Sponsor by Innity

Sponsor by cwyeoh

Sponsor by Nuffnang

Friday, April 30, 2010

KLCI Stock - NOTION / 0083 - 2010 Quarter 2

Market Cap : 154561378*3.21 = 496,142,023.38 (Small)
NTA per share : 224121/151946 = 1.48
P/BV : 3.21/1.48 = 2.1689 (Moderate due to high PE)
Forecast P/E now : (3.21-0.025)/0.3788 = 8.41 (Moderate)
ROE : 26.76% (High)
DY : 0.025/3.21*100 = 0.78% (Low)
Fixed Asset Turnover(3 year) : (0.6055+0.6738+0.5842)/3 = 0.6212 (Low)
Liquidity Ratio : 152309/65895 = 2.3114 (Moderate)
Receivables Collection Period : (56781+27260)/2/(212086/365) = 72 days (Acceptable)
My Target Price : 3.79+0.025 = 3.82 (PE 10, EPS 0.3788, DPS 0.025)
My Decision : BUY
My Comment : Revenue growing, cash flow from operating still not enough to cover investing, moderate debt, navps increasing
Technical Support Price : 3, 2.74
Risk Rating : MODERATE
OSK Target Price : 3.55 (30 Apr 10)

My notes based on 2010 quarter 2 report (number in '000):
- The Group recorded a decrease of 14.3% as compared to previous year corresponding period. The lower earnings is mainly attributable to initial start up cost of new projects such as the Thailand operations and base plate projects of which the earnings will only come on stream in the following quarters
- Yoy the revenue and profit after tax was 54% and 122% higher respectively. The strong growth in revenue and PAT is mainly attributable to the recovery in all the business segments
- The product mix for the Q2FY2010 was HDD:Camera:Industrial/Automotive of 48%:36%:16% compared to previous quarter's mix of 34%:47%:19%. The HDD revenue increased by 40% whilst the camera sector was lower by 24% compared to Q1FY2010
- Estimate next 4Q eps after 2010 Q2 result announced = 0.3788 (0.1804*2 = 0.3608, 5% grow from 0.3608), estimate PE on current price 3.21 = 8.41(DPS 0.025)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.3674, estimate highest/lowest PE = 9.44/7.57 (DPS 0.03)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.0185*4 = 0.074, estimate highest/lowest PE = 11.62/9.95 (DPS 0.03)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.0158*4 = 0.0632, estimate highest/lowest PE = 8.39/5.49 (DPS 0.01)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.0065*4 = 0.026, estimate highest/lowest PE = 13.46/9.23 (DPS 0.01)
- Estimate next 4Q eps after 2009 Q1 result announced = 0.0103*4 = 0.0412, estimate highest/lowest PE = 6.8/3.64 (DPS 0.01)

NOTION latest news (English)


KLCI Stock - NCB / 5509 - 2010 Quarter 1

Par Value: 1.00
Market Cap : 470252708*3.29 = 1,547,131,409.32 (Medium)
NTA per share : (1893127-65576)/470253 = 3.89 (increased)
P/BV : 3.29/3.89 = 0.8458 (Undervalue)
Forecast P/E now : (3.29-0.28)/0.3383 = 8.9 (Moderate)
ROE : 8.15% (Low)
DY : 0.28/3.29*100 = 8.51% (High)
Fixed Asset Turnover(3 year) : (0.4044+0.4433+0.4567)/3 = 0.4348 (Low)
Liquidity Ratio : 1050733/174569 = 6.019 (Strong)
Receivables Collection Period : (190744+155744)/2/(852914/365) = 74 days (Acceptable)
My Target Price : 3.38+0.28 = 3.66 (PE 10, EPS 0.3383, DPS 0.28)
My Decision : BUY
My Comment : Revenue recovering but still not yet reach year 2008 result, good cash flow, low debt, navps increasing, strong cash
Technical Support Price : 3.11, 2.9
Risk Rating : LOW

My study based on 2010 Quarter 1 report (number in '000):-
- The Group’s revenue for the current quarter is 11.4% higher than the corresponding comparative quarter’s. The increase in revenue for the current quarter was mainly due to increased business volume undertaken by the port operating subsidiary
- Northport achieved a throughput during the current quarter of 779,867 TEUs reflecting an increase of 25.6% as compared to the corresponding period last year of 620,633 TEUs. As for the haulage division in the haulage/logistics subsidiary the total volume handled during the quarter is 61,905 TEUs which is an increase of 3.8% as compared to the figure for the corresponding quarter in 2009 of 59,631 TEUs
- For the first quarter under review, the increase in the volume handled was recorded in all categories i.e. import, export and transshipment. The increase in business was mainly due to improved business volume due to the recovery of economy
- Estimate next 4Q eps after 2010 Q1 result announced = 0.3383(add adjustment of 0.0183), estimate PE on current price 3.29 = 8.89(DPS 0.28)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.32(around 7% grow from 0.2999, expect improve in first half quarter, second half remain), estimate PE highest/lowest = 10.84/9.19 (DPS 0.28)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.3124, estimate highest/lowest PE = 9.57/8.8 (DPS 0.25)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.2617, estimate highest/lowest PE = 10.89/10.2 (DPS 0.25)
- Estimate next 4Q eps after 2009 Q1 result announced = 0.2647, estimate highest/lowest PE = 10.96/9.03 (DPS 0.25)

NCB latest news The Star


Thursday, April 29, 2010

KLCI Stock - FAVCO / 7229 - 2009 Quarter 4

Market Cap : 172608020*0.92 = 158,799,378.40 (Small)
NTA per share : (189100-11185)/174914 = 1.02
P/BV : 0.92/1.02 = 0.902 (Undervalue)
Forecast P/E now : (0.92-0.04)/0.1442 = 6.1 (Moderate)
ROE : 14.69% (Moderate)
DY : 0.04/0.92*100 = 4.35% (Low)
Fixed Asset Turnover(4 year) : (0.791+0.9522+0.8566+0.8243)/4 = 0.856 (Moderate)
Liquidity Ratio : 564736/473041 = 1.1938 (Moderate)
Receivables Collection Period : (183237+183835)/2/(535835/365) = 125 days (Long)
My Target Price : 1.01+0.04 = 1.05 (PE 7, EPS 0.1442, DPS 0.04)
My Decision : NOT BUY (unless revenue grow)
My Comment : Total revenue for year 2009 less than year 2008, margin improved, good cash flow, high debt, navps increasing, strong cash
Technical Support Price : 0.9, 0.76
Risk Rating : HIGH

My study based on 2009 Quarter 4 report (number in '000):-
- The Group recorded improvement in net profit for the Group as compared in the preceding year is mainly contributed by improvement in margin from sales of cranes
- The Group recorded increase of profit before tax as compared in the preceding quarter, mainly due to increase in sales
- Estimate next 4Q eps after 2009 Q4 result announced = 0.1442(10% drop from 0.1602, revenue drop and margin expect will not increase much), estimate PE on current price 0.92 = 6.1(DPS 0.04)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.1442, estimate highest/lowest PE = 5.76/4.99 (DPS 0.025)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.1442, estimate highest/lowest PE = 6.45/5.49 (DPS 0.025)
- Estimate next 4Q eps after 2009 Q1 result announced = 0.1442, estimate highest/lowest PE = 8.11/5.72 (DPS 0.025)

FAVCO latest news from The Edge (English)


Wednesday, April 28, 2010

KLCI Stock - EPIC / 8265 - 2010 Quarter 1

Market Cap : 169503400*1.59 = 269,510,406 (Small)
NTA per share : (329162-9767)/168454 = 1.9
P/BV : 1.59/1.9 = 0.8368 (Moderate)
Forecast P/E now : (1.59-0.06)/0.2747 = 5.57 (Low)
ROE : 12.77% (Moderate)
DY : 0.06/1.59*100 = 3.77% (Low)
Fixed Asset Turnover(3 year) : (0.433+0.5598+0.5359)/3 = 0.5096 (Low)
Liquidity Ratio : 152860/38232 = 3.9982 (Strong)
Receivables Collection Period : (50877+51309)/2/(189109/365) = 98 days (Acceptable)
My Target Price : 1.92+0.06 = 1.98 (PE 7, EPS 0.2747, DPS 0.06)
My Decision : BUY
My Comment : Revenue growing, good cash flow, low debt and decreased, navps increasing, strong cash
Technical Support Price : 1.54, 1.44
Risk Rating : LOW
MBB Target Price : 1.95 (27 Apr 10)
OSK Target Price : 2.19 (27 Apr 10)

