Monday, October 22, 2012

KSK ... Oct12

Expect a healthy divided distribution following the completed divestment of its primary insurance unit for rm1.63 billion on Sept 26, 2012 to AMG Insurance Bhd.KSK, expected net cash level of rm990 million or 65.98 sen per KSK share following the divestment of Kurnia Insurans and the repayment of group borrowings of rm360 million.

However it is worth nothing that besides the net cash of about rm990 million, the value of KSK’s remaining insurance ventures in Indonesia and Thailand is not reflected in its current market cap of slightly more than rm1 billion as these centers continue to be loss making.

KSK has confirmed its intention to distribute dividends, but there has been no mention of the quantum yet. Any distribution will be made after the group puts aside a sizeable chunk for its ongoing expansion plans.

With the divestment of Kurnia Insurans, KSK retains its Insurance ventures in Indonesia and Thailand via its wholly owned PT Kurnia Insurance Indonesia and a 25% stake in the newly monikered KSK Insurance Thailand. It plans to increase its stake in Thai venture to 75%.

KSK has allocated rm100 million from the sale proceeds of the Kurnia Insurancs sale to growing its businesses in Indonesia and Thailand where it intends to become a significant player. Both ventures have been loss making for several years.

Both insurance markets were very fragmented with a lot of small players, and is going through a consolidation phase. From a merger or acquisition angle, now (Oct 2012) seems to be the perfect time to expand within these markets by acquiring small players as KSK is currently (Oct 2012) cash rich. But the ventures were not likely to be profitable for a number of years.

So market observers expect the group to acquire new businesses outside the insurance industry, a possibility that KSK has not ruled out.

KSK could also be taken private if such opportunities do not arise.

As it stands, the group is currently (Oct 2012) a PN17 company on Bursa Malaysia as it has ceased operations following the disposal of Kurnia Insurans. KSK has a year to submit a regularization plan to SC.

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