Company Info
My Analysis
Research House
Accounting Ratio
My notes based on 2010 quarter 4 report (number in '000):-
- For the year ended 31 December 2010, the Group achieved a revenue of RM1.2 billion and profit before tax of RM14.59 illion as compared to the previous corresponding year of RM788.05million and RM11.50 million respectively
- The construction division recorded a revenue of RM1.16 billion and profit before tax of RM11.85 million as compared to the previous corresponding year of RM699.55 million and RM9.06 million respectively. The improved performance of this division was mainly attributable to progressive profit recognised from the projects in progress
- The quarry and ready mix concrete division recorded a revenue of RM81.69 million and profit before tax of RM2.32 million as compared to the previous corresponding year of RM65.57 million and RM2.22 million respectively. The performance of this division remains satisfactory
- The polyol division recorded a revenue of RM15.16 million and profit before tax of RM41,000 as compared to the previous corresponding year of RM15.43 million and RM170,000 respectively. The performance of the division was affected by lack of export market, higher cost of raw materials and intense competition in the local market
- The operation of the power plants in the 2nd half of the year had contributed RM86,000 to the Group earnings
- During the quarter under review, the Group achieved a revenue of RM371.3 million as compared to the immediate preceding quarter of RM294.8 million
- The Group’s recorded a profit before tax of RM3.36 million for the 4th quarter ended 31 December 2010 as compared to the preceding quarter of RM4.2 million
- The current value of contract work in progress is approximately RM2.5 billion
- Launching development projects in Klang Valley, Johor Bahru and Kota Kinabalu with gross development value of RM800 million
- The construction of the 33km Kuala Lumpur – Kuala Selangor Expressway (KLS) dual carriageway linking the coastal area of North-West Selangor with Kuala Lumpur is on target to be fully operational by the 2nd quarter of 2011. The Group is optimistic that KLS will contribute positively to the Group’s future earnings
- The Group has ventured into power supply to the Perbandaran Letrik Negara, Indonesia (equivalent to Tenaga Nasional Bhd in Malaysia). The operation of the power plants will contribute positively to the Group’s earnings in the future
- Estimate next 4Q eps after 2010 Q4 result announced = 0.028*4*1.05 = 0.1176, estimate PE on current price 1.24 = 10.2(DPS 0.04)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.1, estimate highest/lowest PE = 16.1/11.9 (DPS 0.04)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.0463*2 = 0.0926, estimate highest/lowest PE = 14.15/11.23 (DPS 0.04)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.0828(10% grow from 0.0753, added adjustment from last quarter estimated), estimate highest/lowest PE = 18.12/11.59 (DPS 0.04)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.0781(10% grow from 0.071), estimate highest/lowest PE = 16.26/9.8 (DPS 0.04)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.078, estimate highest/lowest PE = 10.9/8.91 (DPS 0.04)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.06, estimate highest/lowest PE = 15.17/11.08 (DPS 0.04)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.0484, estimate highest/lowest PE = 18.39/15.08 (DPS 0.04)
- Estimate next 4Q eps after 2009 Q1 result announced = 0.0465, estimate highest/lowest PE = 19.78/14.19 (DPS 0.04)
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| Market Capital (Capital Size) | 133,868,044 (Small) |
| Par Value | RM 1.00 |
My Analysis
| Forecast P/E now | (1.24-0.04)/0.1176 = 10.20 (High) |
| Target Price | 1.18+0.04 = 1.22 (PE 10.0, EPS 0.1176, DPS 0.04) |
| Decision | NOT BUY unless price below 1.1 |
| Comment | Revenue increased 26% and is consecutive second quarter increasing and also higher than preceding year corresponding quarter 43.6%, eps decreased 10.3% but higher than preceding year corresponding quarter 42.9%, negative free cash flow decreasing and net cash flow turn into positive but cash at year end still negative, low liquidity ratio, gearing ratio increased at very high level now, receivables and payables periods as usual is high |
