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Monday, January 31, 2011

KLCI Stock - PETDAG / 5681 - 2011 Quarter 2

Company Info
Market Capital (Capital Size)12,000,924,320 (Very Large)
Par ValueRM 1.00

My Analysis
Forecast P/E now(12.08-0.85)/0.852 = 13.18 (Moderate)
Target Price12.78+0.85 = 13.63 (PE 15.0, EPS 0.852, DPS 0.85)
DecisionBUY
Comment
Revenue continuous increasing since FY09Q4, eps second consecutive increasing and also higher than preceding year corresponding quarter, free and positive net cash flow increasing, low liquidity ratio, moderate gearing ratio, all accounting period are good, crude oil price increasing
First Support Price10.8
Second Support Price10.0
Risk RatingMODERATE

Research House
CIMB Target Price14.7 (2010-11-16)
TA Target Price12.96 (2011-01-06)

Accounting Ratio
Return on Equity16.42%
Dividend Yield4.97%
Profit Margin5.17%
Tax Rate27.06%
Asset Turnover2.7786
Net Asset Value Per Share4.66
Net Tangible Asset per share4.66
Price/Net Tangible Asset Per Share2.39
Cash Per Share1.45
Liquidity Current Ratio1.3004
Liquidity Quick Ratio1.0286
Liquidity Cash Ratio0.4795
Gearing Debt to Equity Ratio0.6796
Gearing Debt to Asset Ratio0.4026
Working capital per thousand Ringgit sale4.1%
Days to sell the inventory14
Days to collect the receivables28
Days to pay the payables50

My notes based on 2011 quarter 2 report (number in '000):-
- Group revenue for the quarter and period ended 30 September 2010 increased by RM344.3 million and RM1020.9 million to RM5496.3 million and RM10952.8 million respectively, from the results of the corresponding period last year. The increases resulted from higher product average selling prices and higher sales volume

- Group pbt for the quarter and period ended 30 September 2010 increased by RM8.4 million and RM3.5 million to RM284.8 million and RM561.5 million respectively, from the corresponding period last year due to lower operating expenditures

- The Group revenue for the current quarter was RM5496.3 million, an increase of RM39.8 million from the results of the preceding quarter. The increase in revenue was due to higher sales volume

- Group pbt for the current quarter was RM284.3 million, an increase of RM7.1 million compared to the preceding quarter pbt of RM277.2 million mainly due to higher gross profit rising from higher sales volume and lower average product costs

- Estimate next 4Q eps after 2011 Q2 result announced = 0.2068*4*1.03 = 0.852, estimate PE on current price 12.08 = 13.18(DPS 0.85)
- Estimate next 4Q eps after 2011 Q1 result announced = 0.7579*1.05 = 0.7958, estimate highest/lowest PE = 14.2/11.96 (DPS 0.6)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.7579*0.95 = 0.72(5% drop due to lower gross profit compared to the preceding quarter), estimate highest/lowest PE = 13.81/11.26 (DPS 0.6)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.1885*4 = 0.754, estimate highest/lowest PE = 11.63/10.84 (DPS 0.48)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.2005*4 = 0.802, estimate highest/lowest PE = 10.66/10.06 (DPS 0.48)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.2067*4 = 0.8268, estimate highest/lowest PE = 10.52/9.65 (DPS 0.45)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.1735*4 = 0.694, estimate highest/lowest PE = 11.84/10.73 (DPS 0.45)

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KLCI Stock - PELIKAN / 5231 - 2010 Quarter 3

Company Info
Market Capital (Capital Size)656,378,958 (Medium)
Par ValueRM 1.00

My Analysis
Forecast P/E now(1.28-0.02)/0.09 = 14.00 (High)
Target Price0.81+0.02 = 0.83 (PE 9.0, EPS 0.09, DPS 0.02)
DecisionNOT BUY
Comment
Revenue is highest all the time, eps second consecutive quarter decreasing but still higher than preceding year corresponding quarter , largely negative free cash flow but positive net cash flow increased, low liquidity ratio, high gearing ratio, all accounting period as usual, Europe index increasing
First Support Price1.2
Second Support Price1.0
Risk RatingMODERATE

Research House
MIDF Target Price1.65 (2010-11-25)

Accounting Ratio
Return on Equity15.27%
Dividend Yield1.56%
Profit Margin4.91%
Tax Rate22.01%
Asset Turnover0.738
Net Asset Value Per Share1.72
Net Tangible Asset per share1.51
Price/Net Tangible Asset Per Share0.8
Cash Per Share0.31
Liquidity Current Ratio1.5879
Liquidity Quick Ratio0.9239
Liquidity Cash Ratio0.2449
Gearing Debt to Equity Ratio1.404
Gearing Debt to Asset Ratio0.5748
Working capital per thousand Ringgit sale25.8%
Days to sell the inventory105
Days to collect the receivables108
Days to pay the payables91

My notes based on 2010 quarter 3 report (number in '000):-
- The Group’s revenue for the current financial quarter was RM534.0 million compared to RM312.6 million for the corresponding quarter last year as a result of the full consolidation of the newly acquired Herlitz business. The strengthening of the Ringgit Malaysia (“RM”) against the Group’s major trade currencies such as Euro and United States Dollar (“USD”) has resulted in lower translation of revenues into the reporting currency. The Euro and USD have weakened by 12.7% and 9.0% respectively compared to the corresponding quarter last year. The profit after tax after minority interest for the current quarter improved to RM15.6 million from RM9.3 million for the corresponding quarter last year

