KSH Holdings

KSH Holdings: OCBC maintains Buy with $0.73 TP. House recently met with KSH management and keep intact our FY13E and FY14E forecasts at $30.7m (up 68% YoY) and $53.0m (up 72% YoY), respectively, which are underpinned by progress billings for already-sold projects in Singapore. Beyond FY14, see earnings growth momentum likely continuing due to the upcoming launch of its Beijing condo project this yr (Liang Jing Ming Ju Phase 4) which would contribute an estimated S$23m net earnings upon TOP. House also understand management is also focused on launching Phase 1 of its 533-hectare Gaobeidian township project (GBD), located 30 mins away from Beijing city via high-speed rail. For upcoming FY13E results, we expect final dividends in the range of 0.5 – 1.5 S-cents and possibly a bonus share issue as well.