Listing Date: 09.03.2001
Market: MAIN
Sector: INDUSTRIAL
Par Value: 1.00
Major Industry: Construction
Sub Industry: Engineering & Contracting Services
Market Cap : 76800000*0.82 = 62,976,000 (Very Small)
NTA per share : (151777-3745)/76800 = 1.93
P/BV : 0.82/1.93 = 0.4249
Forecast P/E now : 0.82/0.1352 = 6.07 (High)
ROE : 10.42% (Moderate)
DY : Not applicable
Fixed Asset Turnover(3 year) : (1.1157+0.9883+0.7219)/3 = 0.942 (Moderate)
Liquidity Ratio : 302805/283037 = 1.0698 (Low)
Receivables Collection Period : (170544+228297)/2/(698477/365) = 104 days
My Target Price : 0.68 (PE 5, EPS 0.1352)
My Decision : NOT BUY unless price below 0.68
My Comment : Revenue increasing, profit maintain above 2 million, good cash flow, high debt but decreasing, navps increasing
Technical Support Price : 0.82, 0.76
Risk Rating : HIGH
INGRESS CORPORATION BERHAD is a Malaysia-based company engaged in investment holding and the provision of management services. The Company operates in two segments: automotive components manufacturing, and power engineering and railway electrification. Some of the activities of its subsidiaries include the manufacture and supply of automotive door assemblies (door-in-white), and manufactures and assembles medium to high tonnage press parts; manufacture of automotive components; manufacture and supply of roll-formed plastic moldings and weather-strips, wire-harness and provision of management services; provision of engineering services for the power and utility industry, and the provision of engineering services in the field of computer aided design, manufactures tools, jigs and dies and undertakes comprehensive product development work. In July 2008, the Company subscribed for additional shares in Ingress CES Sdn Bhd (ICES), which increased its holding in ICES to 70%.
My notes based on 2011 quarter 2 report (number in '000):
- For the current quarter, the Group registered a 10.1% increase in revenue and 3.6% increase in profit before tax in comparison to previous financial year corresponding quarter
- The Automotive Division recorded a 13.6% increase in revenue and 35.6% increase in profit before tax against the previous financial year's corresponding quarter
- The Power Engineering and Projects Division (PEP Division) recorded a 16.4% decrease in revenue and loss before tax of RM0.9 million to profit before tax of RM0.5 million in comparison to the previous financial year. Together with its associate companies, PEP Division recorded loss before tax of RM2.0 million in comparison to previous financial year corresponding quarter loss before tax of RM0.5 million
- Automotive Components Manufacturing (ACM) registered an increase in revenue by 17% whilst Premium Automotive Dealership (PAD) recorded 7% increase in revenue
- ACM Malaysia experienced 5% decrease in revenue. Supplies for door related parts, moulding and sash products for the Perodua Alza commenced delivery in Q4FY10 continued in this quarter. In comparison to the previous financial year corresponding quarter, Proton Savvy, Proton Exora and Perodua Myvi experienced decreases in volume
- ACM Thailand registered a 75% increase in revenue in comparison to the previous financial year corresponding quarter. All models recorded increases in volume except for Honda Jazz
