This is my analysis to KLSE stock based on each quarter report. Objective of the blog is to provide a platform for easy visualize company previous quarter reports.
Revenue second consecutive quarter increasing and highest since FY06Q4, eps decreased but still higher than preceding year corresponding quarter, free cash flow and net cash flow increasing, profit margin maintaining high, high liquidity ratio, low gearing ratio, all accounting period are acceptable, oil & gas price increasing
First Support Price
2.24
Second Support Price
2.0
Risk Rating
MODERATE
Research House
OSK Target Price
3.09 (2010-11-09)
Accounting Ratio
Return on Equity
13.11%
Dividend Yield
2.07%
Profit Margin
28.61%
Tax Rate
32.81%
Asset Turnover
0.4962
Net Asset Value Per Share
2.1
Net Tangible Asset per share
2.07
Price/Net Tangible Asset Per Share
1.11
Cash Per Share
0.59
Liquidity Current Ratio
3.8812
Liquidity Quick Ratio
3.7333
Liquidity Cash Ratio
2.099
Gearing Debt to Equity Ratio
0.2751
Gearing Debt to Asset Ratio
0.2066
Working capital per thousand Ringgit sale
59.1%
Days to sell the inventory
15
Days to collect the receivables
117
Days to pay the payables
89
My notes based on 2010 quarter 3 report (number in '000):-
- The Group achieved revenue of RM72.85 million in the third quarter under review, an increase of RM29.10 million or 67% compared to RM43.75 million reported in the same quarter in the preceding year. The Group recorded profit before tax of RM20.84 million, an increase of 45% compared to RM14.36 million achieved in the same quarter in the preceding year
- For the nine months ended 30 September 2010, the Group generated revenue of RM181.83 million, an increase of RM47.91 million or 36% compared to RM133.92 million achieved in the same period in the preceding year. The Group recorded profit before tax of RM57.27 million, increase by 36% compared to RM42.19 million achieved in the same period 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
- During the current quarter under review, the Group recorded profit before tax of RM20.84 million, a decrease of 3% as compared to RM21.49 million reported in the preceding quarter due to provisions made during the quarter
- Estimate next 4Q eps after 2010 Q3 result announced = 0.075*4 = 0.3, estimate PE on current price 2.41 = 7.83(DPS 0.06)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.2682*1.1 = 0.295(0.2682 is recent 4Q cum_eps and estimate 10% increase), estimate highest/lowest PE = 8.68/6.34 (DPS 0.06)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.2747(still within expectation), estimate highest/lowest PE = 6.92/5.28 (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)
Revenue largely decreased and lower than preceding year corresponding quarter, eps same with revenue, cash largely decreasing, liquidity ratio decreasing at low level now, gearing ratio increasing at high level now, over inventory
First Support Price
2.75
Second Support Price
2.55
Risk Rating
MODERATE
Research House
OSK Target Price
2.76 (2010-11-29)
Accounting Ratio
Return on Equity
16.01%
Dividend Yield
2.07%
Profit Margin
5.16%
Tax Rate
21.90%
Asset Turnover
0.6824
Net Asset Value Per Share
1.3
Net Tangible Asset per share
1.29
Price/Net Tangible Asset Per Share
2.22
Cash Per Share
0.06
Liquidity Current Ratio
1.0501
Liquidity Quick Ratio
0.1681
Liquidity Cash Ratio
0.0316
Gearing Debt to Equity Ratio
1.462
Gearing Debt to Asset Ratio
0.5903
Working capital per thousand Ringgit sale
4.1%
Days to sell the inventory
291
Days to collect the receivables
40
Days to pay the payables
33
My notes based on 2010 quarter 3 report (number in '000):-
- During the quarter under review, the Group recorded 13% lower revenue as compared to the corresponding quarter of the preceding year. The decline in revenue in current quarter was mainly due to lower export tonnages on the back of lackluster international market conditions
- The Group achieved a 72% lower profit before tax (“PBT”) for the current quarter than the corresponding quarter of the preceding year. The erosion of the Group’s profitability was mainly due to higher cost of sales arising from higher raw materials costs despite continuous improvement in operational efficiency during the period under review
- The Group recorded revenue for the current quarter was 44% lower than the preceding quarter. Correspondently, the Group registered a 83% lower PBT for the current quarter than the preceding quarter. The decrease in revenue and PBT was mainly attributed to lower export tonnages amidst the escalated production costs arising from higher input costs