My study based on 2010 Quarter 1 report (number in '000):-
- The Group achieved 12% increase of revenue and 27% increase of profit before tax compared to same quarter in the preceding year. The increase in revenue and profit before tax was mainly due to increase in port operations and oil and gas activities
- Compared to preceding quarter, the Group recorded 20% increase of profit before tax due to increase in port operations and oil and gas activities
- Estimate next 4Q eps after 2010 Q1 result announced = 0.2747(still within expectation), estimate PE on current price 1.59 = 5.57(DPS 0.06)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.2747(10% grow from 0.2497), estimate highest/lowest PE = 6.01/5.39 (DPS 0.06)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.2327, estimate highest/lowest PE = 6.68/5.82 (DPS 0.085)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.2221, estimate highest/lowest PE = 7.18/6.33 (DPS 0.085)
- Estimate next 4Q eps after 2009 Q1 result announced = 0.1868, estimate highest/lowest PE = 8.94/6.48 (DPS 0.09)

EPIC latest news The Star


Tuesday, April 27, 2010

KLCI Stock - GTRONIC / 7022 - 2010 Quarter 1

Market Cap : 264590740*1.65= 436,574,721 (Small)
NTA per share : 227688/264591 = 0.86
P/BV : 1.65/0.86 = 1.9186 (Overvalue)
Forecast P/E now : (1.65-0.055)/0.0957 = 16.41 (High)
ROE : 9.64% (Low)
DY : 0.08/1.65*100 = 4.85% (Moderate)
Fixed Asset Turnover(4 year) : (0.7869+0.9454+1.0172+1.1085)/4 = 0.9645
Liquidity Ratio : 140251/42157 = 3.3269 (Strong)
Receivables Collection Period : (39767+31157)/2/(239629/365) = 54 days
My Target Price : 0.77+0.08 = 0.85 (PE 8, EPS 0.0957, DPS 0.08)
My Decision : NOT BUY
My Comment : Revenue growing but still not reach year 2007 level, low debt, good cash flow, strong cash, navps slightly increased
Technical Support Price : 1.47, 1.39, 1.2
Risk Rating : HIGH

My notes based on 2010 quarter 1 report (number in '000):-
- The Group’s turnover and net profit for the first quarter ended 31 March 2010 increased significantly by 58% and 29 times respectively as compared to the first quarter of the previous year mainly due to higher volume loadings from all the Group’s customers as a result of recovery of the global economy. The net profit is better this quarter as the Group incurred shutdown and impairment loss when the Group’s China factory ceased operations in the previous year
- Turnover for this quarter recorded a decrease of 7.4% as compared to the preceding quarter while the net profit of the Group increased by 2.3%. The decrease in turnover is mainly due to softer volume loadings from the Group’s key customers after the year-end festive seasons. The
slight increase in net profit is due to shutdown and impairment loss recognized in the previous year for the Group’s China operations
- Estimate next 4Q eps after 2010 Q1 result announced = 0.0904+0.0007+(0.0911*0.05) = 0.0957(adjustment from 0.0233-0.0226 and 5% grow adjustment), estimate PE on current price 1.65 = 16.41(DPS 0.08)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.0226*4 = 0.0904, estimate highest/lowest PE = 18.36/9.07 (DPS 0.07)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.0183*4 = 0.0732, estimate highest/lowest PE = 15.64/8.74 (DPS 0.055)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.0137*4 = 0.0548, estimate highest/lowest PE = 15.78/13.05 (DPS 0.025)

GTRONIC latest news The Star


KLCI Stock - MAMEE / 5282 - 2009 Quarter 4

Market Cap : 151278995*3.11 = 470,477,674.45 (Small)
NTA per share : (223599-173)/145966 = 1.53
P/BV : 3.11/1.53 = 2.0327 (Moderate)
Forecast P/E now : (3.11-0.12)/0.2925 = 10.22 (High)
ROE : 19.38% (High)
DY : 0.12/3.11*100 = 3.86% (Low)
Fixed Asset Turnover(4 year) : (1.3678+1.5552+1.5296+1.5321)/4 = 1.4962 (High)
Liquidity Ratio : 142556/73426 = 1.9415 (Moderate)
Receivables Collection Period : (66494+68356)/2/(411498/365) = 59 days (Acceptable)
My Target Price : 2.63+0.12 = 2.75 (PE 9, EPS 0.2925, DPS 0.12)
My Decision : NOT BUY (unless price below 2.8)
My Comment : Revenue growing, profit margin increase but the ratio slow down, good cash flow, debt increased, navps decreased
Technical Support Price : 2.86, 2.75
Risk Rating : LOW

My study based on 2009 Quarter 4 report (number in '000):-
- The Group revenue and profit before tax rose 8% and 13% respectively compared to the corresponding period in the previous year. Group revenue and profit before tax for the year ended 31 December 2009 increased 4% and 87% respectively compared to the previous year. The improvement was mainly due to the improved cost structure as a result of higher production efficiency and stringent cost control of raw materials
- The Group recorded lower revenue and profit before tax in the fourth quarter compared to the festive third quarter, which coincided with Hari Raya. The lower profit before tax in the fourth quarter is also due to higher year-end advertising & promotion activities
- Estimate next 4Q eps after 2009 Q4 result announced = 0.528(5% grow from 0.5029), after bonus = 0.2925, estimate PE on current price 3.11 = 10.22(DPS 0.12)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.5456, estimate highest/lowest PE = 7.59/4.58 (DPS 0.1)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.521, estimate highest/lowest PE = 7.14/3.67 (DPS 0.1)
- Estimate next 4Q eps after 2009 Q1 result announced = 0.485, estimate highest/lowest PE = 5.15/4.39 (DPS 0.1)

MAMEE latest news The Star


Monday, April 26, 2010

KLCI Stock - TGOFFS / 7228 - 2009 Quarter 4

Market Cap : 253179494*1.2 = 303,815,392.80 (Small)
NTA per share : (319866-11542)/253179 = 1.22
P/BV : 1.2/1.22 = 0.9836 (Moderate)
Forecast P/E now : 1.2/0.0346 = 34.68 (High)
ROE : 1.5% (Low)
DY : -
Fixed Asset Turnover(4 year) : (0.6204+0.5958+0.846+0.7925)/4 = 0.7137 (Low)
Liquidity Ratio : 260413/183727 = 1.4174 (Moderate)
Receivables Collection Period : (213424+265104)/2/(649502/365) = 134 days (Slightly longer)
My Target Price : Not interested now, re-evaluate next quarter
My Decision : NOT BUY
My Comment : Revenue dropping, bad cash flow, high debt, navps increased
Technical Support Price : 1.01, 0.94
Risk Rating : HIGH

My study based on 2009 Quarter 4 report (number in '000):-
- The Group recorded a 33% decrease of consolidated revenue and 82% lower profit after tax as compared to corresponding quarter. Lower revenue due to lesser contracts secured and lower profit after tax due to net losses of GBP1.63 million registered at subsidiary, Citech Energy Recovery Systems UK Limited (CERS), mainly due to the redundancy payments for the workforce and losses from completion of the last contract from the previous management, it also represents an end to the late delivery charges and cost overruns that has affected the financial performance of CERS.
- Estimate next 4Q eps after 2009 Q4 result announced = 0.0096*4 = 0.0384-(0.0384*0.1) = 0.0346, estimate PE on current price 1.2 = 34.68

TGOFFS latest news The Star

Related companies: KENCANADAYANG


Sunday, April 25, 2010

KLCI Stock - MITRA / 9571 - 2009 Quarter 4

Market Cap : 127989267*1.17 = 149,747,442.39 (Small)
NTA per share : (260940-3653)/127989 = 2.01
P/BV : 1.17/2.01 = 0.5821 (Undervalue)
Forecast P/E now : 1.17/0.08 = 14.63 (High)
ROE : 14.76% (Moderate)
DY : 0.1/1.17*100 = 8.55% (High)
Fixed Asset Turnover(4 year) : (0.6768+0.4512+0.7101+0.6123)/4 = 0.6126 (Low)
Liquidity Ratio : 289563/155965 = 1.8566 (Moderate)
Receivables Collection Period : (69422+71361)/2/(326355/365) = 78 days (Acceptable)
My Target Price : 2.14/3.6981 = 0.58 (Based on quarter 3 navps/support price)
My Decision : NOT BUY (unless construction division secure more project)
My Comment : Historical quarter 1 low result(risk), bad cash flow(lead to more borrowing)especially coming soon dividend require 10.28 million, debt decreasing, navps increasing, construction division expecting drop(recent new project only from Iskandar Johor), property division expecting grow(asset under land held increased)
Technical Support Price : 1, 0.945
Risk Rating : HIGH

My study based on 2009 Quarter 4 report (number in '000):-
- The Group's revenue has increased substantially 235% as compared to a revenue in the preceding year's corresponding quarter. The increase in revenue was mainly derived from higher revenue recognition from construction division from both on-going and completed projects upon finalisation of account with clients. Apart from that, better sales performance from Group's property projects has also contributed higher revenue in the current quarter
- Estimate next 4Q eps after 2009 Q4 result announced = 0.08(average of 0.02 per quarter if no new big project secure for construction division), estimate PE on current price 1.17 = 13.38(DPS 0.1)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.08, estimate highest/lowest PE = 9/7
- Estimate next 4Q eps after 2009 Q2 result announced = 0.08, estimate highest/lowest PE = 7.88/6.63
- Estimate next 4Q eps after 2009 Q1 result announced = 0.08, estimate highest/lowest PE = 7.44/5.38

