KSH

KSH: (The Edge) Register maiden earnings from property as it eyes more civil engineering projects. For FY13 March, maiden profit contributions came from the grp’s property development at $16.6m as profits from associates, with FY13 rev at $231.6m. a large part of the revenue increase came from its construction business. Further more KSH has been bidding for public sector civil engineering projects as these projects are more equipment driven vs labour. The grp currently has an orderbook of $446m, including contracts for JTC Corp and Qbay residences worth $59.9m and $142.3m respectively and is bidding for 3 more contracts valued at $200-$250m. At current price, valuations are undemanding with grp trading at just 4.95x vs peers of 9.8x.