Company Info
My Analysis
Research House
Accounting Ratio
My notes based on 2011 quarter 1 report (number in '000):-
- The Group recorded a revenue for the current quarter of RM4405.1 million representing an increase of 12.1%. Profit before taxation for the current financial quarter increased to RM623.8 million representing an increase of 24% when compared to the preceding year corresponding quarter ended 30 September 2009 of RM503.2 million. The increase in revenue and profit before taxation was substantially due to the better performance in multi utilities business segment of the Group and higher profit recognition from its offshore property development projects
- For the current financial quarter, Group revenue decreased by 6.6% whilst the profit before taxation increased by 9.8% when compared to the preceding quarter ended 30 June 2010. The increase in profit before taxation was substantially due to better performance from its offshore real estate investment and property development activities
- Estimate next 4Q eps after 2011 Q1 result announced = 0.1304*4*1.05 = 0.5477(average eps 0.1304; 5% increase), estimate PE on current price 7.87 = 14.19(DPS 0.1)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.1162*1.15*4 = 0.5345, estimate highest/lowest PE = 15.9/13.55 (DPS 0.1)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.1178*4 = 0.4712, estimate highest/lowest PE = 15.93/14.85 (DPS 0.075)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.1178*4 = 0.4712, estimate highest/lowest PE = 16.16/14.44 (DPS 0.075)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.1162*4 = 0.4648, estimate highest/lowest PE = 16.13/15.01 (DPS 0.075)
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| Market Capital (Capital Size) | 14,966,845,203 (Very Large) |
| Par Value | RM 0.50 |
My Analysis
| Forecast P/E now | (7.87-0.1)/0.5477 = 14.19 (Moderate) |
| Target Price | 8.76+0.1 = 8.86 (PE 16.0, EPS 0.5477, DPS 0.1) |
| Decision | BUY |
| Comment | Revenue decreased but is second highest all the time, eps largely increased and higher than preceding year corresponding quarter, free cash flow increasing but positive net cash flow decreasing, moderate liquidity ratio, gearing ratio increasing to very high level now, all accounting period are good, most of the business segments growing |
| First Support Price | 7.8 |
| Second Support Price | 7.45 |
| Risk Rating | MODERATE |
Research House
| Affin Target Price | 8.85 (2010-11-26) |
Accounting Ratio
| Return on Equity | 8.34% |
| Dividend Yield | 1.27% |
| Profit Margin | 14.16% |
| Tax Rate | 25.22% |
| Asset Turnover | 0.3593 |
| Net Asset Value Per Share | 5.31 |
| Net Tangible Asset per share | 2.88 |
| Price/Net Tangible Asset Per Share | 2.96 |
| Cash Per Share | 7.42 |
| Liquidity Current Ratio | 2.1741 |
| Liquidity Quick Ratio | 2.0069 |
| Liquidity Cash Ratio | 1.5915 |
| Gearing Debt to Equity Ratio | 3.6853 |
| Gearing Debt to Asset Ratio | 0.7534 |
| Working capital per thousand Ringgit sale | 58.6% |
| Days to sell the inventory | 36 |
| Days to collect the receivables | 74 |
| Days to pay the payables | 82 |
My notes based on 2011 quarter 1 report (number in '000):-
- The Group recorded a revenue for the current quarter of RM4405.1 million representing an increase of 12.1%. Profit before taxation for the current financial quarter increased to RM623.8 million representing an increase of 24% when compared to the preceding year corresponding quarter ended 30 September 2009 of RM503.2 million. The increase in revenue and profit before taxation was substantially due to the better performance in multi utilities business segment of the Group and higher profit recognition from its offshore property development projects
- For the current financial quarter, Group revenue decreased by 6.6% whilst the profit before taxation increased by 9.8% when compared to the preceding quarter ended 30 June 2010. The increase in profit before taxation was substantially due to better performance from its offshore real estate investment and property development activities
- Estimate next 4Q eps after 2011 Q1 result announced = 0.1304*4*1.05 = 0.5477(average eps 0.1304; 5% increase), estimate PE on current price 7.87 = 14.19(DPS 0.1)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.1162*1.15*4 = 0.5345, estimate highest/lowest PE = 15.9/13.55 (DPS 0.1)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.1178*4 = 0.4712, estimate highest/lowest PE = 15.93/14.85 (DPS 0.075)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.1178*4 = 0.4712, estimate highest/lowest PE = 16.16/14.44 (DPS 0.075)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.1162*4 = 0.4648, estimate highest/lowest PE = 16.13/15.01 (DPS 0.075)
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