This is my analysis to KLSE stock based on each quarter report. Objective of the blog is to provide a platform for easy visualize company previous quarter reports.
1.11+0.031 = 1.14 (PE 16.0, EPS 0.0691, DPS 0.031)
Decision
Not interested unless revenue and profit increase more
Comment
Revenue increased 1.8% but lower than preceding year corresponding quarter 2.6%, eps increased 8.3% and is second consecutive quarter increasing but still lower than preceding year corresponding quarter 10.7%, cash generated from operating is more than enough to cover all expenses, liquidity ratio decreasing at low level now, gearing ratio increased at above moderate level now, all accounting period are acceptable, Pengerang project, acquired New Zealand largest heavy fabrication company, O&G price increasing
First Support Price
1.75
Second Support Price
1.5
Risk Rating
HIGH
Research House
CIMB Target Price
2.2 (2010-12-21)
MIMB Target Price
2.15 (2010-12-27)
RHB Target Price
2.11 (2011-01-03)
AMMB Target Price
2.49 (2011-01-12)
Maybank Target Price
2.6 (2011-02-17)
MIDF Target Price
2.24 (2011-02-17)
OSK Target Price
2.51 (2011-02-17)
Accounting Ratio
Return on Equity
24.25%
Dividend Yield
1.24%
Profit Margin
17.50%
Tax Rate
19.66%
Asset Turnover
1.1738
Net Asset Value Per Share
0.26
Net Tangible Asset per share
0.26
Price/Net Tangible Asset Per Share
8.19
Cash Per Share
0.14
Liquidity Current Ratio
1.764
Liquidity Quick Ratio
1.6219
Liquidity Cash Ratio
0.8108
Gearing Debt to Equity Ratio
0.7229
Gearing Debt to Asset Ratio
0.4024
Working capital per thousand Ringgit sale
24.3%
Days to sell the inventory
19
Days to collect the receivables
92
Days to pay the payables
104
My notes based on 2011 quarter 2 report (number in '000):-
- The Group’s profit after taxation for the current financial quarter of RM37.7 million was 25% higher when compared to the corresponding quarter last year despite the slight 3% drop in revenue. The better result was due to higher contribution from Engineering & Construction and Plant Maintenance activities in Malaysia and Singapore. The Specialist Products and Services for International operation also performed better in the current financial quarter
- In addition, the commencement of operation by Langsat Terminal (One) Sdn Bhd in Tanjung Langsat, Johor in September 2009 for its Phase 1 and in April 2010 for its Phase 2, had also contributed positively to the Group’s financial results in the current quarter
- Profit before tax recorded for the current financial quarter of RM47.0 million was higher by 13% compared to RM41.5 million recorded in the preceding financial quarter. This was due to higher contribution from Engineering & Construction activities in Malaysia and Singapore, and Specialist Products and Services for International operation
- Estimate next 4Q eps after 2011 Q2 result announced = (0.0183+0.0146)*2*1.05 = 0.0691, estimate PE on current price 2.49 = 35.59(DPS 0.031)
- Estimate next 4Q eps after 2011 Q1 result announced = 0.0169*4*1.05 = 0.071(ROE 6% per quarter), estimate highest/lowest PE = 31.82/19.14 (DPS 0.031)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.0146*4*1.05 = 0.0613, estimate highest/lowest PE = 23.8/16.95 (DPS 0.031)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.0162*4*1.05 = 0.068(5% increase), estimate highest/lowest PE = 15.93/14.16 (DPS 0.037)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.04*2 = 0.08, estimate highest/lowest PE = 14.3/11.5 (DPS 0.036)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.0193*4 = 0.0772, estimate highest/lowest PE = 18.83/15.73 (DPS 0.036)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.0659*1.1 = 0.0725, estimate highest/lowest PE = 18.4/15.64 (DPS 0.036)
Not interested unless revenue and profit increase more
Comment