- Estimate next 4Q eps after 2010 Q3 result announced = 0.04*4 = 0.16, estimate PE on current price 2.9 = 17.75(DPS 0.06)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.0517*4 = 0.2068(0.0517 is average eps of Q110,Q409,Q308, due to steel price decreasing), estimate highest/lowest PE = 15.91/11.9 (DPS 0.06)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.0591*4 = 0.2364, estimate highest/lowest PE = 12.39/9.31 (DPS 0.03)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.048*4 = 0.192, estimate highest/lowest PE = 15.68/13.54 (DPS 0.03)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.0682*4 = 0.2728, estimate highest/lowest PE = 12.17/8.69 (DPS 0.03)
Revenue second consecutive quarter increasing and is historical highest, eps second consecutive quarter increasing but still lower than preceding year corresponding quarter, still no free cash flow and negative net cash flow, cash decreased but still strong, liquidity ratio decreased at moderate level now, gearing ratio increased at moderate level now, all accounting period are increased but still acceptable compared to historical quarter
First Support Price
0.665
Second Support Price
0.665
Risk Rating
MODERATE
Research House
Kenanga Target Price
1.04 (2010-09-07)
Accounting Ratio
Return on Equity
19.26%
Dividend Yield
4.44%
Profit Margin
10.83%
Tax Rate
8.73%
Asset Turnover
1.1667
Net Asset Value Per Share
0.49
Net Tangible Asset per share
0.49
Price/Net Tangible Asset Per Share
1.43
Cash Per Share
0.31
Liquidity Current Ratio
2.2704
Liquidity Quick Ratio
2.2387
Liquidity Cash Ratio
0.9417
Gearing Debt to Equity Ratio
0.6893
Gearing Debt to Asset Ratio
0.408
Working capital per thousand Ringgit sale
42.4%
Days to sell the inventory
4
Days to collect the receivables
158
Days to pay the payables
105
My notes based on 2010 quarter 3 report (number in '000):-
- The Group recorded a 29% higher revenue as compared to previous corresponding quarter in 2009 mainly due to the higher revenue contribution from Taiwan and China operations. However, the lower Gross Profit margin of the current quarter mainly due to projects with lower margins
- The Group recorded higher revenue and pbt as compared to the preceding quarter
- Estimate next 4Q eps after 2010 Q3 result announced = 0.095, estimate PE on current price 0.675 = 7.74(DPS 0.03)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.095, estimate highest/lowest PE = 8.63/7.05 (DPS 0.03)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.03*3+0.01 = 0.1, estimate highest/lowest PE = 9.6/6.6 (DPS 0.03)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.03*3+0.01 = 0.1, estimate PE on current price 0.77 = 7.4(DPS 0.03)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.1, estimate highest/lowest PE = 7.7/6.65 (DPS 0.03)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.1, estimate highest/lowest PE = 9/5.8
Revenue decreased but higher than preceding year corresponding quarter, profit slight decreased, also lower than preceding year corresponding quarter, free cash flow increasing but net cash flow decreased , third consecutive quarter profit margin increasing, better liquidity ratio at moderate level now except cash very low, better gearing ratio at above moderate level now, all collection period are acceptable from historical comparison
First Support Price
1.1
Second Support Price
1.0
Risk Rating
HIGH
Accounting Ratio
Return on Equity
19.74%
Dividend Yield
8.26%
Profit Margin
26.59%
Tax Rate
25.85%
Asset Turnover
0.8148
Net Asset Value Per Share
2.36
Net Tangible Asset per share
2.34
Price/Net Tangible Asset Per Share
0.49
Cash Per Share
0.03
Liquidity Current Ratio
2.3945
Liquidity Quick Ratio
0.7362
Liquidity Cash Ratio
0.0299
Gearing Debt to Equity Ratio
0.6479
Gearing Debt to Asset Ratio
0.3765
Working capital per thousand Ringgit sale
46.8%
Days to sell the inventory
258
Days to collect the receivables
86
Days to pay the payables
88
My notes based on 2010 quarter 3 report (number in '000):-
- For this current quarter under review, the Group's revenue has increased by 7% as compared to a revenue in the preceding year corresponding quarter. The increase in revenue is mainly derived from Group's construction division
- Nevertheless, the Group has recorded lower profit before tax in the current quarter as compared to a profit in the preceding year corresponding quarter
- The Group generated lower revenue and profit before tax for the current quarter under review as compared to the preceding quarter due to lower revenue and profits recognition from Group's property development and manufacturing divisions
- Estimate next 4Q eps after 2010 Q3 result announced = 0.28, estimate PE on current price 1.21 = 3.96(DPS 0.1)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.2*0.7*2 = 0.28, estimate highest/lowest PE = 3.25/3 (DPS 0.1)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.12(average of 0.03 per quarter), estimate highest/lowest PE = 10.5/7.5 (DPS 0.1)