- The Group’s revenue for the 9 months financial period was RM1.3 billion as compared to RM941.2 million for the corresponding 9 months period last year. Profit after tax after minority interest for the 9 months was RM151.7 against RM44.2 last year after taking into consideration negative goodwill and provision for related expenses recognised in the first half of 2010

- In the current quarter, the Group’s revenue increased to RM534.0 million compared to RM492.1 million in the preceding quarter. The increase is mainly due to higher sales of Herlitz group in the current quarter. The profit before taxation, on the other hand, had decreased from RM27.8 million in the preceding financial quarter to RM26.2 million in the current financial quarter. This is mainly due to the additional negative goodwill of RM4.1 million recognised on the additional Herlitz share purchases in the preceding financial quarter

- The Group expected lower results in the fourth quarter of 2010 which is traditionally one of the weakest quarters

- Estimate next 4Q eps after 2010 Q3 result announced = 0.09, estimate PE on current price 1.28 = 14(DPS 0.02)

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Sunday, January 30, 2011

KLCI Stock - PETGAS / 6033 - 2011 Quarter 2

Company Info
Market Capital (Capital Size)22,161,797,448 (Very Large)
Par ValueRM 1.00

My Analysis
Forecast P/E now(11.2-0.5)/0.6266 = 17.08 (Moderate)
Target Price12.53+0.5 = 13.03 (PE 20.0, EPS 0.6266, DPS 0.5)
DecisionBUY
Comment
Revenue second consecutive quarter increasing and also higher than preceding year corresponding quarter, eps is highest all the time, free cash flow increased but net cash flow decreased, very strong liquidity ratio, low gearing ratio, all accounting period are good, gas price increasing
First Support Price10.9
Second Support Price10.7
Risk RatingLOW

Research House
AMMB Target Price13.6 (2010-12-01)
Maybank Target Price14.1 (2010-12-01)
MIDF Target Price12 (2010-12-01)
RHB Target Price13.51 (2010-12-01)
OSK Target Price13.54 (2011-01-21)
ECM Target Price13.64 (2011-01-27)

Accounting Ratio
Return on Equity15.45%
Dividend Yield4.46%
Profit Margin58.21%
Tax Rate23.04%
Asset Turnover0.3381
Net Asset Value Per Share4.09
Net Tangible Asset per share4.09
Price/Net Tangible Asset Per Share2.72
Cash Per Share1.28
Liquidity Current Ratio11.5736
Liquidity Quick Ratio11.0132
Liquidity Cash Ratio9.6262
Gearing Debt to Equity Ratio0.2255
Gearing Debt to Asset Ratio0.184
Working capital per thousand Ringgit sale83.0%
Days to sell the inventory28
Days to collect the receivables40
Days to pay the payables22

My notes based on 2011 quarter 2 report (number in '000):-
- Revenue for the quarter ended 30 September 2010 was RM868.4 million (quarter ended 30 September 2009: RM823.2 million). The increase was due to higher gas processing and gas transportation revenue

- Profit before tax for the quarter ended 30 September 2010 was RM505.5 million (quarter ended 30 September 2009: RM268.7 million). The increase in profit was mainly due to higher revenue and lower cost of revenue. Accordingly, profit after tax for the quarter ended 30 September 2010 was RM389.0 million (quarter ended 30 September 2009: RM204.0 million)

- Revenue for the current quarter was RM868.4 million, a decrease of RM4.2 million from the preceding quarter due to lower gas processing revenue

- Profit before tax for the current quarter of RM505.5 million was RM7.7 million lower than the preceding quarter mainly due to lower revenue and higher cost of revenue

- Estimate next 4Q eps after 2011 Q2 result announced = 0.6266, estimate PE on current price 11.2 = 17.08(DPS 0.5)
- Estimate next 4Q eps after 2011 Q1 result announced = 0.5331*0.95 = 0.5064, estimate highest/lowest PE = 25.63/19.31 (DPS 0.5)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.4612(3% dropped from 0.4755), estimate highest/lowest PE = 21.47/19.8 (DPS 0.5)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.5(0.37+0.13), estimate highest/lowest PE = 19.2/18.12 (DPS 0.5)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.47, estimate highest/lowest PE = 20.21/19.26 (DPS 0.5)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.47, estimate highest/lowest PE = 20.21/19.47 (DPS 0.5)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.47, estimate highest/lowest PE = 21.06/19.15 (DPS 0.5)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.47, estimate highest/lowest PE = 20.21/18.94 (DPS 0.05)

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Saturday, January 29, 2011

KLCI Stock - MYEG / 0138 - 2011 Quarter 1

Company Info
Market Capital (Capital Size)489,856,565 (Small)
Par ValueRM 0.10
BoardACE

My Analysis
Forecast P/E now(0.815-0.0050)/0.0352 = 23.01 (High)
Target Price0.70+0.0050 = 0.71 (PE 20.0, EPS 0.0352, DPS 0.0050)
DecisionNOT BUY
Comment
Revenue decreased but still higher than preceding year corresponding quarter, eps largely decreased and lower than preceding year corresponding quarter, got free and positive net cash flow, strong liquidity ratio, very low liquidity ratio, higher receivables, invest into tax monitoring system
First Support Price0.75
Second Support Price0.73
Risk RatingHIGH