Revenue decreased 14% and also lower than preceding year corresponding quarter 5.5%, eps decreased 46.4% and is third consecutive quarter decreasing and also lower than preceding year corresponding quarter 41.2%, cash generated from operating mostly used to increase inventories hence still increase borrowing, liquidity ratio increased at high level now, gearing ratio decreased from below moderate t low level now, inventory ratio still high, affecting by weakening USD against MYR, higher log costs, property division growing
First Support Price
0.98
Second Support Price
0.94
Risk Rating
HIGH
Accounting Ratio
Return on Equity
8.37%
Dividend Yield
3.90%
Profit Margin
7.04%
Tax Rate
6.81%
Asset Turnover
0.6986
Net Asset Value Per Share
2.19
Net Tangible Asset per share
2.03
Price/Net Tangible Asset Per Share
0.55
Cash Per Share
0.32
Liquidity Current Ratio
3.5615
Liquidity Quick Ratio
1.2982
Liquidity Cash Ratio
0.7674
Gearing Debt to Equity Ratio
0.1901
Gearing Debt to Asset Ratio
0.1517
Working capital per thousand Ringgit sale
55.6%
Days to sell the inventory
193
Days to collect the receivables
37
Days to pay the payables
33
My notes based on 2011 quarter 3 report (number in '000):-
- The lower margin for the current financial year to date in timber is mainly due to higher production costs especially log costs
- The fluctuation noted in the turnover of the quarters under review is mainly due to delays in the arrival of purchasers’ vessels for loading
- Construction activity on the Group’s development project has increased as work has begun on more parcels of the project
- Demand for plywood is expected to remain at current levels for the medium term
- Construction activities are proceeding expeditiously on the boulevard shops and shop offices where completion is expected in stages between mid-2011 to 3rd quarter 2012
- Estimate next 4Q eps after 2011 Q3 result announced = 0.0261*4*1.05 = 0.1096, estimate PE on current price 1.41 = 12.64(DPS 0.025)
- Estimate next 4Q eps after 2011 Q2 result announced = 0.0334*4 = 0.1336(use profit margin 6% from 93k revenue), estimate PE on current price 1.18 = 8.76/6.96 (DPS 0.05)
- Estimate next 4Q eps after 2011 Q1 result announced = 0.0342*4 = 0.1368(use profit margin 8% from 70k revenue), estimate highest/lowest PE = 8.04/6.51 (DPS 0.05) (Amendment)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.11*0.9 = 0.099(0.11 is year 2010 cum_eps excluded 9.9 million and 10% negative adjustment for those tax refund), estimate highest/lowest PE = 8.18/7 (DPS 0.05)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.11, estimate highest/lowest PE = 9.82/7.36 (DPS 0.02)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.1, estimate highest/lowest PE = 8.95/7.5 (DPS 0.02)
Revenue decreased 0.7% but higher than preceding year corresponding quarter 12.5%, eps decreased 1.4% and also lower than preceding year corresponding quarter 15.7%, cash generated from operating enough to cover financing activities, liquidity ratio increased at low level now, high gearing ratio, all accounting periods are good, hospital increasing
First Support Price
3.8
Second Support Price
3.7
Risk Rating
MODERATE
Research House
OSK Target Price
4.62 (2011-01-19)
TA Target Price
4.32 (2011-01-19)
RHB Target Price
4.94 (2011-04-08)
MIDF Target Price
4.6 (2011-04-14)
Accounting Ratio
Return on Equity
13.74%
Dividend Yield
3.61%
Profit Margin
10.22%
Tax Rate
22.27%
Asset Turnover
1.0216
Net Asset Value Per Share
1.25
Net Tangible Asset per share
1.03
Price/Net Tangible Asset Per Share
3.7
Cash Per Share
0.31
Liquidity Current Ratio
1.3516
Liquidity Quick Ratio
1.2653
Liquidity Cash Ratio
0.4226
Gearing Debt to Equity Ratio
1.0042
Gearing Debt to Asset Ratio
0.4728
Working capital per thousand Ringgit sale
9.6%
Days to sell the inventory
9
Days to collect the receivables
66
Days to pay the payables
77
My notes based on 2010 quarter 4 report (number in '000):-
