DRB-HICOM BERHAD
Company Info
My Analysis
Accounting Ratio
My notes based on 2011 quarter 2 report (number in '000):-
- The Group’s revenue rose marginally by 1.6% to RM3.20 billion for the six months ended 30 September 2010 compared to RM3.15 billion in the previous corresponding period ended 30 September 2009
- For the six months ended 30 September 2010, the Group achieved a higher pre-tax profit of RM409.65 million compared to RM163.65 million in the previous corresponding period ended 30 September 2009. The increase in profits were due to:
i)Improved performance of subsidiary companies
ii)Higher share of results of jointly controlled entities and associated companies
iii)Recognition of negative goodwill arising from accretion of equity interest in Edaran Otomobil National Berhad (EON) from 79.05% to 100.0%
- The Group recorded a lower pre-tax profit of RM186.17 million in the current quarter ended 30 September 2010 as compared to RM223.48 million in the preceding quarter ended 30 June 2010 which included the one-off gain being negative goodwill arising from accretion of interest in EON. Excluding the one-off gain, the pre-tax profits would have been as follows
- Estimate next 4Q eps after 2011 Q2 result announced = 0.0684*4*0.8 = 0.2189, estimate PE on current price 1.3 = 5.76(DPS 0.04)
- Estimate next 4Q eps after 2011 Q1 result announced = 0.1873*0.95 = 0.1779, estimate highest/lowest PE = 7.59/5.79 (DPS 0.04)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.0493*4*0.95 = 0.1873, estimate highest/lowest PE = 6.09/5.02 (DPS 0.04)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.0428*4 = 0.1712, estimate highest/lowest PE = 7.42/5.37 (DPS 0.04)
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Company Info
| Market Capital (Capital Size) | 2,513,208,166.30 (Large) |
| Par Value | RM 1.00 |
My Analysis
| Forecast P/E now | (1.87-0.04)/0.2189 = 8.36 (Moderate) |
| Target Price | 2.19+0.04 = 2.23 (PE 10.0, EPS 0.2189, DPS 0.04) |
| Decision | BUY |
| Comment | Revenue increased and higher than preceding year corresponding quarter, eps second consecutive quarter decreasing but higher than preceding year corresponding quarter, negative free cash flow and negative net cash flow reduced a bit |
| First Support Price | 1.2 |
| Second Support Price | 1.1 |
| Risk Rating | LOW |
Accounting Ratio
| Return on Equity | 11.18% |
| Dividend Yield | 2.14% |
| Profit Margin | 11.30% |
| Tax Rate | 16.77% |
| Asset Turnover | 0.2492 |
| Net Asset Value Per Share | 2.5 |
| Net Tangible Asset per share | 2.38 |
| Price/Net Tangible Asset Per Share | 0.55 |
| Cash Per Share | 3.87 |
| Liquidity Current Ratio | 0.7526 |
| Liquidity Quick Ratio | 0.6402 |
| Liquidity Cash Ratio | 0.5414 |
| Gearing Debt to Equity Ratio | 4.0529 |
| Gearing Debt to Asset Ratio | 0.7665 |
| Working capital per thousand Ringgit sale | -53.7% |
| Days to sell the inventory | 94 |
| Days to collect the receivables | 78 |
| Days to pay the payables | 788 |
My notes based on 2011 quarter 2 report (number in '000):-
- The Group’s revenue rose marginally by 1.6% to RM3.20 billion for the six months ended 30 September 2010 compared to RM3.15 billion in the previous corresponding period ended 30 September 2009
- For the six months ended 30 September 2010, the Group achieved a higher pre-tax profit of RM409.65 million compared to RM163.65 million in the previous corresponding period ended 30 September 2009. The increase in profits were due to:
i)Improved performance of subsidiary companies
ii)Higher share of results of jointly controlled entities and associated companies
iii)Recognition of negative goodwill arising from accretion of equity interest in Edaran Otomobil National Berhad (EON) from 79.05% to 100.0%
- The Group recorded a lower pre-tax profit of RM186.17 million in the current quarter ended 30 September 2010 as compared to RM223.48 million in the preceding quarter ended 30 June 2010 which included the one-off gain being negative goodwill arising from accretion of interest in EON. Excluding the one-off gain, the pre-tax profits would have been as follows
- Estimate next 4Q eps after 2011 Q2 result announced = 0.0684*4*0.8 = 0.2189, estimate PE on current price 1.3 = 5.76(DPS 0.04)
- Estimate next 4Q eps after 2011 Q1 result announced = 0.1873*0.95 = 0.1779, estimate highest/lowest PE = 7.59/5.79 (DPS 0.04)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.0493*4*0.95 = 0.1873, estimate highest/lowest PE = 6.09/5.02 (DPS 0.04)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.0428*4 = 0.1712, estimate highest/lowest PE = 7.42/5.37 (DPS 0.04)
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