KLCI Stock - MPHB / 3859 - 2010 Quarter 2

MULTI-PURPOSE HOLDINGS BERHAD

Listing Date: 11.01.1982
Market: MAIN
Sector: TRADING/SERVICES
Par Value: 1.00
Major Industry: Recreation
Sub Industry : Miscellaneous Recreation
Market Cap : 1077748654*2.17 = 2,338,714,579.18 (Large)
NTA per share : (2237915-2892231)/1068625 = Negative
P/BV : Not Applicable
Forecast P/E now : (2.17-0.05)/0.2139 = 9.91 (Moderate)
ROE : 11.08% (Moderate)
DY : 0.05/2.17*100 = 2.3% (Low)
Fixed Asset Turnover(3 year) : (0.5976+0.5526+0.545)/3 = 0.565 (Low)
Liquidity Ratio : 1701090/712982 = 2.3859 (Moderate)
Receivables Collection Period : (415128+347035)/2/(3552183/365) = 39 days (Acceptable)
My Target Price : 2.14+0.05 = 2.19 (EPS 0.2139, PE 10, DPS 0.05)
My Decision : NOT BUY unless price below 2
My Comment : Revenue and profit increased compared to last year, strong cash, high debt but got slightly decreased, navps increased, possible of new income stream from property division, stockbroking division expect downstream
Technical Support Price : 2.1
Risk Rating : MODERATE

MULTI-PURPOSE HOLDINGS BERHAD is engaged in the core businesses of financial services, stock broking and gaming. The principal activities consist of investment holding and trading, operation of general insurance business, provision of leasing, hire purchase, factoring and general loan financing services, operation and management of a licensed four digit numbers forecast betting game, operation of hotels and of a golf club, securities broking and dealing, designing and construction of railway and related activities, property development, provision of share registration and management services, printing activities, and provision of computer software and other related services. In March 2008, it incorporated a wholly owned offshore subsidiary, Multi Purpose International Limited. In June 2008, the Company acquired Caribbean Gateway Sdn Bhd.

My notes based on 2010 quarter 2 report (number in '000):-

- The PBT for the current quarter was 33% lower than the previous corresponding quarter. The difference was mainly due to the exceptional gains from the disposal of quoted investments and dividend income totaling RM74.6 million received in the previous corresponding quarter

- The PBT of the Gaming Division achieved in the current quarter has dropped slightly(8.6%) when compared to the previous corresponding period. After discounting the exceptional items in the previous corresponding quarter, coupled with lower finance costs this quarter and additional contribution from the 4D Jackpot game which was introduced in September 2009, the Gaming Division has performed better in this quarter

- The Financial Services Division achieved 42.6% higher PBT compared to the previous corresponding financial quarter. The favourable result was mainly due to the improved underwriting performance due to tightening of underwriting especially in non-performing classes and greater emphasis on risk management and selection

- Lower brokerage income and provision for doubtful debts had affected the performance of the Stockbroking Division. As a result, the Division registered a loss before taxation of RM3.5 million as compared to the PBT of RM10.2 million achieved in the previous corresponding financial quarter

- The Group's PBT has dropped by 10% from the previous corresponding financial period

- The Group recorded a 12.9% lower PBT as compared to the immediate preceding quarter. The reduction in PBT is mainly due to the recognition of losses on the fair value of the derivative liability and quoted investments within the Group

- Estimate next 4Q eps after 2010 Q2 result announced = 0.0563*4*0.95 = 0.2139, estimate PE on current price 2.17 = 9.91(DPS 0.05)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.22*1.05 = 0.231 (5% grow adjustment from 0.22 due to positive result), estimate highest/lowest PE = 9.39/7.84 (DPS 0.09)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.05*4 = 0.2*1.1 = 0.22 (10% grow from 0.2, due to 4D Jackpot game and current economic environment, result exclude other income), estimate highest/lowest PE = 11.05/8.27 (DPS 0.1, correction to last quarter estimated)

