【KSL 5038 交流专区】顺利实业

jackphang

我把部分的马星都换成KSL。回想上次大家都为投资在哪个房产公司而争执。首先，让我看看为什么我把马星换成KSL。

马星还是一如以前一样，一些利好因素还没有显现出来。本来预测的把赚幅较低的塑胶工业转手他人，专注在中高级房地产里还没有兑现。第二个预测是它会在今年内再收购一两块地皮。毕竟，马星的生意模式(Buniess Model)与其他公司不一样。它是以高Asset Turnover来提高它的ROE。所以糊涂兄所说的房地产高NTA的理论对马星来说没有什么影响力。

看看KSL。KSL的业绩不如去年。为什么我还是放在KSL里头？主要我还是看好其2008年的业绩。2008年它在KL开始进行房产投资，而在Muar, Johor的两千万建设的Giant每年可以为其带来固定的3.6百万的收入。KSL的其中一个优势(可能也是弱点)就是其在中低房产还是可以保持一定的赚幅(35%++)。如果我们从长期的角度来看，能够保持低成本的公司肯定可以比高成本的公司更有竞争力。

KSL的地段大部分都是在新山Tebrau一代。除此之外，它的基地基本上是在Segamat, Johor.这一带的房产老实说我不是很了解，但对于它主要以中低层为主，若要发展当地，除了考虑人口的增长率外，应该不会有太大困难。但是，我看到的情况是，它也不断地努力在增加其他地皮。当其他发展商都向新山进攻时，它却跑到外地发展，是不是对点矛盾的地方呢？

p/s:上次和同事聊起房地产时，他提出了另一个论调。即，未来可以在房地产处在不败之地的肯定是。。。种植公司！理论是，只要把种植地转换成商业地的话，单是土地增值已经为它带来巨额的回报。例子如：IOIProp

结论：把战线拉长，让我挑战自己的耐心。虽然我知道此股不能带来开番的效果（期待奇迹的出现(比如大跌到RM1.00以下或者大起至RM3。00以上)，但是其稳定而又丰厚的股息是吸引我的地方。(RM0.11/RM1.37 = 8.0%)如果大跌到RM1。00一下，肯定是市场不看好房地产的时候了。


p/s:UEMWorld 最近计划把土地割给Khazanah,不知道Khazanah会不会出售该地段?

稳健的成长和丰厚的股息也是最吸引我的地方，它可以算是一支难得又安全可靠的股项吧.
最适合愿承担低风险的投资者.

kok1984

p/s:上次和同事聊起房地产时，他提出了另一个论调。即，未来可以在房地产处在不败之地的肯定是。。。种植公司！理论是，只要把种植地转换成商业地的话，单是土地增值已经为它带来巨额的回报。例子如：IOIProp

这段是指把原本拿来种植的土体拿来盖房子吗？为什么土地增值已经为它带来巨额的回报？？
2。什么是高asset turnover？jack兄你升级了，你现在是以生意模式来考量一支股了。

hdcyng

原帖由 kok1984 于 29-10-2006 06:58 PM 发表
p/s:上次和同事聊起房地产时，他提出了另一个论调。即，未来可以在房地产处在不败之地的肯定是。。。种植公司！理论是，只要把种植地转换成商业地的话，单是土地增值已经为它带来巨额的回报。例子如：IOIProp

...

还有那家公司在类似Puchong的地点有大量种地?

知道这道理没用， 要能找到另一家 IOI Prop。

^flying^

看起来开始有人在留意它了,从RM1.37到RM1.46.连续三天上涨.

jackphang

原帖由 佳礼网 于 28-10-2006 12:10 AM 发表
稳健的成长和丰厚的股息也是最吸引我的地方，它可以算是一支难得又安全可靠的股项吧.
最适合愿承担低风险的投资者.

