King Wan Corporation

[pianist]

how would e ASEAN link affect or benefit us? Can we buy this IPO directly soon?

[lanoitar]

I'm still waiting for the KTIS IPO but so far still doesn't not have any information yet.

With sugar prices @ rock bottom now, will KTIS still be realistically IPO'ed as scheduled?

The current price (32c) is a tad above KW's book value, assuming its KTIS stake already turn into cash. I've taken my money and run.

[zf87]

3rd Q results out.

Profit drops 75% but cash from operation increases a lot.

(not vested)

[Nick]

The initiation report from DMG can be accessed here - http://mail.dmg.com.sg/dmgnew/dmgrshnew....800380996/$FILE/ATT3261I.pdf

(Not Vested)

[ngcheeki]

Finally, KTIS IPO is filed .

http://www.set.or.th/en/company/ipo/upco...o_set.html

[Contrarian]

Finally, KTIS IPO is filed .

http://www.set.or.th/en/company/ipo/upco...o_set.html

This small cap company has one of the most rock solid financials I have come across. Amazing...

Better than any of the recent REITs or trusts new listing anytime

Well done to bro ngcheeki, I join u at the party...

[ngcheeki]

Information from bro yeokiwi

Kaset Thai Sugar shoots for Q3 listing
Proceeds will fund biomass expansion

Published: 20 May 2013 at 00.00Newspaper section: Business
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.

There are several technologies to increase the value of bagasse and ethanol, he said, citing the one used in Brazil, a major ethanol producer, which also manufactures chemical products from ethanol.

The company is also looking to hire experts to join management, which now comprises mainly family members, he said.

Once its subsidiary Kaset Thai Bio Power starts selling electricity to the Electricity Generating Authority of Thailand (Egat) two weeks from now, revenue from the biomass business will increase to 35-40% of the group's total, said Mr Nathapun.

The 60-megawatt plant generates electricity from bagasse. Of total output, 50-55 MW will be sold to Egat at 3.50 baht per unit and the rest for internal use.

KTIS owns three sugar mills in Nakhon Sawan and Uttaradit provinces.

Kaset Thai in Nakhon Sawan is the world's largest sugar mill, with daily capacity of 50,000 tonnes of sugar cane.

Mr Nathapun said this is 25% more than the daily capacity of Brazil's largest mill, he said.

He said the capacity next year will be increased to 55,000 tonnes.

Of its annual sugar production of 700,000 tonnes on average, Ruampol can process up to 15,000 tonnes of sugar cane per day, while Thai Identity can handle 18,000 tonnes.

"We will continue to maintain a 10% market share of the country's total sugar cane output," said Mr Nathapun, who is also chairman of Thai Sugar Millers Corporation's policy working group and president of the Federation of Thai Industries' sugar industry club.

KTIS also owns two other subsidiaries _ Ekarat Pattana, which produces ethanol from molasses, and Environment Pulp and Paper, which makes bleached paper pulp from bagasse.

Mr Nathapun expects revenue to be flat this year due to low sugar prices.

Last year, it totalled 24.6 billion baht _ 85.7% from sugar, 6.8% from pulp, 4.9% from ethanol and 2.6% from electricity.

http://www.bangkokpost.com/business/news...q3-listing

[byfaith]

can we retail investor invest in this ipo here ?
which platform can we use ?
tks

[ngcheeki]

DMG report on Kingwan on last thursday. Activity may return on this coming monday due to this +ve report on Kingwan.

Our high-dividend-yield pick, King Wan Corp (KWAN) will release results next week. We raise our 4QFY13F bottom line by 9.6% given the strong core business and clarify our expectations on the timing of the dividend. We expect KWAN to yield 8.1% over the next 12 months, increasing to 9.7% the following year. Maintain BUY with a TP of SGD0.40.
 3-year order book gives visibility on future core dividends. Following its SGD28.4m order win last week, KWAN now has an order book of SGD183.6m which is equivalent to three years of revenues. The large volume of work should keep operating margins healthy and provide the cash to fund the core 1.5 cent dividend.
 Current-quarter expectations too low; Raise by 9.6%. With stronger core operations, we raise our 4QFY13F forecast by 9.6%. The full-year bottom line is expected to be SGD6.2m, down from SGD14m a year ago as the Thai Associates no longer contribute post-sale – but any stock price correction due to the poor comparison (as occurred in 3QFY13) would present a clear overreaction and an opportunity to accumulate.
 Thai sugar mill IPO targeted to go live mid-July. According to the
Bangkok Post, the Thai sugar mill (KTIS) is set for mid-July listing. We expect KWAN to recognise profits on its sale of the Thai Associates and to liquidate part of its KTIS shares in 2QFY14F.
 Expect core 1 cent dividend in 4QFY13F, 1.5 cents in 2QFY14F, and 1.5 cents in 4QFY14F. As such, we now expect the core 1 cent dividend to be declared next week, followed by 1.5 cents in 2QFY14F. The 12-month forward yield is 8.1%. We expect dividend ex-dates to be in early August (post-AGM) and late November (post-results) respectively.
Following the interim dividend, we expect dividend payouts of 1.5 cents every half year, raising the full-year yield to 9.7%.
Much clearer dividend prospect today. Maintain BUY at SGD0.40.
With the Thai sugar mill IPO coming right up, the dividend prospect is far clearer. We maintain our BUY call with a TP of SGD0.40, pegged at a 7.5% yield. Further yield compression beyond 7.5% is possible. KWAN’s 8.1% current yield compares favorably to REITs at 5.1% on average.

http://www.remisiers.org/cms_images/rese...130522.pdf

[pianist]

Is current price still cheap?