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Koh Bros
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Big Break thru for Equition
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lifeisgood
Supreme |
20-Apr-2026 14:59
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The Board of Directors all sleeping? | ||||||||||||||||||||||||||||||||||||||
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stlimst
Master |
20-Apr-2026 14:35
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How can our SGX attract companies to list/IPO is our market with this type of anomalies so stark? We have MAS, SIAS, SGX managemennt, various committees, task forces, ministers all trying to see how to give a leg up to our very disappointing SGX. Come on!
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SmallSmall
Supreme |
20-Apr-2026 11:28
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Published Mon, Apr 20, 2026 · 07:00 AM Extracted and Summarised However, the real Value Unlock to come is in the Smid space. With research coverage still patchy in this segment, there appears room for more, or at least for the diligent to spot mispricing among related companies. Take for instance, Oiltek. A successful expansion into renewable energy solutions since its Catalist listing in March 2022 has produced a 3,000 per cent return for early investors, from the initial public offering price of S$0.23 to a current price of around S$2.40 and post a 2:1 bonus issue last May on transfer to mainboard. Recent April price targets from CGS International, UOB Kay Hian and Philip Securities put potential reach at S$2.72 to S$3.38, following a US$350 million contract for sustainable aviation fuel. Koh Brothers rejects shareholders&rsquo renewed push for distribution of Oiltek stake Shareholders push Koh Brothers for in-specie distribution of Oiltek stake Its market capitalisation has crossed S$1 billion, propelling this four-year-old S$35 million Catalist listing into the mid-cap range. Interestingly, it has left its parent companies in its wake. Koh Brothers Eco Engineering (KBE) which owns 68.14 per cent of Oiltek, is valued at just over S$315 million. The paper value of its stake in Oiltek itself is worth more than twice as much, excluding the S$72 million of cash on KBE&rsquo s balance sheet in December 2025. Rolling up one more level, Koh Brothers Group (KBG) owns 54.81 per cent of KBE. Its market cap of about S$160 million is two-thirds backed by S$114 million of cash at end-December 2025. The implied market value of its indirect stake in Oiltek is more than double its current market capitalisation. Little wonder then, that KBG shareholders have been asking for a distribution of Oiltek shares in-specie upstream to KBE shareholders, which would also unlock value for KBG minorities. Last week, KBG declined to even put this shareholder request to a vote. In 2025, a similar proposed shareholders resolution was tabled &ldquo to promote open engagement with shareholders&rdquo , according to the board, even if it was voted down by the majority shareholders. At the time, the board explained its desire to retain control over the strategy and future growth of Oiltek. It is understandable, even if it may be perceived as a traditional approach resulting in a big holding company discount to the sum of its parts. At current pricing, KBG&rsquo s cash, property development arm and construction business (with a S$1.1 billion order book) and its hotel operations essentially are priced at a negative value after accounting for the implied value of its indirect Oiltek stake &ndash which is over twice its market capitalisation. This is not an entirely unique situation. After the successful spin-off of Lum Chang Creations (LCC) last year, parent Lum Chang Holdings (LCH), which owns 71.1 per cent of its listed subsidiary, trades at two thirds LCC&rsquo s market capitalisation. The rest of the parent&rsquo s business is also priced negatively. Either KBG, KBE and LCH minorities may have to keep the long-suffering faith in future realisation of value by hanging on, or the market may awaken to these anomalies and narrow the gap. In in the case of Low Keng Huat, a privatisation was completed earlier this year at a premium to prevailing market prices, but at a discount to asset value. Or perhaps there is still a missing link or two in the &ldquo modernisation&rdquo of our local market. Would a regulatory rod like Tokyo Stock Exchange&rsquo s Value-Up programme, nudging listed companies to disclose concrete, actionable initiatives for improving corporate value or be named and shamed, help pressure boards? There may now be enough meat on some of these tables to attract activist investors to, well, get active. The writer is chairman of Shan De Advisors. He retired in 2021 from SGX, where he was a senior managing director. |
