PELIKAN / 5231 - 2009 Q4

OSK TP: 1.71 (26 Jan 2010)
My TP: 1
My decison: NOT BUY
Reason: Market unstable, loss

My study based on 2009 Q4 report (number in '000):
- Revenue compare to last Q dropped 14.55% to 267100 and profit also dropped 199.72% to -9314, mainly due to lower sales and due to less efficient absorption of fixed costs particularly in the production entities; As compare to last year revenue growth 17.17% and profit also growth 80.32% mainly due to better costs control and working capital management and lower finance costs by refinancing of more expensive loans to less expensive ones
- Equity compare to last Q decreased 2.5% to 599584, assets decreased 4.74% to 1495648 and liabilities also decreased 6.19% to 896064; As compare to last year equity decreased 4.52%, assets decreased 0.37% and liabilities also decreased 4.52%
- Minority interest compare to last Q decreased 0.46% to 26856 but compare to last year increased 40.04%
- FCF -8190, NCF 14886
- DE compare to last Q decreased 0.0587 to 1.4945 and compare to last year also decreased 0.1729
- 2 sen dividend proposed
- From date 2009-11-27 to 2009-02-25 after 2009 Q3 result announced, highest price on 2010-01-05 was 1.46 and lowest price on 2010-02-25 was 1.24.
- From date 2009-08-20 to 2009-11-26 after 2009 Q2 result announced, highest price on 2009-09-07 was 1.64 and lowest price on 2009-11-05 was 1.34.
- From date 2009-05-28 to 2009-08-19 after 2009 Q1 result announced, highest price on 2009-08-10 was 1.72 and lowest price on 2009-05-28 was 0.97.
- From date 2009-02-28 to 2009-05-27 after 2008 Q4 result announced, highest price on 2009-05-08 was 1.01 and lowest price on 2009-03-16 was 0.595.
- Divident in sen 2009 = 0.02 (proposed 2 sen on Q4), 2008 = 0.02 (proposed 2 sen on Q4), 2007 = 0.11 (proposed 6 sen on Q4, 3 sen on Q2 and 2 sen on Q1), 2006 = 0.05 (proposed 5 sen on 2007 Q1)