Ksl esplanade is a disaster even before opening. They planned it before the retail space glut. They purposely delayed the progress because they can't find the right time to launch. I think will be some time before they open. Bad investment
KSL Should Invest in Nothing. Instead KSL Should Use Up All their Huge Cash Pile to Continue Paying Their Board of Directors Generous Remuneration Above the Industry Standard as a Reward for their Good Work in Achieving Nothing In Perpetuity Assuming that KSL is still Going Concern by Then.
I initially thought this was a bargain counter...until I saw their director remuneration policies. For some reason, after 2009 when Haji Ishak was replaced as chairman by Ku Hwa Seng, the director's salary started increasing like crazy. The other directors had no change.
I present the 10 year history of their remuneration of their executive directors based on their Annual reports (in RM '000)
2008: 3,920 (Dividend: 5 sen) 2009: 3,913 (Dividend: 5 sen) 2010: 3,890 (This is the year Ku Hwa Seng takes over as Chairman. Dividend: 5 sen) 2011: 5,559 (No dividend) 2012: 22,551 (No dividend) 2013: 34,437 (No dividend) 2014: 34,890 (Dividend: 10 sen) 2015: 37,569 (Dividend: 2 sen) 2016: 38,41 (No dividend) 2017: 38,43 (No dividend) 2018: 38,45 (No dividend) 2019: 38,67 (No dividend)
Why are their salaries growing at CAGR of 25% a year? When their revenue has only grown by CAGR 14% p.a?
Plus, I noticed they had been doing share buybacks over the past 10 years. They didn't do any in from 2019 onwards. I feel like the management of this company is more interested in helping themselves then the shareholders.
Absolutely in doubt, their revenue only at 712million and the directors emoluments are 38.637 million!!! How to make profit on this biz? CAn you find the details of the emoluments? I stop buying once the P/L looks NG.
@AllanTingAS The figures I put in are the emoluments (with some EPF put in but that's not very significant). The shares owned by the directors have not been taken into account.
Another thing, unlike most other companies I've seen, KSL doesn't breakdown the director's emoluments into executive and non executive. They just amalgamated all the emoluments into a single category, Director's remuneration with just 3 categories, salary, SOCSO and EPF. They don't even break down the BIK.
The company does not care for the share holders since after year 2015. No news from them at all since then. The directors should explain why this happened.
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
taihai
477 posts
Posted by taihai > 2020-08-14 11:47 | Report Abuse
buy back ???