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Saturday, July 31, 2010

KLCI Stock - MYEG / 0138 - 2010 Quarter 3

Market Cap : 601051000*0.765 = 459,804,015 (Small)
NTA per share : (81702-12016)/601051 = 0.12
P/BV : 0.765/0.12 = 6.375
Forecast P/E now : (0.765-0.01)/0.0352 = 21.45 (High)
ROE : 24.35% (High)
DY : 0.01/0.765*100 = 1.31% (Low)
Fixed Asset Turnover(3 year) : (0.6304+0.6352+0.7265)/3 = 0.664 (Low)
Liquidity Ratio : 34417/6698 = 5.1384 (Strong)
Receivables Collection Period : (13832+12009)/2/(58765/365) = 80 days (Acceptable)
My Target Price : Not interested unless revenue, profit or market capital increase more
My Decision : NOT BUY
My Comment : Revenue and profit increasing, good cash flow, low debt but slightly increased, navps increasing
Technical Support Price : 0.74, 0.56
Risk Rating : HIGH

My notes based on 2010 Quarter 3 report (number in '000):
- The Group recorded an increase of approximately 25.3% and 38.6% in revenue and profit after taxation (“PAT”) respectively as compared to the corresponding quarter (“Q3 FY2009”)
- The increase in revenue and PAT are primarily attributable to an overall increase in volume from all segment of services due to the ongoing marketing campaign which has enhanced MYEG’s
brand name. However, this was offset by the increase in marketing expenses as well as an increase in personnel related costs
- For the Quarter under review, the Group recorded an revenue increase of RM1.72 million as compared to Q2 FY2010 revenue. PAT increased by 22.8% as compared to Q2 FY2010 PAT. The increase in Revenue and PAT is primarily attributable an overall increase in volume from all segment of services due to the ongoing marketing campaign which has enhanced MYEG’s brand name
- Estimate next 4Q eps after 2010 Q3 result announced = 0.0088*4 = 0.0352, estimate PE on current price 0.765 = 21.45(DPS 0.01)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.0079*4 = 0.0316, estimate highest/lowest PE = 20.57/12.66 (DPS 0.01)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.0074*4 = 0.0296, estimate highest/lowest PE = 18.44/13.88 (DPS 0.0092)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.0069*4 = 0.0276, estimate highest/lowest PE = 19.63/14.37 (DPS 0.01835)

MYEG latest news (English)


Friday, July 30, 2010

KLCI Stock - DXN / 5074 - 2011 Quarter 1

DXN HOLDINGS BERHAD

Listing Date: 30.09.2003
Market: MAIN
Sector: CONSUMER
Par Value: 0.25
Major Industry: Drugs, Cosmetics & Health Care
Sub Industry : Diversified Drugs, Cosmetics, & Health Care
Market Cap : 240764000*0.785 = 188,999,740 (Small)
NTA per share : (202977-11971)/227224 = 0.84 (Increased)
P/BV : 0.785/0.84 = 0.9345
Forecast P/E now : (0.785-0.0375)/0.1538 = 4.86 (Moderate)
ROE : 16.61% (Moderate)
DY : 0.0375/0.785*100 = 4.77% (Moderate)
Fixed Asset Turnover(3 year) : (0.8553+0.8301+0.78)/3 = 0.8218(Low)
Liquidity Ratio : 187991/94897 = 1.981 (Low)
Receivables Collection Period : (42987+50109)/2/(262957/365) = 64 days (Acceptable)
My Target Price : 0.92+0.0375 = 0.96 (PE 6, EPS 0.1538, DPS 0.0375)
My Decision : BUY
My Comment : Revenue and profit increased, good cash flow, below moderate debt and decreased, navps increasing
Technical Support Price : 0.55
Risk Rating : MODERATE


DXN HOLDINGS BERHAD is a Malaysia-based investment holding and provision of management services. The Company operates in five business segments: multi-level marketing, which is engaged in the manufacture and sale of health supplements, and other products on a multi-level marketing basis; property development, which is engaged in housing developing and contracting; energy, which is engaged in the manufacture and sale of biodiesel, and other incidental products; investment holding, which is engaged in investment holding and provision of management services, and others, which is engaged in travel agency and tour operation, information technology consultancy and advisory wholesale and retail of stationeries, household items, gifts and accessories. During the fiscal year ended February 29, 2008, the Company incorporated a 65%-owned subsidiary, Borneo Bio Best (Sabah) Sdn. Bhd. Its product lines include dietary supplements, food and beverages, personal care products and household products.

My notes based on 2011 Quarter 1 report (number in '000):-
- The Group recorded 4.6% increase of revenue for the current quarter and financial year-to date ended 31 May 2010 as compared to the corresponding quarter ended 31 May 2009. The increased was due to higher revenue contributed from multi-level marketing segment
- The Group recorded a higher profit before tax (“PBT”) with PBT margin of 18.5% for the current quarter and financial year-to date ended 31 May 2010 as compared to the corresponding quarter ended 31 May 2009 with PBT margin of 10.1%. Multi-level marketing segment has contributed higher profit margin due to cost efficiency
- The Group reported higher revenue of RM 67.8 million in the current quarter ended 31 May 2010 as compared to RM 60.1 million in the preceding quarter ended 28 February 2010. The increased was due to higher sales generated from multi-level marketing segment. The Group’s PBT for the current quarter was RM 12.5 million as compared to RM 7.3 million in the preceding quarter. The increased in the PBT was mainly due to the provision of RM5.65 million for diminution of investment in CLO subordinated bond in the preceding quarter
- Estimate next 4Q eps after 2011 Q1 result announced = 0.1465*1.05 = 0.1538, estimate PE on current price 0.785 = 4.86(DPS 0.0375)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.1238*0.9 = 0.1114(10% drop), estimate highest/lowest PE = 6.24/4.44 (DPS 0.035)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.0397*4*0.8 = 0.127, estimate highest/lowest PE = 5.28/4.49 (DPS 0.035)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.0615*2 = 0.123, estimate highest/lowest PE = 5.81/4.11 (DPS 0.035)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.0874*1.1 = 0.0961, estimate highest/lowest PE = 6.87/3.64 (DPS 0.03)

DXN latest news (English)

DXN Latest news (Chinese)


Thursday, July 29, 2010

KLCI Stock - NATBIO / 7237 - 2011 Quarter 1

Par Value: 0.20
Market Cap : 300000000*0.585 = 175,500,000 (Small)
NTA per share : (196444-155-5227)/300000 = 0.64 (Increased)
P/BV : 0.585/0.64 = 0.914
Forecast P/E now : (0.585-0.04)/0.0372 = 14.65 (High)
ROE : 6.52% (Low)
DY : 0.04/0.585*100 = 6.84% (Moderate)
Fixed Asset Turnover(3 year) : (0.7083+0.6227+0.7023)/3 = 0.6778 (Low)
Liquidity Ratio : 152958/39665 = 3.8562 (High)
Receivables Collection Period : (59349+48697)/2/(169676/365) = 116 days (Slightly improved)
My Target Price : Not interested unless revenue and profit increase more
My Decision : NOT BUY
My Comment : Revenue and profit increasing, good cash flow, low debt but increased, navps slightly increasing
Technical Support Price : 0.5
Risk Rating : HIGH

My notes based on 2011 Quarter 1 report (number in '000):-
- The Group recorded 50% increase of revenue and RM2.5 million as compared to previous year's corresponding quarter. The increase was mainly attributable to the increase in sales from the Group's Fast Moving Consumer Goods ("FMCG") business in both domestic market and oversea market in particular arising from aggressive promotional and marketing activities in sponsoring World Cup 2010 and launching of the 3rd season of "You Can Be A Millionaire" contest; and sales from the Group's new Multi Level Marketing business
- The Group's revenue for the current quarter, represented an increase of 33.2% and PAT increase of RM5.4 million when compared to the revenue recorded for the immediate preceding quarter. The increase in sales was same as above
- Estimate next 4Q eps after 2011 Q1 result announced = 0.0338*1.1 = 0.0372(10% increase from 0.0338), estimate PE on current price 0.54 = 14.79(DPS 0.04)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.0338(follow 2010 cumulative eps), estimate highest/lowest PE = 16.57/13.46 (DPS 0.04)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.04, estimate highest/lowest PE = 14.25/11.13 (DPS 0.04)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.0395, estimate highest/lowest PE = 14.68/12.03 (DPS 0.04)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.034, estimate highest/lowest PE = 17.94/12.35 (DPS 0.03)

NATBIO latest news (English)


Wednesday, July 28, 2010

KLCI Stock - GTRONIC / 7022 - 2010 Quarter 2

Market Cap : 265765640*1.46 = 388,017,834.40 (Small)
NTA per share : 231955/265007 = 0.88 (Increased)
P/BV : 1.46/0.88 = 1.6591
Forecast P/E now : (1.46-0.09)/0.104 = 13.17 (High)
ROE : 11.25% (Moderate)
DY : 0.09/1.46*100 = 6.16% (Moderate)
Fixed Asset Turnover(3 year) : (0.9062+0.8156+1.078)/3 = 0.9333
Liquidity Ratio : 157217/45932 = 3.4228 (Good)
Receivables Collection Period : (49979+41206)/2/(256137/365) = 64 days (Acceptable)
My Target Price : Not interested unless revenue and profit increase more
My Decision : NOT BUY
My Comment : Revenue and profit growing, good cash flow, low debt but slightly increased, navps slightly increasing
Technical Support Price : 1.3
Risk Rating : HIGH

