Listing Date: 24.12.1991
Market: MAIN
Sector: TRADING/SERVICES
Par Value: 7.5 p
Major Industry: Recreation
Sub Industry : Miscellaneous Recreation
Market Cap : 403256136*17.08 = 6,887,614,802.88 (Large)
NTA per share : (3807059-71969)/403256 = 9.26
P/BV : 17.08/9.26 = 1.8445
Forecast P/E now : (17.08-1)/1.6783 = 9.58 (Moderate)
ROE : 15.15% (Moderate)
DY : 1/17.08*100 = 5.85% (Moderate)
Fixed Asset Turnover(3 year) : (0.3388+0.3049+0.254)/3 = 0.2992 (Low)
Liquidity Ratio : 2848177/1036578 = 2.7477 (Moderate)
Receivables Collection Period : (859722+901891)/2/(3865064/365) = 83 days (Acceptable)
My Target Price : 16.78+1 = 17.78 (PE 10, EPS 1.6783, DPS 1)
My Decision : NOT BUY unless price below 16
My Comment : Revenue and profit increased from last quarter but lower than last year corresponding quarter, good cash flow, high debt but decreasing, navps decreased
Technical Support Price : 17
Risk Rating : MODERATE
OSK Target Price : 18.6 (01 Jul 10)
TANJONG PUBLIC LIMITED COMPANY is an investment holding company. The Company’s subsidiaries are engaged in power generation, gaming, leisure and property investment. The Company operates in four segments: Power Generation relates to the ownership, development and operation of power plants; Gaming comprises the Numbers Forecast Totalisator (NFO) and Racing Totalisator (RTO) businesses; Property Investment relates to the leasing and maintenance of Menara Maxis, and Leisure refers to the operation of the TI resort and the film exhibition business. In March 2009, the Company announced that KN Power Services Limited is its subsidiary undertaking. On March 30, 2009, it incorporated a wholly owned subsdiary, KN Holdings (L) Ltd., with 55% of the share capital of KN Holdings held by TEH Ventures (L) Ltd (a wholly owned subsidiary of Tanjong) and the remaining 45% held by Aljomaih Automotive Company Limited.
My notes based on 2011 Quarter 1 report (number in '000):-
- Power Generation revenue decreased by 4% in the current quarter mainly due to lower energy billings from the Malaysian power plants. The operating profit of Power Generation decreased by 10% due to a lower net contribution from the overseas plants of approximately RM15 million (arising mainly from a lower US Dollar exchange rate) and the recognition in the corresponding quarter of RM10 million relating to warranty claims received
- Gross sales proceeds from the NFO business decreased 4.53% due to lower demand for NFO products arising from the introduction of common draw days for special draws. This together with additional tax payments on special draws led to a reduction in the Gaming segment’s operating profit
- In the Leisure segment, higher box office revenue arising from better movie titles for TGV resulted in a RM9 million increase in revenue to RM83 million. Leisure operating profit improved by RM8 million due to improved results from both TGV and Tropical Islands (“TI”). TGV reported a RM3 million increase in profit to RM5 million due to improved admissions and spend. TI reported an operating profit of RM4 million (compared to an operating loss in the corresponding quarter of RM0.6 million) due mainly to higher visitor spend
