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Thursday, 11 July 2013

KSL Holdings Bhd undervalued Property company 顺利实业估值落后同业

As KSL executive director Ku Tien Sek tells it, it was due to an unshakeable belief of Mobius of Templeton Emerging Markets Group that the Iskandar Malaysia development in southern Johor would boom.

"In his thinking, the next five years will see tremendous growth in Iskandar," Ku told an audience of analysts and fund managers in Kuala Lumpur in 2010.

KSL has four major projects in Iskandar Malaysia. It owns 446.8ha there.

And, as Ku tells it, it was a story right out of every listed mid-cap company's dreams.

"One fine day (2009), I was informed that Mark Mobius, not a managing director or anybody else but Mark Mobius, wanted to come and see us. So we made an appointment and he came, and we showed him our 'Tamans' (residential developments)."

Ku also remembers clearly a question Mobius asked him during tea after visiting KSL's developments.

"He asked me, 'Tell me what happened to you, Ku? Why is your stock like that? There are no related-party transactions or anything like that, and yet your share price is way below your net tangible asset value.'"

What ensued after that was an interview with Mobius, which entailed Ku describing in detail the company's processes and management controls.

According to Ku, what tipped the scale was when he explained that KSL bought its own building materials, which it then provided to its subcontractors, as a means of protecting the quality of its developments.

Impressed with the company, Mobius immediately declared his intention to buy a 5 per cent stake in the company.

"Mark Mobius promised me that they would be with us between five and 10 years until the com-pany grows to its potential," Ku said.

(Business Times)

A columnist of Nanyang also recommend KSL Holdings Bhd 2 weeks ago (see below). Price remain stagnant after nearly two weeks People dislike it as it consider illiquid or low volume other than low valuation. However, if you remember WCT Berhad 12 years ago. It is also as illiquid as KSL Holdings Bhd now.people only heard of other big cap construction stock but ignore WCT Bhd at that point of time. However, nobody consider it as illiquid or low volume stock now. Would KSL Holdings Bhd become next WCT Berhad ?

KSL finds success in hotel and shopping mall management by By NG BEI SHAN The Star

FROM a property developer based in Segamat, KSL Holdings Bhd has diversified into hotel and shopping mall management – its KSL City and Resort Hotel in Taman Abad, Johor Baru is a successful project.

The business is categorised under its property investment division, which contributes some 30% to 40% to its total income per annum, says executive chairman Ku Hwa Seng.

Opened a year ago, KSL City emerges as one of the most popular shopping malls in Johor Baru, outshining the older Holiday Plaza, which is a stone’s throw away. Other crowd-pulling malls in the southern capital include The City Square Mall at Jalan Wong Ah Fook and Plaza Angsana at Jalan Skudai. They are 3.6km and 7.7km away respectively from KSL City.
“When we first bought the land, we already had in mind what to do with it by gathering ideas from various places,” he says.

Some of the business owners in the shopping mall told StarBizWeek that they have moved from other malls to KSL City due to the catchment, and that is despite of the higher rental.

The shopping mall has a net lettable area of 600,000 sq ft and is 90% occupied.

Complex manager Amy Tan says it had been upgrading its tenant mix since two years ago.
“When we first started, the mall was only 60% rented out. The figure improved over time as we prove ourselves to be one of the popular spots in Johor Baru.

“Our tenants used to be mostly Johorean brands. I can recall how some Klang Valley-based retailers were sceptical when I approached them initially but things have changed and we are getting more and more enquiries from them these days,” she says. 
KSL City
KSL City is one of the most popular shopping malls in Johor Baru.

Some of the chain stores that can be found in KSL City include: dessert shops J. Co Donut and Tong Pak Fu; pharmacy Watsons; cosmetic and personal care shop The Face Shop; massage parlour Thai Odyssey, Popular Bookstore and Old Town White Coffee restaurant.
“Some people liken us to Sungei Wang Plaza (in Bukit Bintang, Kuala Lumpur) but I do not mind that because it is one of the most popular malls in Kuala Lumpur for a long period of time,” she quips.

She also says that the shopping mall is popular among Singaporeans because they can buy things that they do not usually find in the city-state at low prices.

