Sponsor by Innity

Sponsor by cwyeoh

Sponsor by Nuffnang

Wednesday, March 10, 2010

BHIC / 8133 - 2009 Q4

Market Cap : 1,036,068,250.38 (12 April 2010)
NTA per share : 1.5102
P/B : 2.7612
Fixed Asset Turnover(3 year) : (0.9379+1.0674+0.3435)/3=0.7835
Liquidity Ratio : 325641/181856=1.7907
Receivables Collection Period : (272241+153440)/2/(543851/365)=142 days

TA Securities Research TP: 6.1 (03 Dec 09)
My TP: 4.19+0.06=4.25 (PE 14, EPS 0.2996, DPS 0.06)
My decision: NOT BUY (except price uptrend appear)
Reason: Overvalue

My opinion based on 2009 Q4 report (number in '000):
- The Group's revenue increased but recorded a lower profit before tax attributed to higher cost of projects and lower share of profits from Associate, lower share of contribution from associates because in 2008, there was a reversal of notional tax charge
- Compared to the previous quarter, revenue had increased mainly due to progress achieved for contracts in hand. However, profit before taxation declined due to higher cost of completion for on-going projects
- Estimate next 4Q eps after 2009 Q4 result announced = 0.0749*4 = 0.2996, estimate PE on current price 4.4 = 14.49(DPS 0.06)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.0996*4 = 0.3984, estimate highest/lowest PE = 12.66/11.16 (DPS 0.055)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.0709*4 = 0.2836, estimate highest/lowest PE = 18.67/16.24 (DPS 0.055)
- Estimate next 4Q eps after 2009 Q1 result announced = 0.0616*4 = 0.2464, estimate highest/lowest PE = 19.99/12.68 (DPS 0.055)
- Estimate next 4Q eps after 2008 Q4 result announced = 0.0602*4 = 0.2408, estimate highest/lowest PE = 13.89/9.7 (DPS 0.055)

No comments:

Post a Comment