【KSL 5038 交流专区】顺利实业

voltz

KSL safe property proxy to IDR
Updated : 29-06-2007
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HLGResearch has initiated coverage on KSLHoldings Bhd, a property developer in Johor, with a "hold" and pricetarget of RM3.10.

The research house said KSL's low priceearnings (PE) and realised net asset value (RNAV) valuations were mitigated bya lack of growth, though the emergence of the Iskandar Development Region couldbe a positive wildcard.

"We have mixed views on KSL. ItsFY08E PE of seven times is 30% to 50% lower than big-cap peers; EPS growth ispedestrian, given the absence of anew launches and landbank," it said.

However, the upside was that KSL's lowgearing and 4% dividend yield, the company could be a safe proxy to the IDR,relative to other more speculative Johor-related property counters.

HLG Research said it was positive on the Johor property market, given ourexpectation of positive IDR-related newsflow and spillover from Singapore'sresurgent economy.

It valued KSL at RM3.10 per share at FY08PE of 8 times, which it believed to be fair on a zero-growth basis.

KSL is a mass-market housing developer inJohor, with a 808ha landbank and outstanding gross development value (GDV) ofRM3 billion.

The company owns a 404ha landbank in Johor Bahru, including large parcelsadjacent to UEM World's Nusajaya. Its townships are mature, and generatescashflow of approximately RM100 million per annum versus KSL's RM400 million market capitalisation.

The company was expected to complete its one-for-three bonus issue by October2007. Its indicative FY07 dividend yield was 4%.

"We expect flat EPS growth post-FY07, due to the lack of new majortownship launches by KSL. Additionally,several major projects will be exhausted by 2010, and landbank renewal could beexpensive, in our view.

"We estimate that the price of IDR development land has risen 30% in thelast 12 months, and IDR-related newsflow can only drive this further in thenear term," it added.

KSL's major projects in Johor are TamanNusa Bestari, Taman Kempas Indah, Taman Bestari Indah, Maharani Riviera and KSL City.

Taman Nusa Bestari covers 112ha at the northern edge of UEM's Nusajaya project,adjacent to the Linkedua highway. Outstanding GDV is RM650 million over fouryears. The project accounted for 25% of FY06 pretax profit.

The Taman Kempas Indah project covers 95.75ha north of the Johor Bahru CBD,along the North South Highway.Outstanding GDV is RM468 million over four years. The project accounted for 9%of FY06 pre-tax profit.

Taman Bestari Indah, which covers 282.8ha north of Johor Bahru CBD, along theSenai Desaru Expressway, is under construction. Outstanding GDV is RM950million over eight years. It accounted for 60% of FY06 pre-tax profit.

Its Maharani Riviera commercial project islocated directly across the Muar River from Muar town. Theoutstanding GDV is RM421 million over five years. Major commercial tenantsinclude Giant Hypermarket, which has signed a long-term lease with KSL.

弹煮

EPS每年在缩水，我看不到哪里好

voltz

KSL replicates Mid Valley concept
Updated : 25-06-2007
Media : The Edge
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KSL Holdings Bhd is developing a hotel and shopping centreproject in Johor Bahru that replicates the Mid Valley Megamall concept and willhave a gross development value (GDV) of RM180 million.

The project, called KSL City, is expectedto contribute up to 30% to KSL's annualrevenue upon completion in 2010, executive director Ku Tien Sek said.

The Johor-based property is at present identifying suitable operators to managethe proposed 600-room hotel and anchor tenants for the five-storey shoppingcentre.

Speaking to analysts and fund managers here last Friday, Ku said the companywas confident the development would draw tourists visiting Singapore'sintegrated resort and theme park as it offered a much more affordable hotelstay and shopping experience.

"Hotel rates in Singaporein 2010 could be in the region of S$400 to S$500 (RM898 to RM1,123) per night.Our two-block hotel, on the other hand, is divided into three-star and budgetrooms, priced around RM150 and RM100 per night respectively.

"We will also offer shuttle services for our guests who wish to travel tothe island resort and theme park in Singapore, which makes the stay atour hotel worthwhile for budget travellers and families," he said.

