Posted by James_Bond > 2023-10-19 11:29 | Report Abuse

Someone scooping ksl…

Posted by hng33 > 2023-10-19 11:54 | Report Abuse

https://www.thestar.com.my/news/nation/2023/09/14/scope-of-special-economic-zone-with-singapore-to-be-finalised-in-october-says-onn-hafiz

https://www.malaymail.com/news/malaysia/2023/10/17/special-financial-economic-zones-to-catalyse-johors-economic-growth-says-mb/96836

Posted by UncleFollower > 2023-10-19 12:17 | Report Abuse

Uncle Koon is right this time. He rarely buys value. KSL is the only one that has been doing well regardless of new Johor catalyst. Imagine when the catalysts do materialise

Posted by dompeilee > 2023-10-20 10:42 | Report Abuse

Ppty ist KAPUTT... all a HEADFAKE designed by IBs to profit from naive bodohhhs...property prices only have one direction to go...🔽
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🔽 How do I know? Because locals are too POOR to afford mortgages with prices at these levels so a whole wave of foreclosure sales will smash the market over the next decade at least, exacerbated by 99% probability of recession in the US & de-facto recession locally & regionally. If you can't stomach a drop back to 80-90c, better cut now.

Posted by James_Bond > 2023-10-20 11:19 | Report Abuse

Good observation, Dompeilee! Let’s see who has dementia… Mr/Ms K or Mr/Ms D… haha…

Posted by James_Bond > 2023-10-20 11:34 | Report Abuse

Property market going to crash if the war drag on further and longer… that’s for sure… uncle kyy should know this based on his long experience in construction industry…

Posted by James_Bond > 2023-10-20 11:35 | Report Abuse

Don’t get fool around by those siputs… haha…

Posted by James_Bond > 2023-10-20 11:37 | Report Abuse

Good fundamental company will not continuously drop like this, that’s I m very sure…

Posted by James_Bond > 2023-10-20 11:41 | Report Abuse

https://www.nst.com.my/amp/news/nation/2023/10/967309/police-foreigner-claimed-there-was-bomb-threat-jb-mall

This bomb threat will get more and more and harming the business in JB esp property market!

Be careful guys…

Posted by James_Bond > 2023-10-20 19:05 | Report Abuse

Hi Bro Pang, good to hear from you again… looks like you r doing very well lately! Congrats Bro!

Posted by James_Bond > 2023-10-20 19:26 | Report Abuse

Under the concept “One Port, Two Sides”, the main infrastructure of the Land Bridge project includes deep-sea ports in Chumphon province on the Gulf of Thailand side and Ranong province on the Andaman Sea side. The connecting route between the two ports spans approximately 90 kilometres and consists of a six-lane expressway and standard gauge railway tracks. The project takes advantage of the Thailand geographical location as a strategic transportation and trade hub in Southeast Asia which bypassing Straits of Malacca and Singapore and thus, reducing the cost of transportation and of course, time saving!!!

Posted by hng33 > 2023-10-23 10:08 | Report Abuse

add more ksl at 1.02

Posted by James_Bond > 2023-10-24 08:28 | Report Abuse

Longer the Hama-Israel war, the more terrorist and bombing threats globally including JB! Expecting to drop back below 1.00… be careful…

Posted by Dehcomic01 > 2023-10-24 08:36 | Report Abuse

Property sector is cyclical. The performance of property companies have been on a decline since 2016/7. Are were near the bottom? I would guess so. But will there by significant uptrend or will the bottom drag on? If you are looking for quick gains, this is not the sector to hunt

Posted by ks55 > 2023-10-24 09:08 | Report Abuse

You are right. Property prices all the way down since 2015, property counters showing weaker results since 2016.

As prices already came down for 9 years, how much more house prices can drop? If you go for secondary market, you must have notice prices have appreciated by 10% since covid's day. Residential property rental has increased by 10 to 15%.

Can new launch going to sell cheap? Land cost, labour cost, material cost, marketing cost all are no more the same as in 2015. House prices set to fly when everything is back to normal (meaning that Ukraine war over, interest rate return to normal, Malaysian political setting return to normal). Either you can go for those completed residential units still selling at hefty discount, or you may scout for any counter which give you value for for money. Good money should go for good property counters, not otherwise.

