King Wan Corporation

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Full Year Financial Statement And Dividend Announcement for the year ended 31 March 2016 :
http://infopub.sgx.com/FileOpen/King%20W...eID=406665

Some highlights :
1. The Group's revenue for FY2016 recorded S$100.76 million, a 18% increase compared to FY2015.
2. The Group's net loss after income tax was S$17.89 million, compared to a profit of S$17.08 million achieved in FY2015.
3. NAV for the Group stood at 21.89 cents per share at 31 March 2016, a decrease from 28.11 cents per share at 31 March 2015.
4. Net cash from operating activities for FY2016 amounted to S$11.40 million compared to S$14.32 million in FY2015.
5. Net cash used in investing activities for FY2016 amounted to S$22.17 million, higher than the S$12.89 million used in FY2015.
6. No dividend declared for the financial period.
Specuvestor: Asset - Business - Structure.
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Full Year Financial Statement And Dividend Announcement for the year ended 31 March 2016 :
http://infopub.sgx.com/FileOpen/King%20W...eID=406665

Some highlights :
1. The Group's revenue for FY2016 recorded S$100.76 million, a 18% increase compared to FY2015.
2. The Group's net loss after income tax was S$17.89 million, compared to a profit of S$17.08 million achieved in FY2015.
3. NAV for the Group stood at 21.89 cents per share at 31 March 2016, a decrease from 28.11 cents per share at 31 March 2015.
4. Net cash from operating activities for FY2016 amounted to S$11.40 million compared to S$14.32 million in FY2015.
5. Net cash used in investing activities for FY2016 amounted to S$22.17 million, higher than the S$12.89 million used in FY2015.
6. No dividend declared for the financial period.
Specuvestor: Asset - Business - Structure.
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The no div declared nails it!
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The no div declared nails it!
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King Wan has resumed its dividend. It declared an interim dividend of SGD 0.005 per share for financial period ended 30 September 2016.

Recently it also announced the winning of S$19 m worth of new M&E contracts. Its order book stands at S$163 million, with contracts lasting to 2019.
Specuvestor: Asset - Business - Structure.
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King Wan has resumed its dividend. It declared an interim dividend of SGD 0.005 per share for financial period ended 30 September 2016.

Recently it also announced the winning of S$19 m worth of new M&E contracts. Its order book stands at S$163 million, with contracts lasting to 2019.
Specuvestor: Asset - Business - Structure.
Reply
SINGAPORE, 18 April 2017

King Wan Corporation today announced that it has secured new mechanical and electrical (M&E) projects in Singapore during the period from January 2017 to March 2017, worth a total of S$33 million.

Order book stands at S$163 million, with contracts lasting to 2024

More details in http://infopub.sgx.com/FileOpen/King%20W...eID=448754
Specuvestor: Asset - Business - Structure.
Reply
SINGAPORE, 18 April 2017

King Wan Corporation today announced that it has secured new mechanical and electrical (M&E) projects in Singapore during the period from January 2017 to March 2017, worth a total of S$33 million.

Order book stands at S$163 million, with contracts lasting to 2024

More details in http://infopub.sgx.com/FileOpen/King%20W...eID=448754
Specuvestor: Asset - Business - Structure.
Reply
Financial Results for the Financial Year ended 31 March 2017 ("FY2017")

Highlights :
1. The Group's revenue for FY2017 recorded S$91.88 million, a decrease of 9% compared to FY2016
2. The Group's net profit for FY2017 was S$1.00 million, compared to a net loss of S$17.89 million achieved in FY2016
3. EPS for FY2017 was 0.29 cents, compared to -5.12 cents in FY2016
4. NAV for the Group stood at 21.50 cents per share as at 31 March 2017, a decrease from 21.89 cents per share as at 31 March 2016
5. The debt-equity ratio has decreased to 0.41 as at 31 March 2017, compared to 0.67 as at 31 March 2016 due to the decrease in bank borrowings
6. The Group's cash and cash equivalents increased by S$7.56 million from S$5.57 million as at 31 March 2016 to S$13.13 million as at 31 March 2017
7. No dividend declared for FY2017.

