Stock Name: KSH Hldg
Company Name: KSH HOLDINGS LIMITED
OCBC Investment Research in a Feb 14 research report says: "KSH reported 3Q12 PATMI of $3.1 million - down 64% y-o-y - below expectations mostly due to slower than expected construction and no recognition from the property development.
"9M12 PATMI constituted 59% of our FY2012 forecast of $18.2 million, which we revised down to $13.2 million. 3Q12 topline came in at $30.5 million, down 51%.Since we upgraded KSH to a buy rating on Sept 13, 2011, the share price has appreciated 14%.
"While management continues to execute admirably, we believe that the shares are fully valued currently due to external headwinds and a challenging business outlook. We lower the fair value to 25 cents versus 30 cents previously, using a lower 4x PE and rolling over to FY2013 earnings for the construction segment. DOWNGRADE TO HOLD."
Company Name: KSH HOLDINGS LIMITED
| Research House: OCBC | Price Call: HOLD | Target Price: 0.25 |
OCBC Investment Research in a Feb 14 research report says: "KSH reported 3Q12 PATMI of $3.1 million - down 64% y-o-y - below expectations mostly due to slower than expected construction and no recognition from the property development.
"9M12 PATMI constituted 59% of our FY2012 forecast of $18.2 million, which we revised down to $13.2 million. 3Q12 topline came in at $30.5 million, down 51%.Since we upgraded KSH to a buy rating on Sept 13, 2011, the share price has appreciated 14%.
"While management continues to execute admirably, we believe that the shares are fully valued currently due to external headwinds and a challenging business outlook. We lower the fair value to 25 cents versus 30 cents previously, using a lower 4x PE and rolling over to FY2013 earnings for the construction segment. DOWNGRADE TO HOLD."
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