Posted by hng33 > 2023-10-24 15:50 | Report Abuse

Expect KSL will resume dividend payout for shareholder soon as its capex intensive on KSL esplanade mall and hotel have completed and operating now. Together with these latest recurring investment properties, KSL now own 2 mall, 3 hotel, car park and many other shoplot. contributing up to 30% of KSL profit.

KSL balance sheet remain strong despite develop above investment properties for recurring income, holding NET cash more than 40sen/share

Posted by hng33 > 2023-10-24 15:56 | Report Abuse

RTS link will be ready by 2026, KSL is prime johor based beneficial developer as it mall and hotel and property land in bestari/skudai and pulai are nearer to RTS station if compared to uems which is prime beneficial only if HSR materialize

Posted by hng33 > 2023-10-26 09:35 | Report Abuse

https://www.astroawani.com/berita-malaysia/sultan-johor-pengerusikan-mesyuarat-majlis-rajaraja-ke262-443276....Tomoorow Johor Sultan will be elected as Agong

Posted by hng33 > 2023-10-26 10:43 | Report Abuse

https://www.kslesplanadehotel.com/gallery.html

Posted by hng33 > 2023-10-26 10:58 | Report Abuse

All KSL investment properties namely, newly ksl esplannde mall + KSL esplanade hotel in klang, KSL hot spring hotel, KSL city mall and hotel in JB have fully developed using internal funding without borrowing and all now operating to generate recurring income, With that, KSL major capex have reach tailed end and with still very strong net cash available 40sen/share, KSL should resume dividend payout forward,

Posted by yewyin33 > 2023-11-07 23:22 | Report Abuse

• KSL has a market capitalization of RM 1.06 billion as of April 6, 2023, which ranks it as the 17th largest property company in Malaysia by market cap.
• KSL has a revenue of RM 1.01 billion and a net income of RM 340.8 million for the financial year ended December 31, 2022, which gives it a revenue growth of 9.8% and a net income growth of 140.7% compared to the previous year.
• KSL has a total of 15 ongoing projects and 11 completed projects in various locations in Malaysia, mainly in Johor, Selangor, and Kuala Lumpur. Some of its notable projects include KSL City Mall, KSL Esplanade Mall, KSL Resort, and KSL Hot Spring Resort3.
• KSL has a low price-to-book ratio of 0.33, which means that its market value is less than its book value. This could indicate that the stock is undervalued.
• KSL has a high net profit margin of 33.69% and a high return on assets of 9.68%, which means that the company is efficient in generating profits from its assets.
• KSL has a positive breakout of its third resistance level, which means that the stock price has surpassed its previous high and may continue to rise.
Koon Yew Yin

Posted by yfchong > 2023-11-07 23:29 | Report Abuse

harap harap lar

Posted by Tibbers > 2023-11-15 16:04 | Report Abuse

ohhhh breaking out soon?

Posted by hng33 > 2023-11-15 16:11 | Report Abuse

:D)

Posted by MrFox > 2023-11-15 16:59 | Report Abuse

cantik

Posted by yewyin33 > 2023-11-15 17:08 | Report Abuse

KSL is catching up rapidly. It shot up 7 sen today.

Posted by MrFox > 2023-11-15 20:01 | Report Abuse

> 1.20 tomolo???!!!!

Posted by GreatDreamer > 2023-11-15 22:11 | Report Abuse

Sure can hit RM1.20 very soon! Volumn surge from 900k yesterday to today 4m indicating big fund is buying. A lot of funds currently are adopting wait & see attitude. As today price go up fast with huge volumn (while other property counter with normal volumn), they will realise If they dont buy early, they may miss the boat at current 'low' price. Look, 3q23 result most likely release new week.

Posted by Tibbers > 2023-11-16 09:57 | Report Abuse

first tp 1.34

Posted by JrWarren > 2023-11-16 10:31 | Report Abuse

I used to own this counter, but given up after few years of holding due to the BUSINESS MODEL practice by the company.

