Koh Brothers Group

[BlueKelah]

Share buy backs with low dividend, management giving clear signal for opmi to get lost whilst they increase their shareholdings and delist on the cheap

-- via Xperia Z1 with tapatalk

[vesfreq]

imo, i rather go for ces. undervalued also. n going by past record they pay ard 8% yield. so in <10yrs, i would have gotten my capital back plus potential stk appreciation after a decade. whereas kb have been in 20c range for a long time. unknown when jackpot will strike while collecting coffee money of 1%+. ces more sure way to grow money.
imo. feel free to comment.

I have CES too. But in terms of potential upside, Koh Brothers seems to have more meat to feast on at current price compared to CES. I dont see CES going to 80cents, but I see Koh Brothers going to 40c.

Koh Brother's landbank is solid and as a civil engineering specialist, they earn higher margins compared to traditional residential projects.

Fast forward 2015... Ces peak 99 cents. It would have taken quite a visionary to foresee ces doing beyond 90 cents at the time of your post.

[$wise]

Share buy backs with low dividend, management giving clear signal for opmi to get lost whilst they increase their shareholdings and delist on the cheap

-- via Xperia Z1 with tapatalk

Great minds think alike !
I like your frankness.
U r probably right !
Will it be a C.K Tang price or CH offshore or Keppel Land or SPC ?
And when ?
Noted that Koh Bros' EPS nearest to Lee Metal.
Not a apple to apple comparison but the most meaningful comparison perhaps.
Each has its appeal.
As I need ten counters for my portfolio, I have both.
However, I must not disagree that CES is a better buy !

[propertyinvestor]

I believe Koh Wee Meng is selling down the shares for the past year while the company has steadily carried out the share buyback.

[propertyinvestor]

imo, i rather go for ces. undervalued also. n going by past record they pay ard 8% yield. so in <10yrs, i would have gotten my capital back plus potential stk appreciation after a decade. whereas kb have been in 20c range for a long time. unknown when jackpot will strike while collecting coffee money of 1%+. ces more sure way to grow money.
imo. feel free to comment.

I have CES too. But in terms of potential upside, Koh Brothers seems to have more meat to feast on at current price compared to CES. I dont see CES going to 80cents, but I see Koh Brothers going to 40c.

Koh Brother's landbank is solid and as a civil engineering specialist, they earn higher margins compared to traditional residential projects.

Fast forward 2015... Ces peak 99 cents. It would have taken quite a visionary to foresee ces doing beyond 90 cents at the time of your post.

Yes CES has wildly exceeded my expectations

[Temperament]

I believe Koh Wee Meng is selling down the shares for the past year while the company has steadily carried out the share buyback.

So are you implying Koh A is selling to koh B? In this way, who benefitted using coy's fund. (retained earning?). Definitely not us the opmi.
If they privatise, still the Kohs benefit the most. But i don't think they are going to do it. Why it has been like this as a public coy for more then 20 years since IPO. ( iirc)

[$wise]

I believe Koh Wee Meng is selling down the shares for the past year while the company has steadily carried out the share buyback.

Interesting guess ....
But if this so, logically, he'd had proposed an extremely-generous div ,
like Hock Lian Seng or Lee Metal or King Wan ; so as to drive up his share price prior to cashing out. Being older than almost all of us here, he certainly knows what he is doing.

All business organizations prefer high profits but not all Bosses of listed company prefer a high share prices for their counters.

Old man in that nice brown jacket looks like one of them.
Age aside, he is playing his counter like he has more patience than anyone of us.

Buying-back looking strong. Dun Play Play....
Dun challenge the approved millions of dollars that will take anyone on...

Perhaps, not difficult to make a cent or two in next few months but if we can't play till the end, we will never see the big money.

Moderation helps....

[cyclone]

Koh Brothers Receives Strong Demand for Maiden Entry Into South Korea - Nonhyeon I'PARK 96% Sold in 3 Months

Highlights :
1. Sold 75% of all units in first 7 days of launch, reflects strategic and timely expansion into South Korean real estate market
2. Freehold mixed-use development along the main commercial belt in prime Gangnam district, Seoul
3. 45%-owned property to be redeveloped into a 18-storey mixed-use development consisting 346 upscale residential units and retail space
4. Expected completion in 4Q2020
5. The project is expected to contribute positively to Koh Brothers’ financial performance from the financial year ending December 31, 2018.

More details in http://infopub.sgx.com/FileOpen/KBGL%20A...eID=512265

[weijian]

The minutes of Koh Bro Group's AGM is an interesting read. KBG found Oil(tek) and the latter is now the main profit contribution to the KBG. The other businesses in the group has generally been loss making. In the last AGM, someone had attempted to arbitrage between Oiltek share price and KBG's share price by asking for a vote to declare Oiltek shares as dividend in specie.

