Company Info
My Analysis
Research House
Accounting Ratio
My notes based on 2011 quarter 1 report (number in '000):-
- Group revenue was 8.8% higher for the current quarter ended 30 September 2010 as compared to the preceding year corresponding quarter ended 30 September 2009
- The Group pbt for the current quarter was an increase of 19.7% as compared to the preceding year corresponding quarter. These increases were attributable to better performance in multi utilities business (merchant) segment of the Group
- The decrease in Group pbt as compared to the preceding quarter were principally due to lower contribution from the business segments of the Group and currency translation arising from the strengthening of ringgit Malaysia
- Estimate next 4Q eps after 2011 Q1 result announced = 0.1717*1.1 = 0.1889, estimate PE on current price 2.44 = 12.12(DPS 0.15)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.1717*1.1 = 0.1889, estimate highest/lowest PE = 13.82/11.12 (DPS 0.15)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.0404*4 = 0.1616, estimate highest/lowest PE = 13.37/12.56 (DPS 0.15)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.0356*4 = 0.1424, estimate highest/lowest PE = 15.1/14.04 (DPS 0.15)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.0328*4 = 0.1312, estimate highest/lowest PE = 16.23/15.02 (DPS 0.15)
- No Estimate next 4Q eps after 2009 Q4 result announced
- Estimate next 4Q eps after 2009 Q3 result announced = 0.0335*4 = 0.134, estimate highest/lowest PE = 15.45/14.48 (DPS 0.15)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.0334*4 = 0.1336, estimate highest/lowest PE = 14.6/12.72 (DPS 0.15)
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| Market Capital (Capital Size) | 17,737,581,305 (Very Large) |
| Par Value | RM 0.50 |
My Analysis
| Forecast P/E now | (2.44-0.15)/0.1889 = 12.12 (Moderate) |
| Target Price | 2.64+0.15 = 2.79 (PE 14.0, EPS 0.1889, DPS 0.15) |
| Decision | BUY |
| Comment | Revenue decreased but still higher than preceding year corresponding quarter, eps same with revenue, got free and postive net cash flow, moderate liquidity ratio, very high gearing ratio, all accounting period are getting better, consolidated with PowerSeraya increased more stable profit, going to launch WiMAX, oil shale projects |
| First Support Price | 2.38 |
| Second Support Price | 2.3 |
| Risk Rating | LOW |
Research House
| AMMB Target Price | 2.97 (2010-11-22) |
| Credit Suisse Target Price | 2.42 (2010-12-15) |
| MIDF Target Price | 2.8 (2010-12-15) |
| TA Target Price | 2.85 (2010-12-15) |
Accounting Ratio
| Return on Equity | 17.39% |
| Dividend Yield | 5.38% |
| Profit Margin | 10.96% |
| Tax Rate | 29.37% |
| Asset Turnover | 0.3932 |
| Net Asset Value Per Share | 0.98 |
| Net Tangible Asset per share | 0.19 |
| Price/Net Tangible Asset Per Share | 13.16 |
| Cash Per Share | 1.01 |
| Liquidity Current Ratio | 2.307 |
| Liquidity Quick Ratio | 2.1501 |
| Liquidity Cash Ratio | 1.7131 |
| Gearing Debt to Equity Ratio | 3.5597 |
| Gearing Debt to Asset Ratio | 0.7808 |
| Working capital per thousand Ringgit sale | 43.9% |
| Days to sell the inventory | 23 |
| Days to collect the receivables | 53 |
| Days to pay the payables | 69 |
My notes based on 2011 quarter 1 report (number in '000):-
- Group revenue was 8.8% higher for the current quarter ended 30 September 2010 as compared to the preceding year corresponding quarter ended 30 September 2009
- The Group pbt for the current quarter was an increase of 19.7% as compared to the preceding year corresponding quarter. These increases were attributable to better performance in multi utilities business (merchant) segment of the Group
- The decrease in Group pbt as compared to the preceding quarter were principally due to lower contribution from the business segments of the Group and currency translation arising from the strengthening of ringgit Malaysia
- Estimate next 4Q eps after 2011 Q1 result announced = 0.1717*1.1 = 0.1889, estimate PE on current price 2.44 = 12.12(DPS 0.15)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.1717*1.1 = 0.1889, estimate highest/lowest PE = 13.82/11.12 (DPS 0.15)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.0404*4 = 0.1616, estimate highest/lowest PE = 13.37/12.56 (DPS 0.15)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.0356*4 = 0.1424, estimate highest/lowest PE = 15.1/14.04 (DPS 0.15)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.0328*4 = 0.1312, estimate highest/lowest PE = 16.23/15.02 (DPS 0.15)
- No Estimate next 4Q eps after 2009 Q4 result announced
- Estimate next 4Q eps after 2009 Q3 result announced = 0.0335*4 = 0.134, estimate highest/lowest PE = 15.45/14.48 (DPS 0.15)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.0334*4 = 0.1336, estimate highest/lowest PE = 14.6/12.72 (DPS 0.15)
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