KINV

Buy @ $0.76. They just confirmed Moody’s downgrade – may have problem refinancing their debts at a good rate or worst case, gearing limit will drop from 60% to 45%.

On the positive side, they have indicated that they may sell their Australia assets (boom there), which will allow them to reduce their debts. If they are able to sell at their last valuation, the profits are also quite substantial (Cost A$346.8M ; Valuation A$482.9M => A68.4ct/share or ~S87ct/share ; Debts stands at S$888M ). The main risk is whether they can sell the Aussie assets at valuation. 😉

SGX Annc dated 9-Mar-08

Sell @ $0.825. Switched to FirstREIT, but may buy back if it drops. 🙂

Addendum – Also Q’d to sell at $0.835 but only 1 lot done at 5pm matching. Buyer code same for both, ’20’ – Phillip Securities Pte Ltd