Ku said the company expected to cater to foreign and domestic tourists with itsreasonably priced hotel rooms and the convenience of shopping at the mall,based on the successful Mid Valley business model.

On KSL's property development business,Ku said it would continue to launch commercial and residential properties thisyear and in 2008, and was targeting a 10% growth in net profit from propertysales this year.

He said the company was targeting some RM110 million in net profit this year,including RM40 million from the extraordinary gains from the compensation forthe compulsory government acquisition of part of its Taman Bestari Indahproject for the Senai-Desaru Highway.

"We are also targeting a 10% growth in net profit from sales in 2008,meaning a 10% improvement from RM70 million this year," Ku said.

The government acquired 28ha from KSL forthe highway, and the total compensation of RM77.4 million covers lost sales andconstruction cost.

KSL now has three flagship projects,namely, Taman Nusa Bestari in Skudai, and Taman Bestari Indah and Taman KempasIndah, both in Tebrau, with a combined GDV of RM3 billion.

It is launching its Pandan Commercial Centre which has a GDV of RM31 million inthe fourth quarter of this year, and will hand over the Giant Hypermarketsituated at Pusat Perdagangan Muar (PPM) to the hypermart operator on a 15-yearRM60 million lease next month.

"We bought the land at PPM at around RM3 per sq ft (psf), and the currentmarket value (including the building) is around RM100psf. It makes more senseto lease out the building as over 15 years it translates into higher rentalvalue," he said, adding that the PPM project launched earlier this yearhad a remaining GDV of RM390 million.

Going forward, KSL is banking on thepotential of the Iskandar Development Region (IDR) where it has about 405ha,which is about half of its total landbank in Johor.

Ku said the company was also optimistic that sales for its residential andcommercial properties would pick up this year after a sluggish 2006, especiallywith the buzz over the IDR and the waiver of real property gains tax that tookeffect in April this year.

For the financial year ended Dec 31, 2006, KSLposted a lower net profit of RM67.75 million compared with RM76.23 million theprevious year due to lower sales. Ku said sales have started picking sinceearly this.

While KSL's 1Q2007 net profit surgedalmost 200% year-on-year to RM54.9 million on the back of RM103.3 millionrevenue, this included the RM58 million compensation received from thegovernment.

Mr.Business

voltz兄的第一楼有点乱码，请整理一下。谢谢。

0758

一群卖不出的店屋。。要买不会买mahsing....

voltz

我是看好他的前景，觉得发展的空间还蛮大的。除了现有在柔佛州的土地发展外，它也以非常合理进军 KLANG VALLEY。

此外，它们 Tour Hotel + Shopping Mall + Shuttle Service 的 concept 也非常吸引. 还有就是在 IDR 里的那超过 1000 acres 的土地.

虽然近年的EPS growth 不是很好,但以现在的低 PE 和接近１的PRICE TO BOOK RATIO, 相信事项不错的投资．

弹煮

有这么多好project，sales还没有改善，这是不是要怪公司不会推销呢？

voltz

多谢想告．．．因为是第一次开贴，还不熟悉．．　

死神黑崎一护

即使它是好公司，又低估，你能在熊来之前赚吗。

voltz

原帖由 0758 于 20-11-2007 07:54 PM 发表
一群卖不出的店屋。。要买不会买mahsing....

Mahsing 以是众所周知的好股了，价钱就比较贵了一些．我希望能够在这不上不下的市场中，找出冷门的潜能股．

voltz

这公司从1981年开始做建筑，到今时今日才这样的规模，可想而知它的作风何其保守．上述 PROJECT 都是在今年才提出的．以往它多数只从事房屋及店屋发展．我就是因为感觉它有转型的迹象，才会对它的前景有信心．

弹煮

听你这么说，我又心痒痒，等下去看基本面的说。

voltz

就是等熊等到不耐烦了，才找了价钱满意，又可长期投资的股．在这时候进场，我也不知是祸是福．

voltz

Tabung Haji holds 5% KSL stake
Updated : 21-05-2007
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LembagaTabung Haji has emerged as a substantial shareholder in KSL Holdings Bhd with a 5% stake.

