Wednesday, March 10, 2010

Keck Seng (Stock Code 3476)

The FBMKLCI closed at 876.75 on 31 Dec 2008. Accordingly to the annual report of Keck Seng, it had investment in quoted shares that had a market value ofRM360,967 millions.
Yesterday, the FMKLCI closed at 1317.94. Using these figures to assess the market value of its share investment, the portfolio should have a market value of about RM542,278 millions. This is only a rough estimate because about 75% of the shares are outside Malaysia. What I understand is that they are mostly invested Wilmar International, Singapore which is under Robert Kuok. Assets-wise, Keck Seng is very rich. The problem is when is Keck Seng going to unlock the value of its assets. Keep in mind that they have 10,000 acres of land in South Johor. These lands will become more and more valuable as the development of Iskandar Malaysia becomes a reality.
Key Statistics of Keck Seng as at 31.12.2009 are:
Share Cap: 241,393
Reserve: 951,913
Long term borrowings: Zero
Short term borrowings: 23,887
Cash and short term investment: 351,852
Current assets: 635,587
Current Liabilities: 122.946
Earnings per share: 42 sen
Last Done: 4.78

So what do you think of Keng Seng as an investment? What's on your mind? All comments are welcome.