See: KSH Holdings 2Q earnings halve to $4.1 mil on lower revenue
In a Wednesday report, lead analyst Eli Lee notes stronger performance from the group’s Tianjin Tianxing Riverfront Square commercial property investment in China, as well as improving construction margins reflected over the half-year in review.
In particular, Lee highlights the management’s belief that KSH is poised to take advantage of the turnaround in the Singapore real estate sector – especially after recently replenishing its land bank with the joint acquisition of Serangoon Ville in the Bidadari Estate as well as Rio Casa in Hougang.
“In Australia, the group has, together with its partners, sold its St Kilda Road property in Melbourne for A$34.0 million and will recognise its share of profits before the end of this financial year, subject to legal completion of the transaction,” says Lee.
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“In the UK, KSH has begun the first phase of its township development in Leeds and also acquired an four-storey Dry Bar terraced building in Manchester for conversion into a new boutique hotel,” he adds.
See: Heeton-led consortium acquires Dry Bar in Manchester for hotel conversion plans
As at 10.14am, shares in KSH are trading 1 cent higher at 84 cents, or 12.3 times FY18 earnings.
