Debt is at about 2.4 billion.
Equity is only 650 mio.
Scary debt to equity ratio if u ask me.
The cash is 290 mio but current financial liability is 520 mio. Of course, current ratio is rather healthy at 2.5. But personally I like to think of cash and perhaps receivables as more "current" as compare to development properties.
I took a look at their projects
And used square foot research to check on sales. I prefer this portal than URA. If u want details let purchase price etc, u need to pay a subscription or do it manually at URA site. But for me, I just wanted to ascertain if they have many unsold units because that would mean even more troubles.
Surprising, their local residential projects are quite well sold. I did not look at their industrial project, but u can do the same at square foot research. Go for tower view, it is easier to get a sense of how how sales are
So, all in all.
If execution goes well, and no buyers back out, then cash flow should sustain itself and this bond is safe.
I am not buying bonds as my CPF is like my bonds allocation.
Another way of calculation margin of safety for bonds is to used Graham method which is demonstrated by "The boring investor"
Do note that bonds are not necessarily safer than equity, it is relative less volatile but volality cannot be view as risk when solvency is ignored