The proposed fake news law will cover KSL and all commercial news as well. It will also cover remisiers and stock brokers and people like Koon. But will the authorities enforce it against them as well as the politicians?

I suspects those bangsats actually have inside info from remisiers as well as management as to who are the minors and who is on borrowed money. Their selling is coordinated and calibrated. So please change remisiers and brokers if you even suspect smoke. I have changed mine!

As for the management insiders, sooner rather than later they will meet their just desserts under the law!

And why directors pay themselves RM30M (15% of 2016 net profit) when they say they need capital?

Apart from suing, only the Securities Commission and Bursa have teeth.

Babies, don't sell. The company is very profitable and full of undervalued assets. Only the directors are %^%$#!

@spider68. RVI123 had already given the payment for directors' fees for 2016 at RM30,150,000. Directors' fees for FY2017 not in quarterly unaudited reports. Will have to wait for annual report for 2017 due to be out soon.

Yeah selling by some fed up investors. But a group of 5 have queued up to buy 540K shares at 97.5 sens. I can see what their tactics are. This is daylight robbery.

The closing price is the lowest for the last 4 years or so. And this for a company making profit by the hundreds of millions and just shelled out RM311M for over 200 cares of prime land in prime locations.

The only explanation is that the price deliberately tamped down for the majors to privatise. Unless someone has a better explanation.

@spider68. Yeah, I was also wrong-footed. The Chairman did say that the policy is not legally binding, but there was no indication that he did not intend to keep the policy. He just did not honour the promise and gave no indication that the promise is discarded. In the meantime, the directors are paid more than RM30M per year.

More tamping down of the share price today.

KSL just spent RM311M buying land. They have cash. They just don't pay dividends. In the meantime, the share price is being depressed downwards to force weaker holders to divest. Just look at the sell queue over the past weeks - clear signs of manipulation. The SC should investigate!

China just slapped a 5.5 billion yuan fine for stock market manipulation: https://www.businesstimes.com.sg/banking-finance/china-imposes-55b-yuan-fine-for-manipulation

There is a gold-mine for the Securities Commission if they investigate KSL, especially the Dec 2014 double sell-downs. Also the present tamping down of KSLs share price. The buy/sell queues show signs of deliberate manipulation!

"If one does not have the patience, it would be best if you left the market, or try your hand at trading. Who knows, you may very well be the 10% who make money".

OK Jon Choivo. You have your strategy, others have theirs. No need to lecture.

Anyone invested in KSL is already indirectly invested in "Klang KSL project". There is a chance that KSL may drop further to say support level of 80 sens.

@enid888. Yes - use current market price RNAV for calculating NTA especially for investment decision. This would include land held for development.

enid888. Land held for development cannot be revalued because of tax implications. It's only when they are sold either as undeveloped land or developed into properties either as investments (Malls) or sold (houses) that the market value of the land is realised (sales land or houses) or revaluated (investment properties) and booked.

The fair value gains booked by KSL is from the development of its malls (e.g. Klang) and/or revaluation of properties already developed (Hotels, malls).

But I agree with your drift about the market value of KSL's assets. The value of KSL's investment properties can be realised either by sale or placed in an REIT.

KSL already stated in 2015 AGM that whilst REIT is considered, the idea is not implemented.

@pidan2014 & enid888. My take is that KSL's share price will rebound when they fulfill their promise to pay out 40% of operation profits as dividends.

@stkoay. Happy CNY to you too. And congratulations on your profit in 2014.

@enid888. I suspect another smoking gun is the persons behind the massive sell-downs in Dec 2014. I suspect they were representatives of KSL's insiders or KSL's insiders themselves (although they would not be so foolish to do so themselves). The evidence is in the records of the KLSE trading system. Only the Securities Commission can have access to those records in the database for a forensic investigation, identify the persons involved and question them. At most they would just be about 20 persons in number. They can be easily identified - repeated rapid sellers, likely with borrowed shares.

