Hard to say. Buy KSL if you like Iskandar theme. KSL is one of the big player there owning a lot vacant lands for development.

More good shows lineup for playing in coming months.

Don't think too much. Just whack if you have cash.

The best is to distribute dividend to shareholders to keep them calm. KSL would attract more interest from funds manager. High borrowing doesn't matter.

I would be patient to earn higher returns from this counter. Unless I buy a stock purely for speculation purpose.

opportunity to accumulate more. Big players will act very fast once launching an attack.

On the board already. will pump in more.

The Chinese construction company Broad Group is known for putting up buildings with record speed. A 30 story hotel was built in 15 days.

They suppose to do it from now onwards. We are all on the board waiting good news. It is ok not to receive dividend temporary but at least announce bonus issues to boost the moral of minority.

Normally, gain/loss on revaluation of fixed assets would distort the view of business operation performance. It is better to ignore in calculating EPS.

Our target price is based on realistic conditions through analysis. It's near future performance is predictable. I believe the price will move even higher after completing Imago Mall. :).

My target is 25 cents. More good news is coming especially its financial results for the next 2 quarters.

yup. Speculators won't dare to join at this moment. I am more concerned of its performance within 6 months.

sorry. That's the price while KSL parked on the runway. Now, it is 4.3 times.

If you look at current P/E, KSL is still traded at dirt cheap price.

Net borrowing was sharply declined to low level. Market price stands at dirt cheap P/E. Any high margin of safety?

Current P/E: 3.6 Thumbs Up
NTA: 3.34 Thumbs Up
DY: 0 Thumbs Down

Net Borrowing: 96m ( Year 12 - 183m ) ( Year 11 - 227m ) ( Year 10 - 146m ) Thumbs Up

Turnover: 9 months - 566m ( Year 12 - 404m ) ( Year 11 - 272m ) ( Year 10 - 186m ) Thumbs Up
PBT: 9 months - 250m ( Year 12 - 186m ) ( Year 11 - 122m ) ( Year 10 - 118m ) Thumbs Up

Consolidation. today is T+3 & T+4.

Asian Pac will not be a small player in project development anymore. It has proven records by delivering high quality products in prime location ie The Loft KK & Fortune Perdana KL. Furthermore, the land developed in Fortune Perdana was acquired in year 1998. Asian Pac shall be able to make at least same level of profit from the project.

My projection for the next 3 years is arrived before taking into account future projects to be launched this year. The figures are even higher after including the projects below:

Future projects: in prime location:

Projects Entrepreneur Park KL - 40 units shop/office & 420 units service Residence GDV 362m ( launch in 2014 )

Project: Dataran Larkin - 2nd phase 30 units shop/office GDV 110m ( launch in early Apr 2014)

Possible. The substantial shareholder, Mah Sau Cheong, has not fully controlled the company couple with low capitalisation and good future prospects. Asia Pac enjoys the higher potential of being the target to be acquired by 3rd parties.

By looking at existing ongoing projects and Imago Mall, its future performance is predictable.

1. The Loft - 631 units service Residence GDV 558m ( Launched 2nd Qtr 2011 & completing mid 2014 )

2. Dataran Larkin - 1st phase 79 units shop/office GDV 110m ( Launched in Apr 2012 & completing in mid 2014 )

3. Fortune Perdana KL - 36 units shop/office & 576 units service Residence GDV 362m ( launched 12 May 2013 ) Completing 2nd half 2016

We know that Asia Pac has a large sum of unbilled sales 573 million. If we split it into 86m per quarter, it would able generate same amount of turnover at least in next 6 quarters.

Will Asia Pac able to maintain the same multiple P/E over the next 3 years? Given the solid unbilled sales, it would perform better in the next 2 financial year before catching up the recurring income from the Imago Mall.

This is the reasonable or conservative expected future P/E of Asia Pac. My assumption is to ignore future projects that would generate turnover in FY 2016.

