Simon Says: I'm buying my stock, you should too

SC global CEO Simon Cheong spent $3 mn buying up shares in his own company last week.

Property stocks are trading at deep discounts to net assett value, and at least this insider is buying.

Here's more from DMG:

Chairman and CEO Simon Cheong snapped up 2.26m shares of SC Global at an average of $1.36/share last week. The trade increased his total holdings in the company to 222.34m shares, or 53.91% of the issued capital. It is not surprising that Simon Cheong continues to see value in his own company given the huge discount to RNAV that the stock is trading at. SC Global recently announced a 15-fold increase in net profit to S$72.8m for 1Q11, fuelled by higher profit recognition for its development projects especially with the TOP of Marq at Paterson Hill during the quarter. Hilltops obtained its TOP in April and will underpin profitability growth for the current quarter.

In our view, SC Global is the most leveraged play on the luxury residential sector in Singapore with its prime landbank across 4 projects: Marq, Hilltops, Seven Palms and the Ardmore. Given the low land-cost of under $1000 psf ppr for the Marq and Hilltops, a pickup in sales will help crystallize the value of its landbank. SC Global recently sold a unit at the Marq for a record price of $5,842 psf and we believe the company will continue to actively market the projects that have recently obtained TOP, i.e. Marq and Hilltops.

Reaching the people who run Asia's businesses is harder than it used to be.

Inboxes are crowded. Attention is short. The executives you most want to reach — the founders, CFOs, and operators who actually move budgets — are the hardest to find through the usual channels. If you're building a company, a category, or a reputation, you already know this.

We've spent twenty years building the room they read. Singapore Business Review is where senior decision makers in Singapore and across Southeast Asia come for business coverage they can't get elsewhere — in print, online, and in person at the summits and roundtables we host across seven markets.

If you have something these readers should know about — a point of view worth publishing, a product worth their attention, an event worth their time — we'd like to hear what you're trying to do.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia