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Wednesday, June 30, 2010

KLCI Stock - DIALOG / 7277 - 2010 Quarter 3

Market Cap : 1980523233*1.05 = 2,079,549,394.65 (Medium)
NTA per share : (484157-5258)/1967530 = 0.24
P/BV : 1.05/0.24 = 4.375
Forecast P/E now : (1.05-0.037)/0.068 = 14.9 (Moderate)
ROE : 23.39% (High)
DY : 0.037/1.05*100 = 3.52% (Low)
Fixed Asset Turnover(3 year) : (1.3493+1.3276+1.2256)/3 = 1.3008 (High)
Liquidity Ratio : 605736/331790 = 1.8257 (Low)
Receivables Collection Period : (310738+211469)/2/(1224900/365) = 77 days (Acceptable)
My Target Price : 1.09+0.04 = 1.13 (PE 16, EPS 0.068, DPS 0.037)
My Decision : NOT BUY unless price below 1
My Comment : Revenue and profit increasing, good cash flow, above moderate debt and slightly increasing, navps decreased
Technical Support Price : 1
Risk Rating : MODERATE
OSK Target Price : 1.29 (31 May 10)

My notes based on 2010 Quarter 3 report (number in '000):-
- The Group posted a 5% growth in revenue from corresponding financial quarter last year. Profit after tax for the reporting quarter increased by 35% for the same financial quarter last year
- The better performance achieved for the current quarter and the cumulative nine-month period were mainly attributable to the increase in E&C and Plant Maintenance works
- The Group’s profit before tax for the current financial quarter was 12% higher when compared to the preceding financial quarter mainly as a result of an increase of works performed by Plant Maintenance and higher Specialist Products sales for the current financial quarter both in Malaysia and other countries
- Estimate next 4Q eps after 2010 Q3 result announced = 0.0162*4*1.05 = 0.068(5% increase), estimate PE on current price 1.05 = 14.9(DPS 0.037)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.04*2 = 0.08, estimate highest/lowest PE = 14.3/11.5 (DPS 0.036)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.0193*4 = 0.0772, estimate highest/lowest PE = 18.83/15.73 (DPS 0.036)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.0659*1.1 = 0.0725, estimate highest/lowest PE = 18.4/15.64 (DPS 0.036)

DIALOG latest news (English)


KLCI Stock - DXN / 5074 - 2010 Quarter 4

DXN HOLDINGS BERHAD

Listing Date: 30.09.2003
Market: MAIN
Sector: CONSUMER
Par Value: 0.25
Major Industry: Drugs, Cosmetics & Health Care
Sub Industry : Diversified Drugs, Cosmetics, & Health Care
Market Cap : 240764000*0.57 = 137,235,480 (Small)
NTA per share : (196276-11765)/227227 = 0.81
P/BV : 0.57/0.81 = 0.7037
Forecast P/E now : (0.57-0.035)/0.1114 = 4.8 (Moderate)
ROE : 14.47% (Moderate)
DY : 0.035/0.57*100 = 6.14% (Moderate)
Fixed Asset Turnover(4 year) : (0.8324+0.8694+0.7386+0.7027)/4 = 0.7858(Low)
Liquidity Ratio : 191517/104470 = 1.8332 (Low)
Receivables Collection Period : (50865+61488)/2/(259939/365) = 78 days (Acceptable)
My Target Price : 0.67+0.035 = 0.705 (PE 6, EPS 0.1114, DPS 0.035)
My Decision : BUY
My Comment : Revenue and profit decreasing, good cash flow, slightly moderate debt and it decreasing, navps increasing
Technical Support Price : 0.53
Risk Rating : MODERATE


DXN HOLDINGS BERHAD is a Malaysia-based investment holding and provision of management services. The Company operates in five business segments: multi-level marketing, which is engaged in the manufacture and sale of health supplements, and other products on a multi-level marketing basis; property development, which is engaged in housing developing and contracting; energy, which is engaged in the manufacture and sale of biodiesel, and other incidental products; investment holding, which is engaged in investment holding and provision of management services, and others, which is engaged in travel agency and tour operation, information technology consultancy and advisory wholesale and retail of stationeries, household items, gifts and accessories. During the fiscal year ended February 29, 2008, the Company incorporated a 65%-owned subsidiary, Borneo Bio Best (Sabah) Sdn. Bhd. Its product lines include dietary supplements, food and beverages, personal care products and household products.

My study based on 2010 Quarter 4 report (number in '000):-
- The Group recorded revenue for current quarter ended 28 February 2010, representing a decrease of 1.2% as compared to the corresponding quarter ended 28 February 2009. The decreased was due to lower revenue contributed from property development segment
- The Group recorded a lower profit before tax with PBT margin of 12.2% for the current quarter ended 28 February 2010 which included the one off provision of RM 5.65 million for diminution of investment in CLO subordinated bond. By excluding the provision, the PBT achieved shall be RM12.95 million with PBT margin of 21.5% as compared to the corresponding quarter ended 28 February 2009 of RM 8.8 million with PBT margin of 14.4%, the improvement was due to cost efficiency and price revision
- The Group reported lower revenue in the current quarter ended 28 February 2010 as compared to the preceding quarter ended 30 November 2009. The slight decreased in revenue was due to lower contribution from multi-level marketing segment. The Group’s PBT for the current quarter was included the one off provision of RM 5.65 million for diminution of investment in CLO subordinated bond. By excluding the provision, the PBT achieved shall be RM12.95 million as compared to preceding quarter of RM 12.1 million, whereas the PBT margin increased from 19.4% in preceding quarter to 21.5% in current quarter. The slight increased in PBT margin was due to cost efficiency
- Estimate next 4Q eps after 2010 Q4 result announced = 0.1238*0.9 = 0.1114(10% drop), estimate PE on current price 0.57 = 4.8(DPS 0.035)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.0397*4*0.8 = 0.127, estimate highest/lowest PE = 5.28/4.49 (DPS 0.035)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.0615*2 = 0.123, estimate highest/lowest PE = 5.81/4.11 (DPS 0.035)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.0874*1.1 = 0.0961, estimate highest/lowest PE = 6.87/3.64 (DPS 0.03)

DXN latest news (English)

DXN Latest news (Chinese)


Tuesday, June 29, 2010

KLCI Stock - KENCANA / 5122 - 2010 Quarter 3

KENCANA PETROLEUM BERHAD

Listing Date: 15.12.2006
Market: MAIN
Sector: INDUSTRIAL
Par Value: 0.10
Major Industry: Construction
Sub Industry : Engineering & Contracting Services
Market Cap : 1657929777*1.49 = 2,470,315,367.73 (Medium)
NTA per share : (710934-36516)/1630501 = 0.41
P/BV : 1.49/0.41 = 3.63
Forecast P/E now : (1.49-0.005)/0.0764 = 19.44 (High)
ROE : 20.34% (High)
DY : 0.005/1.49*100 = 0.34% (Low)
Fixed Asset Turnover(3 year) : (0.8848+1.3634+1.8243)/3 = 1.3575(High)
Liquidity Ratio : 664948/423437 = 1.5704 (Low)
Receivables Collection Period : (227928+180123)/2/(1069605/365) = 69 days (Acceptable)
My Target Price : Not interested unless revenue and profit increase more
My Decision : NOT BUY
My Comment : Revenue remain low, profit decreasing, positive cash flow from CFF, above moderate debt but decreasing, navps increased
Technical Support Price : 1.26
Risk Rating : MODERATE
OSK Target Price : 2.06 (29 Jun 10)


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.

My study based on 2010 Quarter 3 report (number in '000):-
- Compared to the corresponding quarter ended 30 April 2009, revenue had decreased marginally by approximately 3% in the current quarter, 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 marginally by 4% mainly due to better margins recorded
- Profit before tax for the current quarter under review had gone down by 12%, as compared to the immediate preceding quarter. The decrease in profit before tax for the current quarter was mainly due to higher contract costs and operating expenses
- Estimate next 4Q eps after 2010 Q3 result announced = 0.0191*4 = 0.0764, estimate PE on current price 1.49 = 19.44(DPS 0.005)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.02*4 = 0.08, estimate highest/lowest PE = 20.94/15.69 (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 (English)

KENCANA Latest news (Chinese)


Monday, June 28, 2010

KLCI Stock - SUNWAY / 4308 - 2010 Quarter 1

Market Cap : 601769905*1.53 = 920,707,954.65 (Small)
NTA per share : (795185-128728)/610045 = 1.09
P/BV : 1.53/1.09 = 1.4037
Forecast P/E now : (1.53-0.02)/0.2552 = 5.92 (Low)
ROE : 11.97% (Moderate)
DY : 0.02/1.53*100 = 1.31% (Low)
Fixed Asset Turnover(3 year) : (0.7929+0.8651+0.9087)/3 = 0.8556(Low)
Liquidity Ratio : 1302805/961745 = 1.3546 (Low)
Receivables Collection Period : (690097+737567)/2/(1791369/365) = 145 days (Slightly long)
My Target Price : 2.55+0.02 = 2.57 (PE 10, EPS 0.2552, DPS 0.02)
My Decision : BUY
My Comment : Revenue and profit increasing, good cash flow, high debt but decreasing, navps decreasing
Technical Support Price : 1.3
Risk Rating : MODERATE
OSK Target Price : 2.22 (01 Jun 10)

My notes based on 2010 Quarter 1 report (number in '000):
- The Group achieved revenue include RM 5.0 million gains arising from the adoption of FRS 139, during the quarter under review. The Group’s performance was mainly contributed by the construction, property development and trading and manufacturing divisions
- During the current quarter, the Group recorded lower revenue as compared to the immediate preceding quarter. Despite a decline in revenue, the Group recorded an increase in profit before taxation by about 40% from last preceding quarter
- The improvement in operating results were mainly as a result of better margins achieved by both the local and foreign construction projects, property development both in Malaysia and Singapore, as well as the overseas trading division
- Estimate next 4Q eps after 2010 Q1 result announced = 0.058(exclude FRS 139)*4*1.1 = 0.2552(10% QbQ improvement adjustment), estimate PE on current price 1.53 = 5.92(DPS 0.02)
- Estimate next 4Q eps after 2009 Q6 result announced = 0.041*4*1.1 = 0.1804, estimate highest/lowest PE = 9.48/7.1 (DPS 0.02)
- Estimate next 4Q eps after 2009 Q5 result announced = 0.0318*4 = 0.1272, estimate highest/lowest PE = 11.95/8.88 (DPS 0.03)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.0352*4*1.1 = 0.1549, estimate highest/lowest PE = 9.36/8.26 (DPS 0.03)

SUNWAY latest news (English)


Saturday, June 26, 2010

KLCI Stock - HAIO / 7668 - 2010 Quarter 4

Market Cap : 202190282*4.12 = 833,023,961.84 (Small)
NTA per share : (209202-85)/199659 = 1.05
P/BV : 4.12/1.05 = 3.9238
Forecast P/E now : (4.12-0.2)/0.3142 = 12.48 (High)
ROE : 32.74% (High)
DY : 0.2/4.12*100 = 4.85
Fixed Asset Turnover(3 year) : (1.8311+1.7534+1.8315)/3 = 1.8053(Low)
Liquidity Ratio : 184016/49297 = 3.7328 (Very High)
Receivables Collection Period : (19902+36590)/2/(511064/365) = 20 days (Acceptable)
My Target Price : 3.46+0.2 = 3.66 (PE 11, EPS 0.3142, DPS 0.2)
My Decision : NOT BUY unless price below 3.7
My Comment : Revenue and profit dropped, good cash flow, low debt and decreased, navps increased dropped
Technical Support Price : 3.6
Risk Rating : MODERATE

My notes based on 2010 Quarter 4 report (number in '000):
- For the fourth quarter ended 30 April 2010, the Group recorded lower revenue and pre-tax profit, dropped by about 26% and 32% respectively as compared to the corresponding quarter of the preceding year. The current quarter performance is below internal target and the MLM division is currently applying more stringent rules on new members’ recruitment to be in line with the regulations set by the authorities, coupled with recent rise in interest rate had indirectly affected the growth of new members venturing into MLM business as entrepreneurs
- The retail division had recorded historical high in revenue and profit in the fourth quarter, as the Lunar Chinese New Year coincide with the year end members’ sales promotion, coupled with the success of its sales of house brand products had generated higher profit contribution to the Group
- For the financial year under review, the Group achieved higher revenue as compared to the corresponding period of the preceding year, an increase of about 17%. The increase in revenue was mainly contributed from the wholesale division and its principal subsidiaries, the MLM and retail divisions in the first half of the financial year coupled with higher rental income received during the financial year
- The Group profit before taxation increased by about 26% for the corresponding period of the preceding year. The substantial increase in profit was mainly due to higher revenue achieved as mentioned above, especially for the retail division, its EBIT had increased from last year of 7.3% to 9.8% mainly contributed by its higher margin house brand products. The technology division is still in the research and development stage and does not have any significant progress as at to date
- For the fourth quarter under review, the Group recorded lower revenue and profit before
taxation as compared with the immediate preceding quarter due to most of the sales orders were placed before the Chinese festive season
- Despite the above, the retail division had recorded higher revenue and profit in the current
quarter as compared with the immediate preceding quarter, profit increased by more than 100%. Higher profit achieved was mainly generated from higher revenue made during the Chinese Lunar New Year coincide with the year end members’ sales promotion in the fourth quarter, coupled with the success of its sales of house brand products also brought in additional contribution to the Group
- Estimate next 4Q eps after 2010 Q4 result announced = 0.0714*4 = 0.2856*1.1(10% QbQ improvement adjustment) = 0.3142, estimate PE on current price 4.12 = 12.48(DPS 0.2)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.3729, estimate highest/lowest PE = 12.42/9.17 (DPS 0.18)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.2424*4 = 0.9696, estimate highest/lowest PE = 10.78/7.44(DPS 0.42)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.2217*4 = 0.8868, estimate highest/lowest PE = 8.54/6.33 (DPS 0.42)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.1778*4 = 0.7112, estimate highest/lowest PE = 7.44/5.76 (DPS 0.4)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.1463*4 = 0.5852, estimate highest/lowest PE = 6.9/5.06 (DPS 0.4)

HAIO latest news (English)


Friday, June 25, 2010

KLCI Stock - ASIABIO / 0150 - 2011 Quarter 1

Market Cap : 250000000*0.08 = 20,000,000 (Small)
NTA per share : (32021-3549)/250000 = 0.11
P/BV : 0.08/0.11 = 0.7273
Forecast P/E now : 0.08/0.006 = 13.33 (High)
ROE : 3.72% (Low)
DY : Not applicable
Fixed Asset Turnover(1 year) : 0.2195 (Low)
Liquidity Ratio : 6149/153 = 40.1895 (Very High)
Receivables Collection Period : (546+1991)/2/(7311/365) = 63 days (Acceptable)
My Target Price : Not interested unless revenue and profit maintaining
My Decision : NOT BUY
My Comment : Revenue and profit increasing, bad cash flow, low debt and decreased, navps increased slightly
Technical Support Price : 0.065
Risk Rating : HIGH

My notes based on 2011 quarter 1 report (number in '000):-
- The ABT Group achieved a consolidated profit after taxation of approximately RM1.03 million on the back of a consolidated revenue of RM4.61 million due mainly to dividend from its incubatees
- Revenue for the current quarter and profit before taxation was higher mainly due to dividend income from its investees
- Estimate next 4Q eps after 2011 Q1 result announced = 0.0036+0.0006(average of eps per quarter in year 2009)*4 = 0.006, estimate PE on current price 0.08 = 13.33

ASIABIO latest news (English)


KLCI Stock - GAMUDA / 5398 - 2010 Quarter 3

Market Cap : 2018792220*3.21 = 6,480,323,026.20 (Large)
NTA per share : 3274486/2023746 = 1.62
P/BV : 3.21/1.62 = 1.9815
Forecast P/E now : (3.21-0.12)/0.1444 = 21.4 (High)
ROE : 7.48% (Low)
DY : 0.12/3.21*100 = 3.74% (Low)
Fixed Asset Turnover(3 year) : (0.4395+0.4732+0.402)/3 = 0.4382 (Low)
Liquidity Ratio : 3606560/1461276 = 2.4681 (Moderate)
Receivables Collection Period : (1086303+969409)/2/(9682605/365) = 38 days (Acceptable)
My Target Price : Not interested unless eps increase more
My Decision : NOT BUY
My Comment : Revenue and profit QbQ increasing, bad cash flow, above moderate debt and slightly decreased, navps increasing
Technical Support Price : 2.7
Risk Rating : MODERATE
OSK Target Price : 2.75 (21 April 10)