- 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 highest/lowest PE = 15.13/7.63 (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
Revenue second consecutive decreasing and lower than preceding year corresponding quarter, profit same with revenue, free cash flow increasing but still negative net cash flow, liquidity ratio decreasing at weak level now, gearing ratio at above moderate level now, receivables period still high, payables period decreasing
First Support Price
0.5
Second Support Price
0.49
Risk Rating
HIGH
Research House
HwangDBS Target Price
0.7 (2010-11-10)
My notes based on 2010 quarter 3 report (number in '000):-
- For the financial period ended 30 September 2010, the Group generated total revenue from continuing operations of RM55.00 million and profit attributable to equity holders of the parent of RM3.32 million. This compares to revenue from continuing operations of RM87.71 million and profit attributable to the equity holders of the parent RM41.43 million for the preceding corresponding financial period ended 30 September 2009
- The decrease in revenue for the financial period ended 30 June 2010 was mainly due to the expiration of the Saturation Diving System contract and the revision of charter rates for the Derrick Lay Barge (“DLB”) from USD95,000 per day for 240 days per annum to a yearly fixed monthly rate of USD1,900,000 per month and USD20,000 for each working day for the 271st day and beyond in the calendar year
- The decrease in profit attributable to equity holders of the parent for the financial period ended 30 September 2010 was due to the decrease in revenue and in addition, the Group had during the financial quarter ended 30 September 2010, written off the development costs of RM8.44mil which was associated with the licensing fee for the Alpha Prime subsea module, allowance for doubtful debt amounting to RM2.90 million, provision for foreseeable loss amounting to RM3.76 million for the disposal of a an associate company and subsidiaries and the impairment of goodwill of RM1.34 million. The above exercise with respect to the development expenditure write off, allowance for doubtful debt, provision for foreseeable loss and impairment of goodwill is non recurrent in nature and is reflected under the operating expenses in the income statement
- The non recurrent transactions as mentioned above had substantially reduced the profit from continuing operations of the Group which otherwise would have achieved profit from continuing operations of RM19.76 million for the financial period ended 30 September 2010
- For the financial quarter ended 30 June 2010, the Group generated total revenue from continuing operations of RM17.70 million and loss attributable to equity holders of the parent of RM8.63 million. This compares to revenue from continuing operations of RM20.75 million and profit attributable to the equity holders of the parent RM8.27 million for the preceding corresponding financial quarter ended 30 September 2009
- The decrease in revenue and profit attributable to equity holders of the parent for the financial quarter ended 30 September 2010 was mainly due to reasons as mentioned above
- For the financial quarter ended 30 September 2010, the Group recorded a loss before tax from continuing operations of approximately RM8.53 million as compared to a profit before taxation of RM5.79 million for the preceding financial quarter ended 30 June 2010
- The loss before tax from continuing operations in the current quarter was mainly due to the write off of the development cost, allowance for doubtful debt, provision for foreseeable loss and the impairment of goodwill as mentioned above, which otherwise the Group would have achieved a profit before tax from continuing operations of RM7.91 million
- Estimate next 4Q eps after 2010 Q3 result announced = 0.008*4*0.9 = 0.0288 (10% drop), estimate PE on current price 0.55 = 19.1
- Estimate next 4Q eps after 2010 Q2 result announced = 0.0087*4*0.9 = 0.0313 (10% drop), estimate highest/lowest PE = 19.49/15.5
- Estimate next 4Q eps after 2010 Q1 result announced = 0.0093*4*0.9 = 0.0335 (10% drop), estimate highest/lowest PE = 17.76/14.63
- Estimate next 4Q eps after 2009 Q4 result announced = 0.0589*0.85 = 0.0501, estimate highest/lowest PE = 13.77/8.38
- Estimate next 4Q eps after 2009 Q3 result announced = 0.0125*4 = 0.05, estimate highest/lowest PE = 12/9.4