More details in http://infopub.sgx.com/FileOpen/30052017...eID=455939
Specuvestor: Asset - Business - Structure.
Reply
Financial Results for the Financial Year ended 31 March 2017 ("FY2017")

Highlights :
1. The Group's revenue for FY2017 recorded S$91.88 million, a decrease of 9% compared to FY2016
2. The Group's net profit for FY2017 was S$1.00 million, compared to a net loss of S$17.89 million achieved in FY2016
3. EPS for FY2017 was 0.29 cents, compared to -5.12 cents in FY2016
4. NAV for the Group stood at 21.50 cents per share as at 31 March 2017, a decrease from 21.89 cents per share as at 31 March 2016
5. The debt-equity ratio has decreased to 0.41 as at 31 March 2017, compared to 0.67 as at 31 March 2016 due to the decrease in bank borrowings
6. The Group's cash and cash equivalents increased by S$7.56 million from S$5.57 million as at 31 March 2016 to S$13.13 million as at 31 March 2017
7. No dividend declared for FY2017.

More details in http://infopub.sgx.com/FileOpen/30052017...eID=455939
Specuvestor: Asset - Business - Structure.
Reply
King Wan Corporation wins S$17.5 Million Worth of New M&E contracts

King Wan Corporation Limited today announced that it has secured new mechanical and electrical (M&E) projects in Singapore during the period from January to March 2018, worth a total of S$17.5 million.

The new projects secured include:
* Supply and Installation of Portable Water, Raw Water and NEWater Diversion, Sewer Diversion and Minor Sewer Works for Contract C821A – Construction of Kim Chuan Depot Extension for Circle Line 6; and
* Supply and Installation of Plumbing and Sanitary Services, and Electrical Services at The Gardens, a 5 Blocks of 15 Storey Apartments (Total: 613 units) with Landscaped Deck, Common Basement Carparks and Communal Facilities at Serangoon North Avenue 1 (Serangoon Planning Area)

Order book stands at S$174.8 million, with contracts lasting to 2026.
Specuvestor: Asset - Business - Structure.
Reply
King Wan Corporation wins S$17.5 Million Worth of New M&E contracts

King Wan Corporation Limited today announced that it has secured new mechanical and electrical (M&E) projects in Singapore during the period from January to March 2018, worth a total of S$17.5 million.

The new projects secured include:
* Supply and Installation of Portable Water, Raw Water and NEWater Diversion, Sewer Diversion and Minor Sewer Works for Contract C821A – Construction of Kim Chuan Depot Extension for Circle Line 6; and
* Supply and Installation of Plumbing and Sanitary Services, and Electrical Services at The Gardens, a 5 Blocks of 15 Storey Apartments (Total: 613 units) with Landscaped Deck, Common Basement Carparks and Communal Facilities at Serangoon North Avenue 1 (Serangoon Planning Area)

Order book stands at S$174.8 million, with contracts lasting to 2026.
Specuvestor: Asset - Business - Structure.
Reply
King Wan Corporation wins S$11.7 Million Worth of New M&E contract

King Wan Corporation Limited (庆源企业) today announced that it has secured a new mechanical and electrical (M&E) project in Singapore during the period from October to December 2018, worth S$11.7 million.

The new project secured was Supply and Installation of Complete System for Sanitary, Plumbing, Gas, Rainwater System, Rainwater Drainage, Waste Discharge and Sanitary Wares & Fittings at The Florence Residences, a Residential Development comprising 9 Blocks of 18-Storey Residential Flats (Total: 1,410 units) with Basements Carpark, Swimming Pool and Communal Facilities on Lot 09671C, Lot 09673W MK22 at Hougang Ave (Hougang Planning Area).

The current order book stands at S$167.6 million.

More details in http://infopub.sgx.com/FileOpen/King%20W...eID=543044
Specuvestor: Asset - Business - Structure.
Reply
King Wan Corporation wins S$11.7 Million Worth of New M&E contract

King Wan Corporation Limited (庆源企业) today announced that it has secured a new mechanical and electrical (M&E) project in Singapore during the period from October to December 2018, worth S$11.7 million.

The new project secured was Supply and Installation of Complete System for Sanitary, Plumbing, Gas, Rainwater System, Rainwater Drainage, Waste Discharge and Sanitary Wares & Fittings at The Florence Residences, a Residential Development comprising 9 Blocks of 18-Storey Residential Flats (Total: 1,410 units) with Basements Carpark, Swimming Pool and Communal Facilities on Lot 09671C, Lot 09673W MK22 at Hougang Ave (Hougang Planning Area).

