| My Forecast P/E now | : | (5.33-0.14)/0.5689 = 9.12 (Moderate) |
| My Target Price | : | 6.83+0.14 = 6.97 (PE 12, EPS 0.5689, DPS 0.14) |
| My Decision | : | BUY |
| My Comment | : | Revenue and profit increasing, better profit margin, good cash flow, better liquidity ratio, still good gearing ratio, better working capital, USD against MYR slowly strengthening, production lines increasing |
| Technical Support Price | : | 5.25 |
| Risk Rating | : | MODERATE |
| OSK Target Price | : | 7.2 (10 Nov 10) |
| Latest Market Capital (Capital Size) | 1,937,284,440 (Very Large) |
| Return on Equity | 44.6% |
| Dividend Yield | 3.00% |
| Profit Margin | 33.11% |
| Asset Turnover | 1.1683 |
| Tax Rate | 22.79% |
| Net Asset Value Per Share | 1.16 |
| Net Tangible Asset per share | 1.16 |
| Price/Net Tangible Asset Per Share | 4.77 |
| Cash Per Share | 0.37 |
| Liquidity Current Ratio | 2.8881 |
| Liquidity Quick Ratio | 2.3985 |
| Liquidity Cash Ratio | 1.5814 |
| Gearing Debt to Equity Ratio | 0.35 |
| Gearing Debt to Asset Ratio | 0.2591 |
| Average working capital per thousand Ringgit sale | 24.0% |
| Average days to sell the inventory | 26 |
| Average days to collect the receivables | 34 |
My notes based on 2011 quarter 2 report (number in '000):
- Quarter to quarter, the Group’s sales revenue increased by 37.0% and profit before tax increased by 48.1%. The significant achievement in revenue and profit before tax is in line with the Group’s continuous expansion in production capacity, increase in demand and improvement in production processes
- In the current quarter, the Group's revenue was 8.4% higher and the profit before tax was 13.5% higher when compared to the preceding quarter. The increase in profit before tax is due to increase in demand for nitrile gloves, effective cost control and the recognition of fair value gain of financial derivative instruments
- Estimate next 4Q eps after 2011 Q2 result announced = 0.1293*4*1.1 = 0.5689, estimate PE on current price 5.33 = 9.12(DPS 0.14)
- Estimate next 4Q eps after 2012 Q1 result announced = 0.1708*4*1.05 = 0.7174, estimate highest/lowest PE = 11.15/8.24 (DPS 0.15)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.1915*4 = 0.766, estimate highest/lowest PE = 10.91/9.43 (DPS 0.19)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.1535*4 = 0.614, estimate highest/lowest PE = 13.65/10.78 (DPS 0.15)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.1366*4 = 0.5464, estimate highest/lowest PE = 13.95/9.9 (DPS 0.15)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.1088*4 = 0.4352, estimate highest/lowest PE = 12.59/10.78 (DPS 0.15)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.512, estimate highest/lowest PE = 10.55/6.01 (DPS 0.12)
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