Based on today's (17Sep12) announcements concerning the controlling shareholder Lee Kim Tah Investments P/L having added another 24.5m LKT shares, and using the latest info to update the direct and deemed interests of the relevant Lee family members - as directors of LKT and/or the ultimate beneficial owners/shareholders of Lee Kim Tah Investments P/L - as detailed in p104 of the latest FY11 AR.....
http://info.sgx.com/listprosp.nsf/07aed3...e000aa1b5/$FILE/LKT_AR2011.pdf
we now have a new total of 78.62% for the relevant Lee family members' combined direct interests, and a new total of 82.04% for the relevant Lee family members' combnined direct and deemed interest (inclusive of the LKT shares held in the names of their spouses and by Lee Soon Kiat Holdings (Pte) Ltd).
I suppose if the Lee family is willing to offer a higher price than today's closing share price of $0.80 which is considered as reasonable and acceptable by the remaining minority shareholders, LKT could well be privatized by a single last stroke! Is the Lee family willing to be generous and fair towards the remaining minority shareholders?
3Q result just out.....
http://info.sgx.com/webcoranncatth.nsf/V...200134F96/$file/September2012Results.pdf?openelement
It is relevant to note that LKT's 50% share of JP's rental & related income continues to grow steadily, which has increased 6.09% yoy to a new high of $15.313m in 3Q - equivalent to new high running rate of $61.252m p.a. - and the capital value of LKT's 50% stake in JP has also risen to a new high of $738.99m as at 30Sep12. Together with earnings from other sources, this has brought LKT's latest NAV/share to a new high of $0.9298.
Lee Kim Tah gets a (positive) mention in the DJ wire below. Further upside for this high performing stock????................
QUOTE
0342 GMT [Dow Jones] STOCK CALL: Singapore's M&A deals are likely to remain buoyant in 2013 after a record 2012 amid low-cost financing, strong corporate balance sheets and as companies seek inorganic growth amid a low-growth environment, OSK-DMG says. It tips potential takeover or privatization candidates could include Pan Pacific Hotels Group (H49.SG), the UOL group's tightly held hotel arm. It also cites Lee Kim Tah (L25.SG), a construction-cum-developer play, which owns a 50% Jurong Point mall stake. Viz Branz (L5J.SG) could also be a candidate as Malaysia-based Lam Soon recently emerged as a substantial shareholder, it says. It also cites Great Eastern Holdings (G07.SG), OCBC's (O39.SG) 87%-held insurance arm, which has received two previous privatization offers from its parent. (leslie.shaffer@dowjones.com)
UNQUOTE
Vested
(10-11-2012, 06:33 PM)dydx Wrote: [ -> ]3Q result just out.....
http://info.sgx.com/webcoranncatth.nsf/V...200134F96/$file/September2012Results.pdf?openelement
It is relevant to note that LKT's 50% share of JP's rental & related income continues to grow steadily, which has increased 6.09% yoy to a new high of $15.313m in 3Q - equivalent to new high running rate of $61.252m p.a. - and the capital value of LKT's 50% stake in JP has also risen to a new high of $738.99m as at 30Sep12. Together with earnings from other sources, this has brought LKT's latest NAV/share to a new high of $0.9298.
The net lettable area of JP and its extension is 64363 sm or 692545sf.
Using dydx figures of $739m for 50% stake or $1478m for 100% stake, the implied psf valuation is $2134psf.
Recently, we have seen buyers going gaga over CES' Alexandra Central paying between $4500 - $7500 psf. If we conservatively value JP at $3000 psf, LKT and Guthrie will each be sitting on an extra $300m in revaluation.
For LKT it means an extra $0.59 in boosted RNAV. Huatppy situation?
(12-02-2013, 09:33 PM)greengiraffe Wrote: [ -> ] (10-11-2012, 06:33 PM)dydx Wrote: [ -> ]3Q result just out.....
http://info.sgx.com/webcoranncatth.nsf/V...200134F96/$file/September2012Results.pdf?openelement
It is relevant to note that LKT's 50% share of JP's rental & related income continues to grow steadily, which has increased 6.09% yoy to a new high of $15.313m in 3Q - equivalent to new high running rate of $61.252m p.a. - and the capital value of LKT's 50% stake in JP has also risen to a new high of $738.99m as at 30Sep12. Together with earnings from other sources, this has brought LKT's latest NAV/share to a new high of $0.9298.
The net lettable area of JP and its extension is 64363 sm or 692545sf.
Using dydx figures of $739m for 50% stake or $1478m for 100% stake, the implied psf valuation is $2134psf.
Recently, we have seen buyers going gaga over CES' Alexandra Central paying between $4500 - $7500 psf. If we conservatively value JP at $3000 psf, LKT and Guthrie will each be sitting on an extra $300m in revaluation.
For LKT it means an extra $0.59 in boosted RNAV. Huatppy situation?
YOu could use such bloated valuations if there is the intent to subdivide the shopping center and sell the units on a strata basis.
I do not think that is the intent of the management to do that at the moment.
Jurong point is not Alexandra yet... not yet...
give it another 10 yrs, Jurong Lake District full develop... then if LKT does a J-REITS, then the full value of JP can be realised!
But i am thinking why there is a lack of property investments by LKT over in Jurong Lake District Area...
Already, Capitaland has up their stakes by putting in Jcubes and their existing IMM..
Property investor is correct. There is an inverse relationship between floor area and psf prices. The bigger the floor area, the lower the psf prices and vice versa. So it is impossible for the entire JP complex to hit upwards of $4000psf under current market conditions.
1.5ct dividends, XD 10 May 2013
Finally I have the time to review the FY12 (ended 31Dec12) full-year results.....
http://info.sgx.com/webcoranncatth.nsf/V...D0031E49D/$file/FY2012Results.pdf?openelement
It is relevant to note that in 4Q, LKT's 50% share of JP's rental & related income continued to grow steadily and hit a new record of $15.707m (+5.35% yoy) - i.e., equivalent to new record-high running rate of $62.828m p.a. - and the capital value of LKT's 50% stake in JP as recorded in the latest 31Dec12 B/S has also risen to a new high of $749.075m (+2.1% yoy from $733.945m as at 31Dec11). Together with earnings from other sources, this has brought LKT's latest (as at 31Dec12) NAV/share to a new high of $0.9577. An unchanged $0.015/share Final dividend has been declared.
Based on the above valuation, the entire JP - with a total net lettable area of 64,363 sq.m., or 692,545 sq.ft. - is now worth a total of $1498.15m, or $2163 psf. A sale of the entire JP by LKT and Guthrie GTS at say minimum $2800 psf - a conservative valuation under the current still buoyant market conditions for prime shopping malls; therefore, a real possibility! - would bring in a whopping $969.563m to LKT's coffer alone and add an extra approx. $0.436 to NAV/share, and raise it to $1.39.
Just on the above point alone, I am going hold on tight my LKT shares.