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easywin
Supreme |
20-Apr-2026 11:07
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After 0.500  more to chiong toward 0.700 | ||||||||||||||||||||||||||||||||||||||
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treehouse
Member |
20-Apr-2026 09:31
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finally chionging! | ||||||||||||||||||||||||||||||||||||||
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Joelton
Supreme |
18-Apr-2026 16:39
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Can Koh Brothers do better in unlocking value for shareholders? Oiltek International, which was listed with hardly any fanfare in March 2022, has seen an almost meteoric rise in its share price, gaining more than 2,500% since its IPO to close at $2.12 on April 14. Buoyed by a growing chorus of bullish target prices &mdash the latest being CGS International&rsquo s $3.38 call on April 14 &mdash the surge in Oiltek&rsquo s value has highlighted the unprecedented mismatch at its parent and &ldquo grandparent&rdquo company Koh Brothers Eco Engineering (KBE) and Koh Brothers Group (KBG), respectively. Oiltek is 68.1% controlled by KBE, and the stake is valued at $619 million as of April 14, versus KBE&rsquo s entire market cap of $331.9 million. Meanwhile, KBE is 54.8% held by KBG &mdash a stake valued at $181.9 million, versus KBG&rsquo s total market cap of just $148.9 million. KBG&rsquo s effective stake in Oiltek is $339.2 million, or twice its own market cap. The contrast is even starker amid a revival in investor interest in construction stocks &mdash and not just continued optimism in local equities. The disparity in value was big enough for certain shareholders to take action more than a year ago. Ahead of KBG&rsquo s annual general meeting last year, the company received a requisition notice from shareholders Morph Investment, Ong Sze Wang and Chin Phak Lin, asking for the distribution of Oiltek shares in specie via KBE to be put to the vote. They control around 21 million shares in total, but with the controlling Koh family members together holding more than half of the 438 million shares, this resolution was not able to muster enough support, with 42.16% for and 57.84% against. Since April 2025, Oiltek&rsquo s shares have gained another 470%, exacerbating the disparity in value. Ahead of this year&rsquo s AGM on April 29, the same shareholders have put forward the same resolution, as announced by KBG on March 25. Following the March 25 announcement, both KBG and KBE witnessed a gain of around 19.3% and 62.5%, respectively, in their share price, as investors position for a potential windfall if the distribution is to take place. However, KBG, which is headed by executive chairman and group CEO Francis Koh, held its ground this time round. On April 13, it announced that it had rejected this request and would not put the resolution to a vote. KBG maintains that it took into consideration, among others, that the current operating environment remains uncertain and volatile, the financing arrangements of KBG, the potential effects on the financial position of Oiltek, KBE and itself, as well as the ability to direct the strategy and future growth of Oiltek. Following this, both share prices of KBG and KBE suffered a decline of 8.1% and 12.1%, respectively, on April 14. The million-dollar question now is &mdash should KBG&rsquo s board have put forth the resolution and allowed all shareholders to vote in the upcoming AGM? From the share price decline on April 14, the market is clearly sending a message to KBG&rsquo s board that it has to do more for shareholders and unlock value for them. Given the ongoing efforts by the Monetary Authority of Singapore and the Singapore Exchange on the value unlocking programme for our equity market, companies, especially undervalued companies, should start to do more to lay out concrete plans to unlock value for shareholders to bridge the valuation gap. For KBG, it is even more important than ever before, given the valuation mispricing at both the company and the subsidiary level. With no concrete plans on how to monetise the stake in Oiltek, which KBE owns, price discovery will not happen, and its share price will continue to languish at depressed levels. It is in the best interests of KBG shareholders to vote on a value-unlocking resolution at the upcoming AGM, which would benefit all shareholders. Clearly, KBG should have done better this time around. |
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ozone2002
Supreme |
17-Apr-2026 22:27
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Last:0.41        +0.055
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investshare
Supreme |
17-Apr-2026 17:48
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Actually a small company, how come so many listed subsidiaries?