其实还有很多高息股，适合在股灾时持有。而且，你会越买越开心，因为价钱越低，你的股息回酬就越多。

原帖由 kok1984 于 29-10-2006 06:58 PM 发表
p/s:上次和同事聊起房地产时，他提出了另一个论调。即，未来可以在房地产处在不败之地的肯定是。。。种植公司！理论是，只要把种植地转换成商业地的话，单是土地增值已经为它带来巨额的回报。例子如：IOIProp

...

high asset turnover = high Sales/Asset
就是说以最快的速度从货品（土地）转换成销售，进而提高整体盈利（ROE）

ＲＯＥ　＝Ａｓｓｅｔ　Ｔｕｒｎｖｏｖｅｒ　＊ Net Profit Margin * Financial Leverage

DRAGONISM

最近看报纸，都说对产业股的未来有保留。利息高，通膨高，买产业的人越来越少。

祝 投资开番

原帖由 jackphang 于 1-11-2006 07:01 PM 发表

其实还有很多高息股，适合在股灾时持有。而且，你会越买越开心，因为价钱越低，你的股息回酬就越多。


high asset turnover = high Sales/Asset
就是说以最快的速度从货品（土地）转换成销售，进而提高整体 ...

请教一下, 如果把资产卖掉然后把盈利当成EPS,那么Net assets per share会否减少?

谢谢!

jackphang

原帖由 kichuan 于 1-11-2006 10:34 PM 发表


请教一下, 如果把资产卖掉然后把盈利当成EPS,那么Net assets per share会否减少?

谢谢!

不会，因为盈利已经变成retain earning(equity）

jackphang

原帖由 DRAGONISM 于 1-11-2006 10:21 PM 发表
最近看报纸，都说对产业股的未来有保留。利息高，通膨高，买产业的人越来越少。

祝 投资开番

老实说，产业股的确不受看好，当然还有一些例外，如SPSETIA,MAHSING等等。
这股开番需要久一点，可能要5年时间（快的话）。可以说，我变得比较保守了。

祝你投资开番

p/：一般来说高股息股不是快的开番股，因为它没有利用盈利来再投资。

jackphang

原帖由 kok1984 于 29-10-2006 06:58 PM 发表
p/s:上次和同事聊起房地产时，他提出了另一个论调。即，未来可以在房地产处在不败之地的肯定是。。。种植公司！理论是，只要把种植地转换成商业地的话，单是土地增值已经为它带来巨额的回报。例子如：IOIProp

这段是指把原本拿来种植的土体拿来盖房子吗？为什么土地增值已经为它带来巨额的回报？？

基本上KSL的土地都是以2000年/2001年为成本价，所以它才可以保持高利润率。

在28April2006年里的股东名单里，我看到大概90％的股份是由30大股东所持有，这当中又以保险或信托基金居多。我相信它们的选择应该是和我一样，以收入为主。而其实散户也是占了大多数，大概一千四百名，然而，散户的持股巴仙只有大概2到三巴仙。所以，我相信KSL绝对是个冷门而又不流通的股票。

Chrysan

原帖由 jackphang 于 5-11-2006 03:09 PM 发表

基本上KSL的土地都是以2000年/2001年为成本价，所以它才可以保持高利润率。

在28April2006年里的股东名单里，我看到大概90％的股份是由30大股东所持有，这当中又以保险或信托基金居多。我相信它们的选择应该是和我一样，以收入为主。而其实散户也是占了大多数，大概一千四百名，然而，散户的持股巴仙只有大概2到三巴仙。所以，我相信KSL绝对是个冷门而又不流通的股票。

jackphang 兄, 你好, 我是股票新手.

想问 "冷门而又不流通的股票" 是不是很难卖出?  

但愿我问的问题不会很笨, 因为我还有很多东西要跟你们学的.

谢谢.

jackphang

原帖由 Chrysan 于 11-1-2007 02:33 PM 发表


jackphang 兄, 你好, 我是股票新手.

想问 "冷门而又不流通的股票" 是不是很难卖出?  

但愿我问的问题不会很笨, 因为我还有很多东西要跟你们学的.

谢谢.

就因为很难卖出，所以就有liquidity risk, 所以PE才会低。
现在KSL应该是在合理价格吧，其中一些东西：

1。Muar Supermarket Lease
2。购入klang valley的土地合时开始建
3。何时发展新山靠近Pelangi的土地.