Revenue second consecutive slowly increasing but still lower than preceding year corresponding quarter, profit second consecutive decreasing but recovered from loss in preceding year corresponding quarter, Free cash flow and net cash flow also increasing, cash increasing, liquidity ratio increased but still at low level, gearing ratio decreasing but still at high level, receivables and payables period increasing, oil and gas price increasing
First Support Price
1.34
Second Support Price
1.2
Risk Rating
HIGH
Research House
OSK Target Price
1.6 (2010-11-25)
Accounting Ratio
Return on Equity
2.66%
Dividend Yield
-
Profit Margin
0.91%
Tax Rate
19.54%
Asset Turnover
0.485
Net Asset Value Per Share
1.31
Net Tangible Asset per share
1.28
Price/Net Tangible Asset Per Share
1.16
Cash Per Share
0.26
Liquidity Current Ratio
1.4754
Liquidity Quick Ratio
1.4344
Liquidity Cash Ratio
0.346
Gearing Debt to Equity Ratio
2.0116
Gearing Debt to Asset Ratio
0.6645
Working capital per thousand Ringgit sale
19.6%
Days to sell the inventory
7
Days to collect the receivables
163
Days to pay the payables
118
My notes based on 2010 quarter 3 report (number in '000):-
- For the current quarter ended 30 September 2010, the Group recorded a decrease of 11.38% in consolidated revenue as compared to the corresponding quarter ended 30 September 2009. The net profit after tax recorded for the current quarter ended 30 September 2010 of RM1.0 million is 100% higher than a net loss of RM10.28 million recorded in the corresponding quarter ended 30 September 2009
- During the quarter under review, the Group recorded lower revenue as compared to the preceding year quarter due to the completion of engineering equipment contracts in the first half of 2010. Further thereto, MV Tanjung Gelang and MV Tanjung Pinang 3 have completed the respective long term charters. The management of Tanjung is in the midst of procuring new long term charters for the aforesaid vessels in the near term
- The Group’s total revenue for the current quarter of RM137.25 million is similar to the revenue levels recorded in the preceding quarter ended 30 June 2010 of RM137.15 million. The Group’s consolidated net profits registered in the current quarter represents a decrease of 72% as compared to the net profits registered in the preceding quarter ended 30 June 2010. The reduction in the net profit in the current quarter is due to the reduction in the profit from associate company, Hercules Tanjung Asia Sdn Bhd
- EPS improvement from FYQ32009 of 0.0094 to FYQ32010 of 0.0254 is 170.2%
- Estimate next 4Q eps after 2010 Q3 result announced = 0.035*1.1*2 = 0.077(use 100% improvement forecast), estimate PE on current price 1.62 = 20.91(DPS 0.01)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.0124*4*1.1*2 = 0.1091, estimate highest/lowest PE = 17.78/13.84 (DPS 0.01)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.0119*4*1.1*2 = 0.1048, estimate highest/lowest PE = 19.18/10.11 (DPS 0.01)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.0096*4*2 = 0.0768, estimate highest/lowest PE = 16.01/9.4 (DPS 0.01)
Revenue second consecutive quarter increasing but still lower than preceding year corresponding quarter, profit second consecutive quarter increasing, higher than preceding year corresponding quarter also, free cash flow increasing, strong cash, outstanding order book decreased compared to year 2008 and 2009, profit margin increasing, liquidity ratio maintained at low level, gearing ratio decreasing but still at high level
First Support Price
0.98
Second Support Price
0.8
Risk Rating
HIGH
Accounting Ratio
Return on Equity
15.93%
Dividend Yield
3.77%
Profit Margin
10.49%
Tax Rate
25.61%
Asset Turnover
0.7712
Net Asset Value Per Share
1.06
Net Tangible Asset per share
1.0
Price/Net Tangible Asset Per Share
0.97
Cash Per Share
0.56
Liquidity Current Ratio
1.2017
Liquidity Quick Ratio
0.5843
Liquidity Cash Ratio
0.2499
Gearing Debt to Equity Ratio
2.2394
Gearing Debt to Asset Ratio
0.6913
Working capital per thousand Ringgit sale
17.5%
Days to sell the inventory
217
Days to collect the receivables
106
Days to pay the payables
140
My notes based on 2010 quarter 3 report (number in '000):-
- For the current period ended 30 September 2010("Q3 2010"), the Group recorded revenue of RM284.8 million with profit before tax of RM22.5 million as compared with revenue of RM359.9 million with profit before tax of RM23.1 million in the preceding period ended 30 September 2009("Q3 2009"), the decrease was mainly due to decrease in sales resulted from slow order intake in Year 2009 attributed to global slowdown
- The Group recorded a profit before tax of RM12.2 million for the current quarter as compared to the profit before tax of RM6.4 million in the preceding quarter. The increase was mainly due to increase in sales
- Estimate next 4Q eps after 2011 Q3 result announced = 0.1362, estimate PE on current price 1.02 = 7.2(DPS 0.04)