Accounting Ratio
Return on Equity23.48%
Dividend Yield1.35%
Profit Margin18.36%
Tax Rate1.37%
Asset Turnover0.6428
Net Asset Value Per Share0.15
Net Tangible Asset per share0.13
Price/Net Tangible Asset Per Share5.69
Cash Per Share0.02
Liquidity Current Ratio4.815
Liquidity Quick Ratio4.815
Liquidity Cash Ratio1.4838
Gearing Debt to Equity Ratio0.1405
Gearing Debt to Asset Ratio0.1232
Working capital per thousand Ringgit sale45.5%
Days to sell the inventory-
Days to collect the receivables145
Days to pay the payables45

My notes based on 2011 quarter 1 report (number in '000):-
- The Group posted Revenue and Profit after Taxation (“PAT”) of RM15.47 million and RM2.80 million respectively for the first financial quarter (“Q1 FY2011”) and year to date period ended 30 September 2010 (“3M FY2011”) as compared to RM13.60 million and RM4.47 million respectively in the corresponding quarter (“Q1 FY2010”) and year to date period ended 30 September 2009 (“3M FY2010”)

- The increase of RM1.87 million (13.8%) in Revenue is primarily attributable to the encouraging growth for our online renewal of insurance, road tax transactions and its related services

- However, PAT decreased by RM1.67 million (36.9%) primarily due to:-
i) higher marketing expenses due to MYEG’s 2010 FIFA World Cup advertising campaign to further enhance MYEG’s brand name
ii) an increase in Direct Expenses consistent with the increase in revenue

- For the Quarter under review, the Group’s revenue and PAT decreased by RM1.63 million and RM3.02 million respectively as compared to Q4 FY2010. The decrease in revenue and PAT is primarily attributable to seasonality factor where demand for JPJ new licences decreased in Q1 FY2011. In addition, PAT was also affected by an increase in marketing expenses due to the advertising campaign during the 2010 FIFA World Cup

- Estimate next 4Q eps after 2011 Q1 result announced = 0.032*1.1 = 0.0352, estimate PE on current price 0.815 = 23.01(DPS 0.005)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.0097*4*1.1 = 0.0427, estimate highest/lowest PE = 19.32/16.16 (DPS 0.005)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.0088*4 = 0.0352, estimate highest/lowest PE = 24.57/14.91 (DPS 0.01)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.0079*4 = 0.0316, estimate highest/lowest PE = 20.57/12.66 (DPS 0.01)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.0074*4 = 0.0296, estimate highest/lowest PE = 18.44/13.88 (DPS 0.0092)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.0069*4 = 0.0276, estimate highest/lowest PE = 19.63/14.37 (DPS 0.01835)

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Friday, January 28, 2011

KLCI Stock - PBBANK / 1295 - 2010 Quarter 4

Company Info
Market Capital (Capital Size)33,129,464,325 (Very Large)
Par ValueRM 1.00

My Analysis
Forecast P/E now(13.4-0.58)/0.9664 = 13.27 (Moderate)
Target Price14.11+0.58 = 14.69 (PE 15.0, EPS 0.9664, DPS 0.58)
DecisionBUY
Comment
Revenue is highest all the time, eps same with revenue, neither got free nor positive net cash flow, major consumer price index still uptrend
First Support Price12.7
Second Support Price12.5
Risk RatingLOW

Research House
RHB Target Price15.4 (2011-01-17)
AMMB Target Price14.3 (2011-01-21)
Affin Target Price13.8 (2011-01-24)
ECM Target Price14.2 (2011-01-26)
HwangDBS Target Price13.1 (2011-01-26)
Kenanga Target Price14.8 (2011-01-26)
Maybank Target Price14.1 (2011-01-26)
TA Target Price14.8 (2011-01-26)

Accounting Ratio
Return on Equity22.27%
Dividend Yield4.33%
Profit Margin38.04%
Tax Rate23.90%
Asset Turnover0.0488
Net Asset Value Per Share3.73
Net Tangible Asset per share3.18
Price/Net Tangible Asset Per Share4.19
Cash Per Share12.18
Liquidity Current Ratio1.0874
Liquidity Quick Ratio0.9417
Liquidity Cash Ratio0.2086
Gearing Debt to Equity Ratio16.3159
Gearing Debt to Asset Ratio0.9395
Working capital per thousand Ringgit sale162.0%
Days to sell the inventory4844
Days to collect the receivables5093
Days to pay the payables32705

My notes based on 2010 quarter 4 report (number in '000):-
- The Group's pre-tax profit for the financial year ended 31 December 2010 of RM4,086.2 million was RM764.8 million or 23.0% higher than the previous year of RM3,321.4 million. Net profit attributable to equity holders improved by RM530.9 million or 21.1% to RM3,048.2 million. The improved earnings was mainly due to higher net interest and net income from Islamic banking business by RM650.7 million (13.8%), higher net fee and commission income by RM175.9 million (20.6%) and higher other operating income by RM84.4 million (39.5%). The higher net fee and commission income was mainly due to higher income from the fund management business whereas the higher other operating income was mainly due to higher income from the foreign exchange business. In addition to the growth in various sources of income, impairment allowances on loans and other assets had shown a drop of RM41.3 million, which partly contributed to the higher profit. These were partially offset by higher other operating expenses by RM157.6 million which was mainly due to the increase in personnel costs resulting from the expansion of marketing sales force and higher business volume

- The growth in the Group’s net interest income and income from Islamic banking business was driven by continued strong loans and core deposits growth coupled with sustained strong asset quality, as well as the impact of the various increases in overnight policy rate during the year. Gross loans had grown by 13.8% to RM156.5 billion as at 31 December 2010 as compared to RM137.6 billion as at 31 December 2009 mainly arising from financing of small- and medium-sized enterprises (“SMEs”), residential mortgages and financing of passenger vehicles. Total core deposits from customers had also grown by 12.6% or RM16.0 billion as compared to 31 December 2009 which partly contributed to the higher net interest income for the current year