P/E
FY 2014 ( Mar 14 ) - 5.9 times
FY 2015 ( Mar 15 ) - 4.9 times
FY 2016 ( Mar 16 ) onward - 5.0 times ( from Imago Mall operation alone )



EPS
FY 2014 ( Mar 14 ) - 3.13 cents
FY 2015 ( Mar 15 ) - 3.76 cents
FY 2016 ( Mar 16 ) - 3.66 cents ( from Imago Mall operation alone )

Turnover
FY 2014 ( Mar 14 ) - 294m ( 122m + ( 86m x 2) )
FY 2015 ( Mar 15 ) - 344m ( 86m x 4 )
FY 2016 ( Mar 16 ) - 70m ( Rental income only )

Profit
FY 2014 ( Mar 14 ) - 30m ( 12m + ( 9m x 2) )
FY 2015 ( Mar 15 ) - 36m ( 9 x 4 )
FY 2016 ( Mar 16 ) - 35m ( ( from Imago Mall operation alone )

Asia Pac has delivered an excellent latest quarterly results. Both turnover and profit is very impressive. This trend will continue on the back of huge unbilled sales.

P/E: 5.41 times
EPS: 3.05 cents
NTA: 0.3635


Turnover
Qtr 30-9-13 - 86m
Qtr 30-6-13 - 36m
Qtr 31-3-13 - 44m
Qtr 31-12-12 - 32m
Qtr 31-9-12 - 12m
Qtr 30-6-12 - 15m

Profit:
Qtr 30-9-13 - 9m
Qtr 30-6-13 - 3m
Qtr 30-3-13 - 6m
Qtr 31-12-12 - 0.8m
Qtr 31-9-12 - ( 0.3m )
Qtr 30-6-12 - 0.3m


EPS
Qtr 30-9-13 - 0.93 Cents
Qtr 30-6-13 - 0.31 Cents
Qtr 31-3-13 - 0.65 Cents
Qtr 31-12-12 - 0.08 Cents
Qtr 31-9-12 - (0.03 ) Cents
Qtr 30-6-12 - 0.03 Cents

I think what really Mr. Koon meant could be you would not have problem to invest in Jtiasa from your borrowing now. The business is very good in future. It is the right time to buy at such low price.

Asian Pac financial performance for the past few years.

Turnover
FY 2014 - 122m ( 2 quarters )
FY 2013 - 103m
FY 2012 - 89m
FY 2011 - 36m
FY 2010 - 102m


Profit:
FY 2014 - 12m ( 2 quarters )
FY 2013 - 17.6m
FY 2012 - 15.7m
FY 2011 - 11.4m
FY 2010 - 20.2m

EPS
FY 2014 - 1.24 cents ( 2 quarters )
FY 2013 - 1.8 cents
FY 2012 - 1.61 cents
FY 2011 - 1.17 cents
FY 2010 - 2.08 cents

Unbilled sales of 573 million as at 30 Sep 2013.

KSL is certainly needed more funds to finance its on going big projects. It is not that good to rely much on high borrowing. That's why it have stopped paying dividend since 2 years. Some funds manager may not be happy with this move cause it was different with their initial investment expect ion. What they want is dividend. LTH is the one who sold down the shares heavily in the past few months. The cloud is clear now as LTH 's shareholding is negligible and unable to push the price heading south. Looking at its PE 4 times, KSL is apparently undervalued.

When Asia PAC turns its large unbilled sales into turnover in next few quarters and put KK Imago Mall into operation, then people would start notice the potential. By that time, the share price won't be traded at 0.18.

Hong Leong investment bank had not acquired enough shares at that time. They tried to bring down the share price. Their research is absurd ridiculous.

KSL is the one traded lowest multiple PE in property sector. Everything is good except no dividend declared for the past 2 years.

Given its unbilled sales above 500 million and KK Imago Mall, it is a future star performer.