The Feb 2015 sell down is understandable since KSL did not meet its much hyped property sales target of RM1 billion and in fact could have made a loss in the property div for qtr 4 FY 2014.

But the double sell-downs of Dec 2014 is very suspicious. Although the whole KLSE was down in Dec 2014, KSL should not be down so drastically due to the div patout and bonus share issue.

Matrix's share price was cushioned by its generous and consistent dividends at around the same period - https://klse.i3investor.com/mqtrader/sf/chart/stk/5236.

If onelooks at the trading today, it is quite clear that KSL's share price is being artificially tamped down in coordinated effort - 801K shares by 11 persons queuing to sell!

@enid888. We are investors who did our homework. We should not be victimised.

pradeep. Besides, knowledge and friendliness are useless with KSL. What is needed is countervailing legal power to get them to heel.

pradeep. I do not know Mr. Wong. And I am facing some wolves with a lot of sharp financial teeth. It's good to be cautious.

@enid888. Spot on. When I first started investing in KSL several years ago, my calculations led me to the same conclusion. I was also into Hap Seng. But I did not factor in KSL's management's likely shenanigans. Nowadays, I also look at the BOD's members profile before I invest.

@Jon Choivo. Your point noted. You are likely a new investor buying at RM1. Older investors who bought at more than RM1 based on management sanctioned hype, faced the prospect of going to holland.

I have just sent a complaint to the MSWG.

pradeep. Is Mr. Wong the official watch dog of Bursa?

@pradeep. I quote you:"..what about other public funds that had invested in the company ,have the fund managers made a mistake..".

No fund manager worth his salt, especially public funds like TH, will endure zero dividends for 2 years and then endure a crash in the share price of 50% or more, and not call it a mistake. When calling a decision a mistake, we go by the evidence and not by the reputation of the decision maker even though it is a reputable and sizable fund like TH.

@Jon Choivo. That's exactly the point. If the directors'remuneration is in the form of share options, they will have incentives to maintain the share price.

If paid in pure cash like KSL, they can have the best of both worlds - paying themselves obscene salaries and thrashing the share price in order to collect (at RM1 per share, it may be as good as share option) using their obscene salaries. In the meantime, the minors will be sent to holland.

Being paid at RM30 million per year, the directors can wait a long time before they, if ever, implement share-price friendly policies.

KSL's directors seems to be mentally and morally sick somewhere!

@asdf. THanks for the link to the 2015 AGM. The answers given by the directors were nothing new. But the answer to the third question on the the 40% of profit div payout was and is pure BS.

pradeep. In terms if getting results, attendance at the AGM may help but would be ineffective. Only the authorities like the Securities Commission can bring results.

pradeep. What official position is Mr. Wong holding? Has he any institutional power to redress? If he is really watching, he should have barked in 2016. If you have the Securities Commissioner's contact, please post it. I am virtually certain that others will also like to complain. In terms of advocacy, only the Securities Commission has the power to investigate.

It is no longer "if" I have a valid complaint. The evidence in terms of 'smoke' is overwhelmingly there. Hard evidence can only come through a forensic investigation.

I am trying to get to the right authorities for this, including getting the right tali to ensure an investigation.

pradeep. Please note that The Edge also carried the report on the 40% of profit payout ad div promise by KSL: http://www.theedgemarkets.com/article/ksl-sets-minimum-40-dividend-payout-policy

The Edge report dated Mar 16 2015 was never denied.

pradeep. The MSMN reports - some of the links already given. Evidence in KLSE's share trading system - I have no access. That's why we need the Securities Commission to investigate.

A third type of admissible evidence is adduced evidence - evidenced implied by the facts. The analysis I gave above, based on factual events/evidence, is an example of adduced evidence.

It is pointless to seek "clarification" (more BS?) from the management. Its 3 to 4 years since. And they have not denied the MSM reports. They are now estopped from denying the reports. And many investors suffered losses basing their judgement on those reports.

