Several factors can drive a share price to move up, and the most convincing ones usually revolve around the company's performance and market perception. Here are a few key factors:

Strong Earnings Reports: Companies that consistently report higher-than-expected earnings tend to see their share prices rise. Investors are drawn to profitable companies with strong financial performance.

Positive News and Developments: News of new product launches, strategic partnerships, acquisitions, or expansions can boost investor confidence and drive the share price up.

Economic Indicators: Broader economic trends, like GDP growth, lower unemployment rates, or favorable interest rate changes, can positively impact share prices as they suggest a healthy economic environment for businesses.

Analyst Upgrades: When financial analysts upgrade their ratings or increase their price targets for a stock, it often leads to increased investor interest and higher share prices.

Strong Management and Leadership: Effective leadership and a clear strategic vision can instill confidence in investors, making the company’s stock more attractive.

Market Sentiment: Investor sentiment, driven by overall market trends and investor behavior, can also play a significant role. Bullish markets often lift share prices as more investors buy stocks, whereas bearish markets can have the opposite effect.

Supply and Demand: Basic supply and demand dynamics in the stock market influence share prices. If more investors want to buy a stock than sell it, the price will likely increase.

Technical Indicators: For some traders, technical factors such as moving averages, support and resistance levels, and trading volumes can signal potential price movements.

the underlying value of a company (often referred to as its intrinsic value) is generally considered more important than its current share price.

Here's why:

Intrinsic Value: This is the perceived or calculated true value of a company, based on fundamentals such as earnings, dividends, growth potential, and overall financial health. Long-term investors often focus on intrinsic value because it represents the company's real worth, independent of market fluctuations.

Share Price: This is the price at which a stock is currently trading on the market. It can be influenced by various factors like investor sentiment, market conditions, news, and short-term events. While the share price provides a snapshot of what the market is willing to pay for the stock, it doesn't always reflect the company's actual value.

For example, a stock could be overvalued if its share price is higher than its intrinsic value, which might be driven by hype or speculation. Conversely, a stock might be undervalued if its share price is lower than its intrinsic value, presenting a potential buying opportunity for savvy investors.

To sum up, while the share price is important and relevant for buying and selling decisions, the underlying value gives a more accurate picture of a company's true worth and long-term potential.

Keck Seng , listed in 1977 owns about 9531 acres of land in JB
Below is real asset value of Keck Seng:-
(a) Net cash =RM1106.36m RM3.08/s

(b) Investment in securities =RM414.93 RM1.15/s

(c) Investment Properties : RM950m RM2.64/s

(d) 7912 acres plantation land in Pasir Gudang, JB
Revaluation RM0.5m per acres, Total RM3956 RM11.01/s

(e) 1626 acres property development land in Skudai, Terbau, Pasir Gudang, JB
revaluation RM1.5m/ acre, Total RM2439m RM6.79/s

(f) Hotel (2in USA in 1 in Canada), valuation from yr 1997 to 2014
Total RM407m RM1.13/s

(g) 514acres Pasir Gudang Golf course , 1980 valuation
RM81m RM0.22/s

(h) 51.6 acres olechemical factory RM50m RM0.14/s

(i) Other assets in balance sheet RM250m RM0.57/s

Total Asset Value: RM9654.29m RM26.87/s

(source of information, annual report FY2023 and FY2005 and 2018 minutes AGM of Keck Seng, year 2024 & documents from Keck Seng's sales gallery.

is it better to buy land throgh listed copany rather than direct?
There are pros and cons to both buying land through a listed company and purchasing it directly. Here are some considerations for each option:

Buying Through a Listed Company:
Pros:

Professional Management: Listed companies typically have experienced teams that handle the acquisition, development, and management of the land.

Due Diligence: These companies often perform thorough due diligence, reducing the risk of potential issues with the property.

Liquidity: Investing in a listed company can be more liquid than owning the land directly, as you can sell shares in the company more easily than selling land.

Diversification: By investing in a company, you're often exposed to a portfolio of properties, which can spread risk.

Cons:

Management Fees: You'll typically pay fees to the company for managing the properties.

Less Control: You won't have direct control over the land or decisions related to it.

Market Risk: The value of your investment can be affected by broader market conditions, not just the value of the land.

Buying Directly:
Pros:

Full Control: You have direct control over the land and can make decisions about its use and development.

No Management Fees: You avoid paying fees to a third party for managing the property.

Potential for Appreciation: Direct ownership allows you to benefit fully from any appreciation in the property's value.

Cons:

Time and Effort: Managing and maintaining the land can be time-consuming and require significant effort.

Higher Risk: Direct ownership comes with all the risks of property ownership, such as legal issues, zoning changes, or environmental problems.

Liquidity: Selling land can be more challenging and take longer than selling shares in a company.

Ultimately, the best choice depends on your investment goals, risk tolerance, and the level of involvement you want in managing the property.

