Lee Kim Tah Holdings Ltd

Lee Kim Tah Holdings

Lee Kim Tah Holdings is a propety company listed in SGX.

small market capitalization: 505,442,835 shares * S$0.6 = 300mil S$

Family Company: Lee Kim Tah Family,
Owner: ~65% shares

Properties:

(1) 1/2 Jurong Point shopping mall: evaluated at 300 mil (1/2 of Jurong Point)

Single largest shopping mall in Jurong West, West of Singapore.
408,000 sqr ft lettable area, 100% occupation.

(2) 1/4 Prime Point shopping mall: evaluated at 80 mil (1/4 of Prime Point)

It will be a extenstion and integated part together with Jurong point.
It has 290,000 sqr ft lettable area, will start rental at the end of 2008.


(3) 1/4 The centris condo together with other land slot in UK, Indonesia, Austrilia: 100 mil.

(4) Cash: 36 million

(5) Hotels in Austrilia, in Xiamen,China,

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Net Asset: ~300mil (52cts per share)
Non-current Liabilities: ~300mil
Total asset : ~600mil

Comments:

its shopping mall in Singapore is located in good strategical location, (200K population surrounding it). So, in 5~10 years, no big competitors.

May be over-diversified in bussiness at multinations.

Earning is not stable, (5 year average EPS 1.8cts)
Cash flow is not stable,
Growth is uncertain,

Director Mr Lee Yong Chuan Edwin likes Sports.

Director Mr Ramaswamy Athappan (chairman of Singapore Reinsurance) owns too little shares.


Conclusion:

Waiting for time undervalue occurs