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Monday, March 28, 2011

KLCI Stock - DAYA / 0091 - 2010 Quarter 4

Company Info
Market Capital (Capital Size)257,406,465 (Small)
Par ValueRM 0.10

My Analysis
Forecast P/E now(0.23-0.0024)/0.0216 = 10.54 (High)
Target Price0.22+0.0024 = 0.22 (PE 10.0, EPS 0.0216, DPS 0.0024)
DecisionNOT BUY unless price below 0.22
Revenue increased 3.2% but lower than preceding year corresponding quarter 25.7%, eps increased 19.5% and also higher than preceding year corresponding quarter 81.5%, both negative free and net cash flow increasing, liquidity ratio increasing from low to moderate level, gearing ratio decreasing from above moderate to moderate level, receivables increased
First Support Price0.21
Second Support Price0.2

Accounting Ratio
Return on Equity9.33%
Dividend Yield1.04%
Profit Margin13.48%
Tax Rate17.15%
Asset Turnover0.6116
Net Asset Value Per Share0.16
Net Tangible Asset per share0.08
Price/Net Tangible Asset Per Share3.06
Cash Per Share0.03
Liquidity Current Ratio2.0933
Liquidity Quick Ratio1.8044
Liquidity Cash Ratio0.571
Gearing Debt to Equity Ratio0.6614
Gearing Debt to Asset Ratio0.3971
Working capital per thousand Ringgit sale33.8%
Days to sell the inventory37
Days to collect the receivables130
Days to pay the payables87

My notes based on 2010 quarter 4 report (number in '000):-
- The Group achieved lower revenue compared to preceding year corresponding quarter mainly due to the decrease in revenue from polymer and oil & gas segments. Nevertheless, the Group recorded higher profits contributed by the oil & gas segment especially with the acquisition of Daya OCI Sdn Bhd

- The Group achieved higher revenue compared to preceding quarter mainly attributed to the higher contribution from the technical service segment. Nevertheless, the Group recorded lower profit

- Estimate next 4Q eps after 2010 Q4 result announced = 0.0049*4*1.1 = 0.0216, estimate PE on current price 0.23 = 10.54(DPS 0.0024)

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