Extract from annual report 2005
SIGNIFICANT EVENTS
(a) During the year the Group received an amount of approximately RM45.4 million being compensation for 181 acres of
plantation land acquired by the Johor State Government for construction of expressway. The gain arising from this acquisition
is approximately RM39.5 million.

In 2005, RM45.4m/181acres= RM250,828 per acre, Government of Malaysia is compensating not just based on agriculture land. After 19years, most of the area surrounding already developed into Taman-Taman. This is also to proof that Keck Seng landbank is equipped with great potential for property development. How much per acre do you think now? With the SEZ signed, how much more do we expect?

@prudentinvestor, your estimation RM500,000 per acre is realistic and probably underestimate if SEZ is confirmed.

From the earning point of view, see how much its made , selling RM45.4m and gain RM39.5m, the cost was only RM5.9m.

This is why I think Keck Seng will becomes "growth stock" when the company start to sell TPR tech park phase 2 in 2025

TPR INDUSTRIAL TECH PARK, PASIR GUDANG, JB
(A) 11259 acres, freehold title
(B) Master Plan :
Phase 1 : 6.6acres
Phase 2 : 192acres
Phase 3: 235.2acres
Phase 4: 291.4 acres
Phase 5: 277.7 acres
Phase 6: 123acres
Total = 1125.9acres

(C) Phase 2, 192 acres expected to be launched first quarter 2025

(D) Expected selling price: RM70 per sq ft / RM3.05m per acre

https://my.keckseng.com/minutes/KSM-Minutesofthe54thAGM.pdf

(E) Assume 192acres fully sold in FYDec2025
GDV =RM585m
Less RM117m (20% being cost of the GDV)
Pretax profit =RM468m
-Tax (24%) RM112m
Net profit RM356m , EPS =RM0.99

Conclusion: Earning per share of Ksek Seng is ecpected to cross RM1.00 in FY 31-12-2025

Note: (1) This Tech Park is from conversion of TPR Residential Property Development 893 acres and TPR Golf course 233 acres
https://my.keckseng.com/minutes/KSM-Minutesofthe54thAGM.pdf

(2) TPR stand for Tanjong Putri Resort in Pasir Gudnag, District of Johor Baru

#TPRTechParkMalaysia is a FREEHOLD light, medium and heavy industrial hub developed by Keck Seng Group with favorable geographical location in the heart of Pasir Gudang, Johor and with synergistic proximity to Tanjung Langsat Port, Johor Port, Senai International Airport, Johor Bahru city and Singapore. Phase I and II of #TPRTechPark Malaysia features prime and highly-usable sized land parcels FOR SALE and situated right next to the main trunk road of Jalan Pekeliling connecting industrialists and enterprises to and from Tanjung Langsat Port, Johor Port, Senai International Airport (via Senai-Desaru Expressway), Johor Bahru city (via Pasir Gudang Highway) and Singapore (via the Eastern-Dispersal Link Expressway and the Causeway). Owners, Management and Staff of enterprises in TPR TechPark Malaysia can also look forward to attractive housing opportunities as well as lifestyle amenities with matured and established surrounding townships of Tanjong Puteri Resort #TPR by Keck Seng Group, Taman Pasir Putih, EcoTropics (Taman Kota Masai) and Taman Scientex Pasir Gudang.
*Pasir Gudang Industrial Land for sales:
16000-48000sq meters (4-12 acres)
Be a part of catalytic growth /Direct from developer TPR Tech Park I &II

9 minutes arrive Tanjong Puteri Port
9minutes arrive Johor Port
35minutes arrive CIQ Sultan Iskandar (Ist Causeway)
40minutes arrive Senai International Airport
60minutes arrive Rapid Pengarang

*industrial land for sales, 6 phases, 1126acres
Commercial properties development =114acres


source:
https://www.facebook.com/hashtag/tprtechparkmalaysia

Q28) How many acres of land have been converted into industrial land titles for TPGR?
A28) 50 acres in TPR Tech Park 1 and 182 acres in TPR Tech Park 2, totalling 232 acres.

Source:
https://my.keckseng.com/minutes/KSM-Minutesofthe54thAGM.pdf

Q25) Please provide an update on the sale of industrial land in TPR Tech Park and the
selling prices achieved?
A25) There were four plots of industrial land sold in TPR Tech Park at prices averaging RM70
per square foot.

