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ghlau935
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25-Jul-2007 08:47
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Safety footwear producer Kings Safetywear Ltd (KSW) reported a strong set of results for FY06 with topline growing 11.4% to S$91.4m. Cost controls in admin and marketing enabled net profit to surge 89.6% to S$5.1m. This was a vast improvement from FY05 when net profit dove 25.5% to S$2.7m. KSW has also consolidated all its manufacturing in Batam and this should yield operational savings. For its next phase of expansion in FY08/09, KSW can expand into the high-margined retail market and enter the US and Japan through M&As. With long term contracts from the construction and Oil & Gas industry, we are optimistic that KSW will have a constant revenue stream. We forecast KSWs FY07 topline growth of 12.9% to S$103.2m and operating profits growth of 23.2% to S$9.8m but expect bottomline to inch ahead by only 3.2% to S$5.3m due to the S$1.5m Jakarta plant closure compensation to be paid out in 1H07. Excluding this compensation, net profit for FY07 would have surged 25% to S$6.4m. We derive a fair value of S$$0.46 (27% upside) using blended 16x FY07/08 EPS (30% discount to its consumer peers). At current levels, we think KSE still offers a good opportunity to get into a recovering company with added earnings kickers in FY08/09. We initiate coverage on KSW with a BUY rating. From OCBC. |
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sohguanh
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24-Jul-2007 11:40
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Finally safety boots get it's due deserved attention. Like PTCL, LeeMetal,Armstrong etc, this stock is another one of my gems. Bought all before break 20 cents and I will hold on to them dearly. This signifies my research efforts had paid off handsomely :) Now that CitySpring loss is still a thorn and reminder on my failure in my analysis. I guess emotion gets the better of me and tot got bigshot behind support won't lose but I lose on paper!!! :( |
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portsmouth
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03-Jul-2007 12:03
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So it is still feasible to vest in this stock??? cause i noticed its share price has risen sharply over the past weeks |
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sohguanh
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03-Jul-2007 11:45
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Lastest issue of The Edge published on CH Offshore and one of the major shareholder is Chuan Hup so as always The Edge mentioned stocks have this strange magical property to be true as in share price rise up in reality :) |
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portsmouth
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03-Jul-2007 11:37
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Now he told me to buy chuan hup. Any comments from you guys. |
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portsmouth
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03-Jul-2007 11:35
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Should trust my friend. he has the last laugh :( |
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sohguanh
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03-Jul-2007 11:33
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val6678: who has the last laugh? hahahahaha :) |
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portsmouth
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03-Jul-2007 11:22
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King sw got new investors. Haizzz................. never buy |
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portsmouth
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27-Jun-2007 19:58
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Hi guys, i heard that something big is brewing at King SW. You guys got heard anything????? Just like to confirm whether is it true???? |
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sohguanh
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27-Apr-2007 12:59
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Wat is so farnie? U expect foreign worker to wear inferior quality or barefoot on those construction sites? This is crazy!!! Feet muz be protected at all cost juz like our SAF boots that have been improving throughout generations. |
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val6678
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27-Apr-2007 12:58
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very funny... |
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sohguanh
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27-Apr-2007 12:50
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Vested. I believe if construction project increase those foreign workers need good boots to protect their feet correct? So there lies business for King shoes hahahaha..... |
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moneynoenough
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10-Apr-2007 17:06
Yells: "ikan bilis " |
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thought the chart looks promising. any expert opinion? |
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