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From Bangkok Post today.
Kaset Thai Sugar shoots for Q3 listing
Kaset Thai International Sugar Plc (KTIS), Thailand's third-largest sugar producer, expects to list on the Stock Exchange of Thailand by the third quarter of this year to raise funds for its planned biomass expansion. The company submitted a filing to the Securities and Exchange Commission (SEC) in February to float 958 million shares in an initial public offering, with Kasikorn Securities Plc acting as its financial adviser.
Nathapun Siriviriyakul, KTIS's chief executive for bioenergy and products, said the biomass business is expected to make up half of the company's revenue in 3-5 years from 15-17% now. " If the SEC does not ask for more details, our shares should start trading by the second week of July," he said. Majority-owned by the Siriviriyakul family, KTIS will be the third sugar firm listing on the SET after Khon Kaen Sugar (KSL) and Khonburi Sugar (KBS).
" The potential of the biomass sector is huge, and if we use our own [money], its progress may be too slow. We believe the sector in the long term will be a value addition that differentiates us from other sugar companies," said Mr Nathapun in an interview with the Bangkok Post.
" To date, the Group's order book stands at S$183.6 million worth of M& E engineering contracts lasting to 2016," said King Wan’s Managing Director, Ms Chua Eng Eng
SINGAPORE, 16 May 2013: MAINBOARD-LISTED King Wan Corporation Limited (King Wan or the Group) (庆 源 企 业 ), is pleased to announce that its wholly owned subsidiary, King Wan Construction Pte Ltd (" KWC" ) has secured six new mechanical and electrical (M& E) contracts in Singapore worth a total of S$28.4 million during the period from February to May 2013.
Ms Chua Eng Eng (蔡 莹 莹 ), Managing Director of King Wan said: " We are very glad to secure these new contracts in the midst of a very competitive business environment. This demonstrates our strength and depth as a reputable integrated building services and M& E services provider. With these six contracts, we are delighted that to date, the Group's order book stands at S$183.6 million worth of M& E engineering contracts that will last to 2016. We shall remain focused on delivering value to our clients by providing top quality and reliable services that will exceed our customers’ expectations."
Disclaimer : Vested so tracking this. Not enticement for anyone to buy or trade.
Though King Wan Corp's 3Q revenue declined 25% y-o-y to $11 million, gross profit climbed 5% y-o-y to $3.38 million owing to the completion of a few better margin contracts. King Wan recently ventured into the transport arena by acquiring a 30% stake in a 58,000 dwt Supramax. Cash equivalents position delciend $5.55 million q-o-q while borrowings rose $3.2 million, mainly owing to advances to associates, particularly the property development at Dairy Farm Road. We expect borrowings to increase further owing to the purchase of the Supramax vessel. We also anticipate the company to distribute three cents dividend for the next five years, on the back of gains from the Thai associates. Intrinsic value of 40 cents.
From DMG 7 Feb.
Three years of order book supports 1.5¢ core dividend. Maintain expectations for another 1.5¢ special dividend, raising sustainable yield to 9.7%. The outstanding order book of SGD166.7m is equivalent to three years’ work, which supports our core dividend expectation of 1.5¢. We continue to expect special dividends over the next 10 years from the sale of the Thai Associates, which doubles the dividend to a juicy 9.7% yield sustainable for the next 10 years. Near term catalysts in March and May. We see near term catalysts in the form of the lodging of the KTIS Prospectus likely in March, and the declaration of the special dividend on the full-year results in May. Maintain BUY, TP of SGD0.40 based on 7.5% yield. We maintain our Buy call on KWAN with a TP based on 7.5% yield. Although the stock has risen 15% since our initiation three days ago, we believe that the 9.7% sustainable yield presents a still-attractive entry point.
News from mid-week
SINGAPORE, 3 October 2012: MAINBOARD-LISTED King Wan Corporation Limited (King Wan or the Group) (庆 源 企 业 ), today announced that its wholly owned subsidiary, King Wan Construction Pte Ltd, has successfully secured 5 mechanical and electrical (M& E) contracts in Singapore with an aggregate contract value of approximately S$30.77 million since August 2012. The new contracts consist of three HDB projects located at Bukit Panjang, Bukit Batok and Sembawang as well as two condominium projects. The new contracts are expected to be completed progressively from 2014 to 2015. Ms Chua Eng Eng (蔡 莹 莹 ), Managing Director of King Wan said: “We are very pleased to win these five contracts. We are delighted that to date, the Group has secured an order book of approximately S$187.3 million worth of M& E engineering contracts with completion dates ranging from financial years 2013 to 2016. In line with our 35-year track record and emphasis on quality and reliability, we remain committed to providing excellent services to our clients and executing our projects efficiently.”
business. Our order book is strong and stands at approximately
S$129 million based on secured M& E engineering contracts as at 31
March 2011, with projects lasting up to 2014. Our balance sheet is in
good form with healthy working capital, healthy net cash flow from
operating activities, and strong cash position and strong support from
our bankers. The projected rise in construction demand in Singapore
augers well for the Group as it seeks to continue to participate in
tenders for condominiums and HDB projects.
In China, Dalian’s residential property market has enormous
potential for the future. The Group is making preparations to
launch the next phase of development in Dalian as soon as timing
and business opportunities are right. We will ride on next growth
wave in China to further boost our market presence in a sector with
tremendous long-term prospects.
This counter reminds me of those low profile, high dividend shares like Tye Soon, Hock Lian Seng, etc. Interesting read from Edge ....... history of high dividend yield, cash rich and growing with the disposal of the thai associates with the likelihood of subdued earnings owing to its disposal. A smallish company that is cash rich can be a positive ride for investors. Wondering if forumers familiar with KW can share their thoughts?
Remarks : Not vested, but shopping.
| WRITTEN BY THE EDGE |
| THURSDAY, 10 FEBRUARY 2011 18:11 |
King Wan Corporation, the building services company, says net profit attributable to equity holders jumped 199% to $4.8 million for three months ended 31 December 2010 (3Q2011) compared to the $1.6 million in the previous corresponding period.
It also recorded revenues of $20.3 million compared to $21.3 million. Despite the slight drop in revenue, gross profit was $4.8 million against $1.8 million previously, up 169%. Ongoing Mechanical & Electrical contracts derived improved margins for the third quarter ended 31 December 2010, reflecting the strength of the construction industry.
King Wan Corp
P&L - 3 months ended 31Dec2009
Revenue +154%
Profit for the period +13%
http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_C4172FB9FBECB6F6482576C400313712/$file/KWC3QResultsFY2010.pdf?openelement
KW is one of the bidders for M&E services at Marina Sands IR, quite good chance.
Trading halt.
