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For sharing... I met an accounts manager from the Exhibitions division of Pico few days back.

I took the opportunity to ask him about Pico's competitors, namely KC and Cityneon.

Interestingly, he grudgingly acknowledged the excellent quality of work produced by KC and he had even on occasions feedback KC's designs to his company's designers for them to learn from. On the other hand, his impression of Cityneon was purely of competing on pricing.

On staff turnover within the industry, his observation was that only staff from the smaller companies (such as Cityneon) would switch to the bigger ones (i.e. Pico, KC). Staff of KC and Pico tend to leave the industry altogether once they resign.
http://news.yahoo.com/s/afp/20110227/lf_...laysialego

Malaysia set for Asia's first Legoland next year
by Martin Abbugao Martin Abbugao – Sat Feb 26, 11:00 pm ET

Sat Feb 26, 11:00 pm ET

JOHOR BAHRU, Malaysia (AFP) – Asia's first Legoland theme park is on track to open next year in southern Malaysia, its builder said, as the region goes all out to lure tourists with a series of big ticket attractions.

Earthmovers have flattened a vast expanse of oil palm-covered hills to make way for the 76-acre (31-hectare) Legoland Malaysia, one of the main attractions of a new city and economic zone called Iskandar Malaysia.

The park, which will offer 40 rides, shows and displays of the famous Lego toy bricks of Denmark, is just across a waterway from Singapore, which opened Southeast Asia's first Universal Studios entertainment complex in 2010.

Zainal Ashikin Muhammad, chief executive of IDR Resorts, the builder of Legoland Malaysia, said the new park will complement Universal Studios Singapore rather than compete with it for custom.

"Is there a saturation of theme parks? In this region, no. There's still a lot of growth for theme park development," he said during a recent media tour organised by Iskandar Malaysia.

European visitor attractions operator Merlin Entertainments, whose stable includes Madame Tussauds, the London Eye and SEA LIFE, has been roped in to operate Legoland Malaysia.

When completed, Legoland Malaysia will be the sixth of its kind in the world after those in Denmark, Britain, California, Florida and Germany.

Zainal said the Malaysian version will be one of three internationally branded theme parks that will operate by 2025 in the Iskandar region, in an ambitious project covering an area three times the size of Singapore.

With these theme parks, a 50-kilometre (30-mile) radius spanning Singapore and Iskandar will become like Orlando, Florida, which hosts Disneyland, Universal Studios and SeaWorld, Zainal said.

"That is what we aspire to be," Zainal told reporters.

"We have the natural resources, we have the land... This is a catalytic project."

He said the regional market is big enough for more theme parks, despite the presence of Universal Studios in Singapore, Disneyland in Hong Kong and smaller attractions by local players.

Singapore welcomed a record 11.6 million foreign visitors last year, up 20 percent from 2009, thanks largely to the lure of its two new casino resorts one of which has Universal Studios in its complex.

"Is there a saturation of theme parks? In this region, no. There's still a lot of growth for theme park development," Zainal said.

Wearing a hard hat under a hot sun, Zainal said the project has been progressing well since they broke ground in December 2009, building over an area of bushes and plant life.

Primary infrastructure, including roads, power substations and drainage systems, is about 50-60 percent complete, he said.

Construction of the main theme park will start in March, he said, adding that of the 720 million ringgit ($235 million) cost, 200 million ringgit in contracts have already been awarded.

The fabrication of the rides has begun overseas while the construction of the 15,000 Legoland model structures to be displayed at the park has started in Malaysia and abroad.

About 30 million Lego bricks will be used to build the model structures.

"Everything is in place," Zainal said. "Some rides are already here but majority will start to be shipped in July or August this year."

Siegfried Borst from Legoland Germany, who was recruited to help run the Malaysian version, told reporters it will offer the same rides and attractions available in Europe, but with an Asian touch.

The "miniland" displays will consist of Lego replicas of iconic buildings and structures in Asia, including Malaysia's Petronas Twin Towers, formerly the tallest building in the world, he said.

Because of the tropical weather, queueing areas in Legoland Malaysia will be covered, and the developer has ordered thousands of trees to be planted within the park grounds.

Borst said they are targeting at least a million visitors in the first year of operation.