My notes based on 2010 Quarter 3 report (number in '000):
- The increases in profit before tax for the current quarter and current year to-date are due to higher contributions from all divisions
- Estimate next 4Q eps after 2010 Q3 result announced = 0.0361*4 = 0.1444, estimate PE on current price 3.21 = 21.4(DPS 0.12)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.0336*4 = 0.1344, estimate highest/lowest PE = 23.14/19.2 (DPS 0.12)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.0311*4 = 0.1244, estimate highest/lowest PE = 22.83/19.77 (DPS 0.12)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.0215*4 = 0.086, estimate highest/lowest PE = 38.02/30.81 (DPS 0.08)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.0231*4 = 0.0924, estimate highest/lowest PE = 36.36/27.81 (DPS 0.08)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.0244*4 = 0.0976, estimate highest/lowest PE = 28.59/19.26 (DPS 0.08)

GAMUDA latest news (English)


Thursday, June 24, 2010

KLCI Stock - HSL / 6238 - 2010 Quarter 1

Market Cap : 582676000*1.47 = 856,533,720 (Small)
NTA per share : 304399/549496 = 0.55
P/BV : 1.47/0.55 = 2.6727
Forecast P/E now : (1.47-0.024)/0.1128 = 12.82 (Low)
ROE : 19.61% (Moderate)
DY : 0.024/1.47*100 = 1.63% (Low)
Fixed Asset Turnover(3 year) : (0.7747+0.7946+0.7809)/3 = 0.7834 (Low)
Liquidity Ratio : 358667/187647 = 1.9114 (Low)
Receivables Collection Period : (249792+187878)/2/(389549/365) = 205 days (Long)
My Target Price : 1.35+0.02 = 1.37 (PE 12, EPS 0.1128, DPS 0.024)
My Decision : NOT BUY unless price below 1.2
My Comment : Revenue and profit QbQ increasing stop but still higher than preceding year corresponding quarter, slightly bad cash flow, above moderate debt and slightly increased, navps increasing
Technical Support Price : 1.32
Risk Rating : MODERATE
OSK Target Price : 1.63 (10 Jun 10)

My notes based on 2010 Quarter 1 report (number in '000):
- Profit before tax for the quarter ended 31 March 2010 increased 30% from 2009’s corresponding quarter
- Revenue for the first three months of the year also bettered last year’s corresponding period increasing 19%
- While the first quarter is traditionally slower due to the rains and the festive period, Group Chairman YB Senator Dato’ Hj Idris Buang stated that HSL was riding the wave of infrastructure development in Sarawak and drawing on its marine engineering strength to give it a competitive edge
- Estimate next 4Q eps after 2010 Q1 result announced = 0.1025*1.1 = 0.1128, estimate PE on current price 1.47 = 12.82(DPS 0.024)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.1025*1.1 = 0.1128, estimate highest/lowest PE = 13.88/11.05 (DPS 0.024)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.0281*4 = 0.1124, estimate highest/lowest PE = 11.96/8.75 (DPS 0.016)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.0233*4 = 0.0932, estimate highest/lowest PE = 13.13/9.7 (DPS 0.016)

HSL latest news (English)


KLCI Stock - TDM / 2054 - 2010 Quarter 1

Market Cap : 219435002*1.76 = 386,205,603.52 (Small)
NTA per share : (650813-1070)/218934 = 2.97
P/BV : 1.76/2.97 = 0.5926
Forecast P/E now : (1.76-0.13)/0.3556 = 4.58 (Low)
ROE : 10.7% (Moderate)
DY : 0.13/1.76*100 = 7.39% (High)
Fixed Asset Turnover(3 year) : (0.4115+0.4499+0.3911)/3 = 0.4175 (Low)
Liquidity Ratio : 236939/157458 = 1.5048 (Low)
Receivables Collection Period : (79268+72204)/2/(358584/365) = 77 days (Acceptable)
My Target Price : 2.13+0.13 = 2.26 (PE 6, EPS 0.3556, DPS 0.13)
My Decision : BUY
My Comment : Revenue and profit QbQ increasing stop but still higher than preceding year corresponding quarter, good cash flow, below moderate debt and slightly increased, navps increasing
Technical Support Price : 1.6
Risk Rating : MODERATE

My notes based on 2010 Quarter 1 report (number in '000):
- For the current quarter, the Group recorded an increase of 33% in revenue from the previous corresponding quarter
- For the quarter ended 31 March 2010, Plantation division recorded higher revenue by 35% as compared to the same period last year. The high revenue was mainly due to higher CPO and PK production by 16% and 12% respectively and higher average CPO and PK prices by 25% and 24% respectively
- Healthcare Division continues to register strong performance which saw revenue and profit before tax rose by 23% and 91% respectively as compared to the corresponding period in 2009. This is contributed by the growth in patient number by 18% as compared to the same period last year. The robust growth achieved is a testament to our strategic positioning of the division which focuses on community hospital segment
- Food Division recorded losses of RM0.6 million due to lower total average prices achieved as a result of weakened demand for processed birds
- The Group recorded a decreased of profit before taxation over preceding quarter ended 31 December 2009 mainly due to the lower production and sales of CPO and PK during the quarter under review
- Estimate next 4Q eps after 2010 Q1 result announced = 0.0889*4 = 0.3556, estimate PE on current price 1.76 = 4.58(DPS 0.13)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.2503*1.2 = 0.3004, estimate highest/lowest PE = 6.23/5.13 (DPS 0.13)
- Estimate next 4Q eps after 2009 Q3 result announced = (0.0923+0.0418+0.019)/3*4*1.2 = 0.245, estimate highest/lowest PE = 6.37/5.51 (DPS 0.14)

TDM latest news (English)


Wednesday, June 23, 2010

KLCI Stock - MAYBANK / 1155 - 2010 Quarter 3

Market Cap : 7077982768*7.6 = 53,792,669,036.80 (Large)
NTA per share : (26924056-4513720)/7077983 = 3.17
P/BV : 7.6/3.17 = 2.3975
Forecast P/E now : (7.6-0.19)/0.5824 = 12.72 (Moderate)
ROE : 6.08% (Low)
DY : 0.19/7.6*100 = 2.5% (Low)
Fixed Asset Turnover(3 year) : Not applicable
Liquidity Ratio : Not applicable
Receivables Collection Period : Not applicable
My Target Price : 8.15+0.19 = 8.34 (PE 14, EPS 0.5824, DPS 0.19)
My Decision : BUY
My Comment : Revenue and profit increasing, good cash flow
Technical Support Price : 6.9
Risk Rating : LOW
OSK Target Price : 8.5 (14 May 10)

My notes based on 2010 quarter 3 report (number in '000):-
- The Group posted profit attributable to equity holders a significant increase of 104.7% for the third quarter and 60.5% for the nine months period
- The Group’s net interest income for the nine months ended 31 March 2010 increased by 14.3%. The increase in net interest income is mainly due to the full nine months' contribution from PT Bank Internasional Indonesia Tbk (BII), a 97.5% subsidiary acquired on 30 September 2008, and lower interest expense in Singapore and Malaysian banking operations. Income from Islamic Banking operations for the nine months ended 31 March 2010 also increased by 17.6% and this is mainly contributed by the growth of assets in the Islamic business
- Non interest income increased significantly by 80.8% for the nine months ended 31 March 2010 compared to the amount in the previous corresponding period. The increase is contributed by significant increase in unrealised gain on revaluation of derivatives, higher fee income arising from commission, service charges & fees and other loans related fee income, and foreign exchange profit due to strengthening of Ringgit Malaysia against other major currencies
- Overhead expenses increased by 18.6% for the nine months ended 31 March 2010 over the amount in the corresponding period, mainly due to the full nine months' contribution from BII compared to the corresponding period. Personnel cost increased by 15.7%. Establishment costs increased by 22.4% (including amortization of BII's Customer Deposits Intangibles). Administration and general expenses increased by 30.4% due mainly to increase in royalties paid for the expansion of cards businesses and higher professional fees
- Allowance for losses on loans, advances and financing decreased by 4.3%
- Non-interest income for the quarter decreased 3.2% compared to that of preceding quarter. The decrease is mainly attributable to significant loans related fee income posted in the second quarter ended 31 December 2009 which are non-recurring in nature
- Overhead expenses for the quarter decreased by 3.2% over that of the preceding quarter mainly due to lower personnel expenses, lower establishment costs and claims incurred. This was however partly offset by higher marketing expenses
- Estimate next 4Q eps after 2010 Q3 result announced = 0.1456*4 = 0.5824, estimate PE on current price 7.6 = 12.72(DPS 0.19)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.1404*4 = 0.5616, estimate highest/lowest PE = 13.48/11.75 (DPS 0.19)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.1246*4 = 0.4984, estimate highest/lowest PE = 14.04/13.1 (DPS 0.08)

MAYBANK latest news from The Edge (English)

MAYBANK Latest news from Sin Chew (Chinese)


