KSL HOLDINGS BHD

KLSE (MYR): KSL (5038)

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1.97

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21 people like this.

14,095 comment(s). Last comment by Eggplant 16 hours ago

bryan2003

57 posts

Posted by bryan2003 > 3 weeks ago | Report Abuse

During the agm, there is a shareholder asked the management how could those data center projects around JB benefit the company and since KSL has plenty of landbank in JB, is the management has any plan for data center JV. Surprisingly the answer was the group is on discussion with someone on this topic and will update shareholder when it comes true.

turbochart

358 posts

Posted by turbochart > 3 weeks ago | Report Abuse

1Q 101m. 😎

lcng123

1,099 posts

Posted by lcng123 > 2 weeks ago | Report Abuse

KSL is going to start the Dividend Reinvestment Plan soon as approved in AGM

bryan2003

57 posts

Posted by bryan2003 > 2 weeks ago | Report Abuse

@Icng123, dude, since when ksl has such announcement? AGM already over....

MG9231

785 posts

Posted by MG9231 > 2 weeks ago | Report Abuse

Icng123@, Yes, hopefully this corporate exercise announce and implement soonest possible!

Posted by GreatDreamer > 2 weeks ago | Report Abuse

KSL has 110+ acre vacant Tebrau leasehold Industrial land near highway. Possibly they sold to DC company. But unlikely in DC JV as they has no experty in DC.

Eggplant

61 posts

Posted by Eggplant > 2 weeks ago | Report Abuse

@lcng123. That's very nice. Let's look forward to it

bryan2003

57 posts

Posted by bryan2003 > 2 weeks ago | Report Abuse

@greatdreamer, personally think that they will do something like sime darby property did. They will build the data center and rent it to DC operator to generate recurring income. Sime darby, YTL, Sunway all dont have experience in data center but they can hire consultant. This is the only way to create maximum value to the company. Dont forget that KSL has their own construction team.

lcng123

1,099 posts

Posted by lcng123 > 1 week ago | Report Abuse

@GreatDreamer, KSL will not going to sell the land to DC company just for one-off income. Instead I think KSL will team up a JV with DC specialists like what Mahsing is doing now. Just collect the leasing fee monthly without involve in the DC operation. This will provide KSL recurring income like what they did in investment properties

bryan2003

57 posts

Posted by bryan2003 > 1 week ago | Report Abuse

https://theedgemalaysia.com/node/714621

Possible benefit to KSL???

lcng123

1,099 posts

Posted by lcng123 > 1 week ago | Report Abuse

Unlikely to benefit KSL

raymondroy

637 posts

Posted by raymondroy > 1 week ago | Report Abuse

Noticed one alarming data in the Qtr reporting, there is a RM201m increase in trade receivable (no details provided), while the revenue for the qtr was RM328m, meaning 61% of the sales is not collected !!! Furthermore during the quarter although the profit was RM101m there was negative operating cashflow of RM127m.... these are very alarming numbers, the trade receivable totals RM465m.... hopefully management is not "cooking" the books :-) LOL .... cud this explain the extremely low PER for a property development company? Anyone here has the answer?? ...... cheers and happy hunting

Posted by daretocutandchange > 1 week ago | Report Abuse

I'm selling fastfood,can get cash immediately.does ksl ?

bryan2003

57 posts

Posted by bryan2003 > 1 week ago | Report Abuse

@raymondroy Most of us purchase a house by taking loan from bank, hence, the developer has to do progressive claim from bank. This is very normal their receivable increase as they may claim the payment from bank end of the quarter. It won’t be surprised if their receivable remain at such level or even high since they have many new projects launching or under active construction. Past 6 months they spent 300-400M to purchase but their loan from bank didn’t increase. This clearly explain why they have negative cash flow as they use the fund to pay for the land. So based on this, could you enlighten us how they “cook” the book???? If they would cook the book, they already a net debt company instead of a net cash company.