- Estimate next 4Q eps after 2011 Q1 result announced = 1.6783(reduce the 5% increased on preceding quarter), estimate PE on current price 17.08 = 9.58(DPS 1)
- Estimate next 4Q eps after 2010 Q4 result announced = 1.76 (5% increase from 1.6783), estimate highest/lowest PE = 10.35/9.08 (DPS 0.9)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.43*4=1.72, estimate highest/lowest PE = 9.98/9.01 (DPS 0.9)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.43*4=1.72, estimate highest/lowest PE = 9.26/8.2 (DPS 0.9)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.43*4=1.72, estimate highest/lowest PE = 8.8/7.21 (DPS 0.9)
- Estimate next 4Q eps after 2009 Q4 result announced = 1.15, estimate highest/lowest PE = 12.09/10.43 (DPS 0.9)
TANJONG latest news (English)
TANJONG Latest news (Chinese)
| a_date | year | qrt | h_price | l_price | div | roe | c_roe | rev | c_rev | pbt | c_pbt | prof | c_prof | eps | c_eps | asset | liab | mino | equi | cfo | cfi | cff | cash | fcf | net | final | share | c_share | market | date | prof_m | pe | de | navps | vat |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2010-06-30 | 2011 | 1 | N/A | N/A | 0.2 | 0.0415 | 0.0415 | 945772 | 945772 | 242260 | 242260 | 177238 | 177238 | 0.4395 | 0.4395 | 11408786 | 7138228 | 463499 | 4270558 | 418780 | 5922 | -416961 | 1535868 | 424702 | 7741 | 1543609 | 403256 | 403256 | 7032784 | 2010-04-30 | 0.2562 | - | 1.6715 | 9.44 | 0.2016 |
| 2010-03-24 | 2010 | 4 | 19.12 | 16.88 | 0.475 | 0.0295 | 0.1581 | 936567 | 3898111 | 168699 | 953252 | 126069 | 676773 | 0.3126 | 1.6783 | 12064870 | 7784590 | 465687 | 4280280 | 1483516 | -21658 | -1128846 | 1202856 | 1461858 | 333012 | 1535868 | 403256 | 403256 | 7153761 | 2010-01-31 | 0.1801 | 10.5704 | 1.8187 | 9.46 | 0.2418 |
| 2009-12-11 | 2010 | 3 | 18.06 | 16.4 | 0.175 | 0.0428 | 0.1326 | 985175 | 2961544 | 252581 | 784552 | 177763 | 550704 | 0.4408 | 1.3656 | 12230901 | 8078693 | 464088 | 4152208 | 1142016 | 27378 | -631698 | 1202856 | 1169394 | 537696 | 1740552 | 403256 | 403256 | 6629528 | 2009-10-31 | 0.2564 | - | 1.9456 | 9.15 | 0.2142 |
| 2009-09-30 | 2010 | 2 | 16.82 | 15.0 | 0.175 | 0.0432 | 0.0887 | 997550 | 1976368 | 262609 | 531971 | 181529 | 372941 | 0.4502 | 0.9248 | 12729368 | 8526108 | 456990 | 4203260 | 838114 | 685 | -146393 | 1202856 | 838799 | 692406 | 1895262 | 403256 | 403256 | 6048840 | 2009-07-31 | 0.2633 | - | 2.0285 | 9.29 | 0.2162 |
| 2009-06-29 | 2010 | 1 | 16.04 | 13.3 | 0.175 | 0.0481 | 0.0481 | 978819 | 978819 | 269364 | 269364 | 191413 | 191413 | 0.4747 | 0.4747 | 12672109 | 8694122 | 460873 | 3977987 | 360423 | 6239 | 2194 | 1202856 | 366662 | 368856 | 1571712 | 403256 | 403256 | 5524607 | 2009-04-30 | 0.2752 | - | 2.1856 | 8.72 | 0.1969 |
