KSH Hldgs: Relatively stable results. 2Q Rev at $54.4m -24.2% yoy +33.3% qoq with net profit at $5.2m +24.1% yoy +99.4% qoq. Decrease in rev was due to construction segment and was offset by cost of sales correspondingly decreased by 39.0% yoy. Profit was higher mainly due to a sale of development property worth $19.8m recognized in the quarter.
Co remains cautious due to global economic conditions, more intense competition in the construction industry as well as govt policy concerns. Still outlook remains cautiously optimistic.
Co has declared an interim dividend of 1.0c same as prev yr. As of 30 Sept 2011, co had order book of approx $377.0m (2yr backlog). Co currently trades at P/B of 0.6x vs sector avg at 0.8x.
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