Posted by prudentinvestor > May 2, 2017 10:05 PM | Report Abuse

As of 31 March 2016, 154,323,748 Keck Seng shares were in the hands of public shareholders. At today's closing price of RM 5, the company only needs less than RM 775 million to buy up all the shares not held by directors, major shareholders and their associates.

Posted by leslieroycarter > May 12, 2017 1:12 PM | Report Abuse

Wow , drop again....

Posted by fourM > May 15, 2017 10:51 PM | Report Abuse

From the annual report 2016, some of the major shareholder has increase they share as compare to annual report 2015

Posted by prudentinvestor > May 25, 2017 4:28 PM | Report Abuse

Many companies would gain from the rising Ringgit but not Keck Seng. I don't think its management was smart enough to dispose of some of its US$ and Sing$ holdings earlier this year.

Posted by SUPERDADDY > May 30, 2017 4:37 PM | Report Abuse

Hope another set of great Q1 results soon. Cheers!!!

Posted by tt101 > May 30, 2017 5:41 PM | Report Abuse

Result koyak again

Posted by prudentinvestor > May 30, 2017 5:44 PM | Report Abuse

Rubbish accounting. NTA increases by 17 sen this quarter and value of its investment in shares increased by 70 million. Yet it could report a loss for this quarter.

Posted by SUPERDADDY > May 30, 2017 6:09 PM | Report Abuse

Sadly a small loss for Q1. Besides the NTA , the share capital increased by RM10.528 mio. Any idea?? Cheers!!!

Posted by prudentinvestor > May 30, 2017 6:24 PM | Report Abuse

Result not koyak. Its net gain on available for sale financial assets (shares) totalled almost 70 million this quarter and this amount has not been included in the profit and loss account. I suppose such gains only need to be included in the final results.

Posted by tt101 > May 31, 2017 9:10 AM | Report Abuse

Just see the manufacturing, Hotel & Resort operating result, both are making loss......

Manufacturing almost 10% loss from the total revenue or interpreted as subsidize each output for 10%.

The manufacturing revenue has increase from 148,711K(1Q2016) to 222,560K (1Q2017). In spite of the 1.5 x increment in the sales, it does not make any contribution but making more worse in the GP. Either it is generated from big discount selling price or using more expensive cost to produce their products. The performance of mfg is in uncomfortable level.

This two sectors are KSeng's main core biz.......but making loss

As for 70m on net gain / (loss) on available-for-sale financial assets, it is unrealized gain or loss.
As long as not yet dispose the thing, this is consider an uncertain figure. If the market is in reverse trend, it is bad to the Group. Our currency is trending strong now, KSeng with huge foreign currency and investment may get hurt in coming qtr.

If this is not a koyak result, than what situation only can we say it is koyak?

Posted by zexon > May 31, 2017 9:37 AM | Report Abuse

Account manipulation, joker MD want to privatize.

Posted by zexon > May 31, 2017 9:41 AM | Report Abuse

See top 30 stakeholders list, 80 percent are family relation

Posted by prudentinvestor > Jun 1, 2017 11:14 AM | Report Abuse

tt101, you have to look at the overall picture, ie you have to consider all divisions, not just putting particular emphasis on the manufacturing division, hotel and resort. Now suppose the manufacturing division made 25 million this quarter instead of losing 25 million and the share investment lost 70 million instead of gaining 70 million and its NTA lost 15 sen a share instead, do you think such results are much worse?

Posted by tt101 > Jun 1, 2017 4:53 PM | Report Abuse

There is an old folk who facing 100K losses every month in his company.
However, this man is too rich, every month he able to derive an interest income from his fixed deposit for 200K.

Overall he got 100K income each month.

In term of income, yes he is doing well.
In term of performance, I will still saying that it is below par.

If he is not a rich man, he doesn’t have any extra money. He only has his company.
Do you think such result is still good?

Posted by tt101 > Jun 1, 2017 5:02 PM | Report Abuse

Furthermore, 90.5% KSENG's turnover is come from manufacturing division, hotel and resort.

Posted by prudentinvestor > Jun 1, 2017 9:47 PM | Report Abuse

If this old man solely depends on interest derived from fixed deposit for survival then he is too conservative. However if he has several businesses, one is facing a loss of 100k a month but several others are making several 100k a month, I think he isn't faring badly is he?
01/06/2017 20:32

Posted by tt101 > Jun 2, 2017 8:37 AM | Report Abuse

prudentinvestor,
could you enlighten me in what circumstances or logic for an entity who owning 1000M cash in bank but still take up a new loan for 200M?