A filing with Bursa Malaysia showed that the pilgrimagefund held 13.28 million shares as at May 15.

KSL is involved in property development.Reuters Estimates forecast its net profit at RM73.3 million for the financialyear ending Dec 31, 2007 on the back of RM275.7 million in revenue.

voltz

Low-profile firms set to gain from IDR, too
Updated : 16-04-2007
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LOW-PROFILECrescendo Corp Bhd expects to benefit from the development of the IskandarDevelopment Region ( IDR), given its base in Johor and about 1,984 acres ofland bank located within the IDR, managing director Gooi Seong Lim said.

Not as well known as many of its peers, Crescendo has been involved in theJohor property market for more than 20 years, with a niche in the industrialsubsector.

The company¡¦s flagship project, Taman Perindustrian Cemerlang, is one of thebiggest industrial parks in the city.

¡§Even though there is currently a large overhang for residential properties inJohor, we expect demand for residential units to be good due to the recentincentives introduced by the Government,¡¨ he said.

Gooi also said the IDR initiative would help boost the company¡¦s business inthe commercial and industrial segments.

For example, Gooi said, some of the large foreign-owned manufacturing plantshave relocated to south Johor due to the availability of large parcels of landthere ¡§at low prices.¡¨

¡§We expect demand for the medium-sized factories to increase, moving forward,because these factories will become supporting industries for the biggerfactories,¡¨ he said.

With the above development, Gooi said, Crescendo expected land and propertyvalues in the IDR to increase, resulting in a better profit margin for thecompany¡¦s industrial properties.

He said the outlook for the property and construction sector in Johor wasexpected to be optimistic, with good growth in view of the relaxation ofrequirements and tax incentives, the spillover wealth effects from Singapore¡¦stwo Integrated Resort projects and the new wealth created in the stock market.

¡§In view of its substantial land bank in south Johor, the group would be aprime beneficiary of this strong uptrend in the property sector,¡¨ he said.

In line with this, Crescendo was expecting better sales and performance for thefinancial year ending Jan 31, 2008, Gooi said.

For Plenitude Bhd, the IDR is seen as one of the key drivers of the company¡¦sperformance, moving forward.

Executive chairman Elsie Chua said Plenitude was one of the beneficiaries asits Taman Desa Tebrau project in Johor formed part of the IDR.

The project, a commercial and residential hub, covers about 110 acres.

¡§The expected strong growth momentum from the IDR will generate more wealth,thus allowing more people to commit to buying properties,¡¨ she said.

She added that the various infrastructure works to be carried out would provideopportunities for Plenitude to further enhance its position in Johor.

Another relatively quiet company, KSLHoldings Bhd, is also set to make waves in the IDR.

The company has been involved in property development activities since 1981 andhas 1,100 acres of land bank within the IDR.

Executive director Ku Tien Sek said this would certainly benefit the company.The land bank should keep the company busy for another eight years.

¡§We currently have three ongoing mixed development projects comprisingcommercial and residential units,¡¨ he said.

The three developments ¡V Taman Bestari Indah, Taman Kempas Indah and TamanNusa Bestari ¡V have an estimated gross development value of RM1.5bil.

Given their proximity to Singapore,Ku said, its developments were also expected to benefit from the IntegratedResort projects on the island republic.

¡§As the announcement on the removal of real property gains tax just tookeffect, it will take a few more months before the momentum kicks in. We couldexpect foreign buyers, especially from Singapore, to take advantage ofthis,¡¨ he added.

voltz

OSK: Look for mid-to-high-end niche developers in Johor
Updated : 16-04-2007
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IFthe Iskandar Development Region (IDR) “really kicks off?as it should and at theanticipated time, most property developers in the IDR will benefit, said OSKInvestment Bank research analyst Mervin Chow.

This, he said, was based on the assumption that the IDR would result in urbanmigration and wealth creation, which would see the people upgrading from theirold addresses to higher-end properties.

“Increased foreign buying interests, especially after the recent scrapping ofreal property gains tax (RPGT) and the removal of requirements to purchasehouses above RM250,000, will also boost IDR potential,' he said.