MITRA latest news The Star

Related companies: WCTIJM


Saturday, April 24, 2010

KLCI Stock - NCB / 5509 - 2009 Quarter 4

Par Value: 1.00
Market Cap : 470252708*3.35 = 1,575,346,571.80 (Medium)
NTA per share : (1844907-69960)/470253 = 3.77
P/BV : 3.35/3.77 = 0.8886 (Undervalue)
Forecast P/E now : (3.35-0.28)/0.32 = 9.59 (Moderate)
ROE : 7.63% (Low)
DY : 0.28/3.35*100 = 8.36% (High)
Fixed Asset Turnover(4 year) : (0.4029+0.4701+0.4472+0.4375)/4 = 0.4394 (Low)
Liquidity Ratio : 975336/169406 = 5.7574 (Strong)
Receivables Collection Period : (163234+173087)/2/(831415/365) = 73 days (Acceptable)
My Target Price : 2.88+0.28 = 3.16 (PE 9, EPS 0.32, DPS 0.28)
My Decision : NOT BUY (unless price blow 3.2)
My Comment : Revenue recovering but still not yet reach year 2008 result, good cash flow, navps increasing
Technical Support Price : 3.11, 2.9
Risk Rating : LOW

My study based on 2009 Quarter 4 report (number in '000):-
- The Group's recorded a 3.3% lower revenue compared to last year corresponding quarter. The year-to-date revenue of the Group recorded a decrease of 12.1% compared to the corresponding period, mainly due to decreased business volume undertaken by the haulage/logistics subsidiary
- Northport achieved a throughput during the current quarter of 798,500 TEUs reflecting an increase of 11.5% as compared to the corresponding period last year of 715,943 TEUs. The year-to-date throughput achieved is 2,858,341 TEUs representing a decrease of 4.9% compared against the corresponding period last year of 3,005,920 TEUs
- The haulage division in the haulage/logistics subsidiary the total volume handled during the quarter is 71,647 TEUs which is a decrease of 5.1% as compared to the figure for the corresponding quarter in 2008 of 75,519 TEUs. The year-to-date volume achieved is 268,075 TEUs representing a decrease of 22.1% compared to the figure for the corresponding period last year of 344,468 TEUs
- For the quarter under review, the increase in the volume handled was recorded in all categories i.e. import, export and transshipment
- The port operation has registered a steady increase in the throughput handled during the last quarter and is expecting that this trend will continue in the year 2010. The haulage/logistics subsidiary has also registered improvements in its non-haulage businesses and it is expected to be sustained in the year 2010
- Estimate next 4Q eps after 2009 Q4 result announced = 0.32(around 7% grow from 0.2999, expect improve in first half quarter, second half remain), estimate PE on current price 3.35 = 9.59(DPS 0.28)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.3124, estimate highest/lowest PE = 9.57/8.8 (DPS 0.25)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.2617, estimate highest/lowest PE = 10.89/10.2 (DPS 0.25)
- Estimate next 4Q eps after 2009 Q1 result announced = 0.2647, estimate highest/lowest PE = 10.96/9.03 (DPS 0.25)


KLCI Stock - AJIYA / 7609 - 2010 Quarter 1

Market Cap : 69223821*2.15 = 148,831,215.15 (Small)
NTA per share : 186586/69224 = 2.7 (Increased)
P/BV : 2.15/2.7 = 0.7963 (Undervalue)
Forecast P/E now : (2.15-0.06)/0.3427 = 6.1 (Low)
ROE : 10.42% (Moderate)
DY : 0.06/2.15*100 = 2.79% (Low)
Fixed Asset Turnover(3 year) : (1.1049+1.2369+1.2408)/3 = 1.1942 (High)
Liquidity Ratio : 178781/49131 = 3.6389 (Strong)
Receivables Collection Period : (80036+81422)/2/(318876/365) = 92 days (Acceptable)
My Target Price : 2.74+0.06 = 2.8 (PE 8, EPS 0.3427, DPS 0.06)
My Decision : BUY
My Comment : Margin improved, navps increasing, debt decreased, positive fcf, company cash increased
Technical Support Price : 2.05
Risk Rating : LOW
OSK Target Price : 2.59 (26 Apr 2010)

My study based on 2010 Quarter 1 report (number in '000):-
- The Group achieved a 8% higher turnover compared to preceding year corresponding quarter due to the recovery from previous weak market
- The Group recorded a lower profit before tax compared to immediate preceding quarter due to lower turnover for the current quarter
- Estimate next 4Q eps after 2010 Q1 result announced = 0.0816*4 = 0.3264+0.0163 = 0.3427 (5% grow from 0.3264 due to recovery from previous weak market), estimate PE on current price 2.15 = 6.1(DPS 0.06)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.312(2% drop from 0.3184), estimate PE on current price 2.14 = 6.67(DPS 0.06)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.28, estimate highest/lowest PE = 6.39/5.18 (DPS 0.06)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.23, estimate highest/lowest PE = 6.52/5.22 (DPS 0.06)
- Estimate next 4Q eps after 2009 Q1 result announced = 0.26, estimate highest/lowest PE = 5.15/4.46 (DPS 0.06)
- Estimate next 4Q eps after 2008 Q4 result announced = 0.26, estimate highest/lowest PE = 4.69/3.65 (DPS 0.06)

AJIYA latest news The Star


KLCI Stock - KAF / 5096 - 2010 Quarter 3

KAF-SEAGROATT & CAMPBELL BERHAD

Listing Date: 02.08.1991
Market: MAIN
Sector: FINANCE
Par Value: 1.00
Major Industry: Financial
Sub Industry : Securities Brokerage
Market Cap : 120000000*1.42 = 170,400,000 (Small)
NTA per share : (220934-7500)/120000 = 1.78
P/BV : 1.42/1.78 = 0.7978 (Undervalue)
Forecast P/E now : (1.42-0.075)/0.1772 = 7.59 (Moderate)
ROE : 12.93% (Moderate)
DY : 0.075/1.42*100 = 5.28% (Moderate)
Fixed Asset Turnover(3 year) : Not applicable
Liquidity Ratio : 352593/153408 = 2.2984 (Moderate)
Receivables Collection Period : Not applicable
My Target Price : Not interested unless revenue grow more and stable
My Decision : NOT BUY (unless price below 1.1)
My Comment : Unstable other income, small fcf, high debt, navps decreased
Technical Support Price : 1.23, 1.17
Risk Rating : HIGH


KAF-SEAGROATT & CAMPBELL BERHAD is a Malaysia-based investment holding company. The Company, along with its subsidiaries, is engaged in stockbroking and related services in Malaysia. The Company’s subsidiaries include KAF-Refco Futures Sdn. Bhd., which is engaged in financial and commodity futures broking on behalf of customers, KAF Research Sdn. Bhd., which is engaged in providing research and analysis services of securities and capital market, and KAF-Seagroatt & Campbell Securities Sdn. Bhd., which is engaged in stock broking. KAF-Seagroatt & Campbell Securities Sdn. Bhd.’s subsidiaries include KAF Nominees (Tempatan) Sdn. Bhd. and KAF Nominees (Asing) Sdn. Bhd., both engaged in providing nominee services and the safe custody and management of securities.

