KSL +1.4%, Result Above View; RHB Ups Forecast

KSL Holdings (5038.KU) is up 1.4% at MYR1.40, outperforming the benchmark index, after reporting strong 3Q results; net profit rose 93% on-year to MYR30.0 million while revenue doubled to MYR81 million.

 With a nine-month net profit of MYR72 million, the results came in slightly above analysts expectations, accounting for about 76% of consensus forecast for FY11. 

RHB Research upgrades KSL to Market Perform from Underperform and lifts its target to MYR1.50 from MYR1.20 after raising FY11-FY13 earnings forecasts by 23%-33%. 

The house says underlying regulatory risk that had weighed on the sector has been lifted after the central bank issued guidelines to promote more prudent household lending recently. "The stronger recurring rental income should also provide KSL an additional buffer to withstand challenging economic conditions ahead," it says.

25億工程如期進行 順利實(KSL)業遭低估前景仍可期

順利實業（KSL，5038，主要板房產）嚴重遭低估，但潛在受惠于依斯干達經濟特區（IDR），加上位于巴生總值25億令吉的旗艦工程按照計劃可在2個月內推出，前景可期。
該公司雖曾在今年3月21日宣佈，以4配1比例，發行9763萬7000單位憑單，每單位發售價為20仙，預計可籌獲1億7300萬令吉，惟在清還債務后，可成為淨現金公司。
順利實業目前淨負債率為0.19倍，或1億6800萬令吉淨債務。
雖說此次發行憑單將稀釋該公司每股盈利17%，但我們並沒有很在意，畢竟該公司位于巴生碧斯達麗鎮（Bandar Bestari）旗艦工程仍在進度中，預計可在2個月內推出市場，盈利前景仍可期。
據我們所知，鄰近順利實業巴生碧斯達麗鎮工程的房地產計劃，皆享有良好入住率及價格，該公司也已上調每單位售價，從50萬令吉提高至70萬令吉。
另外，我們看好該公司可趁勢受惠于柔佛依斯干達經濟特區，穩定經常投資收入想必也能取得成長。
基于各成長因素表現穩定，我們給予順利實業2.16令吉目標價，等同每股重估凈資產值（RNAV）折扣30%，以此推算，包括股息在內，該股尚有37%成長空間。
閉市時，順利實業收在1.79令吉，跌1仙，成交量12萬2300股。