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18-04-2011, 04:20 PM
Just reviewed the latest FY10 (ended 31Dec10) AR which makes interesting reading.....
http://info.sgx.com/listprosp.nsf/07aed3...200336b39/$FILE/LeeKimTah_AR2010.pdf
Key points noted -
1) The capital value of LKT's stake in JP has gone up - by $31.25M in FY10 - to $480.25m as at 31Dec10, equivalent to $0.95/share (based on the 505.443m issued shares outstanding). This prime asset alone generated most of LKT's rental from investment properties and related income in FY10 of $44.313m, +7.1% yoy.
2) LKT's 31Dec10 net debt position was down by $58.07m, to $186.25m, vs. $244.32m as at 31Dec09. This is mainly attributed to the solid recurrent rental from JP and sale of some residential units in Australia in the FY.
3) NAV/share as at 31Dec10 has gone up to $0.65, from $0.59 as at 31Dec09. Quite obviously, this number is grossly understated. Just one item alone - the 74,51%-owned, 42.13 hectares (1 hectare = 10,000 sq.m) piece of freehold development land located at Plot-K1, SIPCOT Information Technology Park, Siruseri, Tamilnadu, India - should be worth many times over its corresponding BV. [Refer details in Note 15, p58.]
http://info.sgx.com/listprosp.nsf/07aed3...200336b39/$FILE/LeeKimTah_AR2010.pdf
Key points noted -
1) The capital value of LKT's stake in JP has gone up - by $31.25M in FY10 - to $480.25m as at 31Dec10, equivalent to $0.95/share (based on the 505.443m issued shares outstanding). This prime asset alone generated most of LKT's rental from investment properties and related income in FY10 of $44.313m, +7.1% yoy.
2) LKT's 31Dec10 net debt position was down by $58.07m, to $186.25m, vs. $244.32m as at 31Dec09. This is mainly attributed to the solid recurrent rental from JP and sale of some residential units in Australia in the FY.
3) NAV/share as at 31Dec10 has gone up to $0.65, from $0.59 as at 31Dec09. Quite obviously, this number is grossly understated. Just one item alone - the 74,51%-owned, 42.13 hectares (1 hectare = 10,000 sq.m) piece of freehold development land located at Plot-K1, SIPCOT Information Technology Park, Siruseri, Tamilnadu, India - should be worth many times over its corresponding BV. [Refer details in Note 15, p58.]