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KSH Holdings Limited ($0.525, down 0.01) announced a 58.2% growth in revenue to S$35.2 million for the financial quarter ended 30 September 2018 (&ldquo 2QFY2019&rdquo ). This was mainly due to a 62.7% or S$13.0 million increase in construction revenue to S$33.8 million during the quarter under review, compared to S$20.8 million in the same corresponding period a year ago. Rental income from investment properties remains relatively steady at S$1.5 million this quarter.
Other operating income rose 22.1% to S$2.6 million in 2QFY2019 compared to S$2.1 million in 2QFY2018, mainly due to interest income from loans to associates and joint ventures. Share of results of joint ventures grew by 21.5% to S$3.5 million in 2QFY2019 mainly due to an increase in profit recognised from the residential development project &ndash High Park Residences &ndash as the construction progressed, offset by expenses incurred for Park Colonial launched in July 2018.
The loss from share of results of associates decreased by S$0.9 million during the quarter due to the gain from disposal of subsidiaries by an associated company, which held strata units in Prudential Tower. The gain was offset by expenses incurred from Affinity@ Serangoon and Riverfront Residences, launched in June and July 2018 respectively. On the whole, KSH reported a net profit attributable to owners of company of S$4.4 million in 2QFY2019, an 11.6% increase from 2QFY2018, largely in line with expectations.
The Group&rsquo s balance sheet and working capital position remained healthy with fixed deposits, as well as cash and bank balances of S$89.7 million as at 30 September 2018. Net gearing is a healthy 16%. Net asset value per share as at 30 September 2018 was 59 Singapore cents.
For the six-month financial period ended 30 September 2018 (&ldquo 1HFY2019&rdquo ), KSH reported a 42.5% increase in total revenue to S$76.1 million, compared to S$53.4 million in the same period last year (&ldquo 1HFY2018&rdquo ) mainly due to an increase in construction revenue. Net profit attributable to owners of company increased by 2.2% to S$10.4 million in 1HFY2019,
compared to S$10.1 million in 1HFY2018.
On 24 August 2018, KSH announced that it has secured a S$266.3 million contract to build nine 17-storey apartment blocks at Riverfront Residences, which is 35%-owned by the Group, expected to complete in 2022. Together with the S$53.8 million and S$28.0 million construction contracts awarded on 2 August 2018 and 10 August 2018 respectively, KSH&rsquo s order book is lifted to more than S$553.0 million as at 30 September 2018, to be progressively recognised up to FY2022.
The Urban Redevelopment Authority announced that private residential property prices edged up 0.5% this quarter, a sharp fall from the 3.4% price rise in the previous quarter, due to property cooling measures from July this year. During the quarter, developer&rsquo s sales jumped 27.3% quarter-to- quarter, to 3,012 private homes from 2,366 units sold in the previous quarter. Together with its partners, KSH has launched three pipeline projects for sale this financial year &ndash Affinity at Serangoon (formerly &ldquo Serangoon Ville&rdquo ) in June 2018 Riverfront Residences (formerly &ldquo Rio Casa&rdquo ) and Park Colonial at Woodleigh Lane adjacent to the up-and-coming Bidadari New Town in early July 2018. Overall, these projects have achieved 18.4%, 49.5% and 62.5% units sold respectively, based on options signed by buyers, achieving prices within expectation.
On 20 September 2018, KSH announced the completion of the sale of seven strata office units at the Grade A Prudential Tower in prime Raffles Place that is valued at approximately S$130.1 million. The sale is expected to contribute positively to the results of the current financial year ending 31 March 2019. The Group demonstrated great synergies between the property development and construction pillars within our diversified business model, playing a dual-role as both joint-developer and contractor, taking lead in the construction of Riverfront Residences. Moving forward, we will continue to strive to raise productivity through technology adoption and innovative measures, while streamlining operation processes to reduce expenses, and continue to explore yield accretive investment opportunities to bolster our recurring income stream.
KSH share price has halved from its high due to delays in the launch of their Gao Bei Dian project as well as the unexpected cooling measures in Singapore. But with solid presales achieved in Singapore despite the cooling measures of close to half a billion and solid construction order books (just above half a billion worth of orders secured) and attractive yield of 4-5%, we are upgrading to BUY.
(Lim & Tan)
Other operating income rose 22.1% to S$2.6 million in 2QFY2019 compared to S$2.1 million in 2QFY2018, mainly due to interest income from loans to associates and joint ventures. Share of results of joint ventures grew by 21.5% to S$3.5 million in 2QFY2019 mainly due to an increase in profit recognised from the residential development project &ndash High Park Residences &ndash as the construction progressed, offset by expenses incurred for Park Colonial launched in July 2018.
The loss from share of results of associates decreased by S$0.9 million during the quarter due to the gain from disposal of subsidiaries by an associated company, which held strata units in Prudential Tower. The gain was offset by expenses incurred from Affinity@ Serangoon and Riverfront Residences, launched in June and July 2018 respectively. On the whole, KSH reported a net profit attributable to owners of company of S$4.4 million in 2QFY2019, an 11.6% increase from 2QFY2018, largely in line with expectations.
