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Wednesday, February 23, 2011

KLCI Stock - GTRONIC / 7022 - 2010 Quarter 4

Company Info
Market Capital (Capital Size)295,648,100 (Small)
Par ValueRM 0.50

My Analysis
Forecast P/E now(1.11-0.0965)/0.1304 = 7.77 (Moderate)
Target Price1.24+0.0965 = 1.34 (PE 9.5, EPS 0.1304, DPS 0.0965)
Revenue decreased but higher than preceding year corresponding quarter, eps same with revenue, free and net cash flow both turn into negative, liquidity ratio decreasing to low level now, low gearing ratio, all accounting period are good, during Q3 period, price was all time higher than Q2 period lowest price 1.02
First Support Price1.1
Second Support Price1.0

Research House
MIDF Target Price1.4 (2011-01-24)

Accounting Ratio
Return on Equity12.44%
Dividend Yield7.79%
Profit Margin15.79%
Tax Rate34.34%
Asset Turnover0.9131
Net Asset Value Per Share0.91
Net Tangible Asset per share0.91
Price/Net Tangible Asset Per Share1.22
Cash Per Share0.19
Liquidity Current Ratio1.9589
Liquidity Quick Ratio1.698
Liquidity Cash Ratio0.8472
Gearing Debt to Equity Ratio0.2671
Gearing Debt to Asset Ratio0.2108
Working capital per thousand Ringgit sale20.0%
Days to sell the inventory23
Days to collect the receivables65
Days to pay the payables73

My notes based on 2010 quarter 4 report (number in '000):-
- The Group’s turnover and net profit for the year ended 31 December 2010 increased significantly by 28% and 88% respectively as compared to the same period last year mainly due to higher volume loadings from all the Group’s customers as a result of recovery of the global economy. The net profit for the year ended 31 December 2009 was partly affected by impairment loss due to the shutdown of the Group’s China operations

- Turnover for the quarter ended 31 December 2010 was approximately RM73.45 million, representing a decrease of 3.8% as compared to the preceding quarter while the net profit of the Group decreased by 12.6%. The decrease in turnover and net profit is mainly due to lower volume loadings after the respective customers’ festive seasons order had been met and higher deferred tax charge

- Estimate next 4Q eps after 2010 Q4 result announced = 0.0326*4 = 0.1304(no decrease due to high tax expenses), estimate PE on current price 1.11 = 7.77(DPS 0.0965)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.0326*4 = 0.1304, estimate highest/lowest PE = 8.97/7.67 (DPS 0.09)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.026*4 = 0.104(0.026 is average of latest recent quarter), estimate highest/lowest PE = 13.94/8.94 (DPS 0.09)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.0904+0.0007+(0.0911*0.05) = 0.0957(adjustment from 0.0233-0.0226 and 5% grow adjustment), estimate highest/lowest PE = 16.61/12.85 (DPS 0.08)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.0226*4 = 0.0904, estimate highest/lowest PE = 18.36/9.07 (DPS 0.07)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.0183*4 = 0.0732, estimate highest/lowest PE = 15.64/8.74 (DPS 0.055)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.0137*4 = 0.0548, estimate highest/lowest PE = 15.78/13.05 (DPS 0.025)

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