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KSH
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KSH Holding Value @ $0.50 Set to Rise
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ozone2002
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23-Jan-2013 11:37
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fundamentally a gd stock.. low PE 4.5 for 2013 Forecast gd luck dyodd |
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aimtowin
Member |
23-Jan-2013 11:08
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KSH reported that it has received the LOA for the main contract works for Q Bay Residences. This contract win - worth a hefty S$142.3m – is one of the largest awarded to KSH in recent years, and would boost its construction order book by ~45% to more than S$460m. Construction for the project would commence in Apr 2013 for a total length of 33 months. With an anticipated net profit margin above 10%, this would contribute more than S$14m of net profits and add significant incremental visibility to construction earnings ahead. With a good track record of execution from management and a solid earnings growth profile (YoY earnings growth forecasted at 68% in FY13 and 73% in FY14), KSH remains one of our top value picks in the small-cap universe. Potential catalysts ahead include new contract wins and the anticipated launch of Hong Leong Gardens in 1H13. Maintain BUY with an unchanged fair value estimate of S$0.50.
New win to boost construction order book by 45%
KSH Holdings Limited (KSH) recently reported that it has received the Letter of Acceptance for the main contract works for Q Bay Residences at Tampines. This contract, awarded by a consortium comprising Fraser Centrepoint, Far East Organization and Sekisui House, is worth a hefty S$142m and is one of the largest won by KSH in recent years. As a result of this, we estimate KSH’s construction order book to increase by a whooping 45% to S$460m. Construction for the project would commence in Apr 2013 for a total length of 33 months. With an anticipated net profit margin above 10%, this project would contribute more than S$14m of net profits and add significant incremental visibility to KSH’s construction earnings ahead.
Order book replenishment beating 2013 expectations
We understand from management that its construction unit has the capacity to handle up to S$700m in its order book and that KSH is still in the midst of actively tendering for contracts. We had forecast for KSH to win an estimated S$170m in contracts in 2013, and it appears the company would likely exceed expectations handily.
One of our top value picks in the small-cap universe
We continue to see significant fundamental value in KSH’s share price, even given our conservative sum-of-the-parts valuation made up of 1) the construction segment valued at 3x FY13 segment earnings and 2) the property development segment valued at a 50% discount to RNAV. With a good track record of execution from management and a solid earnings growth profile (YoY earnings growth forecasted at 68% in FY13 and 73% in FY14), KSH remains one of our top value picks in the small-cap universe. Potential catalysts ahead include new contract wins and the anticipated launch of Hong Leong Gardens in 1H13. Maintain BUY with an unchanged fair value estimate of S$0.50.
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aimtowin
Member |
23-Jan-2013 09:07
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More at .365
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aimtowin
Member |
22-Jan-2013 10:21
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Got in more at .365
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aimtowin
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22-Jan-2013 09:36
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Got in some at .36... Market haven't react much on it despite a 148 mil contract won... Book order increases as well... Re-ratings should be coming soon
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xkclzf
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08-Jan-2013 06:44
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Slowly move to target price-0.5 | ||||
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aimtowin
Member |
04-Jan-2013 10:56
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you good la, can hold for long enough. I look for opporty to re-enter again...
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xkclzf
Member |
03-Jan-2013 16:26
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you are smart guy! I keep all way!
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aimtowin
Member |
03-Jan-2013 15:34
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Sold .365, I brought back when it broke .35. Take profit first and see.
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xkclzf
Member |
03-Jan-2013 15:00
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today Strong momentum! all sold it? | ||||
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xkclzf
Member |
21-Dec-2012 12:49
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It's good company, so I don't care the price whether up or down in the shortterm, my TP is at least 0.4 that also fair price. Hope everyone who still hold have good profit.
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aimtowin
Member |
21-Dec-2012 11:46
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sold all at .335. profit 2K+ afte getting dividends, dow down 200+ currently. with holiday coming, vol will be low across the board. waiting to enter back after holiday. cheers
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xkclzf
Member |
18-Dec-2012 00:04
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the price didnt go up, so nobody pay attention on it? all sold it? | ||||
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ace333
Supreme |
11-Dec-2012 11:29
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buy and pick up to keep long long i guess its ok. dont expect to party everyday | ||||
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bbshares
Member |
10-Dec-2012 12:33
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0.33 still can advisable to go in ? | ||||
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ace333
Supreme |
30-Nov-2012 10:10
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wow tee intl next day make 2 bids already with healthy vol....ksh still neck long long? zzzzzz | ||||
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ace333
Supreme |
29-Nov-2012 09:56
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lol still got people here....better look at their business partner tee intl...i made easy there | ||||
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pcxiao2008
Senior |
29-Nov-2012 09:43
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ksh...its ur showtime next week!!! yeah! | ||||
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aimtowin
Member |
26-Nov-2012 16:38
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Still in this counter...
feeling good at this counter...as i think its temp undervalue..anyway got dividends..so nothing to worry over this..
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pcxiao2008
Senior |
23-Nov-2012 09:59
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bye KSH! continue to stay sleepy.... | ||||
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