Company Info
My Analysis
Research House
Accounting Ratio
My notes based on 2011 quarter 1 report (number in '000):-
- The Group’s revenue for the current quarter of RM263.8 million was down by 15% compared to the same period last year. Lower revenue was recorded for both Malaysia and Asia Pacific countries mainly due to completion of major engineering & construction projects in the last financial year
- The Group’s profit after tax for the current quarter improved by 21% to RM34.0 million from RM28.0 million recorded in the same period last year. The better result was contributed mainly by the plant maintenance division which saw significant work performed and completed in current quarter both in Malaysia and Singapore. The commencement of operation by Langsat Terminal (One) Sdn Bhd in Tanjung Langsat, Johor in September 2009 for its Phase 1 and in April 2010 for its Phase 2, had also contributed positively to the Group’s financial results in the current quarter
- Estimate next 4Q eps after 2011 Q1 result announced = 0.0169*4*1.05 = 0.071(ROE 6% per quarter), estimate PE on current price 2.2 = 30.55(DPS 0.031)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.0146*4*1.05 = 0.0613, estimate highest/lowest PE = 23.8/16.95 (DPS 0.031)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.0162*4*1.05 = 0.068(5% increase), estimate highest/lowest PE = 15.93/14.16 (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)
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| Market Capital (Capital Size) | 4,374,760,220 (Large) |
| Par Value | RM 0.10 |
My Analysis
| Forecast P/E now | (2.2-0.031)/0.071 = 30.55 (High) |
| Target Price | 1.14+0.031 = 1.17 (PE 16.0, EPS 0.071, DPS 0.031) |
| Decision | NOT BUY |
| Comment | Revenue second consecutive quarter decreasing and also lower than preceding year corresponding quarter, eps increased but still lower than preceding year corresponding quarter, got free and positive net cash flow, low moderate liquidity ratio, above moderate gearing ratio, all accounting period are as usual, Pengerang project, New Zealand subsidiary, O&G job & price increasing |
| First Support Price | 1.75 |
| Second Support Price | 1.5 |
| Risk Rating | HIGH |
Research House
| MIDF Target Price | 1.65 (2010-11-23) |
| OSK Target Price | 1.47 (2010-12-02) |
| CIMB Target Price | 2.2 (2010-12-21) |
| MIMB Target Price | 2.15 (2010-12-27) |
| Maybank Target Price | 2.6 (2011-01-03) |
| RHB Target Price | 2.11 (2011-01-03) |
| AMMB Target Price | 2.49 (2011-01-12) |
Accounting Ratio
| Return on Equity | 23.71% |
| Dividend Yield | 1.41% |
| Profit Margin | 15.75% |
| Tax Rate | 18.07% |
| Asset Turnover | 1.2058 |
| Net Asset Value Per Share | 0.26 |
| Net Tangible Asset per share | 0.25 |
| Price/Net Tangible Asset Per Share | 5.76 |
| Cash Per Share | 0.14 |
| Liquidity Current Ratio | 1.7859 |
| Liquidity Quick Ratio | 1.698 |
| Liquidity Cash Ratio | 0.8038 |
| Gearing Debt to Equity Ratio | 0.7184 |
| Gearing Debt to Asset Ratio | 0.4015 |
| Working capital per thousand Ringgit sale | 24.1% |
| Days to sell the inventory | 11 |
| Days to collect the receivables | 99 |
| Days to pay the payables | 98 |
My notes based on 2011 quarter 1 report (number in '000):-
- The Group’s revenue for the current quarter of RM263.8 million was down by 15% compared to the same period last year. Lower revenue was recorded for both Malaysia and Asia Pacific countries mainly due to completion of major engineering & construction projects in the last financial year
- The Group’s profit after tax for the current quarter improved by 21% to RM34.0 million from RM28.0 million recorded in the same period last year. The better result was contributed mainly by the plant maintenance division which saw significant work performed and completed in current quarter both in Malaysia and Singapore. The commencement of operation by Langsat Terminal (One) Sdn Bhd in Tanjung Langsat, Johor in September 2009 for its Phase 1 and in April 2010 for its Phase 2, had also contributed positively to the Group’s financial results in the current quarter
- Estimate next 4Q eps after 2011 Q1 result announced = 0.0169*4*1.05 = 0.071(ROE 6% per quarter), estimate PE on current price 2.2 = 30.55(DPS 0.031)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.0146*4*1.05 = 0.0613, estimate highest/lowest PE = 23.8/16.95 (DPS 0.031)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.0162*4*1.05 = 0.068(5% increase), estimate highest/lowest PE = 15.93/14.16 (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)
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