The Group&rsquo s balance sheet and working capital position remained healthy with fixed deposits, as well as cash and bank balances of S$89.7 million as at 30 September 2018. Net gearing is a healthy 16%. Net asset value per share as at 30 September 2018 was 59 Singapore cents.
For the six-month financial period ended 30 September 2018 (&ldquo 1HFY2019&rdquo ), KSH reported a 42.5% increase in total revenue to S$76.1 million, compared to S$53.4 million in the same period last year (&ldquo 1HFY2018&rdquo ) mainly due to an increase in construction revenue. Net profit attributable to owners of company increased by 2.2% to S$10.4 million in 1HFY2019,
compared to S$10.1 million in 1HFY2018.
On 24 August 2018, KSH announced that it has secured a S$266.3 million contract to build nine 17-storey apartment blocks at Riverfront Residences, which is 35%-owned by the Group, expected to complete in 2022. Together with the S$53.8 million and S$28.0 million construction contracts awarded on 2 August 2018 and 10 August 2018 respectively, KSH&rsquo s order book is lifted to more than S$553.0 million as at 30 September 2018, to be progressively recognised up to FY2022.
The Urban Redevelopment Authority announced that private residential property prices edged up 0.5% this quarter, a sharp fall from the 3.4% price rise in the previous quarter, due to property cooling measures from July this year. During the quarter, developer&rsquo s sales jumped 27.3% quarter-to- quarter, to 3,012 private homes from 2,366 units sold in the previous quarter. Together with its partners, KSH has launched three pipeline projects for sale this financial year &ndash Affinity at Serangoon (formerly &ldquo Serangoon Ville&rdquo ) in June 2018 Riverfront Residences (formerly &ldquo Rio Casa&rdquo ) and Park Colonial at Woodleigh Lane adjacent to the up-and-coming Bidadari New Town in early July 2018. Overall, these projects have achieved 18.4%, 49.5% and 62.5% units sold respectively, based on options signed by buyers, achieving prices within expectation.
On 20 September 2018, KSH announced the completion of the sale of seven strata office units at the Grade A Prudential Tower in prime Raffles Place that is valued at approximately S$130.1 million. The sale is expected to contribute positively to the results of the current financial year ending 31 March 2019. The Group demonstrated great synergies between the property development and construction pillars within our diversified business model, playing a dual-role as both joint-developer and contractor, taking lead in the construction of Riverfront Residences. Moving forward, we will continue to strive to raise productivity through technology adoption and innovative measures, while streamlining operation processes to reduce expenses, and continue to explore yield accretive investment opportunities to bolster our recurring income stream.
KSH share price has halved from its high due to delays in the launch of their Gao Bei Dian project as well as the unexpected cooling measures in Singapore. But with solid presales achieved in Singapore despite the cooling measures of close to half a billion and solid construction order books (just above half a billion worth of orders secured) and attractive yield of 4-5%, we are upgrading to BUY.
(Lim & Tan)
KSH = Ka Swee Hang ??
KAMAL0883 ( Date: 19-Nov-2018 11:03) Posted:
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KSH ( Hainanese pronounce as what )? LOLLLLL
SGX Construction company si peh jia lat.....many already close shop liao better be careful
SGX Construction company si peh jia lat.....many already close shop liao better be careful
Bought a little at $0.525 last week. Fundamentals look sound but technicals are not looking too good. If it cannot hold on to $0.52, there is the danger of falling to $0.43 !
OCBC maintains BUY on KSH with a fair value of $0.81
KSH Holdings' 2QFY19 PATMI increased 11.6% YoY to S$4.4m, lower than our initial expectations due to a sharp decrease in construction margins during the quarter. KSHH' s order book stands at > S$553.0m as at 30 Sept 2018, and is to be progressively recognised up to FY2022. With partners, KSH has launched the sale of three projects so far in FY19: Affinity at Serangoon (18.4% units sold) in Jun Riverfront Residences (49.5% sold) and Park Colonial (62.5% sold) in early July 2018. According to the press release, prices achieved were within expectation. Looking ahead, the group is cautiously optimistic on the outlook of its performance for FY2019. As primarily a construction company, we believe KSH stands to benefit further from the upcoming pipeline of en-bloc re-developments. After adjustments to our full-year forecasts, our fair value decreases from S$0.94 to S$0.81.
OCBC maintains BUY on KSH with a fair value of $0.81
KSH Holdings' 2QFY19 PATMI increased 11.6% YoY to S$4.4m, lower than our initial expectations due to a sharp decrease in construction margins during the quarter. KSHH' s order book stands at > S$553.0m as at 30 Sept 2018, and is to be progressively recognised up to FY2022. With partners, KSH has launched the sale of three projects so far in FY19: Affinity at Serangoon (18.4% units sold) in Jun Riverfront Residences (49.5% sold) and Park Colonial (62.5% sold) in early July 2018. According to the press release, prices achieved were within expectation. Looking ahead, the group is cautiously optimistic on the outlook of its performance for FY2019. As primarily a construction company, we believe KSH stands to benefit further from the upcoming pipeline of en-bloc re-developments. After adjustments to our full-year forecasts, our fair value decreases from S$0.94 to S$0.81.
dropping back to 50 cents again??!!
