Brokers' take

KSH Holdings | Hold Target price: S$0.86 May 30 close: S$0.915 OCBC Investment Research, May 30

KSH's FY17 profit after tax and minority interests (ended March 2017) decreased 33.4 per cent to S$41.0 million mostly due to weaker contributions from its construction segment and lower share of results from associates (which fell 82.5 per cent year-on-year to S$8.49 million). In terms of the topline, FY17 revenues similarly decreased 18.8 per cent year-on-year to S$199.3 million primarily due to lower construction contributions.

Overall, excluding one-time items, we judge these results to be broadly within expectations. The group proposed a final and special cash dividend of 1.5 Singapore cents and 0.5 Singapore cents, respectively, which brought total dividends in the financial year to 3.25 Singapore cents. In addition, management has also proposed to issue one bonus share for every four existing shares.