Posted by prudentinvestor > Jun 2, 2017 9:59 AM | Report Abuse

Attend Keck Seng's AGM and pose this question to its directors. I am not in a position to enlighten you.

Posted by tt101 > Jun 2, 2017 10:18 AM | Report Abuse

No offence. Frankly speaking, not an easy task to accumulate that huge cash and they still able stick to their initial principle.

Posted by prudentinvestor > Jun 2, 2017 12:56 PM | Report Abuse

Should have made better use of its huge cash pile like buying land and banking stocks when the market was down several years ago instead of keeping money in US, Singapore, Canada and Australian currencies.

Posted by SUPERDADDY > Jun 2, 2017 2:39 PM | Report Abuse

Hope for the best. Cheers!!!

Posted by fourM > Jun 2, 2017 5:13 PM | Report Abuse

tt101, the 200m was for financing the purchased of hotel in New York 3,4 years ago, based on my finding n understanding, loan interest rates in United State was lower than Hong Kong, Singapore, Malaysia, thus it was worth for the management to take loan from US and keep the cash to receive higher fixed deposits interest from other region. this is my personal opinion.

Posted by tt101 > Jun 3, 2017 9:39 AM | Report Abuse

fourM, thanks and I learnt.

the loan is taken by a subsidiary and considered a short term loan which it will mature on Jul 2017.

Notes payable obtained by certain subsidiary companies bear interest ranging from LIBOR + 1.25% -1.50% (2015: LIBOR + 1.25% - 1.50%) per annum and mature in July 2017. The loans are secured by corporate guarantee from the Company and are collateralized by the Deed of Trust over the subsidiaries' property, plant and equipment amounting to RM481,215,000
(2015 : RM472,327,000) as disclosed in Note 14.

Agreed it is a cheap fund.
http://www.global-rates.com/interest-rates/libor/american-dollar/2013.aspx

If using internal fund, it will be more cheaper and no risk to forex fluctuation.
Compared to few years ago, USD1 = MYR3.2 but right now USD1 = +-MYR4.3, means by using the cheap fund, the outstanding loan may had up for another 34%

Luckily got a

cross currency swap contract was entered to exchange the principal payments of a foreign currency denominated loan into another currency to reduce the Group's exposure from adverse fluctuations in foreign currency and interest rate.

really an interesting money game.

Posted by tt101 > Jun 3, 2017 9:42 AM | Report Abuse

Company start buy back own shares. Hope it will continue... and increase the volume

Posted by tt101 > Jun 3, 2017 9:55 AM | Report Abuse

Director also buy.....but volume too small.

Posted by cefiro22 > Jun 4, 2017 9:18 AM | Report Abuse

Hi...does anyone here know when Keck Seng last revalued it's fixed assets and in what year Annual Account was it shown? Thank You!

Posted by prudentinvestor > Jun 4, 2017 1:07 PM | Report Abuse

Read Keck Seng's Annual Report and you will find that it has never revalued any fixed plantation assets after acquisition, except lands that had been converted into housing. Many of its properties had been acquired in 1980 and their values should have appreciated by tens of times by today.

Posted by leslieroycarter > Jun 5, 2017 7:02 PM | Report Abuse

Revaluation need to pay more on property tax more so on conversion. Unlikely the co director will do that coz it may drain the reserves . Unless co mgt changing hands n let a new set of managers to manage n expand the co, no hope of any share value appreciation. They r comforting by drawing big salaries year after year even in bad times by keeping the reserves under co fold . As minority shareholders u got nothing except pittance dividend yield.

Posted by leslieroycarter > Jun 13, 2017 10:19 AM | Report Abuse

Tuesday, 30 May 2017

5:25PM KSENG General Meetings: Outcome of Meeting
5:25PM KSENG 1Q net loss 5.755 million (decreased 82.02%)

Posted by leslieroycarter > Jun 14, 2017 11:17 AM | Report Abuse

One day up next day down....

Posted by prudentinvestor > Jun 14, 2017 9:33 PM | Report Abuse

Keck Seng's net loss is expected to be much, much more than 5.755 million for the quarter ending 30/6 due to huge foreign exchange losses since 31/3.

Posted by fourM > Jun 22, 2017 10:48 PM | Report Abuse

Ho family re-organize 11,000,000 share at RM5.10 each.......??????

Posted by leslieroycarter > Jun 27, 2017 2:51 PM | Report Abuse

Chances r , this chap wants to take private coz the price is in rock bottom. Many who bought during its height had suffered greatly for years . I think no way to recoup losses as the man in charge is thinking for himself. Co had sold assets n shares but preferred to keep under the co. More were added to the reserves so that they can pay themselves more by way of emoluments either in good times or bad times. What minority shareholders r getting r yearly 6c per share for the RM 5 share. I see no future here, what about u?