My notes based on 2010 quarter 2 report (number in '000):-
- The Group’s turnover and net profit for the first half ended 30 June 2010 increased significantly by 41.8% and 2.6 times respectively as compared to the first half of the previous year mainly due to higher volume loadings from all the Group’s customers as a result of recovery of the global economy. The net profit for the first half of 2009 was partly affected by impairment loss due to the shutdown of the Group’s China operations
- Turnover for the quarter ended 30 June 2010 was increase of 14.8% as compared to the preceding quarter while the net profit of the Group increased by 23%. The increase in turnover and net profit is mainly due to continuous higher volume loadings from all the Group’s key customers
- Estimate next 4Q eps after 2010 Q2 result announced = 0.026*4 = 0.104(0.026 is average of latest recent quarter), estimate PE on current price 1.46 = 13.17(DPS 0.09)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.0904+0.0007+(0.0911*0.05) = 0.0957(adjustment from 0.0233-0.0226 and 5% grow adjustment), estimate highest/lowest PE = 16.61/12.85 (DPS 0.08)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.0226*4 = 0.0904, estimate highest/lowest PE = 18.36/9.07 (DPS 0.07)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.0183*4 = 0.0732, estimate highest/lowest PE = 15.64/8.74 (DPS 0.055)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.0137*4 = 0.0548, estimate highest/lowest PE = 15.78/13.05 (DPS 0.025)

GTRONIC latest news (English)


Tuesday, July 27, 2010

KLCI Stock - KGB / 0151 - 2010 Quarter 1

Market Cap : 74710000*0.77 = 57,526,700 (Very Small)
NTA per share : (35039-199)/74710 = 0.47
P/BV : 0.77/0.47 = 1.6383
Forecast P/E now : (0.77-0.03)/0.1 = 7.4 (High)
ROE : 25.65% (High)
DY : 0.03/0.77*100 = 3.9% (Low)
Fixed Asset Turnover(1 year) : 1.1519 (High)
Liquidity Ratio : 52751/22918 = 2.3017 (Moderate)
Receivables Collection Period : 20038/(68232/365) = 107 days
My Target Price : Not interested unless lower debt
My Decision : NOT BUY
My Comment : Revenue increasing compared to previous year but lower profit, bad cash flow, above moderate debt and increased, navps decreased
Technical Support Price : 0.7
Risk Rating : HIGH

My notes based on 2010 quarter 1 report (number in '000):-

- The Group recorded a higher revenue as compared to previous corresponding quarter in 2009 mainly due to the increase in number of contracts secured by the China operations and revenue contribution from the Singapore operations
- The Group achieved 37.9% decrease in revenue as compared to the preceding quarter, due to typically lower sales in the first quarter of the year as a result of festive seasons. The Group had achieved higher PBT in the current quarter as compared to the preceding quarter mainly due to listing expenses being charged to income statement in the preceding quarter
- Estimate next 4Q eps after 2010 Q1 result announced = 0.03*3+0.01 = 0.1, estimate PE on current price 0.77 = 7.4(DPS 0.03)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.1, estimate highest/lowest PE = 7.7/6.65 (DPS 0.03)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.1, estimate highest/lowest PE = 9/5.8

KGB latest news (English)


Monday, July 26, 2010

KLCI Stock - IOICORP / 1961 - 2010 Quarter 3

Market Cap : 6676161280*5.15 = 34,382,230,592 (Very Large)
NTA per share : 10380260/6663696 = 1.56
P/BV : 5.15/1.56 = 3.3013
Forecast P/E now : (5.15-0.09)/0.3045 = 16.62 (Moderate)
ROE : 18.44% (Moderate)
DY : 0.09/5.15*100 = 1.75% (Low)
Fixed Asset Turnover(3 year) : (0.7211+1.0015+0.7629)/3 = 0.8285 (Low)
Liquidity Ratio : 7295720/1224007 = 5.9605 (Strong)
Receivables Collection Period : (1333827+1359607)/2/(12605480/365) = 38 days (Acceptable)
My Target Price : 5.48+0.09 = 5.57 (PE 18, EPS 0.3045, DPS 0.09)
My Decision : BUY
My Comment : Revenue and profit decreasing, good cash flow, above moderate debt but decreasing, navps decreased, shares increasing, CPO price increasing, monthly production increasing
Technical Support Price : 5
Risk Rating : LOW

My notes based on 2010 Quarter 3 report (number in '000):
- The Group reported a 402% higher pre-tax profit compared to Q3 FY2009. The higher profit is due mainly to higher contributions from the property and manufacturing segments and unrealised translation gain on USD denominated borrowings of RM231.5 million (Q3 FY2009 - loss of RM232.4 million)
- The plantation segment’s profit of RM282.0 million for Q3 FY2010 is in line with Q3 FY2009. The slightly lower FFB production for the current quarter was cushioned by higher average CPO prices realised. Average CPO prices realised for Q3 FY2010 was RM2,480/MT compared to RM2,274/MT
for Q3 FY2009
- The resource-based manufacturing segment reported an operating profit of RM128.6 million for Q3 FY2010 as compared to RM109.6 million in Q3 FY2009
- The property segment’s operating profit of RM124.7 million for Q3 FY2010 is 76% higher than the profit reported for Q3 FY2009. The significantly higher profit is contributed mainly by an overall increase in sales
- The Group reported a 106% higher pre-tax profit compared to Q3 YTD FY2009. The higher profit is due mainly to higher profit contributions from the property and manufacturing segments and unrealised translation gain on USD denominated borrowings
- Estimate next 4Q eps after 2010 Q3 result announced = 0.0692*1.1*4 = 0.3045, estimate PE on current price 5.15 = 16.62(DPS 0.09)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.0729*4 = 0.2916, estimate highest/lowest PE = 19.31/17.46 (DPS 0.09)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.0737*4 = 0.2948, estimate highest/lowest PE = 18.86/16.72 (DPS 0.07)

IOICORP latest news (English)

IOICORP latest news (Chinese)


Saturday, July 24, 2010

KLCI Stock - HSPLANT / 5138 - 2010 Quarter 1

Market Cap : 800000000*2.32 = 1,856,000,000 (Large)
NTA per share : 1716515/799992 = 2.15
P/BV : 2.32/2.15 = 1.0791
Forecast P/E now : (2.32-0.09)/0.2006 = 11.12 (Moderate)
ROE : 7.25% (Low)
DY : 0.09/2.32*100 = 3.88% (Low)
Fixed Asset Turnover(2 year) : (0.1984+0.2137)/2 = 0.2061 (Low)
Liquidity Ratio : 123622/64105 = 1.9284 (Low)
Receivables Collection Period : (14784+14041)/2/(401283/365) = 13 days (Good)
My Target Price : 2.41+0.09 = 2.5 (PE 12, EPS 0.2006, DPS 0.09)
My Decision : BUY
My Comment : Revenue and profit increased compared to previous year, good cash flow, low debt and decreasing, navps increasing, monthly production increased, CPO price increasing
Technical Support Price : 2.2
Risk Rating : MODERATE

My notes based on 2010 quarter 1 report (number in '000):-
- Revenue for the current quarter under review was 38% higher than the preceding year corresponding quarter with higher sales volume and higher average selling prices of Crude Palm Oil (CPO) and Palm Kernel (PK)
- During the current quarter, 34,402 tonnes of CPO and 8,037 tonnes of PK were sold as compared to 30,145 tonnes of CPO and 6,442 tonnes of PK in the preceding year corresponding quarter. Generally, the Group benefited from better fresh fruit bunches (FFB) yield and oil extraction rate attributable to seasonal cropping pattern and changes in weather conditions. In the preceding year corresponding quarter extremely wet conditions were experienced in the Group’s plantations
- Average selling price of CPO and PK achieved for the current quarter were RM2,476 and RM1,359 per tonne compared to the preceding year corresponding quarter of RM2,143 and RM812 per tonne respectively
- Production costs for the current quarter were significantly lower than the preceding year corresponding quarter mainly due to lower fertilizers prices
- Consequently, the Group’s current quarter profit before tax and profit after tax were higher than the preceding year corresponding quarter by 165% and 162% respectively
- Group profit before tax for the current quarter was 10% lower than the preceding quarter of mainly attributable to lower sales volume of CPO and PK due to lower FFB production resulting from the dry weather conditions in the early part of the year
- Estimate next 4Q eps after 2010 Q1 result announced = 0.0456*1.1*4 = 0.2006, estimate PE on current price 2.32 = 11.12(DPS 0.09)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.0396*4 = 0.1584, estimate highest/lowest PE = 15.4/12.31 (DPS 0.09)

HSPLANT latest news (English)


KLCI Stock - BAT / 4162 - 2010 Quarter 2

BRITISH AMERICAN TOBACCO (M) BERHAD

Listing Date: 27.10.1961
Market: MAIN
Sector: CONSUMER
Par Value: 0.50
Major Industry: Tobacco
Sub Industry: Miscellaneous Tobacco
Market Cap : 285530000*43.86 = 12,523,345,800 (Very Large)
NTA per share : (637520-411618)/285530 = 0.79 (Increased)
P/BV : 43.86/0.79 = 55.519 (Decreased)
Forecast P/E now : (43.86-2.36)/2.4323 = 17.06 (High)
ROE : 161.05% (Decreased)
DY : 2.36/43.86*100 = 5.38% (Moderate)
Fixed Asset Turnover(3 year) : (2.2503+2.6417+2.3942)/3 = 2.4287 (High)
Liquidity Ratio : 894501/415173 = 2.1545 (Decreased)
Receivables Collection Period : (174121+163473)/2/(3952841/365) = 15 days (Better)
My Target Price : 38.92+2.36 = 41.28 (PE 16, EPS 2.4323, DPS 2.36)
My Decision : NOT BUY (unless price below 42)
My Comment : Revenue QbQ decreasing but profit recover some from it lowest profit, good cash flow, high debt and increased, navps increasing
Technical Support Price : 42.5
Risk Rating : LOW