- The profit before taxation for the current quarter has increased by 12.4% to RM44.3 million from RM39.4 million in the corresponding quarter 2009. The increase is in line with the increase in revenue of the hospitals
- The profit before taxation for the current quarter of RM44.3 million has increased by 2.8% compared to the preceding quarter of RM43.1 million. The increase in the net profit before tax is in line with the increase in revenue and contribution from the hospitals
- Estimate next 4Q eps after 2010 Q4 result announced = 0.0512*4*1.1 = 0.2253, estimate PE on current price 4.05 = 17.52(DPS 0.15)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.0512*4*1.1 = 0.2253, estimate highest/lowest PE = 17.18/15.71 (DPS 0.13)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.0506*4*1.1 = 0.2226, estimate highest/lowest PE = 17.34/13.7 (DPS 0.13)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.2174, estimate highest/lowest PE = 17.25/13.02 (DPS 0.1)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.1359*4 = 0.5436(after split 2.5 = 0.2174), estimate highest/lowest PE = 13.89/10.9 (DPS 0.2 or 0.08)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.1291*4 = 0.5164, estimate highest/lowest PE = 12.24/6.29 (DPS 0.2)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.1188*4 = 0.4752, estimate highest/lowest PE = 10.61/6.92 (DPS 0.1)
- Estimate next 4Q eps after 2009 Q1 result announced = 0.1046*4 = 0.4184, estimate highest/lowest PE = 8.29/6.74 (DPS 0.07)
- Estimate next 4Q eps after 2008 Q4 result announced = 0.107*4 = 0.428, estimate highest/lowest PE = 6.99/6.17 (DPS 0.07)
Revenue increased 11.6% and is second consecutive quarter increasing and also higher than preceding year corresponding quarter 14.1%, eps increased 127.4% and also higher than preceding year corresponding quarter 37.2%, cash generated from operating is not enough to pay financing activities, liquidity ratio improving but still at weak level now, high gearing ratio, all accounting periods are good, CPO price decreasing, venture into aviation business, working on to involve in the land development, bought PHARMA
First Support Price
5.4
Second Support Price
5.15
Risk Rating
MODERATE
Research House
ECM Target Price
5.96 (2010-04-04)
S&P Target Price
6 (2010-11-30)
TA Target Price
6.94 (2010-12-23)
HwangDBS Target Price
8.1 (2011-02-07)
CIMB Target Price
6.06 (2011-02-28)
AMMB Target Price
5.2 (2011-03-29)
HLG Target Price
7.87 (2011-04-13)
Accounting Ratio
Return on Equity
11.44%
Dividend Yield
6.69%
Profit Margin
14.91%
Tax Rate
6.87%
Asset Turnover
0.667
Net Asset Value Per Share
4.52
Net Tangible Asset per share
3.43
Price/Net Tangible Asset Per Share
1.57
Cash Per Share
0.45
Liquidity Current Ratio
0.5581
Liquidity Quick Ratio
0.4836
Liquidity Cash Ratio
0.1137
Gearing Debt to Equity Ratio
1.0808
Gearing Debt to Asset Ratio
0.493
Working capital per thousand Ringgit sale
-26.7%
Days to sell the inventory
18
Days to collect the receivables
76
Days to pay the payables
72
My notes based on 2010 quarter 4 report (number in '000):-
- Notable increase in revenue from both the Plantation and Trading Divisions was attributable to the stronger palm product prices and higher sales volume respectively
- During the year, the Division achieved an average palm oil price of RM2,622 per MT, an increase of RM452 or 21% against last year corresponding period's average of RM2,170 per MT. The cumulative FFB crop totalling 1,070,455 MT was 3% lower
- During the year, the Division’s investment property portfolio had appreciated and contributed a fair value gain of RM52 million. At the same time, performance for property development, retail mall operations and hotels also improved
- Finance & Investment Division got interest savings at Boustead Holdings level and better earnings from the Affin group as well as the disposal of BH Insurance had enhanced the Division’s performance