- The Group's domestic commercial bank, Public Bank, recorded a pre-tax profit of RM3,677.7 million for the financial year ended 31 December 2010 and was 31.9% higher than the pre-tax profit of RM2,789.2 million achieved in the previous year. This was mainly due to higher net interest income, higher dividend income from subsidiaries, higher net fee and commission income as well as higher foreign exchange income

- Pre-tax profit contribution from the Group's overseas operations increased by RM71.7 million or 29.9% from the previous year to RM311.5 million, mainly due to lower loan impairment allowances in the current year

- For the 4th quarter ended 31 December 2010, the Group registered a pre-tax profit of RM1,130.3 million, an improvement of RM230.0 million or 25.6% as compared to the previous corresponding quarter. This was achieved on the back of strong loans and deposits growth and stable asset quality. Earning attributable to equity holders grew by 24.8% or RM168.0 million over the same period

- The Group's pre-tax profit of RM1,130.3 million for the 4th quarter ended 31 December 2010 shows an increase of RM78.9 million or 7.5% as compared to the pre-tax profit of RM1,051.4 million for the preceding quarter ended 30 September 2010. Net profit attributable to equity holders increased by RM63.5 million or 8.1% over the same period. The improved performance was mainly attributable to lower loan impairment allowances by RM59.4 million, higher net interest and income from Islamic banking business by RM32.8 million and higher net fee and commission income by RM33.4 million. These was partially offset by higher other operating expenses by RM27.9 million

- Estimate next 4Q eps after 2010 Q4 result announced = 0.2416*4 = 0.9664, estimate PE on current price 13.4 = 13.27(DPS 0.5)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.2235*4 = 0.894, estimate highest/lowest PE = 14.65/13.42 (DPS 0.5)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.2096*4 = 0.8384, estimate highest/lowest PE = 14.69/13.62 (DPS 0.5)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.197*4 = 0.788, estimate highest/lowest PE = 14.87/13.59 (DPS 0.55)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.1965*4 = 0.786, estimate highest/lowest PE = 14.64/13.22 (DPS 0.55)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.1852*4 = 0.7408, estimate highest/lowest PE = 15.65/13.59 (DPS 0.55)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.177*4 = 0.708, estimate highest/lowest PE = 14.34/13.12 (DPS 0.55)
- Estimate next 4Q eps after 2009 Q1 result announced = 0.1744*4 = 0.6976, estimate highest/lowest PE = 14.19/11.11 (DPS 0.5)
- Estimate next 4Q eps after 2008 Q4 result announced = 0.1949*4 = 0.7796, estimate highest/lowest PE = 11.22/8.34 (DPS 0.5)

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KLCI Stock - MPHB / 3859 - 2010 Quarter 3

Company Info
Market Capital (Capital Size)2,543,486,823 (Large)
Par ValueRM 1.00

My Analysis
Forecast P/E now(2.36-0.05)/0.2736 = 8.44 (Moderate)
Target Price2.74+0.05 = 2.79 (PE 10.0, EPS 0.2736, DPS 0.05)
DecisionBUY
Comment
Revenue second consecutive quarter decreasing but still higher than preceding year corresponding quarter, eps increased and higher than preceding year corresponding quarter, free cash flow increasing but still negative net cash flow, moderate liquidity ratio, very high gearing ratio, all accounting period as usual, possible of joint development of lands
First Support Price2.1
Second Support Price2.0
Risk RatingMODERATE

Accounting Ratio
Return on Equity12.02%
Dividend Yield2.12%
Profit Margin16.23%
Tax Rate8.38%
Asset Turnover0.5964
Net Asset Value Per Share2.13
Net Tangible Asset per share-0.56
Price/Net Tangible Asset Per Share-3.79
Cash Per Share0.92
Liquidity Current Ratio2.4226
Liquidity Quick Ratio2.4155
Liquidity Cash Ratio1.2943
Gearing Debt to Equity Ratio1.402
Gearing Debt to Asset Ratio0.5327
Working capital per thousand Ringgit sale30.4%
Days to sell the inventory1
Days to collect the receivables44
Days to pay the payables94

My notes based on 2010 quarter 3 report (number in '000):-
- The pbt and minority interests from the continuing operations at RM138.1 million for the current quarter was 105.5% higher than the pbt and minority interests of RM67.2 million achieved in the previous corresponding financial quarter due to improved performances in the Gaming, Stockbroking and Corporate & Other Divisions

- The pbt of Gaming Division at RM89.1 million achieved in the current quarter is higher by RM76.3 million compared to the pbt of RM12.8 million recorded in the previous corresponding period. 4D Jackpot sales which was launched in September last year, lower prizes payout ratio as well as reduced finance costs have contributed to the substantial increase in the profit

- Finance Services Division's pretax profit in the current quarter dropped slightly to RM17.7 million from the pretax profit of RM18 million recorded in the previous corresponding period. This is mainly due to write back of provision for impairment of investments in the previous corresponding period

- Recovery of debts and higher net gain from proprietary trading in the Stockbroking Division have resulted in a pbt of RM6.2 million which is 34.8% higher than RM4.6 million reported in the previous corresponding financial quarter

- The Group recorded a pbt of RM138.1 million for the current quarter which is RM17 million higher than RM121.1 million achieved in the immediate preceding quarter. The improvement is mainly due to higher contribution from Stockbroking and Corporate & Others Divisions

