KLCI Stock - MBMR / 5983 - 2010 Quarter 4

Company Info

Market Capital (Capital Size)	750,149,001 (Medium)
Par Value	RM 1.00

My Analysis

Forecast P/E now	(3.09-0.13)/0.4154 = 7.13 (High)
Target Price	2.91+0.13 = 3.04 (PE 7.0, EPS 0.4154, DPS 0.13)
Decision	Not interested unless profit increase
Comment	Revenue 0.3% increased and also higher than preceding year corresponding quarter 33.3%, eps decreased 17.5% and is third consecutive quarter decreasing but higher than preceding year corresponding quarter 34.8%, both positive free and net cash flow increased, liquidity ratio decreasing to moderate level, gearing ratio increasing to below moderate level, all accounting periods are good, favourable MYR strengthening against USD and JPY, increased dealerships and branch network
First Support Price	3.0
Second Support Price	2.9
Risk Rating	MODERATE

Research House

HwangDBS Target Price	4.15 (2011-01-10)
Maybank Target Price	5 (2011-01-24)
MIDF Target Price	4.3 (2011-02-18)
OSK Target Price	5 (2011-02-18)
RHB Target Price	3.95 (2011-02-18)

Accounting Ratio

Return on Equity	12.17%
Dividend Yield	4.21%
Profit Margin	9.04%
Tax Rate	8.57%
Asset Turnover	1.1244
Net Asset Value Per Share	4.15
Net Tangible Asset per share	4.1
Price/Net Tangible Asset Per Share	0.79
Cash Per Share	0.8
Liquidity Current Ratio	2.9633
Liquidity Quick Ratio	1.8412
Liquidity Cash Ratio	1.0397
Gearing Debt to Equity Ratio	0.2096
Gearing Debt to Asset Ratio	0.155
Working capital per thousand Ringgit sale	23.9%
Days to sell the inventory	52
Days to collect the receivables	33
Days to pay the payables	41

My notes based on 2010 quarter 4 report (number in '000):-
- The Group benefited from the strong TIV performance during the year. Its further expansion in dealerships and investments in new branch network enabled it to make solid gains in market share. This resulted in revenue growth for all operating subsidiaries. The Ringgit's strength and improved operating efficiency at the manufacturing division helped boost overall margins

- Associate contributions from Perodua and Hino were substantially higher. Volume sales and market shares strengthened further, with Perodua and Hino commanding the No.1 position by registration for passenger and commercial vehicle segments respectively

- Estimate next 4Q eps after 2010 Q4 result announced = 0.1154*4*0.9 = 0.4154, estimate PE on current price 3.09 = 7.13(DPS 0.13)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.1399*4*0.9 = 0.5036, estimate highest/lowest PE = 6.77/5.7 (DPS 0.08)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.5049*0.9 = 0.4544, estimate highest/lowest PE = 7.22/6.45 (DPS 0.08)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.4772 (base on year 2008 eps), estimate highest/lowest PE = 6.71/5.53 (DPS 0.06)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.0931*4 = 0.3724, estimate highest/lowest PE = 8.4/6.69 (DPS 0.06)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.0916*4 = 0.3664, estimate highest/lowest PE = 7.21/6.39 (DPS 0.06)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.0568*4 = 0.2272, estimate highest/lowest PE = 10.65/8.98 (DPS 0.06)
- Estimate next 4Q eps after 2009 Q1 result announced = 0.0381*4 = 0.1524, estimate highest/lowest PE = 14.37/12.6 (DPS 0.18)
- Estimate next 4Q eps after 2008 Q4 result announced = 0.0672*4 = 0.2688, estimate highest/lowest PE = 8.59/6.58 (DPS 0.18)

MBMR latest news (English)

MBMR latest news (Chinese)

JPY/MYR Chart