Company Info
My Analysis
Research House
Accounting Ratio
My notes based on 2010 quarter 3 report (number in '000):-
- For the current quarter under review, the Group revenue increased by 4.5% to RM2,194.6 million as compared to RM2,101.0 million in the third quarter 2009, mainly attributed to higher revenue from data and other telecommunications related services, which mitigated the impact of lower revenue from voice and non-telecommunications services
- Data revenue increased by 24.6% in third quarter to RM440.9 million compared to RM353.9 million in the same quarter 2009 arising from demand for higher bandwidth services
- Other telecommunications related services revenue increased by 34.2% in third quarter to RM320.7 million compared to RM238.9 million in third quarter 2009 mainly due to higher revenue from customers’ projects such as MERS 999 and income from HSBB grant
- Internet and multimedia registered higher revenue by 1.4% to RM411.1 million in the current quarter arising from increased in broadband customers to 1.60 million in the current quarter from 1.40 million in the corresponding quarter 2009
- Operating profit before finance cost of RM396.5 million increased by 86.8% compared to RM212.3 million recorded in the same quarter last year primarily due to higher operating revenue and higher gain on disposal of investments in Measat as explained in note A3 of this announcement
- Group profit after tax and minority interests (PATAMI) increased by 144.8% to RM438.5 million as compared to RM179.1 million in the corresponding quarter in 2009. This was mainly attributed to higher operating revenue, gain on disposal of investments and higher unrealised exchange gain on translation of foreign currency borrowings
- The current quarter Group revenue increased by 2.0% to RM2,194.6 million as compared to RM2,150.9 million recorded in the second quarter 2010, primarily due to higher revenue from data services and other telecommunications related services net of lower revenue from voice services
- Operating profit before finance cost increased by 86.7% to RM396.5 million as compared to RM212.4 million recorded in the preceding quarter mainly due to higher operating revenue, lower operating costs and higher gain on disposal of investments in current quarter
- Consequent from higher operating profit before finance cost coupled with higher unrealised exchange gain on borrowings, the current quarter Group PATAMI increase significantly from RM124.4 million recorded in the preceding quarter to RM438.5 million in current quarter
- Estimate next 4Q eps after 2010 Q3 result announced = 0.0543*4 = 0.2172(exclude one time income and use average foreign exchange gain), estimate PE on current price 3.88 = 16.67(DPS 0.26)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.0504*4*0.95 = 0.1814, estimate highest/lowest PE = 18.3/16.81 (DPS 0.26)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.0606(average of recent 4Q eps)*4 = 0.2424, estimate highest/lowest PE = 13.9/12.46 (DPS 0.23)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.0479*4 = 0.1916, estimate highest/lowest PE = 17.38/14.87 (DPS 0.23)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.0505*4 = 0.202, estimate highest/lowest PE = 15.54/13.71(DPS 0.22)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.2, estimate highest/lowest PE = 15.45/13.85 (DPS 0.22)
TM latest news (English)
TM latest news (Chinese)
| Market Capital (Capital Size) | 13,880,319,682 (Very Large) |
| Par Value | RM 1.00 |
My Analysis
| Forecast P/E now | (3.88-0.26)/0.2172 = 16.67 (High) |
| Target Price | 3.48+0.26 = 3.74 (PE 16.0, EPS 0.2172, DPS 0.26) |
| Decision | NOT BUY unless revenue increase more |
| Comment | Revenue second consecutive quarter increasing and also higher than preceding year corresponding quarter, eps largely increased and highest since FY08Q2, free and net cash flow increasing, low liquidity ratio, high gearing ratio, long payables period, disposed Axiata shares, Unifi user increasing |
| First Support Price | 3.6 |
| Second Support Price | 3.3 |
| Risk Rating | MODERATE |
Research House
| Maybank Target Price | 3.9 (2010-11-29) |
| JF Apex Target Price | 3.76 (2010-11-30) |
| OSK Target Price | 3.28 (2010-12-30) |
| AMMB Target Price | 4 (2011-01-07) |