My notes based on 2010 quarter 3 report (number in '000):-
- The Group's profit before tax for the current interim period reported on, is lower than the preceding interim period mainly due to lower other income for the current interim period
Estimate next 4Q eps after 2010 Q3 result announced = 0.0443(average from recent 3 quarter)*4 = 0.1772, estimate PE on current price 1.42 = 7.59(DPS 0.075)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.2262, estimate highest/lowest PE = 6.26/5.11 (DPS 0.075)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.2184, estimate highest/lowest PE = 6.8/4.97 (DPS 0.075)

KAF Latest news from The Star

KAF Latest news from Sin Chew (Chinese)

Related companies: OSK


Friday, April 23, 2010

KLCI Stock - ASIABIO / 0150 - 2010 Quarter 4

Market Cap : 250000000*0.08 = 20,000,000 (Small)
NTA per share : (32206-6139)/250000 = 0.1
P/BV : 0.08/0.1 = 0.8 (Undervalue)
Forecast P/E now : -
ROE : 1.76% (Low)
DY : -
Fixed Asset Turnover(1 year) : 0.1074 (Low)
Liquidity Ratio : 6524/172 = 37.9302 (High)
Receivables Collection Period : (364+1037)/2/(3476/365) = 73 days (Acceptable)
My Target Price : Not interested unless revenue and profit increase
My Decision : NOT BUY
My Comment : Low ROE, bad cash flow, low debt, strong cash, navps remain same, cost of sales not stable, low volume
Technical Support Price : -
Risk Rating : HIGH

My notes based on 2010 quarter 4 report (number in '000):-
- The main contributor of the Group's contribution were from profit from Nexfuel and share of profits from associated companies
- No estimate next 4Q eps after 2010 Q4 result announced

ASIABIO Latest news from The Star


Thursday, April 22, 2010

KLCI Stock - TENAGA / 5347 - 2010 Quarter 2

Par Value: 1.00
Market Cap : 4342766845*8.39 = 36,435,813,829.55 (Large)
NTA per share : 27424900/4334572 = 6.32
P/BV : 8.39/6.32 = 1.3275 (Moderate)
Forecast P/E now : (8.39-0.183)/0.71 = 11.56 (High)
ROE : 10.88% (Moderate)
DY : 0.183/8.39*100 = 2.18% (Low)
Fixed Asset Turnover(4 year) : (0.4034+0.3544+0.3443+0.3132)/4 = 0.3538 (Low)
Liquidity Ratio : 138128/68396 = 2.0195 (Moderate)
Receivables Collection Period : (4389000+3791200)/2/(29191800/365) = 51 days (Acceptable)
My Target Price : 8.52+0.18 = 8.7 (PE 12, EPS 0.71, DPS 0.18)
My Decision : NOT BUY (unless price below 8)
My Comment : Global coal price increasing however strong Ringgit now, good cash flow, high debt, strong cash, navps increasing
Technical Support Price : 8.37, 7.93
Risk Rating : HIGH
OSK Target Price : 10.15 (21 Apr 2010)

My notes based on 2010 quarter 2 report (number in '000):-
- Sales of electricity in Peninsular Malaysia recorded an increase of 3.3%. The Company recorded an increase in demand of 8.0% growth as compared to the corresponding period last year
- The improved earnings were mainly due to a sharp rebound in electricity demand growth while generation cost as coal prices remained under control. The stronger Ringgit has also contributed to the better results as the Group recorded a foreign exchange translation gain as compared to a loss in FY2009
- The Group recorded foreign exchange translation gain compared to a loss recorded in the preceding quarter mainly due to the weakening of Japanese Yen against Ringgit during the quarter under review
- Estimate next 4Q eps after 2010 Q2 result announced = 0.2066+0.1859+0.1673+0.1506 = 0.71 (average 10% drop each quarter, coal price increasing but strong Ringgit offset some impact), estimate PE on current price 8.39 = 11.56(DPS 0.183)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.6484, estimate highest/lowest PE = 13.38/11.67 (DPS 0.163)

Coal price chart
- http://www.mongabay.com/images/commodities/charts/chart-coalaust.html
- http://www.globalcoal.com/

TENAGA Latest news from The Star

Related companies: YTLPOWR


Wednesday, April 21, 2010

KLCI Stock - CSCTEL / 5094 - 2009 Quarter 4

Par Value: 1.00
Market Cap : 380000000*1.95 = 741,000,000 (Small)
NTA per share : 778466/373200 = 2.09
P/BV : 1.95/2.09 = 0.933 (Undervalue)
Forecast P/E now : (1.95-0.2)/0.2936 = 5.96 (Low)
ROE : 11.71% (Moderate)
DY : 0.2/1.95*100 = 10.26% (High)
Fixed Asset Turnover(4 year) : (1.0066+1.7454+1.5629+1.263)/4 = 1.3945 (High)
Liquidity Ratio : 526725/41569 = 12.6711 (Very Strong)
Receivables Collection Period : (95802+87073)/2/(869936/365) = 38 days (Good)
My Target Price : 2.35+0.2 = 2.55 (PE 8, EPS 0.2936, DPS 0.2), around 30% price increased from 1.95
My Decision : BUY
My Comment : World steel price increasing, good cash flow, low debt, strong cash, navps increasing, some risk due to Lembaga Tabung Angkatan Tentera disposed shares
Technical Support Price : 1.75, 1.66
Risk Rating : HIGH

My notes based on 2009 quarter 4 report (number in '000):-
- The Group achieved 33.5% higher in revenue than that of its corresponding quarter, due to the significantly higher sales volume of our steel products
- Compared to preceding quarter, the Group's revenue has increased by 4.7% primarily due to higher selling prices of our steel products albeit at a marginally lower sales volume
- Despite the higher revenue, profit before tax reduced by 19.8%. This is mainly due to the significantly higher raw materials cost
- Lembaga Tabung Angkatan Tentera disposed quite number of shares recently
- Estimate next 4Q eps after 2009 Q4 result announced = 0.2936 (20% growth from 0.2442, world steel price increasing), estimate PE on current price 1.95 = 5.96(DPS 0.2)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.24, estimate highest/lowest PE = 6.42/4.92 (DPS 0.02)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.1012, estimate highest/lowest PE = 13.83/9.88 (DPS 0.02)
- Estimate next 4Q eps after 2009 Q1 result announced = 0.0612, estimate highest/lowest PE = 18.3/15.44


Tuesday, April 20, 2010

KLCI Stock - TGUAN / 7034 - 2009 Quarter 4

Market Cap : 105204500*0.785 = 82,585,532.50 (Small)
NTA per share : 203455/105205 = 1.93
P/BV : 0.785/1.93 = 0.4067 (Undervalue)
Forecast P/E now : (0.785-0.04)/0.1351 = 5.51 (Low)
ROE : 6.98% (Low)
DY : 0.04/0.785*100 = 5.1% (Moderate)
Fixed Asset Turnover(4 year) : (1.417+1.8959+1.5405+1.5047)/4 = 1.5895 (High)
Liquidity Ratio : 177910/72264 = 2.4619 (Moderate)
Receivables Collection Period : (60222+76298)/2/(403060/365) = 61 days (Acceptable)
My Target Price : Not interested unless revenue or cost improved more
My Decision : NOT BUY
My Comment : Revenue growing but cost also increasing, low debt, good cash flow, navps increasing
Technical Support Price : 0.76, 0.7
Risk Rating : HIGH

My notes based on 2009 quarter 4 report (number in '000):-
- Group revenue recorded a decrease of 28.61%, mainly due to the significantly lower average prices of raw materials compared to the corresponding period in 2008 which translated to lower selling prices. However profit before taxation recorded an increase of 359%, mainly due to the written down in the value of the Group's inventories to its net realizable value in the preceding year
- As compared to preceding quarter, the revenue increased 5.79% while profit before taxation decreased 31.09% mainly due to the relative higher selling prices as a result of higher raw material price and lower profit margin
- Estimate next 4Q eps after 2009 Q4 result announced = 0.1351 (revenue growth but cost also increasing), estimate PE on current price 0.785 = 5.51(DPS 0.04)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.134, estimate highest/lowest PE = 6.42/5.45 (DPS 0.02)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.1138, estimate highest/lowest PE = 7.73/6.63 (DPS 0.02)

TGUAN latest news The Star


Monday, April 19, 2010

KLCI Stock - SUPERMX / 7106 - 2010 Quarter 1

Market Cap : 271405232*6.8 = 1,845,555,577.60 (Medium)
NTA per share : (633702-28716)/271405 = 2.23 (Better than preceding quarter)
P/BV : 6.8/2.23 = 3.0493 (Cheaper than preceding quarter)
Forecast P/E now : (6.8-0.11)/0.6829 = 9.8 (Low)
ROE : 26.85% (High)
DY : 0.11/6.8*100 = 1.62% (Low)
Fixed Asset Turnover(4 year) : (0.8723+0.8575+0.6612+0.7455)/4 = 0.7841 (Moderate)
Liquidity Ratio : 425313/196880 = 2.1603 (Better than preceding quarter)
Receivables Collection Period : (205939+183183)/2/(843116/365) = 84 days (Same as preceding quarter)
My Target Price : 8.19+0.11 = 8.3 (PE 12, EPS 0.6829, DPS 0.11), around 23% price increased from 6.75
My Decision : BUY
My Comment : Revenue growth compared to previous year corresponding period but not exceed max revenue on 2009 Q3, operating expenses continue low, debt reducing, navps increasing
Technical Support Price : 6.6, 6.2
Risk Rating : MODERATE
OSK Target Price : 10 (22 Feb 2010)

