Company Info
My Analysis
Research House
Accounting Ratio
My notes based on 2010 quarter 3 report (number in '000):-
- For the current quarter ended 30 September 2010, the Group recorded a decrease of 11.38% in consolidated revenue as compared to the corresponding quarter ended 30 September 2009. The net profit after tax recorded for the current quarter ended 30 September 2010 of RM1.0 million is 100% higher than a net loss of RM10.28 million recorded in the corresponding quarter ended 30 September 2009
- During the quarter under review, the Group recorded lower revenue as compared to the preceding year quarter due to the completion of engineering equipment contracts in the first half of 2010. Further thereto, MV Tanjung Gelang and MV Tanjung Pinang 3 have completed the respective long term charters. The management of Tanjung is in the midst of procuring new long term charters for the aforesaid vessels in the near term
- The Group’s total revenue for the current quarter of RM137.25 million is similar to the revenue levels recorded in the preceding quarter ended 30 June 2010 of RM137.15 million. The Group’s consolidated net profits registered in the current quarter represents a decrease of 72% as compared to the net profits registered in the preceding quarter ended 30 June 2010. The reduction in the net profit in the current quarter is due to the reduction in the profit from associate company, Hercules Tanjung Asia Sdn Bhd
- EPS improvement from FYQ32009 of 0.0094 to FYQ32010 of 0.0254 is 170.2%
- Estimate next 4Q eps after 2010 Q3 result announced = 0.035*1.1*2 = 0.077(use 100% improvement forecast), estimate PE on current price 1.62 = 20.91(DPS 0.01)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.0124*4*1.1*2 = 0.1091, estimate highest/lowest PE = 17.78/13.84 (DPS 0.01)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.0119*4*1.1*2 = 0.1048, estimate highest/lowest PE = 19.18/10.11 (DPS 0.01)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.0096*4*2 = 0.0768, estimate highest/lowest PE = 16.01/9.4 (DPS 0.01)
TGOFFS latest news (English)
TGOFFS latest news (Chinese)
| Market Capital (Capital Size) | 472,658,716 (Small) |
| Par Value | RM 0.50 |
My Analysis
| Forecast P/E now | (1.62-0.01)/0.077 = 20.91 (High) |
| Target Price | 1.08+0.01 = 1.09 (PE 14.0, EPS 0.077, DPS 0.01) |
| Decision | NOT BUY unless price below 1 |
| Comment | Revenue second consecutive slowly increasing but still lower than preceding year corresponding quarter, profit second consecutive decreasing but recovered from loss in preceding year corresponding quarter, Free cash flow and net cash flow also increasing, cash increasing, liquidity ratio increased but still at low level, gearing ratio decreasing but still at high level, receivables and payables period increasing, oil and gas price increasing |
| First Support Price | 1.34 |
| Second Support Price | 1.2 |
| Risk Rating | HIGH |
Research House
| OSK Target Price | 1.6 (2010-11-25) |
Accounting Ratio
| Return on Equity | 2.66% |
| Dividend Yield | - |
| Profit Margin | 0.91% |
| Tax Rate | 19.54% |
| Asset Turnover | 0.485 |
| Net Asset Value Per Share | 1.31 |
| Net Tangible Asset per share | 1.28 |
| Price/Net Tangible Asset Per Share | 1.16 |
| Cash Per Share | 0.26 |
| Liquidity Current Ratio | 1.4754 |
| Liquidity Quick Ratio | 1.4344 |
| Liquidity Cash Ratio | 0.346 |
| Gearing Debt to Equity Ratio | 2.0116 |
| Gearing Debt to Asset Ratio | 0.6645 |
| Working capital per thousand Ringgit sale | 19.6% |
| Days to sell the inventory | 7 |
| Days to collect the receivables | 163 |
| Days to pay the payables | 118 |
My notes based on 2010 quarter 3 report (number in '000):-
- For the current quarter ended 30 September 2010, the Group recorded a decrease of 11.38% in consolidated revenue as compared to the corresponding quarter ended 30 September 2009. The net profit after tax recorded for the current quarter ended 30 September 2010 of RM1.0 million is 100% higher than a net loss of RM10.28 million recorded in the corresponding quarter ended 30 September 2009
- During the quarter under review, the Group recorded lower revenue as compared to the preceding year quarter due to the completion of engineering equipment contracts in the first half of 2010. Further thereto, MV Tanjung Gelang and MV Tanjung Pinang 3 have completed the respective long term charters. The management of Tanjung is in the midst of procuring new long term charters for the aforesaid vessels in the near term
- The Group’s total revenue for the current quarter of RM137.25 million is similar to the revenue levels recorded in the preceding quarter ended 30 June 2010 of RM137.15 million. The Group’s consolidated net profits registered in the current quarter represents a decrease of 72% as compared to the net profits registered in the preceding quarter ended 30 June 2010. The reduction in the net profit in the current quarter is due to the reduction in the profit from associate company, Hercules Tanjung Asia Sdn Bhd
- EPS improvement from FYQ32009 of 0.0094 to FYQ32010 of 0.0254 is 170.2%
- Estimate next 4Q eps after 2010 Q3 result announced = 0.035*1.1*2 = 0.077(use 100% improvement forecast), estimate PE on current price 1.62 = 20.91(DPS 0.01)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.0124*4*1.1*2 = 0.1091, estimate highest/lowest PE = 17.78/13.84 (DPS 0.01)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.0119*4*1.1*2 = 0.1048, estimate highest/lowest PE = 19.18/10.11 (DPS 0.01)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.0096*4*2 = 0.0768, estimate highest/lowest PE = 16.01/9.4 (DPS 0.01)
TGOFFS latest news (English)
TGOFFS latest news (Chinese)
No comments:
Post a Comment