hi lcwin, good to hear from you! From the AR2012, the Ku family holds slightly more than 50% stake. Im curious on how you get 80%? Publicmutual and Julius baer hold a total of 12%, with RBC at 3.1%. Invesco, Dimensional and AIA (total 11%) are accumulating while LTH and EPF are selling. These holdings make me feel comfortable holding it. even if it goes down, it is good for longterm value investors. Why dont the Ku family privatise last year, when they could offer a lower price? They probably could privatise at RM 2.50 when 2012 EPS was 32.7sen and BV at 2.80; instead of this year when EPS is expected to hit 60sen and BV of 3.30! your forecast of 45sen is decent enough. I expect EPS of 40-45sen in 2014. Even at 40sen, it still offers about 19% earnings yield! Not many can offer such yield today. With an intrinsic value of RM4-RM5, my margin of safety is at least 50%. By the way, Focus Malaysia is coming out with some news on KSL.

bonus issue is not a good move; issuing bonus shares at earning yield of 30% when you can issue debts at a cost of 5%? think about it. The depressing price is due to LTH keep selling. It seems like some big shareholders are controlling the movement of the share price. KSL needs a big PE fund to come in and then the price will move. I see that happening soon!
KSL target price is RM 4 based on DCF, remaining GDV of RM 5bn! The company has recurring profits of around RM 60mn or 15sen! I expect KSL to announce dividend of AT LEAST 10sen for FY2013. The share price will slowly moving up from now till end February, before the announcement of Q4 results as well as dividend! Vanguard is already a shareholder, picking up shares this year! KSL is tremendously undervalued!