Source:
https://my.keckseng.com/minutes/KSM-Minutesofthe54thAGM.pdf

Keck Seng is the Largest landowner in Iskandar Malaysia

1. Bukit Chantek, Tong Hing & Tanjong Langsat Estate
10km east of ulu Tiram and about 30km from JB
Freehold/leasehold
2,382 hectar (planted area) or 5886 acres
book value: RM32,634m
last revaluation: 18-apr1980

2. Lim &l Lim Estate, Pasir Gudang, JB
2026acres Freehold

3. Bandar Baru Kangar Pulai
26km north-west of JB , Alongside of Jalan Skudai-Pontain road
Freehold/leasehold 586acres
Development of residential, commercial units and industrial land
book value =RM167,434m
last revaluation date: 18apr1980

4. Tanjong Putri Resort, 35km south-east of JB, Adjacent to Pasir Gudang Industrial Estate, Freehold =="Taman Tanjong Putri Industrial Tech Park, Pasir Gudang, JB 1126acres

5. Taman Daya Township, JB
Freehold 30acres

6. Taman Bukit Chaya Township, Masai, JB
Freehold 115acres

Total=9769 acres
Source: Annual report FYDec2023, FY Dec2012


According to RHB Research 13May2024, major landowner in Iskandar Malaysia
UEMS 7678 acres
IOIP 5448 acres
SPSETIA 2189 acres
ECOWORLD 1536 acres
MAHSING 1182 acres

Conclusion : Keck Seng is the largest landowner in Iskandar Malaysia

This article appeared in The Edge Financial Daily, August 17, 2010.

Asset-rich, most properties not revalued for decades
Keck Seng has four major operating segments — manufacturing, processing and marketing of refined palm oil products; hotels and golf resorts; property development and investment; and the cultivation of palm oil plantations.

For FY2009, manufacturing made up 70% of the RM913 million revenue, hotels and resorts contributed 12.9%, property development made up 8.2%, oil palm plantations 3.2% and share investment contributed 5.7%.

Parkway has sizeable plantations and property assets. Most of its plantation and property assets have not been revalued for decades, and have low book values which appear to be below market valuations.

Its Parkway stake, for instance, was acquired at low costs. From the disposal proceeds of RM327.49 million, the company will book in a one-off gain of RM260.14 million, implying investment cost of just RM67.35 million.

This will increase Keck Seng’s Dec 31, 2009 net assets per share from RM4.98 to RM6.07, slightly above the current share price of RM5.79.

The book value of its other assets have not been revalued for a long time and also appear undervalued.

Based on the company’s annual report for the financial year ended Dec 31, 2009 (FY2009), the last time its property and plantation landbank, mainly
located in Johor, was revalued was in April 1980.

Keck Seng has a total planted area of 3,673 ha, which produced 77,571 tonnes of fresh fruit bunches in FY2009.

Land held for property development in the southern state include the 208ha Tanjung Puteri Golf Course In Pasir Gudang, and residential /commercial land in several developments, namely Tanjung Puteri Resorts in Pasir Gudang (3.9 million sq m), Bandar Baru Tangkar Pulai in Pulai (2.13 million sq m) and Taman Daya, 13km from Johor Bahru (522,647 sq m).

Keck Seng also has an interesting portfolio of commercial properties.

The main assets consist of two hotels — the Doubletree Alana Waikiki hotel in Honolulu, Hawaii and Doubletree International Plaza in Toronto, Canada, the Menara Keck Seng office tower along Kuala Lumpur’s Jalan Bukit Bintang and the Regency Tower serviced apartments on Jalan Ceylon in Kuala Lumpur.

As for the buildings, most of the valuations were done in 1996-2000, with the latest in July 2006 for the Regency Tower apartments.

Menara Keck Seng was last valued in August 1996 at RM58.645 million for a floor area of 24,538 sq m or 264,125 sq ft. This translates into a book value of just RM222 per sq ft. In contrast, current property values for prime Kuala Lumpur office space is estimated at RM700 to RM900 per sq ft, on a net lettable area basis.

https://theedgemalaysia.com/article/keck-seng-unexpected-beneficiary-parkway-tussle

Keck Seng’s fundamentals and asset strategy make it a unique player in the Malaysian market. Here’s an analysis based on your points:

1. Financials and Cash Flow

• Keck Seng has historically shown stable revenues but with some cyclicality, largely due to its diversified businesses, which include plantations, property investment, and hospitality.
• Its cash flow generation has been strong, driven by its plantations and investments in real estate, but recent volatility in commodity prices and property demand could impact future consistency. Keck Seng’s cash reserves often reflect its conservative approach, which can be positive during downturns but may restrict high growth potential.

2. Reserves and Asset Valuation

• A key strength of Keck Seng is its substantial land holdings, many acquired in the 1950s and 1960s at relatively low costs, primarily in prime locations. This provides it with significant unrealized gains, as property values have appreciated immensely. These reserves allow the company to secure long-term stability and asset backing.
• A revaluation of these assets to current market prices could reveal a much higher net asset value (NAV) than what’s currently recorded. The unrealized potential from these assets provides a cushion against economic downturns and enhances Keck Seng’s book value.

3. Asset Retention Strategy

• Keck Seng may choose to retain assets rather than sell or distribute proceeds to shareholders for several reasons:
• Strategic Flexibility: Keeping assets allows the company to leverage them in downturns or use them as collateral for future expansions.
• Long-Term Appreciation: Holding assets allows Keck Seng to benefit from continuous land appreciation, a likely motivation given the inflation-resistant nature of land investments.
• Internal Expansion: Retained assets can be redeveloped or used to expand existing business segments, especially if Keck Seng plans to diversify or increase its footprint in high-value areas.

