Company Info
My Analysis
Research House
Accounting Ratio
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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| Market Capital (Capital Size) | 295,648,100 (Small) |
| Par Value | RM 0.50 |
My Analysis
| Forecast P/E now | (1.11-0.0965)/0.1304 = 7.77 (Moderate) |
| Target Price | 1.24+0.0965 = 1.34 (PE 9.5, EPS 0.1304, DPS 0.0965) |
| Decision | BUY |
| Comment | 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 Price | 1.1 |
| Second Support Price | 1.0 |
| Risk Rating | MODERATE |
Research House
| MIDF Target Price | 1.4 (2011-01-24) |
Accounting Ratio
| Return on Equity | 12.44% |
| Dividend Yield | 7.79% |
| Profit Margin | 15.79% |
| Tax Rate | 34.34% |
| Asset Turnover | 0.9131 |
| Net Asset Value Per Share | 0.91 |
| Net Tangible Asset per share | 0.91 |
| Price/Net Tangible Asset Per Share | 1.22 |
| Cash Per Share | 0.19 |
| Liquidity Current Ratio | 1.9589 |
| Liquidity Quick Ratio | 1.698 |
| Liquidity Cash Ratio | 0.8472 |
| Gearing Debt to Equity Ratio | 0.2671 |
| Gearing Debt to Asset Ratio | 0.2108 |
| Working capital per thousand Ringgit sale | 20.0% |
| Days to sell the inventory | 23 |
| Days to collect the receivables | 65 |
| Days to pay the payables | 73 |
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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