Monday, March 18, 2013

KSENG ... Mar13

There is speculation of a corporate exercise cum special dividend at keck Seng Bhd.

It is a Singaporean run and low profile property and oil palm estate owner

Market observers opine that its asset are worth rm8.60 per share.

Its assets include 1850 acres of land surrounding JB that were valued 30 years ago. It is primed for a major re rating … and a share bumper dividend by virtue of its section 108 (Tax Credit) balance that expires in Dec 2013.

It was also speculated that its assets can spun off into a REIT.

Its businesses range from oil palm estates and property development to share investment and running hotels and resorts, is only one part of the wider Keck Seng group, the other vehicles of which include HK listed Keck Seng Investments Ltd and Keck Seng Pte Ltd.

The group’s assets include residential properties in Singapore, KL, Johor and Macau. It also owns Riverview Hotel and the Keck Seng Tower office block in Singgapore, the Sheraton Saigon Hotel & Towers and Caravelle Hotel in Vietnam, Holiday Inn Riverside Wuhan, Sheraton Ottawa Hotel and W San Francisco.

Of these assets, the Doubletree Alan Waikiki Hotel in Hawaii. Doubletree Toronto Airpot Hotel and Tanjung Puteri Golf Resort in Johor are housed under Keck Seng Malaysia.

At this juncture, what is certain is that a lot more can be done to unlock the value of Keck Seng Malaysia whose cash pile doubled in FY2010 after it acquired a takeover offer for its Parkway Holdings Ltd shares. Keck Seng made a bonus issue in 2010 bit has paid out less than rm30 million in dividends a year.

Cash and short term investments stood at rm761 million or rm2.11 per share as at Dec 31 2012. Including investment securities, Keck Seng’s liquidity assets made up of rm3.47 per share.

This means investors pay only rm593 million (rm1.63 per sharea) for the rest of Keck Seng’s assets, which include plantation, the hotel in Hawaii and Toronto and a mall in Johor. Most of these assets are virtually free given that the Menera Keck Seng office block in Jalan Bukit Bintang is carried in its books at a 1996 valuation of only rm56 million or rm212 psf floor area.

Market observers value Keck Seng’s plantations at rm383 million or rm1.06 per share. The company has 3411ha of mature estates in Johor with palm trees averahing 16 years plus 246ha of immature estates.

Its biggest earnings generators were property development, share investments. Plantations and hotels.

Keck Seng is only about 30% owned by the Singapore based Ho family led by its executive chairman Ho Kian Guan and his brother and MD Datuk Ho Kian Hock. 66% of the Keck Seng is in the hands of 30 shareholders.


Anonymous said...

Gгeat article. I'm going through a few of these issues as well.. portable hen houses

Anonymous said...

This was an interesting post free iphone 4s
tiestox 4195

Anonymous said...

?As I said you need to check several things before?you buy?a Vintage coach bag.
Exactly as the name shows,?fake coach purses are classic and most of them have been owned or used before isabel marant. But that is why those bags are sold at such low price. Actually it does not matter to buy a vintage purse. Because?you just need?a bag for your basic use in your daily life.?However, I think?no one?will?take a damaged bag isabel marant shoes. So please check the vintage bag very careful to see if the?bag is complete?and tear is not beyond repair..
[url=]isabel marant sale[/url]
There are so many websites in Dubai from where women can get wide collection and latest designs for whatever they buy whether it is dress shoes or handbags. To shop from online store is easy for selection, price and brand. Moreover, one can compare from various online stores to get the best price for the item isabel marant sneakers. Women are fond of dress shop and the best option for them is to get it online. According to the dress, they can make the desired choice for the shoes. It just takes few clicks to make the preferred choice for dress shoes isabel marant sales. Well, the best online store in Dubai from where women can get wide array of dress shoes is Dukanee..
[url=]isabel marant shoes cheap[/url]
With such illeffects over our environment, several of us have avoided the usage of plastic bags from our lives so to restrict the illbenefits of pollution from our lives as well to furnish a beautiful world for our next generations.
Jute products are the natural amp environmentally friendly alternatives that are competent enough to inherent advantages. They are totally biodegradable and undone with the occurrence of toxic effects of synthetics which have severely harassed the western countries to call a ban over such poly bags from their lives isabel marant sneakers. With such perfection, the jute bags manufacturers have undergone unique ideas in producing cotton, nonwoven, canvas and jute products which are competent enough to ensure quality benefits to make people forget any of the benefits with plastic bags isabel marant sneakers. Jute products and bags are produced with unique designs, different shapes and sizes, nature friendly messages so to match up with any of the necessities and with the brilliance of desire perfection. Jute bags manufacturers have also worked up this organic material to ensure it in food carrier bags wherein poly bags have surfaced the same with no comfort but with several of the illeffects of chemical reactions. Jute material is a typical agricultural product finely far from the pollutants wherein the poly bags are produced from the polyester granules, perfectly known as the products of naphtha and is recurring of numerous disastrous hazards..
[url=]isabel marant sneakers sale[/url]

Even a metal bangle or a bracelet makes a huge difference to your apparel. Accessories are known to break the monotony of solid colours. They add zing to your appearance and make you look feisty. Trends are dynamic thus keep on changing isabel marant sneakers. Sunglasses and scarves ruled the roost few years ago isabel marant shoes. Today handbags have been making quite a stir in the market. Handbags have become womens new best friend..
[url=]isabel marant sneakers[/url]

leslieroycarter said...

kseng is no vintage but a battered pajero which is due for scrapped when it was managed in a orthodox way beyond the imagination of any right thinking person? Why...? It just surrendered a big chunk of the monies to IR under tax rebate 108 and left millions of minority shareholders in high and dry...It is high time the minority shareholders wake up to dispose off the high-handed management...