4. Expansion and Future Prospects

• Keck Seng has potential opportunities in redeveloping some of its older assets, possibly into mixed-use or commercial properties that could yield higher income.
• Diversifying more actively into sectors with growth potential—such as sustainable agriculture or tourism-oriented hospitality properties—could help improve growth rates.
• Partnerships or joint ventures with larger players could also provide a pathway to unlock the latent value of Keck Seng’s assets without heavy capital expenditure.

5. Strategies to Elevate Keck Seng’s Market Standing

• Unlocking Asset Value: A partial revaluation or selective sale of high-value assets could unlock hidden value for shareholders and potentially offer special dividends.
• Improving Transparency: Enhanced reporting on asset valuations, future plans, and business segment performance could boost investor confidence and attract institutional interest.
• Capital Optimization: Reinvesting capital into high-growth areas or issuing dividends from asset sales could appeal to shareholders, enhancing market value and Keck Seng’s attractiveness as an investment.
• Modernizing Business Lines: Expanding into digitalized agribusiness, eco-tourism, or sustainable hospitality may set Keck Seng apart as a forward-looking company that maximizes its legacy assets.

https://www.klsescreener.com/v2/comment/7296685

WHY I THINK KSENG IS AGGRESIVELY UNLOCKING IT'S LANDBANK THROUGH PROPERTY DEVELOPMENT?

According to annual report 2022, Bandar Baru Kangar Pulai township, Skudai, Johor Baru.
June2022 launched 132units two story cluster house
Dec2022 launched 139 units two story terrace house
2022 Total 271 units, GDV =RM140M

In 2023, Bandar Baru Kangar Pulai
May2023 launched 172units two story cluster house
Nov2023 launched 112units two story terrace house
Total 284units GDV=RM160

Taman Tanjung Putreri Resort , Pasir Gudang, JB
May2023 launched 113units single story terrace house
Nove2023 launched 88units two story terrace house
Total 201units GDV=RM70m

TPR Industrial Tech Park phase 1, 6.6acres in Pasir gudang
GDV=RM20m

2023 Total GDV= RM160m+RM70m+RM20m=RM250m

In 2024, Taman Daya , JB (12KM from JB city center)
March 2024 launched 106units Bungalow , Semi-D and cluster house
Pending launching 850units service apartment
pending launching 90units Bungalow, semi-D, cluster house
Total 1036units , GDV =RM220m+RM300m=RM520m

Bandar Baru Kangar Pulai township
Pending launching 280units landed properties, GDV RM160m
Luanched 72units two story shop office RM50m

TPR Industrial Tech Park , Pasir Gudang 2nd phase 192acres
Pending launching GDV=RM600m

New township in Masai JB: Taman Bukit Cahaya
Pending launching 95units two story terrace house , GDV RM40m

2024-2025 1qtr Total GDV=RM520m+RM160m+RM50m+RM600m+RM40m=1.370b

Property development GDV from RM160m in 2022 to RM1.370b in 2024-2025 Ist qtr. 800% increase !! How do we quantity these into EPS?

PREDICTION OF 4TH QTR FYDEC2024 PRETAX PROFIT

PROPERTY DEVELOPMENT &INVESTMENT= RM32M
HOTEL BUSINESSES IN USA &CANADA =RM 10M
OLECHEM MANUFACTURING =RM10M
PLANTATION =RM8M
INTEREST INCOME =RM9M
DIVIDEND INCOME =1M
FOREIGN CURRENCY SAVING (FOREX)=RM45M
TOTAL PRETAX PROFIT =RM115M

Assumptions of the prediction of next qtr profit:-
1. based on current forex: USD -MYR 4.47, SGD-myr 3.33
2. businesses most affected by USD= Hotel in USA & Canada and Oleochem products for export
3. On 30sept2024, Forex USD -MYR 4.12, SGD-MYR 3.2
4. 3rd qtr FY Dec2024: Forex losses -RM76m,
co. pretax loss -RM36m,--->co. pretax profit excluding Forex losses =RM76m-RM36m=RM40m
(this is not a recommendation to buy or sell, purely for academic study!)

I strongly believe the value unlocking engineering is in progress...................after so many n n n years.

prudentinvestor, would you mind to compute the actual value to be unlock? will investor still claim that Kseng a value stock or growth stock in coming years?

The Tanjong Puteri Resort TechPark in Pasir Gudang will offer several types of industrial land, including:

Freehold Industrial Land: Available for purchase at approximately RM 79.96 per square foot.

60-Year Leasehold Industrial Land: Available at around RM 52.00 per square foot for smaller plots and RM 60.42 per square foot for larger plots.

The TechPark will feature state-of-the-art facilities, including advanced infrastructure, ample parking space, and access to essential services. This development aims to attract a wide range of industries, from manufacturing to logistics and technology.