Posted by cefiro22 > Jun 29, 2017 10:59 AM | Report Abuse

Those "die-hards" like me who have so much faith in Keck Seng, hoping that the Company will one day re-structure the business for the benefit of all the shareholders, but in the meantime will also declare some special dividends (eg United Malacca)... nothing happens except to gaze at the ballooning cash hoard with awe!
Go > privatise it, so we can start a new chapter and move on!

Posted by kmhb09558 > Jun 29, 2017 11:38 AM | Report Abuse

laosy management... need young n fresh people to manage, so much cash keep for what

Posted by leslieroycarter > Jun 29, 2017 4:45 PM | Report Abuse

Even price up still difficult to unload coz vol too small as there r v few buyers n sellers.

Posted by prudentinvestor > Jul 4, 2017 10:46 AM | Report Abuse

Hope that the relevant authorities will instruct Keck Seng's directors to distribute at least half of its cash holding to shareholders within one year, failing which its directors would have to make a MGO.

Posted by SUPERDADDY > Jul 4, 2017 3:03 PM | Report Abuse

CHEERS TO KECK SENG! ALL THE BEST TO ALL HOLDERS!!!

Posted by prudentinvestor > Jul 4, 2017 3:22 PM | Report Abuse

Since Keck Seng's directors are unwilling to pay more dividend from its huge cash pile, unwilling to buy its own shares more aggressively, unwilling to make better use of its cash and instead keep much of its cash in foreign currencies, investors just have to pray that our Ringgit keeps dropping every day.

Posted by cefiro22 > Jul 5, 2017 9:25 AM | Report Abuse

http://www.theedgemarkets.com/article/keck-seng-shareholding-changes-did-not-trigger-mandatory-general-offer

Looks like it might head in the same direction as WINGTM in a matter of time. If the Company just sit and do nothing, the share price will stagnate as tired holders dispose. No amount of prayers will help, except to benefit the controlling shareholders.

Posted by prudentinvestor > Jul 5, 2017 10:25 AM | Report Abuse

Buying properties/shares is definitely much better than keeping money in foreign currencies. Imagine if Keck Seng had allocated a small portion of its cash over the past one to two years, say 10 to 15% to buy the shares of some GLCs like Maybank.

Posted by bjaya > Aug 1, 2017 10:41 PM | Report Abuse

The fear of losing prompted them to hold on tightly onto their cash . Seeing & hugging the cash give the seniors inside KS a false sense of security which they savour until their heads over their heels.

Posted by prudentinvestor > Aug 1, 2017 11:22 PM | Report Abuse

Keck Seng is expected to incur foreign exchange losses amounting to RM20 million during the second quarter if its holdings in foreign currencies remained unchanged.

Posted by cefiro22 > Aug 2, 2017 4:56 PM | Report Abuse

Today's trading movement and before close "matching" prices at RM5.04 looks encouraging., foreign exchange losses if any discounted.

Posted by SUPERDADDY > Aug 2, 2017 5:09 PM | Report Abuse

Cheers to all strong holders.Kseng !Go!Go!Go!

Posted by Diamond7 > Aug 2, 2017 9:08 PM | Report Abuse

Hooray!
Brewing! We are all waiting patiently for it to bloom!
Special dividend? Bonus?

Posted by prudentinvestor > Aug 3, 2017 11:17 AM | Report Abuse

I don't think Keck Seng has ever paid any special dividend over the past 30 years. The last bonus issue declared by the company was in 2010. There was another bonus issue in 1995, so it is just once in a blue moon that Keck Seng declares a bonus issue. The directors will of course get their bonuses every year.

Posted by SUPERDADDY > Aug 3, 2017 3:28 PM | Report Abuse

Hope that it can stay above the RM5 level for a while before embarking in the next stage of recovery. Deeply undervalued now. Cheers!!!

Posted by SUPERDADDY > Aug 4, 2017 5:11 PM | Report Abuse

Holding steadily above RM5. Hope for more to come in coming weeks. Cheers!!!

Posted by prudentinvestor > Aug 6, 2017 4:35 PM | Report Abuse

Much of Keck Seng's plantation land is only a stone's throw away from housing schemes undertaken by EcoWorld and Mahsing. Even in small towns in Johor, such plantation land can easily fetch over RM 600,000 per acre but the land currently has a book value of under RM6,000 per acre.