- Estimate next 4Q eps after 2010 Q3 result announced = 0.1368*2 = 0.2736, estimate PE on current price 2.36 = 8.44(DPS 0.05)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.0563*4*0.95 = 0.2139, estimate highest/lowest PE = 10.52/9.35 (DPS 0.05)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.22*1.05 = 0.231 (5% grow adjustment from 0.22 due to positive result), estimate highest/lowest PE = 9.39/7.84 (DPS 0.09)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.05*4 = 0.2*1.1 = 0.22 (10% grow from 0.2, due to 4D Jackpot game and current economic environment, result exclude other income), estimate highest/lowest PE = 11.05/8.27 (DPS 0.1, correction to last quarter estimated)

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MPHB latest news (Chinese)


Thursday, January 27, 2011

KLCI Stock - MISC / 3816 - 2011 Quarter 2


Company Info
Market Capital (Capital Size)37,049,482,754 (Very Large)
Par ValueRM 1.00

My Analysis
Forecast P/E now(8.3-0.35)/0.2764 = 28.76 (High)
Target Price4.42+0.35 = 4.77 (PE 16.0, EPS 0.2764, DPS 0.35)
DecisionNOT BUY
Comment
Revenue second consecutive quarter decreasing and also lower than preceding year corresponding quarter, eps decreased but higher than preceding year corresponding quarter, neither got free nor positive net cash flow, cash decreased 67.7%, liquidity ratio largely decreased at low level now, above moderate gearing ratio, all accounting period as usual
First Support Price8.2
Second Support Price8.2
Risk RatingHIGH

Research House
MIDF Target Price9 (2010-11-25)
RHB Target Price8.14 (2010-11-25)
S&P Target Price9 (2010-11-26)
HwangDBS Target Price8.9 (2010-12-10)
CIMB Target Price7 (2010-12-16)

Accounting Ratio
Return on Equity5.28%
Dividend Yield4.22%
Profit Margin13.49%
Tax Rate2.20%
Asset Turnover0.3372
Net Asset Value Per Share4.91
Net Tangible Asset per share4.71
Price/Net Tangible Asset Per Share1.83
Cash Per Share0.55
Liquidity Current Ratio1.034
Liquidity Quick Ratio0.9653
Liquidity Cash Ratio0.5282
Gearing Debt to Equity Ratio0.7032
Gearing Debt to Asset Ratio0.409
Working capital per thousand Ringgit sale1.3%
Days to sell the inventory10
Days to collect the receivables59
Days to pay the payables107

My notes based on 2011 quarter 2 report (number in '000):-
- The Group profit before taxation of RM416.3 million was 159.2% higher than the corresponding quarter's profit of RM160.6 million. The increase was mainly from improved performance in the restructured Liner business and increased profitability in Heavy Engineering business

- The Group profit before taxation of RM416.3 million was 11.7% lower than the RM471.3 million recorded in the preceding quarter. The lower profit achieved were mainly due to higher losses from Chemical business and Petroleum business recording nominal loss in this quarter

- Estimate next 4Q eps after 2011 Q2 result announced = 0.0691*4 = 0.2764(profit margin 10% per quarter), estimate PE on current price 8.3 = 28.76(DPS 0.35)
- Estimate next 4Q eps after 2011 Q1 result announced = 0.04(exclude 257 million from other income)*4*1.05 = 0.168, estimate highest/lowest PE = 52.08/48.63 (DPS 0.35)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.0509*4 = 0.2036, estimate highest/lowest PE = 42.98/37.77 (DPS 0.35)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.0457*4 = 0.1828, estimate highest/lowest PE = 48.03/40.65 (DPS 0.35)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.0457*4 = 0.1828, estimate highest/lowest PE = 47.37/40.59 (DPS 0.35)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.0544*4 = 0.2176, estimate highest/lowest PE = 42/37.91 (DPS 0.35)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.058*4 = 0.232, estimate highest/lowest PE = 37.07/33.62 (DPS 0.35)

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MISC latest news (Chinese)


KLCI Stock - MMCCORP / 2194 - 2010 Quarter 3

Company Info
Market Capital (Capital Size)8,769,768,629 (Very Large)
Par ValueRM 0.10

My Analysis
Forecast P/E now(2.88-0.03)/0.1487 = 19.17 (High)
Target Price2.38+0.03 = 2.41 (PE 16.0, EPS 0.1487, DPS 0.03)
DecisionNOT BUY
Comment
Revenue decreased but higher than preceding year corresponding quarter, eps is highest since FY09Q1, free cash flow increasing and got positive net cash flow, low liquidity ratio, very high gearing ratio, all accounting period as usual, MRT job
First Support Price2.7
Second Support Price2.5
Risk RatingMODERATE

Research House
Credit Suisse Target Price3.8 (2010-10-04)
Kenanga Target Price2.83 (2010-11-25)
S&P Target Price3 (2010-11-25)
HwangDBS Target Price4.05 (2011-01-11)
OSK Target Price3.52 (2011-01-11)

Accounting Ratio
Return on Equity3.42%
Dividend Yield1.04%
Profit Margin15.59%
Tax Rate29.53%
Asset Turnover0.2374
Net Asset Value Per Share2.18
Net Tangible Asset per share-0.47
Price/Net Tangible Asset Per Share-6.02
Cash Per Share1.55
Liquidity Current Ratio1.3032
Liquidity Quick Ratio1.1893
Liquidity Cash Ratio0.7789
Gearing Debt to Equity Ratio4.0192
Gearing Debt to Asset Ratio0.7208
Working capital per thousand Ringgit sale20.9%
Days to sell the inventory39
Days to collect the receivables94
Days to pay the payables114