| 2009-03-31 | 2009 | 4 | 14.8 | 12.9 | 0.375 | 0.0078 | 0.1252 | 1057541 | 3693855 | 148221 | 748836 | 28987 | 463769 | 0.0719 | 1.1501 | 12453711 | 8749699 | 422965 | 3704012 | 1115811 | 161392 | -1132663 | 1058316 | 1277203 | 144540 | 1202856 | 403256 | 403256 | 5564932 | 2009-01-31 | 0.1402 | 11.9994 | 2.3622 | 8.14 | 0.7123 |
| 2008-12-11 | 2009 | 3 | 14.6 | 13.0 | 0.175 | 0.0235 | 0.1051 | 986513 | 2636314 | 139128 | 600614 | 97127 | 434781 | 0.2409 | 1.0782 | 12572608 | 8435049 | 617977 | 4137559 | 889126 | -28517 | -767573 | 1058316 | 860609 | 93036 | 1151352 | 403256 | 403256 | 5322979 | 2008-10-31 | 0.141 | - | 2.0387 | 8.73 | 0.1865 |
| 2008-09-25 | 2009 | 2 | 14.4 | 9.55 | 0.175 | 0.0343 | 0.0846 | 840286 | 1649801 | 190337 | 461487 | 136687 | 337654 | 0.3390 | 0.8373 | 12109721 | 8119910 | 438731 | 3989811 | 633840 | 20425 | -289883 | 1058316 | 654265 | 364382 | 1422698 | 403256 | 403256 | 5202002 | 2008-07-31 | 0.2265 | - | 2.0352 | 8.81 | 0.1485 |
| 2008-06-20 | 2009 | 1 | 14.5 | 12.1 | 0.175 | 0.0535 | 0.0535 | 809515 | 809515 | 271150 | 271150 | 200967 | 200967 | 0.4984 | 0.4984 | 11547120 | 7793970 | 408191 | 3753150 | 269041 | 265111 | -317220 | 1058316 | 534152 | 216932 | 1275248 | 403256 | 403256 | 5726235 | 2008-04-30 | 0.335 | - | 2.0766 | 8.29 | 0.1492 |
| 2008-03-27 | 2008 | 4 | 17.0 | 14.0 | 0.48 | 0.0402 | 0.1508 | 786196 | 2721645 | 212663 | 773478 | 147868 | 554459 | 0.3667 | 1.3750 | 12127813 | 8451679 | 378328 | 3676134 | 1055861 | -1652217 | 364406 | 1290266 | -596356 | -231950 | 1058316 | 403256 | 403256 | 6734375 | 2008-01-31 | 0.2705 | 12.1458 | 2.2991 | 8.18 | 0.2199 |
| 2007-12-11 | 2008 | 3 | 18.9 | 15.0 | 0.14 | 0.0500 | 0.1160 | 692035 | 1935449 | 238550 | 560814 | 175126 | 406590 | 0.4343 | 1.0083 | 8568627 | 5064948 | 137504 | 3503679 | 741370 | 6597 | -704468 | 1290266 | 747967 | 43499 | 1333765 | 403256 | 403256 | 7218282 | 2008-10-31 | 0.3447 | - | 1.4456 | 8.35 | 0.2598 |
| 2007-09-25 | 2008 | 2 | 18.1 | 16.6 | 0.14 | 0.0348 | 0.0671 | 645221 | 1243414 | 164987 | 322264 | 120184 | 231464 | 0.2980 | 0.5740 | 8698841 | 5248450 | 136058 | 3450391 | 362178 | 1136 | -313185 | 1290266 | 363314 | 50129 | 1340395 | 403256 | 403256 | 7419910 | 2007-07-31 | 0.2557 | - | 1.5211 | 8.22 | 0.2581 |
| 2007-06-25 | 2008 | 1 | N/A | N/A | 0.14 | 0.0327 | 0.0327 | 598193 | 598193 | 157277 | 157277 | 111280 | 111280 | 0.2760 | 0.2760 | 8711454 | 5308659 | 133833 | 3402795 | 231134 | 13904 | -174839 | 1290266 | 245038 | 70199 | 1360465 | 403256 | 403256 | 6774700 | 2007-04-30 | 0.2629 | - | 1.5601 | 8.11 | 0.2793 |
| 2007-03-22 | 2007 | 4 | N/A | N/A | 0.46 | 0.0454 | 0.1530 | 618612 | 2437399 | 218705 | 688306 | 151214 | 509587 | 0.3750 | 1.2637 | 8715899 | 5385919 | 131772 | 3329980 | 923948 | -726248 | -256692 | 1349258 | 197700 | -58992 | 1290266 | 403256 | 403256 | 5968188 | 2007-01-31 | 0.3535 | 11.7118 | 1.6174 | 7.93 | 0.21 |