Tuesday, June 22, 2010

KLCI Stock - BJTOTO / 1562 - 2010 Quarter 4

BERJAYA SPORTS TOTO BERHAD

Listing Date: 04.05.1972
Market: MAIN
Sector: TRADING/SERVICES
Par Value: 0.10
Major Industry: Recreation
Sub Industry: Miscellaneous Recreation
Market Cap : 1351030072*4.34 = 5,863,470,512.48 (Large)
NTA per share : (446325-643986)/1321318 = Negative
P/BV : Negative
Forecast P/E now : (4.34-0.27)/0.26 = 15.65 (High)
ROE : 82.53% (High)
DY : 0.27/4.34*100 = 6.22% (Moderate)
Fixed Asset Turnover(4 year) : (2.7586+3.3161+3.2004+2.5018)/4 = 2.9442 (High)
Liquidity Ratio : 2121413/876749 = 2.4196 (Moderate)
Receivables Collection Period : (103640+50483)/2/(858294/365) = 32 days (Good)
My Target Price : Not interested unless revenue and eps increase
My Decision : NOT BUY
My Comment : Revenue and profit decreasing, good cash flow, high debt but decreasing, navps increasing
Technical Support Price : 4.2
Risk Rating : MODERATE
OSK Target Price : 5.2 (21 Jun 10)


Berjaya Sports Toto Berhad (BToto) is principally engaged in investment holding and provision of management services to its subsidiary companies. The Company, along with its subsidiaries, is principally engaged in the operations of Toto betting; leasing of online lottery equipment; manufacture and distribution of computerized lottery and voting systems; property investment and development, and investment holding. The Company operates in two segments: toto betting and leasing of lottery equipment, and others, which includes property investment and development, investment holding, and manufacture and distribution of computerized lottery and voting systems. On September 5, 2008, the Company incorporated a wholly owned subsidiary, Berjaya-ILTS Limited. In May 2009, the Company, through its subsidiary Berjaya Sports Toto (Cayman) Limited (BSTC), acquired 6.81% interest in Prime Gaming Philippines, Inc.

My notes based on 2010 Quarter 4 report (number in '000):
- As compared to the previous year corresponding quarter ended 30 April 2009, the Group recorded a decrease in revenue and pre-tax profit of 1.4% and 22.2% respectively mainly due to the results of Sports Toto Malaysia Sdn Bhd ("Sports Toto") as explained in the ensuing paragraph coupled with higher finance cost incurred as well as lower revenue and pre-tax profit reported by Prime Gaming Philippines, Inc.
- The principal subsidiary, Sports Toto recorded a slight drop in revenue of 1.6% but pre-tax profit decreased by 17.9% as compared to the previous year corresponding quarter. The decrease in pre-tax profit was mainly due to a higher prize payout in the current quarter under review as compared to previous year corresponding quarter
- For the 12-month period under review, the Group recorded a decrease in revenue and pre-tax profit of 8.2% and 6.7% respectively as compared to the previous year ended 30 April 2009. The performance of the Group was mainly attributed to the results of Sports Toto as explained in the ensuing paragraph as well as higher finance cost incurred
- Sports Toto recorded a drop in revenue and pre-tax profit of 8.6% and 5.0% respectively as compared to the previous year ended 30 April 2009. This is primarily due to high base effect of the previous year which experienced strong sales from high jackpots in the Mega 6/52 game. The lower drop in pre-tax profit as compared to the decrease in revenue was mainly due to the lower prize payout in the current year under review
- As compared to the preceding quarter ended 31 January 2010, the Group recorded a slight increase in revenue
of 0.9% and a drop in pre-tax profit of 15.8%. The performance of the Group was mainly attributed to the results of Sports Toto as explained in the ensuing paragraph and the improved revenue and pre-tax profit reported by Prime Gaming Philippines, Inc. as well as the higher revenue recorded by International Lottery & Totalizator Systems, Inc. resulting from recognition of certain project contract sales in the current quarter under review
- The principal subsidiary, Sport Toto, recorded a marginal decrease in revenue of 0.1% and a drop in pre-tax profit of 22.2% as compared to the preceding quarter. The higher decrease in pre-tax profit as compared to the drop in revenue was mainly attributed to a higher prize payout in the current quarter under review
- Estimate next 4Q eps after 2010 Q4 result announced = 0.2889*0.9 = 0.26(10% drop), estimate PE on current price 4.34 = 15.65(DPS 0.27)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.0729*4 = 0.2916, estimate highest/lowest PE = 15.09/13.34 (DPS 0.27)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.0762*4 = 0.3048, estimate highest/lowest PE = 13.65/12.53 (DPS 0.29)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.0797*4 = 0.3188, estimate highest/lowest PE = 12.21/12.08 (DPS 0.29)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.0854*4 = 0.3416, but this is too high, so use last 3 years average eps = (0.3268+0.276+0.2905)/3 = 0.2978, estimate highest/lowest PE = 16.66/13.26 (DPS 0.29)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.0773*4 = 0.3092, estimate highest/lowest PE = 15.33/13.97 (DPS 0.26)

BJTOTO latest news (English)

BJTOTO latest news (Chinese)


Monday, June 21, 2010

KLCI Stock - SPSETIA / 8664 - 2010 Quarter 2

Market Cap : 1016805818*4.04 = 4,107,895,504.72 (Large)
NTA per share : 2061251/1035824 = 1.99
P/BV : 4.04/1.99 = 2.03
Forecast P/E now : (4.04-0.15)/0.1841 = 21.13 (High)
ROE : 9.25% (Low)
DY : 0.15/4.04*100 = 3.71% (Low)
Fixed Asset Turnover(3 year) : (0.3961+0.4178+0.3747)/3 = 0.3962 (Low)
Liquidity Ratio : 2121413/876749 = 2.4196 (Moderate)
Receivables Collection Period : (447843+278418)/2/(1483641/365) = 89 days
My Target Price : Not interested unless eps increase more
My Decision : NOT BUY
My Comment : Revenue and profit increased, good cash flow, high debt, navps decreased
Technical Support Price : 3.6, 3.5
Risk Rating : MODERATE
OSK Target Price : 3.59 (18 Jun 10)

My notes based on 2010 Quarter 2 report (number in '000):-
- The Group reported a 26% higher of profit after taxation compared to Q2 2009. The higher profit is mainly contributed from sales of residential and commercial properties in the Klang Valley and Johor Bahru
- For the current year to date, the Group achieved a 25% increased of profit after taxation of on the back of 19% increased of revenue over the results for the preceding year to date. The current year profit after taxation was arrived at after expensing approximately RM7 million for employee share options granted pursuant to the Company’s ESOS which was launched in May 2009
- The Group’s profit and revenue were mainly derived from its property development activities carried out in the Klang Valley, Johor Bahru and Penang. Ongoing projects which contributed to the Group’s profit and revenue include Setia Alam and Setia Eco-Park at Shah Alam, Setia Walk at Pusat Bandar Puchong, Setia Sky Residences at Jalan Tun Razak, Bukit Indah, Setia Indah, Setia Tropika and Setia Eco Gardens in Johor Bahru, Setia Pearl Island and Setia Vista in Penang. Apart from property development, the Group’s construction and wood-based manufacturing activities also contributed to the earnings achieved
- Estimate next 4Q eps after 2010 Q2 result announced = 0.1841 (10% increase from 0.1674), estimate PE on current price 4.04 = 21.13(DPS 0.15)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.1724 (3% increase from 0.1674), estimate highest/lowest PE = 24.01/20.19 (DPS 0.14)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.16, estimate highest/lowest PE = 26.25/21.5 (DPS 0.14)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.16, estimate highest/lowest PE = 27.63/21 (DPS 0.15)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.16, estimate highest/lowest PE = 28.56/22.81 (DPS 0.15)
- Estimate next 4Q eps after 2009 Q1 result announced = 0.16, estimate highest/lowest PE = 28.69/16.19 (DPS 0.17)

SPSETIA latest news (English)


Sunday, June 20, 2010

KLCI Stock - KELADI / 6769 - 2011 Quarter 1

Market Cap : 758310000*0.155 = 117,538,050 (Small)
NTA per share : 180227/758310 = 0.24
P/BV : 0.155/0.24 = 0.6458
Forecast P/E now : (0.0155-0.01)/0.0178 = 8.15 (High)
ROE : 7.22% (High)
DY : 0.01/0.155*100 = 6.45% (Moderate)
Fixed Asset Turnover(3 year) : (0.3049+0.4035+0.3008)/3 = 0.3364 (Low)
Liquidity Ratio : 112515/14878 = 7.5625 (Strong)
Receivables Collection Period : (24577+20646)/2/(60818/365) = 135 days
My Target Price : 0.14+0.01 = 0.15 (PE 8, EPS 0.0178, DPS 0.01)
My Decision : NOT BUY unless price below 0.15
My Comment : Revenue and profit increased but profit still low, good cash flow, low debt, navps increased
Technical Support Price : 0.15, 0.145
Risk Rating : MODERATE