My notes based on 2010 quarter 3 report (number in '000):-
- The Group‟s profit before tax for the nine-month financial period ended 30 September 2010 of RM733.9 million was higher by RM158.1 million compared to the corresponding financial period ended 30 September 2009

- Higher profit recorded from Transport & Logistics division by RM31.5 million or 26.8% attributed to higher volume in port business

- Higher profit recorded from Energy & Utilities division by RM69.0 million or 10.2% due to higher volume of gas sold, higher contribution from foreign associates and lower finance cost following repayment of loan during the period

- Lower losses recorded from Corporate & Others division by RM47.3 million or 32.8% mainly driven by the gain on disposal of investment in Sime Darby Berhad and Integrated Rubber Corporation Berhad. This was offset by higher finance costs at MMC Company level

- The Group recorded a profit before tax of RM348.2 million in the current quarter as compared to RM175.2 million in the preceding quarter. This was mainly due to the higher share of result of associate coupled with gain on disposal of investment in Sime Darby Berhad

- Estimate next 4Q eps after 2010 Q3 result announced = 0.0676*2*1.1 = 0.1487, estimate PE on current price 2.88 = 19.17(DPS 0.03)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.0402*2*1.1 = 0.0884, estimate highest/lowest PE = 37.56/27.94 (DPS 0.03)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.0777*1.1 = 0.0855, estimate highest/lowest PE = 31.23/25.73 (DPS 0.03)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.0777*1.1 = 0.0855, estimate highest/lowest PE = 29.82/25.38 (DPS 0.03)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.0297*4*0.9 = 0.1069, estimate highest/lowest PE = 23.43/20.63 (DPS 0.025)

MMCCORP latest news (English)

MMCCORP latest news (Chinese)


Wednesday, January 26, 2011

KLCI Stock - PROTON / 5304 - 2011 Quarter 2

Company Info
Market Capital (Capital Size)2,471,458,509 (Large)
Par ValueRM 1.00

My Analysis
Forecast P/E now(4.5-0.2)/0.4608 = 9.33 (Moderate)
Target Price4.61+0.2 = 4.81 (PE 10.0, EPS 0.4608, DPS 0.2)
DecisionNOT BUY unless price below 4.3
Comment
Revenue decreased but higher than preceding year corresponding quarter, eps decreased and lower than preceding year corresponding quarter, neither got free nor positive net cash flow, low liquidity ratio, below moderate gearing ratio, all accounting period are good
First Support Price4.45
Second Support Price4.15
Risk RatingMODERATE

Research House
UOB Target Price5.2 (2010-11-19)
Affin Target Price4.6 (2010-11-26)
MIDF Target Price5.2 (2010-11-26)
OSK Target Price6.18 (2010-11-26)
RHB Target Price5.6 (2010-11-26)
HwangDBS Target Price4.7 (2011-01-10)
CIMB Target Price5.95 (2011-01-21)
AMMB Target Price6.1 (2011-01-24)
Maybank Target Price5.9 (2011-01-24)

Accounting Ratio
Return on Equity4.89%
Dividend Yield4.44%
Profit Margin3.63%
Tax Rate18.88%
Asset Turnover1.1753
Net Asset Value Per Share9.83
Net Tangible Asset per share8.32
Price/Net Tangible Asset Per Share0.57
Cash Per Share2.4
Liquidity Current Ratio1.9149
Liquidity Quick Ratio1.1894
Liquidity Cash Ratio0.6739
Gearing Debt to Equity Ratio0.3884
Gearing Debt to Asset Ratio0.2797
Working capital per thousand Ringgit sale20.3%
Days to sell the inventory59
Days to collect the receivables40
Days to pay the payables63

My notes based on 2011 quarter 2 report (number in '000):-
- Improvement in sentiments continued to generate demand for PROTON vehicles. In line with the improved market conditions, domestic sales for the 3-core models grew by 13% compared to the corresponding period last year

- Correspondingly, Group pbt for the six months ended 30 September 2010 of RM186 million compares favourably to the profit of RM165 million posted in the corresponding period last year. Higher domestic sales volume and improved profit margins largely contributed to the surge in profit

- Group pbt at RM81 million was lower than RM105 million recorded in the immediate preceding quarter. Despite a slight increase in domestic sales volume, the profit declined and this is largely attributable to the one-off provision for stock obsolescence and branding cost incurred by a principal subsidiary company

- Estimate next 4Q eps after 2011 Q2 result announced = 0.4608, estimate PE on current price 4.5 = 9.33(DPS 0.2)
- Estimate next 4Q eps after 2011 Q1 result announced = 0.4902*0.95 = 0.4657, estimate highest/lowest PE = 10.37/9.28 (DPS 0.2)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.4353*1.05 = 0.4571(5% increase), estimate highest/lowest PE = 10.44/9.52
- Estimate next 4Q eps after 2010 Q3 result announced = 0.1451*4 = 0.5804, estimate highest/lowest PE = 8.67/6.89
- Estimate next 4Q eps after 2010 Q2 result announced = 0.1494*4 = 0.5976, estimate highest/lowest PE = 7.16/6.12 (DPS 0.05)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.0993*4 = 0.3972, estimate highest/lowest PE = 11.15/7.25 (DPS 0.05)

