@kenneth. Yes this is what I mean. KSL price is stable. Dumping already factored in before quarterly results. I think overall, KSL management is doing a reasonable job given the market conditions. The fair value gains were among the highests for property investment.

40% policy not legally binding. Many did not read the fine print of the KSL's BOD resolution.

KSL's price is near rock bottom and with buy-back support, should not go down drastically as before. If sell now, wealth will be transferred to others..!

On the plus side, the fair value revaluation shows that KSL's investment properties is increasing in value even as some REITs (e.g. AMFIRST) have to adjust downwards as their property decrease in value due to the Market down-turn. KSL's revaluation totaled RM144 million for 2014 and 2015 (88 + 56) and reflects the superior location of those properties as well as good management. So KSL is at least a medium term hold since the property market up-turn again.

Dividend only declared on operating profit. RM56 million is fair value revaluation of investment properties - not eligible for paying dividend.

It was a BOD resolution and not a shareholders' resolution.

See link: http://www.bursamalaysia.com/market/listed-companies/company-announcements/1193193

It was announced by the Board in a filing with Bursa, BUT it is legally NON-BINDING and "subject to modification (including reduction or non-declaration thereof) at the Board’s absolute discretion".

They passed a shareholders' resolution on 40% dividend payout if I remember. It was stated policy.

Overall a very solid result for the FY ending 31/12/2015!

After deducting the fair value adjustment of RM56 million, the operating profit is RM212 million. At 40% the payout for the year should be RM84.8 million. RM47.8 million already paid out. Therefore RM37 million or about 3.667 sen per share should be paid out for FY ended 31/12/2015. Wonder why management did not declare divvy as promised?

hng33. likely to gap up on Monday!

If oil price rebound, oil majors can afford better and more oil field services. Petronas expected to award more contracts in Sarawak in view of coming state elections.

Syndicates running wild in KLSE. SC (lazy bums!) is ineffective in stopping them!

That's why I bought in. It is linked to the Asian infrastructure development which is financed by China's multinational AIIB bank. The infrastructure will be used for trade under China's One Road One belt strategy. Asia has a shortfall of USD800 billion per year for infrastructure development to 2020 which China is addressing. Indonesia is revving up on infrastructure development which is essential for economic development. Vivicom is now involved in Indonesia's infrastructure development.

Expect oil price to rebound soon.

hng33. I agree with you. I wish I have your sharpness and caution. But not too late for me to learn from people like you. KSL in 2014 and 2015 quarterly results led many to holland. They lied brazenly about their unbilled sales for financial ending 31/12/2014 leading many to expect good results and drive up the price. Frankly speaking I am inclined to report them to the SC!

Investors cautious about q4 results.

Tok gurus have laughed all the way to their banks.

YTD still a profitable company. The price was hyped up. This enable the director to sell at a profit. But still worth holding since the labour shortage will force companies to automate which is good for Genetec's business.

Hind sight is always 20/20 vision. But, yes learn in order to develop foresight! When director sells, it is always a clear warning sign. If that happens, don't listen to any so-called analyst, just sell with the directors to at least preserve capital.

Poorer results due to lower price of eggs. But egg production increased. and trading income too.

Should go up soon.

This stock was spoiled by KSL's management giving a false forecast in 2014. To restore confidence, a very good dividend and superior performance is required in the coming quarter report.

But those KSL insider bangsat liars are cutting the nose to spite the face. They sap confidence in an otherwise blue-chip company. Compare them with Hap Seng's management. Hap Seng's price is going steadily into the stratosphere!

I think KSL's insider bangsat vampires are behind the tamping down of the price. This way they get more shares via the DRP.

@smartly, most construction labour are illegal. Chinese construction labour gives the best value for money since they are strict on deadlines. Plantation use mainly legal Indon labour and have been using for decades. They are worst affected since only certain types (e.g. Bugis) are suitable for oil palm plantation especially harvesting.

Some syndicate tamping down the price!

Not sure about impact as there are alternatives. Impact will be more on plantation companies which depend on foreign, especially Indonesian labour.

If capital cost is recovered at 40% sales of the project 'on the record', then above that will be contribution margin to KSL's group overhead costs i.e. a contribution to gross profit before deducting overhead costs e.g. administration costs. Since KSL, based on its previous accounts, has an overall net profit margin of 24.5% for its property development projects, the project itself won't yield a net profit for KSL until at least 75% of the project are sold.

NOOb. What is your opinion as to how 1MDB will affect KLSE in coming days? Thanks.

Yeah NOOb, what is your reasoning?

RM USD rate now stabilised, no longer linked to crude oil price.