我看到的是，KSL管理层还是不够积极。不过总的来说，如果你在RM1.40买进的话，我相信稳定的高股息率是让你继续持有的原因之一。

jackphang

好久没有update 此帖，主要是因为这不是我的主力了，当然，我还是看着它的后续发展，随着在KL的购地行动，未来的KSL的成长动力也会跟着提升。当然，在JB的低价房产过剩的不利因素下，该团的中高档房产还是有利可图的（在nusajaya地段）。

股友

这个发展商专攻中底价的。

[ 本帖最后由 股友 于 2-2-2008 06:41 PM 编辑 ]

voltz

续 TONGHER 之后，我最感兴趣的股项 -----------------> KSL HOLDINGS BERHAD!!

file:///C:/DOCUME%7E1/lkl_tty1/LOCALS%7E1/Temp/moz-screenshot.jpgfile:///C:/DOCUME%7E1/lkl_tty1/LOCALS%7E1/Temp/moz-screenshot-1.jpg

KSL HOLDINGS BERHAD　(6552)

WISMA KSL, 148, BATU 1 1/2, JALAN BULOH KASAP, SEGAMAT, JOHOR
Tel: (60) 7 931 1430   Fax: (60) 7 932 4888

PROFILE BRIEF
The Group is a Johor-based housing developer, focusing on mixed developmentprojects comprising residential and commercial properties whilstcomplying with the State Government's regulation on low-cost housingand low medium-cost housing.            

COB  HAJI ISHAK BIN ISMAIL
CEO  CHENG HAI  KHOO @ KU
CEO/MD/PRESIDENT  CHENG HAI  KHOO @ KU
                                                                                         

Fiscal Year	12/31/2004	12/31/2005	12/31/2006
ISO Currency	MYR       ('000)	MYR       ('000)	MYR       ('000)
Report Type	C	C	C
INCOME STATEMENT
Net Turnover/Net Sales	252,941	274,914	266,238
EBITDA	101,407	108,857	96,240
EBIT	100,408	107,386	94,820
Net Profit	71,348	76,233	67,461
Ordinary Dividend	0	-19,136	-21,043
BALANCE SHEET
Intangibles	0	0	193
Fixed Assets	8,996	8,722	11,667
Long Term Investments	0	0	0
Stocks/Inventories	151,100	207,419	256,445
Cash	10,664	5,745	6,071
Current Liabilities	97,127	102,735	137,763
Long Term Debt	47,341	13,310	14,975
Provisions	0	0	0
Minorities	0	0	0
Total Shareholders Equity	385,238	442,271	488,722
KEY RATIOS
Operating Margin	40.42	39.32	36.01
Return on Equity Capital	19.94	18.42	14.49
Net Profit Margin	28.21	27.73	25.34
Current Ratio	2.4	2.7	2.28
Debt to Capital at Book	0.13	0.09	0.11

http://biz.thestar.com.my/marketwatch/fundamentals.asp?searchstr=5038

[ 本帖最后由 Mr.Business 于 5-12-2007 12:05 AM 编辑 ]

voltz

Monday November 5, 11:58 AM

Malaysia's KSL Buys Land in Klang for Mixed Development Projects

KUALA LUMPUR, Nov 5 Asia Pulse - KSL Holdings Berhad (KLSE:5038) is acquiring two pieces of land in Klang in the southern state of Selangor for RM156,524,964.75 (US$46.8 million) for mixed development projects.

On Nov 1, its wholly-owned subsidiary, Khoo Soon Lee Realty Sdn Bhd (KSLR), entered into a conditional sale and purchase agreement with Prospell Enterprise Sdn Bhd to purchase the freehold land measuring about 446.37 acres.
KSLR proposes to develop the property into mixed development projects comprising residential and commercial units over eight years, KSL said in a statement to Bursa Malaysia on Nov 2.

It said the objective of the acquisition is primarily to replenish the land bank of KSL and its subsidiaries and it is in line with the group's objective of increasing its land bank at strategic locations for its future property development activities.
The land is designated "agriculture", but zoning is approved for housing development.

The property is located at Jalan Klang - Banting within Blackwater Estate, Klang.
It is situated about 45 kilometres due south west of Kuala Lumpur City Centre and is about 15 kilometres due south of the Klang town centre.

It said the purchase price of RM156,524,964.75 for the property was arrived at based on a willing-buyer willing-seller basis after taking into consideration the market value of the property determined by registered valuer, Henry Butcher Malaysia (Sel) Sdn Bhd.

The statement said KSLR intends to finance the acquisition through internally generated funds and/or bank borrowings.
The exact mix of borrowings and internally generated funds will be decided by the management of KSLR at a later date.
The management of KSLR will choose the optimum mix to finance the acquisition taking into consideration its gearing level, interest costs as well as internal cash requirements for its businesses.