My notes based on 2011 Quarter 1 report (number in '000):
- For the three months ended 30 April 2010, the Group reported 12.66% higher revenue than the preceding year’s corresponding quarter. The profit before tax and minority interest was decrease 6.50% compared to the previous year’s corresponding quarter
- The increase in revenue was mainly due to higher progress revenue recognised for on-going project in current quarter compared to previous year’s corresponding quarter. Whilst, the decreased in profit before tax were mainly due to the sales of completed units which have higher profit margin in previous year’s corresponding quarter
- The profit before tax and minority interests for the quarter reported on was increase 29.92% compared to the preceding quarter ended 31 January 2010. The increased in the profit before tax is due to completion of 3 phases of our on-going projects at Taman Lagenda coupled with reduction in administrative expenses as compared to the immediate preceding quarter
- Estimate next 4Q eps after 2010 Q4 result announced = 0.0178 (based on last year), estimate PE on current price 0.155 = 8.15(DPS 0.01)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.0155 (13% drop from 0.0178), estimate highest/lowest PE = 10/9.03 (DPS 0.01)
- Estimate next 4Q eps after 2010 Q3 result announced = (0.0218+0.0289+0.019)/3 = 0.0232, estimate highest/lowest PE = 6.9/5.6 (DPS 0.015)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.0031*4 = 0.0124, estimate highest/lowest PE = 12.5/10.48 (DPS 0.015)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.0042*4 = 0.0168, estimate highest/lowest PE = 9.52/7.74 (DPS 0.015)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.0031*4 = 0.0124, estimate highest/lowest PE = 14.11/8.06 (DPS 0.015)

KELADI latest news (English)


KLCI Stock - TOPGLOV / 7113 - 2010 Quarter 3

TOP GLOVE CORPORATION BERHAD

Listing Date: 16.05.2002
IPO Price: 2.700
Market: MAIN
Sector: INDUSTRIAL
Par Value: 0.50
Major Industry: Apparel & Textiles
Sub Industry: Apparel Manufacturers
Market Cap : 308447831*12.92 = 3,985,145,976.52 (Large)
NTA per share : (1016767-22457)/303824 = 3.27
P/BV : 12.92/3.27 = 3.95
Forecast P/E now : (12.92-0.29)/0.9337 = 13.53 (Moderate)
ROE : 25.97% (High)
DY : 0.29/12.92*100 = 2.24% (Low)
Fixed Asset Turnover(3 year) : (1.4647+1.352+1.2718)/3 = 1.3628 (High)
Liquidity Ratio : 736084/256281 = 2.8722 (Moderate)
Receivables Collection Period : (283512+171558)/2/(1965392/365) = 42 days (Good)
My Target Price : 14.94+0.29 = 15.23 (PE 16, EPS 0.9337, DPS 0.29)
My Decision : BUY
My Comment : Revenue increasing, profit QbQ increasing stop but still higher than preceding year corresponding quarter, good cash flow, low debt and decreased, navps increasing
Technical Support Price : 12, 11.2
Risk Rating : LOW
OSK Target Price : 15.15 (17 Jun 10)


Top Glove Corporation Berhad is a Malaysia-based investment holding company providing management services. The Company’s subsidiaries are engaged in the manufacture and trading of gloves; producing and selling latex concentrate, and property investment and trading of machinery. It operates in Malaysia, Thailand and People’s Republic of China. The Company's subsidiaries include Top Glove Sdn. Bhd., TG Medical Sdn. Bhd., Great Glove Sdn. Bhd., Top Glove Engineering Sdn. Bhd. and TG Medical (U.S.A.) Inc.

My notes based on 2010 Quarter 3 report (number in '000):
- The Group sales revenue for the 9 months ended 31 May 2010 has increased by 39% from last year corresponding period. The profit before tax for 9 months and 3 months ended 31 May 2010 comparing to last year’s same period has increased by 85% respectively. The group 9 months net profit is 21% higher than the full year profit for financial year 2009
- The Group continues with its strong profit growth momentum as demand for gloves continue to increase, especially from the emerging markets and also benefiting from cost saving measures implemented at all factories, improvements in product quality, productivity, as well as aggressive marketing strategies to maintain its world number one market position
- The Group announced an interim dividend of 14 sen per share, which is 100% higher than last year’s interim dividend of 7 sen per share. The balance sheet position strengthened further with a net cash position of RM273.0 million and free cash flow of RM147.2 million for the period ended 31 May 2010. The Group had fully redeemed the RM35 million bonds before its maturity in December 2010, in view of the strong cash flow position
- The Group registered PBT of RM83.3 million for current quarter compared with RM93.9 million in quarter ended 28 February 2010. The 3 months ended 31 May 2010 has been a challenging quarter for the Group due to the head winds faced by the Group in which average latex price had increased by 24% and average US Dollar (USD) had weakened by 3%. This has an impact on the performance for the quarter due to the time lag of passing on the cost to the customers. However, as at 1st June 2010, the latex price has declined by 7% from the peak of RM7.76 per kg and USD has also strengthened by 3% from the low of 3.17
- Estimate next 4Q eps after 2010 Q3 result announced = 0.2122*4 = 0.8488*1.1 = 0.9337(10% adjustment), estimate PE on current price 12.92 = 13.53(DPS 0.29)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.235*4 = 0.94, estimate PE on current price 12.56 = 13.13(DPS 0.22)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.217*4 = 0.868, estimate highest/lowest PE = 14.31/10.75 (DPS 0.22)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.191*4 = 0.764, estimate highest/lowest PE = 12.23/10.2 (DPS 0.22)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.1424*4 = 0.5696, estimate highest/lowest PE = 14.04/10.8 (DPS 0.15)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.1221*4 = 0.4884, estimate highest/lowest PE = 13.21/9.89 (DPS 0.15)

TOPGLOV latest news (English)

TOPGLOV latest news (Chinese)

a_dateyearqrth_pricel_pricedivroec_roerevc_revpbtc_pbtprofc_profepsc_epsassetliabminoequicfocficffcashfcfnetfinalsharec_sharemarketdateprof_mpedenavpsvat
2010-06-1620103N/AN/A0.140.06200.1925555851153804683324263852644842002180.21220.66261341883301896232201039987185552-38354-492011858481471989799728384530382430216439071762010-05-310.1499-0.29033.350.2154
2010-03-172010214.0211.18-0.07410.142650989598219593885180528705261357340.23500.4536128842533656422594951861137980-31789-143431858481061919184827769630008529921237690672010-02-280.1841-0.35363.10.2304
2009-12-162010112.649.55-0.07150.0715472300472300866438664365208652080.21700.217011973922859382266391145488543-18082-19250185848704615121123705930051630051628549022009-11-300.1834-0.31372.960.2319
2009-10-08200949.568.010.150.06720.2000427346153190978998221539568311691540.19100.5712113240928643221464845977327368-67342-1829381200942600267708819718229746729614024243562009-08-310.184914.33220.33862.770.3038
2009-06-23200938.156.30.070.05260.1402371965110456354338142541421671123230.14240.3796108664628551723229801129231485-55269-1235351204701762165268117315129609329593619246042009-05-310.1461-0.35642.630.2201
2009-04-07200926.64.98-0.04800.0935346522732598449058820335997701560.12210.2380108590333520022768750703164175-44697-572041204701194786227418274429475829475414678942009-02-280.1296-0.44652.470.194
2009-01-06200915.054.06-0.04700.0470386076386076432984329834159341590.11560.115611113283844672028172686163720-21518-20778120470422022142414189429553229553211880382008-11-300.1121-0.52892.390.2029
2008-10-22200844.043.480.060.03660.1603364534137793138286134627251091100650.08530.371811095454227561974168678990915-65826-6942516480625089-4433612047029444829600111130132008-08-310.10510.11230.61562.270.3494
2008-07-02200834.23.520.050.04010.13073561391013397300089634126093849560.08740.284610386673887211977964994686525-38709-8818516439747816-4036912402829867829852312544472008-05-310.0843-0.59812.110.1656
2008-04-03200825.23.94-0.04590.0917320775657258317736633329480588630.09900.196610170343750162063964201864039-22540-5927816439741499-1777914661829789729945011856302008-02-290.0991-0.58412.090.1071
2008-01-03200816.553.88-0.04550.0455336483336483345603456029383293830.09810.098110279023820352181464586725388-11460-4076316439713928-2683513756229949629949617520512007-11-300.1027-0.59152.080.1381
2007-10-19200746.65.250.060.02100.139730756312287783125311864413445895600.04470.3113105362841264921447640979108110-12105411848658855-1294410554216439730099328765221220002007-08-310.101623.69360.64382.060.5984
2007-07-0420073N/AN/A0.040.04290.1262301563921215294698739125902761150.08610.268510344664312791785160318763201-9204313926258757-2884211042016917730079928351026019112007-05-310.0977-0.7151.950.1304
2007-04-0420072N/AN/A-0.04450.0881311368619652290675792225368502130.09110.18271011920442146222056977448631-4533022013058757330122343128218827847927487124645392007-02-280.0934-0.7762.040.1271