MPHB latest news (English)

MPHB 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
2010-08-26	2010	2	N/A	N/A	-	0.0221	0.0471	871360	1863980	122930	261934	60137	128330	0.0563	0.1201	5944254	3220365	485974	2723889	304199	-251959	-127236	805415	52240	-74996	730419	1068625	1068625	2286857	2010-06-30	0.1411	-	1.1823	2.09	0.2193
2010-05-21	2010	1	2.26	1.9	-	0.0259	0.0259	992620	992620	139004	139004	68193	68193	0.0633	0.0633	5905343	3276166	454887	2629177	40337	-38483	-45193	757909	1854	-43339	714570	1076718	1076718	2131901	2010-03-31	0.14	-	1.2461	2.02	0.2404
2010-02-25	2009	4	2.48	1.87	0.05	0.0438	0.1295	874959	3323417	136586	486657	114230	337387	0.1086	0.3207	5826508	3221050	439366	2605458	624210	-156742	-178144	468940	467468	289324	758264	1052079	1052079	2030512	2009-12-31	0.1561	6.0183	1.2363	2.06	0.1623
2009-11-25	2009	3	1.96	1.75	-	0.0199	0.0876	813244	2448458	64556	350071	50727	223157	0.0499	0.2195	5805712	3258468	473680	2547244	462533	-170190	-141515	468940	292343	150828	619768	1016649	1016649	1931633	2009-09-30	0.0794	-	1.2792	2.04	0.2011
2009-08-26	2009	2	2.16	1.8	0.04	0.0497	0.0673	804013	1635214	182320	285515	127406	172430	0.1255	0.1698	5829719	3267012	479466	2562707	447449	-111902	-131861	468940	335547	203686	672626	1015399	1015399	2101875	2009-06-30	0.2268	-	1.2748	2.05	0.0482
2009-05-26	2009	1	2.1	1.32	-	0.0180	0.0180	831201	831201	103195	103195	45024	45024	0.0464	0.0464	5776956	3276616	547320	2500340	149392	-91057	57762	468940	58335	116097	585037	970209	970209	1338888	2009-03-31	0.1242	-	1.3105	2.01	0.2743
2009-02-20	2008	4	1.49	1.02	0.05	0.0083	0.0666	827066	3137244	72561	262864	19772	158618	0.0173	0.1389	5645839	3263297	518025	2382542	522494	-315915	-178237	440598	206579	28342	468940	1141937	1141937	1199033	2008-12-31	0.0877	7.5593	1.3697	1.63	0.0633
2008-11-19	2008	3	1.21	1.0	-	0.0150	0.0521	759149	2310820	39057	195962	41025	142300	0.0358	0.1241	5698139	2967808	865441	2730331	29234	35830	82985	440598	65064	148049	588647	1146994	1146994	1204343	2008-09-30	0.0514	-	1.087	1.63	0.0877
2008-08-27	2008	2	1.46	0.96	0.04	0.0104	0.0203	753961	1551029	73886	154700	52036	101275	0.0453	0.0881	5762907	772733	856558	4990174	68525	78368	182315	440598	146893	329208	769806	1149899	1149899	1621357	2008-06-30	0.098	-	0.1549	3.59	0.4081
2008-05-28	2008	1	1.82	1.36	0.05	0.0181	0.0181	797068	797068	80814	80814	49239	49239	0.0427	0.0427	3654043	934015	839761	2720028	9881	9372	11356	440598	19253	30609	471207	1153866	1153866	2100036	2008-03-31	0.1014	-	0.3434	1.63	0.3145
2008-02-29	2007	4	2.05	1.56	0.06	0.0178	0.1476	783240	3206046	72723	684184	46998	389350	0.0407	0.3375	3766487	1129282	807805	2637205	-424030	442252	-435792	858168	18222	-417570	440598	1153706	1153706	2376634	2007-12-31	0.0928	6.1041	0.4282	1.59	0.0421
2007-11-16	2007	3	2.59	1.88	-	0.0193	0.1345	806365	2422806	105151	611461	49083	342352	0.0425	0.2968	3721064	1175173	847344	2545891	119920	253071	-847222	858168	372991	-474231	383937	1153652	1153652	2976422	2007-09-30	0.1304	-	0.4616	1.47	0.2823
2007-08-21	2007	2	2.58	2.14	-	0.0447	0.1099	791614	1616441	160699	506310	119196	293269	0.1033	0.2542	4202463	1534795	1013745	2667668	261845	478616	-627821	858168	740461	112640	970808	1153548	1153548	N/A	2007-06-30	0.203	-	0.5753	1.43	0.1638
2007-05-21	2007	1	N/A	N/A	0.05	0.0588	0.0588	824827	824827	345611	345611	174073	174073	0.1509	0.1509	4855466	1896839	1386388	2958627	85239	398769	-74980	858168	484008	409028	1267196	1153230	1153230	2675493	2007-03-31	0.419	-	0.6411	1.36	0.1414
2007-02-15	2006	4	N/A	N/A	-	0.0210	0.0611	291153	451627	83175	199750	56807	164932	0.0492	0.1429	4168686	1467873	1302191	2700813	625272	-226067	301944	157019	399205	701149	858168	1153867	1153867	1523104	2006-12-31	0.2857	9.2347	0.5435	1.21	0.2423