Resolution 9 to declare Oiltek shares as dividend in specie (which the Kohs are AGAINST) was won by the Kohs but probably too close for their comfort as almost all the minorities who attended voted FOR a Oiltek dividend in specie. If we add up all the Kohs' ownershp as per AR24, they should have much more than the AGAINST votes of 151mil. So it is be logical to conclude that this activism has been started by a Koh!

The dynamics between Oiltek-Koh Bro Eco-Koh Bro Group is a rarity on the SGX. In general, a parent only has 1 listed child and not a listed child + listed grandchild. To position for a max profitable opportunity when the Kohs quarrel, it would be inserting oneself at the intermediary level, ie. Koh Bro Eco I suppose.

MINUTES OF THE ANNUAL GENERAL MEETING

PROPOSAL TO TAKE ALL NECESSARY STEPS TO PROCURE THE COMPANY, A 54.8% OWNED SUBSIDIARY, TO DISTRIBUTE IN SPECIE ALL OF ITS 97,445,805 ORDINARY SHARES OR SUCH NUMBER THAT EXISTS FOLLOWING ANY CORPORATE ACTIONS) IN OILTEK INTERNATIONAL LIMITED (“OILTEK”) TO THE SHAREHOLDERS OF KBE, AND FOR THE COMPANY, UPON RECEIPT OF SUCH SHARES, TO SIMILARLY DISTRIBUTE THE OILTEK SHARES TO ITS OWN SHAREHOLDERS ON A PRO-RATA BASIS – RESOLUTION 9
For Resolution 9 110,154,514 42.16%
Against Resolution 9 151,118,077 57.84%

TO APPOINT A FINANCIAL ADVISER TO EVALUATE AND PROPOSE STRATEGIC OPTIONS TO UNLOCK SHAREHOLDER VALUE – RESOLUTION 10
For Resolution 10 28,969,600 11.09%
Against Resolution 10 232,201,991 88.91%

https://links.sgx.com/FileOpen/KBGL%20-%...eID=847317

[postage paid]

The minutes of Koh Bro Group's AGM is an interesting read. KBG found Oil(tek) and the latter is now the main profit contribution to the KBG. The other businesses in the group has generally been loss making. In the last AGM, someone had attempted to arbitrage between Oiltek share price and KBG's share price by asking for a vote to declare Oiltek shares as dividend in specie.

Resolution 9 to declare Oiltek shares as dividend in specie (which the Kohs are AGAINST) was won by the Kohs but probably too close for their comfort as almost all the minorities who attended voted FOR a Oiltek dividend in specie. If we add up all the Kohs' ownershp as per AR24, they should have much more than the AGAINST votes of 151mil. So it is be logical to conclude that this activism has been started by a Koh!

The dynamics between Oiltek-Koh Bro Eco-Koh Bro Group is a rarity on the SGX. In general, a parent only has 1 listed child and not a listed child + listed grandchild. To position for a max profitable opportunity when the Kohs quarrel, it would be inserting oneself at the intermediary level, ie. Koh Bro Eco I suppose.

MINUTES OF THE ANNUAL GENERAL MEETING

PROPOSAL TO TAKE ALL NECESSARY STEPS TO PROCURE THE COMPANY, A 54.8% OWNED SUBSIDIARY, TO DISTRIBUTE IN SPECIE ALL OF ITS 97,445,805 ORDINARY SHARES OR SUCH NUMBER THAT EXISTS FOLLOWING ANY CORPORATE ACTIONS) IN OILTEK INTERNATIONAL LIMITED (“OILTEK”) TO THE SHAREHOLDERS OF KBE, AND FOR THE COMPANY, UPON RECEIPT OF SUCH SHARES, TO SIMILARLY DISTRIBUTE THE OILTEK SHARES TO ITS OWN SHAREHOLDERS ON A PRO-RATA BASIS – RESOLUTION 9
For Resolution 9 110,154,514 42.16%
Against Resolution 9 151,118,077 57.84%

TO APPOINT A FINANCIAL ADVISER TO EVALUATE AND PROPOSE STRATEGIC OPTIONS TO UNLOCK SHAREHOLDER VALUE – RESOLUTION 10
For Resolution 10 28,969,600 11.09%
Against Resolution 10 232,201,991 88.91%

https://links.sgx.com/FileOpen/KBGL%20-%...eID=847317

The previous part about losses in structured products is also interesting. KB bought structured products with cash and these structured products got converted to equity.

This is an example of poor corporate governance that SGX seems to do nothing about, and keeps people away.

"The Chairman replied the Company is not engaged in the business of securities investments. Rather, the securities were acquired as a result of the Company's purchase of structured financial product , which was subsequently converted into the securities due to a decline in the underlying securities’ price. The Chairman clarified that the conversion was reviewed by the Board and the Board had taken the position that it would be in the interests of the Company to continue holding the securities until there is a recovery in its price."