year
Any dividend declared for the corresponding period of the immediately preceding financial year? Yes
Name of Dividend
Final
Dividend Type
Ordinary
Amount per share
5.50 cents per ordinary share less tax
Tax Rate
18.0%


(c) Date payable
Subject to shareholders? approval at the forthcoming Annual General Meeting, the final dividend for the financial year ended 31 December 2007 will be paid on 27 May 2008.


(d) Books closure date
Notice is hereby given that the Share Transfer Books and Register of Members of the Company will be closed on 7 May 2008 for the preparation of Dividend Vouchers. Registrable transfers received by the Company?s Registrar, M & C Services Private Limited, 138 Robinson Road #17-00 The Corporate Office, Singapore 068906, up to 5.00 p.m. on 6 May 2008 will be registered before entitlement to the final dividend is determined.

http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_0A9E970C7B209E1B482573FC00347DD1/$file/FY2007_Financial_Statement270208.pdf?openelement

 

Strategic move??? Well, seems like most investors think otherwise.....

 

Will the current bid for the new land affect FY07 dividend pay out?

 

 

hahaha something very fishy fishy here///

 

the second highest bidder offered only $540.9 million

great mistake, some head rolling soon.

 

18 Feb

Singapore's Parkway falls on concern it is overpaying for new hospital site

Parkway submitted the highest bid of 1.2 billion Singapore dollars for the 17,226.2-square-meter site, which can be developed into a hospital with a maximum gross floor area of 72,350 square meters.

 

Volumes for this counter are inconsistent which means that TA may not be very accurate. On some days, the volumes are pretty low (< 1 million shares)


TA charts generally show conflicting signals.  

 

Well, Citibank, time to fire yourselves from doing stock "anal"-ysis! This stock just made a leap of 20 cents to $3.90 today and is now heading towards the direction of an estimated $4.50. As I had said before in my earlier posting 5 days ago, this stock was driven down by hysteria generated by a (VERY BIG) loser. Most likely the small money entities were toasted and the (recently made poorer) wealthy clients of the loser were given a "peace offering". The saying of "the rich get richer, the poor get more crap" still holds true...

 

Will you trust a person who has lost a lot of money in the stock market to pick stocks for you? This is a case in point when Citigroup called for a "sell" on this stock (Parkway Holdings). Citigroup has just lost billions of dollars making the wrong hit on CDOs, and is now putting the blemish on this blue chip stock. If you think Parkway's revenues will start to decrease, think again!!! The global population (including South-east Asia) is ever increasing, which translates to more people requiring medical care. With more people, chances are there will be more people forking out money for medical services. So where is the decreasing revenue? Do you think you will go to a "cheap" doctor? Likely you will go to an AFFORDABLE doctor. Parkway is there. So guess who's laughing all the way to the bank now? Definitely not the one listening to the "Sell" call...

 

Parkway slumped to a 14-week low after Citigroup cut the stock's target price to $3.74 from $3.85, and maintained a "sell" rating on the stock.

Citigroup said in a client note that valuations for shares of Parkway Holdings, Southeast Asia's biggest heathcare group for stock market value, were "rich".

 

CIMB - Parkway Holdings (S$3.94) - 3QFY07 results - Another great quarter

Within expectations. 3Q07 core profit of S$22.8m (+24% yoy) is within our expectations. 9M07 core profit represents 80% of our full-year forecast and 79% of consensus. Reported net profit (below our expectation) was boosted by an exceptional gain of S$201.8m (lower than expected) from the disposal of the group?s Singapore hospital properties to Parkway Life REIT (PREIT SP).

Could have been even better if not for proportionate consolidation of Pantai. 3Q07 revenue declined 6% yoy to S$222.8m after the group adopted proportionate consolidation of Pantai?s results. Had the same proportionate consolidation been made in 3Q06, revenue would have increased 30% yoy, on higher foreign patient volume, higher consumption of outpatient services, contributions from Parkway Cancer, maiden contributions from the World Link Group, as well as higher volume for the group?s primary healthcare, radiology and laboratory services.

Operational improvements. Had the group adopted proportionate consolidation in 3Q06, 3Q07 EBITDAR (excluding REIT rentals) would have increased 20% yoy, despite start-up losses at ParkwayHealth Day Surgery and Medical Centre. Healthcare services EBITDAR would have increased 104% yoy on a full quarter?s contribution from the World Link Group.

Special dividend of 13.45 cts. This comes in addition to an ordinary dividend of 2cts, bringing dividend YTD to 18.95 cts.

Raised target price to S$5.09 from S$4.60; maintain Outperform. We have reduced our FY07 earnings estimate by 30% on the back of the lower-than-expected exceptional gains but kept our FY08-09 estimates intact. We roll over our target price from end-CY07 to end CY08. Following this, our target price climbs to S$5.09 from S$4.60, still based on sum-of-the-parts valuation. This consists of the healthcare business valued at the upper end of Parkway?s 5-year historical forward P/E of 30x and its 35.5% share of PREIT. Maintain Outperform.

 

CITI - Sell: 3QFY07 Profit Boosted by Exceptional Gain of S$220m

Sell/Low Risk 3L

Price (13 Nov 07) S$3.94

Target price S$3.85

Expected share price return -2.3%

Expected dividend yield 2.0%

Expected total return -0.3%

Market Cap S$3,180M

US$2,188M

 3Q numbers reflect several adjustments ? Included in the net profit of S$224m for the 3Q was an exceptional gain of S$220m, an exceptional loss on termination of an interest swap (S$12.1m) and IPO expenses for PLife (S$6.9m). Excluding these items, net profit was up 23% yoy to S$22.8m (11% lower qoq), in-line.

 Core Singapore revenues were in-line with our expectations ? Although Singapore healthcare revenues grew 30% yoy, it was flat qoq. Operating profits grew 5% yoy and declined 4% qoq. The momentum appears to be slowing although this could be due to seasonal factors.

 International hospitals saw a 20% increase ? This was due to higher revenues from its Malaysian hospitals and from India. Healthcare services revenues grew 37% due to higher revenues at Pantai, maiden contribution from World Link Group and improved revenues from Medi Rad, Parkway Labs and Parkway Shenton.

 Group declared a special dividend of 13.45 cts together with an interim dividend of 2 cents ? The special dividend is shy of our forecast special dividend of 19cts.

 Sell (3L) on valuation grounds ? While we like the longer-term growth story, we believe valuations are rich & consequently maintain our Sell (3L). Parkway Life REIT (PWLR.SI - S$1.18; 1L) provides an alternative play into the group.

 

Hi all, Parkway still looks bullish at 4.32 closing on 10 May 2007. Anyone got the next breakout level? Please advise. Thanks