On October 20, 2022, KSM and its 99.8%-owned subsidiary, Lim & Lim Plantations Bhd, signed a comprehensive development agreement to allocate 20 acres of land to MBPG. This land will be used to develop a new administrative center in Pasir Gudang City

The 11th Malaysia-Singapore Leaders’ Retreat will focus on several key topics:

Finalizing the Johor-Singapore Special Economic Zone (JS-SEZ): Both countries aim to sign the JS-SEZ Joint Agreement.

Enhancing Cross-Border Flows: Improving the flow of goods and people between Malaysia and Singapore.

Business Ecosystem: Strengthening the business environment within the SEZ to support investments.

One-Stop Business Service Center: Establishing a center in Johor to facilitate approvals and licenses for Singapore businesses.

Passport-Free QR Code Clearance: Implementing a QR code system for easier border crossings.

Digitized Cargo Clearance: Adopting digital processes for cargo clearance at land checkpoints.

Investor Forum: Co-organizing an investors forum to gather feedback from businesses in both countries.

Talent Development: Curating training and work-based learning initiatives to address skills gaps.

Joint Promotion Events: Developing events to promote collaboration between Malaysia and Singapore

look at the retained earnings 2,222,113,000 vs the share capital 372,005,000, it should be right for the board to declare bonus every 3 years so that share will be more liquid and more appealing to institution investors. Liquidity is an issue for fund to consider buying a share.

agree that management should get the money invested instead of holding cash. How do we know what will be the exchange rate next month or next year? BTW, it is expected next quarter will be forex gain.

Buying a listed entity solely because of its undervalued landbanks can be a risky strategy. While undervalued landbanks might seem like an attractive opportunity, there are several factors to consider:

Market Conditions: The real estate market can be highly volatile. Economic downturns, changes in government policies, and shifts in market demand can significantly impact the value of landbanks2.

Company's Financial Health: It's crucial to assess the overall financial health of the company. Even if the landbanks are valuable, the company might have other liabilities or operational issues that could affect its performance.

Development Potential: The potential for development and the company's ability to execute development plans are important. Not all landbanks are equal; their value depends on location, zoning laws, and the feasibility of development projects.

Management Quality: The quality of the company's management team and their track record in successfully developing landbanks can make a significant difference.

Regulatory and Legal Risks: There might be legal or regulatory challenges associated with the landbanks that could affect their value.

will EWINT declare a higher dividend in anticipate of dividend tax 2% by next year?

Land is considered a valuable investment for several reasons:

Appreciation in Value: Over time, the value of land tends to appreciate, especially in areas with growing demand due to population growth, urbanization, and economic development.

Scarcity: Land is a finite resource; there’s only so much of it available, which makes it inherently valuable.

Versatility: Land can be used for various purposes, such as residential, commercial, agricultural, or industrial developments, giving investors multiple options to generate income.

Tangible Asset: Unlike stocks or bonds, land is a physical asset that you can see and touch. This can provide a sense of security for some investors.

Hedge Against Inflation: Land often retains its value and even appreciates during periods of inflation, making it a good hedge against the declining purchasing power of money.

Passive Income: Land can generate passive income through rental yields or leasing, particularly in the case of agricultural land or properties developed for commercial use.

I like the concept of owning Kseng and enjoying the "free landbank " dated back in 1980. Why is the land bank considered "free"? This is because the cash per share of the company is about RM3.2. + the company investment in securities RM1.15 and recurring rental income RM2.65=RM7 which is already higher than the current share price RM5.8. Kseng owns 9000+ acres of land in Johor. For every 1000 share of Kseng share is equivalent of owing 0.02365 acres of land.

is foreign currency loss a non operation siisue?
Foreign currency losses can indeed be considered non-operational issues, depending on the context and the way a company's financial statements are prepared. Non-operational items are typically those that are not part of the company's core business activities. Foreign currency losses often fall into this category because they arise from fluctuations in exchange rates rather than the company's primary operations.

For example, if a company based in Malaysia has investments or operations in the United States, the value of these investments can fluctuate with the exchange rate between the Malaysian Ringgit (MYR) and the US Dollar (USD). These gains or losses from currency exchange would typically be classified as non-operational in the financial statements.

Kseng management can consider meeting up with analyst to cover its stock and employ professional investor relationship manager to deploy what is the company progress in landbank unlocking especially the converted landbank from TPGolf to industrial title for sell. Beside, most investor probably would like to know how will Kseng benefits from SEZ in the event that materalized. You don't have to tell MORE or tell LESS, you just have to tell the CORRECT picture what's the company progressing and let investor judge whether it's suitable to invest or not. At the end, what everyone hope for is the market better reflect the true value of the company.

For Kseng, the management might have to consider how do improve the liquidity of the share. Example can be share split or bonus issue, whichever way will helps!