- Estimate next 4Q eps after 2011 Q2 result announced = 0.1602*0.85 = 0.1362(450 million equal to 15% decrease from 2009 Q4 cum_eps), estimate highest/lowest PE = 8.37/5.58 (DPS 0.04)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.1442*0.7 = 0.1009 (30% drop from 0.1442, revenue drop and margin expect will not increase much), estimate highest/lowest PE = 8.42/7.04 (DPS 0.04)
- 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 highest/lowest PE = 6.93/4.92 (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)
4.91+0.045 = 4.96 (PE 12.0, EPS 0.4093, DPS 0.045)
Decision
BUY
Comment
Revenue second consecutive quarter decreasing, also lower than preceding year corresponding quarter, profit decreased but higher than preceding year corresponding quarter, no free cash flow, net cash flow decreasing, largely investment in associates, liquidity ratio decreased but still at moderate level, gearing ratio at below moderate level, receivables collection period getting longer, company share buy back at price below RM4, shortlisted for the LRT extension project, more opportunity from power plant project in India, opportunity of Hydroelectric Power Project from Lao
First Support Price
3.75
Second Support Price
3.4
Risk Rating
MODERATE
Research House
osk Target Price
6.83 (2010-11-24)
Accounting Ratio
Return on Equity
30.27%
Dividend Yield
1.05%
Profit Margin
32.27%
Tax Rate
17.26%
Asset Turnover
0.8327
Net Asset Value Per Share
1.62
Net Tangible Asset per share
1.62
Price/Net Tangible Asset Per Share
2.49
Cash Per Share
0.46
Liquidity Current Ratio
2.1998
Liquidity Quick Ratio
1.9293
Liquidity Cash Ratio
0.6535
Gearing Debt to Equity Ratio
0.4301
Gearing Debt to Asset Ratio
0.2794
Working capital per thousand Ringgit sale
40.2%
Days to sell the inventory
48
Days to collect the receivables
156
Days to pay the payables
160
My notes based on 2010 quarter 3 report (number in '000):-
- The growth in revenue and profit before taxation of 45.4% and 166.7% respectively were mainly attributable to the increased level of activities during the current quarter as compared to the previous corresponding quarter
- Both revenue and profit before taxation decreased by 12.8% and 4.9% during the current quarter as compared to the preceding quarter
- Estimate next 4Q eps after 2010 Q3 result announced = 0.1137*0.9*4 = 0.4093, estimate PE on current price 4.3 = 10.4(DPS 0.045)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.1235*0.9*4 = 0.4446(based on preceding quarter eps to minus 10% adjustment due to revenue dropped 12%), estimate highest/lowest PE = 10.34/8.54 (DPS 0.045)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.1235*4 = 0.494, estimate highest/lowest PE = 12.27/7.51 (DPS 0.04)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.1102*4 = 0.4408, estimate highest/lowest PE = 12.51/10.81 (DPS 0.036)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.0948*4 = 0.3792, estimate highest/lowest PE = 13.76/10.68 (DPS 0.031)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.0711*4 = 0.2844, estimate highest/lowest PE = 14.31/11.25 (DPS 0.031)
- Estimate next 4Q eps after 2009 Q1 result announced = 0.0377*4 = 0.1508, estimate highest/lowest PE = 24.6/9.08 (DPS 0.031)
- Estimate next 4Q eps after 2008 Q4 result announced = 0.0278*4 = 0.1112, estimate highest/lowest PE = 13.98/9.58 (DPS 0.045)
Revenue decreased, also lower than preceding year corresponding quarter, profit increased but lower than preceding year corresponding quarter, cash from profit before taxation not enough to repay the expenses but still strong cash, liquidity decreasing at around moderate level, gearing ratio increasing at moderate level, working capital per sales decreasing, payables period increasing, USD against MYR slowly strengthening
First Support Price
1.6
Second Support Price
1.5
Risk Rating
HIGH
Research House
osk Target Price
1.45 (2010-12-16)
Accounting Ratio
Return on Equity
16.00%
Dividend Yield
2.69%
Profit Margin
12.65%
Tax Rate
-
Asset Turnover
0.5883
Net Asset Value Per Share
1.55
Net Tangible Asset per share
1.55
Price/Net Tangible Asset Per Share
1.05
Cash Per Share
0.24
Liquidity Current Ratio
1.9132
Liquidity Quick Ratio
1.4167
Liquidity Cash Ratio
0.5281
Gearing Debt to Equity Ratio
0.6512
Gearing Debt to Asset Ratio
0.3932
Working capital per thousand Ringgit sale
28.2%
Days to sell the inventory
68
Days to collect the receivables
100
Days to pay the payables
86
My notes based on 2010 quarter 4 report (number in '000):-
- The Group recorded revenue and profit after taxation ("PAT") of approximately RM53.0 million and RM8.2 million respectively for the quarter ended 30 September 2010. Refer Notes B2. and B3.