| year | qrt | Amount Owing by Joint Venture Partner (A-0) | Available-for-sale financial assets (A-0) | Deferred tax assets (A-0) | Intangible assets (A-0) | Investment properties (A-0) | Lease receivables (A-0) | Prepaid lease payments (A-0) | Property, plant and equipment (A-0) | Available-for-sale financial assets (A-1) | Cash and cash equivalents (A-1) | Derivative financial assets (A-1) | Held-for-trading securities (A-1) | Inventories (A-1) | Lease receivables (A-1) | Prepaid lease payments (A-1) | Trade receivables (A-1) | Deferred tax liabilities (L-0) | Hedging liability (L-0) | Loans & borrowings (L-0) | Other liabilities (L-0) | Other long-term provisions (L-0) | Current tax liabilities (L-1) | Dividend payable (L-1) | Hedging liability (L-1) | Loans & borrowings (L-1) | Provision for liabilities (L-1) | Trade and other payables (L-1) | Minority interest (M-1) |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2011 | 1 | 328788 | 228107 | - | 71969 | 672000 | 5043739 | 20332 | 2195674 | 3698 | 1543609 | 252 | 9751 | 430348 | 390235 | 797 | 469487 | 781509 | 271387 | 4323359 | 2519 | 615916 | 38169 | - | 17473 | 457965 | 109479 | 520452 | 463499 |
| 2010 | 4 | 358354 | 231028 | - | 71969 | 672000 | 5466515 | 20954 | 2289218 | 4187 | 1535868 | 505 | 9776 | 448805 | 424748 | 855 | 530088 | 807454 | 295689 | 4688591 | 764263 | 114707 | 33684 | - | 18900 | 464308 | 2702 | 594292 | 465687 |
| 2010 | 3 | 336161 | 148141 | 23 | 71969 | 650000 | 5490082 | 20962 | 2364688 | 1692 | 1740552 | - | 9259 | 435189 | 409626 | 848 | 551709 | 803103 | 351051 | 4776178 | 739779 | 101378 | 39544 | - | 18178 | 690991 | 15037 | 543454 | 464088 |
| 2010 | 2 | 355503 | 157153 | - | 71969 | 650000 | 5818391 | 21471 | 2429876 | - | 1895262 | - | 7734 | 475789 | 408760 | 885 | 436575 | 810993 | 332545 | 5017706 | 778001 | 103919 | 36077 | - | 18974 | 840132 | 14325 | 573436 | 456990 |
| 2010 | 1 | 315971 | 128350 | - | 71969 | 650000 | 6028291 | 21645 | 2477696 | 808 | 1571712 | - | 5873 | 497000 | 390627 | 903 | 511264 | 809540 | 420861 | 5110590 | 807362 | 104177 | 44021 | - | 19293 | 780219 | 13256 | 584803 | 460873 |
| 2009 | 4 | 303134 | 116255 | 30 | 71969 | 650000 | 6138881 | 21932 | 2545745 | 816 | 1202856 | - | 5519 | 511138 | 353410 | 906 | 531120 | 814321 | 464623 | 5046185 | 833084 | 103039 | 35220 | - | 19357 | 732115 | 13292 | 688463 | 422965 |
| 2009 | 3 | 426133 | 126926 | 41910 | 71968 | 550339 | 6180602 | 21927 | 2594425 | 728 | 1151352 | - | 5986 | 493784 | 491856 | - | 414672 | 756624 | 263625 | 5065563 | 784726 | 155618 | 42339 | - | 14677 | 701366 | - | 650511 | 617977 |
| 2009 | 2 | 392226 | 142023 | 41355 | 49130 | 550339 | 5755720 | 21600 | 2597950 | 724 | 1422698 | - | 8159 | 456936 | 325760 | - | 345101 | 791764 | 192051 | 4721832 | 732321 | 103765 | 38768 | - | 9388 | 949954 | - | 580067 | 438731 |
| 2009 | 1 | 190356 | 161984 | 39832 | 49130 | 550339 | 5609637 | 21448 | 2566225 | - | 1275248 | 15 | 9098 | 414093 | 168717 | - | 490998 | 788815 | 233196 | 4500821 | 737365 | 93005 | 26725 | - | 12251 | 910702 | 6045 | 485045 | 408191 |
