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Koda

zhuge_liang
Supreme

10-Jun-2008 00:15

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Report from OCBC.

Inflation is not expected to hurt Koda as Vietnam accounts for only a small portion of its cost base; while the Vietnamese Dong, which has been depreciating against the USD, accounts for just about 7% of Koda's sales and 5% of COGS. To protect its Dong-denominated sales proceeds, management is contemplating forward hedges. As for its Dong denominated costs, depreciation would offset inflation, leaving minimal impact on the group.

Koda was exploring fund-raising options for Rossano, its 70%-owned Vietnam subsidiary, which included a potential listing. With the weakening investment climate and withdrawal of foreign investments into Vietnam, Rossano’s valuations could end up lower than previously anticipated.

Koda’s key concern remains on the dynamics of global consumer sentiment. Consumer sentiment in the US remains cautious following the credit crunch, and management hinted of signs of consumer sentiment softening in UK and Europe too. While Koda has built up a geographically-diversified revenue base, a concurrent slowdown in US, UK and Europe, which together accounted for 78% of its FY07 revenue, will inevitably have a negative impact on its sales.

Furthermore, we expect some attrition in Koda’s 4Q08 production as it relocates to its new factory. This will lead to some short-term production disruption, although the enlarged capacity will support the group’s long-term growth. We expect to see some bumpiness in the next few quarters, but remain confident that Koda will be poised for growth in the longer term. We have eased our FY08 earnings forecast to US$6.0m (from US$8.2m previously), and rollover our valuation to 8X FY09 PER, deriving a fair value estimate of $0.565 (vs $1.01 previously). We are keeping our BUY rating on the stock.

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tuntan8888
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06-Nov-2007 20:30

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IPO Cacola Furniture was 157.9 times over-subscribed, start trading tomorrow (7 Nov). This may push up KODA price tomorrow, similar business.

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tuntan8888
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03-Nov-2007 00:45

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$1 is easily hit 'cos Vietnam luxury homes boom means more businesses for KODA's operation there.

Business Times - 02 Nov 2007

Keppel Land invests US$213m in Vietnam housing projects

SINGAPORE - Singapore developer Keppel Land said on Friday it will invest US$213 million in two joint ventures that will develop luxury homes in Vietnam's Ho Chi Minh City.

The joint ventures, both with Vietnam developer An Phu Corp, will build 200 villas and about 1,940 condominium apartments in Ho Chi Minh City's District 9 near the site of a US$1 billion Intel test and assembly test. -- REUTERS

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leechongpeng
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02-Nov-2007 19:42

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Go up to 0.9 today. I am still waiting for it to hit $1.00.

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tuntan8888
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01-Nov-2007 10:05

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Blackhorse Fund (owned >10% of Koda recently) could be helping them to list in Vietnam Stock Market. MD said he has many things in the pipeline but not ready to disclose at AGM on Mon 29/10). Should be hearing more good news soon.....

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leechongpeng
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31-Oct-2007 23:28

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Watch this counter going up and HTL coming down.

Both doing same type of trade.

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sanye_2007
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15-Oct-2007 16:30

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Huh, I thought this counter is already CD now. Still need approval meh? Or are you talking about another dividend coming?? Smiley

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leechongpeng
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15-Oct-2007 14:15

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The Final Dividend and the Special Dividend, if approved by members at the Annual General Meeting to be

held on 29 October 2007, will be paid on or about 16 November 2007.

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w6m9hi
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28-Sep-2007 11:25

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wake up call for tis counter......KODA.....

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leechongpeng
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28-Sep-2007 01:22

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Only 1lot done at 0.84 today. Hard to buy such a good counter.

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leechongpeng
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27-Sep-2007 07:16

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HTL fund are always buying, but they won't pay more for it. Good thing is I cut HTL and buy Koda at 0.75. Koda been uphill for 5 days. Hope I don't have to wait too long for Koda to hit $0.9.

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leechongpeng
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21-Sep-2007 07:12

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This counter been doing well with strong earnings. I had bought 10 lots @0.75 and now waiting for it to hit to $1 again.

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tuntan8888
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25-Aug-2007 22:12

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Business Times - 25 Aug 2007

Furniture industry sitting pretty as demand booms

Value tops $1b last year as Singapore designers find niche abroad and growing demand at home

By OH BOON PING

(SINGAPORE) Quietly, but with much polish, Singapore's furniture trade is bringing some serious money to the table.

Last year, the furniture sector here crossed the billion-dollar mark in value, as manufacturers, designers and traders made their presence felt on the world stage with higher exports to the crucial and high-spending markets of the United States, Europe and Japan.

At this year's International Furniture Fair Singapore (IFFS), spot orders reached US$240 million, followed by US$2.1 billion in potential follow-on sales.

The sales figures were up from US$230 million in spot orders and US$2 billion in follow-on sales two years ago.

Industry players told BT that the booming property market, stronger brand positioning and expected spin-offs from the integrated resorts (IRs) had helped bring in the orders.

Joseph Goy, general manager of the Furniture Mall, said: 'The wave of en-bloc sales has definitely generated spin-offs for the home furnishing business. This is especially so for the high-end items, where we are talking about $200,000 to $300,000 in furnishing costs per apartment.'

Executive chairman of Lorenzo International James Goh said that the supply of units in a location can increase by as much as five-fold with every en-bloc deal. 'This will stimulate demand for home furnishing,' he said.

To cash in on this opportunity, Lorenzo is launching a new bedroom and bed linen product series, which the company believes will be well received by its customers.

