Company Info
My Analysis
Research House
Accounting Ratio
My notes based on 2010 quarter 4 report (number in '000):-
- The Group’s revenue for the current quarter amounted to RM229.0 million, which is 2.0% higher than the corresponding comparative quarter’s figure of RM224.5 million. The port operating subsidiary contributed RM167.5 million while the haulage/logistics subsidiary contributed RM61.5 million. The year-to-date revenue of the Group amounted to RM887.9 million, an increase of 6.7% compared to the corresponding period of RM831.4 million. The increase in revenue for the current
quarter was mainly due to increase in revenue earned by the haulage/logistics subsidiary
- Northport achieved a throughput during the current quarter of 792,483 TEUs reflecting a decrease of 0.7% as compared to the corresponding period last year of 798,500 TEUs. The year-to-date throughput achieved is 3,305,764 TEUs representing an increase of 15.6% compared against the corresponding period last year of 2,858,341 TEUs
- As for the haulage division in the haulage/logistics subsidiary the total volume handled during the quarter is 59,346 TEUs which is a decrease of 17.1% as compared to the figure for the corresponding quarter in 2009 of 71,647 TEUs. The year-to-date volume achieved is 236,423 TEUs representing a decrease of 11.8% compared to the figure for the corresponding period last year of 268,075 TEUs
- For the fourth quarter under review, the decrease in volume handled by the port operating subsidiary was mainly due to slower recovery rate in the Malaysian economy as well as regional economies compared to last year
- The profit before tax for the current quarter amounted to RM32.8 million, lower than the immediate preceding quarter’s profit before tax of RM54.3 million
- Estimate next 4Q eps after 2010 Q4 result announced = 0.2922*0.95 = 0.2776(due to unknown reason profit dropped), estimate PE on current price 3.86 = 9.46(DPS 0.37)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.3408*0.95 = 0.3238, estimate highest/lowest PE = 11.33/10.01 (DPS 0.28)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.1623*2*1.05 = 0.3408, estimate highest/lowest PE = 10.04/9.65 (DPS 0.28)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.3383(add adjustment of 0.0183), estimate highest/lowest PE = 10.4/8.34 (DPS 0.28)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.32(around 7% grow from 0.2999, expect improve in first half quarter, second half remain), estimate highest/lowest PE = 10.84/9.19 (DPS 0.28)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.3124, estimate highest/lowest PE = 9.57/8.8 (DPS 0.25)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.2617, estimate highest/lowest PE = 10.89/10.2 (DPS 0.25)
- Estimate next 4Q eps after 2009 Q1 result announced = 0.2647, estimate highest/lowest PE = 10.96/9.03 (DPS 0.25)
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| Market Capital (Capital Size) | 1,815,175,452 (Large) |
| Par Value | RM 1.00 |
My Analysis
| Forecast P/E now | (3.86-0.37)/0.2776 = 12.57 (High) |
| Target Price | 2.78+0.37 = 3.15 (PE 10.0, EPS 0.2776, DPS 0.37) |
| Decision | Not interested unless profit stablilize |
| Comment | Revenue increased 3.3% and higher than preceding year corresponding quarter 2%, eps decreased 48.4% and lower than preceding year corresponding quarter 45%, positive free cash flow increasing, positive net cash flow slightly decreased, very strong liquidity ratio, low gearing ratio, all accounting periods are good, port operations unknown reason profit dropped, haulage/logistics division turn profit |
| First Support Price | 3.6 |
| Second Support Price | 3.1 |
| Risk Rating | MODERATE |
Research House
| MIDF Target Price | 3.75 (2011-02-23) |
Accounting Ratio
| Return on Equity | 7.26% |
| Dividend Yield | 4.40% |
| Profit Margin | 14.34% |
| Tax Rate | 36.45% |
| Asset Turnover | 0.4154 |
| Net Asset Value Per Share | 4.02 |
| Net Tangible Asset per share | 3.91 |
| Price/Net Tangible Asset Per Share | 0.99 |
| Cash Per Share | 1.86 |
| Liquidity Current Ratio | 5.6306 |
| Liquidity Quick Ratio | 5.5931 |
| Liquidity Cash Ratio | 4.4351 |
| Gearing Debt to Equity Ratio | 0.1289 |
| Gearing Debt to Asset Ratio | 0.114 |
| Working capital per thousand Ringgit sale | 102.9% |
| Days to sell the inventory | 4 |
| Days to collect the receivables | 87 |
| Days to pay the payables | 97 |
My notes based on 2010 quarter 4 report (number in '000):-
- The Group’s revenue for the current quarter amounted to RM229.0 million, which is 2.0% higher than the corresponding comparative quarter’s figure of RM224.5 million. The port operating subsidiary contributed RM167.5 million while the haulage/logistics subsidiary contributed RM61.5 million. The year-to-date revenue of the Group amounted to RM887.9 million, an increase of 6.7% compared to the corresponding period of RM831.4 million. The increase in revenue for the current
quarter was mainly due to increase in revenue earned by the haulage/logistics subsidiary
- Northport achieved a throughput during the current quarter of 792,483 TEUs reflecting a decrease of 0.7% as compared to the corresponding period last year of 798,500 TEUs. The year-to-date throughput achieved is 3,305,764 TEUs representing an increase of 15.6% compared against the corresponding period last year of 2,858,341 TEUs
- As for the haulage division in the haulage/logistics subsidiary the total volume handled during the quarter is 59,346 TEUs which is a decrease of 17.1% as compared to the figure for the corresponding quarter in 2009 of 71,647 TEUs. The year-to-date volume achieved is 236,423 TEUs representing a decrease of 11.8% compared to the figure for the corresponding period last year of 268,075 TEUs
- For the fourth quarter under review, the decrease in volume handled by the port operating subsidiary was mainly due to slower recovery rate in the Malaysian economy as well as regional economies compared to last year
- The profit before tax for the current quarter amounted to RM32.8 million, lower than the immediate preceding quarter’s profit before tax of RM54.3 million
- Estimate next 4Q eps after 2010 Q4 result announced = 0.2922*0.95 = 0.2776(due to unknown reason profit dropped), estimate PE on current price 3.86 = 9.46(DPS 0.37)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.3408*0.95 = 0.3238, estimate highest/lowest PE = 11.33/10.01 (DPS 0.28)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.1623*2*1.05 = 0.3408, estimate highest/lowest PE = 10.04/9.65 (DPS 0.28)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.3383(add adjustment of 0.0183), estimate highest/lowest PE = 10.4/8.34 (DPS 0.28)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.32(around 7% grow from 0.2999, expect improve in first half quarter, second half remain), estimate highest/lowest PE = 10.84/9.19 (DPS 0.28)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.3124, estimate highest/lowest PE = 9.57/8.8 (DPS 0.25)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.2617, estimate highest/lowest PE = 10.89/10.2 (DPS 0.25)
- Estimate next 4Q eps after 2009 Q1 result announced = 0.2647, estimate highest/lowest PE = 10.96/9.03 (DPS 0.25)
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