King Wan Corporation

[GPD]

IR 13/2557
28 April 2014
Subject Notification of the big lot transaction of KTIS
To President
The Stock Exchange of Thailand
Kaset Thai International Sugar Corporation Public Company Limited (the “Company”) would like to notify that on 28 April 2014, the Company had recognized that Mrs.Hathai Siriviriyakul, one of the Company’s major shareholders, sold KTIS ordinary shares on the Big Lot Board, amounted 417,364,800 shares at the price of Baht 12.42 per share to 3S Holding Company Limited, the joint venture between Hathai Jaroon Ek Holding Company Limited (which Mrs.Hathai holds 100% shares) and strategic partners from Japan, namely Sumitomo Corporation “Sumitomo” and Nissin Sugar Company Limited “Nissin Sugar”. The Company believes that the Japanese strategic partners would make the Company becomes more competitive, because Sumitomo is a world class trading company which possesses selling expertise and worldwide distribution channels for the products, whereas Nissin Sugar is the Japan’s second largest sugar refining company, and possesses knowhow and technology in producing various kinds of sugar with Japanese standards. Therefore, it is foreseen that this strategic partnership would help enhancing the Company’s competitiveness and even greater business opportunities.
Consequently, 3S Holding Company Limited holds 708,964,800 KTIS ordinary shares, increased from 291,600,000, or accounted for 18.4% of total registered share capital, and a representative of the holding company will be appointed as one of the Company’s Board of Director members instead of the resigned Director, as stated in the prospectus. The transaction, however, has no impact on the Company’s management policies and operations.
In addition, the aforementioned transaction is a part of shareholders restructuring processes - prior to and after the IPO, as stated in the prospectus and under the signed investment agreement between Mrs.Hathai and the Japanese strategic partners, whose total investment value of not exceeding Baht 2,650 million. Ultimately, the strategic partners from Japan will hold KTIS shares at the amount equivalent to 7.5% via the holding company, whereas 3S Holding Company Limited will hold KTIS shares amounting to 972,000,000 shares, or an equivalent of 25% of the Company's registered share capital.
Please be informed accordingly.
Sincerely yours,
(Mr.Nathapun Siriviriyakul)
Chief Executive Officer – Bio Energy & Product
Authorized to sign on behalf of the company
Investor Relations Department: Tel. 02 692 0869 ext.197, Fax. 02 692 0867

No wonder when I calculate the average price using the volume and value at the beginning, I got around 12Baht.

[GFG]

http://marketdata.set.or.th/mkt/stockquo...country=US

not vested

Thanks. Didn't realised they have it posted under their profile section.

Now am I seeing some crazy KTIS valuation here. PE = 26 and P/B=12??????

Now I hope KWC has sold everything.

(still vested)

Where did you get these figures from?
Even under the profile section of the link, it just says "NA"

There is a zip file "Financial Statement Yearly/2013" in the blued area.

Ah I see. Thanks for the info!
For that you deserve to have a +1 to reputation... hah

Yup, I confirmed your calculations.
But its to be expected... which is why I don't invest in IPOs. By the nature of IPOs, the valuations are always going to be as rich as possible. If the markets accept it, the underwriters all have vested interests to price it as high as possible.
I too hope KW sells a sizable stake, if not everything at this valuation.

Don't think going forward, the figures for KTIS will justify these valuations.

<vested>

[desmondxyz]

towkay's buying price is 12.42 baht...no worry for short term weakness.....

[LittleBoyInvestor]

KTIS closed at 10.40Baht today.

The highest so far ever since it's IPO.

Lowest it ever went was 8.75Baht.


http://littleboyinvestment.blogspot.sg

Cheers!

[BestPrice]

Khon Kaen Sugar Industry (KSL) 14.00 Baht

Khonburi Sugar (KBS) 10.20 Baht

KTIS 10.40 Baht

For the first time KTIS share price is more than KBS.

Next target is to "catch up" with KSL share price.

Is this "target" achievable? Any views?

[GFG]

Khon Kaen Sugar Industry (KSL) 14.00 Baht

Khonburi Sugar (KBS) 10.20 Baht

KTIS 10.40 Baht

For the first time KTIS share price is more than KBS.

Next target is to "catch up" with KSL share price.

Is this "target" achievable? Any views?

any reason for the jump?
Of course I am happy it went up, but I gotta question the valuations given for KTIS.
It seems awfully steep. Sure there are strong arguments for the growth, but IMHO, paying for future growth is never good. I wouldn't invest in KTIS at this price.
Hope KW sells out EVERYTHING now at ard 10baht and pays a small portion out as special dividend while investing the rest wisely
<vested>

[GPD]

Khon Kaen Sugar Industry (KSL) 14.00 Baht

Khonburi Sugar (KBS) 10.20 Baht

KTIS 10.40 Baht

For the first time KTIS share price is more than KBS.

Next target is to "catch up" with KSL share price.

Is this "target" achievable? Any views?

any reason for the jump?
Of course I am happy it went up, but I gotta question the valuations given for KTIS.
It seems awfully steep. Sure there are strong arguments for the growth, but IMHO, paying for future growth is never good. I wouldn't invest in KTIS at this price.
Hope KW sells out EVERYTHING now at ard 10baht and pays a small portion out as special dividend while investing the rest wisely
<vested>

KTIS released their Q1 results and is paying 0.30baht dividend. I have not looked at the results but heard is good.

[GFG]

Khon Kaen Sugar Industry (KSL) 14.00 Baht

Khonburi Sugar (KBS) 10.20 Baht

KTIS 10.40 Baht

For the first time KTIS share price is more than KBS.

Next target is to "catch up" with KSL share price.

Is this "target" achievable? Any views?

any reason for the jump?
Of course I am happy it went up, but I gotta question the valuations given for KTIS.
It seems awfully steep. Sure there are strong arguments for the growth, but IMHO, paying for future growth is never good. I wouldn't invest in KTIS at this price.
Hope KW sells out EVERYTHING now at ard 10baht and pays a small portion out as special dividend while investing the rest wisely
<vested>

KTIS released their Q1 results and is paying 0.30baht dividend. I have not looked at the results but heard is good.

I see. great.
Thanks for the heads up.
I hope there's an English version of the results release

[cif5000]

Why not invest directly in KTIS if it is good? You can decide when and what price you buy/sell.

Are there price inefficiencies in King Wan?

[desmondxyz]

Skywoods project sales up to Apr :
Unit launched : 420
Unit sold : 78
Unit unsold : 342

Slow slow slow.....