BRITISH AMERICAN TOBACCO (M) BERHAD provides day-to-day management and administrative services to its subsidiaries, which are principally engaged in the manufacture, importation and sale of cigarettes, pipe tobaccos and cigars. The Company's portfolio includes brands, such as Dunhill, Kent, Pall Mall, Benson & Hedges and Perilly’s. Its subsidiaries include Commercial Importers and Distributors Sdn. Bhd., which is engaged in investment holding; Commercial Marketers and Distributors Sdn. Bhd., which is engaged in the marketing and importation of cigarettes, pipe tobaccos and cigars; Rothmans Brands Sdn. Bhd., which is engaged holding trademarks; The Leaf Tobacco Development Corporation of Malaya Sdn. Bhd., which is engaged in the development and purchase of tobacco leaf; Tobacco Blenders and Manufacturers Sdn. Bhd., which provides warehousing space, and Tobacco Importers and Manufacturers Sdn. Bhd., which manufactures and sells cigarettes and other tobacco related products.

My notes based on 2010 Quarter 2 report (number in '000):-
- The Group’s volumes had declined by 1.6% for the six months to 30 June in comparison to the same period last year impacted by consumers down trading and high levels of illicit trade in tandem with the decline in industry volumes
- The Group has however performed commendably within the contracted industry recording a year to date May market share of 60.3%, up 0.3 percentage points as compared to the same period last year. This growth was delivered by the Group’s Global Drive Brands, Kent and Pall Mall. The Group continues to lead the premium segment of the market with Dunhill, Kent and Benson & Hedges, owning 73.9% of this segment for the year to date May
- For the six months to 30 June, the Group’s revenue was 1.5% higher compared to year 2009, from higher excise led pricing, partially offset by unfavourable pack size mix due the ban on packs less than 20 sticks and lower sales volumes. Profit from operations declined by 6.2% in comparison to the same period last year from lower volumes, higher costs of Dunhill Reloc packs and, timing of marketing and overhead expenditure
- Estimate next 4Q eps after 2010 Q2 result announced = 2.4323(7% drop from 2.6154), estimate PE on current price 43.86 = 17.06(DPS 2.36)
- Estimate next 4Q eps after 2010 Q1 result announced = 2.4323(7% drop from 2.6154), estimate highest/lowest PE = 17.53/16.31 (DPS 2.36)
- Estimate next 4Q eps after 2009 Q4 result announced = 2.4323, estimate highest/lowest PE = 17.82/16.06 (DPS 2.36)
- Estimate next 4Q eps after 2009 Q3 result announced = 2.4323, estimate highest/lowest PE = 17.99/16.1 (DPS 2.35)
- Estimate next 4Q eps after 2009 Q2 result announced = 2.8448, estimate highest/lowest PE = 16.36/14.54 (DPS 2.65)

BAT latest news (English)

BAT Latest news (Chinese)


Friday, July 23, 2010

KLCI Stock - PBBANK / 1295 - 2010 Quarter 2

Market Cap : 2472348084*12.14 = 30,014,305,739.76 (Very Large)
NTA per share : (12033518-1985874)/3502155 = 2.87
P/BV : 12.14/2.87 = 4.23
Forecast P/E now : (12.14-0.5)/0.8384 = 13.88 (Moderate)
ROE : 22.77% (High)
DY : 0.5/12.14*100 = 4.12% (Moderate)
Fixed Asset Turnover(3 year) : Not applicable
Liquidity Ratio : Not applicable
Receivables Collection Period : Not applicable
My Target Price : 12.58+0.5 = 13.08 (PE 15, EPS 0.8384, DPS 0.5)
My Decision : BUY
My Comment : Revenue and profit increasing, negative cash flow due to net changes in operating assets, navps increasing
Technical Support Price : 11.6
Risk Rating : LOW

My notes based on 2010 quarter 2 report (number in '000):-
- The Group's pre-tax profit for the financial half year ended 30 June 2010 was 21.7% higher than the previous corresponding half year. The improved earnings was mainly due to higher net
interest and financing income (15.6%) and higher other operating income (19.0%), which was mainly due to higher income from the fund management business, higher foreign exchange income as
well as higher brokerage and commission from stockbroking activities. In addition, loan impairment allowance also decreased by 6.6%. These were partially offset by higher other operating expenses which was mainly due to the increase in personnel costs resulting from the expansion of marketing sales force and higher business volume
- The growth in the Group’s net interest and financing income was driven by continued strong loans and deposits growth coupled with sustained strong asset quality. Gross loans had grown by 14.1% year-on-year to RM147.6 billion as at 30 June 2010 as compared to RM129.4 billion as at 30 June 2009 mainly arising from financing of small- and medium-sized enterprises (“SMEs”), residential mortgages and financing of passenger vehicles. Total deposits from customers had also grown by 12.2% or RM18.9 billion as compared to 30 June 2009 which partly contributed to the higher net interest income for the current financial half year
- The Group's pre-tax profit for the 2nd quarter ended 30 June 2010 shows an increase of 6.4% as compared to the pre-tax profit in the preceding quarter ended 31 March 2010. The improved performance was mainly attributable to higher net interest and financing income and higher other operating income resulting mainly from higher fee income and lower other operating expenses
- Estimate next 4Q eps after 2010 Q2 result announced = 0.2096*4 = 0.8384, estimate PE on current price 12.14 = 13.88(DPS 0.5)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.197*4 = 0.788, estimate highest/lowest PE = 14.87/13.59 (DPS 0.55)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.1965*4 = 0.786, estimate highest/lowest PE = 14.64/13.22 (DPS 0.55)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.1852*4 = 0.7408, estimate highest/lowest PE = 15.65/13.59 (DPS 0.55)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.177*4 = 0.708, estimate highest/lowest PE = 14.34/13.12 (DPS 0.55)
- Estimate next 4Q eps after 2009 Q1 result announced = 0.1744*4 = 0.6976, estimate highest/lowest PE = 14.19/11.11 (DPS 0.5)
- Estimate next 4Q eps after 2008 Q4 result announced = 0.1949*4 = 0.7796, estimate highest/lowest PE = 11.22/8.34 (DPS 0.5)

PBBANK latest news (English)


Thursday, July 22, 2010

KLCI Stock - DIGI / 6947 - 2010 Quarter 2

Market Cap : 777500000*23.74 = 18,457,850,000 (Very Large)
NTA per share : (1386157-888918)/777500 = 0.64
P/BV : 23.74/0.64 = 37.09
Forecast P/E now : (23.74-1.99)/1.4579 = 14.92 (Moderate)
ROE : 69.5% (High)
DY : 1.99/23.74*100 = 8.38% (High)
Fixed Asset Turnover(3 year) : (1.048+1.036+0.9964)/3 = 1.0268 (High)
Liquidity Ratio : 1185537/2080971 = 0.5697 (Low)
Receivables Collection Period : (433758+480179)/2/(5111832/365) = 32 days (Good)
My Target Price : 23.33+1.99 = 25.32 (PE 16, EPS 1.4579, DPS 1.99)
My Decision : NOT BUY (unless price around 23)
My Comment : Revenue and profit increasing, good cash flow, high debt but decreased little, navps increased
Technical Support Price : 23, 22.6
Risk Rating : LOW

My notes based on 2010 Quarter 2 report (number in '000):-
- The Group registered strong revenue for the current financial period, up 8% from the same period last year. The growth was driven by increased usage coupled with a larger customer base of 8.1 million (2009: 7.2 million). Average revenue per user (“ARPU”) dipped from RM55 in the previous financial period to RM53; on the back of increasing price competition in the market
- Earnings before interest, tax, depreciation and amortisation (“EBITDA”), an 8% improvement from the preceding financial period; a direct result of the Group‟s ongoing operational efficiency initiatives, in addition to revenue growth as mentioned above. The EBITDA margin improved to 44.0% (2009: 43.9%), despite accounting for higher traffic and network operating costs, as well as handset bundles
- PBT in 2nd Quarter 2010 more or less equaled the preceding quarter‟s. Despite the 3% quarterly revenue growth, the EBITDA margin of 43.3% was reduced due to increased sales of handset bundles, as highlighted in the preceding quarter, partly off-set by lower allowances for credit losses from improved collections, and increased cost savings from operational efficiency initiatives
- Estimate next 4Q eps after 2010 Q2 result announced = 1.3254*1.1 = 1.4579(10% grow from 1.3254), estimate PE on current price 23.74 = 14.92(DPS 1.99)
- Estimate next 4Q eps after 2010 Q1 result announced = 1.3254(3% grow from 1.2868), estimate highest/lowest PE = 16.27/15.01 (DPS 2.13)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.317*4 = 1.268, estimate highest/lowest PE = 17.21/15.82 (DPS 1.78)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.3139*4 = 1.2556, estimate highest/lowest PE = 16.27/15.47 (DPS 1.77)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.3016*4 = 1.2064, estimate highest/lowest PE = 17.12/16.21 (DPS 1.75)
- Estimate next 4Q eps after 2009 Q1 result announced = 0.3543*4 = 1.4172, estimate highest/lowest PE = 15.51/14.1 (DPS 1.62)