year	qrt	Assets held for sale (A-0)	Deferred tax assets (A-0)	Intangible assets (A-0)	Intellectual property (A-0)	Investment in associated companies (A-0)	Investment properties (A-0)	Land held for property development (A-0)	Other investments (A-0)	Prepaid lease payments (A-0)	Property, plant and equipment (A-0)	Receivables (A-0)	Securities Held-to-Maturity (A-0)	Cash and cash equivalents (A-1)	Current asset classified as held for sales (A-1)	Current tax assets (A-1)	Deposits with licensed banks (A-1)	Inventories (A-1)	Loans to customers (A-1)	Other investments (A-1)	Other receivables (A-1)	Trade receivables (A-1)	Deferred tax liabilities (L-0)	Derivative liabilities (L-0)	Loans & borrowings (L-0)	Provision for retirement benefits (L-0)	Redeemable convertible unsecured loan stocks (L-0)	Reserves for unexpired risks (L-0)	Current tax liabilities (L-1)	Exchangeable bonds (L-1)	Liabilities directly associated with assets classified as held for sale (L-1)	Loans & borrowings (L-1)	Other payables (L-1)	Minority interest (M-1)
2010	2	159917	115585	2892231	-	106519	642660	-	98363	3880	185176	33833	5000	514337	259398	123741	383177	5309	-	-	415128	-	19913	28977	1911934	643	460116	85800	23757	-	-	1722	687503	485974
2010	1	13222	114736	2891551	657	106743	638967	-	297182	3895	190400	33833	-	104234	156730	111701	707519	5180	-	-	528793	-	19825	34446	1949981	644	471195	84662	16696	-	-	2536	696181	454887
2009	4	-	120533	2891863	-	106343	640750	-	271955	3906	194364	33833	-	51699	-	103835	958847	5344	-	-	443236	-	22498	-	1991299	659	482274	81572	7254	-	-	314	635180	439366
2009	3	-	120061	2891094	-	106078	545276	22178	269668	3919	200000	36738	-	119020	234873	99698	835674	5682	-	-	315753	-	20379	-	1988715	674	493018	80271	2843	-	4387	6241	661940	473680
2009	2	-	126850	2890884	-	105293	539995	22178	197201	3930	209694	36593	-	137548	237623	76375	892549	5971	-	-	347035	-	20379	-	2049186	654	503764	80507	662	-	6454	4645	600761	479466
2009	1	-	125485	2890884	-	104372	540121	18372	126138	3943	204433	39966	-	122933	241337	62439	860771	5797	-	-	429965	-	20379	-	2098122	653	514185	72507	431	-	14008	7138	549193	547320
2008	4	-	136332	2890463	-	104509	541074	-	127876	3955	201164	39966	-	59013	242332	72128	762164	6297	-	-	458566	-	24468	-	2095381	653	524607	72452	315	-	6682	28136	510603	518025
2008	3	-	8439	2947615	-	123115	592457	20000	98796	1008	180693	39864	-	112129	389925	40631	742567	5203	99451	-	296246	-	12006	-	2200000	2682	-	74243	7255	-	118231	4641	548750	865441
2008	2	-	8439	2916077	-	122388	414963	128322	75760	4690	184976	39864	-	213975	404925	10807	814990	7106	93359	-	322266	-	11996	-	-	2540	-	74582	7656	-	118231	4536	553192	856558
2008	1	-	9182	755914	-	130551	519962	131921	484777	1007	264227	39864	-	130735	-	13953	629447	8707	183829	10959	339008	-	13627	-	-	2649	-	68740	6890	121520	-	269767	450822	839761
2007	4	-	13621	800439	-	130861	622732	20000	530281	585	274757	39864	-	50831	-	31472	718688	9000	188565	-	334791	-	18075	-	102861	1616	-	65129	11346	260500	-	156172	513583	807805
2007	3	-	-	759245	-	132773	525285	77004	526255	46572	211711	-	-	249914	36000	21471	400636	9568	387347	-	275122	62161	15958	-	106752	1217	-	61256	30300	260500	-	173991	525199	847344
2007	2	-	-	746455	-	132117	607805	24356	480438	43808	173307	-	-	866971	36000	17573	400661	8328	331599	-	269247	63798	16150	-	145000	1167	-	59682	28461	260500	-	306996	716839	1013745
2007	1	-	-	819543	-	130715	592676	20000	409667	-	208291	-	-	1148201	36000	17261	385650	7934	763608	-	247178	68742	15951	-	363974	-	-	61432	32017	265500	-	250169	907796	1386388
2006	4	-	-	547639	-	132781	535076	20000	664588	44191	220114	-	-	61517	242933	19346	1024842	8257	332520	-	297456	17426	16064	-	356612	1753	-	53613	13100	300000	-	297118	429613	1302191

