InvestIdeas

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Construction firm Low Keng Huat said its second quarter net profit fell 39 percent to S$17.4 million, from S$28.4 million a year ago, due to a decrease in sales from construction.

Source: Reuters

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Our recent meeting with Low Keng Huat suggests the company is sitting pretty after chalking up robust sales for its commercial and residential developments, with good earnings visiility over the next few years.

At Paya Lebar Square, its commercial and retail project next to the Paya Lebar MRT interchange, the
strata-titled office space of 430,000 sf is over 90% sold at an average price of $1,750 psf, while the 95,000 sf retail component achieved leasing commitments for more than 60% of the space available at rates of
$16-17 psf pm.

Parkland Residences, its DBSS project at Upper Serangoon Road, meanwhile, has issued options for 70% of
the 680 units available. And its earlier JV residential project with Kheng Leong, the Minton, is 100% sold.

All this suggest a steady stream of profit recognition over the next 2-3 years: The Minton in 2012-2013,
followed by Paya Lebar Square and Parkland Residences in 2014-2015.

Beyond property development, LKH is one of the largest general building and civil engineering companies in Singapore as an A1 registered general building contractor and owns hotels in Australia and Vietnam.

The company has generated pretax profits of over $100m p.a. for the past two years, and we expect earnings
to remain robust going forward underpinned by the healthy pre-sales for its property projects.

This should enable it to sustain its dividend payout of 4 cts per annum, translating to an attractive yield of
over 8% at the current price. Trading at a 56% discount to our RNAV of $1.09, we think the counter is attractively-priced on all counts.

Source: DMG

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Low Keng Huat: 3QFY12 net profit up 89% yoy to S$27.5m, on the back of better performances in its development and hotel businesses, which helped offset lower profit from the construction segment.

For the fiscal nine months, net profit improved 26% to S$67.6m, while earnings per share rose to 9.15 S cents from 7.25 S cents.

Source: The Business Times

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Time: 4:49PM
Exchange: SGX
Stock: LKH(F1E)
Signal: Support - Broken with High Volume
Last Done: $0.655


Source: UOBKH

not vested

Time: 8:58AM
Exchange: SGX
Stock: LKH(F1E)
Signal: Bearish MACD Centerline Crossover
Last Done: $0.63

Source: UOBKH

not vested

Time: 3:02PM
Exchange: SGX
Stock: LKH(F1E)
Signal: Bearish MACD Centerline Crossover
Last Done: $0.655


Source: UOBKH

not vested

Time: 9:01AM
Exchange: SGX
Stock: LKH(F1E)
Signal: Bullish MACD Centerline Crossover
Last Done: $0.675

Source: UOBKH

not vested

Time: 9:08AM
Exchange: SGX
Stock: LKH(F1E)
Signal: Bullish MACD Centerline Crossover
Last Done: $0.685

Source: UOBKH

not vested

Time: 3:14PM
Exchange: SGX
Stock: LKH(F1E)
Signal: Resistance - Breakout with High Volume
Last Done: $0.725

Source: UOBKH

not vested

Time: 2:58PM
Exchange: SGX
Stock: LKH(F1E)
Signal: Bearish MACD Crossover
Last Done: $0.71


Source: UOBKH