My notes based on 2010 quarter 1 report (number in '000):-
- Group revenue rose by 14.2% on the back of strong global demand for rubber gloves. The strong demand coupled with the limited capacity expansion by the major glove players over the last 2 years have resulted in a supply demand imbalance which has driven glove prices up.
- The improvement of profitability is attributed to the strong revenue growth as well as cost savings from higher efficiency and productivity from improved processes and refurbished lines
- Estimate next 4Q eps after 2010 Q1 result announced = 0.6576+0.0253 = 0.6829, estimate PE on current price 6.8 = 9.8(DPS 0.11)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.1644*4 = 0.6576, estimate highest/lowest PE = 11.16/8.24 (DPS 0.11)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.1514*4 = 0.6056, estimate highest/lowest PE = 10.15/5.3 (DPS 0.0325)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.0972*4 = 0.3888, estimate highest/lowest PE = 8.74/5.14 (DPS 0.0325)
- Estimate next 4Q eps after 2009 Q1 result announced = 0.0743*4 = 0.2972, estimate highest/lowest PE = 6.52/5.01 (DPS 0.0325)
- Estimate next 4Q eps after 2008 Q4 result announced = 0.2499, estimate highest/lowest PE = 6.67/3.07 (DPS 0.0325)

SUPERMX Latest news from The Star

Related companies: TOPGLOVADVENTAHARTA


Sunday, April 18, 2010

KLCI Stock - JOBST / 0058 - 2009 Quarter 4

Market Cap : 317215800*2.03 = 643,948,074 (Small)
NTA per share : (126287-2978)/315245= 0.39
P/BV : 2.03/0.39 = 5.2051 (Overvalue)
Forecast P/E now : (2.03-0.03)/0.0895 = 22.35 (High)
ROE : 20.71% (High)
DY : 0.03/2.03*100 = 1.48% (Low)
Fixed Asset Turnover(4 year) : (0.5929+0.7374+0.7247+0.8402)/4 = 0.7238 (Moderate)
Liquidity Ratio : 68609/25679 = 2.6718 (Moderate)
Receivables Collection Period : (9613+11516)/2/(92341/365) = 41 days (Acceptable)
My Target Price : 1.43 + 0.03 = 1.46 (PE 16, EPS 0.0895, DPS 0.03)
My Decision : NOT BUY
My Comment : Revenue forecast not grow much, high ROE, got negative net cash flow, low debt, navps growing slowly
Technical Support Price : 2, 1.8, 1.5
Risk Rating : HIGH (now)

My notes based on 2009 quarter 4 report (number in '000):-
- The increased revenue is mainly attributed to higher revenues from JobStreet ESSENTIAL (online job posting service) by 18.8% year on year. The increase was partially offset by a decrease in revenues from JobStreet RESOURCE (provision of contact staffing) by 20.8%
- Compared to preceding quarter, decreased revenue was mainly due to the timing of dividends received from the Group’s quoted investments in Hong Kong and Taiwan which favourably impacted revenue in Q3
- Estimate next 4Q eps after 2009 Q4 result announced = 0.0895 (around 5% grow from 0.085), estimate PE on current price 2.03 = 22.35(DPS 0.03)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.0892, estimate highest/lowest PE = 17.49/15.02 (DPS 0.03)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.084, estimate highest/lowest PE = 16.49/13.63 (DPS 0.035)
- Estimate next 4Q eps after 2009 Q1 result announced = 0.0899, estimate highest/lowest PE = 14.07/11.4 (DPS 0.035)

JOBST latest news The Star


Saturday, April 17, 2010

KLCI Stock - AHEALTH / 7090 - 2009 Quarter 4

Par Value: 1.00
Market Cap : 74973500*2.98 = 223,421,030 (Small)
NTA per share : (162547-1405)/74974= 2.15
P/BV : 2.98/2.15 = 1.386 (Moderate)
Forecast P/E now : (2.98-0.1975)/0.264 = 10.54 (Moderate)
ROE : 12.85% (Moderate)
DY : 0.1975/2.98*100 = 6.63% (Moderate)
Fixed Asset Turnover(4 year) : (1.1905+1.1878+1.148+1.1949)/4 = 1.1803 (High)
Liquidity Ratio : 129709/52199 = 2.4849 (Moderate)
Receivables Collection Period : (68197+67706)/2/(282719/365) = 87 days (Acceptable)
My Target Price : 2.11 + 0.2 = 2.31 (PE 8, EPS 0.264, DPS 0.2)
My Decision : NOT BUY
My Comment : Profit increased but revenue not grow, low ROE, good cash flow
Technical Support Price : 2.8, 2.7
Risk Rating : HIGH

My notes based on 2009 quarter 4 report (number in '000):-
- The Group's achieved record revenues and profit before tax increases of 9.1% and 58.2% respectively over the result for the previous financial year
- Manufacturing revenue and profits exceeded budget in the fourth quarter, helped by good acceptance of newly launched products, better export and tender sales. A Representative Office in Vietnam was opened to direct and strengthen marketing initiatives. Wholesale and Distribution returned improved gross margins, attributed to a greater proportion of own brand products in the sales mix and better purchasing
- Profit contribution from the Group's associated company, Xiamen Maidiken Science & Technology Co Ltd ('MDK'), China, 18% growth in revenue in the year 2009. During the year, MDK's intermediate holding company for its retail and distribution operations, Luyan (Fujian) Pharma Co Ltd, issued new shares at a premium to new investors for a 24.5% equity stake. Recognition of the Group's share of the premium further enhanced Group profits in the fourth quarter of 2009
- Compared to preceding quarter, increased profit mainly attributed to improved gross profits arising from a higher proportion of own brand products in the Group’s sales mix, increased manufacturing efficiency at Xepa-Soul Pattinson (Malaysia) Sdn Bhd and a strong profit contribution from the Group’s associate company in China, Xiamen Maidiken Science and Technology Co Ltd
- Estimate next 4Q eps after 2009 Q4 result announced = 0.3048 (10% grow from 0.2771(after deducted 3.4 mil)), estimate PE on current price 2.98 = 9.13(DPS 0.1975)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.2385, estimate highest/lowest PE = 8.82/7.26 (DPS 0.0975)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.2365, estimate highest/lowest PE = 7.83/6.44 (DPS 0.0975)
- Estimate next 4Q eps after 2009 Q1 result announced = 0.2312, estimate highest/lowest PE = 6.64/5.47 (DPS 0.095)
- Estimate next 4Q eps after 2008 Q4 result announced = 0.2168, estimate highest/lowest PE = 6.11/4.59 (DPS 0.095)

AHEALTH latest news The Star


Friday, April 16, 2010

KLCI Stock - PBBANK / 1295 - 2010 Quarter 1

Market Cap : 2472348084*12.02 = 29,717,623,969.68 (Large)
NTA per share : (11329034-1999611)/3478490 = 2.68
P/BV : 12.02/2.68 = 4.4851
Forecast P/E now : (12.02-0.55)/0.788 = 14.56 (High)
ROE : 21.49% (High)
DY : 0.55/12.02*100 = 4.58% (Moderate)
Fixed Asset Turnover(3 year) : -
Liquidity Ratio : -
Receivables Collection Period : -
My Target Price : 12.61 + 0.55 = 13.16 (PE 16, EPS 0.788, DPS 0.55)
My Decision : NOT BUY (unless price below 11.7)
My Comment : Revenue slow down and maintaining, good cash flow
Technical Support Price : 11.62, 11
Risk Rating : LOW

My notes based on 2010 quarter 1 report (number in '000):-
- The improved earnings was mainly due to higher net interest and financing income (14.5%), higher other operating income (31.5%) which was mainly due to higher management fee income from the fund management business, higher fee income from sale of trust units, higher brokerage and commission from stockbroking activities and higher income from the foreign exchange business. In addition, loan impairment allowance also decreased (10.6%). These were partially offset by higher other operating expenses which was mainly due to the increase in personnel costs resulting from the expansion of marketing sales force and higher business volume
- The growth in the Group’s net interest and financing income was driven by continued strong loans and deposits growth coupled with sustained strong asset quality. Gross loans had grown by 13.6% year-on-year as at 31 March 2010 as compared to RM125.4 billion as at 31 March 2009 mainly arising from financing of small- and medium-sized enterprises (“SMEs”), residential mortgages and financing of passenger vehicles. Total deposits from customers had also grown by 12.4% as compared to 31 March 2009 which partly contributed to the higher net interest income for the current financial quarter. The Group’s impaired loan ratio had further improved to 0.94% from 0.98% a year ago
- Estimate next 4Q eps after 2010 Q1 result announced = 0.197*4 = 0.788, estimate PE on current price 12.02(DPS 0.55) = 14.56
- Estimate next 4Q eps after 2009 Q4 result announced = 0.1965*4 = 0.786, estimate highest/lowest PE = 14.64/13.22 (DPS 0.55)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.1852*4 = 0.7408, estimate highest/lowest PE = 15.65/13.59 (DPS 0.55)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.177*4 = 0.708, estimate highest/lowest PE = 14.34/13.12 (DPS 0.55)
- Estimate next 4Q eps after 2009 Q1 result announced = 0.1744*4 = 0.6976, estimate highest/lowest PE = 14.19/11.11 (DPS 0.5)
- Estimate next 4Q eps after 2008 Q4 result announced = 0.1949*4 = 0.7796, estimate highest/lowest PE = 11.22/8.34 (DPS 0.5)