Msport ( Date: 22-Jan-2018 11:28) Posted:
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moving
When will gaobeidian project start?
Today got some action leh
Today got some action leh
HazardKoh ( Date: 03-Oct-2017 09:45) Posted:
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china gaobeidian launching? lian beng, heeton and oxley should follow KSH if KSH chiong due to annoucement of launching
sunview ( Date: 03-Oct-2017 09:20) Posted:
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This morning break out of $0.765 resistance.
breaks $1.. wow.. never expected this.. The BBs really pushing , maybe in anticipation of launch of the China projects + maybe is due to CB (cum bonus).
Now Lian Beng looks like Laggards, hope lian beng also get pushed up soon.. :)
Now Lian Beng looks like Laggards, hope lian beng also get pushed up soon.. :)
" Before the ?Y?À ?V?æ announcement" should read: Before the Xiongan New Special Economic Zone announcement
sunview ( Date: 08-Jun-2017 17:12) Posted:
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The market looks a bit toppish.
But it looks to me that KSH shares may now have fallen to the hands of the big boys. Its market cap is only about $428m. That makes the situation more complex.
Before the ?Y?À?V?æ announcement, the founders and the board of directors are holding ~60% of the company. Another SSH Yip Sau Leong, an economics professor at NTU holds close to 6%.
But it looks to me that KSH shares may now have fallen to the hands of the big boys. Its market cap is only about $428m. That makes the situation more complex.
Before the ?Y?À?V?æ announcement, the founders and the board of directors are holding ~60% of the company. Another SSH Yip Sau Leong, an economics professor at NTU holds close to 6%.
risktaker ( Date: 08-Jun-2017 16:56) Posted:
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Think upside is limited liao
$0.94 now , in touching distance to all-time high of $0.95
$0.92
Rocket again today, looks like market is very optimistic about the China development and is looking for a huge increase in RNAV.
KSH on the move again
We highlight the key points from KSH' s ($0.78, up 0.005) recent analysts' briefing:
· Management is very excited due to the recent announcement by the Beijing government to designate Xiongan New Area (XNA) as a special economic zone, making the area comparable to the likes of Shenzhen and Shanghai&rsquo s Pudong. This is done to promote integration with the neighbouring cities of Beijing and Tianjin.
· Due to the immediate surge in buyers' activities, the Chinese government has halted property transactions within the XNA. Fortunately, KSH' s 22.5% owned Gaobeidian township development project (located between XNA and Beijing) was not affected and has seen prices rise from their original launch price of RMB9,000 psm to about RMB12,000 psm currently.
· Gaobeidian is one of the satellite cities surrounding Beijing (about 45km away from Beijing and 40km away from XNA) and is located next to the Beijing Shijiazhuang Expressway and the Beijing Shijiazhuang High Speed Rail passenger line.
· KSH owns an effective 22.5% ownership in the Gaobeidian project and the total project size is about 8,000 mu or 5.3mln sqm in total. Management targets to launch and sell the project in several phases and over the next few years. The first phase is expected to be launched for sale by June-July' 17 and is expected to be about 1.6mln sqm of potential GFA.
· We estimate an all in cost of about RMB5,000 psm against the current prevailing market price of RMB12,000 psm, up from their first 500 units that was sold earlier this year at RMB9,000 psm. If executed well, their 22.5% stake could bring in profit of close to S$400mln in FY 2019/2020 (upon the equivalent of TOP in Singapore' s context). Execution also depends on governmental and regulatory approvals as well as market demand in June-July' 17.
· Given the rising prices, management will slowly develop the remaining 3.7mln sqm of land in Gaobeidian.
· With the latest announced NUS contract win of S$146mln, KSH' s construction order books has been boosted to about S$360mln, helping to underpin the segment&rsquo s steady prospects. We expect this segment to provide good cash flows to help fund their property development segment. Annual profits and cash flows are expected to be close to $20mln for this segment.
· Prudential is almost fully sold, barring a handful of units left. This will also help boost their cash coffers which currently stand at a solid S$79mln (versus no debts). We maintain our long-held BUY recommendation on KSH given the huge potential upside from their Gaobeidian Project in China, steady dividend yield of about 4-5% and strong and growing net cash position S$79mln (about 21% of market cap currently). Similar to past bonanza gains (for Liang Jin Ming Ju project in Shanghai), management also hinted of special rewards for shareholders.
(Lim & Tan)
UOB-KH has increased its target price for KSH to $1.18
KSH hit a massive jackpot as its Gaobeidian project is just below the recently announced new SEZ, which is being compared to Shenzhen and Shanghai&rsquo s Pudong. Gaobeidian prices have surged from Rmb9,000/sqm to Rmb20,000/sqm and look set to go up further. We value KSH&rsquo s current development at S$368m (just 1.9m sqm of total 5.3m sqm at mb15,000/sqm). Since our initiation, share price has soared 42.2% but there is more upside. Reiterate BUY and raise our target price to S$1.18, based on SOTP.
don' t get trap in this movement............sell take profit.