- ACM Indonesia recorded a 93% increase in revenue in comparison to the previous financial year corresponding quarter. All models registered increases in volume
- For the current quarter, the Group recorded 62.7% lower in profit before tax in comparison to the immediate preceding quarter
- Higher profit before tax in the immediate preceding quarter was mainly due to gain on disposal of 19% shares in an associate company amounting to RM7.6 million. In the quarter under review, the Group paid bonus to its employees and absorbed all Sukuk Refinancing Exercise Expenses in line with the successful completion of the Refinancing Exercise during the quarter. The Group via a wholly owned subsidiary company, Ingress Engineering Sdn Bhd has also recognised the gain on disposal of land amounting to RM4.4 million
- Estimate next 4Q eps after 2011 Q2 result announced = 0.1288*1.05 = 0.1352, estimate PE on current price 0.82 = 6.07
- Estimate next 4Q eps after 2011 Q1 result announced = 0.0322*4 = 0.1288(0.0322 is eps after exclude 8 million from other income), estimate highest/lowest PE = 7.41/4.81
- Estimate next 4Q eps after 2010 Q4 result announced = 0.0346*4 = 0.1384, estimate highest/lowest PE = 4.99/3.76
- Estimate next 4Q eps after 2010 Q3 result announced = 0.0357*4 = 0.1428, estimate highest/lowest PE = 5.67/4.1
- Estimate next 4Q eps after 2010 Q2 result announced = 0.023*4 = 0.092, estimate highest/lowest PE = 9.24/3.53
INGRESS latest news (English)
INGRESS 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2010-09-27 | 2011 | 2 | N/A | N/A | - | 0.0120 | 0.0629 | 195566 | 375980 | 5746 | 21024 | 2470 | 12940 | 0.0322 | 0.1685 | 626063 | 420365 | 53921 | 205698 | 28078 | 25019 | -37591 | 11492 | 53097 | 15506 | 26998 | 76800 | 76800 | 70656 | 2010-07-31 | 0.0294 | - | 2.0436 | 1.98 | 0.2461 |
| 2010-06-22 | 2011 | 1 | 0.955 | 0.62 | - | 0.0512 | 0.0512 | 180414 | 180414 | 15278 | 15278 | 10470 | 10470 | 0.1363 | 0.1363 | 644659 | 440116 | 53510 | 204543 | 13180 | 11479 | -1477 | 14007 | 24659 | 23182 | 37189 | 76800 | 76800 | 43776 | 2010-04-30 | 0.0847 | - | 2.1517 | 1.97 | 0.0952 |
| 2010-03-24 | 2010 | 4 | 0.69 | 0.52 | - | 0.0135 | 0.0555 | 164028 | 651861 | 6302 | 21423 | 2657 | 10896 | 0.0346 | 0.1419 | 660701 | 464499 | 51403 | 196202 | 55825 | -23708 | -21188 | 3377 | 32117 | 10929 | 14306 | 76800 | 76800 | 47616 | 2010-01-31 | 0.0384 | 4.37 | 2.3675 | 1.89 | - |
| 2009-12-15 | 2010 | 3 | 0.81 | 0.585 | - | 0.0278 | 0.0487 | 158469 | 487833 | 8114 | 15121 | 4700 | 8238 | 0.0612 | 0.1073 | 641004 | 471843 | 46007 | 169161 | 21247 | -10528 | -7238 | 3377 | 10719 | 3481 | 6858 | 76800 | 76800 | 50304 | 2009-10-31 | 0.0512 | - | 2.7893 | 1.6 | 0.2048 |
| 2009-09-04 | 2010 | 2 | 0.85 | 0.325 | - | 0.0183 | 0.0219 | 177689 | 329364 | 5479 | 7005 | 2951 | 3536 | 0.0384 | 0.0460 | 639055 | 477376 | 43924 | 161679 | 3197 | -3557 | -6576 | 3377 | -360 | -6936 | -3559 | 76800 | 76800 | 25728 | 2009-07-31 | 0.0308 | - | 2.9526 | 1.53 | 0.1376 |
| 2009-06-30 | 2010 | 1 | 0.435 | 0.22 | - | 0.0038 | 0.0038 | 151676 | 151676 | 1527 | 1527 | 587 | 587 | 0.0076 | 0.0076 | 658449 | 502038 | 42106 | 156411 | -15555 | -8400 | 15467 | 3377 | -23955 | -8488 | -5111 | 76800 | 76800 | 14592 | 2009-04-30 | 0.0101 | - | 3.2097 | 1.49 | 0.4296 |