DIGI latest news (English)


Wednesday, July 21, 2010

KLCI Stock - KAF / 5096 - 2010 Quarter 4

Market Cap : 120000000*1.26 = 151,200,000 (Small)
NTA per share : (218979-7500)/120000 = 1.76
P/BV : 1.26/1.76 = 0.7159
Forecast P/E now : (1.26-0.075)/0.1556 = 7.62 (High)
ROE : 9.46% (Low)
DY : 0.075/1.26*100 = 5.95% (Moderate)
Fixed Asset Turnover : Not applicable
Liquidity Ratio : 274369/77434 = 3.5433 (High)
Receivables Collection Period : Not applicable
My Target Price : Not interested unless revenue, profit and assets increase more
My Decision : NOT BUY
My Comment : Revenue increasing, eps got an average of 0.0432 from last 4Q(current quarter is lower than this), other income got an average of 3720 from last 4Q(current quarter is lower than this also), assets dropped more than 20%, good cash flow, below moderate debt(half dropped from preceding quarter), navps decreasing
Technical Support Price : 1.2
Risk Rating : HIGH

My notes based on 2010 quarter 3 report (number in '000):-
- The Group's profit before tax for the current interim period reported on, is higher than the preceding interim period due to mainly to higher volume of transaction and other income for the current interim period
- Estimate next 4Q eps after 2010 Q4 result announced = 0.1729*0.9 = 0.1556(10% drop due to assets decreased), estimate PE on current price 1.26 = 7.62(DPS 0.075)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.0443(average from recent 3 quarter)*4 = 0.1772, estimate PE = 7.93/6.35 (DPS 0.075)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.2262, estimate highest/lowest PE = 6.26/5.11 (DPS 0.075)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.2184, estimate highest/lowest PE = 6.8/4.97 (DPS 0.075)


Tuesday, July 20, 2010

KLCI Stock - PLUS / 5052 - 2010 Quarter 1

Market Cap : 5000000000*3.6 = 18,000,000,000 (Very Large)
NTA per share : (6065779-3638)/5000000 = 1.21
P/BV : 3.6/1.21 = 2.98
Forecast P/E now : (3.6-0.165)/0.2655 = 13.53 (Moderate)
ROE : 19.7% (Moderate)
DY : 0.165/3.6*100 = 4.58% (Moderate)
Fixed Asset Turnover(3 year) : (0.1948+0.169+0.1905)/3 = 0.1848 (Low)
Liquidity Ratio : 3645088/895573 = 4.07 (Strong)
Receivables Collection Period : (63512+65313)/2/(3621351/365) = 6 days (Acceptable)
My Target Price : 3.72+0.17 = 3.89 (PE 14, EPS 0.2655, DPS 0.165)
My Decision : NOT BUY unless price below 3.4
My Comment : Revenue and profit increasing when compare to previous year corresponding period, good cash flow, high debt and still increased, navps decreased
Technical Support Price : 3.3
Risk Rating : LOW
OSK Target Price : 4.25 (7 Jul 10)

My notes based on 2010 quarter 1 report (number in '000):-
- Toll collection for the first quarter 2010 was higher by 10.3% as compared to the first quarter 2009. The increase was mainly due to increase in PLUS's toll collection, attributable to a traffic growth of 9.1% in the current quarter
- Total revenue for the current quarter was 10.2% higher than the preceding year corresponding quarter.The growth is primarily attributable to higher toll collection and higher toll compensation of RM18.8 million following the improvement in traffic volume
- Profit before income tax for the current quarter was RM46.7 million or 12.6% higher than the preceding year corresponding quarter, primarily attributable to higher toll revenue, mitigated by higher amortisation and depreciation, and higher finance costs
- Toll collection for the current quarter was lower by 4.3% as compared to the immediate preceding quarter. This was mainly due to higher traffic volume growth during festive periods and long year-end school holidays in the fourth quarter 2009. Accordingly, total revenue for the current quarter was 4.8% lower than the immediate preceding quarter
- Profit before income tax for the current quarter was 4.3% lower than the immediate preceding quarter, mainly due to lower revenue mitigated by lower operating expenditure
- Estimate next 4Q eps after 2010 Q1 result announced = 0.2414*1.1 = 0.2655, estimate PE on current price 3.6 = 13.53(DPS 0.165)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.2373*1.1 = 0.261, estimate highest/lowest PE = 12.82/11.74 (DPS 0.165)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.2335*1.1 = 0.2569, estimate highest/lowest PE = 12.85/11.79 (DPS 0.16)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.2196*1.1 = 0.2416, estimate highest/lowest PE = 13.37/12.79 (DPS 0.16)

PLUS latest news (English)


Sunday, July 18, 2010

KLCI Stock - MAS / 3786 - 2010 Quarter 1

Market Cap : 3342156240*2.08 = 6,951,684,979.20 (Large)
NTA per share : (3651306-126983)/3342156 = 1.05
P/BV : 2.08/1.05 = 1.981
Forecast P/E now : Not interested
ROE : Not applicable
DY : Not applicable
Fixed Asset Turnover(3 year) : (0.9617+1.5395+1.4772)/3 = 1.3261 (Low)
Liquidity Ratio : 5135456/5111780 = 1.0046 (Low)
Receivables Collection Period : (1518475+1661552)/2/(11534885/365) = 50 days (Acceptable)
My Target Price : Not interested unless revenue is more than operating expenses
My Decision : NOT BUY
My Comment : Revenue remain low, profit still not stable, positive cash flow is depend on CFF, still high debt but decreased a lot from preceding quarter, navps increasing
Technical Support Price : 1.8
Risk Rating : HIGH
OSK Target Price : 1.5(18 May 10)

My notes based on 2010 quarter 1 report (number in '000):-
- The Group recorded an operating profit of RM289.5 million for the first quarter ended 31 March 2010 (Quarter ended 31 March 2009: RM141.1 million loss) mainly due to the increase in other operating income as a result of A380 compensation as well as improvement in passenger and cargo traffic demand
- The Group recorded a profit after tax of RM310.6 million (Quarter ended 31 March 2009: RM698.0 million loss after tax) after including derivative gain of RM56.7 million (Quarter ended 31 March 2009: RM557.0 million derivative loss)
- The Group recorded operating profit for the quarter of RM289.5 million compared to profit of RM3.8 million in previous quarter mainly due to the increase in other operating income as a result of A380 compensation. The Group also recorded a profit after tax for the quarter of RM310.6 million as compared to profit after tax of RM610.6 million in previous quarter after including derivative gain of RM56.7 million
- No estimate next 4Q eps after 2010 Q1 result announced

MAS latest news (English)


Saturday, July 17, 2010

KLCI Stock - TSH / 9059 - 2010 Quarter 1

Par Value: 0.50
Market Cap : 414433263*1.84 = 762,557,203.92 (Medium)
NTA per share : 731766/411450 = 1.78
P/BV : 1.84/1.78 = 1.0337
Forecast P/E now : (1.84-0.05)/0.1841 = 9.72 (Moderate)
ROE : 9.7% (Low)
DY : 0.05/1.84*100 = 2.72% (Low)
Fixed Asset Turnover(3 year) : (0.607+0.673+0.7668)/3 = 0.6823 (Low)
Liquidity Ratio : 433296/454034 = 0.9543 (Weak)
Receivables Collection Period : (132440+174073)/2/(1046534/365) = 53 days (Acceptable)
My Target Price : Not interested unless cash flow improve
My Decision : NOT BUY
My Comment : Revenue remain high but profit dropped a lot, bad cash flow, high debt but slightly decreased, navps increasing
Technical Support Price : 1.7
Risk Rating : MODERATE

My notes based on 2010 quarter 1 report (number in '000):-
- For the current quarter, the Group recorded an increase of 31.7% in revenue and 237.7% in profit before taxation from previous corresponding quarter
- The favourable result is mainly attributed to the higher average price of CPO under the Palm Bio-Integration business segment. As the bulk of the finished products from our Cocoa Manufacturing and Trading and the Wood Products segments are exported to Europe and USA, the unfavourable results were affected by the strengthening of the Ringgit Malaysia against the foreign currencies and also continued to be affected from the uneven recovery of the global economic downturn in the recent months
- The Group’s revenue for the quarter under review was 15.3% lower than the immediate preceding quarter. As profit before taxation was 24.8% lower than the immediate preceding quarter. The overall result in the immediate preceding quarter was significantly impacted by the profitability of Palm and Bio-Integration segment due to higher CPO/PK production during seasonal peak period. Cocoa Manufacturing and Trading segment recorded a lower revenue and loss attributed to declined demand from traders due to overall high cocoa bean and its product prices. The strengthening of the Ringgit Malaysia against US dollars and Euro currencies have affected the Wood Products segment in respect of its overall selling prices and margin despite a higher revenue
- Estimate next 4Q eps after 2010 Q1 result announced = 0.1938*0.95 = 0.1841, estimate PE on current price 1.84 = 9.72(DPS 0.05)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.1802*1.1 = 0.1982, estimate highest/lowest PE = 10.65/8.78 (DPS 0.05)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.0568*4*0.95 = 0.2158, estimate highest/lowest PE = 10.66/7.92 (DPS 0.05)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.055*4*0.8 = 0.176, estimate highest/lowest PE = 10.97/8.35 (DPS 0.05)

TSH latest news (English)