If ksl has alarming numbers, then the rest of the property companies listed at bursa can close shop already. Ksl is the property cum developer company has the best balance sheet among all property counter.

lcng123

1,099 posts

Posted by lcng123 > 1 week ago | Report Abuse

@raymondroy, if you wanna know whether the management is cooking the book, just calculate the trade receivable and revenue of company. As at 20Q4, AR=89.489mil. As at 21Q4, Rev=457.566mil and AR=187.976mil, money collected in 2021=89.489+457.566mil-187.976mil=359.079mil. As at 22Q4, Rev=574.999mil and AR=144.078mil, money collected in 2022=187.976mil+574.999mil-144.078mil=618.897mil. As at 23Q4, Rev=1,140.637mil and AR=263.686mil, money collected in 2023=144.078mil+1,140.637mil-263.686mil=1,021.029mil. As at 24Q1, Rev=328.259mil and AR=465.151mil, the money collected in 24Q1=263.686mil+328.259mil-465.151mil=126.794mil. So from 2021-2024Q1, total revenue=2,501.461mil and total money collected from customers=2,125.799mil about 85% of total sales has received from customer during this period. Do you think the management is cooking the book ?

Posted by daretocutandchange > 1 week ago | Report Abuse

yes,ksl it's balance sheet is the best !

Alex_Kho

42 posts

Posted by Alex_Kho > 1 week ago | Report Abuse

KSL Holdings Bhd is a hidden gem in Malaysia's property market, with significant potential due to its extensive undeveloped land holdings in Johor. The company's strategic locations near the rapidly growing data center hub position it for substantial future growth. Based on peer valuations, KSL's projected stock price could reach RM14.49. If you invest in 1,000 units at the current price of RM1.84, the value could potentially rise to RM7,250, representing a 294% return, even without direct involvement in the AI boom.

KSL's strong financials and prime undeveloped properties make it an attractive investment opportunity. With Johor's ongoing development, KSL is well-positioned to benefit from increased property demand, offering significant upside potential for investors.

Let me know what you think.

https://klse.i3investor.com/web/blog/detail/financeforall/2024-06-09-story-h-159760945-KSL_Holdings_Bhd_An_Undervalued_Gem_Poised_for_Growth_A_follow_up

https://bit.ly/KSLBHD

NickelLee

36 posts

Posted by NickelLee > 1 week ago | Report Abuse


IWCity (1589.KL) Biggest Laggard In Johor Property Boom

Over the weekend, The Edge Weekly featured a 200-pager Special Edition titled “JOHOR READY FOR THE BIG LEAP”. Johor since the middle of last year had been the hotbed of investment be it property counters and the involvement in Data Centre Theme. Share prices with exposure to Johor were sure hits for these 18 months. The main catalyst is none other than the sheer amount of FDIs pouring into the state. In addition to the big policy moves to formulate and execute business-friendly decisions in spearheading the state’s economic growth.


Quoting Datuk Ho Kay Tat (Publisher & Group CEO of The Edge)

Publisher’s Note [THE STARS MAY FINALLY BE ALIGNED FOR JOHOR]

“In 2006, Malaysia launched the Iskandar development project to try and push things forward for Johor, but progress has not been as good as hoped and one reason is because of the cool response from Singapore.

But this appears to have changed recently, and there is now bullish optimism in the air because of closer government-to-government cooperation that has enabled things to move. The collaborative construction of the Rapid Transit System Link (RTS Link) from Woodlands in Singapore to Bukit Chagar in the heart of Johor Bahru and the creation of the Johor-Singapore Special Economic Zone will be game changers.

Another factor is that Johor’s Sultan Ibrahim is now the King of Malaysia and His Majesty will definitely give an added push to make things happen sooner, rather than later

For Johor, the stars may finally be aligned”



In a RHB Report dated 13 May 2024 Titled [Real Estate - JS-SEZ: The New Chapter of Iskandar Malaysia] mentioned a list of major landowners in Iskandar Malaysia. Further extrapolating from the list, the table below shows the share price performances of these landowners.


Company Name / YTD-Performance

UEM Sunrise +35.7%
Sunway +65.1%
IOI Properties +37.5%
Mah Sing +125.6%
LBS Bina +16.7%
Ecoworld +47.2%
AME Elite +2.4%
KSL +57.3%
Scientex +13.3%
😲IWCity -0.6% 😲
Crescendo +53.1%
YTL Corp +90.1%
MPHB +53.8%

To many investors' surprise, IWCity is the only company that printed a negative return on share price with a meagre -0.6% contraction. The average YTD return for companies with land banks in Iskandar Malaysia Region was +49.8% and even more on a 1-Year measurement.

Surging property prices in Johor as seen from recent transactions with KSL, Paragon Globe, Crescendo and AME Elite are some of the anecdotal evidence that land prices are indeed moving up. Hence, one needs to take a closer look at IWCity as it lags behind its peers by a far margin. Hence, an opportunity for the late comers to catch up with very low downside risks.

https://klse.i3investor.com/web/blog/detail/IWCITY/2024-06-09-story-h-159762931-IWCity_1589_KL_Biggest_Laggard_In_Johor_Property_Boom

Alex_Kho

42 posts

Posted by Alex_Kho > 1 week ago | Report Abuse

lets go. almost there, once close above RM2 and break all time high.