| First Support Price | 1.2 |
| Second Support Price | 1.1 |
| Risk Rating | MODERATE |
Research House
| Kenanga Target Price | 1.6 (2011-03-01) |
Accounting Ratio
| Return on Equity | 9.14% |
| Dividend Yield | 3.23% |
| Profit Margin | 0.90% |
| Tax Rate | 8.81% |
| Asset Turnover | 1.5847 |
| Net Asset Value Per Share | 1.04 |
| Net Tangible Asset per share | 1.04 |
| Price/Net Tangible Asset Per Share | 1.26 |
| Cash Per Share | 0.68 |
| Liquidity Current Ratio | 1.0269 |
| Liquidity Quick Ratio | 1.0191 |
| Liquidity Cash Ratio | 0.1108 |
| Gearing Debt to Equity Ratio | 5.989 |
| Gearing Debt to Asset Ratio | 0.8436 |
| Working capital per thousand Ringgit sale | 1.4% |
| Days to sell the inventory | 2 |
| Days to collect the receivables | 174 |
| Days to pay the payables | 114 |
My notes based on 2010 quarter 4 report (number in '000):-
- For the year ended 31 December 2010, the Group achieved a revenue of RM1.2 billion and profit before tax of RM14.59 illion as compared to the previous corresponding year of RM788.05million and RM11.50 million respectively
- The construction division recorded a revenue of RM1.16 billion and profit before tax of RM11.85 million as compared to the previous corresponding year of RM699.55 million and RM9.06 million respectively. The improved performance of this division was mainly attributable to progressive profit recognised from the projects in progress
- The quarry and ready mix concrete division recorded a revenue of RM81.69 million and profit before tax of RM2.32 million as compared to the previous corresponding year of RM65.57 million and RM2.22 million respectively. The performance of this division remains satisfactory
- The polyol division recorded a revenue of RM15.16 million and profit before tax of RM41,000 as compared to the previous corresponding year of RM15.43 million and RM170,000 respectively. The performance of the division was affected by lack of export market, higher cost of raw materials and intense competition in the local market
- The operation of the power plants in the 2nd half of the year had contributed RM86,000 to the Group earnings
- During the quarter under review, the Group achieved a revenue of RM371.3 million as compared to the immediate preceding quarter of RM294.8 million
- The Group’s recorded a profit before tax of RM3.36 million for the 4th quarter ended 31 December 2010 as compared to the preceding quarter of RM4.2 million
- The current value of contract work in progress is approximately RM2.5 billion
- Launching development projects in Klang Valley, Johor Bahru and Kota Kinabalu with gross development value of RM800 million
- The construction of the 33km Kuala Lumpur – Kuala Selangor Expressway (KLS) dual carriageway linking the coastal area of North-West Selangor with Kuala Lumpur is on target to be fully operational by the 2nd quarter of 2011. The Group is optimistic that KLS will contribute positively to the Group’s future earnings
- The Group has ventured into power supply to the Perbandaran Letrik Negara, Indonesia (equivalent to Tenaga Nasional Bhd in Malaysia). The operation of the power plants will contribute positively to the Group’s earnings in the future
- Estimate next 4Q eps after 2010 Q4 result announced = 0.028*4*1.05 = 0.1176, estimate PE on current price 1.24 = 10.2(DPS 0.04)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.1, estimate highest/lowest PE = 16.1/11.9 (DPS 0.04)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.0463*2 = 0.0926, estimate highest/lowest PE = 14.15/11.23 (DPS 0.04)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.0828(10% grow from 0.0753, added adjustment from last quarter estimated), estimate highest/lowest PE = 18.12/11.59 (DPS 0.04)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.0781(10% grow from 0.071), estimate highest/lowest PE = 16.26/9.8 (DPS 0.04)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.078, estimate highest/lowest PE = 10.9/8.91 (DPS 0.04)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.06, estimate highest/lowest PE = 15.17/11.08 (DPS 0.04)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.0484, estimate highest/lowest PE = 18.39/15.08 (DPS 0.04)
- Estimate next 4Q eps after 2009 Q1 result announced = 0.0465, estimate highest/lowest PE = 19.78/14.19 (DPS 0.04)
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