Company Info
My Analysis
Research House
Accounting Ratio
My notes based on 2011 quarter 3 report (number in '000):-
- Revenue increased from RM898.1 million in the preceding quarter to RM1.015 billion mainly due to higher revenue from the Installation of Pipeline and Facilities (“IPF”) division
- Profit before tax however decreased from RM112.8 million in the second quarter to RM100.1 million in the current quarter mainly due to lower contribution from drilling and lower activities in the marine services division
- Revenue for the current quarter of RM1.015 billion was marginally lower compared to last year's corresponding quarter of RM1.024 billion mainly due to lower activities in the marine services division, mitigated by higher activities in IPF
- Profit before tax decreased from RM115.5 million to RM100.1 million mainly due to a weaker USD affecting drilling division’s financial performance and the lower activities in marine services division
- Estimate next 4Q eps after 2011 Q3 result announced = 0.043*4*1.1 = 0.1892, estimate PE on current price 3.6 = 18.66(DPS 0.07)
- Estimate next 4Q eps after 2011 Q2 result announced = 0.0417*4*1.05 = 0.1751, estimate highest/lowest PE = 16.22/12.79 (DPS 0.07)
- Estimate next 4Q eps after 2011 Q1 result announced = 0.1345(maintain same eps as year 2010 due to revenue decreased but profit increased), estimate highest/lowest PE = 17.77/15.54 (DPS 0.07)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.1345*0.95 = 0.1278, estimate highest/lowest PE = 19.09/14.08 (DPS 0.07)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.0422*4*0.8 = 0.135, estimate highest/lowest PE = 18.67/15.48 (DPS 0.06)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.0414*4*0.9 = 0.149, estimate highest/lowest PE = 16.71/11.01 (DPS 0.06)
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| Market Capital (Capital Size) | 4,596,200,812 (Large) |
| Par Value | RM 0.20 |
My Analysis
| Forecast P/E now | (3.6-0.07)/0.1892 = 18.66 (High) |
| Target Price | 3.22+0.07 = 3.29 (PE 17.0, EPS 0.1892, DPS 0.07) |
| Decision | NOT BUY unless price around 3 |
| Comment | Revenue third consecutive quarter largely increasing but still slightly lower than preceding year corresponding quarter, eps third consecutive quarter increasing and also higher than preceding year corresponding quarter, reduced negative free cash flow and negative net cash flow, low liquidity ratio, very high gearing ratio, high receivables and payables period, contract increasing, marine services division remaining loss |
| First Support Price | 3.3 |
| Second Support Price | 3.0 |
| Risk Rating | MODERATE |
Research House
| CIMB Target Price | 3.95 (2011-01-04) |
| ECM Target Price | 4.2 (2011-01-17) |
| AMMB Target Price | 4.4 (2011-01-27) |
| Maybank Target Price | 3.8 (2011-01-27) |
| MIDF Target Price | 3.95 (2011-01-27) |
Accounting Ratio
| Return on Equity | 13.60% |
| Dividend Yield | 1.94% |
| Profit Margin | 9.86% |
| Tax Rate | 7.89% |
| Asset Turnover | 0.7809 |
| Net Asset Value Per Share | 0.82 |
| Net Tangible Asset per share | 0.7 |
| Price/Net Tangible Asset Per Share | 4.07 |
| Cash Per Share | 0.54 |
| Liquidity Current Ratio | 1.2504 |
| Liquidity Quick Ratio | 1.2158 |
| Liquidity Cash Ratio | 0.3282 |
| Gearing Debt to Equity Ratio | 2.3697 |
| Gearing Debt to Asset Ratio | 0.631 |
| Working capital per thousand Ringgit sale | 17.2% |
| Days to sell the inventory | 10 |
| Days to collect the receivables | 222 |
| Days to pay the payables | 243 |
My notes based on 2011 quarter 3 report (number in '000):-
- Revenue increased from RM898.1 million in the preceding quarter to RM1.015 billion mainly due to higher revenue from the Installation of Pipeline and Facilities (“IPF”) division
- Profit before tax however decreased from RM112.8 million in the second quarter to RM100.1 million in the current quarter mainly due to lower contribution from drilling and lower activities in the marine services division
- Revenue for the current quarter of RM1.015 billion was marginally lower compared to last year's corresponding quarter of RM1.024 billion mainly due to lower activities in the marine services division, mitigated by higher activities in IPF
- Profit before tax decreased from RM115.5 million to RM100.1 million mainly due to a weaker USD affecting drilling division’s financial performance and the lower activities in marine services division
- Estimate next 4Q eps after 2011 Q3 result announced = 0.043*4*1.1 = 0.1892, estimate PE on current price 3.6 = 18.66(DPS 0.07)
- Estimate next 4Q eps after 2011 Q2 result announced = 0.0417*4*1.05 = 0.1751, estimate highest/lowest PE = 16.22/12.79 (DPS 0.07)
- Estimate next 4Q eps after 2011 Q1 result announced = 0.1345(maintain same eps as year 2010 due to revenue decreased but profit increased), estimate highest/lowest PE = 17.77/15.54 (DPS 0.07)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.1345*0.95 = 0.1278, estimate highest/lowest PE = 19.09/14.08 (DPS 0.07)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.0422*4*0.8 = 0.135, estimate highest/lowest PE = 18.67/15.48 (DPS 0.06)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.0414*4*0.9 = 0.149, estimate highest/lowest PE = 16.71/11.01 (DPS 0.06)
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