year	qrt	Revenue	Income tax expense	Cost of sales	Finance/interest costs	Other income/expenses	Administrative/Operating expenses	Minority interest	Share of profit/ (loss) of associates	Discontinued operation	After tax effect of interest on exercise of warrants
2010	2	871360	-26953	-672826	-36464	-25096	-16552	-35840	651	1857	-
2010	1	992620	-33415	-792278	-22823	-22053	-17612	-37396	1150	-	-
2009	4	874959	-22167	-676797	-40776	29221	-17757	-189	1545	-33809	-
2009	3	813244	-12982	-685523	-34274	-18127	-8866	-847	785	-2683	-
2009	2	804013	-8779	-631345	-45410	73505	-19529	-46135	821	265	-
2009	1	831201	-28303	-645780	-42580	-17762	-19536	-29868	-137	-2211	-
2008	4	827066	-4594	-642494	-52067	-20665	-38231	-48195	-1048	0	-
2008	3	759149	-3425	-619802	-38515	-49389	-14703	5393	1209	-	1108
2008	2	753961	-30151	-613071	-1424	-17423	-17063	8301	392	-32634	1148
2008	1	797068	-25418	-651999	-4502	9616	-19741	-6157	184	-51010	1198
2007	4	783240	-3063	-605958	-7568	-60458	-38741	-22662	1080	-	1128
2007	3	806365	-29687	-636406	-9806	-40445	-17050	-26381	1366	-	1127
2007	2	791614	-26319	-689980	-14065	90614	-19948	-15184	1393	-	1071
2007	1	824827	-48871	-616482	-14226	169865	-19791	-122667	234	-	1184
2006	4	291153	-20150	-208615	-9954	-8695	-25442	-6218	43475	-	1253

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