@NOOb. Big oil spike coming? Are you referring to production or price? With so much oil in the market, China slowing and Iran due to put at least 600K BPD into the market, a 'big oil spike' would likely be in output, not in price.

Thanks NOOb.

NOOb. The US dollar, to my mind, is USA's most powerful economic weapon and related to it, the US's market. How then is China 'indirectly flexing muscles'? By threatening a Yuan devaluation?

NOOb. But what is their interest in playing 'chess'. 'Chess' would imply competing interest, no?

Some people trying to break the 'peg' at 1.25.

Thanks NOOb for your detailed forecast.

Yeah. Hopefully there will be stimulus!

NOOb. What is your view of the impact of the coming revision of the budget on the KLSE?

Huge support at 1.25! I deleted some of my earlier posts because I do not want contribute to depressing the market. I feel the the market has already priced in what I have written earlier!

hng33 does not want to risk being stuck!

hng33 got very good instincts and discipline. I wish I've got more of that. His motto seems to be that if his stock do not rise within 3 trading days, he sells.

If it is KSL Klang Mall you are referring to, it is a work in progress and it's income is recurring and in cash and receivables. So it is harder to manipulate. It's the income from property development that is easier to manipulate quarter to quarter!

That was why I have been saying that KLSE should investigate KSL. The evidence are staring them in the face if they care to analyse. The sell-down and buy-back data are all in the KLSE system. All KLSE's Market Surveillance Unit need to do is to key in the selection criteria and the system will generate the reports for investigation i.e. if the KLSE's trading system is as good as some systems that I know. Such reports should be standard to the system. And share buy-back support is to support the share from speculation so that the share price reflects the fair value. KSL's share-buy-back (unlike Matrix's) did not do this. Why?! KSL share buy-back looks more like a sandiwara to me!

choonyong & steady88. Here are further analyses.

1) On Aug 16 2014, StarOnline reported that the Executive Chairman (EC) said its sales target for the year ended 13/12/2014 was RM1 billion and 75% of that already achieved. KSL's half year revenue was RM428 million with and net profit of RM140 million. NET profit margin at 32.7%. This means that there was RM572 million of sales and net profit of RM187 million from PROPERTY DEVELOPMENT were coming during the 2nd half year ending 31/12/2014. Add in the recurring income from Hotel and Mall of RM49 million and what the EC was effectively saying was that RM236 million NET profit was expected in the 2nd half year. That was why KSL's price sky-rocketed. But what was the actual result reported? The third quarter net result was RM70 million which INCLUDED RM22 million of Hotel and Mall income. The fourth quarter result, reported in Feb 2015, smacked of a suspicious repeat of the corresponding quarter reported in Feb 2014. Reported Net income for the quarter was RM130 million. But RM88 million was fair value adjustment i.e. asset revaluation of their Investment properties in Hotel and Mall (they are not allowed to revalue properties held for development because of tax implications). After deducting income from from Hotel and Mall of RM27 million, KSL net income from property development was only RM15 million as against expectations of RM93.5 million (187/2) based on the EC's statements to StarOnline. The total income from property development in the 6 months to 31/12/2014 amounted to RM63 million as against RM187 million based on EC's statement to StarOnline as reported on 16/8/2014. This massive discrepancy was what caused the massive sell-down in Feb 2015. But this did not explain the massive double sell-down in Dec 2014 which should have been cushioned by the generous 5 sen dividend which extends to new bonus 1 for 1 issue, both with ex-date end of Dec 2014!

2) So what's in IT for the KSL insider bangsats? Your guess is as good as mine!

3) The double whammy, in February 2014 and February 2015 are what make investors wary as the February 2016 reporting date nears. Would it be ang pow or holland for KSL's investors?!
19/01/2016 16:18

choonyong. Yeah, please raise those questions with KSL. My main point is manipulation of quarterly profits which are not audited. They have to catch up by the fourth quarter though, because the whole year's profit will be audited. But that's assuming that the external auditors are not just 'cari makan' auditors. In Malaysia, external auditors have very little power because they are effectively paid by the company's management and their continued employment is subjected to their recommendation to the shareholders at the AGM. Since management holds the majority share, their recommendation is effectively absolute.

hng33. OK. For you all stocks are 'speculative'. Yours seems the safest way to trade any stock, provided one can catch the lows to buy and the highs to sell - which I must admit you are the master at!

For speculative stock, trade like hng33.

hng33. Very good point and thanks for the reminder. Therefore go by the charts and not by the trolls including KSL insider bangsats' 'support'! But you are hit and run trader. For this share, I'll still trade by the trend, which at present is still facing south!