Thursday, July 15, 2010

KLCI Stock - MITRA / 9571 - 2010 Quarter 1

Market Cap : 127989267*1.28 = 163,826,261.76 (Small)
NTA per share : (266525-3148)/121116 = 2.17
P/BV : 1.28/2.17 = 0.5899
Forecast P/E now : (1.28-0.1)/0.12 = 9.83 (High)
ROE : 17.32% (Moderate)
DY : 0.1/1.28*100 = 7.81% (High)
Fixed Asset Turnover(3 year) : (0.7638+0.4119+0.6807)/3 = 0.6188 (Low)
Liquidity Ratio : 274686/120402 = 2.2814 (Moderate)
Receivables Collection Period : (64515+74294)/2/(355749/365) = 71 days (Acceptable)
My Target Price : 0.96+0.1 = 1.06 (PE 8, EPS 0.12, DPS 0.1)
My Decision : NOT BUY unless price below 1
My Comment : QbQ revenue increasing stop but still higher than preceding year corresponding period, profit still high, assets and liabilities decreased, still negative cash flow, above moderate debt but got decreased, navps increasing
Technical Support Price : 1, 0.945
Risk Rating : HIGH

My notes based on 2010 Quarter 1 report (number in '000):-

- For this current quarter under review, the Group's revenue has increased by 84% as compared to a revenue in the preceding year corresponding quarter. The increase in revenue is mainly derived from the progressive revenue recognition from the Group's property projects
- The Group generated lower revenue and profit before tax for the current quarter under review as compared to the preceding quarter due to lower level of construction activities from the existing proejcts in the first quarter of 2010. Apart from that, there were additional revenue and profit recognition from the completed projects upon accounts finalisation with client in the last quarter of 2009
- Estimate next 4Q eps after 2010 Q1 result announced = 0.12(average of 0.03 per quarter), estimate PE on current price 1.28 = 9.83(DPS 0.1)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.08(average of 0.02 per quarter if no new big project secure for construction division), estimate highest/lowest PE = 15.13/7.63 (DPS 0.1)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.08, estimate highest/lowest PE = 9/7
- Estimate next 4Q eps after 2009 Q2 result announced = 0.08, estimate highest/lowest PE = 7.88/6.63
- Estimate next 4Q eps after 2009 Q1 result announced = 0.08, estimate highest/lowest PE = 7.44/5.38

MITRA latest news (English)


KLCI Stock - FAVCO / 7229 - 2010 Quarter 1

Market Cap : 176856020*0.8 = 141,484,816 (Small)
NTA per share : (176017-10235)/174472 = 0.95 (Decreased)
P/BV : 0.8/0.95 = 0.8421
Forecast P/E now : (0.8-0.04)/0.1009 = 7.53 (High)
ROE : 13.63% (Moderate)
DY : 0.04/0.8*100 = 5% (Moderate)
Fixed Asset Turnover(3 year) : (0.7983+0.925+0.9083)/3 = 0.8772 (Moderate)
Liquidity Ratio : 515778/431840 = 1.1944 (Low)
Receivables Collection Period : (181849+190870)/2/(496519/365) = 136 days (Bad)
My Target Price : Not interested unless revenue and profit recover
My Decision : NOT BUY
My Comment : Revenue and profit decreased a lot, as usual bad cash flow at first quarter financial year, very high debt, navps decreased
Technical Support Price : 0.76
Risk Rating : HIGH

My notes based on 2010 Quarter 1 report (number in '000):-
- For the current period ended 31 March 2010("Q1 2010"), the Group recorded decrease in revenue and profit before tax as compared with the preceding period ended 31 March 2009("Q1 2009"), the decrease was mainly due to decrease in sales resulted from slow order intake in Year 2009 attributed to global slowdown
- The Group recorded decrease in profit before tax as compared to the preceding quarter. The decrease was mainly due to decrease in sales
- Estimate next 4Q eps after 2010 Q1 result announced = 0.1442*0.7 = 0.1009 (30% drop from 0.1442, revenue drop and margin expect will not increase much), estimate PE on current price 0.8 = 7.53(DPS 0.04)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.1442(10% drop from 0.1602, revenue drop and margin expect will not increase much), estimate highest/lowest PE = 6.93/4.92 (DPS 0.04)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.1442, estimate highest/lowest PE = 5.76/4.99 (DPS 0.025)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.1442, estimate highest/lowest PE = 6.45/5.49 (DPS 0.025)
- Estimate next 4Q eps after 2009 Q1 result announced = 0.1442, estimate highest/lowest PE = 8.11/5.72 (DPS 0.025)

FAVCO latest news (English)


KLCI Stock - ZHULIAN / 5131 - 2010 Quarter 2

Par Value: 0.50
Market Cap : 345000000*2.73 = 941,850,000 (Medium)
NTA per share : (335489-1168)/345000 = 0.97
P/BV : 2.73/0.97 = 2.8144
Forecast P/E now : (2.73-0.14)/0.2297 = 11.28 (High)
ROE : 27.09% (High)
DY : 0.14/2.73*100 = 5.13% (Moderate)
Fixed Asset Turnover(3 year) : (0.8778+0.9386+0.8257)/3 = 0.8807 (Moderate)
Liquidity Ratio : 220393/44183 = 4.9882 (Strong)
Receivables Collection Period : (46178+38261)/2/(334883/365) = 46 days (Acceptable)
My Target Price : 2.3+0.14 = 2.44 (PE 10, EPS 0.2297, DPS 0.14)
My Decision : NOT BUY unless price below 2.3
My Comment : Revenue and profit decreased, good cash flow, low debt, navps increasing
Risk Rating : MODERATE
OSK Target Price : 3.77 (06 Jul 10)

My notes based on 2010 quarter 2 report (number in '000):-
- The revenue for the current quarter under review was lower than the immediate preceding quarter revenue, mainly due to drop in overseas demand. The current quarter profit before tax has decreased as compared to the immediate preceding quarter profit before tax, in line with the drop in revenue
- Estimate next 4Q eps after 2010 Q2 result announced = 0.0522*4*1.1 = 0.2297, estimate PE on current price 2.73 = 11.28(DPS 0.14)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.072*4 = 0.288, estimate highest/lowest PE = 9.76/7.47 (DPS 0.14)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.0715*4 = 0.286, estimate highest/lowest PE = 7.66/5.84 (DPS 0.14)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.069*4 = 0.276, estimate highest/lowest PE = 6.38/5.04 (DPS 0.12)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.0484*4 = 0.1936, estimate highest/lowest PE = 9.35/6.56 (DPS 0.12)

ZHULIAN latest news (English)


Wednesday, July 14, 2010

KLCI Stock - TENAGA / 5347 - 2010 Quarter 3

Par Value: 1.00
Market Cap : 4347948770*8.61 = 37,435,838,909.70 (Very Large)
NTA per share : 28348800/4359807 = 6.5
P/BV : 8.61/6.5 = 1.3246
Forecast P/E now : (8.61-0.183)/0.7455 = 11.31 (Moderate)
ROE : 10.54% (Moderate)
DY : 0.183/8.61*100 = 2.13% (Low)
Fixed Asset Turnover(3 year) : (0.4082+0.3999+0.3506)/3 = 0.3862 (Low)
Liquidity Ratio : 142611/69932 = 2.0393 (Moderate)
Receivables Collection Period : (3897700+3694200)/2/(29913300/365) = 46 days (Acceptable)
My Target Price : 8.93+0.18 = 9.11 (PE 12, EPS 0.7445, DPS 0.18)
My Decision : NOT BUY unless price near to 8.4
My Comment : Global coal price increasing however strong Ringgit now, good cash flow, high debt but decreasing, navps increasing
Technical Support Price : 8.4
Risk Rating : HIGH
OSK Target Price : 10.15 (09 Jun 2010)

My notes based on 2010 quarter 3 report (number in '000):-
- The Group recorded a 5.3% increase in revenue in the prevailing period was mainly due to an increase in sales of electricity in Peninsular Malaysia. The electricity demand has shown a growth of 9.9% in comparison to the corresponding period last financial year
- Profit reported more than 100% increase from the previous corresponding period. This was mainly as a result of continuing increase in demand growth, better control of costs and the stronger Ringgit. The appreciation of the Ringgit has resulted in a foreign exchange translation gain as compared to a loss in Q3 FY2009
- The Group's revenue grew by 4.5% in the current quarter as compared to the preceding quarter. For the current quarter review the operating expenses were higher compared to the preceding quarter mainly due to higher coal prices
- The strengthening of the Ringgit against the Japanese Yen and the US Dollar during the quarter under review resulted in a higher foreign exchange translation gain
- Estimate next 4Q eps after 2010 Q3 result announced = 0.71*1.05 = 0.7455 (5% increase adjustment), estimate PE on current price 8.61 = 11.31(DPS 0.183)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.2066+0.1859+0.1673+0.1506 = 0.71 (average 10% drop each quarter, coal price increasing but strong Ringgit offset some impact), estimate highest/lowest PE = 12.14/11.01 (DPS 0.183)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.6484, estimate highest/lowest PE = 13.38/11.67 (DPS 0.163)

Coal price chart
- http://www.mongabay.com/images/commodities/charts/chart-coalaust.html
- http://www.globalcoal.com/

MYR/JPY chart
- http://finance.yahoo.com/echarts?s=MYRJPY=X+Interactive#chart6:symbol=myrjpy=x;range=1y;indicator=volume;charttype=line;crosshair=on;ohlcvalues=0;logscale=on;source=undefined

