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Saturday, July 3, 2010

KLCI Stock - EKSONS / 9016 - 2010 Quarter 4

Market Cap : 164213000*0.86 = 141,223,180 (Small)
NTA per share : (342872-26763)/164213 = 1.92
P/BV : 0.86/1.92 = 0.4479
Forecast P/E now : ( = 8.69 (High)
ROE : 7.71% (Low)
DY : 0.05/0.86*100 = 5.81% (Moderate)
Fixed Asset Turnover(4 year) : (0.6337+0.6344+0.8609+0.7702)/4 = 0.7248 (Low)
Liquidity Ratio : 226310/74598 = 3.0337 (High)
Receivables Collection Period : (40146+54031)/2/(279149/365) = 61 days (Acceptable)
My Target Price : Not interested unless property division recover from loss
My Decision : NOT BUY
My Comment : Recent quarter revenue show slightly increasing but year-to-year still decreasing, profit still low if exclude non-repeatable income and tax refund, bad cash flow, low debt and decreased, navps increasing
Technical Support Price : 2.2
Risk Rating : HIGH

My notes based on 2010 Quarter 4 report (number in '000):
- Included in the current year’s profit after taxation is an income amounting to RM9.9 million arising from an adjustment to development cost recognised upon the acquisition of Russella Teguh Sdn Bhd
- The timber division’s 2010 financial year closed with a higher turnover of RM279.1 million compared with RM267.5 million in the previous financial. Profit after taxation for the year under review is RM27.9 million compared to RM26.8 million in the previous financial year
- The division’s turnover for the quarter under review is RM71.7 million which is higher than RM45.9 million recorded for the same quarter of the previous financial year. Meanwhile Profit after taxation for the quarter under review is at RM5.1 million compared to RM4.4 million in the same quarter in the preceding year
- The higher turnover and profit for the year follow some positive market movement in the second half of the financial year. The North American market has shown some recovery in tandem with the recovery of the North American economy. Meanwhile the North African and Middle East region remain the Group’s biggest market
- The property division has yet to recognise any turnover from its sale of shop offices as only earthwork and infrastructure work are in progress. Turnover will be recognised as building construction work commences. The turnover reported in the previous financial year is in respect of the sale of a 9-acre land for RM23.5 million. Total sales booked since the launch of the project in August 2009 up to the end of 2010 financial year is approximately RM182.9 million
- For the year under review, the property division recorded a loss after taxation of RM7.0 million compared to RM0.9 million
- During the quarter under review, the division received new sales booking of approximately RM52.1 million. Loss after taxation for the quarter under review is RM1.2 million compared to RM0.3 million in the preceding year’s corresponding quarter
- The main expenses in the income statement of this division for the financial year under review are management, marketing and selling expenses
- Estimate next 4Q eps after 2010 Q4 result announced = 0.11*0.9 = 0.099(0.11 is year 2010 cum_eps excluded 9.9 million and 10% negative adjustment for those tax refund), estimate PE on current price 0.86 = 8.18(DPS 0.05)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.11, estimate highest/lowest PE = 9.82/7.36 (DPS 0.02)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.1, estimate highest/lowest PE = 8.95/7.5 (DPS 0.02)

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