KSH    Last:0.21   -

KSH Holding Value @ $0.50 Set to Rise

hmmm.. it seems like this stock dont hv much of a movement. cn anyone tell me why? thks

 

 

 

By Eli Koksiong Lee 

KSH?s 1QFY14 PATMI increased 165% YoY to S$11.4m due to stronger contributions from both the property development and construction business segments. 1QFY14 PATMI now constitutes 24% of our full year forecast and, this being so, we judge this set of results to be in line with expectations. The group?s order book stands at S$402.0m as at end Jun 2013 which we view to be a relatively healthy level. We continue to look forward to KSH?s 45% Beijing condo project beginning sales this year which could be significant for KSH?s earnings profile into FY15. In Singapore, new launches at NeWest and KAP Residences have shown firm performances to date 85 out of a total of 136 units at NeWest have been sold at a median price of S$1,399 psf and at KAP Residences, 140 out of 142 units sold for a median price of S$1,789 psf. Maintain BUY with an unchanged fair value estimate of S$0.73.

1QFY14 PATMI up 165% YoY to S$11.4m
KSH?s 1QFY14 PATMI increased 165% YoY to S$11.4m due to stronger contributions from both the property development and construction business segments. Share of results of associates increased by S$6.5m YoY to S$7.8m in 1QFY14 as increasing construction progress from development property projects at the associates/JV levels converted into heavier bottomline contributions. 1QFY14 PATMI now constitutes 24% of our full year forecast and, this being so, we judge this set of results to be in line with expectations. Topline for the quarter came in at S$83.3m, up 51% YoY, mostly due to higher construction revenues and a larger recognition from Lincoln Suites.

Order book outlook remains stable
The group?s order book stands at S$402.0m as at end Jun 2013 which we view to be a relatively healthy level. We understand management is actively seeking more contracts. In 2013 to date, the group replenished its order book by S$233m ? higher than the S$163m total last year. From our conversations with management, we believe the outlook for the construction sector and the scope for order book replenishment remain stable given the pipeline from residential project launches over the last six months. In terms of new contracts, the group would also pay greater attention to public sector constuction projects over the next two quarters to strengthen their track record in that space.

Maintain BUY at unchanged fair value estimate of S$0.73
We continue to look forward to KSH?s 45% Beijing condo project beginning sales this year which could be significant for KSH?s earnings profile into FY15. In Singapore, new launches at NeWest and KAP Residences have shown firm performances to date 85 out of a total of 136 units at NeWest have been sold at a median price of S$1,399 psf and at KAP Residences, 140 out of 142 units sold for a median price of S$1,789 psf. MaintainBUYwith an unchanged fair value estimate of S$0.73.

...last done: $0.535...

 

Uob Kay hian:

1QFY14 profit up 157%, in line with expectations Valuation/Recommendation  Maintain BUY and target price of S$0.71, derived from our SOTP valuation. Based on Bloomberg?s estimate, KSH has a 12-month target price of S$0.73.  As mentioned in our earlier report, with locked-in sales from its successful property launches and strong construction orderbook, KSH is expected to continue enjoying good earnings growth and visibility for the next five years. While outlook for the local property sector has become dimmer, KSH?s established track record in construction and diversification into China will help provide support for future earnings. 
Financial results  KSH reported 1QFY14 net profit of S$11.5m (+157.0%), with increased contributions from both construction and property development. Revenue from construction jumped 49.6% yoy to S$71.7m while share of results of associates increased 504.7% yoy to S$7.8m as KSH recognised profits from more development projects.  Balance sheet remains strong with net debt/asset ratio remaining low at 1.3%. KSH?s dividend payout ability continues to be underpinned by strong free cash flow generation of S$0.02/share in 1QFY14.

 

this stock is so quiet lately....intrinsic value still low ....

KSH holdings net profit surges 157% to S$11.5 million in 1QFY2014. healthy construction order book of more than S$402 million as at 30 Jun 2013, healthy balance sheet with low gearing of 0.03x and cash and cash equivalent and fixed deposits of S$86.8 million...

 

 

 

any views on this stock?

has been quiet and not much movement lately.

 

well..it already rally from 48c all the way to 61c formally last week before thurs correction.

 

xkclzf      ( Date: 28-May-2013 10:42) Posted: you are rights can not understand S stock, not like china A stock. good news mean rally I initially hope it can up to 0.6, now need to see first lor pcxiao2008      ( Date: 28-May-2013 09:17) Posted: sell on news liao.... :

 

you are rights

can not understand S stock, not like china A stock.

good news mean rally

I initially hope it can up to 0.6, now need to see first lor

pcxiao2008      ( Date: 28-May-2013 09:17) Posted: sell on news liao.... :( xkclzf      ( Date: 27-May-2013 23:35) Posted: tmr should be rally, good luck for everybody investe

 

sell on news liao.... :(

xkclzf      ( Date: 27-May-2013 23:35) Posted: tmr should be rally, good luck for everybody invested EddieLeong      ( Date: 27-May-2013 20:56) Posted: KSH result FY2013 231.6 millioni revenue  compare with FY2012 170.6 revenue FY2013 36.3 million profit compare with FY2012 18.3 million profit Proposes final dividen of 1.15cents per share bringing the payout of 2.5 cents per share in FY2013 Good result.

