Lee Kim Tah Holdings

[RBM]

The auditors for the company, PWC has issued a matter of emphasis with respect to the financial report ended 31 Dec 2012.

AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2012 - EMPHASIS OF MATTER BY AUDITORS

(not vested)

Thank you lonewolf,

I recall that exactly the same "matter of emphasis" was made on Lee Kim Tah's FY accounts by PWC last year - reference posting # 148, dated 9th April 2012, on this VB thread (Page 15). I believe that it is worthwhile stressing that this is a "matter of emphasis" - not a "qualification".

Vested

[dydx]

FY12 (ended 31Dec12) AR is out and makes good weekend reading.....
http://info.sgx.com/listprosp.nsf/6c6be9...0002bacb3/$FILE/LKTAR2012_SGX_Copy.pdf

As at 31Dec12, LKT's NAV/share has reached another new high of $0.96 - $0.9577 to be exact - mostly because of the steadily increasing capital value over the years of its 50% stake in the "crown jewel" property asset, Jurong Point Shopping Mall ("JP").....
http://www.jurongpoint.com.sg/

Of course, there are other smaller jewels - the chief of which is LKT's 74.85% stake in a huge 421,318 m2 piece of freehold development land in SIPCOT Information Technology Park, Siruseri, Tamilnadu, India - whose values are still yet to be fully realized or understood.

I look forward to the coming $0.015/share Final dividend, which will be paid on 23May13.

It is really amazing that through its 50% stake in JP - and just one shopping mall development project! - LKT has delivered so much value to its shareholders over the years, and we can better appreciate this point from its relative price chart vs. the STI.....
http://finance.yahoo.com/echarts?s=L25.S...=undefined;
Since 2000, LKT's share price has actually out-performed the SG market average (per the STI) by some 300%, before counting the yearly dividends. I think it is even more amazing - and relevant - to note that LKT has managed to deliver all these value and gains to its shareholders without asking for any new capital from them! Clearly, in this aspect alone, LKT has beaten even the property bigwigs like CapitaLand hands down.

A relevant question: When will the LKT management realise the now much enhanced value of JP for the benefit of shareholders?

[psolhawk]

In a somewhat sly move, the Lees increased their stake in LKT before announcing the purchase of a land in Bangalore, India via a JV with Woh Hup for building residential developments. I guess this sends a strong signal that the Lees are back in business and are actively trying to increase the NAV of LKT. Their purchase of shares should also provide decent support for the share price in the absence of any further developments recently.

[greengiraffe]

they own so much that they won't short change themselves... no worries

[brattzz]

Annual Dividends 1.5cts for a 80ct counter.. cannot be lah...

Request for 2.5cts dividends!

[psolhawk]

Interestingly, the Lees have repurchased shares from the open market again as announced today. Could it merely be the potential higher RNAV from the future development and sale of properties in India as announced recently? Or is there more to it than it meets the eye?

[camelking]

They have been doing it for years....
That's one of the reasons i went in...

vested

[dydx]

I have noticed that Guthrie GTS - LKT's equal partner in JP - has attracted visible buying interest this morning and so far (as at 13:17 hours) the counter last done at $0.75 has gone up by another $0.02 today, backed by a rather high volume traded in excess of 2.3m shares. Since the close of 3Jun13 at $0.705, Guthrie GTS has gone up by a total $0.045.

If the underlying reason for this rather unusual price movement is linked to JP, then I suppose any positive corporate action that could be coming may well have a similarly positive impact on LKT's share price.

[brattzz]

Guthrie cash offer @ 88cts!
And general consensus is that it is too low!

Which means LKT is worth similar and MORE!

[BlueKelah]

Guthrie cash offer @ 88cts!
And general consensus is that it is too low!

Which means LKT is worth similar and MORE!

LKT will probably delist at a lower price as the family will be delisting it to become family owned.

Doesn't matter how much the value is for LKT, the family will slowly buy-up shares at market price until they can delist.