Chow, however, cautioned that these were “bold assumptions.'

“Owing to the glut in other areas, many developers have ventured into southJohor and are building as many residential properties as possible, banking onthe fact that the development of the IDR will pick up pace in the next four tofive years,' he noted.

Because the current population was unable to absorb the growth in residentialproperty supply, this had created a massive overhang situation in south Johor,especially for low to middle-end residential properties, Chow said.

'However, I believe that the current overhang situation may be short-lived aslong as the Government continues to provide sufficient catalysts and support tohasten the development of the IDR,' he said.

Then again, given such high risk and fear that the IDR may not pick up in “thatsort of momentum?as expected, Chow advises investors to look for propertycompanies with focus on middle-to-higher end properties with niche attributesin Johor.

One of OSK's picks is UM Land Bhd. All of the company's land bank is locatedwithin the IDR. Its undeveloped land bank totals about 2,102 acres.

The company's two major projects are the two townships of Seri Alam and SeriAustin, which are located within the IDR region.

Plenitude Bhd's Taman Desa Tebrau project is also another development to lookout for.

Chow said the existence of stores such as Jusco and Tesco and the upcomingmonorail (connecting Aeon Tebrau and Johor Baru) made the township a “verysensible commercial location? hence enabling it to demand a slight premium andabove average take-ups vis-?vis its competitors.

The RM1.9bil development, sitting on 965.7 acres and located 14km away fromJohor Baru, had enjoyed a strong 86% take-up rate for its launches so far, Chowsaid.

Another low-profile player on OSK’S list is Crescendo Corp Bhd. This companyhas undeveloped land bank of 3,300 acres in Johor and 60% of it is locatedwithin the IDR.

The company is venturing more into industrial property development instead ofjust purely relying on developing affordable homes, thus differentiating itselffrom most of the other developers in Johor.

The prime earnings catalyst would be industrial developments in its Nusa Cemerlang Industrial Park in BandarNusajaya, Chow said.

Another of his picks is Johor Land Bhd, which is currently one of the largestlandlords in Johor with total undeveloped land bank of 3,044 acres and a grossdevelopment value balance of over RM6.6bil.

“For other developers, especially those with focus on developing affordable orlow-cost homes and which are without proper niche target markets, I believe maycontinue to be plagued by the overhang situation in Johor, especially in themedium term,' Chow said.

At the end of the day, property capital appreciation still boils down to thesimple supply and demand mechanism,' he said.

'There have been reports that land prices in Johor could soar to more than 10times their current market prices.

'It may happen but if the land and property prices soar and diverge away fromthe economic fundamentals due to high speculative elements, the sector may riskentering into a bubble,' he said.

Chow believes that only developers, which are able to carve themselves a nichein an extremely competitive environment in south Johor and able to unlock thevalue of their land banks, would be able to thrive.

Standard & Poor's said in a report that it continued to like KLS HoldingsBhd for its high operating margins, high quality projects, attractive grossdividend yield of around 6% and sound management.

“Further upside to our earnings estimates and target price will stem from theproposed plans to revive the Southern Johor Economic Region, of which KSL may be a potential beneficiary with most ofits land bank in Johor,' it said.

KSL has submitted plans to theauthorities to build a hotel-cum-shopping mall along Jalan Dato' Sulaiman, on asite that it acquired in early 2006.

“KSL aims to capitalise on the attractionof neighbouring Singa- pore's Integrated Resorts (IRs) when they open in 2010,offering Malay- sians a cheaper accommodation alternative while they commuteacross the causeway to visit the IRs,' Standard & Poor's added.

voltz

News in brief -KSL unit gets part payment for land
Updated : 04-01-2007
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KUALA LUMPUR: KSL Holdings Bhd's wholly-owned subsidiary, KhooSoon Lee Realty Sdn Bhd, the beneficial owner of a piece of freehold land heldfor development in Tebrau, Johor Baru, has received RM58.03mil from the landadministrator.