PBBANK latest news The Star


Thursday, April 15, 2010

KLCI Stock - ZHULIAN / 5131 - 2010 Quarter 1

Par Value: 0.50
Market Cap : 345000000*2.45= 845,250,000 (Small)
NTA per share : (328183-1168)/345000 = 0.95
P/BV : 2.45/0.95 = 2.5789 (Overvalue)
Forecast P/E now : (2.45-0.14)/0.288 = 8.02 (Moderate)
ROE : 25.58% (High)
DY : 0.14/2.45*100 = 5.71% (Moderate)
Fixed Asset Turnover(3 year) : (0.8309+0.9197+0.8101)/3 = 0.8536 (Moderate)
Liquidity Ratio : 245861/67845 = 3.6239 (Strong)
Receivables Collection Period : (59385+ 52340)/2/(330517/365) = 61 days
My Target Price : 2.59+0.14 = 2.73 (PE 9, EPS 0.288, DPS 0.14), 11.43% price increase from RM2.45
My Decision : BUY
My Comment : Revenue slow down and maintaining, low debt, good cash flow
Risk Rating : LOW

My notes based on 2010 quarter 1 report (number in '000):-
- The revenue for the current quarter was slightly lower than the immediate preceding quarter, mainly due to drop in sales to overseas but offset by increase in local sales. However, the current quarter profit before tax has increased as compared to the immediate preceding quarter, mainly contributed by the increase in share of profit from associate company
- Estimate next 4Q eps after 2010 Q1 result announced = 0.072*4 = 0.288, estimate PE on current price 2.45 = 8.0208(DPS 0.14)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.0715*4 = 0.286, estimate highest/lowest PE = 7.66/5.84 (DPS 0.14)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.069*4 = 0.276, estimate highest/lowest PE = 6.38/5.04 (DPS 0.12)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.0484*4 = 0.1936, estimate highest/lowest PE = 9.35/6.56 (DPS 0.12)

ZHULIAN latest news The Star

Related companies: AMWAYHAIO


Wednesday, April 14, 2010

KLCI Stock - GTRONIC / 7022 - 2009 Quarter 4

Market Cap : 263933640*1.55= 409,097,142 (14 April 2010)
Market Cap Size Category : Small
NTA per share : 226493/263934 = 0.86
P/BV : 1.55/0.86 = 1.8023 (Overvalue)
Forecast P/E now : (1.55-0.07)/0.0904 = 16.37 (High)
ROE : 7.03% (Low)
DY : 0.07/1.55*100 = 4.52% (Moderate)
Fixed Asset Turnover(4 year) : (0.7869+0.9454+1.0172+1.1085)/4 = 0.9645
Liquidity Ratio : 136647/45375 = 3.0115 (Strong)
Receivables Collection Period : (38250+42686)/2/(217497/365) = 67 days (Acceptable)
My Target Price : Not interested unless price below NTA per share
My Decision : NOT BUY
My Comment : High P/E, overvalue, revenue growing, low debt, good cash flow
Risk Rating : HIGH

My notes based on 2009 quarter 4 report (number in '000):-
- The Group’s turnover and net profit for the year ended 31 December 2009 have decreased by 21.1% and 27.1% respectively as compared to the previous year. The decline is mainly due to the global economy slowdown which has impacted the volume loadings from all the Group’s customers, especially during first half of the year. Moreover, losses incurred due to the shutdown of the Group’s China operations (approximately RM8 million as of to-date) further eroded the net profit of the group
- Turnover for the quarter ended 31 December 2009 was approximately RM65.1 million, representing an increase of 5.3% as compared to the preceding quarter whereas the net profit of the Group decreased by 1.6% from RM6.1 million to RM6 million. The increment in sales is mainly due to higher volume loadings from all the Group’s key customers, mostly as a result of a broad based recovery experienced and stable loadings across all products segments, as well as better economy of scale achieved by the Group. Lower net profit is because of losses incurred as a result of the shutdown of the Group’s China operations
- Estimate next 4Q eps after 2009 Q4 result announced = 0.0226*4 = 0.0904, estimate PE on current price 1.55 = 16.37(DPS 0.07)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.0183*4 = 0.0732, estimate highest/lowest PE = 15.64/8.74 (DPS 0.055)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.0137*4 = 0.0548, estimate highest/lowest PE = 15.78/13.05 (DPS 0.025)

GTRONIC latest news The Star


Tuesday, April 13, 2010

KLCI Stock - DAYANG / 5141 - 2009 Quarter 4

Par Value: 0.50
Market Cap : 696,960,000 (13 April 2010)
NTA per share : (460425-137941)/352000=0.9214
P/B : 1.98/0.9214=2.1489 (Overvalue)
Fixed Asset Turnover(2 year) : (0.4278+0.4772)/2=0.4525 (Low)
Liquidity Ratio : 134931/34224=3.9426 (Strong)
Receivables Collection Period : (76098+106417)/2/(196989/365)=169 days (Long)

My Target Price: Not interested unless price below NTA per share
My Decison: NOT BUY
My Comment: Overvalue, revenue dropping
My Risk Rating: HIGH

My study based on 2009 Quarter 4 report (number in '000):-
- The Group’s revenue for the current quarter decreased by 39% while profit before tax for the current quarter decreased by 67%. The lower revenue in the current quarter as compared to the corresponding quarter is mainly due to fewer revenue from work orders received and performed in the current quarter. In view of the fact that the work orders in the current quarter have a much lower profit margin contribution
- Estimate next 4Q eps after 2009 Q4 result announced = 0.0583(decrease 53% from 0.1237), estimate PE on current price 4.22 = 14.48(DPS 0.05)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.1246, estimate highest/lowest PE = 16.21/9.71 (DPS 0.05)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.1548, estimate highest/lowest PE = 8.98/6.91 (DPS 0.07)
- Estimate next 4Q eps after 2009 Q1 result announced = 0.1338, estimate highest/lowest PE = 8.67/3.73 (DPS 0.14)
- Estimate next 4Q eps after 2008 Q4 result announced = 0.15, estimate highest/lowest PE = 7.87/ (DPS 0.14)

DAYANG latest news The Star


Monday, April 12, 2010

KLCI Stock - AJIYA / 7609 - 2009 Quarter 4

Market Cap : 148,138,976.94 (12 April 2010)
NTA per share : 2.6199
P/B : 0.8168 (Undervalue)
Fixed Asset Turnover(3 year) : 1.1723
Liquidity Ratio : 3.1607 (Strong)
Receivables Collection Period : 96 days (Standard)

My Target Price: 2.5+0.06=2.56 (PE 8, EPS 0.312, DPS 0.06)
My Decison: BUY
My Comment: Undervalue, dividend per year 2.8%, good cash flow, low debt, revenue dropping however expenses reduced
My Risk Rating: LOW

My study based on 2009 Quarter 4 report (number in '000):-
- The Group achieved a 4% lower turnover compared to preceding year corresponding quarter
- The Group recorded a lower profit before tax due to the decrease in sales for the current quarter. The other operating income was due to contribution from small scale property development
- Estimate next 4Q eps after 2009 Q4 result announced = 0.312(2% drop from 0.3184), estimate PE on current price 2.14 = 6.67(DPS 0.06)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.28, estimate highest/lowest PE = 6.39/5.18 (DPS 0.06)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.23, estimate highest/lowest PE = 6.52/5.22 (DPS 0.06)
- Estimate next 4Q eps after 2009 Q1 result announced = 0.26, estimate highest/lowest PE = 5.15/4.46 (DPS 0.06)
- Estimate next 4Q eps after 2008 Q4 result announced = 0.26, estimate highest/lowest PE = 4.69/3.65 (DPS 0.06)

AJIYA latest news The Star


KLCI Stock - LPI / 8621 - 2010 Quarter 1

Market Cap : 1,917,151,860 (11 April 2010)
NTA per share : 6.5423
P/B : 2.1124
Liquidity Ratio : 1.9769

OSK Target Price: 15.9 (09 April 2010)
My Target Price: 13.91+0.675=14.59 (PE 13.5, EPS 1.0303, DPS 0.675)
My Decison: BUY
My Comment: Dividend per year around 5%, revenue growth
My Risk Rating: LOW

My study based on 2010 Quarter 1 report (number in '000):-
- The Group's revenue increased by 11.5% mainly due to higher gross premium underwritten. The Group's profit before tax increased by 15.6% mainly due to higher underwriting profit
- Compared to preceding quarter, the increase in the profit before tax for the said quarter was mainly due to higher investment income received
- Estimate next 4Q eps after 2010 Q1 result announced = 1.0303(10% grow from 0.9366), estimate PE on current price 13.82 = 12.76(DPS 0.675)
- Estimate next 4Q eps after 2009 Q4 result announced = 1.0533(15% grow from 0.9159), estimate highest/lowest PE = 12.94/11.53 (DPS 0.675)
- Estimate next 4Q eps after 2009 Q3 result announced = 1.0253, estimate highest/lowest PE = 13.23/11.16 (DPS 0.74)
- Estimate next 4Q eps after 2009 Q2 result announced = 1.0204, estimate highest/lowest PE = 11.43/10.25 (DPS 0.74)
- Estimate next 4Q eps after 2009 Q1 result announced = 0.979, estimate highest/lowest PE = 10.88/8.63 (DPS 0.85)