The current order book stands at S$167.6 million.

More details in http://infopub.sgx.com/FileOpen/King%20W...eID=543044
Specuvestor: Asset - Business - Structure.
Reply
King Wan Corporation wins S$25.9 Million Worth of New M&E contract

King Wan Corporation Limited (庆源企业) today announced that it has secured new mechanical and electrical (M&E) projects in Singapore during the period from January to March 2019, worth a total of S$25.9 million.

Order book stands at S$161.1 million.

More details in https://links.sgx.com/FileOpen/King%20Wa...eID=561223
Specuvestor: Asset - Business - Structure.
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King Wan Corporation wins S$25.9 Million Worth of New M&E contract

King Wan Corporation Limited (庆源企业) today announced that it has secured new mechanical and electrical (M&E) projects in Singapore during the period from January to March 2019, worth a total of S$25.9 million.

Order book stands at S$161.1 million.

More details in https://links.sgx.com/FileOpen/King%20Wa...eID=561223
Specuvestor: Asset - Business - Structure.
Reply
King Wan Corporation wins S$12.9 Million Worth of New M&E contract
* Order book stands at S$158.5 million

King Wan Corporation Limited (庆源企业) today announced that it has secured new mechanical and electrical (M&E) projects in Singapore during the period from April to June 2019, worth a total of S$12.9 million.

The new projects secured are:
* Supply, installation, testing and commissioning of Sprinkler and Mechanical Ventilation Services at proposed Public Housing Development (Total: 1,178 dwelling units) at Punggol North Contract 14 and common green at Punggol Way; and
* Supply and installation of sanitary, plumbing and gas system at proposed erection of Executive Condominium Development comprising 2 blocks of 10-storey, 6 blocks of 17-storey, 3 blocks of 16/17 storey and 2 blocks of 9/10 storey (Total: 820 units) with basement carpark, tennis court, swimming pool, landscape deck at Sumang Walk (Punggol Planning Area).

These projects are scheduled to be completed by 2023.

More details in https://links.sgx.com/FileOpen/King%20Wa...eID=573847
Specuvestor: Asset - Business - Structure.
Reply
King Wan Corporation wins S$12.9 Million Worth of New M&E contract
* Order book stands at S$158.5 million

King Wan Corporation Limited (庆源企业) today announced that it has secured new mechanical and electrical (M&E) projects in Singapore during the period from April to June 2019, worth a total of S$12.9 million.

The new projects secured are:
* Supply, installation, testing and commissioning of Sprinkler and Mechanical Ventilation Services at proposed Public Housing Development (Total: 1,178 dwelling units) at Punggol North Contract 14 and common green at Punggol Way; and
* Supply and installation of sanitary, plumbing and gas system at proposed erection of Executive Condominium Development comprising 2 blocks of 10-storey, 6 blocks of 17-storey, 3 blocks of 16/17 storey and 2 blocks of 9/10 storey (Total: 820 units) with basement carpark, tennis court, swimming pool, landscape deck at Sumang Walk (Punggol Planning Area).

These projects are scheduled to be completed by 2023.

More details in https://links.sgx.com/FileOpen/King%20Wa...eID=573847
Specuvestor: Asset - Business - Structure.
Reply
Rainbow 
Deloitte & Touche LLP (the “Auditor”) has included a material uncertainty related to going concern in the Independent Auditors’ Report in relation to the Group’s Audited Financial Statements FY2020.