Posted by GreatDreamer > 1 week ago | Report Abuse

The Edge this week "johor Bahru housing Pty Monitor 1q24" reported very strong market JB for 1q24.

lcng123

1,099 posts

Posted by lcng123 > 1 week ago | Report Abuse

KSL strong uptrend now

edcheong

58 posts

Posted by edcheong > 1 week ago | Report Abuse

Go baby go

dragon328

2,078 posts

Posted by dragon328 > 1 week ago | Report Abuse

Eco World yesterday announced to sell a piece of land of 124 acres in Pulai to Microsoft Payments for RM403m or at RM75 psf.

KSL has around 578 acres of land around the area in Pulai, if the land is revalued to RM75 psf, it would be worth RM1.93 billion or close to KSL's entire market cap of RM2.1 billion.

Alex_Kho

42 posts

Posted by Alex_Kho > 1 week ago | Report Abuse

while i dont speculate land prices, i do like that outcome. haha. road to RM5, RM1 at the time.

ks55

3,603 posts

Posted by ks55 > 1 week ago | Report Abuse

Ecoworld sold land in Kulai (Senai), not Pulai.
Pulai land is more valuable as it is nearer to Singapore.

YTLP land all in Kulai (formerly Kulai Young Estate), fetch much lower price then the Ecoworld land.

I don't see any DC operator choose YTL Green Data Centre other than YTLP itself (with SEA and Nvidia), other hyperscale DC mostly in Sedenak, NCIP, and scattered around Iskandar Region. Very crowded now, just like glove manufacturing during the Covid era.

bryan2003

57 posts

Posted by bryan2003 > 1 week ago | Report Abuse

actually they not necessary to revalue the land. KSL is the property which has highest net profit margin. I suppose this is because their cost for the land is cheap and hence their net profit margin is high when there is new launch.

lcng123

1,099 posts

Posted by lcng123 > 1 week ago | Report Abuse

KSL never sell the land, only develop the land. And KSL is planing with JV to build DC near future

ks55

3,603 posts

Posted by ks55 > 1 week ago | Report Abuse

KSL profit margin is very high because of low land price. Landed house land cost itself already take up 30% of GDV. If land cost for KSL is 10% of GDV, just from land itself already make 20% profit.

lcng123

1,099 posts

Posted by lcng123 > 1 week ago | Report Abuse

@bryan2003, agreed with you. KSL property development profit before tax margin around 40%

Eggplant

61 posts

Posted by Eggplant > 1 week ago | Report Abuse

Finally KSL is breaking through RM2 🤗

Alex_Kho

42 posts

Posted by Alex_Kho > 1 week ago | Report Abuse

when i bought it at 1.90, people thought i waas crazy. look at it now, this is just the begining.

Alex_Kho

42 posts

Posted by Alex_Kho > 1 week ago | Report Abuse

my personal reason why i think KSL can go way higher : https://bit.ly/KSLBHD

edcheong

58 posts

Posted by edcheong > 1 week ago | Report Abuse

Not only DC and whatever hype there is now on property counters of Johor. When the HSR eventually happens, and it will, all the property counters will leap up like crazy. So holders of KSL, keep your jewels and add to it.

Alex_Kho

42 posts

Posted by Alex_Kho > 1 week ago | Report Abuse

i have to agree @edcheong. RM3 to 5 is easily achievable.

turbochart

358 posts

Posted by turbochart > 1 week ago | Report Abuse

2.1 done. 2mth installment. 😀

scchin58

45 posts

Posted by scchin58 > 1 week ago | Report Abuse

With a PE of 20 times,and at 40cts eps market cap will hit 8 b

turbochart

358 posts

Posted by turbochart > 1 week ago | Report Abuse

KJ . Keluar sekejap😁

RJ87

5,110 posts

Posted by RJ87 > 1 week ago | Report Abuse

No idea what kind of mathematics is this. Sounds more like Scam-matics.
———————————————
Suppose you buy 1,000 shares of KSL at the current price. KSL’s price is low compared to its earnings and other similar companies.
If you buy 1,000 shares of KSL at RM1.84 = RM1,840
If the price goes up by 50% (close the P/E gap) = RM7,250
That is more than double your money.

edcheong

58 posts

Posted by edcheong > 1 week ago | Report Abuse

Ready, Get Set, KSL tomorrow and all super johor counters. Wall St rallies, dollar drops after cooler US inflation; Fed in the wings

Alex_Kho

42 posts

Posted by Alex_Kho > 1 week ago | Report Abuse

Hey @RJ87,

Totally my bad on that one – thanks for catching it! I had a typo in my previous post. What I meant was that if KSL's P/E ratio matches half the average P/E of its peers, not a 50% of the price.

