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Low Keng Huat
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Gallen
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29-Mar-2006 17:45
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Extracted from my blog http://kelongstocks.blogspot.com Please remember to support my blog :) [B]Technical Analysis[/B] Low Keng Huat (LKH) was in a strong uptrend channel (see thick blue lines). It had hit and closed at the psychological important price of $1.00 yesterday. However, today saw a break of this downtrend line, I believe this is due to the disappointment that special dividends were only 5 cents, think people were expecting more so a knee-jerk reaction. Nevertheless, the breaking of this uptrend line is bearish and LKH would have a hard time overcoming the $1.00 resistance in the short term. ......... continued at my blog |
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Gallen
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29-Mar-2006 00:59
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Results Analysis for LKH Extracted from my blog http://kelongstocks.blogspot.com Please remember to support my blog :) [B]Fundamental Analysis[/B] LKH has announced full year results for 2005. Net profit before extraordinary items (restated on after tax basis) is $20.3m, significantly higher than the $3.6m reported in 2004. The extraordinary items were due to disposal gains on divestment of Chijmes, Duxton Hotel (Melbourne and New Zealand) and office properties in Perth. Timing was also good since the Australia and New Zealand dollar have been under pressure of late. Large part of the divestment proceeds was used to pay off long term bank borrowings and LKH is now in a net cash position of 21.4 cents per share. The net cash position was lower than my earlier forecast of 46 cents because of deployments to working capital and advances to associate companies (these amounted to about 25 cents per share which is more or less the difference between actual and my forecast). NTA is at $1.49, slightly lower than my earlier forecast (my forecast should have been $1.54, made an error in adding the forecasted EPS again). .......... continued at my blog |
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Gallen
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17-Mar-2006 01:19
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NTA figures and other information updated. check out http://kelongstocks.blogspot.com |
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Gallen
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15-Mar-2006 08:40
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Extracted from my blog http://kelongstocks.blogspot.com Please visit my blog for full details. Before I give any comments, I like to declare that I have vested interest in this counter since late 2005 so please ignore my comments if you feel they may not be objective. Fundamental Analysis An undervalued asset play which is cash rich now after divesting several assets like Chijmes, Duxton Hotels Melbourne and hotels in New Zealand. Net profit forecast above is before extraordinary items (divestment gains). Divestment gains amount to more than $31m. I forecast LKH to have net cash of at least 46 cents, meaning a lot of room to pay special dividends this year. The construction industry is still competitive but with the recovering property market in Singapore and the potential demand for construction projects due to the Integrated Resorts, LKH's core business prospects still looks optimistic. Also, LKH's joint venture developments on condomiums are doing well such as Twin Regency along Kim Tian Road (fully sold). Share price has been supported largely by gradual insider buying (Datuk Tan Sri Low Keng Huat and related parties), think they have been buying since share price was in the 60 cents region. My NTA estimate also appears to be conservative, waiting eagerly for full year 2005 results (should be out latest by end of this month). Dividend forecast is 5 cents, prior year was 2.5 cents, think special dividends will be declared so total dividends paid should be in excess of 5 cents, meaning yield for 2005 should exceed 5% handily. Hard to give a fair value for this as I do not know what is the RNAV (revalued net asset value), I guess, taking a 20% discount to NTA would be appropriate for now i.e. fair value at $1.12. |
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