Company Info
My Analysis
Accounting Ratio
My notes based on 2010 quarter 3 report (number in '000):-
- Revenue for the current quarter under review at RM114.1 million was 26% higher than the preceding year corresponding quarter whilst Group profit before tax [“PBT”] and profit after tax [“PAT”] for the current quarter at RM53.4 million and RM41.7 million were higher than the preceding year corresponding quarter by 73% and 80% respectively
- The better performance in the current quarter was attributable to higher sales volume and higher average selling prices as well as lower production costs. Crude Palm Oil (CPO) and Palm Kernel (PK) sales volume at 37,796 tonnes and 9,077 tonnes were higher than the preceding year corresponding quarter by 13% and 30% respectively. Average selling price of CPO and PK realised for the current quarter were RM2,487 and RM1,575 per tonne which were higher than the preceding year corresponding quarter of RM2,358 and RM1,018 per tonne respectively whilst production costs for the current quarter were significantly lower than the preceding year corresponding quarter mainly due to lower fertilizers prices
- Overall, the Group PBT and PAT for the current financial year-to-date at RM151.4 million and RM114.5 million were higher than the preceding year corresponding period by 87% and 91% respectively
- Basic earnings per share for the current financial year-to-date at 14.31 sen was 91% above the preceding year corresponding period of 7.49 sen
- Group profit before tax for the current quarter at RM53.4 million was 9% higher than the preceding quarter of RM48.9 million mainly attributable to higher sales volume of CPO and PK
- Estimate next 4Q eps after 2010 Q3 result announced = 0.0521*1.1*4 = 0.2292, estimate PE on current price 2.37 = 11.31(DPS 0.11)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.0454*1.1*4 = 0.1998, estimate highest/lowest PE = 15.42/10.76 (DPS 0.11)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.0456*1.1*4 = 0.2006, estimate highest/lowest PE = 11.42/10.02 (DPS 0.09)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.0396*4 = 0.1584, estimate highest/lowest PE = 15.4/12.31 (DPS 0.09)
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| Market Capital (Capital Size) | 2,664,000,000 (Large) |
| Par Value | RM 1.00 |
My Analysis
| Forecast P/E now | (3.33-0.11)/0.2292 = 14.05 (High) |
| Target Price | 3.21+0.11 = 3.32 (PE 14.0, EPS 0.2292, DPS 0.11) |
| Decision | NOT BUY unless CPO price increasing |
| Comment | Revenue increased and also higher than preceding year corresponding quarter, eps same with revenue, free cash flow increasing but net cash flow decreasing, liquidity ratio decreasing at low level now, low gearing ratio, payables period increasing, monthly production decreasing, CPO price decreasing |
| First Support Price | 3.0 |
| Second Support Price | 2.7 |
| Risk Rating | HIGH |
Accounting Ratio
| Return on Equity | 9.10% |
| Dividend Yield | 3.30% |
| Profit Margin | 46.83% |
| Tax Rate | 22.03% |
| Asset Turnover | 0.2181 |
| Net Asset Value Per Share | 2.13 |
| Net Tangible Asset per share | 2.13 |
| Price/Net Tangible Asset Per Share | 1.47 |
| Cash Per Share | 0.03 |
| Liquidity Current Ratio | 1.1081 |
| Liquidity Quick Ratio | 0.7234 |
| Liquidity Cash Ratio | 0.3216 |
| Gearing Debt to Equity Ratio | 0.1638 |
| Gearing Debt to Asset Ratio | 0.1407 |
| Working capital per thousand Ringgit sale | 1.8% |
| Days to sell the inventory | 45 |
| Days to collect the receivables | 18 |
| Days to pay the payables | 74 |
My notes based on 2010 quarter 3 report (number in '000):-
- Revenue for the current quarter under review at RM114.1 million was 26% higher than the preceding year corresponding quarter whilst Group profit before tax [“PBT”] and profit after tax [“PAT”] for the current quarter at RM53.4 million and RM41.7 million were higher than the preceding year corresponding quarter by 73% and 80% respectively
- The better performance in the current quarter was attributable to higher sales volume and higher average selling prices as well as lower production costs. Crude Palm Oil (CPO) and Palm Kernel (PK) sales volume at 37,796 tonnes and 9,077 tonnes were higher than the preceding year corresponding quarter by 13% and 30% respectively. Average selling price of CPO and PK realised for the current quarter were RM2,487 and RM1,575 per tonne which were higher than the preceding year corresponding quarter of RM2,358 and RM1,018 per tonne respectively whilst production costs for the current quarter were significantly lower than the preceding year corresponding quarter mainly due to lower fertilizers prices
- Overall, the Group PBT and PAT for the current financial year-to-date at RM151.4 million and RM114.5 million were higher than the preceding year corresponding period by 87% and 91% respectively
- Basic earnings per share for the current financial year-to-date at 14.31 sen was 91% above the preceding year corresponding period of 7.49 sen
- Group profit before tax for the current quarter at RM53.4 million was 9% higher than the preceding quarter of RM48.9 million mainly attributable to higher sales volume of CPO and PK
- Estimate next 4Q eps after 2010 Q3 result announced = 0.0521*1.1*4 = 0.2292, estimate PE on current price 2.37 = 11.31(DPS 0.11)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.0454*1.1*4 = 0.1998, estimate highest/lowest PE = 15.42/10.76 (DPS 0.11)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.0456*1.1*4 = 0.2006, estimate highest/lowest PE = 11.42/10.02 (DPS 0.09)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.0396*4 = 0.1584, estimate highest/lowest PE = 15.4/12.31 (DPS 0.09)
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