- During the period, all the operating units in the Division had performed well, with notable increase from BH Petrol operations which enjoyed an increase in sales volume and stockholding gains
- Plantation profit for the current quarter was 27% better than the preceding quarter, mainly due to stronger CPO price which averaged at RM2,977 (Previous quarter: RM2,554) per MT
- Property Division’s pre-tax profit was better than the previous quarter, on fair value gain on investment properties and higher progress billings
- Heavy Industries Division’s profit for the current quarter was marginally lower than the preceding quarter mainly on cost escalation
- The Finance & Investment Division’s profit for the current quarter was higher, mainly on improved contribution from the Affin group. Trading Division registered a two-fold increase in pre-tax profit during the current quarter, on better sales volume and stockholding gain
- Estimate next 4Q eps after 2010 Q4 result announced = 0.2646*2*1.05 = 0.5557(exclude RM52 million one off gained), estimate PE on current price 5.83 = 9.79(DPS 0.39)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.1*4*1.1 = 0.44, estimate highest/lowest PE = 13.11/11.14 (DPS 0.37)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.08*4*1.05 = 0.336(0.08 is eps exclude non-repeatable income), estimate highest/lowest PE = 17.04/11.59 (DPS 0.325)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.4699*1.05 = 0.4934(5% increase), estimate highest/lowest PE = 8.3/6.58 (DPS 0.275)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.4934, estimate highest/lowest PE = 7.1/6.31 (DPS 0.275)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.1241*4 = 0.4964, estimate highest/lowest PE = 6.89/6.06 (DPS 0.25)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.0721*4 = 0.2884, estimate highest/lowest PE = 12.17/10.92 (DPS 0.2)
- Estimate next 4Q eps after 2009 Q1 result announced = 0.0934*4 = 0.3736, estimate highest/lowest PE = 11.78/8.94 (DPS 0.2)
- Estimate next 4Q eps after 2008 Q4 result announced = 0.1699*4 = 0.6796, estimate highest/lowest PE = 5.15/3.97 (DPS 0.3)
Revenue increased 2% to highest all the time and is consecutive quarter increase since FY09Q1 (higher than preceding year corresponding quarter 6.9%), eps decreased 157.4% and also lower than preceding year corresponding quarter 165.6%, cash generated from operating still not even enough to cover repayment of borrowings, and still got investing activities hence still will generate cash from financing activities, liquidity ratio increasing at low level now, gearing ratio increased at above moderate level now, high payables, weakening IDR against MYR, weakening USD against MYR
First Support Price
4.6
Second Support Price
4.4
Risk Rating
MODERATE
Research House
TA Target Price
5.9 (2010-11-25)
JP Morgan Target Price
5.9 (2010-12-09)
MIDF Target Price
5.7 (2011-01-19)
RHB Target Price
5.75 (2011-02-21)
CIMB Target Price
5.9 (2011-02-24)
ECM Target Price
6.08 (2011-02-24)
HLG Target Price
5.32 (2011-02-24)
Maybank Target Price
5.6 (2011-02-24)
OSK Target Price
5.83 (2011-03-15)
HwangDBS Target Price
5.6 (2011-03-23)
Credit Suisse Target Price
6.1 (2011-03-30)
AMMB Target Price
6.24 (2011-04-04)
Accounting Ratio
Return on Equity
8.73%
Dividend Yield
2.08%
Profit Margin
-0.67%
Tax Rate
-
Asset Turnover
0.41
Net Asset Value Per Share
2.21
Net Tangible Asset per share
1.31
Price/Net Tangible Asset Per Share
3.78
Cash Per Share
0.74
Liquidity Current Ratio
1.3887
Liquidity Quick Ratio
1.3746
Liquidity Cash Ratio
1.0353
Gearing Debt to Equity Ratio
0.9518
Gearing Debt to Asset Ratio
0.4678
Working capital per thousand Ringgit sale
15.1%
Days to sell the inventory
4
Days to collect the receivables
40
Days to pay the payables
236
My notes based on 2010 quarter 4 report (number in '000):-