Also please note the evidence:

1) In FY2014, they misled investors on the sales volume for FY2014. This caused the share price to crash in Feb 2015 when the publicly hyped (by the KSL executive Chairman as reported and not denied) sales volume of the property division did not amount to RM1B as KSL's management publicly hyped that it would.

2) The sudden double sell-down in Dec 2014 that deprived spooked sellers of the dividend and bonus shares; only a check of the transactions in KLSE's trading system can ensure that KSL's insiders were not involved. Only the Securities Commission (SC) can have access to it and therefore only the SC can investigate.

3) The failure to keep their (non-binding) promise to pay out 40% of their net operational profits for 3 consecutive years without giving good reasons. they did pay div in 2015, but only 2 sens per share. If they pay 40% as promised, the payout should have been about 8 sens per share.

4) Directors paid themselves RM30 million which amount to about 15% of operational profits whilst not paying dividends.

5) Because a) Management did not meet publicly hyped sales target in 2014 and
b) failed to pay dividends at the promised rate,
KSL's share price crashed again to the current level of about
RM1.02/share. This resulted in heavy losses for the minority
shareholders.

The Securities Commission should pick up on this and investigate. There is enough evidence/smoke for them to launch an investigation!

They have proposed to dilute the shares. Price will have to find support at some (lower?)level before it can stabilise. Vivocom's management is dodgy and do nto care for minority shareholders.

pradeep. Proof as like Einstein's proofs, is hard to come by. But evidence, both circumstantial and documented (in MSM's reports and KLSE's system) are there for the taking. And in criminal prosecution, especially in capital crimes like murder, if the chain of circumstantial evidence is sufficient, the proof of guilt is deemed to be successful and the death sentence can be pronounced. Financial murder is being committed on KSL's minority shareholders so far with impunity. The legal authorities need to stop them.

AS per data provided by RVI123, the directors are fattening themselves with obscene remuneration whilst not paying any dividends for the past 2 years. This is also a form of victimisation - directors do not need dividends since they paid themselves so well as directors. But the other shareholders go empty handed. And if they save on div so that they can finance their investments without borrowing, then they should also pay themselves at the most, just RM 6 million or 20% of their current remuneration!

And now when the share price goes right down as a result of their beggar the shareholders policies, I am virtually certain it's not just their treasury department who are accummulating.

A case in point: a well written (and well-paid for?!) article last year speculated that KSL is likely to give out bonus shares fully-paid up and financed from their hefty cash holdings. KSL's share price went up 30%. Nothing materialised and the share price went down to its current level of just RM 1 - 1,2. The article was never repudiated by KSL's management.

@pradeep. Thanks. Reports by the MSM is arguably more than just hearsay since investors depend on media reports for info. If the STAR business reports were not true, then they are fake and they can be legally liable. But those reports were not repudiated.

TH should have question KSL since dividends were not paid for two consecutive years - 2016 & 2017.

As for the so-called "independent" Director, he/she is susceptible if there is no powerful constituency backing him/her. And if him/her is there as just a flower pot for show, he/she will look after numero uno.

pradeep, if you are able to help, there is already enough evidence. Dig deeper and I am virtually certain you will get a smoking gun, so to speak. I am former financial forensic, so I can tell.

I am willing to head up a class-action ticket, but to get authorities to act will need more than just a report. It will need strong tali.

@pradeep. Here is my analysis based on verifiable facts on 19/1/2016:

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!

Here are the links to the evidence:

1) 40% of net profit dividend payout:
https://www.thestar.com.my/business/business-news/2015/03/17/ksl-puts-in-place-minimum-40-dividend-payout-policy/
2) RM 1 billion of unbilled saled in FY2014:
https://www.thestar.com.my/business/business-news/2014/08/16/ksl-strategy-pays-off-property-developer-knows-what-market-wants-sticks-to-areas-its-knows-best/
- Please note the 9th para in the report where the Executive Chairman stated that he expected RM 1 Billion sales "this year as well" i.e. FY 2014 and that at the time of the statement - August 2014 - "almost" 75% of the said sales target has been "achieved". KSL had not repudiated the report in StarOnline.

