Company Info
| Market Capital (Capital Size) | 48,400,000 (Very Small) |
| Par Value | RM 0.50 |
My Analysis
| Forecast P/E now | 0.605/0.0722 = 8.38 (High) |
| Target Price | 0.0722*4.5 = 0.32 (PE 4.5, EPS 0.0722) |
| Decision | Not BUY unless revenue and profit increase more |
| Comment | Revenue increasing but still low, profit dropped a lot if compare to FY09, cash increasing from CFF, liquidity ratio decreased but still at moderate level, gearing ratio increased at moderate level now, expanding production capacity, steel price increasing, Europe market recovering |
| First Support Price | 0.6 |
| Second Support Price | 0.585 |
| Risk Rating | HIGH |
Accounting Ratio
| Return on Equity | 0.84% |
| Dividend Yield | - |
| Profit Margin | 0.92% |
| Tax Rate | 27.78% |
| Asset Turnover | 0.3321 |
| Net Asset Value Per Share | 0.76 |
| Net Tangible Asset per share | 0.76 |
| Price/Net Tangible Asset Per Share | 0.86 |
| Cash Per Share | 0.27 |
| Liquidity Current Ratio | 2.2928 |
| Liquidity Quick Ratio | 1.6352 |
| Liquidity Cash Ratio | 0.8623 |
| Gearing Debt to Equity Ratio | 0.5648 |
| Gearing Debt to Asset Ratio | 0.3587 |
| Working capital per thousand Ringgit sale | 115.7% |
| Days to sell the inventory | 222 |
| Days to collect the receivables | 252 |
| Days to pay the payables | 217 |
My notes based on 2010 quarter 3 report (number in '000):
- The current quarter results showed a Group revenue of RM27.91 million and a profit before taxation (PBT) of RM0.79 million as compared to a revenue of RM51.98 million and profit before taxation (PBT) of RM8.17 million in the corresponding quarter of the previous financial year respectively. The lower PBT was mainly due to lower sales and margin recorded in the current financial period to date
- The profit before taxation of RM0.11 million for the current quarter as compared to the profit before taxation in preceding quarter of RM0.95 million was mainly due to lower margin
- Revenue and profit dropped a lot when compared to FY09,08,07, average EPS in last 3 years was 0.1386, if FY10 still can achieve this result then PE base on current price 0.64 = 4.62
- Revenue QbQ increasing more than 15%, use 10% profit margin, estimate next 4Q eps after 2010 Q3 result announced = (0.0168+0.0193)*2 = 0.0722
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