Posted by azman123 > 2018-02-10 13:35 | Report Abuse

market siao liao
NAV 2.4, RNAV > 6.0, now at 1.0???!!!
profit margin among the highest around 30%
if property market not good, just convert car park and sell land for immediate cash
already can realize sky high profit for many many years
even now, cash also almost 25 cents already la

Posted by azman123 > 2018-02-10 13:35 | Report Abuse

it's just like a prime land in kl selling at >50% discount and you can dig the land for gold after buying at a discounted price

Posted by enid888 > 2018-02-11 00:29 | Report Abuse

Super cheap sales.

Posted by enid888 > 2018-02-12 09:26 | Report Abuse

KSL is almost debt free. The borrowings are negligible.

Posted by azman123 > 2018-02-12 10:12 | Report Abuse

tmd, nobody matches my buy queue yet

Posted by azman123 > 2018-02-12 10:34 | Report Abuse

someone please selllllllllll to me

Posted by azman123 > 2018-02-12 11:28 | Report Abuse

niaseng, got ppl cut queue

Posted by EngineeringProfit > 2018-02-12 13:52 | Report Abuse

Yes, Azman. I share one piece of the 'prime land' you mentioned

Posted by azman123 > 2018-02-12 14:35 | Report Abuse

haha.. you'd better pray hard ku cheng hai don't privatize at a cheap price. he and his bros only need less than 300M to do so, then profit kao kao. our prime land kena makan kucinghai

Posted by godhand > 2018-02-12 16:48 | Report Abuse

KSL is almost debt free. The borrowings are negligible.. all this is no use if they dont pay dividend.

remember a stock value is based on the future dividend.

Posted by godhand > 2018-02-12 16:50 | Report Abuse

not convinced? look at matrix and hapseng for example

Posted by godhand > 2018-02-12 16:54 | Report Abuse

this company has the ability to pay dividend but choose to keep it for god knows what the reason is

Posted by jibbie > 2018-02-14 07:06 | Report Abuse

last cny someone wrote an article about KSL. price shot up to around RM1.3, then look where it is now..

Posted by Oon Chin Heng > 2018-02-23 16:55 | Report Abuse

Dont drop below 1

Posted by yfchong > 2018-02-24 09:01 | Report Abuse

LTH... no help this round.

Posted by yfchong > 2018-02-26 13:23 | Report Abuse

18 Madge

Posted by azman123 > 2018-02-26 15:19 | Report Abuse

topping up with spare cash every now and then
bonus in, salary in, ang pow in

Posted by RVI123 > 2018-02-27 23:52 | Report Abuse

Hopefully will announce some dividend tomorrow.

Posted by nemesis > 2018-02-28 19:13 | Report Abuse

Quarterly fin report outperformed!!! Very strong n profitable company...

Posted by tanhy123 > 2018-02-28 20:42 | Report Abuse

Quite a good result in spite of the slow market. Looks like the sales in Johor and Klang are ok.

Posted by pradeep > 2018-02-28 21:43 | Report Abuse

The result are very good the share of the company is undervalue

Posted by yfchong > 2018-02-28 22:19 | Report Abuse

Another year

Posted by Jon Choivo > 2018-02-28 22:30 | Report Abuse

This company looks interesting.

Posted by cheated > 2018-02-28 22:35 | Report Abuse

No dividend never mind? Why all Red chips no dividend got problems?

Posted by chrisyap > 2018-02-28 22:52 | Report Abuse

waited too long like value trapped, hope shoot like rocket ...

Posted by upsidedown119 > 2018-03-01 01:12 | Report Abuse

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.

Posted by upsidedown119 > 2018-03-01 15:05 | Report Abuse

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.

Posted by upsidedown119 > 2018-03-01 15:20 | Report Abuse

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.

Posted by RVI123 > 2018-03-01 16:23 | Report Abuse

This company is run like a private company. Directors are paid millions of directors' remunerations but minority shareholders do not receive any dividends. Instead of paying dividends to the minority shareholders, add that into the directors' remunerations package. Sapu all.

Posted by upsidedown119 > 2018-03-01 17:23 | Report Abuse

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

Posted by RVI123 > 2018-03-01 23:27 | Report Abuse

Extract from 2016 Annual Report for FYE 31/12/2016

Summary of Remuneration Packages of the 4 executive directors.

Salaries --------------RM16,729,000
Allowances --------- RM 180,000
Bonuses ------------ RM13,241,000

Total ----------------- RM30,150,000


Number of executive directors with different remuneration bands

RM 300,001 to RM 350,000 ------------- 1 person
RM 9,500,001 to RM 10,000,000 ------ 2 persons
RM 10,000,001 to RM 10,200,000 -----1 person

The total shareholdings of the executive directors are about 558,995,426 shares

The total amount received by the directors are RM30,150,000 / 558,995,426 shares

= 5.4sen/share.

To the executive directors, they received about 5.4sen remuneration and the shareholders 0 sen dividend.

Posted by RVI123 > 2018-03-01 23:33 | Report Abuse

For the shareholders, both major and minorities, we look at the share price and dividends received as the indicators of the performance of our investment. As the share price is at the all time low and no dividend is received, we don't think that the directors should entitle to such a high remunerations.