1. The business model focus on using internal fund to develop the project, Minimum borrowing to reduce Financing Cost.

2. Any Profit will be reinvested back to the business itself to roll the snowball bigger and bigger, ie. use earned monies to buy more land, then develop, and repeat the same.

3. A lot net operating cashflow from sales, but go back to business at the end. Management was rewarded handsomely via director salaries & remuneration but minority shareholders got nothing. Huge shares owned by management / family circle, so AGM confirmed can pass the director salaries resolution.

4. The majority shareholders don't even care the share price high / low at the end. Because if they want to privatize the entire company, they can pay for cheap price (let say RM1.2) vs the net total asset price (RM3.44). This is a deep discount, but minority shareholders can't say NO because majority shareholders can trigger Mandatory Privatization if they want (just like recently Sime Darby acquire UMW then UMW become Sdn Bhd).

5. In conclusion, good business model for long term, business grow focused, but share price always at low side due to non-reward practice on no buy back treasury share , no dividend , no capital gain.

6. I foresee this business model will continue AKA buy land, develop property, sales, then repeat. The company has 1.1b worth of land bank, 683m properties for sales, 424m CASH, but at the end this CASH will be used to pay any land acquisition to increase the land bank, because land value keep on appreciate and new property price also continue increase, what investment can have double return from land and property. One stone kills 2 birds.

7. Downside risk: no dividend, no capital gain, KSL privatized at super discount price and investors force to accept the price.
Upside return: KSL start declare dividend, and share price go up.
Current market momentum: Better sales & cash inflow, share price go up due to positive financial result, dividend expectation is strong.

Posted by Sslee > 2023-11-16 10:55 | Report Abuse

Q1: Refer 2018 Cash flow statement, is KSL generated enough free cash
flow to pay a dividend? (Yes/No)

Q2: Is KSL has enough cash reserve to pay a dividend? (Yes/No)

Q3: Any cash flow problem if KSL pay out 4 cents dividend for FY 2018?
(Yes/No)

Refer Chairman’s statement: 2014 Annual report
I am also pleased to announce that the Group has adopted a dividend
policy of distributing 40%of the Group’s annual net profit after tax from operations (excluding any fair value gains) to shareholders in the form of cash dividends or new share issuance under the Dividend
Reinvestment Plan scheme. The dividend policy aims to attract long
term investors and to enable shareholders enjoy higher returns in
tandem with the expanding business.

Q4: What happen to the adopted dividend policy?

Q5: What happen to the promised the dividend policy aims to attract long term investors and to enable shareholders enjoy higher returns in
tandem with the expanding business?

Q6: What are the reasons for financial year end 2016, 2017 and 2018 no
dividend was given?
Refer 2018 Chairman’s statement “The Group’s financial position as at
end-December 2018 was further strengthened with our retained profit
and increased profitability, with shareholders’ equity growing to
RM2,815 million from RM2,600 million in the previous year end”

Q7: Since KSL has a very strong financial position should the board reward the shareholder with reasonable dividend? (Yes/No)

Q8: Without a formal dividend policy KSL market price had dropped into
penny stock (below RM 1.00) level. Should Board consider adopting a
new formal dividend policy to give clarity to investing public that the
BOD/Controlling shareholders interest is aligned with minority
shareholders.

EXPLANATION TO THE ABOVE Q1 TO Q8
KSL is currently developing a huge integrated commercial complex with hotel (proposed name KSL Esplanade Mall) in Klang (Annual Report 2018 page 23).
It is under active construction and targeted to be completed in year 2021.
Total estimated capital expenditure for the above complex is approximately RM 500 million.
We need to set aside our reserves for the above projects and working capitals.
Hopefully, it will generate huge income once in full operation and enhance our future earning.

Q9. I am glad to see KSL group is well managed and run by company
founder three brothers where each taking up a section/area
responsibility for the day-to-day management, decision-making and
operations of the group as compare with other where a single CEO
overall responsible for the day-to-day management, decision-making
and operations of the group. I am bringing out this as I feel the
remuneration is on the high side since each only responsible for a
section/area of the group business.
Hopefully next year this remuneration can be reviewed and any saving is
used to pay a dividend. What is your opinion?