TENAGA latest news (English)


KLCI Stock - AJIYA / 7609 - 2010 Quarter 2

Market Cap : 69223821*2 = 138,447,642 (Small)
NTA per share : 189831/69224 = 2.74 (Increased)
P/BV : 2/2.7 = 0.7963 (Undervalue)
Forecast P/E now : (2-0.06)/0.3427 = 5.66 (Low)
ROE : 11.12% (Moderate)
DY : 0.06/2*100 = 3% (Low)
Fixed Asset Turnover(3 year) : (1.1047+1.2306+1.12)/3 = 1.1518 (High)
Liquidity Ratio : 184095/50300 = 3.6599 (Strong)
Receivables Collection Period : (81803+85678)/2/(326053/365) = 93 days (Acceptable)
My Target Price : 2.74+0.06 = 2.8 (PE 8, EPS 0.3427, DPS 0.06)
My Decision : BUY
My Comment : Revenue and profit increasing, good cash flow, low debt and decreasing, navps increasing
Technical Support Price : 1.8
Risk Rating : MODERATE
OSK Target Price : 2.59 (09 July 10)

My notes based on 2010 Quarter 2 report (number in '000):-
- The Group achieved a 9% higher turnover compared to preceding year corresponding quarter due to better market sentiment
- The Group recorded a lower profit before tax compared to immediate preceding quarter due to marginal due to the higher turnover contribution of lower profit margin products for the current quarter
- Estimate next 4Q eps after 2010 Q2 result announced = 0.3427, estimate PE on current price 2 = 5.66(DPS 0.06)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.0816*4 = 0.3264+0.0163 = 0.3427 (5% grow from 0.3264 due to recovery from previous weak market), estimate highest/lowest PE = 6.16/4.99 (DPS 0.06)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.312(2% drop from 0.3184), estimate PE on current price 2.14 = 6.67(DPS 0.06)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.28, estimate highest/lowest PE = 6.39/5.18 (DPS 0.06)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.23, estimate highest/lowest PE = 6.52/5.22 (DPS 0.06)
- Estimate next 4Q eps after 2009 Q1 result announced = 0.26, estimate highest/lowest PE = 5.15/4.46 (DPS 0.06)
- Estimate next 4Q eps after 2008 Q4 result announced = 0.26, estimate highest/lowest PE = 4.69/3.65 (DPS 0.06)

AJIYA latest news (English)


KLCI Stock - PERISAI / 0047 - 2010 Quarter 1

PERISAI PETROLEUM TEKNOLOGI BERHAD

Listing Date: 05.07.2004
Market: MAIN
Sector: INDUSTRIAL
Par Value: 0.10
Major Industry: Miscellaneous
Sub Industry: Miscellaneous Companies
Market Cap : 662400000*0.55 = 364,320,000 (Small)
NTA per share : (238800-76127-383)/662000 = 0.2452
P/BV : 0.55/0.2452 = 2.2431
Forecast P/E now : 0.55/0.0335 = 16.42 (High)
ROE : 9.81% (Low)
DY : Not applicable
Fixed Asset Turnover(3 year) : (0.1758+0.1617+0.4034)/3 = 0.247 (Low)
Liquidity Ratio : 96393/90365 = 1.0667 (Low)
Receivables Collection Period : (33714+41237)/2/(86504/365) = 158 days (Bad)
My Target Price : Not interested unless revenue and profit increase more
My Decision : NOT BUY
My Comment : Revenue and profit decreased and remain low, good cash flow, high debt but decreased some, navps increased
Technical Support Price : 0.5
Risk Rating : HIGH


PERISAI PETROLEUM TEKNOLOGI BERHAD is engaged in investment holding and the provision of management, administrative and financial support services to the subsidiaries. The Company provides technology solutions for pipe laying, de-commissioning of un-economic facilities, marginal field development and subsea technologies. It provides specialist services in areas that include manufacture, supply, commission and installation of corrosion control products; inspection and maintenance of pipes, pipelines, risers and heat exchangers; pipe laying services ranging from 6 inches to 60 inches; installation of top sides; decommissioning of facilities ( at the end of their useful life ); small and marginal field development solutions; enhanced oil recovery, and deep water technologies. In September 2008, the Company acquired SJR Marine (L) Ltd. In December 2008, the Company disposed Merit Composites Sdn. Bhd. In March 2008, it sold Corro-Shield (M) Sdn. Bhd. and Orinippon Trading Sdn. Bhd.

My notes based on 2010 Quarter 1 report (number in '000):
- The decrease in revenue and profit attributable to equity holders of the parent for the financial quarter and period ended 31 March 2010 was mainly due to the expiration of the Saturation Diving System contract and the revision of charter rates for the Derrick Lay Barge (“DLB”) from USD95,000 per day for 240 days per annum to a yearly fixed monthly rate of USD1,900,000 per month and USD20,000 for each working day for the 271st day and beyond in the calendar year
- The increase in PBT from continuing operations in comparison to the preceding quarter was mainly due to the DLB was off hired from mid November till December 2009 after fulfilling its contractual obligation of 240 days in 2009, a provision for impairment of the DP1 vessel, workboat and the Saturation Diving System and the provision for doubtful debts in the preceding quarter
- Estimate next 4Q eps after 2010 Q1 result announced = 0.0093*4*0.9 = 0.0335 (10% drop), estimate PE on current price 0.55 = 16.42
- Estimate next 4Q eps after 2009 Q4 result announced = 0.0589*0.85 = 0.0501, estimate highest/lowest PE = 13.77/8.38
- Estimate next 4Q eps after 2009 Q3 result announced = 0.0125*4 = 0.05, estimate highest/lowest PE = 12/9.4

PERISAI latest news (English)

PERISAI Latest news (Chinese)

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2010-05-2720101N/AN/A-0.02590.0259190021900262276227618761870.00930.0093492141253341023880020295-1-22185735120294-189154606620006620003442402010-03-310.3277-1.06090.360.0064
2010-02-25200940.690.42--0.03300.139113468101181-749432495-794733478-0.01110.0589527417286744024067390909-28366-57101190962543544273517142275681653392572009-12-31-0.556410.13381.19140.34-
2009-11-25200930.60.47-0.03260.163520749877138069399898272414250.01250.0887524152270782025337081120-20954-67979190960166-7813-59046624004669423775682009-09-300.3889-1.06870.38-
2009-08-27200920.640.56-0.06780.13143339666964170363192017123331530.03890.0902534415282030584625238558236-18224-45712190940012-5700-37914399823675932661892009-06-300.5101-1.11750.560.0011
2009-05-26200910.730.545-0.06690.06693367933679148841488416030160300.05440.0544553906314153595123975314228-6148-906619098080-9869232944002944001663362009-03-310.4419-1.31030.790.0114
2009-02-26200841.20.48-0.03370.069628908722056570129237398152620.02510.0655538918319642726621927619396-39342145447311-19946-540219092944002328551619202008-12-310.227310.60941.45770.72-
2008-11-28200830.70.5-0.01940.0370156604329735376353412578640.01870.0371520601307838802921276314516-25806157657311-112904475117862202092121001497422008-09-300.2259-1.44690.93-
2008-08-28200821.020.61-0.02220.0485113852763712902816171737390.00830.0180146560693907238771704401-1445229527311-10051-70992122080002080002100802008-06-300.1133-0.89920.34-
2008-05-30200811.360.99-0.02710.0271163091630915261526202220220.00970.0097118294436136780746816650-139-1131373106511-480225082080002080002787202008-03-310.0936-0.5840.33-
2008-02-27200741.370.99--0.01020.1607913037698110418525-74911758-0.00360.0565103766305966842731701852123412-37945332341933398873112080002080002516802007-12-310.120921.4050.41810.32-
2007-11-28200731.671.17-0.04520.135115911299235858174104183125070.02010.060119080398254254979254910068-1762930993323-7561-4462-11392080002080002537602007-09-300.3682-1.06160.320.0688
2007-08-29200721.331.11-0.04960.0956772514012563911552431883240.02080.0400195242108148242258709410761-1476569453323-4004294162642080002080002600002007-06-300.73-1.24170.3-
2007-05-2920071N/AN/A-0.04920.0492438564385683388338400640060.01930.01931872671059232279381344-5005-1248-21954915-6253-8448-35332080002080001924002007-03-310.1901-1.30220.280.3137
2007-02-2720064N/AN/A--0.00530.066237018116905-14535459-4015004-0.00190.024117213296510210777562218749-2831598133076-956624733232080002080002184002006-12-31-0.039343.64511.27620.26-