And it helps that the importance of brand-building and being associated with quality furniture with strong designs has already dawned on many Singapore furniture firms, said IFFS CEO Quek Chin Tuan.

'In fact, buyers from Italy - known for their up-market taste - are increasingly looking to satisfy their demand by sourcing for furniture made in Asia,' he said.

Besides Lorenzo, other local firms that have made it to the international stage include Koda Ltd and HTL International.

Koda's strongholds are in Europe and North America, from which it drew 78.3 per cent of its sales in FY07.

'We have been selling to the mid to upper-end customers in those markets as they are willing to pay a premium for good designs and reliable quality,' said Koda managing director James Koh.

Sofa-maker HTL also has a presence in those markets. HTL was recognised by Forbes Asia as one of the Asia-Pacific's '200 Best Under a Billion' list of top small companies in 2005.

The increases in both the number of exhibitors and floor area at the trade show is testimony to the fact that the furniture industry in Singapore is booming.

IFFS said its show's net exhibition space jumped 26 per cent this year to 39,300 sq m - from 31,168 sq m four years ago - while exhibitors numbered some 510 - a rise from 450 exhibitors in 2004.

Mr Quek said that more than 80 per cent of the 44,000 sq m space in next year's fair has already been booked.

South-east Asia now holds more than 10 furniture exhibitions every year and IFFS estimates put the size of the global furniture exhibition market at about US$20 billion a year.

The furniture companies are also upbeat about the industry prospects in Singapore once the two Integrated Resorts open their doors in 2009.

'The resorts house F&B, entertainment outlets and hotels all under one roof. So there will definitely be a high demand for different furniture and furnishing options of the highest quality,' said Andrew Ng, president of the Singapore Furniture Industries Council (SFIC).

IFFS said that the visitors at its trade shows are usually from developed markets such as United States and Europe, and Singapore's vibrant entertainment and nightlife scene is a big draw for them.

Others added that the supply of rooms at the new resorts will ease the shortage of hotel rooms here, and the IRs' future expansion also spells new opportunities for the sector.

Still, companies foresee various challenges in growing their businesses.

These include the keen competition posed by low-cost manufacturers in China and the lack of intellectual property protection in many Asian countries.

Responding to these concerns, some firms have suggested generating a continuous flow of new designs with a shelf-life as short as six months, or 'developing full series of wood-based furniture under the same theme', said Mr Goh of Lorenzo. 'This makes it more difficult for anyone to copy as it entails heavy investment like sophisticated and expensive machineries.'

The SFIC said that it hopes to raise awareness of intellectual property rights among local players while encouraging innovation and the creation of unique designs.

As for price competition, Mr Quek said firms can relocate production to other low-cost centres such as Vietnam and Indonesia where there is a ready supply of raw materials and cheap labour.

He said: 'This gives them an advantage over their Chinese counterparts since raw materials still have to be imported in China.'

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tuntan8888
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23-Aug-2007 15:19

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Fair value raised to $1.35 (previous $1.25) by OCBC Research (23 Aug 07).

Also heard from one broker that pte equity Blackhorse Assets Mgt buying up BUT no proof. Do your homework b4 buying.

http://www.remisiers.org/research//Koda-070823-OIR.pdf

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tomwong
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22-Aug-2007 17:41

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but shares did not reflect the good results...haiz...

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tuntan8888
Senior

22-Aug-2007 14:11

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Excellent FY07 results just out....

http://info.sgx.com/webcorannc.nsf/ef3ba6cb188613ea482571b2003641d3/0219487522fa17ed4825733f0014ad54?OpenDocument

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tuntan8888
Senior

11-Aug-2007 21:34

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DMG Partners (7 Aug 07) TP = $1.06

OCBC Investment Research (18 Jul 07) TP = $1.25

Koda shares are very tighly held. Koh family owns 67%, Blackhorse Asset Mgt 12% and free float in public hands only slightly >mandatory 10% with the balance of about 10% held by institutional investors. It is surprising that this counter caught the eyes of 2 research houses (DMG n OCBC) with so little free float. There is rumours that KODA may be acquired by pte equity, ie. Blackhourse. As I said this is mere rumours, no proof, so do ur own homework n trade with cautious. Vested.

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tomwong
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18-Jul-2007 15:38

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any comments on this stock? thanks

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spurs88
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18-Jul-2007 09:52

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From iOCBC this morning!!!!!!!!!

Koda Ltd: Growing in Vietnam

Summary: Koda Ltd (Koda) is due to post its FY07 results in August and we

expect another year of strong growth. For its 1H07, Koda reported a 37% YoY

increase in revenue to US$34.1m and 79% surge net income to US$3.8m. We

project a further 46% YoY increase in 2H07 revenue to US$33.9m and 42%

increase in 2H07 net income to US$3.6m. We are also bullish about its FY08

prospects, driven by its continued expansion of production capacity in

Vietnam. Koda's phase 1 expansion of its Vietnam production capacities is

expected to be completed in September 2007, ramping up its production

capacity by 25%. Phase 2, targeted to be fully operational by March to

April 2008, will ramp up capacity by another 25% to 30%. We view these

expansions as timely moves, given Koda's strong order book. Besides using

Vietnam as a low-cost operating base, Koda is also well-placed to ride on

the relatively inaccessible but rapidly developing Vietnamese economy in

the years to come. Given rosy outlook for FY08 and beyond, we maintain BUY

on Koda with fair value of S$1.25, based on 10x FY08 PER.

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lpkoh5
Senior

02-Jul-2007 14:39

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Good time to accumulate this stock Smiley

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