yearqrtGoodwill on consolidation (A-0)Investment in associated companies (A-0)Other investments (A-0)Prepaid lease payments (A-0)Property, plant and equipment (A-0)Cash and cash equivalents (A-1)Current tax assets (A-1)Inventories (A-1)Other receivables, deposits and prepayments (A-1)Trade receivables (A-1)Deferred tax liabilities (L-0)Loans & borrowings (L-0)Current tax liabilities (L-1)Dividend payable (L-1)Loans & borrowings (L-1)Payables and accruals (L-1)Trade and other payables (L-1)Minority interest (M-1)
2010322457388214513727565588283845-1687273757924593342356325928466-759610397911624023220
20102224574063-14215563236277696-16978021577215401396713618313664509142888190913062122594
201012011389591285314020562722237059-1276131817119588236427379221518-112538148913145922663
200942011393661285314200564380185848-11905383331982633341389601472120781115731045549243021464
2009322378926914514786574450173151-1209091287515868336527315735568-58455555059788923229
2009222129988814514794579234183062-12780110899137951347995644860511766887065565317663822768
20091201131019914512035572836142287-1372221418520230630047810266676-992236232310517220281
20084201131003714511928559437121545-1577661437821419630047866253016147221003627477511320919741
2008321078943514511260544046124945-1167561631319468932124108789571414722589845211211627619779
2008221078899814511291541938146618-126154140971467153145911979826941541856832584689034720639
200812107888661459547546644137890-12507915491163162311891260341951-553325919010833921814
200742107887371459588548035165584-121256104411687642696812846761912013637267676410409221447
2007324795845914511943512615170140-1073912991116906733810144309384712010637486738010617517851
2007221078--4557442410282188162192020180391500073147117260414446-7632258790885132220

yearqrtRevenueIncome tax expenseFinance/interest costsOther income/expensesAdministrative/Operating expensesMinority interestShare of profit/ (loss) of associates
20103555851-17944-1013142-475736-896168
20102509895-21627-762658-417630-1732-962
20101472300-20095-3982106-387191-1340-174
20094427346-23996-14712340-3491171829-100
20093371965-11959-20131276-316655-212-235
20092346522-8712-23271428-300225-196-493
20091386076-8783-27181540-341444-356-156
20084364534-13378-24942439-326448201255
20083356139-4969-27142753-3263691054199
20082320775-3404-24191685-2885261111258
20081336483-4773-25242096-301692-404197
20074307563-18703-31424707-277770895-105
20073301563-3843-31452004-270939276-14
20072311368-3693-35621252-279991-6-






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Saturday, June 19, 2010

KLCI Stock - ADVENTA / 7191 - 2010 Quarter 2

Market Cap : 150741170*3.15 = 474,834,685.50 (Small)
NTA per share : (202616-3396)/148712 = 1.34
P/BV : 3.15/1.34 = 2.35
Forecast P/E now : (3.15-0.07)/0.191 = 16.13 (High)
ROE : 13.17% (Moderate)
DY : 0.07/3.15*100 = 2.22% (Low)
Fixed Asset Turnover(2 year) : (0.8376+0.7894)/2 = 0.8135 (Moderate)
Liquidity Ratio : 162036/96190 = 1.6845 (Low)
Receivables Collection Period : (76304+71494)/2/(305225/365) = 88 days (Acceptable)
My Target Price : Not interested unless eps increase
My Decision : NOT BUY
My Comment : Revenue increasing, profit QbQ increasing stop but still higher than preceding year corresponding quarter, still bad cash flow since last quarter, above medium debt but slightly decreased, navps increasing
Technical Support Price : 2.9
Risk Rating : MODERATE (Due to high PE now but result still positive)
My Target Price : 5.37 (16 Jun 10)

My notes based on 2010 Quarter 2 report (number in '000):
- This quarter has achieved an increase of 21% in revenue over comparative quarter last year with earnings up by 72%
- There has been no increase in capacity this quarter since new additions are only due next quarter. Earnings are down compared to last quarter for the reasons that cost of our purchase of latex has increased by 27%. The fall of the US Dollars reduced revenue and impacted the bottom line
- Overall, the quarter performance is below forecast but with the latex and US Dollars effect taken into account, the earnings are stronger than expected
- The Group revenue for the quarter against the preceding quarter is an increase of 6%
- A drop of 3.7% in the USD/RM rate saw a drop of over RM2.0 million in revenue and earnings
- Estimate next 4Q eps after 2010 Q2 result announced = 0.0434*4 = 0.1736*1.1(QbQ improvement adjustment) = 0.191, estimate PE on current price 3.15 = 16.13(DPS 0.07)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.063*4 = 0.252, estimate highest/lowest PE = 15.36/11.35 (DPS 0.07)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.0372*4 = 0.1488, estimate highest/lowest PE = 28.83/18.28 (DPS 0.06)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.0319*4 = 0.1276, estimate highest/lowest PE = 23.2/11.36 (DPS 0.06)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.0272*4 = 0.1088, estimate highest/lowest PE = 19.39/7.77 (DPS 0.06)
- Estimate next 4Q eps after 2009 Q1 result announced = 0.0232*4 = 0.092, estimate highest/lowest PE = 13.04/8.26 (DPS 0.06)

ADVENTA latest news (English)


KLCI Stock - MAXIS / 6012 - 2010 Quarter 1

Market Cap : 7500000000*5.31 = 39,825,000,000 (Large)
NTA per share : (8988000-10999000)/7500000 = -0.2681
P/BV : Negative
Forecast P/E now : (3.82-0.275)/0.4934 = 7.18 (Low)
ROE : 11.76% (2 quarter)
DY : 0.32/5.31*100 = 6.03% (Moderate)
Fixed Asset Turnover(3 year) : 0.4613 (Low)
Liquidity Ratio : 1776/2751 = 0.6456 (Weak)
Receivables Collection Period : 831000/2/(7985000/365) = 18 days (Good)
My Target Price : 4.72+0.32 = 5.04 (PE 16, EPS 0.2952, DPS 0.32)
My Decision : NOT BUY unless price below 4.9
My Comment : Revenue and profit almost same as recent quarter result, free cash flow, remain high debt but slightly decreased, navps increasing
Technical Support Price : 5
Risk Rating : MODERATE (Due to high PE)

My notes based on 2010 Q1 report (number in '000):
- The Group registered a 3% increase in the total mobile subscriptions over the preceding quarter to bring the total mobile subscription base to 12,691,000. Monthly ARPU for postpaid and prepaid decreased by RM5 and RM3 respectively as a result of erosion in voice yield coupled with decrease in MOU and fewer calendar days in the quarter. The wireless broadband’s ARPU also decreased by RM16 or 19% due to the launch of free 2-month subscription promotional packages in the preceding quarter and lower take up rate for packages with higher subscription fees. Average MOU per subscription for both postpaid and prepaid decreased by 19 minutes and 2 minutes respectively mainly due to lower mobile traffic within Maxis’ networks and with other operators networks during the current quarter as a result of fewer calendar days in the quarter. Consequently, revenue decreased by 3%
- EBITDA decreased by 2% over the previous quarter on the back of lower revenue partly offset by lower operating costs due to lower sales and marketing costs and lower allowance for doubtful debts. The resultant EBITDA margin improved by 0.3% point from the previous quarter
- PBT was 10% higher than the preceding quarter. The increase was mainly due to one-time costs approximately RM77 million recognised in the preceding quarter relating to (i) the share-based payment in relation to discount on shares issued to retail investors of RM53 million and (ii) listing and quotation related expenses of RM24 million. Consequently, profit for the period was higher at RM552 million compared to RM503 million in the preceding quarter
- Revenue grew by 1% on the back of higher mobile subscription base. Mobile subscriptions grew 1,425,000 or 13% contributed by prepaid growth of 1,207,000 or 14%, postpaid growth of 56,000 or 2% and wireless broadband growth of 162,000, bringing the total mobile subscription base to 12,691,000 as at 31 March 2010. Monthly ARPU for prepaid and wireless broadband dropped by RM5 and RM28 respectively, mainly due to erosion in voice yield as a result of migration to lower priced plans and introduction of lower priced tariff packages and promotional packages offering free 2-month subscription. Monthly postpaid ARPU remains flat during the current quarter. Average postpaid MOU per subscription decreased by 7 minutes mainly driven by lower outgoing calls whilst prepaid MOU per subscription increased by 11 minutes driven by higher usage from increased mobile traffic within Maxis’ networks and with other operators networks during the period
- EBITDA increased by 1% on the back of higher revenue partly offset by higher direct expenses of RM12 million on account of higher device expenses from sales of Blackberry and iPhones. The resultant EBITDA margin decreased by 0.1% point from 50.4% to 50.3%
- For the current period, PBT increased by RM20 million or 3% due to higher EBITDA and lower depreciation and amortisation of RM59 million offset by higher net finance costs of RM49 million. Consequently, profit for the period was higher at RM552 million compared to RM547 million in the preceding period
- Estimate next 4Q eps after 2010 Q1 result announced = 0.328*0.9 = 0.2952, estimate PE on current price 5.31 = 16.9(DPS 0.32)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.082*4 = 0.328, estimate highest/lowest PE = 16.07/14.82 (DPS 0.24)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.082*4 = 0.328, estimate highest/lowest PE = 16.1/15.52 (DPS 0.24)