yearqrtDeferred tax assets (A-0)Development Expenditure (A-0)Dry docking expenses (A-0)Goodwill on consolidation (A-0)Intangible assets (A-0)Investment in associated companies (A-0)Other investments (A-0)Prepaid lease payments (A-0)Property, plant and equipment (A-0)Cash and cash equivalents (A-1)Current asset classified as held for sales (A-1)Fixed deposits with licensed banks (A-1)Inventories (A-1)Other receivables (A-1)Trade receivables (A-1)Deferred tax liabilities (L-0)Loans & borrowings (L-0)Current tax liabilities (L-1)Liabilities directly associated with assets classified as held for sale (L-1)Loans & borrowings (L-1)Other payables (L-1)Trade and other payables (L-1)Minority interest (M-1)
20101565084404475761273835325--2953482092041660-99290834631-162976401817417483977312-
20094565084405091761273835005--3129241778243498-992443727981-19370336680575772209112927-
200936522138855657761263834528--37201745641163-991058828620-1637691657775243238587670-
20092622213075316177066383---380112228119184-99357629256-1916161663885617011832163415846
20091622612968204777066383---388385734317798-453401137226-2548562604007325991646859635951
20084622612866143477066383---369382366920691-326909337782-211102633571778392129157767266
20083525611714-88203383---3231101285622068-120116903389071225617-3313342913533292848029
2008239689558-5031383---50658223021327643114791173033765-15978544411112113376339737238
2008137548885-5031383---371894537246156480178611374142601108-4522131412056952726780
2007427478981-5031587-3000427424349091-18532852577420989181504520-14256632347716842
2007311788410-22467587-30004284114416167465521273261397527955338123939130331559433498651425497
200729358380-22467587-30008834007219148748423613241344720471162126174241565571042430488424225
2007117608373-22467587-3000885661465602125615039871040960818420713363980-6039855923041022793
2006423518179-22467587-30003017668264292-58843177684345509377266281957-5138584042436421077

yearqrtRevenueIncome tax expenseCost of salesFinance/interest costsOther income/expensesAdministrative/Operating expensesMinority interestShare of profit/ (loss) of associatesGain/loss on disposal of subsidiariesDiscontinued operationAfter tax effect
2010119002-40-7453-30551054-3640-320--1-
2009413468-872-10443-30671207-85154194090-1051498
2009320749301-8289-247781-2519-98332-192-
2009233396-18-10010-260265-3515105---298-
2009133679-169-10242-2749740-32141315---3330-
2008428908137-9149-46923774-8123691--1914-2234-
20083156601379-10890-659540-3056-791--1942-
2008211385885-7833-169-98-3109-458--1114-
2008116309434-11480-630293-281362---153-
2007491301520-9066-1321580-966-3373--51897936-
2007315911-403-8308-119092-3381-1272--2734-
200727725111-1721-8648-2802-1432--3293-
2007143856-2616-31309-90641-3700-1716--356-
2006437018253-32888-1033338-4888799----






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Tuesday, July 13, 2010

KLCI Stock - NATBIO / 7237 - 2010 Quarter 4

NATURAL BIO RESOURCES BERHAD

Listing Date: 14.05.2007
Market: MAIN
Sector: CONSUMER
Par Value: 0.20
Major Industry: Food & Beverages
Sub Industry : Brewers
Market Cap : 300000000*0.54 = 162,000,000 (Small)
NTA per share : (191852-158-5317)/300000 = 0.62
P/BV : 0.54/0.62 = 0.871
Forecast P/E now : (0.54-0.04)/0.0338 = 14.79 (High)
ROE : 5.28% (Low)
DY : 0.04/0.54*100 = 7.41% (High)
Fixed Asset Turnover(3 year) : (0.6787+0.6123+0.7371)/3 = 0.676 (Low)
Liquidity Ratio : 138177/30228 = 4.5712 (High)
Receivables Collection Period : (53179+56354)/2/(153092/365) = 130 days
My Target Price : Not interested unless revenue and profit increase more
My Decision : NOT BUY
My Comment : Revenue increasing but profit only slightly increase from year 2009, good cash flow, low debt and decreased, navps same as preceding quarter
Technical Support Price : 0.5
Risk Rating : HIGH


NATURAL BIO RESOURCES BERHAD is engaged in the business of ready-to-drink (RTD) coffee, RTD tea and energy drinks. Its RTD coffee is sold under its brand Ali Cafe, Per’l Cafe and Oligo Cafe, while its energy drinks and RTD tea are sold under its brands Power Root, Per’l and Alitea. Through its subsidiaries the Company is engaged in the manufacturing and distribution of various beverages. During the fiscal year ended February 29, 2008, the Company expanded its product range by launching three new products in Malaysia namely Per’l Choco, Oligo Coco and Oligo Cereal. In March 2008, the Company acquired a dormant company, PR Global Assets Limited.

My notes based on 2010 Quarter 4 report (number in '000):-
- The Group recorded 45% increase of revenue as compared to previous year's corresponding quarter. The increase was mainly attributable to the increase in sales from the domestic market
- The Group recorded a lower loss after tax, mainly due to the under-provision of deferred tax expense in prior year
- The Group recorded 7.5% increase of revenue when compared to the revenue recorded for the immediate preceding quarter. The increase in sales was mainly due to increase in sales from the domestic market after the fasting month of Hari Raya Puasa
- The Group recorded loss after tax from PAT recorded for the last quarter. The decrease was mainly due to under-provision of deferred tax expense in prior year and higher market and selling expenses incurred
- Estimate next 4Q eps after 2010 Q4 result announced = 0.0338(follow 2010 cumulative eps), estimate PE on current price 0.54 = 14.79(DPS 0.04)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.04, estimate highest/lowest PE = 14.25/11.13 (DPS 0.04)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.0395, estimate highest/lowest PE = 14.68/12.03 (DPS 0.04)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.034, estimate highest/lowest PE = 17.94/12.35 (DPS 0.03)

NATBIO latest news (English)

NATBIO Latest news (Chinese)


Monday, July 12, 2010

KLCI Stock - IRCB / 2127 - 2011 Quarter 1

Market Cap : 236810480*0.595 = 140,902,235.60 (Small)
NTA per share : (70783-33728)/236810 = 0.16
P/BV : 0.595/0.16 = 3.7188
Forecast P/E now : 0.595/0.0079 = 75.32 (Very high)
ROE : 7.9% (Low)
DY : Not applicable
Fixed Asset Turnover(3 year) : (0.9617+0.8676+0.6889)/3 = 0.8394 (Moderate)
Liquidity Ratio : 70169/80413 = 0.8726 (Weak)
Receivables Collection Period : (24719+18514)/2/(162098/365) = 48 days (Acceptable)
My Target Price : Not interested unless profit increase more
My Decision : NOT BUY
My Comment : Revenue increasing but profit still remain low, bad cash flow, high debt but decreased, navps same as preceding quarter
Technical Support Price : 0.54
Risk Rating : HIGH

My notes based on 2011 Quarter 1 report (number in '000):
- The profit before taxation lower than preceding year corresponding quarter mainly due to the gain on disposal of fixed assets in preceding year
- Estimate next 4Q eps after 2011 Q1 result announced = 0.0079(remain recent last 4Q cumulative eps), estimate PE on current price 0.595 = 75.32
- Estimate next 4Q eps after 2010 Q4 result announced = 0.0022*4 = 0.0088, estimate highest/lowest PE = 128.41/67.61

IRCB latest news (English)


Saturday, July 10, 2010

KLCI Stock - ICAP / 5108 - 2010 Quarter 4

Par Value: 1.00
Market Cap : 140000000*1.82 = 254,800,000 (Small)
NTA per share : 235071/140000 = 1.68
P/BV : 1.82/1.68 = 1.0833
Forecast P/E now : Not applicable
ROE : 15.52% (Moderate)
DY : Not applicable
Fixed Asset Turnover(3 year) : Not applicable
Liquidity Ratio : 2088677/1542907 = Not applicable
Receivables Collection Period : Not applicable
My Target Price : 1.68+0.4 = 2.08
My Decision : BUY
My Comment : NAV increasing
Technical Support Price : 1.68
Risk Rating : HIGH

My notes based on 2010 Quarter 4 report (number in '000):
- As the company is a closed-end fund, a better indication of its performance would be the movement of its NAV. The NAV per share as at 31 May 2010 was RM2.1, compared with NAV per share of RM1.77 as at 31 May 2009
- The company recorded a higher profit as compared to preceding quarter mainly due to the sales of its holdings in Astro All Asia Network Ptc, Kuala Lumpur Kepong Berhad, Lion Diversified Holdings Bhd, Poh Kong Holdings Berhad and Swee Joo Berhad as well as substantial holdings in Hai-O Enterprise Berhad. The costs of purchasing these disposed shares were RM48.98 million and the sales proceeds were RM79.801 million, resulting in a net gain of RM30.821 million

ICAP latest news (English)


KLCI Stock - LPI / 8621 - 2010 Quarter 2

Market Cap : 138723000*16.8 = 2,330,546,400 (Medium)
NTA per share : 940472/137669 = 6.83
P/BV : 16.8/6.83 = 2.4597
Forecast P/E now : (16.8-0.5125)/1.0303 = 15.81 (High)
ROE : 14.86% (Moderate)
DY : 0.5125/16.8*100 = 3.05% (Low)
Fixed Asset Turnover : Not applicable
Liquidity Ratio : Not applicable
Receivables Collection Period : Not applicable
My Target Price : 15.45+0.51 = 15.96 (PE 15, EPS 1.0303, DPS 0.5125)
My Decision : NOT BUY unless price below 15
My Comment : Revenue and profit increasing compared to last year, good cash flow, navps increasing
Technical Support Price : 15
Risk Rating : MODERATE (due to high PE)

