That 236 acres refer to that in Pulai only. This grossly understates KSL's johor exposure. KSL is through and through a Johor developer, then Klang. Improved connectivity to SG itself means a lot more to KSL Mall. Ordinarily it wouldn't mean much, for larger corps like SP Setia, Sunway, for instance. It's meaningful for KSL becasue it's market cap is still smallish, and the concentration in Johor exposure means the circa $100M quarterly profit could go further up. Further there's easy realisation value if they inject rental assets into a KSL REIT
Is KSL one of the better Bursa property companies? While the Malaysian property companies have recovered from the effects of Covid-19, it is still a long way to recovering to the 2013/14 peak. The chart (refer to https://i.postimg.cc/fLs0G99v/KSL-vs-Property-co.png) shows the ROE of the Bursa property companies with total equity greater than RM 1 billion. You can see the recovery post-2020. The chart also shows that KSL was an outstanding performance pre-Covid and suffered badly in 2020. However, it seems to have recovered to have its ROE greater than the upper quartile of the large property companies. But if you look at KSL share price (refer to https://i.postimg.cc/59nFrjNw/KSL-share-price.png) it did not dip significantly in 2020 like its ROE. So unless you think that its ROE in the next 2 years will reach the 2024 level, I would not expect the share price to uptrend so much. For more insights into the property sector, go to “Will the Malaysian Property industry turn around by 2024?” https://www.youtube.com/watch?v=Wn4p31y0CUQ
More catalytic events later this month supporting the Iskandar 2.0 investment theme. Besides the loosening of the Malaysia My Second Home (MM2H) criteria (details have not yet been revealed), some prominent events unfolding in October would further uplift the Iskandar 2.0 investment theme. They include the planned Malaysia-Singapore leaders’ retreat at end-Oct 23 (to sort out details of the Malaysia-Singapore Special Economic Zone) and the council of rulers meeting (when the new Agong is expected to be selected)
Tycoon kyy still trustworthy? Or he sounds forgetful lately? Maybe need to see geriatrician/ neurologist to see if he is still mentally healthy to advise ppl on this…
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....
monetary
4,447 posts
Posted by monetary > 2023-09-26 15:10 | Report Abuse
with 1.15b landbank ksl still can maintain net cash. that's miracle no1.