Posted by pradeep > 2018-03-03 00:15 | Report Abuse

the majority shareholder control the company and maybe it is a family control company.if you are a minority shareholder of the company what is your say that is the issue.In the event if the land bank of the company at Johore is revalued the company is worth more then the present NTA of the company.

Posted by upsidedown119 > 2018-03-03 02:43 | Report Abuse

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.

Posted by asdf > 2018-03-03 08:35 | Report Abuse

My mistake in investing in this company.
Good FA led me into this counter.

Posted by pradeep > 2018-03-03 10:33 | Report Abuse

upsidedown119 you mention KSL promise to pay 40% of their net profit as dividend and they misled the investors as to their unbilled sales in FY 2014 .Please show me the evidence.Thereafter I will get back to you.I believe KSL if it is true the shareholders of KSL should not be misled let it me minority or major share holder.

Posted by nemesis > 2018-03-03 15:30 | Report Abuse

I came across KSL article tat KSL planned to reward shareholders with bonus shares instead of dividend...Just be patient something is brewing as management is actively doing Share Buyback...there must be a reason why they keeps on pressing down the price for directors to accumulate at low price...if u can't wait then Pls Sell it so that other investors can benefit from your mistakes...

Posted by upsidedown119 > 2018-03-03 18:32 | Report Abuse

@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.

Posted by pradeep > 2018-03-03 19:58 | Report Abuse

upsidedown119 I read the above facts.I note that you are obtaining facts from the star article. It is s hearsay reason the Executive Chairman can say he did not mention the above facts so we do not know the truth of the report.Nevertheless the reporter may be right maybe the Executive Chairman if he had given a written statement to the reporter and if it is true the victims are the parties that had bought the shares and maybe you are one of the victim and if no report is lodged the authorities cant take action. I also note that Tabung Haji may be having a substantial stake in KSL and Tabung haji will invest the money very prudently calculating the risk involved. It is Public money.Tabung Haji should question the board of Directors on any issue which is not right.I do not know whether any member of the Tabung Haji is on the board of KSL. Furthermore I am sure the independent Director on the Board of KSL should also question any wrong doing of the Board If he is of the opinion something is wrong.I believe he should protect the minority shareholders interest. In this forum we can give our opinion and you may contact me via my email sanghani58@hotmail.com .you may leave your telephone number and I will get in touch with you.I understand your feeling it is a matter all of us should work as a team.By the way the above facts are my opinion and anybody may comment or challenge my opinion I am prepared to accept critics.Thank you .

Posted by upsidedown119 > 2018-03-04 01:58 | Report Abuse

@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.

Posted by upsidedown119 > 2018-03-04 02:20 | Report Abuse

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.

Posted by pradeep > 2018-03-04 11:37 | Report Abuse

Upsidedown119 That since you are a former financial forensic you will agree with me that under the law you need evidence.Furthermore without any report being lodged no action can be taken. As regards to to the issue of the independent director not protecting the interest of the minority or hiding something serious from the minority action can be taken personally against them subject to you have the evidence .I more the independent Directors are on the board for some time and if not mistaken one is a lawyer.As regards to the bonus issue see the article it is the same author and publisher.I can say this that as a investor you are right to invest in KSL but the game ball is control by the majority .The authorities need to look into this matter but without a report their hands are right and moreever you have been a shareholder for many years and it is your hard earned money I had given you my email address and drop me a note and I will contact you personally.

Posted by yfchong > 2018-03-04 13:07 | Report Abuse

this one really.....long wait...

Posted by upsidedown119 > 2018-03-04 15:11 | Report Abuse

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.

Posted by pradeep > 2018-03-04 21:34 | Report Abuse

Upsidedown119 evidence in MMS reports and KLSE system ? Can you extract and email me .As a shareholder you are entitled to seek clarification from the Management a

Posted by upsidedown119 > 2018-03-05 00:51 | Report Abuse

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!

Posted by upsidedown119 > 2018-03-05 01:10 | Report Abuse

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.

Posted by enid888 > 2018-03-05 01:10 | Report Abuse

The high executive directors' remunerations are not justified with the share price performance of KSL. Usually, a substantial part of the remunerations should be paid in the form of share options which are commonly practised by many companies in Bursa. In this way, the increase in the share price will benefit the executive directors.

For KSL case, the 4 executive directors' remunerations in cash form amount to about 15% of the 2017 full year profits. This is way too high and can not be justified.To make the situation worst, no dividend is declared. The executive directors (major shareholders) enjoyed the profits of the company but the minority shareholders do not get anything.

I think this should be brought up and explanations must be given by the executive directors in the coming AGM which will be held one or two months from now in April or May this year.

Posted by enid888 > 2018-03-05 01:20 | Report Abuse

One good example is Hap Seng Consolidated. The company is also involved in property development. A substantial part of the CEO's remunerations is in the form of share options. The share price of the company has increased from around RM1.00 in 2010 tp RM9.55 last Friday. The CEO, Mr. Edward Lee has been in the helm for this period.

Posted by asdf > 2018-03-05 06:52 | Report Abuse

"问：今年的股息会多过10sen吗？
答：我们会坚持40%派息政策。"

http://easywong.blogspot.com.au/2015/08/agm2015-ksl.html