Active vs. Passive Management: For active fund managers, liquidity is critical to executing strategies that involve frequent trading or rebalancing. Passive managers may be less affected but still consider liquidity for rebalancing purposes.
Market Capitalization: Larger companies generally offer better liquidity compared to smaller, less-established firms. Fund managers might favor stocks of larger companies for their better liquidity profiles.

I think Kseng will touch RM7/RM8/or even RM15 one day. But, what's your purpose to ask such a question? If Kseng is RM8 now, what would you do? 1) Buy More because it proved that what we compute on the value is correct and we bough quite undervalue? 2) HOLD, maybe sell 20% and feel happy about our instinct? 3)SELL, take profit and find another more undervalue counter? Just imagine, if you claim to be the shareholder/owner of the company, you know that how much your co. is worth, right? at least RM20? Why would we bother to see the price increase to RM7/RM8/RM9? And, why would we worry if price dropped back to RM5? Does this price matter to major shareholder? If you bought at RM3, you already make 100%. If your start buy at RM6 and hope for the SEZ, you hope price can goes to RM8? How about the major shareholder whom holding cost is RM0.20? Do your think he will sell it to other?......If you have RM5m FD at bank and your famous friend Mr. Calvin Tan shouted at you that you are a poor guy, would you be angry with him? So, you know very well that Mr. Calvin is wrong and you wont even bother about what he said?

The Company has been and will continue to diversify into various types of property development. Previously, the Company focused primarily on residential and commercial properties, but now the Company is expanding further into property investment, such as TD Point and TD Central. Moving forward, the Company will be starting industrial park projects and service apartments, broadening the range of products to buyers. In the next three years, the Company expects to significantly develop the BBKP township and initiate development in Taman Bukit Cahaya. The Company’s commercial properties, TD Central and BBKP Central, are expected to be more vibrant and mature. In addition, the Company will have developed a portion of the industrial segments, namely TPR Tech Park I and II.

(a)
How will the Company use its RM1.2 billion reserves?
(b)
Does the Company plan to distribute 50% of net profits as dividends or issue bonus shares? The dividend payout ratio of the Company is extremely low despite the Company’s high annual cash inflows and huge cash balance in the balance sheet. Loyal shareholders are not getting reasonable dividends based on the Company’s financial performance and standing.
A1)
(a)
The RM1.2 billion reserves are being maintained for several key reasons, to ensure the Company’s financial stability and to support its ongoing and future business developments and acquisitions. These reserves allow the Company to be both prudent, yet agile in seizing such opportunities.
(b)
The Company had demonstrated its commitment to shareholders’ returns by declaring a total dividend of 15 sen per share for 2023, which includes a special dividend of 5 sen per share. This reflects the Company’s effort to return value to shareholders.
While Management acknowledges and will consider various proposals on dividend payout and bonus shares, these must be evaluated within the broader context of the Company’s strategic objectives and prevailing market conditions. The Board remains committed to balancing immediate shareholder returns with the long-term sustainability and growth of the Company.

Another example of a company that monetizes their lands well is Crescendo.
Crescendo was one of the first companies that announced land sale to DC back in Nov 2023. Since
then, it has announced a total of four land sales to DCs to-date. In its latest quarterly results 1QFY25
(FYE: Jan), the group NTA was lifted significantly to RM4.36 (+24.2% from RM3.51 from the
preceding quarter) as it recognized substantial land sale gains to DC. There remains more land
sale to DCs that will be recognized in subsequent quarters. Other than this, the group also managed
to capitalize on the steep price rise near RTS station as it acquired a land near the station in Sep
2023 for a purchase price of RM72m. Since its acquisition, the GDV of the project was revised
upwards several times from RM700m to RM900m and most recently to RM1bn, indicating how rapid
house prices are rising in that area. At RM1bn, the land cost-to-GDV is only 7%, thus, the project
margin should be very lucrative. The project is slated to be launched soon in 2HFY25. .......can we suggest Kseng management do the same??

Execution is key. “It's not about the cards you are dealt with, but how you play the hand.” ― Randy
Pausch. In the case of property developers, having large landbanks at strategic locations is akin to
being dealt a good set of cards in a card game. Nonetheless, the value of the lands are only as
good as the hands that they are in. At the end of the day, the value of the lands depend on the
ability of a company management to monetize and maximize the yield of the lands. This is the
Property l Sector Outlook/Thematic
18 HLIB Research l www.hlebroking.com
reason why some of the developers continue to trade at steep discount to book value while some
companies are already trading at a premium to it

https://www.enanyang.my/%E8%B4%A2%E7%BB%8F%E6%96%B0%E9%97%BB/%E3%80%90%E8%82%A1%E5%8A%BF%E5%85%88%E6%9C%BA%E3%80%91%E6%9F%94%E6%96%B0%E7%89%B9%E5%8C%BA%E6%88%BF%E4%BA%A7%E6%8A%95%E8%B5%843%E5%A4%A7%E8%80%83%E9%87%8F%E9%99%88%E8%BE%BE%E7%BB%B4

i like what have been written : 1) Value Is Mispriced By The Market. 2) Value Is Misplaced. 3) Value Is Overlooked 4) Value Is Created 5) Value Is Enhanced 7) THE HIGHEST VALUE IN LIFE IS WISDOM. If we apply it correctly!!!