ANSWER
We take note of your proposal.

When KSL replied shareholders 29th KSL AGM questions in such lukewarm way. I just dold all my KSL share and never look back.

Posted by Sslee > 2023-11-16 10:59 | Report Abuse

I follow up with below questions and received no replied from KSL.

I refer to Board answered below on dividend:

EXPLANATION TO THE ABOVE Q1 TO Q8

KSL is currently developing a huge integrated commercial complex with hotel(proposed name KSL Esplanade Mall) in Klang (Annual Report 2018 page 23).

It is under active construction and targeted to be completed in year 2021.

Total estimated capital expenditure for the above complex is approximately RM 500 million.

We need to set aside our reserves for the above projects and working capitals.

Hopefully, it will generate huge income once in full operation and enhance our future earning.

May I ask following questions to the Board of Directors

Question 1: Why the management spend a substantial capital in 2018 into buying below two pieces of land?

Mukim of Pulai vacant free hold Land held for Development 8,208,099 sq ft: Net book value RM 180,674,963. RM 22.0 per sq ft. Date of acquisition: 20.03.2018

Mukim of Tebrau vacant lease hold Land held for Development 5,137,998 sq ft: Net book value RM 134,021,551. RM 26.1 per sq ft. Date of acquisition: 12.03.2018

Question 2: Shouldn’t the board reserve the cash to at least pay some dividend and also for working capital for KSL Esplanade Mall Klang?

Question 3: What is the intent development plan for these two pieces of land and the GDV?

Thank you

Posted by Sslee > 2023-11-16 11:11 | Report Abuse

The details of the directors’ remuneration for the financial year ended 31 December 2022 are set
out below:
Group
2022 2021
RM: RM
Directors’ remuneration:
- fee 90,000: 90,000
- salary and other emoluments 39,087,000: 26,206,100
- contribution to state plans 6,479,100: 4,501,972
- other personnel costs 8,485: 7,912
Total 45,664,585 : 30,805,984

Posted by hng33 > 2023-11-16 12:13 | Report Abuse

KSL massive capex on KSL Esplanade mall and KSL esplanade hotel have over as mall and hotel both already completed and operation since May and fed 2023 respectively.

Therefore, aside normal yearly land replenishment to keep its total landbank siza at around 2500 acres, there is no major capex forward.

KSL now have huge reserve and in net cash position of 40sen/share. It is therefore normal for KSL to resume bank dividend policy these year and due to declare bonus share to capitalize on its huge reserve.

Posted by hng33 > 2023-11-16 13:37 | Report Abuse

Director deserve salary and entitle remuneration in line with increasing company growing net asset.

It is far better than award cheap share option or free share incentive to directors or discount private placements which are highly dilutive to EPS and at expense to minority shareholders interest.

As the long overdue esplanade mall and esplanade hotel, drag and delay 2 year due to covid have finally completed and operation now in Feb for hotel and mall open in May to generate another stream of investment properties income, shareholder can expect tailing end major capex, increasing free cash flow forward and resume dividend for fy 2023 and can expect bonus share anytime now.

Posted by hng33 > 2023-11-16 16:22 | Report Abuse

Added for last batch ksl at 1.15

Posted by JrWarren > 2023-11-16 16:54 | Report Abuse

I hope KSL proof me wrong using their Q4 2024 result announcement / any dividend declaration for FY2024.

Posted by UncleFollower > 2023-11-16 17:57 | Report Abuse

Patience guys. Fundamentals so good, volume already emerging, just wait

Posted by MrFox > 2023-11-19 09:19 | Report Abuse

> 1.25 tomolo!!!????

Posted by nakata > 2023-11-19 20:41 | Report Abuse

sslee and JrWarren are right, this counter only declared dividend in 2014(10cents) , and 2015 (2 cents), no doubt the fundamentals sound well, and love it net cash position. However, there is a reason why it is not popular in investor's radar, the price is always a laggard compared to other stock.

Posted by VIinvestor > 2023-11-21 11:59 | Report Abuse

But if the privatisation of KSL at lets say RM1.2, way below the valuation of the share, wouldnt that trigger oppression of minority?

