Lee Kim Tah Holdings

[dydx]

On 23Sep11, the Lee Family added another 46 lots and paid $0.575/share.....
http://info.sgx.com/webcorannc.nsf/Annou...endocument

[dydx]

On 26Sep11, the Lee Family added another 107 lots (all the shares transacted in the day!!) and paid an average $0.57453/share.....
http://info.sgx.com/webcorannc.nsf/Annou...endocument

[dydx]

On 27Sep11, the Lee Family added another 58 lots (again all the shares transacted in the day!!) and paid a $0.575/share.....
http://info.sgx.com/webcorannc.nsf/Annou...endocument

[billcoke]

On 27Sep11, the Lee Family added another 58 lots (again all the shares transacted in the day!!) and paid a $0.575/share.....
http://info.sgx.com/webcorannc.nsf/Annou...endocument

Thanks for the update.

[dydx]

The Lee Family has continued their daily effort of actively buying more LKT shares.....
- On 28Sep11, 12 lots at $0.575/share....
http://info.sgx.com/webcorannc.nsf/Annou...endocument
- On 29Sep11, 5 lots at $0.575/share....
http://info.sgx.com/webcorannc.nsf/Annou...endocument
- On 30Sep11, 83 lots at $0.575/share....
http://info.sgx.com/webcorannc.nsf/Annou...endocument
- On 3Oct11, 42 lots at $0.575/share....
http://info.sgx.com/webcorannc.nsf/Annou...endocument

[dydx]

The Lee Family has continued to actively buy more LKT shares.....
- On 4Oct11, 217 lots at an average $0.57488/share...
http://info.sgx.com/webcorannc.nsf/Annou...endocument
- On 5Oct11, 1 lot at $0.57, and 50 lots at $0.575/share...
http://info.sgx.com/webcorannc.nsf/Annou...endocument
http://info.sgx.com/webcorannc.nsf/Annou...endocument

[dydx]

3Q results was released yesterday (11Nov11) and warrants close scrutiny....
http://info.sgx.com/webcoranncatth.nsf/V...500395315/$file/September2011Results.pdf?openelement

Based on the first 9 months' numbers, it is almost a certainty that - supported by a $74.45m fair value gain on JP already booked in - LKT will post an unprecedented new record PBT of close to $100.0m and NP of close to $80.0m in this FY11, when the company reports its full-year results by end-Feb12. It is equally important to note that based on the 3Q's P&L numbers, LKT's recurrent yearly earnings from rentals derived from its 50% share of JP alone - now running at in excess of $57.7m a year! - should bring in a base PBT of approx. $34.0m and a base NP of approx. $30.0m - i.e. giving a base yearly EPS of approx. $0.059.

Assuming the latest BV of $728.9m for LKT's 50% share of JP is still a little on the conservative side, and LKT would sell its share of this prime property asset for say $750.0m cash, after paying off the group's latest total borrowings of $401.4m entirely and adding to it the latest cash balances of $64.1m, there would be a nett cash balance of in excess of $400.0m available for distribution to shareholders. Based on the latest 505.443m issued shares outstanding, this would amount to a cool $0.79/share in cash or value, before counting LKT's other assets. This simply points to the latest NAV/share of $0.7769 being still conservative and does not reflect the true value of each LKT share.

I suppose that explains why the Lee Family has continued to buy LKT shares from the open-market, and I am quite sure the family will resume doing so soon!

[dzwm87]

The question will be whether LKT is planning to sell the 50% share in Jurong Point? Also, given current economic conditions, will outside buyer be willing to fork out that $750m in cash?

[cyclone]

Last traded at 0.59. It seems that the Lee will have to pay higher and higher price to accumulate additional shares from open market.

Vested.

[yeokiwi]

The question will be whether LKT is planning to sell the 50% share in Jurong Point? Also, given current economic conditions, will outside buyer be willing to fork out that $750m in cash?

$750million is at the lower end of the valuation.
At an incoming rental income of $57.7 million and assuming no rental increase(which is impossible...), 20 years of rental income is easily $1.1 billion!

It takes LKT less than 10 years(probably 7 years..) to repay the loan fully using the JP rental income, after that, the Lee family will huat until no day no night.