$$Prudentinvestor, FYI, There were four plots of industrial land sold in TPR Tech Park at prices averaging RM70 per square foot. This is around RM3m per acres. Your valuation is a bit conservative? I think no one here question about how undervalue about Kseng landbank. The most important part is how the sell of landbanks or developments to unlock value?

agree that most johor based companies will do well next few years. Cresndo got EPS 1.03 and yet it's up only 3sen. Question is, any news that Kseng sell landbank to data center? I know that Pasir Gudang is a heavy industrial zone and maybe suitable for DC. But no news, right? If Kseng sell the industrial land in Pasir Gudang, maybe we will see EPS 1.00 extra? We can only hope!

what can we conclude the cash/share keeps increasing year over year?

KSENG Net Cash RM per share
1998 79.37 0.3029
1999 169.19 0.7
2000 109.05 0.452
2001 147.73 0.611
2002 139.65 0.578
2003 149.34 0.618
2004 155.19 0.643
2005 225.35 0.933
2006 188.85 0.782
2007 136.8 0.567
2008 256.13 1.06
2009 327.96 1.36
2010 666.26 2.76
2011 705 1.96
2012 746.91 2.07
2013 917.83 2.55
2014 720 2.00
2015 797.2 2.22
2016 790.43 2.2
2017 780.94 2.17
2018 704.29 1.96
2019 770.38 2.14
2020 706.18 1.96
2021 795.58 2.21
2022 1033.14 2.875
2023 1106.4 3.079
2024 1252.8 3.46

compare to LBS-PA Revised Exercise/Conversion Ratio 10 : 11,
10x.92=9.2/11=0.83 vs mother price 0.705, premium 18%

One will pay a lower premium of 18% instead of 39% in call warrants.
On top of the lower premium, one also gets 6.6/.92 =7% of dividend p.a
Also, if the overall interest rate is dropping, it is worth it for the Board of LBS to consider redemption on RCPS and refinance with a cheaper rate sukuk

current market price 0.1+exercise price 0.88= 0.98 vs mother price 0.705, a premium of 39% , about 6months to maturity.

5789CD LBS-CD LBS-CD: CW LBS BINA GROUP BERHAD (KIBB)
Listing Information & Profile for Structured Warrants

Instrument Category : Structured Warrants
Instrument Type : CALL WARRANTS
Description : EUROPEAN STYLE NON-COLLATERALISED CASH-SETTLED CALL WARRANTS
Underlying Stock : LBS BINA GROUP BERHAD
Issuer : KENANGA INVESTMENT BANK BERHAD
Stock Code : 5789CD
Stock Short Name : LBS-CD
ISIN Code : MYL5789CDY97
Board : Structured Warrants
Sector : PROPERTY
Initial Listing Information :
Listing Date : 27/10/2023
Term Sheet Date : 26/10/2023
Issue Date : 26/10/2023
Issue / Ask Price : Malaysian Ringgit (MYR) 0.1500
Issue Size in Unit : 35,000,000.0000
Maturity Date : 23/09/2024
Name of Guarantor: Not Applicable
Name of Trustee: Not Applicable
Coupon/Profit/Interest/Payment Rate: Not Applicable
Coupon/Profit/Interest/Payment Frequency: Not Applicable
Redemption: Not Applicable
Exercise/ Strike/ Conversion Price : Malaysian Ringgit (MYR) 0.8800
Revised Exercise/ Strike/ Conversion Price :
Exercise/ Conversion Ratio : 1 : 1
Revised Exercise/ Conversion Ratio :
Settlement Type/ Convertible into : Cash

according to the terms sheet, nothing is exciting on the current yield, i.e. 5/0.875=5.7% p.a. You may get this type of yield in most good dividend-paying companies or REITs. The most interesting part is the redemption mode of the RCPS which stated Any outstanding RPS as at the Maturity Date which
have not already been redeemed by the Company shall be mandatorily redeemed by
the Company.Any outstanding RPS as of the Maturity Date which
have not already been redeemed by the Company shall be mandatorily redeemed by
the Company.Any outstanding RPS as at the Maturity Date which
have not already been redeemed by the Company shall be mandatorily redeemed by
the Company. That means with the current price of 0.875, RCPS shall get back RM1.00 in two years on maturity.
So, the actual YTM={(1-0.875)+0.05+0.05}/0.875=25.7% / 2= 12.85% p.a
The only risk the the risk of the company being unable to redeem the RCPS on redemption due to financial constraints.

(This serves as a academic sharing purpose and not a recommendation to buy or sell!!!)

