Oliver Rowe
Special situations, deep value, contrarian, looking for an edge

Keck Seng: 4-Star Real Estate Play Offers 5-Star Return With 149% Upside To NAV

Summary: Keck Seng Investments (OTCPK:KCKSF) has a tremendous portfolio of undervalued assets that are hidden by historical carrying values; in addition, it pays a 3% dividend. At its current price, KCKSF has an upside to net asset value ((NAV)) of at least 149%. This huge discount provides a margin of safety, which should not be needed, because it's a profitable business that is far from liquidating. The sale of the Macau properties in the next 2-5 years will be a major catalyst.

KCKSF conservatively has an upside to NAV of 149%-224%. A full breakdown of the properties can be found later in the analysis; this table is provided as a teaser of what is to come.

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