Saturday 7 January 2012

MKH Berhad

Sizeable landbank of 600 acres, mostly in the Kajang-Semenyih area and these parcels were acquired at about RM7 to RM8... or below RM10 per sq ft. Total estimated GDV is about RM5.4 billion over seven years.

16,000ha of oil palm estates in East Kalimantan, Indonesia. 15,000ha have already been planted. Some 3,200ha will mature and be ready for harvesting this year, with another 4,000ha next year and so on. Expected yield 25tonnes of fresh fruit bunches (FFB) per year per hectare. In five years, the plantations could make up 50% of group earnings.

Datuk  Eddy Chen Lok Loi together with his brothers and other family members own over 45% of MKH

Institutional investors include:
Public Bank Group Officers' Retirement Benefits Fund (9.04% as at end of 2010)
Public Smallcap Fund (0.81%)
PCB Asset Management Sdn Bhd (holding for MUI Continental Insurance Bhd, with 0.42% stake as at end 2010)

There are always efforts to make MKH more rewarding to investors. For instance, a bonus issue is underway, following the 1-for-10 bonus exercise completed in March 2011. The Group is also looking at bettering its dividend track record of five sen per share which it has maintained for at least the past seven years.

At RM1.68, it was traded below its net asset per share of RM2.77 as at Sept 30 and about 11.6 times FY2011 ended Sept 30 net profit of 14.5 sen per share or RM38.36 million.

The Group held about RM65.8 million cash with shareholders' funds at RM734.21 million as at Sept 30, 2011.

Sales target for RM500 million, new sales with launches of almost RM700 million worth of projects planned for 2012.

Unbilled sales of RM405 million as at Nov 30, 2011

The Edge Malaysia 9 January 2012

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