Company Info
My Analysis
Accounting Ratio
My notes based on 2010 quarter 3 report (number in '000):-
- Group revenue of RM1.66 billion for the 9 months ended 30 September 2010 was 7% higher than the RM1.55 billion in the same period last year. The increase was mainly due to higher revenue achieved by most divisions except for the environmental engineering, waste management and utilities divisions which recorded lower revenue
- Group profit before tax for continuing operations of RM946 million declined by 17% compared with the corresponding period last year. The flour and feed milling division contributed higher profits due to increase in sales volume and better margins, whilst film exhibition and distribution also registered higher profits arising mainly from increased admissions. However, profit contribution for the period from our associate Wilmar International Limited ("Wilmar") was reduced by RM344 million largely due to weaker performance in its oilseeds and grains segment
- Group profit before tax for continuing operations of RM317 million for the quarter under review was marginally lower compared with the preceding quarter. The flour and feed milling and livestock divisions contributed higher profits due to better margins. This was offset by a lower profit contribution from Wilmar
- Estimate next 4Q eps after 2010 Q3 result announced = 0.2429*4*1.05 = 1.0202, estimate PE on current price 17 = 16.42(DPS 0.25)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.268*4*1.1 = 1.1792, estimate highest/lowest PE = 14.73/12.56 (DPS 0.23)
- Estimate next 4Q eps after 2010 Q1 result announced = 1.2268+0.0127 = 1.2395 (adjustment from 0.242-0.2293, 0.242 represent eps excluded disposal of assets), estimate highest/lowest PE = 13.61/11.54 (DPS 0.73)
- Estimate next 4Q eps after 2009 Q4 result announced = 1.2268 (10% drop from 1.3631), estimate highest/lowest PE = 14.4/12.48 (DPS 0.73)
- Estimate next 4Q eps after 2009 Q3 result announced = 1.2357, estimate highest/lowest PE = 13.15/11.79 (DPS 0.73)
- Estimate next 4Q eps after 2009 Q2 result announced = 1.2152, estimate highest/lowest PE = 13.13/12.22 (DPS 0.23)
- Estimate next 4Q eps after 2009 Q1 result announced = 1.0309, estimate highest/lowest PE = 14.7/9.96 (DPS 0.23)
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| Market Capital (Capital Size) | 20,153,497,994 (Very Large) |
| Par Value | RM 1.00 |
My Analysis
| Forecast P/E now | (17.0-0.25)/1.0202 = 16.42 (High) |
| Target Price | 14.28+0.25 = 14.53 (PE 14.0, EPS 1.0202, DPS 0.25) |
| Decision | Not interested unless revenue and profit increase more |
| Comment | Revenue slightly decreased and largely lower than preceding year corresponding quarter, eps fourth consecutive quarter decreasing and also lower than preceding year corresponding quarter, free and net cash flow increasing, strong liquidity ratio, very low gearing ratio, all accounting period are good, wheat price increasing, entered bakery industry |
| First Support Price | 16.7 |
| Second Support Price | 16.2 |
| Risk Rating | MODERATE |
Accounting Ratio
| Return on Equity | 15.53% |
| Dividend Yield | 5.18% |
| Profit Margin | 55.19% |
| Tax Rate | 7.51% |
| Asset Turnover | 0.1576 |
| Net Asset Value Per Share | 11.03 |
| Net Tangible Asset per share | 10.97 |
| Price/Net Tangible Asset Per Share | 1.71 |
| Cash Per Share | 0.73 |
| Liquidity Current Ratio | 4.754 |
| Liquidity Quick Ratio | 3.6237 |
| Liquidity Cash Ratio | 2.5087 |
| Gearing Debt to Equity Ratio | 0.0352 |
| Gearing Debt to Asset Ratio | 0.0335 |
| Working capital per thousand Ringgit sale | 60.1% |
| Days to sell the inventory | 73 |
| Days to collect the receivables | 62 |
| Days to pay the payables | 45 |
My notes based on 2010 quarter 3 report (number in '000):-
- Group revenue of RM1.66 billion for the 9 months ended 30 September 2010 was 7% higher than the RM1.55 billion in the same period last year. The increase was mainly due to higher revenue achieved by most divisions except for the environmental engineering, waste management and utilities divisions which recorded lower revenue
- Group profit before tax for continuing operations of RM946 million declined by 17% compared with the corresponding period last year. The flour and feed milling division contributed higher profits due to increase in sales volume and better margins, whilst film exhibition and distribution also registered higher profits arising mainly from increased admissions. However, profit contribution for the period from our associate Wilmar International Limited ("Wilmar") was reduced by RM344 million largely due to weaker performance in its oilseeds and grains segment
- Group profit before tax for continuing operations of RM317 million for the quarter under review was marginally lower compared with the preceding quarter. The flour and feed milling and livestock divisions contributed higher profits due to better margins. This was offset by a lower profit contribution from Wilmar
- Estimate next 4Q eps after 2010 Q3 result announced = 0.2429*4*1.05 = 1.0202, estimate PE on current price 17 = 16.42(DPS 0.25)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.268*4*1.1 = 1.1792, estimate highest/lowest PE = 14.73/12.56 (DPS 0.23)
- Estimate next 4Q eps after 2010 Q1 result announced = 1.2268+0.0127 = 1.2395 (adjustment from 0.242-0.2293, 0.242 represent eps excluded disposal of assets), estimate highest/lowest PE = 13.61/11.54 (DPS 0.73)
- Estimate next 4Q eps after 2009 Q4 result announced = 1.2268 (10% drop from 1.3631), estimate highest/lowest PE = 14.4/12.48 (DPS 0.73)
- Estimate next 4Q eps after 2009 Q3 result announced = 1.2357, estimate highest/lowest PE = 13.15/11.79 (DPS 0.73)
- Estimate next 4Q eps after 2009 Q2 result announced = 1.2152, estimate highest/lowest PE = 13.13/12.22 (DPS 0.23)
- Estimate next 4Q eps after 2009 Q1 result announced = 1.0309, estimate highest/lowest PE = 14.7/9.96 (DPS 0.23)
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