SGX Stocks and Warrants

Author: kimeng   |   Latest post: Thu, 15 Feb 2018, 03:49 PM


KSH Holdings: A Better Quarter

Author:   |    Publish date:

KSH Holdings reported a stronger set of 3Q18 results. Revenue rose 19.7% to S$43.0m on the back of a 20.3% growth in project revenue and a 3.6% growth in rental income. Construction margins remained steady at 22.6% vs. 23.1% in 3Q17.

The share of results from associates and joint ventures fell from S$5.2m in 3Q17 to S$3.8m in 3Q18, mainly due to a decline in sales and percentage of completion revenue recognized on development projects in Singapore. All-in-all, 3Q18 PATMI increased 12.9% YoY to S$10.3m. Nonetheless, on a 9M18 basis, PATMI fell 25.2% YoY to S$20.4m on the back of a 43.4% YoY decline in revenue.

As at end-2017, KSH’s order book stands at S$587.0m. Going forward, management continues to selectively tender for construction projects with healthy margins.

We believe that KSH stands to benefit operationally from the Singapore residential turnaround which will benefit both its construction business as well as its development projects with JVs and associates.

We maintain HOLD on KSH Holdings with a fair value of S$0.79.

Source: OCBC Research - 13 Feb 2018

Share this
Labels: KSH

Related Stocks

Chart Stock Name Last Change Volume 
KSH 0.705 +0.03 (4.44%) 919,100 

Market Buzz

Date Type Subject
13-Feb-2018 Price Target KSH Holdings: A Better Quarter
Source : OCBC, Price Call : HOLD, Price Target : 0.79
Last Price : 0.705, Upside/Downside : +0.085(12.06%)

  Be the first to like this.


205  102  208  545 

Top 10 Active Counters
 ThaiBev 0.85-0.06 
 Jiutian Chemical 0.07+0.009 
 HSI29600MBePW.. 0.042-0.039 
 MarcoPolo Marine 0.041+0.002 
 HSI32000MBeCW.. 0.125+0.036 
 HSI30800MBeCW.. 0.15+0.049 
 HSI28800MBePW.. 0.027-0.026 
 Genting Sing 1.24+0.02 
 HSI31800MBeCW.. 0.06+0.026 
 HSI33000MBeCW.. 0.067+0.022 
Partners & Brokers