below for a detailed review of the Group's performance
- For 4Q of FY2010 the Group recorded revenue of RM53.0 million (3QFY2010 : RM60.8 million) and PAT of RM8.2 million (3QFY2010 : RM3.1 million) and earnings per share of 5.23 sen
(3QFY2010 : 1.92 sen). The lower revenue is mainly attributable to decrease in sales from HDD segment and the lower USD foreign exchange rate versus the Malaysian Ringgit. The
improvement in PAT of about RM5.1 million is mainly attributable to lower R&D cost, improved material yield, less incidence of rework and quality issue, foreign exchange gain from hedging
contracts and reinvestment allowances resulting in lower taxation
- The Group recorded an increase of 68.7% PBT as compared to the immediate preceding quarter
- For the current year todate, total revenue was RM226.8 million and PAT was RM37.5 million compared to the corresponding period of the preceding year of RM172.7 million and RM35.9 million
respectively. Yoy the revenue and profit after tax was 31.3% and 4% higher respectively
- In Q4FY2010, HDD parts revenue recorded RM18.3 million (Q3FY2010: RM27.9 million), camera parts recorded RM25.6 million (Q3FY2010: RM23.3 million) whilst the industrial/automotive
revenue was at RM9.1 million (Q3FY2010: RM9.6 million). The product mix for Q4FY2010 was HDD:Camera:Industrial/Automotive of 35%:48%:17% compared to previous quarter's mix of
46%:38%:16%
- Estimate next 4Q eps after 2010 Q4 result announced = 0.0523*4*0.9 = 0.1883, estimate PE on current price 1.63 = 8.42(DPS 0.045)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.0192*3+0.0806 = 0.1382(It may take 3Q to apply corrective measures to control costs, minimise rejects and maximise its production capacity), estimate highest/lowest PE = 15.16/10.67 (DPS 0.025)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.3788 (0.1804*2 = 0.3608, 5% grow from 0.3608), estimate highest/lowest PE = 8.65/5.24 (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)
Revenue slow down but profit still increasing, import & export increased on October, consumer price index increasing
First Support Price
8.1
Second Support Price
7.7
Risk Rating
LOW
Research House
OSK Target Price
9.77 (2010-11-23)
Accounting Ratio
Return on Equity
14.79%
Dividend Yield
4.26%
Profit Margin
40.71%
Tax Rate
19.87%
Asset Turnover
0.0442
Net Asset Value Per Share
3.24
Net Tangible Asset per share
1.81
Price/Net Tangible Asset Per Share
4.65
Cash Per Share
4.85
Liquidity Current Ratio
1.1072
Liquidity Quick Ratio
0.8994
Liquidity Cash Ratio
0.1562
Gearing Debt to Equity Ratio
10.2101
Gearing Debt to Asset Ratio
0.906
Working capital per thousand Ringgit sale
208.3%
Days to sell the inventory
2680
Days to collect the receivables
4863
Days to pay the payables
12128
My notes based on 2010 quarter 3 report (number in '000):-
- For 3Q10, the Group‟s net profit was 3.0% higher than 2Q10, and 26.0% above its 3Q09 net profit
- The Group‟s 3Q10 revenues were 4.1% lower versus 2Q10, but net profits were 3.0% higher on a Q-o-Q basis
- The Group‟s Malaysian Consumer Banking division PBT fell by 13.9% Q-o-Q due to lower recoveries at GSAM and higher provisions for business banking accounts. Corporate and Investment Banking declined by 6.8% but Treasury and Investments surged 32.0%. CIMB Niaga‟s PBT contribution was 13.6% lower Q-o-Q due to the higher gains from legacy bond sales in 2Q10. GAM and Insurance PBT contributions declined 7.1% to RM26 million. CIMB Thai‟s PBT contribution (after GAAP adjustments) jumped by 75.0% Q-o-Q to RM35 million versus RM20 million in 2Q10
- On 29 October 2010, CIMB Niaga reported the 3Q10 net profit of IDR666 billion was 10.1% higher than 2Q10 primarily due to stronger revenue and lower provisions
- Estimate next 4Q eps after 2010 Q3 result announced = 0.1267*4*0.97 = 0.4916, estimate PE on current price 8.31 = 16.54(DPS 0.18)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.125*4*1.1 = 0.55, estimate highest/lowest PE = 15.42/13.78 (DPS 0.14)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.2366*4*1.1 = 1.041(10% increase quarter-by-quarter), after bonus estimate eps = 1.041/2 = 0.5205, estimate highest/lowest PE = 15.19/12.46 (DPS 0.185/2 = 0.0925)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.2268*4*1.1 = 0.9979, estimate highest/lowest PE = 14.67/12.5 (DPS 0.185)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.2058*4*1.1 = 0.9055, estimate highest/lowest PE = 14.72/13.04 (DPS 0.25)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.1879*4*1.1 = 0.8268, estimate highest/lowest PE = 15.59/11.73 (DPS 0.25)
PHARMANIAGA BERHAD is an investment holding company. Pharmaniaga is an integrated local healthcare company, focused on pharmaceutical industry and its principal activities include research and development and manufacturing of generic pharmaceuticals; logistics and distribution; sales and marketing; supply of medical products and services, and hospital equipping to the public and private sectors. It operates in four business segments: pharmaceutical manufacturing, which is engaged in manufacturing pharmaceutical products; pharmaceutical trading, marketing and distribution, which is engaged in purchasing, storage, distribution and marketing of pharmaceutical and medical products; medical products and services, which is engaged in the supply and installation of medical and hospital equipment, and other operations, which is engaged in investment holding. On July 2, 2008, the Company acquired Pharmaniaga Biovention Sdn Bhd.