DBS or SingTel don?t even have one. |
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muifan
Supreme |
17-Apr-2026 17:46
Yells: "Take the leap of faith dont regret 20 years later!" |
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Nothing much leh, because of this caused the surge??
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Fire8320
Member |
17-Apr-2026 17:29
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Teo Zheng LongFri, Apr 17, 2026 &bull 12:00 PM GMT+08 &bull   &bull 4 min read Oiltek International, which was listed with hardly any fanfare in March 2022, has seen an almost meteoric rise in its share price, gaining more than 2,500% since its IPO to close at $2.12 on April 14. Buoyed by a growing chorus of bullish target prices &mdash the latest being CGS International&rsquo s $3.38 call on April 14 &mdash the surge in Oiltek&rsquo s value has highlighted the unprecedented mismatch at its parent and &ldquo grandparent&rdquo company Koh Brothers Eco Engineering (KBE) and Koh Brothers Group (KBG), respectively. Oiltek is 68.1% controlled by KBE, and the stake is valued at $619 million as of April 14, versus KBE&rsquo s entire market cap of $331.9 million. Meanwhile, KBE is 54.8% held by KBG &mdash a stake valued at $181.9 million, versus KBG&rsquo s total market cap of just $148.9 million. KBG&rsquo s effective stake in Oiltek is $339.2 million, or twice its own market cap. The contrast is even starker amid a revival in investor interest in construction stocks &mdash and not just continued optimism in local equities. The disparity in value was big enough for certain shareholders to take action more than a year ago. Ahead of KBG&rsquo s annual general meeting last year, the company received a requisition notice from shareholders Morph Investment, Ong Sze Wang and Chin Phak Lin, asking for the distribution of Oiltek shares in specie via KBE to be put to the vote. They control around 21 million shares in total, but with the controlling Koh family members together holding more than half of the 438 million shares, this resolution was not able to muster enough support, with 42.16% for and 57.84% against. Since April 2025, Oiltek&rsquo s shares have gained another 470%, exacerbating the disparity in value. Ahead of this year&rsquo s AGM on April 29, the same shareholders have put forward the same resolution, as announced by KBG on March 25. Following the March 25 announcement, both KBG and KBE witnessed a gain of around 19.3% and 62.5%, respectively, in their share price, as investors position for a potential windfall if the distribution is to take place. However, KBG, which is headed by executive chairman and group CEO Francis Koh, held its ground this time round. On April 13, it announced that it had rejected this request and would not put the resolution to a vote. KBG maintains that it took into consideration, among others, that the current operating environment remains uncertain and volatile, the financing arrangements of KBG, the potential effects on the financial position of Oiltek, KBE and itself, as well as the ability to direct the strategy and future growth of Oiltek. Following this, both share prices of KBG and KBE suffered a decline of 8.1% and 12.1%, respectively, on April 14. The million-dollar question now is &mdash should KBG&rsquo s board have put forth the resolution and allowed all shareholders to vote in the upcoming AGM? From the share price decline on April 14, the market is clearly sending a message to KBG&rsquo s board that it has to do more for shareholders and unlock value for them. Given the ongoing efforts by the Monetary Authority of Singapore and the Singapore Exchange on the value unlocking programme for our equity market, companies, especially undervalued companies, should start to do more to lay out concrete plans to unlock value for shareholders to bridge the valuation gap. For KBG, it is even more important than ever before, given the valuation mispricing at both the company and the subsidiary level. With no concrete plans on how to monetise the stake in Oiltek, which KBE owns, price discovery will not happen, and its share price will continue to languish at depressed levels. It is in the best interests of KBG shareholders to vote on a value-unlocking resolution at the upcoming AGM, which would benefit all shareholders. Clearly, KBG should have done better this time around.   |
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superstartup
Supreme |
17-Apr-2026 17:22
Yells: "Enjoy doing Fundamental Research" |
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Article out earlier at lunch time. | ||||||||||||||||||||||||||||||||||||||