Instrument Category : Securities of PLC
Instrument Type : Preference Shares
Description : 106,441,367 NEW REDEEMABLE PREFERENCE SHARES IN OMESTI BERHAD
("OMESTI") ("RPS") ISSUED PURSUANT TO THE RENOUNCEABLE RIGHTS ISSUE ("RIGHTS
ISSUE OF RPS WITH WARRANTS")
Initial Listing Information :
Listing Date : 07/04/2021
Issue Date : 01/04/2021
Issue / Ask Price : Malaysian Ringgit (MYR) 1.0000
Issue Size in Unit : 106,441,367.0000
Maturity Date : 31/03/2026
Revised Maturity Date :
Name of Guarantor: Not Applicable
Name of Trustee: Not Applicable
Coupon/Profit/Interest/Payment Rate: Cumulative gross preferential dividend
rate out of the distributable profits of Omesti, at a fixed rate of 5.0% per
annum based on the issue price of RM1.00 per RPS.
Coupon/Profit/Interest/Payment Frequency: The dividends for the RPS shall be
paid every 6 months period ending 30th June and 31st December of each year,
with the first dividend payment to be paid either on 30th June or 31st
December, commencing on or after 30th June 2021, wherein the dividend rate of
5.0% per annum shall be pro-rated from the date of issuance of the RPS. The
last dividend payment shall be made on the Maturity Date.
Redemption: The Company may at its option and discretion redeem any of the RPS
on a pro-rata basis at 100% of the Issue Price at any time during the tenure of
the RPS up to the Maturity Date by giving not less than 7 business days notice
of its intention to do so.Any outstanding RPS as at the Maturity Date which
have not already been redeemed by the Company shall be mandatorily redeemed by
the Company.
Exercise/Conversion Period : 5.00 Year(s)
Revised Exercise/Conversion Period : Not Applicable
Exercise/ Strike/ Conversion Price : Malaysian Ringgit (MYR) 0.0000
Revised Exercise/ Strike/ Conversion Price :
Exercise/ Conversion Ratio : 0
Revised Exercise/ Conversion Ratio :
Mode of Satisfaction of Exercise/Conversion Price : Not Applicable
Settlement Type/ Convertible into : Cash
Remarks : This announcement is dated 6 April 2021.

LBS BINA GROUP BERHAD
Instrument Category Securities of PLC
Instrument Type Preference Shares
Description Adjustments to the conversion ratio of the existing redeemable convertible preference shares ("RCPS") in LBS Bina Group Berhad ("LBGB" or "Company") issued on 8 August 2017 in accordance with the Constitution of LBGB pursuant to the subdivision of every 1 existing ordinary share in LBGB into 2 ordinary shares in LBGB ("Subdivided Share(s)") ("Subdivision") and the bonus issue of new ordinary shares ("Bonus Shares") on the basis of 1 Bonus Share for every 10 Subdivided Shares held by the shareholders of LBGB at 5.00 p.m. on 26 February 2018 ("Entitlement Date") ("Bonus Issue") ("Adjustment")
Listing Date 11 Aug 2017
Issue Date 08 Aug 2017
Issue/ Ask Price Malaysian Ringgit (MYR) 1.1000
Issue Size Indicator Unit
Issue Size in Unit 115,448,037
Maturity Non Mandatory
Maturity Date Not Applicable
Name of Guarantor Not Applicable
Name of Trustee Not Applicable
Coupon/Profit/Interest/Payment Rate The Company shall at its discretion and subject to the availability of distributable profits pay out a targeted preferential dividends of 6% in each financial year calculated on the Issue Price of the RCPS from and including the Issue Date until the date of redemption of the RCPS.
Coupon/Profit/Interest/Payment Frequency The preferential dividends, if declared, shall be payable annually in arrears, subject to availability of distributable profits. Although annual payments are anticipated as disclosed above, the Company may defer, in part or in whole, such payments depending on availability of distributable profits ("Deferred Dividends"). For avoidance of doubt, the Company is not obliged to pay any dividends or Deferred Dividends, as the case may be, in the event that it has insufficient distributable profits.
Redemption Subject to the provisions of the Companies Act, 2016, and any other applicable legislation, the Company may at any time on or after the 5th anniversary of the Issue Date, at its discretion, redeem all (and not some only) of the outstanding RCPS by giving notice in writing not less than 30 days prior to the redemption date to the holders of RCPS of its intention to do so.
Exercise/Conversion Period Not Applicable
Exercise/Strike/Conversion Price Malaysian Ringgit (MYR) 2.2000
Revised Exercise/Strike/Conversion Price Malaysian Ringgit (MYR) 1.0000
Exercise/Conversion Ratio 2 : 1
Revised Exercise/Conversion Ratio 10 : 11
Mode of satisfaction of Exercise/ Conversion price Tendering of securities
Settlement Type/ Convertible into Physical (Shares)

https://www.bursamalaysia.com/market_information/announcements/company_announcement/announcement_details?ann_id=2832365