My notes based on 2010 Quarter 2 report (number in '000):-
- The Group's revenue increased by 12.2% as compared to the same corresponding quarter in 2009. The increase was mainly due to higher gross premium underwritten. The Group's profit before tax increased by 17.3% as compared to the same corresponding quarter in 2009. The increase was mainly due to higher underwriting profit
- For the second quarter ended 30 June 2010, the Group recorded lower profit before tax of RM35.9 million as compared to RM48.8 million in the preceding quarter ended 31 March 2010. The decrease in the profit before tax for the said quarter was mainly due to higher investment income received in the preceding quarter
- Estimate next 4Q eps after 2010 Q2 result announced = 1.0303(10% grow from 0.9366), estimate PE on current price 16.8 = 15.81(DPS 0.5125)
- Estimate next 4Q eps after 2010 Q1 result announced = 1.0303(10% grow from 0.9366), estimate highest/lowest PE = 15.15/12.76 (DPS 0.675)
- Estimate next 4Q eps after 2009 Q4 result announced = 1.0533(15% grow from 0.9159), estimate highest/lowest PE = 12.94/11.53 (DPS 0.675)
- Estimate next 4Q eps after 2009 Q3 result announced = 1.0253, estimate highest/lowest PE = 13.23/11.16 (DPS 0.74)
- Estimate next 4Q eps after 2009 Q2 result announced = 1.0204, estimate highest/lowest PE = 11.43/10.25 (DPS 0.74)
- Estimate next 4Q eps after 2009 Q1 result announced = 0.979, estimate highest/lowest PE = 10.88/8.63 (DPS 0.85)

LPI latest news (English)


Friday, July 9, 2010

KLCI Stock - CIMB / 1023 - 2010 Quarter 1

Market Cap : 7063529820*7.09 = 5,008,0426,423.80 (Large)
NTA per share : (20572607-7693284-1633653)/7063530 = 1.59
P/BV : 7.09/1.59 = 4.4591
Forecast P/E now : (7.09-0.0925)/0.5205 = 13.54 (Moderate)
ROE : 12.71% (Moderate)
DY : 0.0925/7.09*100 = 1.3% (Low)
Fixed Asset Turnover : Not applicable
Liquidity Ratio : Not applicable
Receivables Collection Period : Not applicable
My Target Price : 7.6+0.09 = 7.69 (PE 14.6, EPS 0.5205, DPS 0.0925)
My Decision : BUY
My Comment : Revenue and profit increasing, bad cash flow, navps increasing
Technical Support Price : 6.6
Risk Rating : LOW
OSK Target Price : 7.95 (21 May 10)

My notes based on 2010 Quarter 1 report (number in '000):-
- CIMB Group Holdings Berhad (“CIMB Group”) reported a 36.5% year-on-year (“Y-o-Y”) growth in 1Q10 net profit
- With the release of these results, CIMB is the first Malaysian bank to prepare its financial statements in full compliance to FRS 139 principles although the industry remains under Bank Negara Malaysia’s transitional arrangement. The Group's full adoption of FRS 139 means that it is now fully compliant with global best accounting standards, consistent with its commitment to be benchmarked against highest standards of governance and transparency
- CIMB Group’s 1Q10 revenues increased by 13.0% Y-o-Y while the Group’s profit before tax (“PBT”) was 34.6% higher
- For 1Q10, the Group’s Malaysian consumer bank PBT grew 9.5% Y-o-Y in line with the continued turnaround in CIMB Bank’s operations as recoveries at Group Special Assets Management (or “bad” bank) were relatively flat. PBT at Treasury & Investments declined 30.0% Y-o-Y largely due to lower investment gains during the period. The improved capital market activities brought about the 103.4% Y-o-Y jump in Corporate & Investment Banking PBT
- CIMB Niaga’s contribution surged 264.7% Y-o-Y previously attributed to both significant operational improvement as well as gains arising from the sale of available for sale (“AFS”) bonds in 1Q10. Meanwhile, CIMB Thai turned a RM6 million PBT contribution in 1Q10 compared to the RM18 million loss in 1Q09. Asset Management and Insurance PBT was 87.9% lower Y-o-Y at RM4 million as the better performance of its fund management companies was offset by start-up costs and provisions taken at CIMB SunLife (Indonesia) and CIMB Aviva (Malaysia)
- Total non-Malaysian PBT jumped to 46% in 1Q10 from 19% in 1Q09 due to the surge in contribution from CIMB Niaga
- The Group’s total gross loans expanded 12.1% Y-o-Y, underpinned by the Malaysian consumer loans which grew 15.6% as well as a strong 31.7% expansion (in RM terms) in CIMB Niaga’s gross loans. Mortgages, credit cards and the Group’s micro credit lending grew by 21.8%, 32.1% and 55.9% respectively Y-o-Y. Hire purchase loans are resuming the uptrend with a 4.1% Y-o-Y growth although business banking loans continued to decline by 3.2% Y-o-Y. Corporate loans were also 3.5% lower Y-o-Y
- Total Group deposits grew by 6.8% Y-o-Y as CIMB Bank’s retail deposits grew 16.5% Y-o-Y underpinned by the growing Singapore retail operations. Excluding Singapore, CIMB Bank’s 1Q10 retail deposits were 7.2% higher Y-o-Y
- The total loan impairment (under FRS139 policies) for the Group was RM150 million in 1Q10. Although this is a 44.9% Y-o-Y decline versus the loan loss provision of RM272 million in 1Q09 (under Garis Panduan 3 (“GP3”) policies), the numbers are not directly comparable due to differing accounting treatments. The Group’s total annualised credit charge was 0.40%, lower than the 0.60% full year target. The Group’s gross impairment ratio was 7.5% for 1Q10, with an impairment allowance coverage of 80.5%. The Group’s cost to income ratio rose to 55.0% compared to 52.8% in 1Q09
- CIMB Bank’s risk weighted capital ratio improved to 15.6% as at 31 March 2010 (assuming inclusion of 1Q10 net profits) against 15.1% as at 31 December 2009. CIMB Group’s double leverage and gearing stood at 119.8% and 26.9% respectively as at end-March 2010
- The Group’s 1Q10 revenues of RM2.84 billion was 2.2% higher versus 4Q09, while Group net profits grew 4.4%
- CIMB Niaga reported a 1Q10 net profit of IDR524 billion, a 99.6% Y-o-Y growth with a 1Q10 net ROE of 18.3%. The stronger performance was attributed to the strong loans growth, higher Net Interest Margins (“NIMs”) and lower provisions. Profits from sale of AFS bonds by CIMB Niaga are not recognised in CIMB Niaga itself but at Group consolidated accounts. On a sequential basis, the 1Q10 net profit was 26.0% higher than 4Q09 primarily due to lower loan loss charges
- CIMB Niaga’s gross loans grew 14.1% Y-o-Y in 1Q10 driven by the corporate and auto loans segments. Gross NPL was higher at 3.1% as at end-March 2010 compared to 2.8% as at the corresponding period last year. CIMB Niaga continues to retain the 2nd lowest position in net NPL ratios amongst Indonesian banks while loan loss coverage was increased to 115.4% as at end-1Q10 compared to 84.5% as at end-1Q09
- CIMB Niaga’s Tier 1 capital and risk weighted capital ratios stood at 10.9% and 12.8% respectively as at 31 March 2010
- CIMB Thai announced a 1Q10 net profit of THB348 million, a turnaround from the THB257 million loss in 1Q09. This had included a THB290 million gain arising from the sale of the Sathorn building. Excluding this one-off gain, CIMB Thai would have recorded a 1Q10 net profit of THB58 million. For the 3-month period, CIMB Thai chalked revenue of THB1.80 billion, up 11.5% Y-o-Y. As a result of GAAP adjustments, CIMB Thai’s contribution to the Group’s 1Q10 earnings was RM6 million, compared to a negative RM18 million in 1Q09
- CIMB Thai’s Tier 1 capital and risk weighted capital ratios (based on Basel II framework) were at 6.1% and 12.1% respectively
- The Group is monitoring the Thai situation closely. So far, the political unrest has impeded access to its HQ and some branches in Bangkok. However, the Group is operating effectively from its back-up sites where required and remain focused on executing its transformation plan for its new franchise
- CIMB Islamic’s Y-o-Y PBT jumped 100% to RM80 million as Syariah-compliant banking products continue to gain ground. CIMB Islamic’s gross financing assets grew 127.8% Y-o-Y, accounting for 12% of total Group loans. Total deposits grew by 53.7% Y-o-Y to RM17.6 billion. With its total assets at RM27.8 billion as at 31 March 2010, CIMB Islamic remains the second largest Islamic bank in Malaysia with a 12% market share
- CIMB Investment Bank remained the leading stockbroker in Malaysia and regained first place in the M&A league tables, while maintaining its number one position in Initial Public Offering (“IPO”) and Equity Capital Market (“ECM”) advisory. CIMB Islamic remained at the top of the domestic and global Islamic investment banking league tables. CIMB Bank is the second largest mortgage lender in Malaysia and expanded its share of retail deposits and credit cards. In Singapore, CIMB Securities was the 4th largest in stockbroking market share and number 1 in mid-sized corporate advisory. CIMB Niaga remains the second largest mortgage lender in Indonesia while PT CIMB Securities has moved up to 2nd in stockbroking market share. CIMB Thai secured the number one position in the Thai M&A segment. CIMB Principal Asset Management remains the second largest asset manager in Malaysia
- Estimate next 4Q eps after 2010 Q1 result announced = 0.2366*4*1.1 = 1.041(10% increase quarter-by-quarter), after bonus estimate eps = 1.041/2 = 0.5205, estimate PE on current price 7.09 = 13.44(DPS 0.185/2 = 0.0925)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.2268*4*1.1 = 0.9979, estimate highest/lowest PE = 14.67/12.5 (DPS 0.185)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.2058*4*1.1 = 0.9055, estimate highest/lowest PE = 14.72/13.04 (DPS 0.25)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.1879*4*1.1 = 0.8268, estimate highest/lowest PE = 15.59/11.73 (DPS 0.25)

CIMB latest news (English)