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Tuesday, May 11, 2010

KLCI Stock - F&N / 3689 - 2010 Quarter 2

Market Cap : 356493101*10.82 = 3,857,255,352.82 (Medium)
NTA per share : (1335451-130128)/356493 = 3.38
P/BV : 10.82/3.38 = 3.2012 (High)
Forecast P/E now : (10.82-0.465)/1.0072 = 10.28 (Moderate)
ROE : 19.53% (High)
DY : 0.465/10.82*100 = 4.3% (Moderate)
Fixed Asset Turnover(3 year) : (1.3376+1.3873+1.3893)/3 = 1.3714 (High)
Liquidity Ratio : 1522299/1024199 = 1.4863 (Low)
Receivables Collection Period : (181352+159862)/2/(3853474/365) = 16 days (Good)
My Target Price : 12.09+0.47 = 12.56 (PE 12, EPS 1.0072, DPS 0.47)
My Decision : BUY
My Comment : Revenue growing, good cash flow, high debt, navps increasing
Technical Support Price : 10.7, 10.58
Risk Rating : LOW

My notes based on 2010 Quarter 2 report (number in '000):-
- Group revenue for the quarter was 6.9% ahead of the corresponding quarter last year mainly driven by strong festive sales in soft drinks and improved sales in glass division
- Soft drinks revenue improved 19% with all main product portfolios registering strong volume
growth on the back of strong execution during the pre-festive run up
- Revenue of dairies division was flat as better domestic sales in Malaysia and Thailand/Indochina were offset by lower exports
- Glass division revenue grew 14% on higher sales volume in Vietnam and Thailand
- Group operating profit for the quarter improved 35.6% mainly on the back of the higher soft drinks volumes and lower input cost of the dairies division. Performance of the glass division improved because of one-time closure cost of the Petaling Jaya plant last year but was offset by higher energy cost and a weakening of the Vietnamese Dong exchange rate
- Property division recorded lower revenue as the construction work for Fraser Business Park is coming to an end


JR said...

Hi Yeoh,
Thanks for the indepth analysis.
F& N is good stock for long term investment.


cwyeoh stock analysis said...

If you think got more analysis is help can share it out, i will try to do some study and update here.

JR said...

Hi Teoh,
Your analysis is really good. In fact this is the kind of number crunching I am hping to learn and put into practise. I am still in the learning stage though.

By the way, would you mind doing an analysis on Bursa?

Thank you.

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