| 2008 | 4 | 234434 | 160856 | 278039 | 49130 | 550339 | 5836370 | 21864 | 2634225 | 219386 | 1058316 | 19 | 10234 | 409184 | 160048 | - | 505369 | 1048634 | 249435 | 4479023 | 791179 | 99747 | 21041 | - | 6667 | 1165399 | 6223 | 584331 | 378328 |
| 2008 | 3 | 65918 | 427003 | 299018 | 49130 | 550000 | 2511481 | - | 2631910 | - | 1333765 | 21 | 11233 | 284366 | 102375 | - | 302407 | 639558 | 74085 | 3485098 | 75315 | 45053 | 29448 | - | - | 346574 | 5151 | 364666 | 137504 |
| 2008 | 2 | 65163 | 406817 | 297493 | 49130 | 550000 | 2564518 | - | 2674824 | 21110 | 1340395 | - | 4313 | 274779 | 105281 | - | 345018 | 623209 | 48877 | 3754143 | 81106 | 45313 | 24964 | 104443 | - | 226784 | 5461 | 334150 | 136058 |
| 2008 | 1 | 43932 | 407612 | 296949 | 49130 | 550000 | 2583978 | - | 2705819 | 21183 | 1360465 | 156 | 3186 | 275093 | 93046 | - | 320905 | 612409 | 71282 | 3826737 | 87393 | 44967 | 19860 | - | - | 223963 | 7416 | 414632 | 133833 |
| 2007 | 4 | 53660 | 376414 | 295438 | 49130 | 550000 | 2652383 | 14999 | 2727272 | 31293 | 1290266 | 542 | 3550 | 276250 | 95559 | - | 299143 | 601857 | 56545 | 3857170 | 91432 | 45509 | 17910 | - | - | 278019 | 9500 | 427977 | 131772 |
| year | qrt | Revenue | Income tax expense | Finance/interest costs | Other income/expenses | Administrative/Operating expenses | Minority interest | Share of profit/ (loss) of associates | Investment gain/loss | Gross transaction value | Deduct for calculation only |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 2011 | 1 | 945772 | -48847 | -74567 | 10323 | -651060 | -16175 | 18698 | -6906 | 1264691 | -1264691 |
| 2010 | 4 | 936567 | -40792 | -105833 | - | -683093 | -1838 | 23819 | -2761 | 1279077 | -1279077 |
| 2010 | 3 | 985175 | -54104 | -86100 | - | -683228 | -20714 | 26891 | 9843 | 1319483 | -1319483 |
| 2010 | 2 | 997550 | -56769 | -86671 | - | -667079 | -24311 | 21651 | -2842 | 1311157 | -1311157 |
| 2010 | 1 | 978819 | -53048 | -81402 | 19043 | -659421 | -24903 | 15411 | -3086 | 1310139 | -1310139 |
| 2009 | 4 | 1057541 | -105584 | -252963 | - | -688697 | -13650 | 10661 | 21679 | 1393010 | -1393010 |
| 2009 | 3 | 986513 | -25945 | -78996 | - | -760433 | -16056 | 20774 | -28730 | 1293635 | -1293635 |
| 2009 | 2 | 840286 | -28265 | -81065 | - | -586186 | -25385 | 14053 | 3249 | 1150235 | -1150235 |
| 2009 | 1 | 809515 | -40466 | -87593 | - | -539435 | -29717 | 14352 | 74311 | 1142678 | -1142678 |
| 2008 | 4 | 786196 | -46766 | -85877 | - | -512808 | -18029 | 16720 | 8432 | 1110576 | -1110576 |
| 2008 | 3 | 692035 | -61978 | -57685 | - | -411267 | -1446 | 2324 | 13143 | 994550 | -994550 |
| 2008 | 2 | 645221 | -42579 | -57522 | - | -429316 | -2224 | 3524 | 3080 | 990496 | -990496 |
| 2008 | 1 | 598193 | -43935 | -57370 | - | -390509 | -2062 | 1010 | 5953 | 945343 | -945343 |
| 2007 | 4 | 618612 | -45933 | -52996 | - | -350520 | -21558 | -1676 | 5285 | 928499 | -928499 |
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