| 2009-03-27 | 2009 | 4 | 0.225 | 0.14 | - | -0.3242 | -0.2620 | 146354 | 569551 | -62101 | -42436 | -50501 | -40810 | -0.6576 | -0.5314 | 660139 | 504373 | 41854 | 155766 | 36532 | -35048 | -5997 | 7890 | 1484 | -4513 | 3377 | 76800 | 76800 | 16896 | 2009-01-31 | -0.4243 | - | 3.238 | 1.48 | - |
| 2008-12-24 | 2009 | 3 | 0.3 | 0.19 | - | 0.0056 | 0.0441 | 155858 | 423167 | 4611 | 19637 | 1224 | 9663 | 0.0159 | 0.1258 | 705681 | 486327 | 50750 | 219354 | 56289 | -59321 | -16505 | 7890 | -3032 | -19537 | -11647 | 76800 | 76800 | 17664 | 2008-10-31 | 0.0296 | - | 2.2171 | 2.2 | 0.326 |
| 2008-09-16 | 2009 | 2 | 0.415 | 0.18 | - | 0.0230 | 0.0397 | 155408 | 267313 | 8462 | 15024 | 4894 | 8437 | 0.0637 | 0.1099 | 685004 | 472321 | 48380 | 212683 | 44952 | -21850 | -26961 | 7890 | 23102 | -3859 | 4031 | 76800 | 76800 | 31104 | 2008-07-31 | 0.0545 | - | 2.2208 | 2.14 | 0.1926 |
| 2008-06-19 | 2009 | 1 | 0.645 | 0.36 | - | 0.0170 | 0.0170 | 111905 | 111905 | 6562 | 6562 | 3543 | 3543 | 0.0461 | 0.0461 | 652161 | 443900 | 47194 | 208261 | 24575 | -16796 | -13663 | 7890 | 7779 | -5884 | 2006 | 76800 | 76800 | 33024 | 2008-04-30 | 0.0586 | - | 2.1315 | 2.1 | 0.1756 |
| 2008-03-27 | 2008 | 4 | 0.61 | 0.335 | - | -0.0271 | -0.0554 | 107967 | 398863 | -7177 | -14191 | -5553 | -11344 | -0.0723 | -0.1477 | 634718 | 429871 | 45780 | 204847 | 46085 | -42597 | -16414 | 20816 | 3488 | -12926 | 7890 | 76800 | 76800 | 43008 | 2008-01-31 | -0.0665 | - | 2.0985 | 2.07 | - |
| 2007-12-17 | 2008 | 3 | 0.73 | 0.45 | - | -0.0036 | -0.0267 | 119214 | 290895 | -425 | -7013 | -771 | -5791 | -0.0100 | -0.0754 | 669720 | 452979 | 48353 | 216741 | 12130 | -31179 | 27283 | 20816 | -19049 | 8234 | 29050 | 76800 | 76800 | 53760 | 2008-10-31 | -0.0036 | - | 2.09 | 2.19 | - |
| 2007-09-20 | 2008 | 2 | 0.8 | 0.65 | - | -0.0204 | -0.0224 | 103699 | 171681 | -4976 | -6588 | -4584 | -5020 | -0.0597 | -0.0654 | 662220 | 437975 | 49888 | 224245 | 21513 | -18782 | 8952 | 20816 | 2731 | 11683 | 32499 | 76800 | 76800 | 65280 | 2007-07-31 | -0.048 | - | 1.9531 | 2.27 | - |
| 2007-06-21 | 2008 | 1 | N/A | N/A | - | -0.0021 | -0.0021 | 67982 | 67982 | -1612 | -1612 | -436 | -436 | -0.0057 | -0.0057 | 607165 | 403097 | 44531 | 204068 | 2678 | -15816 | 4174 | 20816 | -13138 | -8964 | 11852 | 76800 | 76800 | 72192 | 2007-04-30 | -0.0237 | - | 1.9753 | 2.08 | - |
| 2007-03-26 | 2007 | 4 | N/A | N/A | 0.04 | -0.0513 | -0.0260 | 82564 | 358776 | -12366 | 1221 | -11553 | -5861 | -0.1504 | -0.0763 | 638569 | 413383 | 47303 | 225186 | 8052 | -77413 | 53678 | 36499 | -69361 | -15683 | 20816 | 76800 | 76800 | 80640 | 2007-01-31 | -0.1498 | - | 1.8357 | 2.32 | - |
| year | qrt | Deferred tax assets (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) | Current tax assets (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) | Dividend payable (L-1) | Loans & borrowings (L-1) | Other payables (L-1) | Trade and other payables (L-1) | Minority interest (M-1) |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2011 | 2 | 22786 | 3745 | - | 100 | 15856 | 280771 | 63909 | - | 1265 | 67087 | 39607 | 130937 | 5027 | 132301 | 1670 | - | 148075 | 40897 | 92395 | 53921 |
| 2011 | 1 | 23205 | 4031 | 1543 | 100 | 17543 | 283224 | 70155 | 9599 | 2156 | 78515 | 27743 | 126845 | 5446 | 32836 | 1338 | - | 278262 | 31306 | 90928 | 53510 |