Among others, a durian stall at the ground floor sticks out like a sore thumb.

“This is one good example. We can offer what Singaporeans like,” Tan says.
Its anchor tenants included Tesco and MBO Cinema.

To serve KSL City patrons and hotel guests, there are five levels of carpark with 3,000 bays, while the mall is linked to the hotel.

The two towers of KSL Resort Hotel are built mirroring each other, housing 869 units of hotel rooms of various types, among which, six are smoking floors.

Its accommodation rate per night ranges from RM259 for the superior room to the more exclusive suites, which can fetch RM945 to more than RM2,000 a night.

There are 596 superior rooms, 239 deluxe rooms, 24 junior suites, 4 executive suites, Jasmine Suite, Lavendar Suite, Caladium Suite, Bluebell Suite, and Camellia Suite.

Jasmine, Lavendar and Caladium are popular among couples because they are designed to create the romantic ambience via the room designs and the special round beds especially allocated for these suites. All the rooms come with a jacuzzi.

According to KSL Properties Sdn Bhd general manager Mahadi Mathana, the peak period for the hotel are during Fridays and Saturdays as well as Singaporean and Malaysian public holidays.
KSL Resort general manager Mahadi Mathana said that part of the hotel including the eateries were opened first as the resort is still under construction at KSL Resort in Johor Baru on April 4, 2012.
Mahadi: ‘Since the opening last year, the average occupancy rate for the hotel is 78% and is definitely picking up over time.

“Since the opening last year, the average occupancy rate for the hotel is 78% and is definitely picking up over time. There are days when the hotel is fully occupied too,” he says.

Besides the hotel rooms, some owners of D’ Esplanade looked into the option of leasing out their units, which would further boost the number of available units for visitors.

Mahadi says the developer offered a package for the serviced apartment owners for a return rate of 8% through rental for a limited period.

“If inclusive of the serviced apartments, there are more than 1,300 rooms altogether,” he adds.

As an integrated development, the hotel also boasts facilities like a water theme park known as “Dinosaur Alive” on the seventh floor of KSL City. The theme park is open for public while hotel guests get to enter at a special rate.

Also on that level are other facilities such as a golf simulator, gymnasium, and ballroom, which can host up to 800 people.

There are nine meeting rooms and 10 penthouse meeting rooms.

Going forward, the company plans to implement the same concept in its township development in Klang, known as the Canary Garden at Taman Bestari.

Following the success seen in KSL City and Resort Hotel, Ku says it will replicate the concept in Canary Garden, which will further improve the revenue contribution from the property investment segment.

Update : KSL enters Klang Valley market?

产业股在全国大选之后经历一些调整,根据联昌证券报告,产业领域近期因国家银行或废除“发展商承担利息计划”(Developers’ Interest Bearing Scheme,DIBS)的市场传言而面对压力。市场盛传国行会与产业发展商会面,商讨抑制产业市场的投机活动,料国行将向发展商承担利息计划下手。






此外,很多大型的外国公司也开始进驻依斯干达发展区,这包括CapitaLand、Ascendas Land以及Country Garden。


此外,Iskandar Waterfront控股以及Medini Iskandar Malaysia据悉将会上市,再加上这里的土地买卖非常活络,使实际净资产价值获得上修。尽管产业股处于上涨趋势,但是顺利实业的股价表现还是落后同行。








1.顺利花园(TAMAN NUSA BESTARI):在新山西北部,与第二大道有很好的连接。227英亩土地总发展价值10亿。

2.顺福花园(TAMAN BESTARI INDAH):在新山东北部,靠近乌鲁地南区。700英亩土地总发展价值21亿。

3.金葩顺利花园(TAMAN KEMPAS INDAH):在新山北部,靠近南北大道和Kempas Toll入口处。237英亩土地总发展价值10亿。

4.KSL综合城(KSL CITY):在新山市区。是南马区最大型的购物中心。离新山的关卡约5分钟车程,非常靠近新加坡。该酒店和住宅已经在2012年年尾竣工;

5.巴生金葩顺利花园(TAMAN KEMPAS INDAH):首个巴生谷综合房地产发展计划。靠近武吉丁宜永旺和武吉拉惹佳世客购物中心。












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