Board Comments 
The Directors are of the view that the going concern assumption is appropriate for the preparation of the FY2020 Audited Financial Statements, due to the following:
a. The Group’s core Mechanical & Electrical (“M&E”) engineering services business continues to be profitable. In FY2020, the segment results of M&E engineering services was $3,908,000 (FY2019 : $3,284,000) and the Group has achieved an overall higher gross profit margin of 12.8% (FY2019 : 10.5%). By end June 2020, the Group has secured approximately S$189.6 million worth of M&E engineering services contracts on hand. 
b. For FY2020, the Group had reported a net comprehensive loss of $14,014,000 (FY2019 : $2,015,000) and net assets of $55,745,000 (FY2019 : $69,759,000). This was a result of a drop in the quoted closing market price of the Group’s investments, carried at fair value through other comprehensive income, in Kaset Thai International Sugar Corporation Public Company Limited (“KTIS”) listed on Stock Exchange of Thailand. Notwithstanding this, the Group continues to receive dividends from KTIS amounting to $741,000 in FY2020 (FY2019 : $1,426,000). The market outlook of KTIS remains positive and KTIS has continued to be profitable in its latest financial year ended 30 September 2019. KTIS, tapping on its strengths and resources, has expanded into new businesses including the manufacture of environmentally friendly packaging and utensils made from bagasse pulp. 
c. As a result of point (b) above, the Group had breached certain debt covenants with a few financial institutions as at 31 March 2020. The Group had obtained the corresponding letters of indulgence or waiver from all these financial institutions before the end of the reporting period. 
d. Since the COVID-19 circuit breaker period ends on 1 June 2020, the Building and Construction Authority has allowed construction work to resume in a controlled manner in phases. The Singapore government has extended a series of support measures to firms in the construction sector to assist them in coping with the impact of COVID-19, so that they can resume work quickly and safely. In view of the current development, the Board is confident that the Group’s core M&E engineering services business is on track to fully resume operations and the banks will continue to give their support to the Group. 

Based on above, the Board is of the opinion that the Group and the Company will be able to fulfil its obligations for the next 12 months. The Board is also of the opinion that sufficient information has been disclosed for trading of the Company to continue in an orderly manner and confirms that all material disclosures have been provided for trading of the Company to continue.
https://links.sgx.com/FileOpen/King%20Wa...eID=631733

Stay home and stay safe, everyone.
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Rainbow 
Deloitte & Touche LLP (the “Auditor”) has included a material uncertainty related to going concern in the Independent Auditors’ Report in relation to the Group’s Audited Financial Statements FY2020.

Board Comments 
The Directors are of the view that the going concern assumption is appropriate for the preparation of the FY2020 Audited Financial Statements, due to the following:
a. The Group’s core Mechanical & Electrical (“M&E”) engineering services business continues to be profitable. In FY2020, the segment results of M&E engineering services was $3,908,000 (FY2019 : $3,284,000) and the Group has achieved an overall higher gross profit margin of 12.8% (FY2019 : 10.5%). By end June 2020, the Group has secured approximately S$189.6 million worth of M&E engineering services contracts on hand. 
b. For FY2020, the Group had reported a net comprehensive loss of $14,014,000 (FY2019 : $2,015,000) and net assets of $55,745,000 (FY2019 : $69,759,000). This was a result of a drop in the quoted closing market price of the Group’s investments, carried at fair value through other comprehensive income, in Kaset Thai International Sugar Corporation Public Company Limited (“KTIS”) listed on Stock Exchange of Thailand. Notwithstanding this, the Group continues to receive dividends from KTIS amounting to $741,000 in FY2020 (FY2019 : $1,426,000). The market outlook of KTIS remains positive and KTIS has continued to be profitable in its latest financial year ended 30 September 2019. KTIS, tapping on its strengths and resources, has expanded into new businesses including the manufacture of environmentally friendly packaging and utensils made from bagasse pulp. 
c. As a result of point (b) above, the Group had breached certain debt covenants with a few financial institutions as at 31 March 2020. The Group had obtained the corresponding letters of indulgence or waiver from all these financial institutions before the end of the reporting period. 
d. Since the COVID-19 circuit breaker period ends on 1 June 2020, the Building and Construction Authority has allowed construction work to resume in a controlled manner in phases. The Singapore government has extended a series of support measures to firms in the construction sector to assist them in coping with the impact of COVID-19, so that they can resume work quickly and safely. In view of the current development, the Board is confident that the Group’s core M&E engineering services business is on track to fully resume operations and the banks will continue to give their support to the Group. 

Based on above, the Board is of the opinion that the Group and the Company will be able to fulfil its obligations for the next 12 months. The Board is also of the opinion that sufficient information has been disclosed for trading of the Company to continue in an orderly manner and confirms that all material disclosures have been provided for trading of the Company to continue.
https://links.sgx.com/FileOpen/King%20Wa...eID=631733

Stay home and stay safe, everyone.
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