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lifeisgood
Supreme |
17-Apr-2026 17:12
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is it possible to cut amd paste if u have softcopy? thanks
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muifan
Supreme |
17-Apr-2026 16:59
Yells: "Take the leap of faith dont regret 20 years later!" |
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Your news so fast. This weekend you already know
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SmallSmall
Supreme |
17-Apr-2026 16:52
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This one hit new high....$0.405 +$0.05 ! Deatured in this weekend The Edge |
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lifeisgood
Supreme |
15-Apr-2026 14:56
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Given the extreme under valuation of KBG , what does the KBG management intend to do to address this issue? Any plans by the management to " value up" to reflect the gaping valuation between KBG and its ownership of Koh Eco & Oiltek? | ||||||||||||||||||||||||||||||||||||||
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Joelton
Supreme |
14-Apr-2026 08:20
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Koh Brothers declines shareholders' request to hold AGM vote on distribution of Oiltek shares Koh Brothers Group has declined to put forward a resolution requested by certain shareholders agitating to receive the distribution of Oiltek International shares that KBG holds indirectly. According to KBG on March 25, a group of shareholders had asked KBG to include at its upcoming AGM a resolution to make subsidiary Koh Brothers Eco Engineering distribute shares it in turn holds in Oiltek International. Oiltek, as indicated in its FY2024 annual report, is 68.14% held by Koh Brothers Eco Engineering, which in turn is 54.81%-held by Koh Brothers. Lifted by a string of contract wins, Oiltek shares have gained nearly 200% year to date, extending a gain of 2,500% in the past five years. At April 13 close of $2.08, Oiltek is valued at $892.3 million. In contrast, KBE and KBG are valued at $356.5 million and just over $162 million respectively. In short, KBG' s effective stake in Oiltek is now worth twice its own market cap. In a filing on April 13, KBG says the requisitioned resolution was the same was that proposed by the same shareholders ahead of its previous AGM on April 29. In its filings last year, KBG identified the shareholders as Morph Investments, Ong Sze Wang, Chin Phak Lin, who back then were said to control around 21 million shares between them. KBG maintains that the requisitioned resolution " are matters which fall within management decisions and which come within the remit" of KBG' s board. KBG says the decision last year to let shareholders vote on the resolution was " on an exceptional basis to promote open engagement with shareholders, and was expressly qualified as such." The resolution did not pass with 42.16% for and 57.84% against. KBG says its board has considered the matter further and determined that it is not in the best interests of KBG to implement the proposal set out in the requisitioned resolution. KBG says it has considered, among others, that the current operating environment remains uncertain and volatile, the financing arrangements of KBG, the potential effects on the financial position of Oiltek, KBE and itself, as well as the ability to direct the strategy and future growth of Oiltek. " Nevertheless, the board thanks the requisitioned shareholders for their feedback" , says KBG. |
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moonsun
Veteran |
14-Apr-2026 08:03
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Unlikely as voted down | ||||||||||||||||||||||||||||||||||||||
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ahberngh
Elite |
13-Apr-2026 16:39
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At 2.10, Oiltek is wirth 81.5c per share to Koh Bros shareholders. That is not counting Koh Bros other assets and businesses. Current price, Koh Bros is a steal. |
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ozone2002
Supreme |
13-Apr-2026 16:25
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Last:0.37        +0.02loaded up on Koh Bros, IYKYK Key Statistics 
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stlimst
Master |
07-Apr-2026 22:09
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In our tiny market, BBs call the tune on which counter to move. Obviously the current flavour is Koh Eco and not Koh Bros. Koh Eco is the mother and Koh Bros the grandmother. of Oiltek.
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