MAXIS latest news (English)


Friday, June 18, 2010

KLCI Stock - BSTEAD / 2771 - 2010 Quarter 1

Market Cap : 940162499*3.82 = 3,591,420,746.18 (Large)
NTA per share : (3976800-1015100)/925100 = 3.2
P/BV : 3.82/3.2 = 1.19
Forecast P/E now : (3.82-0.275)/0.4934 = 7.18 (Low)
ROE : 8.21%
DY : 0.275/3.82*100 = 7.2% (High)
Fixed Asset Turnover(3 year) : (0.6225+0.7449+0.7793)/3 = 0.7156 (Low)
Liquidity Ratio : 2248400/4329300 = 0.5193 (Weak)
Receivables Collection Period : (1138500+964901)/2/(5729522/365) = 66 days (Acceptable)
My Target Price : NOT interested unless cash flow improve
My Decision : NOT BUY
My Comment : Revenue increasing, profit increasing, remain bad cash flow, remain high debt but slightly decreased, navps increased
Technical Support Price : 3.5
Risk Rating : MODERATE (Due to weak liquidity)

My notes based on 2010 Q1 report (number in '000):
- For the current quarter, the Group posted an unaudited 56% higher profit before tax compared to the previous year's first quarter
- Group revenue for the current quarter was 28% higher than that recorded during the corresponding period last year. Notable increase in revenue from both the Plantation and Trading Divisions was attributable to the stronger palm product prices and higher sales volume respectively
- For the 1st quarter, the Plantation Division contributed a significantly higher pre-tax profit of RM62.3 million (2009: RM23.7 million). During the period, the Division achieved an average palm oil price of RM2,499 per MT, an increase of RM613 or 33% against last year corresponding period's average of RM1,886 per MT. The FFB crop totalling 305,335 MT was 1.5% better than the corresponding period last year
- The Heavy Industries Division contributed a pre-tax profit of RM23.4 million, as compared with last year’s profit of RM30.9 million mainly due to lower progress billings. Property Division's pre-tax profit of RM6.3 million for the three months period was lower than last year mainly due to lower contribution from property development activity and hotel operations, while the retail mall operations had performed better on improved occupancy and rental rates
- The Finance & Investment Division posted a pre-tax profit of RM17.6 million for the three months, representing a 319% increase from last year corresponding period's profit of RM4.2 million. The Affin Group ended the quarter with a higher pretax profit of RM177.3 million (Last year: RM120.3 million) on the back of good performance from major operating units which registered a drop in loan loss provision while Islamic banking income and other operating income were also higher
- The Trading Division's pre-tax profit of RM19.6 million was a significant increase from last year corresponding period's profit of RM3.2 million, mainly due to the stronger performance from BHPetrol which enjoyed a 60% revenue growth which boosted operating income while stockholding gains enhanced the bottom line further
- Plantation profit for the current quarter of RM62.3 million was 157% higher than the preceding quarter. CPO price for the current quarter improved to RM2,499 (Previous quarter: RM2,166) per MT while the FFB crop was also 10% better. Property division’s pre-tax profit for the preceding quarter was significantly higher than the current quarter mainly due to the inclusion of fair value gain on its portfolio of investment properties
- The Heavy Industries Division’s profit for the current quarter was lower than the preceding quarter in tandem with the drop in progress billings. Finance & Investment Division’s profit for the preceding quarter was significantly higher, mainly because our subsidiary BH Insurance had posted a very strong profit from a higher investment income and lower claims provision during that period
- Estimate next 4Q eps after 2010 Q1 result announced = 0.4699*1.05 = 0.4934(5% increase), estimate PE on current price 3.83 = 7.18 (DPS 0.275)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.4934, estimate highest/lowest PE = 7.1/6.31 (DPS 0.275)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.1241*4 = 0.4964, estimate highest/lowest PE = 6.89/6.06 (DPS 0.25)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.0721*4 = 0.2884, estimate highest/lowest PE = 12.17/10.92 (DPS 0.2)
- Estimate next 4Q eps after 2009 Q1 result announced = 0.0934*4 = 0.3736, estimate highest/lowest PE = 11.78/8.94 (DPS 0.2)
- Estimate next 4Q eps after 2008 Q4 result announced = 0.1699*4 = 0.6796, estimate highest/lowest PE = 5.15/3.97 (DPS 0.3)

BSTEAD latest news (English)


KLCI Stock - TGOFFS / 7228 - 2010 Quarter 1

Market Cap : 260121031*1.2 = 312,145,237.20 (Small)
NTA per share : (320573-9807)/256000 = 1.21
P/BV : 1.2/1.21 = 0.9917
Forecast P/E now : 1.2/0.0369 = 32.52 (High)
ROE : Negative
DY : Not applicable
Fixed Asset Turnover(4 year) : (0.5629+0.6904+0.6869)/3 = 0.6467 (Low)
Liquidity Ratio : 263326/200997 = 1.3101 (Low)
Receivables Collection Period : (234015+271253)/2/(590181/365) = 156 days (Bad)
My Target Price : Not interested unless revenue increase
My Decision : NOT BUY
My Comment : Revenue dropping and profit remain low, negative net cash flow(caused by CFF), remain high debt but slightly decreased, navps same
Technical Support Price : 1, 0.94
Risk Rating : HIGH

My notes based on 2010 Quarter 1 report (number in '000):-
- For the current quarter ended 31 March 2010, the Group recorded a decrease of 31.57% in consolidated revenue as compared to the corresponding quarter ended 31 March 2009. The net profit after tax recorded for the current quarter ended 31 March 2010 is 70.62% lower than that recorded in the corresponding quarter ended 31 March 2009
- During the quarter under review, the Group recorded a lower revenue as compared to the preceding year quarter due to the completion of engineering equipment contracts at Citech Energy Recovery Systems UK Limited (CERS) and various maintenance contracts. The Group also recorded a lower revenue due to maintenance or dry-dock services performed on two (2) units of the Group’s vessels namely, MV Tanjung Manis and MV Tanjung Huma in the current quarter under review
- In view of the reduction in revenue, the Group also recorded a lower profit after tax from offshore support vessel division as well as slight losses at the engineering equipment divisions at CERS and Tanjung CSI Sdn Bhd respectively. Notwithstanding these losses at the equipment division, the Group is confident that the new contracts secured by this division will result in a turnaround and record improved earnings and profitability in the near future
- The Group’s total revenue for the current quarter represents a decrease of 6.28% as compared to the preceding quarter ended 31 December 2009. The Group’s consolidated net profits registered in the current quarter represents a slight increase in earnings as compared to the net profits registered in the preceding quarter. Overall revenue and net profits registered in the current quarter under review is similar to that registered in the preceding quarter
- Estimate next 4Q eps after 2010 Q1 result announced = 0.0346+(0.0119-0.0096) = 0.0369, estimate PE on current price 1.2 = 32.52
- 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 (English)


Thursday, June 17, 2010

KLCI Stock - LCL / 7177 - 2010 Quarter 1

LCL CORPORATION BERHAD

Listing Date: 08.01.2004
IPO Price: 1.500
Market: MAIN
Sector: TRADING/SERVICES
Par Value: 1.00
Major Industry: Construction
Sub Industry: Engineering & Contracting Services
Market Cap : 143132300*0.125 = 17,891,537.50 (Small)
NTA per share : Negative
P/BV : Negative
Forecast P/E now : Negative
ROE : Negative
DY : Not applicable
Fixed Asset Turnover(3 year) : Very low
Liquidity Ratio : 114714/508793 = 0.2255 (Very weak)
Receivables Collection Period : Not interested
My Target Price : Not interested
My Decision : NOT BUY
My Comment : Revenue almost stop, big loss, negative equity, high debt and still increased, bad cash flow, PN17
Technical Support Price : Not available
Risk Rating : HIGH


LCL Corporation Berhad is an investment holding company engaged in the provision of management services to the subsidiaries. It operates in five segments: interior fit-out services, which provides interior fit-out works and services, including project management, design and consultancy, procurement, construction and installation; manufacturing of furniture, which is engaged in the manufacture of customised furniture and fixtures, generic furnitures; supply and installation of materials and fittings, which is engaged in the supply and installation of ceiling materials, metal fittings and fixtures and stone materials; trading of furniture and building materials, including interior fit-out materials, and others, which comprises investment holding and/or property development activities of the Company and certain subsidiaries.