PROTON latest news (English)

PROTON latest news (Chinese)


KLCI Stock - P&O / 6009 - 2010 Quarter 4

PACIFIC & ORIENT BERHAD

Company Description
PACIFIC & ORIENT BERHAD is a Malaysia-based investment holding company. The Company is also engaged in the provision of management services. The Company has four segments: insurance, information technology, investment holding, and money lending. Other segments include distribution of consumer goods, provision of sales and administrative services, and provision of management and privilege card programme services. The Company's subsidiaries include Pacific and Orient Insurance Co. Berhad, engaged in general insurance business; P and O Technologies Sdn. Bhd., offers information technology services and equipments; Pacific and Orient Distribution Sdn. Bhd., is engaged in distribution of consumer goods and provision of sales and administrative services; P and O Capital Sdn. Bhd., is engaged in money lending, and P and O Technologies Sdn. Bhd., deals in computer hardware, software and systems.

Company Info
Listing Date1995-05-18
Market Capital (Capital Size)213,934,740 (Small)
Par ValueRM 0.50
BoardMain
SectorFinance
Major IndustryUnderwriting of General Insurance
Sub IndustryInformation Technology Related Services
Websitehttp://www.pacific-orient.com/

My Analysis
Forecast P/E now0.87/0.1 = 8.70 (High)
Target Price0.1*8.0 = 0.80 (PE 8.0, EPS 0.1)
DecisionNOT BUY
Comment
Revenue increased and higher than preceding year corresponding quarter, eps increased and higher than preceding year corresponding quarter, neither got free nor positive net cash flow, negative cash flow at financial quarter end, liquidity ratio largely increased, gearing ratio largely decreased
First Support Price0.78
Second Support Price0.6
Risk RatingHIGH

Accounting Ratio
Return on Equity11.91%
Dividend Yield-
Profit Margin22.72%
Tax Rate56.83%
Asset Turnover0.6258
Net Asset Value Per Share1.61
Net Tangible Asset per share1.59
Price/Net Tangible Asset Per Share0.49
Cash Per Share0.06
Liquidity Current Ratio0.8406
Liquidity Quick Ratio0.8264
Liquidity Cash Ratio0.0759
Gearing Debt to Equity Ratio3.2811
Gearing Debt to Asset Ratio0.7664
Working capital per thousand Ringgit sale-2.8%
Days to sell the inventory1
Days to collect the receivables49
Days to pay the payables28

My notes based on 2010 quarter 3 report (number in '000):-
- Group revenue was RM118,309,000 compared to RM105,831,000 in the corresponding quarter of the last financial year. The increase was mainly attributable to higher gross premium recorded by the insurance subsidiary. Profit before tax of RM26,882,000 was reported compared to pre-tax loss of RM480,000 in the corresponding quarter of the last financial year. This was mainly attributable to lower net claims incurred of RM42,531,000 as compared to RM64,176,000 in the corresponding quarter of the last financial year, recorded at the insurance subsidiary in the current quarter

- Group revenue of RM118,309,000 was higher than the RM109,701,000 reported in the preceding quarter. This was mainly attributable to higher gross premium recorded by the insurance subsidiary. Profit before tax of RM26,882,000 was higher compared to the pre-tax profit of RM15,395,000 in the preceding quarter. This was mainly attributable to lower net claims incurred of RM42,531,000 as compared to RM48,003,000 in the preceding quarter, recorded at the insurance subsidiary

- Estimate next 4Q eps after 2010 Q4 result announced = 0.05*4/2 = 0.1(ROE 3.5% per quarter), estimate PE on current price 5.38 = 16.06(DPS 0.32)

P&O latest news (English)

P&O latest news (Chinese)