 

tmr should be rally, good luck for everybody invested

EddieLeong      ( Date: 27-May-2013 20:56) Posted: KSH result FY2013 231.6 millioni revenue  compare with FY2012 170.6 revenue FY2013 36.3 million profit compare with FY2012 18.3 million profit Proposes final dividen of 1.15cents per share bringing the payout of 2.5 cents per share in FY2013 Good result.

 

KSH result

FY2013 231.6 millioni revenue  compare with FY2012 170.6 revenue

FY2013 36.3 million profit compare with FY2012 18.3 million profit

Proposes final dividen of 1.15cents per share bringing the payout of 2.5 cents per share in FY2013

Good result.

 

But why isn't the counter moving much?

 

 

  KSH awarded $31mil contract by associate company to build Beijing condo

KSH Holdings, the construction and property development group, today announced that its 50% owned associated company in China has been awarded a contract worth RMB157 million ($31.4 million) for the construction of Liang Jing Ming Ju Phase Four.

Liang Jing Ming Ju Phase Four is a mixed property development project comprising 4 blocks of condominiums with office and commercial units located in Beijing. For this contract, KSH’s Beijing unit will erect 3 blocks of 11-13 storey residential building with office and commercial units as well as two levels of basement. Construction for this project starts immediately and will last 25 months.

Liang Jing Ming Ju Phase Four is developed by Beijing Jin Hua Tong Da Real Estate Development Co. (BJJHTD), which is 26.24% owned by KSH. However, KSH has recently acquired an extra 18.76% stake in BJJHTD. Following the completion of the acquisition, the group’s interest in BJJHTD will hit 45%.

Choo Chee Onn, Executive Chairman and Managing Director of KSH, said: “We are delighted to be awarded this project, which represents the first construction project that we are undertaking in the PRC. Having constructed public and private sector projects in Singapore for more than 34 years, we have amassed a wealth of experience which will be a great asset for us as we expand our construction business into other regions. Going forward, we will look for opportunities in expanding both our property and construction business in China.”

 

KSH Holdings: More earnings growth momentum likely
We recently met with KSH management and keep intact our FY13E and FY14E forecasts at S$30.7m (up 68% YoY) and S$53.0m (up 72% YoY), respectively, which are underpinned by progress billings for already-sold projects in Singapore. Beyond FY14, we see earnings growth momentum likely continuing due to the upcoming launch of its Beijing condo project this year (Liang Jing Ming Ju Phase 4) which would contribute an estimated S$23m net earnings upon TOP. We also understand management is also focused on launching Phase 1 of its 533-hectare Gaobeidian township project (GBD), located 30 mins away from Beijing city via high-speed rail. For upcoming FY13E results, we expect final dividends in the range of 0.5 – 1.5 S-cents and possibly a bonus share issue as well. Maintain  BUY  with an increased fair value estimate of S$0.73, versus S$0.62 previously, as we now incorporate accretion from Liang Jing Ming Ju into our SOTP valuation model and raise our PE multiple for the construction segment from 4x to 5x, in line with peers trading at 5-7 times

...last done: $0.480... 

 

meaning after placement, there will be no support for this stock and price will go back down ?

vw2796      ( Date: 12-Mar-2013 15:47) Posted: It provides a floor price for the stock in the near term. Usually, price will be pushed up so the placement price will look " attractive" to potential investors...

 

Hi xkclzf,

  Everyone care about this stock that why the stock price rised from 0.195 (last year Aug) to 0.47 (currently)

The price should stay around this range 0.45-0.49 base on industrial average of P/E 5.8 . Waiting for good news to beat estimated earning and drive the price up.

If not, as long as no bad news,  this counter is good to keep for good dividend yield.

 

 

Nobody care about this stock? Look like quite potential

 

KSH Holdings: Placement exercise to raise S$13.9m

KSH recently conducted a placement for 30.9m new shares and 4.1m existing treasury shares at 40.8 S-cents per share. This was at a 5.2% discount to the weighted average traded price of 43.0 S-cents on 11 Mar 2013 and raised S$13.9m of capital for the group. Shortly after the placement, KSH deployed S$1.9m to increase its stake in its Beijing condominium project (Liang Jing Ming Ju, Phase 4) from 26.24% to 45.00%. Pending further visibility on capital deployment, we are overall neutral on this placement but note it would increase the size of the public float and possibly improve the counter’s trading liquidity, which has been low historically. Maintain  BUY  on KSH. Our fair value estimate dips mildly to S$0.61 from S$0.62, due to a mild dilution effect, but our forecast for buoyant earnings growth over FY13-14 remains unchanged.

 

It provides a floor price for the stock in the near term. Usually, price will be pushed up so the placement price will look " attractive" to potential investors...

 

Is it goood news or not?