In an announcement to Bursa Malaysia, KSL said the payment was part-settlement for thecompulsory acquisition of a developed portion of the land with 275 units ofhouses and infrastructure works under Section 14 of the Land Acquisition Act,1960. ¡°The amount represents 75% of the total compulsory acquisition sum ofRM77.37mil while the balance will be paid later,¡± it said. ¨C Bernama

voltz

Entitlements (Notice of Book Closure)
Reference No MI-071031-39875

Submitting Merchant Bank	:	RHB INVESTMENT BANK BERHAD
Company Name	:	KSL HOLDINGS BERHAD
Stock Name	:	KSL
Date Announced	:	05/11/2007

EX-date	:30/11/2007
Entitlement date	:04/12/2007
Entitlement time	:05:00:00 PM
Entitlement subject	:Bonus Issue
Entitlement description:
Bonusissue of up to 90,505,322 new ordinary shares of RM0.50 each in KSLHoldings Berhad ("KSL" ("KSL Shares" ("Bonus Issue" on the basis ofone (1) Bonus Share for every three (3) existing KSL Shares held
Period of interest payment	: to
Financial Year End	:
Share transfer book & register of members will be closed from (both dates inclusive)  for the purpose of determining the entitlements	: to
Registrar's name ,address, telephone no:
Symphony Share Registrars Sdn Bhd Level 26, Menara Multi-Purpose, Capital Square No.8, Jalan Munshi Abdullah, 50100 Kuala Lumpurr Tel No. 2721 2222
Payment date	:
a) Securities transferred into the Depositor's Securities Account before 4:00 pm in respect of transfers	:04/12/2007
b)Securities deposited into the Depositor's Securities Account before12:30 pm in respect of securities exempted from mandatory deposit	:
c) Securities bought on the Exchange on a cum entitlement basis according to the Rules of the Exchange.
Number of new shares/securities issued (units) (If applicable)	:
Entitlement indicator	:Ratio
Ratio	:1 : 3
Rights Issues/Offer Price	:
Remarks
TheBonus Issue entails the issuance of up to 90,505,322 Bonus Shares onthe basis of one (1) Bonus Share for every three (3) existing KSLShares held as at 5.00 p.m. on 4 December 2007 ("Entitlement Date". The actual number of Bonus Shares to be issued would depend on theissued and paid-up share capital of KSL as at the Entitlement Date. In accordance with the Listing Requirements of Bursa MalaysiaSecurities Berhad, the date of listing and quotation for the BonusShares will be on 5 December 2007, being the market day after theEntitlement Date. Symphony Share Registrars Sdn Bhd will issue and despatch notices of allotment to the entitled shareholders by 10 December 2007. 最近要发红股了！！

voltz

SUMMARY OF KEY FINANCIAL INFORMATION
30/06/2007

			INDIVIDUAL PERIOD	CUMULATIVE PERIOD
			CURRENT YEAR QUARTER	PRECEDING YEAR CORRESPONDING QUARTER	CURRENT YEAR TO DATE	PRECEDING YEAR CORRESPONDING PERIOD
			30/06/2007	30/06/2006	30/06/2007	30/06/2006
			RM'000	RM'000	RM'000	RM'000
1		Revenue	56,214	72,567	159,511	141,015
2		Profit/(loss) before tax	20,725	25,266	78,935	50,838
3		Profit/(loss) for the period	15,177	18,028	70,120	36,399
4		Profit/(loss) attributable to ordinary equity holders of the parent	15,177	18,028	70,120	36,399
5		Basic earnings/(loss) per share (sen)	5.71	6.78	26.37	13.70
6		Proposed/Declared dividend per share (sen)	0.00	0.00	0.00	0.00
					AS AT END OF CURRENT QUARTER	AS AT PRECEDING             FINANCIAL YEAR END
7		Net assets per share attributable to ordinary equity holders of the parent (RM)			2.1000	1.8400

voltz

今年截至第二季度的报表里，必须注意的是今年的 REVENUE & NET PROFIT 包含了政府强制征地的ONE OFF GAIN．总数 RM77.4 mil 里的 ７５％ 或 RM58,029,375.00 已于第一季度入账．余下的RM19.4 mil　也将在下半年付清．这 RM19.4 mil 将直接纳入 NET PROFIT 里．