Posted by UncleFollower > 2023-11-21 12:20 | Report Abuse

From what the directors have been doing, why privatise? Just pay themselves fat salaries.

If they want to privatise it could have been done at $1 back then. Now 52W High >1.2 can't be done at 1.20

Posted by hng33 > 2023-11-21 15:42 | Report Abuse

bonus share, dividend or privatize?

Posted by VIinvestor > 2023-11-21 16:10 | Report Abuse

My question is directed to some comments at the top who suggested that the company can basically trap the shareholders and investors by maintaining majority shareholding and management control over the company without any consequences if the company seeked to privatise at 1.2 (and we cant do anything!). But if thats the case wouldnt that trigger oppression of minority?

Posted by hng33 > 2023-11-21 16:25 | Report Abuse

Impossible to privatize at RM 1.2 vs. NTA RM 3.5 as privatization need 90% minority acceptance before takeover can materialize.

While, privatize to based on NTA is hard, but, composition of KSL NTA is highly liquid include 2 mall, 3 hotel, and prime land in Johor especially pulai near skudai which easy accessible to upcoming RTS link. As much as 40sen/share in NTA is also form by cash.

Posted by hng33 > 2023-11-21 17:05 | Report Abuse

Take note KSL properties investment like mall and hotel are highly profitable, reap more than RM 100m net profir annually. These profitability is expect to increase higher with newly open Esplanade mall and hotel.

if opt REITS listing , KSL can unleash even higher value to its NTA. Through REITS listing, KSL not only can maintain majority stake, but also can enjoy tax benefit 10% instead of current 25%. The REIS listing can therefore fetch as much RM 2 billion based on 5.5% yield, These REITS listing if materialize at RM 2 billion is 80% higher than entire KSL market cap now only at RM 1.2 billion

Posted by bryan2003 > 2023-11-21 21:15 | Report Abuse

@hng33 Do you mind to share more on how the REITS listing works?

Posted by hng33 > 2023-11-21 21:54 | Report Abuse

Capitalisation rate, indicates the income a property asset is expected to generate versus how much it cost

Assuming a cap rate of 5.5%, KSL current investment properties generate more than RM 100m could therefore fetch RM2 billion, which represent 1.8 times its current market capitalisation,

Capitalising investment properties on the REIT investment theme is a huge catalyst for the company as KSL can park its properties investment income under tax rate 10% instead of company holding level at 25% tax rate on condition at least 90% income from REITS payout as dividends

Posted by JrWarren > 2023-11-22 08:57 | Report Abuse

Reply for some questions asked:

1) Price laggard: I will explain based on 2 factors.
One - NO dividend, so no buyer = no demand.
Two - Extreme capital gain company is not the main stream in Malaysia, Malaysian prefer CASH is KING, so dividend company is likely to get better share valuation in Malaysia.

2) Privatization price too low and trigger oppression of minority - Boustead Bhd's Net Asset per share is RM1.60, but average share price is RM0.60- 0.65 . LTAT offers to privatize at RM0.855. The market happily accepted the offers.

NOW look at KSL, share price recently pump up to RM1.20 (average), KSL offers to buy RM2.00 (assumption). Retail shareholders instantly got RM0.80 gain (67% gain based on purchase price RM1.20), so the privatization result is obvious right? KSL share price has been closing in SEN since 2018.

But on majority shareholder view, KSL has RM3.44 NTA per share, privatization price is RM2.00 (assumption), they still earn RM1.44 (or 72% gain) overall.

Despite KSL is severely undervalue for now, privatization will immediate give retail investor 67% gain and majority shareholder 72% gain (assume buyout price RM2.00). There are a lot undervalue company opted for privatization when share price is undervalue, then re-list again in bursa. Example: Maxis.

Posted by VIinvestor > 2023-11-22 10:46 | Report Abuse

I would happily take 2.00 even if its undervalued. Its a win-win anyways. Thats what happened to my MMC few years back, and i am still consider it one of my biggest win. So now, we addressed and clarified the fear factor and agree that they cannot do whatever they want as purported la. Thats all the investors need to know.