Dormitories have been hot spots recently due to the explosive cases of Covid-19 among the migrant workers. Westlite SG confirmed Covid-19 cases ~ 4.x% of total foreign workers confirmed or about 3.4% of it’s bed capacity.

The 5 buildings look quite well structured and reasonably spaced.

FIRST QUARTER ENDED 31 MARCH 2020

The company has geographical stretch of PBSA beds ( 35% Rev ) but most of the beds are in Singapore and Malaysia which are PBWA (64%).

PBWA – Purpose Built Workers Accommodation
PBSA – Purpose built student accommodation

Their Interests Cover Ratio is 3.4x with Net Gearing Ratio of 50% which is using net debt of borrowing less cash and bank balances.

If not for Covid-19 the company performance just on the look of the rev is quite impressive.

Advertisements