Company Info
My Analysis
Research House
Accounting Ratio
My notes based on 2010 quarter 3 report (number in '000):-
- The Group recorded higher revenue of RM420 million for the period under review, as compared to RM374 million recorded in the corresponding quarter in 2009. On a cumulative basis, Group profit before tax was RM100 million against RM85 million achieved in the same period in 2009. The increase was mainly contributed by higher sales of properties as well as substantial completion of certain construction projects
- In addition, its oil and gas associate, Dayang Enterprise Holdings Berhad, continues to contribute positively to the earnings of the Group for the period
- Group revenue decreased from RM156 million to RM141 million compared to the immediate preceding quarter. Group profit before tax increased substantially to RM50 million as compared to RM30 million in the immediate preceding quarter, mainly due to recognition of variation orders for and cost savings in certain projects
- Estimate next 4Q eps after 2010 Q3 result announced = 0.2587*2*0.9 = 0.4657, estimate PE on current price 3.57 = 7.45(DPS 0.1)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.1619*2*1.1 = 0.3562, estimate highest/lowest PE = 10.47/8.84 (DPS 0.1)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.2988 (10% drop from 0.332, due to profit decreasing), estimate highest/lowest PE = 11.28/8.57 (DPS 0.08)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.0793*4 = 0.3172, estimate highest/lowest PE = 11.41/8.89 (DPS 0.08)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.0902*4 = 0.3608, estimate highest/lowest PE = 9.87/6.59 (DPS 0.08)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.0955*4 = 0.382, estimate highest/lowest PE = 8.04/6.73 (DPS 0.08)
- Estimate next 4Q eps after 2009 Q1 result announced = 0.0668*4 = 0.2672, estimate highest/lowest PE = 10.18/6.4 (DPS 0.13)
- Estimate next 4Q eps after 2008 Q4 result announced = 0.1118*4 = 0.4472, estimate highest/lowest PE = 4.07/2.17 (DPS 0.13)
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| Market Capital (Capital Size) | 892,500,000 (Medium) |
| Par Value | RM 1.00 |
My Analysis
| Forecast P/E now | (3.57-0.1)/0.4657 = 7.45 (Moderate) |
| Target Price | 5.59+0.1 = 5.69 (PE 12.0, EPS 0.4657, DPS 0.1) |
| Decision | BUY |
| Comment | Revenue decreased and lower than preceding year corresponding quarter, eps second consecutive quarter increasing and also higher than preceding year corresponding quarter, got free cash flow but no positive net cash flow, liquidity ratio increasing at moderate level now, gearing ratio decreasing at moderate level now, inventory and receivables period increased again |
| First Support Price | 3.35 |
| Second Support Price | 3.2 |
| Risk Rating | LOW |
Research House
| AMMB Target Price | 5.09 (2010-11-25) |
| MIDF Target Price | 4.65 (2010-11-25) |
| Kenanga Target Price | 4.5 (2010-12-02) |
| TA Target Price | 5.45 (2010-12-17) |
| OSK Target Price | 5.1 (2011-01-05) |
Accounting Ratio
| Return on Equity | 13.28% |
| Dividend Yield | 2.80% |
| Profit Margin | 35.54% |
| Tax Rate | 21.41% |
| Asset Turnover | 0.5441 |
| Net Asset Value Per Share | 2.96 |
| Net Tangible Asset per share | 2.92 |
| Price/Net Tangible Asset Per Share | 1.18 |
| Cash Per Share | 0.3 |
| Liquidity Current Ratio | 2.3734 |
| Liquidity Quick Ratio | 1.4169 |
| Liquidity Cash Ratio | 0.2694 |
| Gearing Debt to Equity Ratio | 0.4776 |
| Gearing Debt to Asset Ratio | 0.3184 |
| Working capital per thousand Ringgit sale | 62.7% |
| Days to sell the inventory | 195 |
| Days to collect the receivables | 187 |
| Days to pay the payables | 122 |
My notes based on 2010 quarter 3 report (number in '000):-
- The Group recorded higher revenue of RM420 million for the period under review, as compared to RM374 million recorded in the corresponding quarter in 2009. On a cumulative basis, Group profit before tax was RM100 million against RM85 million achieved in the same period in 2009. The increase was mainly contributed by higher sales of properties as well as substantial completion of certain construction projects
- In addition, its oil and gas associate, Dayang Enterprise Holdings Berhad, continues to contribute positively to the earnings of the Group for the period
- Group revenue decreased from RM156 million to RM141 million compared to the immediate preceding quarter. Group profit before tax increased substantially to RM50 million as compared to RM30 million in the immediate preceding quarter, mainly due to recognition of variation orders for and cost savings in certain projects
- Estimate next 4Q eps after 2010 Q3 result announced = 0.2587*2*0.9 = 0.4657, estimate PE on current price 3.57 = 7.45(DPS 0.1)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.1619*2*1.1 = 0.3562, estimate highest/lowest PE = 10.47/8.84 (DPS 0.1)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.2988 (10% drop from 0.332, due to profit decreasing), estimate highest/lowest PE = 11.28/8.57 (DPS 0.08)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.0793*4 = 0.3172, estimate highest/lowest PE = 11.41/8.89 (DPS 0.08)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.0902*4 = 0.3608, estimate highest/lowest PE = 9.87/6.59 (DPS 0.08)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.0955*4 = 0.382, estimate highest/lowest PE = 8.04/6.73 (DPS 0.08)
- Estimate next 4Q eps after 2009 Q1 result announced = 0.0668*4 = 0.2672, estimate highest/lowest PE = 10.18/6.4 (DPS 0.13)
- Estimate next 4Q eps after 2008 Q4 result announced = 0.1118*4 = 0.4472, estimate highest/lowest PE = 4.07/2.17 (DPS 0.13)
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