"I'm pretty confident that we can live up to the standards that we have in the other Legoland parks as well," said the 20-year veteran in the theme park business.
Quite skeptical about visions of big successful projects in Malaysia. They have a long history of failed mega projects, their versions of biopolis, silicon valley, that jb port that rivals singapore etc etc. and they don't seem to learn from history. But at least we can bank on one big theme park in jb. Hopefully they will manage to complete this one.
Hopefully, it will stand the test of time and not become a white elephant after 2-3 years...
given the bright outlook of Kingsmen Creative in the next few years, constant positive free cashflow and relatively good dividend yield, probably there are certain institutional investors looking to accumulate a meaningful stake in Kingsmen Creative, which will give pressure for Kingsmen Creative stock price. The institutional investors probably will not push the price too high and collect it slowly til they have a meaningful position.
A very enthusiastic report on Kingsmen by KE... in stark contrast to OCBC's report.
Hi piggo,

You forgot the report from DMG, which happens to be also very bullish.

Can't these analysts understand that they should tone down their optimism? After all, the Company is expected to grow at 5% or less for the next two years, thus they cannot accord such "high" valuations to justify all their lofty target prices! Tongue
Haha... I stopped reading the report after

"DMG & Partners Securities Pte Ltd may have received compensation from the company covered in this report for its
corporate finance or its dealing activities"

guess their TP should be taken with a bucket of salt, but do agree with their statement of "Earnings growth unimpressive, but stock remains cheap.". Personally I'm quite happy with the current 5-6% yield with little fluctuation in price.
An interesting piece of news I heard last night on the news. More Orchard Road malls are sprucing up more often now, offering more opportunities for Kingsmen to capitalize for their Interiors Division.

Orchard Road malls going for facelift earlier
by Julie Quek 05:56 AM Mar 03, 2011

TODAY

SINGAPORE - Unlike in the past, shopping malls along Orchard Road are going in for a facelift quite early in their life. That is because of rising competition from brand-new shopping centres, which are forcing the existing ones to spruce up their act.

Instead of waiting for a decade or two to refurbish, mall owners are now tweaking the look and feel of even relatively newer buildings. Analysts say the fact that ownership of many of these shopping centres has changed hands has also helped speed up the process.

They said most of the new landlords are real-estate investment trusts (REITs) that want to earn high rental incomes to keep their yield-hungry investors satisfied.

Dr Chua Yang Liang, head of research, South-East Asia, Jones Lang LaSalle, said; "In 2000, with the arrival of REITs, mall operators have tended to be more aggressive. Because at the end of the day you have your major shareholders and it's about income returns on the asset itself. So there is motivation to make sure their assets are viable and continue to attract the tenants."

Wisma Atria shopping mall on Orchard Road will be getting a facelift by the third quarter of next year. It is owned by Starhill Global REIT, which plans to enhance the mall's positioning by redeveloping its frontage. CapitaMall Trust has announced asset enhancements initiatives for its Atrium@Orchard.

"Going forward, I think you may see the retail scene, especially along Orchard Road changing along towards that direction where the lifespan of the building (becomes shorter), and the need to upgrade becomes more pressing," Dr Chua said.

Following the launch of several new malls along Orchard Road over the last two years, analysts expect the premier shopping belt to see less new addition of retail space anytime soon.

Julie Quek
In anticipation of the total $0.025/share Final and Special dividends for FY10 to be paid on 24May11, today (7Mar11) I decided to re-invest ahead the coming dividends payment by adding more Kingsmen shares at $0.555 apiece. Based on the reasonably good daily volume transacted since Kingsmen released its FY10 full-year results on 22Feb11, I am taking the comfort that I am not alone in doing this.

I am also taking the comfort that all the 3 houses - DMG, Kim Eng, and OCBC - which are covering Kingsmen on an on-going basis, have issued their latest update reports - all positive!.....
http://kingsmen.listedcompany.com/misc/D...240211.pdf
http://kingsmen.listedcompany.com/misc/K...240211.pdf
http://kingsmen.listedcompany.com/misc/O...240211.pdf

Bearing in mind the coming $0.025/share dividends payment, in effect I have paid approx. $0.53/share today. Assuming Kingsmen continues with a yearly dividend payout of say $0.04/share (like in FY10) going forward, I will have a more or less assured gain of approx. 7.5% p.a. from dividends, while pacing the further growth of the underlying business and its intrinsic value over time.