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Tuesday, December 21, 2010

KLCI Stock - PHARMA / 7081 - 2010 Quarter 3

Company Info
Market Capital (Capital Size)586,238,278 (Medium)
Par ValueRM 1.00

My Analysis
Forecast P/E now(5.48-0.27)/0.4068 = 12.81 (High)
Target Price4.07+0.27 = 4.34 (PE 10.0, EPS 0.4068, DPS 0.27)
DecisionNOT BUY less price below 4.3 (due to high PE)
Revenue and profit decreased but still higher than preceding year, bad cash flow, low cash, lower profit margin, slightly better liquidity ratio but still at low level, better gearing ratio but still at above moderate level, inventory, receivables and payables ratio are acceptable, health index still high
First Support Price5.4
Second Support Price5.0
Risk RatingHIGH

Accounting Ratio
Return on Equity12.31%
Dividend Yield8.58%
Profit Margin4.25%
Tax Rate40.62%
Asset Turnover1.6228
Net Asset Value Per Share3.97
Net Tangible Asset per share3.7
Price/Net Tangible Asset Per Share1.46
Cash Per Share0.27
Liquidity Current Ratio1.3418
Liquidity Quick Ratio0.7184
Liquidity Cash Ratio0.0783
Gearing Debt to Equity Ratio0.8897
Gearing Debt to Asset Ratio0.462
Working capital per thousand Ringgit sale9.6%
Days to sell the inventory68
Days to collect the receivables63
Days to pay the payables93

My notes based on 2010 quarter 3 report (number in '000):-
- In the current quarter under review, the Group's revenue was 1.3% higher from the same quarter last year, mainly due to higher sales to government sector

- The Group‟s profit before tax also increased by 63.8% from the same quarter last year. This was mainly due to higher gross profit margin as a result of the improvement in the production throughput during the current quarter

- The Group‟s revenue for the current quarter decreased by 4.6% from the immediate preceding quarter to the current quarter. The contraction in Group's revenue was mainly attributable to lower sales to government sector

- In line with the lower revenue in the current quarter, the Group's profit before tax registered a decrease of 24.1% from the immediate preceding quarter to current quarter. The decrease was further contributed by lower gross profit from private sector

- Estimate next 4Q eps after 2010 Q3 result announced = 0.1017*4 = 0.4068, estimate PE on current price 5.48 = 12.81(DPS 0.27)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.1124*4 = 0.4496, estimate highest/lowest PE = 11.99/11.41 (DPS 0.27)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.5139*0.9 = 0.4625, estimate highest/lowest PE = 11.55/10.34 (DPS 0.27)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.5626, estimate highest/lowest PE = 8.85/6.99 (DPS 0.37)

PHARMA latest news (English)

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