LPI latest news The Star

Related companies: KURASIA


Saturday, April 10, 2010

KLCI Stock - BPURI / 5932 - 2009 Quarter 4

My Target Price: Not interested at the moment
My Decison: NOT BUY
My Comment: Bad cash flow, high debt, receivables per assets too high, low ROE
My Risk Rating: HIGH

My study based on 2009 Quarter 4 report (number in '000):-
- Compared to the previous corresponding year, the construction division recorded improved performance of this division was mainly due to commencement of the projects secured in 2009, namely housing development in Brunei, Nippon Factory at Lahore, medium cost apartment at Menggatal, building works for Universiti Malaysia Kelantan, housing development at Papar, sub-structure work for Plaza Merdeka and commercial development at Jalan Tun Fuad Stephens
- The property division recorded decrease in revenue, mainly due to completion of Jesselton Condominiums and Taman Malawa Apartment during the year
- The quarry and ready mix concrete division recorded decrease because affected by lower road paving works secured during the period
- The polyol division recorded decrease because affected by lack of export market due to the global economic slowdown
- The current value of contract work in progress is approximately RM2.39 billion, which is expected to provide a steady stream of revenue for the Group over the next three years
- Estimate next 4Q eps after 2009 Q4 result announced = 0.0781(10% grow from 0.071), estimate PE on current price 1.2 = 14.85(DPS 0.04)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.078, estimate highest/lowest PE = 10.9/8.91 (DPS 0.04)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.06, estimate highest/lowest PE = 15.17/11.08 (DPS 0.04)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.0484, estimate highest/lowest PE = 18.39/15.08 (DPS 0.04)
- Estimate next 4Q eps after 2009 Q1 result announced = 0.0465, estimate highest/lowest PE = 19.78/14.19 (DPS 0.04)

BPURI latest news The Star

BPURI latest news from Sin Chew(Chinese)

Related companies: GAMUDAIJMMRCBMUDAJYAMUHIBAHWCT


Friday, April 9, 2010

KLCI Stock - PETGAS / 6033 - 2010 Quarter 3

Market Cap : 19,332,210,809.55 (09 April 2010)
NTA per share : 3.9495
P/B : 2.4737

OSK Target Price: 13.81
My Target Price: 10+0.5 = 10.5 (PE 20, EPS 0.5, DPS 0.5)
My decison: BUY
My Comment: Crude Oil price increasing, cost reducing

My study based on 2010 Quarter 3 report (number in '000):-
- The decrease of revenue due to lower throughput. The increase in profit was mainly due to lower cost of revenue
- Estimate next 4Q eps after 2010 Q3 result announced = 0.5(0.37+0.13), estimate PE on current price 9.77 = 17.54(DPS 0.5)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.47, estimate highest/lowest PE = 20.21/19.26 (DPS 0.5)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.47, estimate highest/lowest PE = 20.21/19.47 (DPS 0.5)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.47, estimate highest/lowest PE = 21.06/19.15 (DPS 0.5)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.47, estimate highest/lowest PE = 20.21/18.94 (DPS 0.05)


Thursday, April 8, 2010

KLCI Stock - MPHB / 3859 - 2009 Quarter 4

MULTI-PURPOSE HOLDINGS BERHAD

Listing Date: 11.01.1982
Market: MAIN
Sector: TRADING/SERVICES
Par Value: 1.00
Major Industry: Recreation
Sub Industry : Miscellaneous Recreation


MULTI-PURPOSE HOLDINGS BERHAD is engaged in the core businesses of financial services, stock broking and gaming. The principal activities consist of investment holding and trading, operation of general insurance business, provision of leasing, hire purchase, factoring and general loan financing services, operation and management of a licensed four digit numbers forecast betting game, operation of hotels and of a golf club, securities broking and dealing, designing and construction of railway and related activities, property development, provision of share registration and management services, printing activities, and provision of computer software and other related services. In March 2008, it incorporated a wholly owned offshore subsidiary, Multi Purpose International Limited. In June 2008, the Company acquired Caribbean Gateway Sdn Bhd.

My Target Price: 3.37+0.05=3.42 (PE 10, EPS 0.3367, DPS 0.05)
My decison: BUY
Reason: Undervalue, overall Divisions improvement especially 4D Jackpot game

My study based on 2009 Quarter 4 report (number in '000):-
- The Group recorded 134.84% higher than previous corresponding period profit before taxation due to overall improvement in the Stockbroking and Financial Service Divisions as well as gains from disposal of investment in quoted shares
- The launch of the 4D Jackpot game by the Gaming Division has had a favourable impact on the revenue. However higher 4D Jackpot prizes payout and initial 4D Jackpot expenses had reduced the profit before taxation from continuing operations as compared to previous corresponding quarter
- Higher brokerage income and write back of provision for diminution in value of investments in the Stockbroking Division has resulted an improvement from loss to profit in the previous corresponding period
- The Financial Service Division reported a profit as compared to loss in the previous corresponding period due to increase in the premium earned coupled with lower claim incurred have contributed to the significant increase
- Estimate next 4Q eps after 2009 Q4 result announced = 0.3367 (5% grow from 0.3207, due to 4D Jackpot game and current economic environment), estimate PE on current price 2.34 = 6.8(DPS 0.05)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.28, estimate highest/lowest PE = 6.79/6.04 (DPS 0.06)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.32, estimate highest/lowest PE = 6.56/5.44 (DPS 0.06)

MPHB latest news The Star

MPHB latest news from Sin Chew(Chinese)

Related companies: BJTOTOTANJONG


Wednesday, April 7, 2010

KLCI Stock - LATEXX / 7064 - 2009 Quarter 4

Market Cap : 814,441,644.87 (12 April 2010)
NTA per share : (170536-20358)/244718=0.6137
P/B : 3.99/0.6137=6.5015
Fixed Asset Turnover(3 year) : (0.9833+0.9451+0.8647)/3=0.931
Liquidity Ratio : 131176/113406=1.1567
Receivables Collection Period : (58519+44029)/2/(328430/365)=56 days

My Target Price: 3.77+0.02 = 3.79 (PE 13 (due to high debt), EPS 0.29, DPS 0.02)
My decison: NOT BUY (unless price less than 3.8)
My Comment: Overvalue now, high debt per equity, revenue growth around 47% whole year, good cash flow

My notes based on 2009 Quarter 4 report (number in '000):-
- The increase in Group revenue and profit were mainly driven by recent capacity expansion coupled with aggressive marketing strategy and as well as overall cost savings
- Despite the increase in raw material prices and the weakening of US dollar, the increase in Group profit was due principally to increased sales volume and improved overall efficiency achieved giving rise to lower overheads, operational and supervision costs
- Estimate next 4Q eps after 2009 Q4 result announced = 0.0675*4 = 0.27+0.02(QbQ improvement adjustment) = 0.29, estimate PE on current price 4.22 = 14.48(DPS 0.02)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.0566*4 = 0.2264, estimate highest/lowest PE = 21.78/10.42 (DPS 0.02)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.0586*4 = 0.2344, estimate highest/lowest PE = 11.99/7.81 (DPS 0.01)
- Estimate next 4Q eps after 2009 Q1 result announced = 0.047*4 = 0.188, estimate highest/lowest PE = 10.37/4.2 (DPS 0.01)


Tuesday, April 6, 2010

KLCI Stock - KPJ / 5878 - 2009 Quarter 4

Market Cap : 528926822*2.85= 1,507,441,442.70 (Medium)
NTA per share : (622846-116486)/207843 = 2.44
P/BV : 2.85/2.44 = 1.168 (Low)
Forecast P/E now : (2.85-0.2)/0.2174 = 12.19 (Moderate)
ROE : 15.25% (Moderate)
DY : 0.08/2.85*100 = 2.81% (Low)
Fixed Asset Turnover(4 year) : (1.0821+0.9913+0.9198+0.7546)/4 = 0.937 (Getting better)
Liquidity Ratio : 501595/335419 = 1.4954 (Moderate)
Receivables Collection Period : (229104+ 195362)/2/(1446370/365) = 53 days (Acceptable)
My Target Price : 3.04+0.08 = 3.12 (EPS 0.2174, PE 14, DPS 0.08), more than 9% profit from 2.85
My Decision : BUY
My Other Comments : Revenue growing, high debt, good cash flow, strong cash
Risk Rating : LOW
OSK Target Price : 3.92

