Company Info
My Analysis
Research House
Accounting Ratio
My notes based on 2010 quarter 3 report (number in '000):-
- The Group achieved revenue of RM1.17 billion, profit after tax and minority interest of RM110.57 million and EBITDA (Earning Before Interest, Tax, Depreciation and Amortisation) of RM154.46 million for the current period ended 30 September 2010. Compared to the same period of previous year, the better performance in this period was due to higher contribution margins during the quarter
- The Group’s revenue of RM418.36 million and net profit before taxation and minority interest of RM41.03 million for the third quarter ended 30 September 2010 were higher by RM35.15 million and RM32.71 million compared to second quarter’s revenue of RM383.21 million and net profit before taxation and minority interest of RM8.32 million respectively. The higher revenue and profit for this quarter are mainly due to improvement in capacity utilization and higher contribution margins during the quarter
- Estimate next 4Q eps after 2010 Q3 result announced = 0.0089*4*1.2 = 0.0427(use VAT 15%, include incoming new contract), estimate PE on current price 3.08 = 18.03
- No estimate for next 4Q eps after 2010 Q2 result announced
- No estimate for next 4Q eps after 2010 Q1 result announced
- No estimate for next 4Q eps after 2009 Q4 result announced
- Estimate next 4Q eps after 2009 Q3 result announced = 0.0081*4 = 0.0324, estimate highest/lowest PE = 11.67/9.39 (DPS 0.015)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.0181*4 = 0.0724, estimate highest/lowest PE = 11.67/9.39 (DPS 0.015)
- Estimate next 4Q eps after 2009 Q1 result announced = 0.0250*4 = 0.1, estimate highest/lowest PE = 10.45/7
- Estimate next 4Q eps after 2008 Q4 result announced = 0.0214*4 = 0.0856, estimate highest/lowest PE = 9.7/3.56 (DPS 0.015)
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| Market Capital (Capital Size) | 3,083,365,186 (Large) |
| Par Value | RM 1.00 |
My Analysis
| Forecast P/E now | 3.08/0.1708 = 18.03 (High) |
| Target Price | 0.1708*14.0 = 2.39 (PE 14.0, EPS 0.1708) |
| Decision | NOT BUY |
| Comment | Revenue second consecutive quarter increasing but still lower than preceding year corresponding quarter, eps increased and also higher than preceding year corresponding quarter, neither got free nor positive net cash flow, liquidity ratio decreasing at low level now, high gearing ratio, receivables period increasing, contract increasing, Europe market recovering |
| First Support Price | 1.9 |
| Second Support Price | 1.75 |
| Risk Rating | HIGH |
Research House
| ECM Target Price | 3.43 (2010-12-15) |
| AMMB Target Price | 3.45 (2010-12-22) |
| HwangDBS Target Price | 3.5 (2010-12-22) |
| Maybank Target Price | 4.35 (2010-12-22) |
| MIDF Target Price | 3.2 (2010-12-22) |
| OSK Target Price | 3.45 (2010-12-22) |
| TA Target Price | 4.23 (2010-12-22) |
| RHB Target Price | 3.78 (2011-01-11) |
Accounting Ratio
| Return on Equity | 4.73% |
| Dividend Yield | - |
| Profit Margin | 9.81% |
| Tax Rate | - |
| Asset Turnover | 0.4352 |
| Net Asset Value Per Share | 0.45 |
| Net Tangible Asset per share | 0.07 |
| Price/Net Tangible Asset Per Share | 6.29 |
| Cash Per Share | 0.08 |
| Liquidity Current Ratio | 1.1509 |
| Liquidity Quick Ratio | 0.6459 |
| Liquidity Cash Ratio | 0.2823 |
| Gearing Debt to Equity Ratio | 1.0552 |
| Gearing Debt to Asset Ratio | 0.5125 |
| Working capital per thousand Ringgit sale | 10.1% |
| Days to sell the inventory | 125 |
| Days to collect the receivables | 194 |
| Days to pay the payables | 111 |
My notes based on 2010 quarter 3 report (number in '000):-
- The Group achieved revenue of RM1.17 billion, profit after tax and minority interest of RM110.57 million and EBITDA (Earning Before Interest, Tax, Depreciation and Amortisation) of RM154.46 million for the current period ended 30 September 2010. Compared to the same period of previous year, the better performance in this period was due to higher contribution margins during the quarter
- The Group’s revenue of RM418.36 million and net profit before taxation and minority interest of RM41.03 million for the third quarter ended 30 September 2010 were higher by RM35.15 million and RM32.71 million compared to second quarter’s revenue of RM383.21 million and net profit before taxation and minority interest of RM8.32 million respectively. The higher revenue and profit for this quarter are mainly due to improvement in capacity utilization and higher contribution margins during the quarter
- Estimate next 4Q eps after 2010 Q3 result announced = 0.0089*4*1.2 = 0.0427(use VAT 15%, include incoming new contract), estimate PE on current price 3.08 = 18.03
- No estimate for next 4Q eps after 2010 Q2 result announced
- No estimate for next 4Q eps after 2010 Q1 result announced
- No estimate for next 4Q eps after 2009 Q4 result announced
- Estimate next 4Q eps after 2009 Q3 result announced = 0.0081*4 = 0.0324, estimate highest/lowest PE = 11.67/9.39 (DPS 0.015)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.0181*4 = 0.0724, estimate highest/lowest PE = 11.67/9.39 (DPS 0.015)
- Estimate next 4Q eps after 2009 Q1 result announced = 0.0250*4 = 0.1, estimate highest/lowest PE = 10.45/7
- Estimate next 4Q eps after 2008 Q4 result announced = 0.0214*4 = 0.0856, estimate highest/lowest PE = 9.7/3.56 (DPS 0.015)
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