| RHB Target Price | 4.05 (2011-01-14) |
| TA Target Price | 3.95 (2011-01-21) |
| Citi Target Price | 3.22 (2011-01-24) |
| CIMB Target Price | 4.04 (2011-01-27) |
| Nomura Target Price | 4.1 (2011-01-27) |
| ECM Target Price | 3.8 (2011-02-09) |
Accounting Ratio
| Return on Equity | 12.95% |
| Dividend Yield | 6.70% |
| Profit Margin | 23.05% |
| Tax Rate | 11.72% |
| Asset Turnover | 0.4239 |
| Net Asset Value Per Share | 2.11 |
| Net Tangible Asset per share | 2.02 |
| Price/Net Tangible Asset Per Share | 1.66 |
| Cash Per Share | 1.18 |
| Liquidity Current Ratio | 1.5569 |
| Liquidity Quick Ratio | 1.5148 |
| Liquidity Cash Ratio | 0.9675 |
| Gearing Debt to Equity Ratio | 1.7356 |
| Gearing Debt to Asset Ratio | 0.6302 |
| Working capital per thousand Ringgit sale | 27.6% |
| Days to sell the inventory | 11 |
| Days to collect the receivables | 99 |
| Days to pay the payables | 212 |
My notes based on 2010 quarter 3 report (number in '000):-
- For the current quarter under review, the Group revenue increased by 4.5% to RM2,194.6 million as compared to RM2,101.0 million in the third quarter 2009, mainly attributed to higher revenue from data and other telecommunications related services, which mitigated the impact of lower revenue from voice and non-telecommunications services
- Data revenue increased by 24.6% in third quarter to RM440.9 million compared to RM353.9 million in the same quarter 2009 arising from demand for higher bandwidth services
- Other telecommunications related services revenue increased by 34.2% in third quarter to RM320.7 million compared to RM238.9 million in third quarter 2009 mainly due to higher revenue from customers’ projects such as MERS 999 and income from HSBB grant
- Internet and multimedia registered higher revenue by 1.4% to RM411.1 million in the current quarter arising from increased in broadband customers to 1.60 million in the current quarter from 1.40 million in the corresponding quarter 2009
- Operating profit before finance cost of RM396.5 million increased by 86.8% compared to RM212.3 million recorded in the same quarter last year primarily due to higher operating revenue and higher gain on disposal of investments in Measat as explained in note A3 of this announcement
- Group profit after tax and minority interests (PATAMI) increased by 144.8% to RM438.5 million as compared to RM179.1 million in the corresponding quarter in 2009. This was mainly attributed to higher operating revenue, gain on disposal of investments and higher unrealised exchange gain on translation of foreign currency borrowings
- The current quarter Group revenue increased by 2.0% to RM2,194.6 million as compared to RM2,150.9 million recorded in the second quarter 2010, primarily due to higher revenue from data services and other telecommunications related services net of lower revenue from voice services
- Operating profit before finance cost increased by 86.7% to RM396.5 million as compared to RM212.4 million recorded in the preceding quarter mainly due to higher operating revenue, lower operating costs and higher gain on disposal of investments in current quarter
- Consequent from higher operating profit before finance cost coupled with higher unrealised exchange gain on borrowings, the current quarter Group PATAMI increase significantly from RM124.4 million recorded in the preceding quarter to RM438.5 million in current quarter
- Estimate next 4Q eps after 2010 Q3 result announced = 0.0543*4 = 0.2172(exclude one time income and use average foreign exchange gain), estimate PE on current price 3.88 = 16.67(DPS 0.26)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.0504*4*0.95 = 0.1814, estimate highest/lowest PE = 18.3/16.81 (DPS 0.26)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.0606(average of recent 4Q eps)*4 = 0.2424, estimate highest/lowest PE = 13.9/12.46 (DPS 0.23)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.0479*4 = 0.1916, estimate highest/lowest PE = 17.38/14.87 (DPS 0.23)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.0505*4 = 0.202, estimate highest/lowest PE = 15.54/13.71(DPS 0.22)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.2, estimate highest/lowest PE = 15.45/13.85 (DPS 0.22)
TM latest news (English)
TM latest news (Chinese)
No comments:
Post a Comment