Comparing these statements to what subsequently happened after August 2014, there is no escaping the conclusion that investors have been taken for a ride. I expected major shareholders like Tabung Haji to take up the case with KSL and the Securities Commission to investigate. But no action to date.

Also the massive double sell-downs in December 2014 had the look of manipulation to deprive the retailers of the dividend and bonus shares declared, but no investigation was carried out.

The fluctuations in quarterly profits declared since then to date also bear the suspicion of manipulation likely with the help of insiders. This wrong-footed the investors, because property companies' performance should not fluctuate so wildly, especially companies with the stable profile of KSL. Please note that quarterly results are not audited and therefore can be manipulated. Quarterly results should be audited before being declared as investors depend on them!

A comparative company is Matrix Concept Holdings which share price held steady and increased steadily through the property down-cycle due to steady profits and dividends. And Marix's asset base is not as good as KSL's, including location. Matrix's development is mainly in Negri Sembilan and Kluang in Johor as compared to KSL's development assets in Johore Baru, Kuala Lumpur and Klang.

KSL's even has income from investment properties in Malls and Hotel which should cushion both its share profit and share price. Matrix losses from its education and hospitality segments for the 9 momths ended Dec 2017 was minus RM 16 million. And Matrix's profit margin from its property development of 37% is only slightly better than to KSL's 34% for the full year.

KSL's reported performance should not be so much inferior when compared to Matrix, including its share price. It is very suspicious.

KSL's management seems to have gone blind, bonkers or rogue!

pradeep, please do something about this if you can, say by investigating if you are a member of some relevant legal authorities or alerting the regulatory authorities if you have the contacts! Thank you.

It's a shame. It's like stealing from the minority shareholders - majority giving themselves huge payouts and throwing eggs at the minority. The securities commission or some of the powerful shareholders like Tabung Haji should do something about this.

Very likely the Almighty will take some action too if this unfairness in trampling down on the weaker shareholders continues (James 5:1-6). KSL's majors are practicing predatory financial tactics. Why are they punishing the minors when they did them no harm. Besides KSL renege on their promise to payout at east 40% of their net profit as dividend and many invested on the back of this promise. Even though the promise is non-binding, they should give good reasons on why the promise was not kept after luring many to invest.

They also misled the investors as to their unbilled sales in FY 2014. The authorities should also take action for this.

The major shareholders like Tabung Haji should complain and exert pressure.

After taking away fair value adjustments, qtr 4 2017 net profit is RM72m as compared with qtr 4 2016 net profit of RM51m (an increase of 41.18%) in operating net profit.

As compared to the preceding qtr i.e. qtr 3 2017 net profit of RM33m, the rise is even more spectacular - 54.17%.

The price should go up. However, price is weighed down by, among others, absence of dividends.

I think the price has bottomed. If KSL can just pay dividends, even if only 2 sens per share, KSL's price will likely recover fast. KSL is in a good position to be first to benefit from recovery of the property and retail market.

A very good 4th qtr results -beats the 3rd qtr in profits from operation. Matched 2016 operation results despite a difficult 2017 environment for properties. Buoyed by the steady returns from investment properties.

Get ready to buy!

TB likely has the clout to get better investor-friendly policies from KSL.

Very good results. Barring manipulation, I expect the price to go up tomorrow.

KSL's price is now tamped down, likely by a syndicate.

KPS share price even without Splash is worth at least RM2.

KPS is also the key beneficiary of Jack Ma's and MaLaysia's first digital hub near the LCCT.

It's not the performance of the company that tamped down the price. It's lack of dividends. If dividends are declared according to its dividend policy (non-binding) then the price should reflect the fundamentals.