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2008-10-16

KNM is at lowest level since 2003

















KNM announced yesterday that it has accepted a new 3 year term loan of Euro 150m (RM 714.7m) from Maybank for the refinancing of a bridging loan taken for Borsig acquisiton. The interest rate for the loan is at COF +2.25% ( around 6% p.a). Basicaly it is a good news because the loan will ease the financing concern for Borsig, but in this market situation this news become a reason to panic sale down.

NTA for KNM as at 30 Jun 08 was RM 1.32 per share and
NTA for Borsig acquisition was RM 0.57 per share.

KNM is now trading at FY09 PE of 4x which compare to local company in same Oil & Gas industrial is 8x. Base on this fact KNM is under value and now KNM is at lowest level since the company was frist listed as a second board company in 2003. If you have extra money, now is a good time to buy KNM. However don't keep for long ( around 1 month ) if get profile around 8% pull out frist due to market situation is vary unstabil.

I just brough KNM share at RM 0.44 with 30K units this morning, now already bounds back to RM 0.50 waitting to sale, profit is around RM 1,700

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