Revenue and profit decreased but still higher than preceding year, bad cash flow, low cash, lower profit margin, slightly better liquidity ratio but still at low level, better gearing ratio but still at above moderate level, inventory, receivables and payables ratio are acceptable, health index still high
First Support Price
5.4
Second Support Price
5.0
Risk Rating
HIGH
Accounting Ratio
Return on Equity
12.31%
Dividend Yield
8.58%
Profit Margin
4.25%
Tax Rate
40.62%
Asset Turnover
1.6228
Net Asset Value Per Share
3.97
Net Tangible Asset per share
3.7
Price/Net Tangible Asset Per Share
1.46
Cash Per Share
0.27
Liquidity Current Ratio
1.3418
Liquidity Quick Ratio
0.7184
Liquidity Cash Ratio
0.0783
Gearing Debt to Equity Ratio
0.8897
Gearing Debt to Asset Ratio
0.462
Working capital per thousand Ringgit sale
9.6%
Days to sell the inventory
68
Days to collect the receivables
63
Days to pay the payables
93
My notes based on 2010 quarter 3 report (number in '000):-
- In the current quarter under review, the Group's revenue was 1.3% higher from the same quarter last year, mainly due to higher sales to government sector
- The Group‟s profit before tax also increased by 63.8% from the same quarter last year. This was mainly due to higher gross profit margin as a result of the improvement in the production throughput during the current quarter
- The Group‟s revenue for the current quarter decreased by 4.6% from the immediate preceding quarter to the current quarter. The contraction in Group's revenue was mainly attributable to lower sales to government sector
- In line with the lower revenue in the current quarter, the Group's profit before tax registered a decrease of 24.1% from the immediate preceding quarter to current quarter. The decrease was further contributed by lower gross profit from private sector
- Estimate next 4Q eps after 2010 Q3 result announced = 0.1017*4 = 0.4068, estimate PE on current price 5.48 = 12.81(DPS 0.27)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.1124*4 = 0.4496, estimate highest/lowest PE = 11.99/11.41 (DPS 0.27)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.5139*0.9 = 0.4625, estimate highest/lowest PE = 11.55/10.34 (DPS 0.27)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.5626, estimate highest/lowest PE = 8.85/6.99 (DPS 0.37)
Amount due from intermediate holding company (A-1)
Amounts due from Group Companies (A-1)
Cash and cash equivalents (A-1)
Current asset classified as held for sales (A-1)
Current tax assets (A-1)
Fixed deposits with licensed banks (A-1)
Inventories (A-1)
Other receivables (A-1)
Deferred tax liabilities (L-0)
Loans & borrowings (L-0)
Provision for defined benefit plan (L-0)
Amount due to associated companies (L-1)
Amount due to immediate holding company (L-1)
Amount due to intermediate holding company (L-1)
Amounts due to Group Companies (L-1)
Current portion of long-term borrowings (L-1)
Current tax liabilities (L-1)
Dividend payable (L-1)
Loans & borrowings (L-1)
Other payables (L-1)
Minority interest (M-1)
2010
3
3421
28820
-
5621
2971
276032
1298
-
9619
29179
-
9491
-
232445
218283
1530
-
3126
1335
230
-
22
-
2022
-
51123
318135
15325
2010
2
4589
28820
-
5707
2992
276844
1225
-
9289
102047
-
9233
-
225964
220636
1530
-
3026
2731
152
-
22
15000
2781
37709
46343
345693
15476
2010
1
5207
28820
-
5821
3013
275703
1225
-
14080
63701
-
7403
-
212011
216446
3131
-
2905
58
120
-
45
14968
1909
-
43318
311739
15705
2009
4
3904
28820
-
6562
3033
277515
1789
-
15699
104408
-
8030
-
228067
140418
3131
7429
2449
4571
428
-
100
18537
3964
-
39539
291761
15703
2009
3
4705
30620
261
7148
3054
263519
1542
-
20898
19760
14593
9245
35800
197595
260091
3131
8546
-
1552
176
-
210
22558
3571
-
40485
365436
15499
2009
2
3559
30620
419
7443
3074
258437
2570
-
21511
23792
14593
4242
63150
176017
259111
3236
24223
-
3150
194
-
190
26700
685
21663
36807
336698
15164
2009
1
3462
30620
577
7693
3095
257094
2700
-
22933
17632
47282
2472
30700
158727
234799
3236
25329
-
3159
319
-
520
30750
-
6
32682
306811
14338
2008
4
3246
30620
735
7382
3116
257804
3091
-
19752
35873
47282
1607
58300
162210
167300
