HARTA / 5168 - 2010 Q3

OSK TP: 8.92
My TP: 7.98 + 0.15 = 8.13 (PE 13, EPS 0.614, DPS 0.15)
My decison: NOT BUY
Reason: Market trend unstable

My study based on 2010 Q3 report (number in '000):
- ROE compare to last Q increased 0.39% to 11.62% and also higher than last year 2.07%
- Revenue compare to last Q growth 10.42% to 148599 and profit also growth 12.37% to 37200, basically due to increase in demand and effective cost control; As compare to last year revenue growth 19.88% and profit also growth 67.36%, mainly due to continuous expansion in production capacity, increase in demand and more efficient production process, higher premium nitrile gloves, lower synthetic & natural latex price and favourable exchange rate
- Equity compare to last Q increased 7.87% to 320054, assets increased 2.99% to 449227 but liabilities decreased 8.59% to 129173; As compare to last year equity increased 37.44%, assets increased 23.96% but liabilities decreased 0.27%
- Minority interest compare to last Q increased 33383% to 248 and also higher than last year 108.4%
- Got FCF 95579 and NCF 51842
- Profit margin compare to last Q increased 0.43% to 25.03% and also higher than last year 6.36%
- DE compare to last Q decreased 0.0756 to 0.4036 and compare to last year also decreased 0.1526
- 5 sen dividend declared
- Divident in sen 2010 = 0.1 (declared 5 sen on Q3 and 5 sen on Q2), 2009 = 0.12 (declared 4 sen on 2010 Q1, declared 4 sen on 2009 Q4 and 4 sen on 2009 Q2)