得到的结论
1）ksl之前把investment产业高估了，或者有意让政府少抽税，因为2014年政府推出RPGT就是所谓的产业盈利税，所以被逼拉低fair value下来（这个是不错出发点）
2）RPGT税在2014年开始抽，ksl选择在今年大赚时，先抽出来准备还明年的RPGT（明年就不用还）
3）ksl有大部分地在iskandar,会吸引新加坡来强购
4）管理层信心满满看待未来发展
我朋友是说，这是帐目上的转移，根本没影响公司发展
该来的总要来，只是提早来了，明年的帐应该会更出色
有任何错误，请您再次看report.
1）ksl之前把investment产业高估了，或者有意让政府少抽税，因为2014年政府推出RPGT就是所谓的产业盈利税，所以被逼拉低fair value下来（这个是不错出发点）
这点我不是很明白，RPGT是在2014年才开始抽，而且这个tax也会影响发展商吗？印象中只是影响买家要卖屋子吧了.
2）RPGT税在2014年开始抽，ksl选择在今年大赚时，先抽出来准备还明年的RPGT（明年就不用还）
这个问题如上体，我还是不明白。而且公司这个quarter亏了10m,加会做做fair value adjustment跟provision，盈利也只是RM12,400,000.这个公司我认赔出厂了.等价钱更加底再来看过，管理层真的很有问题。公 司老板太贪心了，完全不顾小股东的利益，真是old china men business。等股值去到更便宜再来看，老板吃水很深。
3）ksl有大部分地在iskandar,会吸引新加坡来强购
4）管理层信心满满看待未来发展
这个跟迟点meidini上市的有没关系?
这个是子公司，没上市的
只是今年年头的事
我只能说，这个ksl准备把大家震出去就对了，已经做到很难看的帐了
已经是有几坏就做到几坏的帐，深怕你们拿他的票不放
还有人能留下的，就是准备跟他一起享有富贵
其实Q4的业绩差问题在于Q4产业销售不理想。看看他的季度产业销售：
Q1=rm104mil,
Q2=rm180mil,
Q3=rm182mil,
Q4=rm84mil。
Q4产业销售比Q3少了rm98mil。再加上loss fair value和RPGT的provision rm22mil，让Q4业绩更加恶化。
有兴趣的可以看看。。 但不要尽信这些分析员的ＴＰ。 仅做参考而已 。。。
Results
Net profit swung from RM68.4m net profit in 3Q13 to an RM10.5m loss in 4Q13 due to fair value adjustment and provision. For FY13, full year net profit of RM172.4m made up 98% and 110% of HLIB and consensus estimates respectively.
Deviations
Largely in line.
Dividends
None, in line with our expectations.
Highlights
Yoy results: 4Q revenue growth was flattish (-4.4% yoy) but net profit swung from RM39.0m in 4Q12 to RM10.5m net loss in 4Q13. KSL attributes this deterioration in earnings to: (1) The loss arising from fair value adjustment of RM9.4m on investment properties; and (2) Provision of deferred taxation for RPGT of approximately RM13m.
Qoq revenue: Sharp sequential decline in revenue (-44% qoq), as 3Q revenue was exceptionally strong at RM217m, which KSL attributed to: (1) higher take up rate and percentages of completion of existing on-going and completed mixed development projects, especially in Johor Bahru and Klang; and (2) Revenue generated from hotel and mall operations.
Qoq net profit: The swing in the bottomline was even greater, from RM68.4m net profit in 3Q13 to RM10.5m net loss in 4Q13. Other than the sequential decline in 4Q13 topline, 4Q13 losses were exacerbated by one-off mentioned above.
Ceasing coverage. Access to management has been particularly difficult over the past couple of years, making it difficult for us to make meaningful earnings forecasts for KSL or to formulate a fundamental outlook. Therefore, following this final report, we cease coverage of KSL.
Risks
Execution and demand risk of Bandar Bestari, as the group's future earnings will be highly reliant on this flagship project; an overall downturn in the property sector.
Forecasts
Rolling over our numbers, our FY14-15 forecasts are marginally raised by 0.7%.
Rating
HOLD
Positives: (1) Good proxy to IDR growth story; (2) new expansion to Klang Valley; and (3) growth in recurring investment income.
Negatives: Lack of liquidity; project concentration risk.
Valuation
Given the prevailing macro and sector headwinds, we maintain discount to RNAV at 40% and keep our TP at RM2.04. HOLD
出处：klse.i3investor.com/servlets/ptres/21522.jsp
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