Company Info
My Analysis
Research House
Accounting Ratio
My notes based on 2010 quarter 4 report (number in '000):-
- For the current quarter, the Group recorded an decrease of 12.8% in revenue to RM247.4 million as compared to RM283.9 million in the previous corresponding quarter. For the year ended 31 December 2010, Group revenue was at RM909.7 million compared with RM980.3 million recorded in preceding year corresponding period
- The Group posted a higher profit before taxation of RM44.0 million as compared to RM23.8 million in the previous corresponding quarter. For the year ended 31 December 2010, profit before taxation was RM106.7 million compared with RM85.9 million registered last year
- Overall, the Palm and Bio-Integration business segment’s performance improved as a result of higher CPO prices and crop production arises mainly from higher hectarage of mature plantation field in Indonesia. The Cocoa Manufacturing segment also reported a better result due to improved margin. However, the Wood Products segment continues to be affected by its competitive and difficult operating environment especially in Europe and US where consumer sentiments and spending trends remains relatively subdued. The bulk of its sales are export orientated and its
results were also affected by the adverse currency movement notably the strength of the Ringgit Malaysia against the Euro and US
- The Group’s revenue of RM247.4 million for the quarter under review was 15.4% higher than the immediate preceding quarter of RM214.3 million. The Group posted a profit before taxation of RM44.0 million as compared to RM27.1 million in the immediate preceding quarter
- The improvement in the results was attributed mainly from the Palm and Bio-Integration segment owing to higher CPO prices and crop production. Cocoa Manufacturing segment also improved with higher revenue. The Wood Products segment recorded lower revenue due to lower business activities during the traditional year end holiday break in Europe
- Estimate next 4Q eps after 2010 Q4 result announced = 0.2068*4*1.2 = 0.2482, estimate PE on current price 2.7 = 10.68
- Estimate next 4Q eps after 2010 Q3 result announced = 0.0444*4*1.1 = 0.1954, estimate highest/lowest PE = 14.84/11.41 (DPS 0.05)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.033*4 = 0.132, estimate highest/lowest PE = 21.21/13.94 (DPS 0.05)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.1938*0.95 = 0.1841, estimate highest/lowest PE = 10.59/8.8 (DPS 0.05)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.1802*1.1 = 0.1982, estimate highest/lowest PE = 10.65/8.78 (DPS 0.05)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.0568*4*0.95 = 0.2158, estimate highest/lowest PE = 10.66/7.92 (DPS 0.05)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.055*4*0.8 = 0.176, estimate highest/lowest PE = 10.97/8.35 (DPS 0.05)
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| Market Capital (Capital Size) | 1,119,231,710 (Large) |
| Par Value | RM 0.50 |
My Analysis
| Forecast P/E now | (2.7-0.05)/0.2482 = 10.68 (Moderate) |
| Target Price | 2.73+0.05 = 2.78 (PE 11.0, EPS 0.2482, DPS 0.05) |
| Decision | Not interested unless CPO price increase |
| Comment | Revenue increased 15.5% and is second consecutive quarter increasing but lower than preceding year corresponding quarter 15.3%, eps increased 142.1% and is third consecutive quarter increasing and also higher than preceding year corresponding quarter 98%, negative free cash flow decreased and net cash flow turn into positive, liquidity ratio decreasing at weak level now, gearing ratio increasing at very high level now, all accounting periods still good, monthly production decreasing, CPO price decreasing, continue affecting by weakeaning of EUR & USD currency |
| First Support Price | 2.3 |
| Second Support Price | 2.0 |
| Risk Rating | MODERATE |
Research House
| HwangDBS Target Price | 3.4 (2011-01-13) |
Accounting Ratio
| Return on Equity | 10.05% |
| Dividend Yield | - |
| Profit Margin | 17.77% |
| Tax Rate | - |
| Asset Turnover | 0.4859 |
| Net Asset Value Per Share | 1.83 |
| Net Tangible Asset per share | 1.71 |
| Price/Net Tangible Asset Per Share | 1.62 |
| Cash Per Share | 0.19 |
| Liquidity Current Ratio | 0.6865 |
| Liquidity Quick Ratio | 0.3761 |
| Liquidity Cash Ratio | 0.1237 |
| Gearing Debt to Equity Ratio | 1.3607 |
| Gearing Debt to Asset Ratio | 0.5479 |
| Working capital per thousand Ringgit sale | -22.3% |
| Days to sell the inventory | 88 |
| Days to collect the receivables | 59 |
| Days to pay the payables | 65 |
My notes based on 2010 quarter 4 report (number in '000):-
- For the current quarter, the Group recorded an decrease of 12.8% in revenue to RM247.4 million as compared to RM283.9 million in the previous corresponding quarter. For the year ended 31 December 2010, Group revenue was at RM909.7 million compared with RM980.3 million recorded in preceding year corresponding period
- The Group posted a higher profit before taxation of RM44.0 million as compared to RM23.8 million in the previous corresponding quarter. For the year ended 31 December 2010, profit before taxation was RM106.7 million compared with RM85.9 million registered last year
- Overall, the Palm and Bio-Integration business segment’s performance improved as a result of higher CPO prices and crop production arises mainly from higher hectarage of mature plantation field in Indonesia. The Cocoa Manufacturing segment also reported a better result due to improved margin. However, the Wood Products segment continues to be affected by its competitive and difficult operating environment especially in Europe and US where consumer sentiments and spending trends remains relatively subdued. The bulk of its sales are export orientated and its
results were also affected by the adverse currency movement notably the strength of the Ringgit Malaysia against the Euro and US
- The Group’s revenue of RM247.4 million for the quarter under review was 15.4% higher than the immediate preceding quarter of RM214.3 million. The Group posted a profit before taxation of RM44.0 million as compared to RM27.1 million in the immediate preceding quarter
- The improvement in the results was attributed mainly from the Palm and Bio-Integration segment owing to higher CPO prices and crop production. Cocoa Manufacturing segment also improved with higher revenue. The Wood Products segment recorded lower revenue due to lower business activities during the traditional year end holiday break in Europe
- Estimate next 4Q eps after 2010 Q4 result announced = 0.2068*4*1.2 = 0.2482, estimate PE on current price 2.7 = 10.68
- Estimate next 4Q eps after 2010 Q3 result announced = 0.0444*4*1.1 = 0.1954, estimate highest/lowest PE = 14.84/11.41 (DPS 0.05)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.033*4 = 0.132, estimate highest/lowest PE = 21.21/13.94 (DPS 0.05)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.1938*0.95 = 0.1841, estimate highest/lowest PE = 10.59/8.8 (DPS 0.05)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.1802*1.1 = 0.1982, estimate highest/lowest PE = 10.65/8.78 (DPS 0.05)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.0568*4*0.95 = 0.2158, estimate highest/lowest PE = 10.66/7.92 (DPS 0.05)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.055*4*0.8 = 0.176, estimate highest/lowest PE = 10.97/8.35 (DPS 0.05)
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