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Tuesday, August 10, 2010

KLCI Stock - F&N / 3689 - 2010 Quarter 3

Market Cap : 356493101*14.26 = 5,083,591,620.26 (Very Large)
NTA per share : (1339393-130200)/357173 = 3.39
P/BV : 14.26/3.39 = 4.2065
Forecast P/E now : (14.26-0.465)/0.7412 = 18.61 (High)
ROE : 20.43% (High)
DY : 0.465/14.26*100 = 3.26% (Low)
Fixed Asset Turnover(3 year) : (1.2244+1.2341+1.4841)/3 = 1.3142 (High)
Liquidity Ratio : 1919689/1103616 = 1.7395 (Low)
Receivables Collection Period : (524361+648981)/2/(3555779/365) = 60 days (Acceptable)
My Target Price : Not interested unless revenue and profit increase more
My Decision : NOT BUY
My Comment : Revenue and profit still increasing if compare to preceding year corresponding quarter but revenue started record below 900 million, good cash flow, high debt and increasing, navps decreased, prices of key raw materials have increased sharply, Government reduce subsidies
Technical Support Price : 11.2
Risk Rating : MODERATE

My notes based on 2010 Quarter 3 report (number in '000):-
- Group revenue increased 7% mainly driven by strong volume growth in soft drinks
- Soft drinks revenue improved 26% with all main product portfolios registering commendable volume growth on the back of strong promotional activities around some major sport events such as the Thomas Cup and the FIFA World Cup. Revenue of dairies division declined by 3% affected by lower exports for both Malaysia and Thailand operations. Property revenue was lower due to completion of Fraser Business Park – Phase II
- Group operating profit for the quarter improved 17% mainly due to volume growth of soft drinks which was partly offset by higher raw material prices of the dairies division
- Group profit after taxation for the quarter was 35% above the same quarter last year. Group effective tax rate declined to 20% from 29% previously, benefitting from the tax incentives secured last year in respect of the new dairy plant investment in Rojana, Thailand
- Group attributable profit for the quarter has consolidated the full results of the soft drinks business and was 41% higher than last year
- Group PBT of the continuing operations for the quarter was 10.6% lower than the preceding quarter due to the rising raw material cost in soft drinks and dairies divisions

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