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KSH
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tradersgx
Veteran |
09-Feb-2010 01:27
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KSH Holdings Limited (Company Registration Number: 200603337G) UNAUDITED THIRD QUARTER FINANCIAL STATEMENTS & DIVIDEND ANNOUNCEMENT FOR THE PERIOD ENDED 31ST DECEMBER 2009 THE GROUP 9 Months Ended S$'000 Net profit $15,300 +55% http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_4EEEE5FB12A908B4482576C40035EB1B/$file/KSH_3QPeriod_080210.pdf?openelement |
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zhuge_liang
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27-May-2008 23:43
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Report from CIMB. FY08 core net profit of S$9.0m (+47.4% yoy) was 8.8% above our forecast (because of improved margins) but 22% below consensus. Including a revaluation gain of $43.5m from its investment properties, reported net profit was $31.4m (+415% yoy). Revenue of $182m (+36.5% yoy) was above our estimate with higher order-book recognition. A dividend of 1.1 cts was declared. Construction contributed 97% of group revenue. Revenue of $176.5m (+42% yoy) was accompanied by improved gross margins of 8.4% (7.4% in FY07), mainly due to a higher mix of better-margin projects. Property development was mediocre, and we are concerned about this segment, especially with weakening buyer sentiment. We believe its recent announcement to convert its Mergui Road project into a jv (to take it off the group's balance sheet) reflects management's concern. KSH is also saddled with the Lincoln Lodge project, which we estimate could be in a loss based on current benchmark prices. While the macro environment for the construction industry appears robust with construction demand at historical highs and robust order books for construction companies, runaway raw material prices will mean little scope for price hedging. Profiteering by traders aside, steel prices (rebars and wire rods) are hitting alltime highs and steel mills and stockists are unwilling to give customers long contract tenures at fixed prices. We expect a more prominent margin contraction within the next 12 months for construction companies. While KSH is likely to remain reasonably profitable over FY09-11, there appears little investor following, as reflected by very low trading volumes. As such, we are ceasing coverage of the stock. Our previous rating on KSH was Outperform with a target price of $0.77 (10x CY09 P/E). |
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yipyip
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26-May-2008 23:17
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FY2008 Net profit +531% http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_5D53F14B8B56B121482574550037576A/$file/KSH_FullYear_FY2008.pdf?openelement |
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zhuge_liang
Supreme |
16-Feb-2008 13:55
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The Group secured a $53.5m contract from Eurochem for the construction of a 13-storey business park building at International Business Park, bringing its order books to S$505m that will take the Group through to FY11. Westcomb have raised their earnings forecast by 9% for FY09 for the recent contract win from Eurochem worth $53.5m. They believe KSH has the capacity to clinch another $150-250m projects. They value KSH using sum-of-the-parts valuation method, valuing its property developments and construction business, at 7x blended FY08/09F construction earnings. At this level, price target works out to $0.72. |
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zhuge_liang
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16-Feb-2008 02:05
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KSH Holdings aims to get $350-$400 million worth of contracts in 2008, lower than last year as it sees the construction sector cooling amid fears of an economic downturn. MD Choo Chee Onn told Reuters in an interview the firm is becoming more selective as it looks for projects with higher returns. The firm clinched $510 million worth of contracts last year. "We want to do more big-scaled jobs, to increase contract size but not increase manpower distribution and resources," said CFO Tony Tang in the interview. Choo said KSH will see revenue growth of 35% to $180-$200 million this fiscal year to March 2008 and $250-$280 million in the following year. Net profit is expected to be $10 million for this fiscal year, Choo said, up 51% from the previous year. KSH, which has a market cap of US$57 million and competes firms such with Lian Beng and Wee Hur, has built luxury homes in Sentosa, a polytechnic campus and a ferry terminal. Singapore construction saw the strongest growth amongst all sectors this year and was up 24% in the fourth quarter, government data showed on 14/2. But Singapore's economic growth is expected to slow this year, the government forecast. |
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