SINGAPORE (Nov 11): OCBC is downgrading property group KSH Holdings to a “hold” at a lower fair value of 67 cents on softer residential price assumptions and valuation grounds.

KSH reported 2Q PATMI increased 244% to $23.2 million due to the completion of a property development project in Beijing, which contributed $15.8 million to the bottom line, and a stronger share of results of associates which rose 311% to $22.2 million due to higher progress recognition from development projects.

In terms of the topline, 2Q revenues were fairly stable at $62.1 million due to slightly lower project revenues from its construction segment.

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