My notes based on 2010 Q1 report (number in '000):
- Compared to the cumulative preceding year corresponding quarter, the Group’s revenue decreased by 97.26% and recorded a higher loss before taxation compared to preceding year corresponding quarter. The losses were mainly attributed to the impairment of assets, written off of inventories, unrealized foreign exchange losses and allowance of doubtful debts

LCL latest news from The Edge (English)

LCL latest news from Sin Chew (Chinese)


KLCI Stock - MUHIBAH / 5703 - 2010 Quarter 1

Market Cap : 397681250*0.895 = 355,924,718.75 (Small)
NTA per share : (327731-21600)/392768 = 0.78
P/BV : 0.895/0.78 = 1.1474
Forecast P/E now : 0.895/0.054 = 16.57 (High)
ROE : 1.76% (Low)
DY : Not Applicable
Fixed Asset Turnover(3 year) : (0.9081+0.7436+0.782)/3 = 0.8112 (Moderate)
Liquidity Ratio : 1738205/1818375 = 0.9559 (Weak)
Receivables Collection Period : (1049304+825587)/2/(2216094/365) = 154 days (Bad)
My Target Price : Not interested unless revenue increase
My Decision : NOT BUY
My Comment : Revenue decreased, profit recovering but still low, bad cash flow, high debt and increasing, navps increased
Technical Support Price : 0.84
Risk Rating : HIGH

My notes based on 2010 Q1 report (number in '000):
- The Group registered a 8% higher consolidated revenue for the quarter ended 31 March 2010 compared to the previous corresponding quarter. The increase is attributed to higher turnover from the Infrastructure Construction and Shipyard Division arising from the ongoing projects and order books in hand
- The Group reported a 62.55% lower consolidated profit before tax for the current quarter ended 31 March 2010 as compared to the consolidated profit before tax in last year due to lower profit from Infrastructure Construction Division
- The Group recorded a 39.56% lowe consolidated revenue for the quarter under review as compared to the consolidated revenue in the last quarter. The decrease was mainly attributed by lower turnover from the Infrastructure Construction and Cranes Divisions
- The Group achieved profit after tax of RM6.7 million for the current quarter as compared to RM1.2 million in the previous quarter mainly due to improvement in the Infrastructure Construction Division. The shipyard Division contributed the highest profit after tax to the Group
- Estimate next 4Q eps after 2010 Q1 result announced = 0.0135*4 = 0.054, estimate PE on current price 0.895 = 16.57
- No estimate for 2009 Q4 result
- No estimate for 2009 Q3 result
- Estimate next 4Q eps after 2009 Q2 result announced = 0.0362*4 = 0.1448, estimate highest/lowest PE = 9.29/6.94 (DPS 0.025)
- Estimate next 4Q eps after 2008 Q4 result announced = 0.039*4 = 0.156, estimate highest/lowest PE = 8.17/4.04 (DPS 0.025)

MUHIBAH latest news from The Edge (English)


Wednesday, June 16, 2010

KLCI Stock - TONGHER / 5010 - 2010 Quarter 1

Market Cap : 127430000*1.76 = 224,276,800 (Small)
NTA per share : 283752/127406 = 2.23
P/BV : 1.76/2.23 = 0.7892
Forecast P/E now : (1.76-0.05)/0.1388 = 12.32 (High)
ROE : 3.98% (Low)
DY : 0.05/1.76*100 = 2.84% (Low)
Fixed Asset Turnover(3 year) : (0.5794+1.0434+1.2188)/3 = 0.9472 (Moderate)
Liquidity Ratio : 260764/39299 = 6.6354 (Strong)
Receivables Collection Period : (21331+24015)/2/(206156/365) = 40 days (Acceptable)
My Target Price : NOT BUY unless ROE, revenue and profit increase more
My Decision : NOT BUY
My Comment : Revenue increasing but profit still low, good cash flow, remain low debt, navps increasing, strong cash
Technical Support Price : 1.7
Risk Rating : MODERATE (due to result not that good but PE consider high; healthy financial)

My notes based on 2010 Q1 report (number in '000):
- The higher profit before income tax in this reporting quarter as compared to the results in corresponding period last year are due to lower cost of raw materials
- The higher profit before income tax in this reporting quarter as compared to the results in preceding quarter are due to higher cost of raw materials and cost control
- Estimate next 4Q eps after 2010 Q1 result announced = 0.0347(average of recent 3Q)*4 = 0.1388, estimate PE on current price 1.76 = 12.32(DPS 0.05)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.0469*4 = 0.1876, estimate highest/lowest PE = 10.61/8.8 (DPS 0.05)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.0278*4 = 0.1112, estimate highest/lowest PE = 16.19/14.39 (DPS 0.05)

TONGHER latest news (English)


Tuesday, June 15, 2010

KLCI Stock - TM / 4863 - 2010 Quarter 1

Market Cap : 3577401980*3.31 = 11,841,200,553.80 (Large)
NTA per share : (7568400-313100)/3555000 = 2.04
P/BV : 3.31/2.04 = 1.62
Forecast P/E now : (3.31-0.23)/0.2424 = 12.71 (Moderate)
ROE : 11.9% (Moderate)
DY : 0.23/3.31*100 = 6.95% (Moderate)
Fixed Asset Turnover(3 year) : (0.4186+0.3922+0.1427)/3 = 0.3178 (Low)
Liquidity Ratio : 6804100/4363000 = 1.5595 (Low)
Receivables Collection Period : (2388500+2924300)/2/(8627500/365) = 112 days (Slightly long)
My Target Price : 3.39+0.23 = 3.62 (PE 14, EPS 0.2424, DPS 0.23)
My Decision : NOT BUY unless price below 3.2
My Comment : Recent 4Q revenue and profit remain stable, good cash flow, debt decreasing, navps increased
Technical Support Price : 3.1
Risk Rating : MODERATE (due to recent low price @ 3.1)
OSK Target Price : 3.01 (31 May 10)

My notes based on 2010 Quarter 1 report (number in '000):-
- For the current quarter under review, the Group revenue increased by 0.9% as compared to the first quarter 2009, mainly attributed to higher revenue from data, Internet and multimedia and other telecommunications services, which mitigated the impact of lower call revenue due to lower usage and lower international inpayment
- Data and leased services revenue increased by 8.4% in first quarter compared to the same quarter 2009. Other telecommunications services also recorded higher revenue by 16.1% from first quarter 2009 to the current quarter
- Internet and multimedia revenue registered 9.8% growth recorded in first quarter 2009 to the current quarter arising from growth in broadband customers (excluding Hotspot customers) to 1.49 million in the current quarter from 1.33 million in the corresponding quarter 2009
- Operating profit before finance cost decreased by 12.8% compared to the same quarter last year primarily due to higher operating costs, mainly international outpayment, content cost, and supplies and materials in current quarter
- The current quarter Group revenue decreased by 6.5% as compared to the fourth quarter 2009, primarily due to lower revenue from data services and other telecommunications related services
- Estimate next 4Q eps after 2010 Q1 result announced = 0.0606(average of recent 4Q eps)*4 = 0.2424, estimate PE on current price 3.31 = 12.71(DPS 0.23)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.0479*4 = 0.1916, estimate highest/lowest PE = 17.38/14.87 (DPS 0.23)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.0505*4 = 0.202, estimate highest/lowest PE = 15.54/13.71(DPS 0.22)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.2, estimate highest/lowest PE = 15.45/13.85 (DPS 0.22)

TM latest news from The Edge (English)