MUDAJAYA GROUP BERHAD
Company Info
My Analysis
Research House
Accounting Ratio
My notes based on 2010 quarter 3 report (number in '000):-
- The growth in revenue and profit before taxation of 45.4% and 166.7% respectively were mainly attributable to the increased level of activities during the current quarter as compared to the previous corresponding quarter
- Both revenue and profit before taxation decreased by 12.8% and 4.9% during the current quarter as compared to the preceding quarter
- Estimate next 4Q eps after 2010 Q3 result announced = 0.1137*0.9*4 = 0.4093, estimate PE on current price 4.3 = 10.4(DPS 0.045)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.1235*0.9*4 = 0.4446(based on preceding quarter eps to minus 10% adjustment due to revenue dropped 12%), estimate highest/lowest PE = 10.34/8.54 (DPS 0.045)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.1235*4 = 0.494, estimate highest/lowest PE = 12.27/7.51 (DPS 0.04)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.1102*4 = 0.4408, estimate highest/lowest PE = 12.51/10.81 (DPS 0.036)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.0948*4 = 0.3792, estimate highest/lowest PE = 13.76/10.68 (DPS 0.031)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.0711*4 = 0.2844, estimate highest/lowest PE = 14.31/11.25 (DPS 0.031)
- Estimate next 4Q eps after 2009 Q1 result announced = 0.0377*4 = 0.1508, estimate highest/lowest PE = 24.6/9.08 (DPS 0.031)
- Estimate next 4Q eps after 2008 Q4 result announced = 0.0278*4 = 0.1112, estimate highest/lowest PE = 13.98/9.58 (DPS 0.045)
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Company Info
| Market Capital (Capital Size) | 1,768,325,550 (Large) |
| Par Value | RM 0.50 |
My Analysis
| Forecast P/E now | (4.3-0.045)/0.4093 = 10.40 (Moderate) |
| Target Price | 4.91+0.045 = 4.96 (PE 12.0, EPS 0.4093, DPS 0.045) |
| Decision | BUY |
| Comment | Revenue second consecutive quarter decreasing, also lower than preceding year corresponding quarter, profit decreased but higher than preceding year corresponding quarter, no free cash flow, net cash flow decreasing, largely investment in associates, liquidity ratio decreased but still at moderate level, gearing ratio at below moderate level, receivables collection period getting longer, company share buy back at price below RM4, shortlisted for the LRT extension project, more opportunity from power plant project in India, opportunity of Hydroelectric Power Project from Lao |
| First Support Price | 3.75 |
| Second Support Price | 3.4 |
| Risk Rating | MODERATE |
Research House
| osk Target Price | 6.83 (2010-11-24) |
Accounting Ratio
| Return on Equity | 30.27% |
| Dividend Yield | 1.05% |
| Profit Margin | 32.27% |
| Tax Rate | 17.26% |
| Asset Turnover | 0.8327 |
| Net Asset Value Per Share | 1.62 |
| Net Tangible Asset per share | 1.62 |
| Price/Net Tangible Asset Per Share | 2.49 |
| Cash Per Share | 0.46 |
| Liquidity Current Ratio | 2.1998 |
| Liquidity Quick Ratio | 1.9293 |
| Liquidity Cash Ratio | 0.6535 |
| Gearing Debt to Equity Ratio | 0.4301 |
| Gearing Debt to Asset Ratio | 0.2794 |
| Working capital per thousand Ringgit sale | 40.2% |
| Days to sell the inventory | 48 |
| Days to collect the receivables | 156 |
| Days to pay the payables | 160 |
My notes based on 2010 quarter 3 report (number in '000):-
- The growth in revenue and profit before taxation of 45.4% and 166.7% respectively were mainly attributable to the increased level of activities during the current quarter as compared to the previous corresponding quarter
- Both revenue and profit before taxation decreased by 12.8% and 4.9% during the current quarter as compared to the preceding quarter
- Estimate next 4Q eps after 2010 Q3 result announced = 0.1137*0.9*4 = 0.4093, estimate PE on current price 4.3 = 10.4(DPS 0.045)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.1235*0.9*4 = 0.4446(based on preceding quarter eps to minus 10% adjustment due to revenue dropped 12%), estimate highest/lowest PE = 10.34/8.54 (DPS 0.045)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.1235*4 = 0.494, estimate highest/lowest PE = 12.27/7.51 (DPS 0.04)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.1102*4 = 0.4408, estimate highest/lowest PE = 12.51/10.81 (DPS 0.036)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.0948*4 = 0.3792, estimate highest/lowest PE = 13.76/10.68 (DPS 0.031)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.0711*4 = 0.2844, estimate highest/lowest PE = 14.31/11.25 (DPS 0.031)
- Estimate next 4Q eps after 2009 Q1 result announced = 0.0377*4 = 0.1508, estimate highest/lowest PE = 24.6/9.08 (DPS 0.031)
- Estimate next 4Q eps after 2008 Q4 result announced = 0.0278*4 = 0.1112, estimate highest/lowest PE = 13.98/9.58 (DPS 0.045)
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