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Monday, January 31, 2011

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
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

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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