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Koh Brothers Group
10-07-2012, 10:25 AM.
Post: #1
Koh Brothers Group
While looking for another suitable hybrid Contractor/Developer, I found this to be another undervalued Gem. They have current order books of around 300+million and a sizable landbank of Industrial / Commercial / residential property.

Residential

The Lumos (9 Leonie Hill) Historical cost at around 1500psf/ppr
Parc Olympia (Beside Palm Isle at Flora Drive) 361/psf/ppr land cost
Fiorenza 2 unsold units left for marketing purpose
Lincoln suites 25% share

Commercial
338 Bukit Timah road (beside Sing Holdings's Robin road land site)
The Sun Plaza

Industrial
11 Lorong Pendek
50Tuas Crescent

Hotel
218 Queen Street

NAV of the company is 40c per share. Im eyeing the Robin road land site for Koh brothers as it is just right beside the Stevens MRT station. Like Sing Holdings, they too will benefit from a possible increase in plot Ratio
when the Master Plan is due for revision next year.

The Hotel site also have potential for redevelopment as its situated within 250m from Brash Basah MRT station and located just directly opposite Hotel Royal.

The above 2 land is freehold and was acquired at a dirt cheap price.

Annual report suggest that Sun Plaza generates a rental income of around 17million a year which is split between Heeton and Koh Brothers.

The valuation for the hotel site and their industrial landbank was done in 1993 and have not been revalued since. So their RNAV would be much higher than what is stated on their books.

20.5c seems dirt cheap?

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10-07-2012, 11:20 AM.
Post: #2
RE: Koh Brothers Group
its unddrvalued but yield remains low <2%. hard to say when those land would be used to unlock its potential. the waiting may be unbearable. imo.

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10-07-2012, 11:58 AM.
Post: #3
RE: Koh Brothers Group
Thats what people say when Orchard Parade was trading at $1 also Rolleyes

Koh Brothers has been agressively buying back their shares to the extent that the Koh Family now owns more than 55% of Koh Brothers

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10-07-2012, 12:30 PM.
Post: #4
RE: Koh Brothers Group
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.

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10-07-2012, 12:37 PM.
Post: #5
RE: Koh Brothers Group
(10-07-2012, 12:30 PM)paullow Wrote: 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.

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10-07-2012, 03:09 PM. (This post was last modified: 10-07-2012, 03:13 PM by Temperament.)
Post: #6
RE: Koh Brothers Group
(10-07-2012, 12:37 PM)propertyinvestor Wrote:
(10-07-2012, 12:30 PM)paullow Wrote: 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.

Beware! this is counter that 'sucks your blood" since IPO. How do i know? Of course i IPOed lah! The only benefit i have is spin-off "Brothers". Even now the K. family trys to swallow Brothers. It's a blood-suckers family of DRACULA 1st Class. TongueTongue
WB:-

1) Rule # 1, do not lose money.
2) Rule # 2, refer to # 1.
3) Not until you can manage your emotions, you can manage your money.

Truism of Investments.
A) Buying a security is buying RISK not Return
B) You can control RISK (to a certain level, hopefully only.) But definitely not the outcome of the Return.

NB:-
My signature is meant for psychoing myself. No offence to anyone. i am trying not to lose money unnecessary anymore.

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11-07-2012, 12:24 AM.
Post: #7
RE: Koh Brothers Group
(10-07-2012, 03:09 PM)Temperament Wrote:
(10-07-2012, 12:37 PM)propertyinvestor Wrote:
(10-07-2012, 12:30 PM)paullow Wrote: 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.

Beware! this is counter that 'sucks your blood" since IPO. How do i know? Of course i IPOed lah! The only benefit i have is spin-off "Brothers". Even now the K. family trys to swallow Brothers. It's a blood-suckers family of DRACULA 1st Class. TongueTongue

Brothers is actually undervalued. But what to do, market didnt recognise its value.

Same like how the market is not recognising LC Development's value.

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12-07-2012, 09:17 AM.
Post: #8
RE: Koh Brothers Group
Parc Olympia to be launched this wkend!

http://info.sgx.com/webcoranncatth.nsf/V...penelement

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12-07-2012, 09:32 AM.
Post: #9
RE: Koh Brothers Group
(12-07-2012, 09:17 AM)propertyinvestor Wrote: Parc Olympia to be launched this wkend!

http://info.sgx.com/webcoranncatth.nsf/V...penelement

Pricing and tenure not mentioned? This could turn out to be another expensive condo. Pasir Ris is considered OCR, right?
My Value Investing Blog: http://sgmusicwhiz.blogspot.com/

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12-07-2012, 09:43 AM.
Post: #10
RE: Koh Brothers Group
Today BT mentioned $820psf onwards. Seems like Koh Brothers has found a way to downsize their construction cost significantly and still maintain their quality!

thats like $50-100 cheaper than next door Palm Isle!

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