KSH Holdings

[nutty]

KSH is a small construction company with some joint ventures residential development. It has an expected dividend yield is more than 6%. New soft launch of luxury development at Killiney Road soon.

Could this be a gem?

=========================================
CONSORTIUM TO SOFT LAUNCH LUXURY DEVELOPMENT AT
KILLINEY ROAD – THE BOUTIQ

SINGAPORE, 20 April 2011

A consortium comprising Heeton Holdings (喜敦控股有限公司), KSH Holdings (KSH 控股有限公司), and TEE International (特毅国际有限公司), will softlaunch its latest luxury residential development, The Boutiq, at 143/145 Killiney Road today.

The companies respectively hold 45%, 35% and 20% stakes in the development project.

The 39,972 sq ft freehold development occupies the historic Mitre Hotel site, and is nestled in a serene residential enclave just
minutes away from the Orchard Road shopping belt and Somerset MRT station. It also lies in close proximity to the central business district, a host of retail, dining and entertainment hotspots, as well as world-class medical centres.

Mr. Danny Low (劉易琼), COO and Executive Director of Heeton, said, “Our collaboration with KSH Holdings and TEE International has resulted in a development that is set to revitalise the Killiney neighbourhood, and raise the bar in luxury urban living standards. With its prime location, five-star hotel facilities such as porte-cochere, concierge, welcome lounge, and welldesigned lifestyle spaces, The Boutiq will be a compelling proposition for young professionals and cosmopolitan globe-trotters – anyone who appreciates the finest things in life. This is in line with Heeton’s focus on developing high-end boutique projects with a well thought-out theme and that are a cut above the rest. We will continue to source for ideal land sites for the development of more unique projects.”

(Not vested)

[iff]

I also came across this small caps construction counter,
NAV is growing and at 0.39 based on Q3 announcement assuming all warrants converted into shares.
The company rewards its shareholders with good dividends.

I would consider to invest in it as backed by good prospect in local construction business,
while the development in China could be a catalyst. While the results show a decline in revenue for past few quarters, and the risk involved with PRC property development is higher.

[Nick]

I noticed that it has paid 1 cent dividend for each half year for the past 5 years. This give a pretty high distribution yield. Judging by their order-book, do you expect this trend to continue going forward ?

[iff]

Based on their current order book, the earnings is still transparent to last through year 2012,
Their main revenue stream is from construction business, and trying to tap into a few China development projects.
Based on this year results so far, I don't think there will be issue to maintain the 2 cents dividends this year,
This is still a relatively new company which listed in 2006,
I can see the value based on current price. I'm considering to divest from LB and hold this counter. Full year results release expected to be in last week of May with dividends declaration.

[ngcheeki]

KSH Holdings has finally secured another luxury condominium project from Wheelock properties.

"KSH SECURES ARDMORE THREE PROJECT WORTH S$78.7 MILLION
- Existing order book now stands at approximately S$245 million"

See the following link for more information.

http://info.sgx.com/webcoranncatth.nsf/V...500188247/$file/KSHHL_ArdmoreThree.pdf?openelement

The following is the sale result in April from one of the JV property projects with Heeton and Tee International:

April:
Percentage owned: 35%
Project Name : THE BOUTIQ
Total Number of Units in Projects: 130
Cumulative Units Sold to-date: 50
Median Price ($psf) # in the Month: 2,324
percentage of sale: 38.4%

[ngcheeki]

As expected, dividend of 1 cent is declared. Unlike the previous year, there is an option to opt for cash or scrip.

KSH HOLDINGS ACHIEVES 23% INCREASE IN NET PROFIT TO S$22.6 MILLION IN FY2011
- Strong order book of approximately S$245.0 million
- Strong balance sheet and working capital position with total fixed deposits, cash and bank balances of approximately S$91.5 million
- Proposes final dividend of 1.0 cent per share
- NAV per share (Singapore cents) 36.42

See the following for more information:

http://info.sgx.com/webcoranncatth.nsf/V...9003A62B6/$file/KSH-FullFinancialYearFS_31March2011.pdf?openelement

vested

[iff]

Yes just saw the results,
A bit unexpected that they released it today. The dividend 1cent is as expected,
The script dividend scheme mentioned is for next time?
The profit went up, while one thing to note is that revenue actually going downtrend,
For the turnover aspect, the company is not seen much business growth but rather focus on cost control. The price chart is also seeing a slight downtrend over this year.
In view the boom of local property sector and good order book, I'd still consider this small cap a value play.

(not vested)

[Musicwhiz]

Business Times - 24 May 2011

KSH earnings climb 20% to $21.59m

Cost efficiencies help lift profit despite 10% decrease in revenue

By JOYCE HOOI

KSH Holdings posted a 20 per cent increase in net profit for the full year ended March 31, 2011, from $17.98 million to $21.59 million.

Revenue for the same period dipped 10 per cent from $290.9 million to $262.8 million.

KSH had in February reported a net profit attributable to shareholders of $16.49 million for the nine months ended Dec 31, 2010, on revenue of $206.8 million.

The drop in full-year revenue was attributed to the decrease in revenue from the group's construction business, which fell 9.8 per cent from $285.4 million in FY2010 to $257.3 million in FY2011.

The decrease was partially offset by a $5.6 million increase in revenue from one completed project, on-going projects of about $87.7 million that have reached the more advanced stages of construction, and new projects of about $8.9 million.

Rental income from investment properties inched up by about $0.6 million in FY2011 compared to FY2010. This, however, was offset by the decrease in rental income from development property of about $0.6 million.

Cost efficiencies helped to prop up the bottom line, with pre-tax profit from the group's core construction business and property development and management business segment increasing 27 per cent to $29.3 million in FY2011 from $23 million in FY2010.

'Amidst uncertainties in the global and domestic economic conditions and the inflationary pressure on business operation costs, we have sought out new and viable construction projects, enabling our core construction business to register profit before taxation improvement,' said Choo Chee Onn, executive chairman and managing director of KSH Holdings.

'The business continues to be robust, backed by strong existing order books of over $245.0 million as at May 19, 2011.'

A final dividend of one cent per share has been declared for FY2011, bringing the total dividend to two cents per share. KSH is also proposing to adopt a scrip dividend scheme, which it wants to implement for FY2011 if it is approved.

Earnings per share for the group stood at 6.72 cents for FY2011, down from 7.05 cents from the year before.

KSH shares closed yesterday half a cent down at at 25 cents.

(Not Vested)

[ngcheeki]

The script dividend scheme mentioned is for next time?

The profit went up, while one thing to note is that revenue actually going downtrend,
For the turnover aspect, the company is not seen much business growth but rather focus on cost control. The price chart is also seeing a slight downtrend over this year.
In view the boom of local property sector and good order book, I'd still consider this small cap a value play.

(not vested)

If I'm not wrong, the scrip dividend scheme is applicable for the 1 cent
final dividend ended march 2011.

There was a corporate presentation conducted by the company on ,
24/5/2011. Please refer to the following link for their presentation slide:

http://info.sgx.com/webcoranncatth.nsf/V...A003725D1/$file/KSHHL_CorporatePresentation2011.pdf?openelement

[ngcheeki]

May:
Percentage owned: 35%
Project Name : THE BOUTIQ
Total Number of Units in Projects: 130
Cumulative Units Sold to-date: 64
Units sold in May: 14
Median Price ($psf) # in the Month: 2,394
percentage of sale out of total of 130 units: 49%