Company Info
My Analysis
Research House
Accounting Ratio
My notes based on 2010 quarter 3 report (number in '000):-
- During the quarter under review, the Group recorded 13% lower revenue as compared to the corresponding quarter of the preceding year. The decline in revenue in current quarter was mainly due to lower export tonnages on the back of lackluster international market conditions
- The Group achieved a 72% lower profit before tax (“PBT”) for the current quarter than the corresponding quarter of the preceding year. The erosion of the Group’s profitability was mainly due to higher cost of sales arising from higher raw materials costs despite continuous improvement in operational efficiency during the period under review
- The Group recorded revenue for the current quarter was 44% lower than the preceding quarter. Correspondently, the Group registered a 83% lower PBT for the current quarter than the preceding quarter. The decrease in revenue and PBT was mainly attributed to lower export tonnages amidst the escalated production costs arising from higher input costs
- Estimate next 4Q eps after 2010 Q3 result announced = 0.04*4 = 0.16, estimate PE on current price 2.9 = 17.75(DPS 0.06)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.0517*4 = 0.2068(0.0517 is average eps of Q110,Q409,Q308, due to steel price decreasing), estimate highest/lowest PE = 15.91/11.9 (DPS 0.06)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.0591*4 = 0.2364, estimate highest/lowest PE = 12.39/9.31 (DPS 0.03)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.048*4 = 0.192, estimate highest/lowest PE = 15.68/13.54 (DPS 0.03)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.0682*4 = 0.2728, estimate highest/lowest PE = 12.17/8.69 (DPS 0.03)
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| Market Capital (Capital Size) | 1,515,853,716 (Large) |
| Par Value | RM 1.00 |
My Analysis
| Forecast P/E now | (2.9-0.06)/0.16 = 17.75 (High) |
| Target Price | 1.44+0.06 = 1.50 (PE 9.0, EPS 0.16, DPS 0.06) |
| Decision | NOT BUY |
| Comment | Revenue largely decreased and lower than preceding year corresponding quarter, eps same with revenue, cash largely decreasing, liquidity ratio decreasing at low level now, gearing ratio increasing at high level now, over inventory |
| First Support Price | 2.75 |
| Second Support Price | 2.55 |
| Risk Rating | MODERATE |
Research House
| OSK Target Price | 2.76 (2010-11-29) |
Accounting Ratio
| Return on Equity | 16.01% |
| Dividend Yield | 2.07% |
| Profit Margin | 5.16% |
| Tax Rate | 21.90% |
| Asset Turnover | 0.6824 |
| Net Asset Value Per Share | 1.3 |
| Net Tangible Asset per share | 1.29 |
| Price/Net Tangible Asset Per Share | 2.22 |
| Cash Per Share | 0.06 |
| Liquidity Current Ratio | 1.0501 |
| Liquidity Quick Ratio | 0.1681 |
| Liquidity Cash Ratio | 0.0316 |
| Gearing Debt to Equity Ratio | 1.462 |
| Gearing Debt to Asset Ratio | 0.5903 |
| Working capital per thousand Ringgit sale | 4.1% |
| Days to sell the inventory | 291 |
| Days to collect the receivables | 40 |
| Days to pay the payables | 33 |
My notes based on 2010 quarter 3 report (number in '000):-
- During the quarter under review, the Group recorded 13% lower revenue as compared to the corresponding quarter of the preceding year. The decline in revenue in current quarter was mainly due to lower export tonnages on the back of lackluster international market conditions
- The Group achieved a 72% lower profit before tax (“PBT”) for the current quarter than the corresponding quarter of the preceding year. The erosion of the Group’s profitability was mainly due to higher cost of sales arising from higher raw materials costs despite continuous improvement in operational efficiency during the period under review
- The Group recorded revenue for the current quarter was 44% lower than the preceding quarter. Correspondently, the Group registered a 83% lower PBT for the current quarter than the preceding quarter. The decrease in revenue and PBT was mainly attributed to lower export tonnages amidst the escalated production costs arising from higher input costs
- Estimate next 4Q eps after 2010 Q3 result announced = 0.04*4 = 0.16, estimate PE on current price 2.9 = 17.75(DPS 0.06)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.0517*4 = 0.2068(0.0517 is average eps of Q110,Q409,Q308, due to steel price decreasing), estimate highest/lowest PE = 15.91/11.9 (DPS 0.06)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.0591*4 = 0.2364, estimate highest/lowest PE = 12.39/9.31 (DPS 0.03)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.048*4 = 0.192, estimate highest/lowest PE = 15.68/13.54 (DPS 0.03)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.0682*4 = 0.2728, estimate highest/lowest PE = 12.17/8.69 (DPS 0.03)
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