My study based on 2009 Quarter 4 report (number in '000):-
- The profit before taxation for the current quarter has increased by 58.2%, mainly due to higher activities recorded by the hospitals
- The operating revenue for the current quarter increased as compared to preceding quarter. Despite the increase in revenue, the profit before taxation for the current quarter has increased by only 1.4%, this is due to the results reported in the preceding quarter was inclusive of gain from disposal of hospital buildings
- Estimate next 4Q eps after 2009 Q4 result announced = 0.1359*4 = 0.5436(after split 2.5 = 0.2174), estimate PE on current price 2.95(before split 7.39) = 13.23(DPS 0.2)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.1291*4 = 0.5164, estimate highest/lowest PE = 12.24/6.29 (DPS 0.2)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.1188*4 = 0.4752, estimate highest/lowest PE = 10.61/6.92 (DPS 0.1)
- Estimate next 4Q eps after 2009 Q1 result announced = 0.1046*4 = 0.4184, estimate highest/lowest PE = 8.29/6.74 (DPS 0.07)
- Estimate next 4Q eps after 2008 Q4 result announced = 0.107*4 = 0.428, estimate highest/lowest PE = 6.99/6.17 (DPS 0.07)

KPJ latest news The Star


Monday, April 5, 2010

KLCI Stock - SUPERMX / 7106 - 2009 Quarter 4

Market Cap : 1,869,982,048.48 (12 April 2010)
NTA per share : 1.97
P/B : 3.4975
Fixed Asset Turnover(3 year) : (0.8723+0.8575+0.6612)/3=0.797
Liquidity Ratio : 364645/202233=1.8031
Receivables Collection Period : (139364+240006)/2/(814836/365)=84 days

OSK Target Price: 10 (22 Feb 2010)
My Target Price: 8.55+0.11=8.66 (PE 13, EPS 0.6576, DPS 0.11)
My decison: BUY
Reason: Undervalue, high ROE, revenue growth, good cash flow

My notes based on 2009 Quarter 4 report (number in '000):-
- Group Revenue was 7.4% (RM13.6 million) higher on the back of strong global demand, increased output from refurbished lines and higher prices commanded for rubber gloves sold
- The Group recorded a near 30 times increase in Profit after Tax due to incur a one-time exceptional interest expense arising from having to immediately expense off the balance of the serial bond upfront fee following the full redemption of the bond in November 2009
- The Management had resolved to focus on certain key areas including receivables management, inventory management, productivity management and financial management at the beginning of 2009 and the concerted efforts put in have yielded strong results. In addition, the Group has also been focussing on producing high margin products resulting in higher manufacturing profits in the current quarter
- The Group able to gain from the share of its associate companies’ higher profits, it also gained from the favourable foreign exchange translation as the currencies of the countries in which the associate companies operated had all appreciated against the US Dollar
- Compare to preceding quarter, revenue was lower by 17.3% due to the Group’s sales are denominated had depreciated by 3% from an average of RM3.51:USD1 in Q4’08 to RM3.40:USD1 in Q4’09 and lower output and lower sell-through as the Group was impacted by temporary labour
shortage and water supply disruptions in one of its factories
- Nevertheless, the Group was able to post higher Profit after Tax by 9.9%, largely due to an increase in selling prices which enabled the Group to boost its margins further. The industry in general and the Supermax Group in particular are able to command higher selling prices due to a significant global supply shortage
- The Group’s management focus on key operational areas has also yielded substantial results this year with lower inventory and trade receivables cycles as well as higher operating efficiency leading to lower operating costs per unit of output
- Estimate next 4Q eps after 2009 Q4 result announced = 0.1644*4 = 0.6576, estimate PE on current price 7.24 = 10.84(DPS 0.11)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.1514*4 = 0.6056, estimate highest/lowest PE = 10.15/5.3 (DPS 0.0325)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.0972*4 = 0.3888, estimate highest/lowest PE = 8.74/5.14 (DPS 0.0325)
- Estimate next 4Q eps after 2009 Q1 result announced = 0.0743*4 = 0.2972, estimate highest/lowest PE = 6.52/5.01 (DPS 0.0325)
- Estimate next 4Q eps after 2008 Q4 result announced = 0.2499, estimate highest/lowest PE = 6.67/3.07 (DPS 0.0325)


Friday, April 2, 2010

KLCI Stock - KENCANA / 5122 - 2010 Quarter 2

KENCANA PETROLEUM BERHAD

Listing Date: 15.12.2006
Market: MAIN
Sector: INDUSTRIAL
Par Value: 0.10
Major Industry: Construction
Sub Industry : Engineering & Contracting Services


KENCANA PETROLEUM BERHAD is a Malaysia-based investment holding company. The Company is engaged in providing engineering and fabrication services, as well as marine engineering and operations services businesses. Through marine engineering, it is involved in building, refurbishing, repairing and converting marine vessels. The Company provides offshore drilling services, as well as charter of vessels and rigs, through its operations service business. Its subsidiaries include Kencana HL Sdn. Bhd., Kencana Marine Sdn. Bhd., Kencana Metering Sdn. Bhd., Kencana Infrastructure Sdn. Bhd. and Kencana Steelworks Sdn. Bhd., among others. The principal activities of the subsidiaries include integrated engineering and fabrication of oil and gas production facilities and drilling rigs; operation and management of fabrication yard; metering works, process skid systems and pipeline construction, and property investment. On September 5, 2007, the Company acquired Kencana Petroleum Ventures Sdn. Bhd.

OSK Target Price: 2.04
My Target Price: 1.6+0.01=1.61 (PE 20, EPS 0.08, DPS 0.005)
My decison: NOT BUY (unless price <=1.3)
Reason: Overvalue, revenue dropped

My study based on 2010 Quarter 2 report (number in '000):-
- Compare to last year, revenue had decreased by approximately 9%, mainly due to progress achieved for contracts in hand, which was in line with the project delivery schedule. Despite the decrease in revenue, profit before tax had gone up by 19% mainly due to better management of costs resulting in better margin recorded
- Estimate next 4Q eps after 2010 Q2 result announced = 0.02*4 = 0.08, estimate PE on current price 1.53 = 19.06(DPS 0.005)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.0339*4 = 0.1356, estimate highest/lowest PE = 18.47/9.92 (DPS 0.005)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.1307, estimate highest/lowest PE = 19.09/16.03 (DPS 0.005)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.0324*4 = 0.1296, estimate highest/lowest PE = 17.32/12.77 (DPS 0.005)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.0301*4 = 0.1204, estimate highest/lowest PE = 16.07/9.34 (DPS 0.005)

KENCANA Latest news from The Star

Related companies: KNM


Thursday, April 1, 2010

KLCI Stock - IJM / 3336 - 2010 Quarter 3

OSK Target Price: 4.7 (22 March 2010)
My Target Price: 4.97+0.05=5.02 (PE 20, EPS 0.2484, DPS 0.05)
My decison: NOT BUY (unless price <=4.3)
Reason: Overvalue, low ROE, revenue dropped

My study based on 2010 Quarter 3 report (number in '000):-
- The Group recorded a decrease of 10.3% operating revenue over the corresponding quarter of the preceding year, mainly due to lower revenues from the Group’s Construction division mainly as the Group’s major projects have reached the tail-end of its project lifecycle while construction works at major projects such as the Grand Hyatt in Kuala Lumpur and new India projects have only just commenced contributions. In addition, lower selling prices of building materials coupled with lower market demand for the quarrying and ready-mix segments also resulted in the Group’s Industry division reporting a 16% decline in revenue
- The Group’s operating profit before tax for the current quarter rose as all of the Group’s main operating divisions reported higher profits. The most significant improvement was recorded by the Group’s Property division buoyed by improved property sales which doubled its profit
- The lower Plantation revenue was mainly due to the drop in prices of crude palm oil (CPO) from an average of RM2,874 per ton in the previous year’s corresponding period to RM2,205 per ton in the current year-to-date
- Compared to preceding quarter, the Group’s pre-tax profit rose, mainly due to improved plantation profits following increased production of fresh fruit bunches (FFB)
- Initial amortisation and higher finance costs of new toll concessions in India are expected to have a negative impact on the division results
- Estimate next 4Q eps after 2010 Q3 result announced = 0.0621*4 = 0.2484 (expecting revenue and profit recover hence no decrease on eps), estimate PE on current price 4.88 = 19.44(DPS 0.05)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.2556, estimate highest/lowest PE = 19.13/16.55 (DPS 0.05)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.271, estimate highest/lowest PE = 25.13/15.68 (DPS 0.05)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.3251, estimate highest/lowest PE = 19.53/16.15 (DPS 0.05)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.2612, estimate highest/lowest PE = 21.06/12.44 (DPS 0.25)

IJM Latest news from The Star

Related companies: MRCBWCT