Financial Quarter Summary
a_dateyearqrth_pricel_pricedivroec_roerevc_revpbtc_pbtprofc_profepsc_epsassetliabminoequicfocficffcashfcfnetfinalsharec_sharem_capdateprof_mvatasset_tpenavpsntapsp/ntapscpsl_curl_quil_cashg_deg_daavg_winv_drec_dpay_d
2010-11-3020104N/AN/A-6.50%11.91%118309478358268824226111605212600.10100.1917764389585841-17854878984249642123577474171164759114945110889890822010-09-3022.72%56.83%0.62584.04231.611.590.490.060.84060.82640.07593.28110.7664-2.8%14928
2010-08-20201031.280.775-6.88%6.00%10970136004915395153791107296550.09920.0881870090709091-1609995586545107861236050411582734671115671095581372272010-06-3014.03%28.08%0.5354-1.471.440.850.070.3680.36010.03874.40430.815-26.8%150115
2010-05-25201021.290.585-2.23%0.97%134834250348522816324714170.02990.0131853447707900-1455474207484114301236137231515327921086551085541325592010-03-313.88%37.89%0.5224-1.341.320.920.070.59810.57850.09314.86370.8295-7.7%13428
2010-02-24201011.571.14-15.17%15.17%115514115514274952749521352213520.19690.1969820677679899-1407783000808807123742920117276471084521084521258042009-12-3123.80%-0.515-1.31.270.910.110.74510.7210.16254.82960.8285-4.3%13414
2009-11-26200941.21.04-2.82%9.15%105831392494480255814613149470.04290.1408792253628908-1633454242138816931354128541161123801075261061681161282009-09-300.45%-0.49547.67121.541.510.720.120.66750.64250.17833.85020.7938-6.1%23118
2009-08-26200931.120.97-15.41%11.73%89632286663345892606125697195600.24280.1850771295604509-16678658251116486135424709422393191058301057161111212009-06-3038.59%25.71%0.4991-1.581.550.680.120.6270.59980.16913.62450.7838-7.3%23117
2009-05-29200921.070.9-1.80%4.40%11163719703135848528251061370.02380.0581743172603542-139630263426710881354123671279122621053231056581063762009-03-313.21%29.97%0.5062-1.321.290.780.130.64220.61440.16774.32240.8121-7.5%23419
2009-02-13200911.030.92-10.90%10.90%8539485394207712077115141151410.14280.1428714515575572-13894330901844381352231081330148521059941059941081132008-12-3124.32%-0.5032-1.311.280.80.140.77220.74460.18384.14250.8055-5.2%24721
2008-11-27200841.060.93-5.02%23.06%983143372126932371647104326170.06670.3057694768553343-1414251154360745897181109366347135281065031066861128932008-09-307.05%-0.4854-1.331.30.820.130.79260.76370.17313.91260.7964-4.8%25025
2008-08-25200831.280.88-6.07%16.99%8081823889810914302329124255130.08550.2390688850538644-1502063624476185371404100224748931067181067461312632008-06-3013.50%-0.4536-1.411.380.890.070.82190.79080.08823.5860.7819-4.6%36722
2008-05-23200821.421.180.018758.31%10.12%94998158080169651931813460163890.12470.1535670503508497-16200656445125337172113242047521079121067611510762008-03-3117.86%-0.4386-1.521.490.940.070.86180.82020.10133.13880.7584-3.5%36623
2008-02-21200811.471.31-1.66%1.66%630826308223532353292929290.02770.0277649221472372-1768492800197403372462603143058161056101056101531342007-12-313.73%-0.4046-1.671.650.880.060.86540.82110.10182.6710.7276-3.2%36319
2007-11-29200741.551.3-9.37%1.77%7354825687216994107911712932360.16190.0309650143467404-1827391001828781330776401289641172291057681048641523052007-09-3023.11%-0.395146.66381.741.710.840.070.83570.78990.11722.55780.7189-3.9%45918
2007-08-27200731.521.390.03753.91%10.09%6243418332411788277857889203650.07430.1933644256442374-201882853614381212776579974215355041061191053571443212007-06-3018.88%33.08%0.2846-1.921.890.720.060.86460.8160.10592.19130.6866-4.4%68121
2007-05-2820072N/AN/A0.03750.67%6.28%63585120890392159971339124760.01260.1188627363428809-1985541391524215238764113673156560761062561050161763842007-03-310.62%-N/A-1.891.870.890.060.94770.89530.11242.15970.6835N/A-N/AN/A
2007-02-2820071N/AN/A0.03755.55%5.55%5730557305163891638911137111370.10730.1073635150434451-200699237971255675812450500625751037861037861660572006-12-3128.60%32.05%N/A-1.931.920.830.040.77160.73040.06572.16470.684N/A-N/AN/A

Financial Quarter Balance Sheet
yearqrtDeferred tax assets (A-0)Goodwill on consolidation (A-0)Intangible assets (A-0)Investment properties (A-0)Other investments (A-0)Prepaid lease payments (A-0)Property, plant and equipment (A-0)Cash and cash equivalents (A-1)Current asset classified as held for sales (A-1)Deposits with licensed banks (A-1)Inventories (A-1)Loans (A-1)Other receivables (A-1)Trade receivables (A-1)Premium liabilities (L-0)Provision for outstanding claims (L-0)Hire purchase liabilities (L-1)Loans & borrowings (L-1)Other payables (L-1)Provision for taxation (L-1)Trade and other payables (L-1)
2010458161935825605662781326207575730-7151209292168884651018420531676816314420410725510323205
20103144481935756605759041327201716951-713156430423129401461941193171421069476329888-139241
20102177071935753605760335328205057273-710168131524238170622111264110391063510259388-24259
20101198711935817605723568329208177547-3954171133021454177392138813952471050538549485-6382
20094132431935868605706242330212528446-4319178934118233146501995733577601165521359813-8462
20093196881935877605680071331207316758-593120413521494217033187981341480107856371912978463
20092293551935892605638685332207457242-5978219036213484213671867623379511229552088590170112101
20091286321935940605597634333209817085-802222683731722228485173365320030138257055777194315026
20084252931935993595588919334147657060-646822513951773028030168226306972154251550907894215033
20083223451935937585580886335151774863-228925211421919287234711489923085561699597598267-11371
20082216391935978585566292336145394832-27153093139511759022018134408299592109952945778455412115
20081179731935912585557982337149943852-2558279013683172871433311783529155511304799467912276840
20074184951935967585561042338152355014-221528261341617323107521131412925831059476507369-5602
200732291519351035441550420412154393863155024632906130091884290261011302814989924846351722824837
20072253161935-6005294654131844450071779106228281275019780798495787279007103241019537822004386
20071272531935-603534042415207184177-9426801849316440830092407277008112649196491841975599

Financial Quarter Income Statement
yearqrtRevenueIncome tax expenseFinance/interest costsOther incomeAdministrative/Operating expenses
201041183091527765569591467
20103109701432364416693828
201021348341981678236129164
201011155146143655256142610
2009410583141336574648110302
200938963288926781925173616
2009211163710747952482109740
20091853945630855520105830
20084983141729161078105408
2008380818179085065091532
200829499835057851048112226
200816308257676381865490
2007473548135778116290926
200736243438996991643266379
20072635851731792509268277
200715730552527661719957349

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






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