So, here's the deal: If you buy 1,000 shares of KSL at RM1.84 (costing RM1,840) and KSL's P/E ratio rises to half the average of its peers, the projected stock price would be RM7.25 per share.

Still a pretty sweet deal and more than doubles your investment! Appreciate you pointing out the mistake.

Happy goreng guys.

ks55

3,603 posts

Posted by ks55 > 1 week ago | Report Abuse

I bought at 40 sen. What is the profit if I sell at 2 ringgit?

RJ87

5,110 posts

Posted by RJ87 > 1 week ago | Report Abuse

As response to your polite reply, I shall apologise for inappropriate remarks.

I wouldn’t recommend using PE of industry as a whole as comparison. Say a new IPO will probably have far higher PE for their potential. E.g. 50sen for 0.005 annualised profit will put it at PE100 just solely on their prospect, but as the optimism of their earning potential subside, price will eventually fall back to normal valuation.

A more accurate valuation method will be comparing to its relatively similar peers in terms of market cap/earnings. e,g Mahsing. Mahsing making less profit with higher market cap at PE 20. If market values KSL 50% of how they value Mahsing will put KSL at PE10. There is almost 100% upside at current price.

Then question will become, how come market don’t value KSL the same as how they value Mahsing. That will open up different can of worms.
_______________________________
Alex_Kho
Hey @RJ87,

Totally my bad on that one – thanks for catching it! I had a typo in my previous post. What I meant was that if KSL's P/E ratio matches half the average P/E of its peers, not a 50% of the price.

So, here's the deal: If you buy 1,000 shares of KSL at RM1.84 (costing RM1,840) and KSL's P/E ratio rises to half the average of its peers, the projected stock price would be RM7.25 per share.

Still a pretty sweet deal and more than doubles your investment! Appreciate you pointing out the mistake.

Happy goreng guys.

Alex_Kho

42 posts

Posted by Alex_Kho > 1 week ago | Report Abuse

Thanks for your thoughtful response and insights. You raise some great points about PE ratios and valuation methods, and it's always valuable to consider different perspectives.

I base my selection on my own analysis and metrics, which naturally comes with my own biases. Ultimately, the market will move as it does, and only time will tell how things pan out.

Thanks again for the constructive discussion. We need more of these in the forum rather than just speculative comments.

Eggplant

61 posts

Posted by Eggplant > 6 days ago | Report Abuse

ks55, are you trying to flaunt your ROI ? 😏

turbochart

358 posts

Posted by turbochart > 5 days ago | Report Abuse

Diesel up. Good😁

turbochart

358 posts

Posted by turbochart > 4 days ago | Report Abuse

I propose Diesel should be rm6-8!!! Wakakakak...
Why? Many accident due to diesel vehicle

turbochart

358 posts

Posted by turbochart > 4 days ago | Report Abuse

On the road, out of 100 vehicle, 50% are lorry,truck, pickup truck, bus van , container, heavy vehicle... Haha

calvintaneng

54,219 posts

Posted by calvintaneng > 1 day ago | Report Abuse

Posted by zzzzz > 8 hours ago | Report Abuse

day day down,...worst among all JB related counters

SURE!

HIGH COST OF DIESEL UP BY 50% CAUSED CEMENT, STEEL & ALL OTHER CONSTRUCTION MATERIAL PRICES GO UP

CONSTRUCTION & PROPERTY WILL SEE LESSER PROFITS AND PEOPLE SELL LAH

GO BUY HEXCAP (0035) BETTER

Final decision is yours

https://klse.i3investor.com/web/blog/detail/www.eaglevisioninvest.com/2024-06-12-story-h-159700552-HEXCAP_0035_A_TRILOGY_OF_3_BUSINESSES_FOR_DC_DATA_CENTERS_POWER_TRANSMI

Eggplant

61 posts

Posted by Eggplant > 16 hours ago | Report Abuse

Hexcap is Eddie Ong one ?

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