3236
26238
1474
2112
21
-
2244
54185
981
6
41722
263897
14167
2008
3
3132
31620
893
6441
21368
250263
4414
20
18108
73122
32728
3119
7
187341
274024
5847
40957
-
2575
-
-
1600
51830
4665
6
91342
319553
14034
2008
2
2910
31620
1052
7114
21378
245444
-
20
5767
24049
33838
1916
1980
178188
389577
3784
49123
-
1837
-
-
2398
45867
9831
19259
88133
348563
13576
2008
1
2696
31620
2210
6662
21399
242823
9254
20
15384
21747
33965
2862
8
181168
311538
3762
53626
-
337
-
-
1766
43238
7719
7
57323
334591
13226
2007
4
2297
31620
2368
6441
3197
259247
1087
18
13698
56132
33965
2796
8
182130
289845
3767
58486
-
716
-
-
2561
33000
3842
7
133449
286561
12789
2007
3
2522
31620
2526
6158
23127
269761
3979
20
12811
13983
-
1820
32461
172571
347249
2832
77602
-
312
64
-
3548
32550
10704
35
117647
326849
12411
2007
2
3628
31620
2685
6474
23289
268415
6150
20
13851
37341
-
3302
970
167483
288542
3767
82055
-
-
64
-
2617
32100
4633
16044
102562
282806
12152
2007
1
2120
31620
2843
6011
23337
255967
7142
20
15786
22597
-
3943
1136
152166
301416
3767
86508
-
-
64
-
2131
31650
2659
-
129904
236317
11575
2006
4
2207
31620
3001
6283
23351
252553
7830
20
16198
68573
-
5286
1161
171704
237998
3767
90960
-
-
152
58
4932
31200
1526
-
133416
234383
11151
Financial Quarter Income Statement
year
qrt
Revenue
Income tax expense
Cost of sales
Finance/interest costs
Other income/expenses
Administrative/Operating expenses
Minority interest
Share of profit/ (loss) of associates
Zakat
2010
3
334337
5770
282670
1018
258
35416
151
86
1200
2010
2
350335
5809
293891
825
1277
36456
229
113
-
2010
1
317560
3122
272621
992
1074
31848
2
742
-
2009
4
323906
5372
271341
1146
8585
31928
204
586
-
2009
3
329962
3032
283779
1062
172
35572
336
294
-
2009
2
333212
5814
277422
1078
4331
34456
826
250
-
2009
1
313716
5491
264420
1181
204
28445
171
310
-
2008
4
328243
6574
268313
1590
2085
36870
133
941
-
2008
3
314288
6593
260955
1661
201
33560
458
672
-
2008
2
353465
7631
295744
1160
547
36471
350
451
-
2008
1
309650
8392
248767
1856
287
32161
437
221
-
2007
4
292817
7125
243299
2674
1304
24860
378
284
-
2007
3
334700
10354
265001
2353
474
35654
259
251
-
2007
2
300231
4964
256315
2224
115
30075
577
449
-
2007
1
256235
3737
218975
2441
455
24772
424
272
-
2006
4
266941
2655
226926
2924
8556
46304
368
-
-
Short form reference a_date = announcement date, yr = financial year end, qrt = quarter h_price = stock highest price during the quarter, l_price = stock lowest price during the quarter div = dividend recommend or declare in the quarter, roe = return on equity c_roe = cumulative of return on equity during the financial year rev = revenue in the current quarter, c_rev = cumulative of revenue during the financial year pbt = profit before tax in the current quarter, c_pbt = cumulative of profit before tax during the financial year eps = earnings per share in the current quarter, c_eps = cumulative of earnings per share during the financial year asset = total asset, liab = total liability, mino = minority interest, equi = total equity cfo = net cash flow from operating activities, cfi = net cash flow from investing activities cff = net cash flow from financing activities, cash = cash and cash equivalents as at beginning of financial year final = cash and cash equivalents as at current financial period ended share = diluted/basic weighted average number of ordinary shares c_share = cumulative of diluted/basic weighted average number of ordinary shares during the financial year m_cap = market capital at announcement date of quarterly report, date = current financial period ended date prof_m = profit margin, vat = income tax rate, pe = price earning per share ratio of recent four quarter navps = net asset value per share, ntaps = net tangible asset per share, cps = cash per share l_cur = liquidity current ratio, l_qui = liquidity quick ratio, l_cash = liquidity cash ratio g_de = gearing debt to equity ratio, g_da = gearing debt to assets ratio avg_w = working capital per thousand Ringgit sale inv_d = days to sell the inventory, rec_d = days to collect the receivables pay_d = days to pay the payables