| 2010 | 4 | 23497 | 4237 | 11124 | 100 | 16264 | 314306 | 45246 | 9599 | 2144 | 67580 | 30379 | 136225 | 5027 | 12678 | 450 | - | 298171 | 51774 | 96399 | 51403 |
| 2010 | 3 | 22274 | 6273 | 9880 | 100 | 25616 | 246532 | 34421 | - | - | 73604 | 98574 | 123730 | - | 12059 | 885 | - | 309171 | 63245 | 86483 | 46007 |
| 2010 | 2 | 23300 | 6399 | 9630 | 100 | 25910 | 251204 | 28551 | - | - | 65664 | 109870 | 118427 | - | 16314 | 1280 | - | 310124 | 38293 | 111365 | 43924 |
| 2010 | 1 | 23265 | 4919 | 10577 | 100 | 25858 | 283474 | 27937 | - | - | 81287 | 86111 | 114921 | - | 21091 | 825 | - | 328328 | 44444 | 107350 | 42106 |
| 2009 | 4 | 23676 | 5052 | 10630 | 100 | 25940 | 271580 | 30599 | - | - | 81967 | 98579 | 112016 | - | 28794 | 1814 | - | 299331 | 67436 | 106998 | 41854 |
| 2009 | 3 | 19646 | 6149 | 10838 | 100 | 26197 | 367351 | 32673 | - | - | 78023 | 27926 | 136778 | 313 | 37862 | 1931 | - | 296855 | 64342 | 85024 | 50750 |
| 2009 | 2 | 20423 | 6101 | 10901 | 100 | 26453 | 358800 | 43573 | - | - | 55153 | 29827 | 133673 | 313 | 38798 | 1855 | - | 297412 | 62969 | 70974 | 48380 |
| 2009 | 1 | 21143 | 6210 | 11110 | 100 | 22357 | 360854 | 36305 | - | - | 47165 | 34306 | 112611 | 313 | 33138 | 967 | - | 295151 | 42449 | 71882 | 47194 |
| 2008 | 4 | 21508 | 6088 | 8131 | 100 | 22450 | 357695 | 35621 | - | - | 29882 | 25070 | 128173 | 313 | 39128 | 954 | - | 294304 | 43613 | 51559 | 45780 |
| 2008 | 3 | 24977 | 1901 | 7024 | 100 | 22279 | 346189 | 61458 | - | - | 38665 | 34274 | 132853 | 554 | 204365 | 1455 | - | 161902 | 33910 | 50793 | 48353 |
| 2008 | 2 | 27979 | 2563 | 4385 | 100 | 13481 | 372791 | 59460 | - | - | 33629 | 33312 | 114520 | 4605 | 213487 | 1211 | 3072 | 135563 | 29670 | 50367 | 49888 |
| 2008 | 1 | 10571 | 3108 | 8644 | 100 | 19535 | 360110 | 30432 | - | - | 29778 | 33972 | 110915 | 8213 | 213826 | 1424 | - | 111310 | 27447 | 40877 | 44531 |
| 2007 | 4 | 29893 | 3290 | 6431 | 100 | 19589 | 357310 | 48618 | - | - | 27399 | 40262 | 105677 | 8213 | 218235 | 1336 | - | 111155 | 40685 | 33759 | 47303 |
| 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 |
|---|---|---|---|---|---|---|---|---|---|
| 2011 | 2 | 195566 | -1414 | -167025 | -4072 | 6616 | -24217 | -1862 | -1122 |
| 2011 | 1 | 180414 | -1454 | -152388 | -4459 | 9219 | -15770 | -3354 | -1738 |
| 2010 | 4 | 164028 | 426 | -137036 | -5273 | 350 | -17913 | -4071 | 2146 |
| 2010 | 3 | 158469 | -1662 | -133269 | -3758 | 1280 | -14858 | -1752 | 250 |
| 2010 | 2 | 177689 | -754 | -152656 | -4229 | 1055 | -15433 | -1774 | -947 |
| 2010 | 1 | 151676 | -656 | -134067 | -4222 | 1569 | -13376 | -284 | -53 |
| 2009 | 4 | 146354 | 3485 | -174130 | -6648 | 4369 | -31838 | 8115 | -208 |
| 2009 | 3 | 155858 | -1503 | -126516 | -4954 | -1150 | -18565 | -1884 | -62 |
| 2009 | 2 | 155408 | -1630 | -126808 | -4722 | 1406 | -16613 | -1938 | -209 |
| 2009 | 1 | 111905 | -1152 | -92218 | -5001 | 3125 | -14227 | -1867 | 2978 |
| 2008 | 4 | 107967 | 2361 | -92956 | -6336 | 114 | -17074 | -737 | 1108 |
| 2008 | 3 | 119214 | -54 | -101652 | -5091 | 745 | -16279 | -292 | 2638 |
| 2008 | 2 | 103699 | 1381 | -86436 | -5617 | 629 | -17892 | -989 | 641 |
| 2008 | 1 | 67982 | 686 | -58430 | -5475 | 374 | -13286 | 490 | 7223 |
| 2007 | 4 | 82564 | -935 | -78008 | -6580 | 19028 | -36129 | 1748 | 6759 |
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