[ 本帖最后由 voltz 于 20-11-2007 07:40 PM 编辑 ]

0758

你来麻坡看看它在河边起的几排店屋。。。。

voltz

Johor-based KSL gets on the Klang scene

Updated : 10-11-2007
Media : The Star
Story By : THEAN LEE CHENG
via www.biznewsdb.com
Mail this story or page to friend(s).

THE growth of Klang Valley properties, both in terms of pricing and the opening up of new and upgrading of existing areas, has attracted a Johor-based developer.

KSL Holdings has signed a sale and purchase agreement with timber-related business operator Prospell Enterprise Sdn Bhd to buy 446.4 acres of agricultural land for RM156.5mil cash (or RM8.05 per sq ft).

The freehold land, which is located at Jalan Klang¡VBanting within Blackwater Estate (Klang), is situated about 45km south west of Kuala Lumpur City Centre and is about 15km south of the Klang town centre.

On-going mixed development and mature housing projects e.g. Kota Bayumas by Island & Peninsular Bhd and Bandar Bukit Tinggi 3 by WCT Land Bhd are in the vicinity.

The acquisition is expected to be completed by the second quarter of 2008. The management hopes to launch this project, catering to the middle and high-end market, in the middle of next year.

The Klang property sector has been enjoying good growth of late. The opening of new areas by the likes of WCT group and other players in different parts of this port township has accelerated growth considerably compared with other townships in the vicinity.

As it becomes more crowded and expensive to own a house in the city and suburbs like Petaling Jaya, it is only natural that homebuyers will head further out where prices are more competitive.

On a broader economic growth basis, the interest is greater towards the south rather than the north. In addition, the opening up of new supermarkets has also made Klang rather attractive and self-contained, attracting new entrants. Hence, push and pull factors are contributing to Klang's growth.

The above serves as a background for KSL¡¦s maiden foray into the larger Klang Valley picture. Its decision to spotlight on Klang is also noteworthy as this is an established township on the brink of new growth.

According to an analyst who declined to be named, the price of RM8.05 psf is reasonable.

Real estate consultancy Henry Butcher Malaysia (Sel) Sdn Bhd valued the land at RM157mil only recently.

About five years ago, WCT Land paid RM6.21 psf to Kumpulan Guthrie for the 426 acres for BBT3-Bandar Parklands land in October 2002.

¡§The RM1.80 psf appreciation over the past five years, which translates into a compounded annual growth rate (CAGR) of 5.3% is reasonable given the new developments in this area,¡¨ the analyst says.

Comparing KSL¡¦s purchase to another transaction, even if one were to include the conversion cost from agricultural to mixed development, the total land price is estimated at RM9.05 psf.

This is 9.5% lower than the RM10 psf PG Resorts (subsidiary of Petaling Garden Bhd) paid for 50.9 acres (near the abovementioned 446.4 acres) to Island & Peninsular group back in November 2006.

The new land carries a gross development value (GDV) of at least RM1.5bil over an eight-year development period.

¡§It is expected to expand KSL¡¦s landbank by 21% to an estimated 2,516 acres. This will be KSL¡¦s first township project in the Klang Valley which will be similar to adjacent BBT3-Bandar Parklands comprising mixed development for the low to medium range market,¡¨ the analyst says.

KSL will re-design the layout with a fast development turnaround as it aims to launch the project by next year.

Another analyst who also declined to be named says the management expects pre-tax margins to remain at 40%, similar to its Johor-based projects.

Assuming a two-year development period per phase, this could add an annual net profit of RM28mil or 30% to our financial year 2009 forecast, she says.

The purchase consideration is estimated to raise the group¡¦s proforma net gearing to a still comfortable 0.3 times as at June 30, 2007 from a negligible net debt position currently.

Analysts are positive on the acquisition as it will help to diversify KSL¡¦s source of earnings.

The group¡¦s existing projects are Johor-centred.

This recent purchase would enable KSL to tap into the current boom in the Klang Valley property scene.

¡§We like KSL for its strong brand name as a Johor developer, which is presently making inroads into the Klang Valley development scene, impressive pre-tax margins of 40%, strong balance sheet and good dividend yields of 5.5%,¡¨ an analyst says.

It is a buy call at an unchanged target price of RM3.40, pegged to a 20% discount to our return on net asset value (RNAV) of RM4.25. This implies a financial year 2008 price earnings target of 10 times.

voltz

我本身是东马人，每到过麻坡。。 可以说说当地人的看法吗？