- XL revenue grew in tandem with the increase in subscriber base of 28.1% as compared to Q4’09. Celcom revenue grew 1.1% driven by increase in total net additions of more than 100% and broadband subscribers of 67.7%. While Dialog revenue grew by 4.0% resulted from 15.0% increased in postpaid usage and 7.2% increase in revenue generating base subscribers
- The Group mobile revenue grew by 5.1% in the current quarter from Q4’09 mainly from strong data and VAS growth of 63.9% and 31.8% respectively
- The fluctuation of RM against local currencies had unfavourably affected the overall Group’s translated revenue. At constant currency using Q4’09 exchange rate, the Group revenue would have registered a higher growth of 9.9%
- The Group operating costs increased by 7.9% to RM2,286.9 million in Q4’10 from RM2,120.3 million in Q4’09, mainly driven by Celcom and XL. In Q4’10, Celcom recorded higher marketing cost and network related cost on leased line and site operating charges. XL recorded higher marketing costs during the current quarter due to new programs launched and higher commission expense. Increase in XL other operating costs in the current quarter is also due to higher interconnect and VAS cost in line with higher revenue
- Depreciation, amortisation and impairment in current quarter increased by RM982.6 million mainly resulted from the impairment on the investment in an associate
- The Group net finance costs was lower in current quarter at RM116.1 million as compared to RM155.5 million in Q4’09 as a result of repayment of debt and reduction of overall debt position at Group level
- The Group loss after tax was RM260.8 million, decreased by 143.3% from profit after tax (“PAT”) of RM602.4 million reported in Q4’09. This was mainly due to impairment recorded during the current quarter
- The Group other operating income increased by 65.3% to RM434.9 million for the financial year under review from RM263.1 million in the corresponding financial year mainly arising from net gain from the partial disposal of equity interest in XL
- For the financial year under review, the Group recorded foreign exchange loss of RM15.8 million as compared to the gains of RM587.2 million in the corresponding year, mainly arising from revaluation of USD borrowings and payables
- Estimate next 4Q eps after 2010 Q4 result announced = 0.072*4*1.05 = 0.3024, estimate PE on current price 4.8 = 15.54
- Estimate next 4Q eps after 2010 Q3 result announced = 0.0752*4*1.05 = 0.3158, estimate highest/lowest PE = 16.12/13.93
- Estimate next 4Q eps after 2010 Q2 result announced = 0.0681*4*1.05 = 0.286, estimate highest/lowest PE = 16.29/15.24
- Estimate next 4Q eps after 2010 Q1 result announced = 0.265(no adjustment due to higher profit is from non-repeatable income), estimate highest/lowest PE = 16.98/13.89
- Estimate next 4Q eps after 2009 Q4 result announced = 0.631(average recent 3 quarter)*4 = 0.2524+(0.05*0.2524) = 0.265(5% grow from 0.2524), estimate highest/lowest PE = 15.28/13.21
- Estimate next 4Q eps after 2009 Q3 result announced = 0.0595*4 = 0.238, estimate highest/lowest PE = 14.71/12.61
- Estimate next 4Q eps after 2009 Q2 result announced = 0.0579*4 = 0.2316, estimate highest/lowest PE = 14.12/12.52
0.09+0.00178 = 0.09 (PE 8.0, EPS 0.0113, DPS 0.00178)
Decision
NOT BUY
Comment
Revenue increased 12.4% and is second consecutive quarter increasing and also higher than preceding year corresponding quarter 15%, eps increased 200% and also recover from loss over preceding year corresponding quarter, cash generated from operating is enough to cover payables and investing activities, liquidity ratio decreased from moderate to low level now, gearing ratio increased from low to below moderate level now, all accounting periods are good
First Support Price
0.33
Second Support Price
0.32
Risk Rating
HIGH
Research House
OSK Target Price
0.41 (2010-12-01)
RHB Target Price
0.33 (2010-12-27)
Accounting Ratio
Return on Equity
0.92%
Dividend Yield
0.48%
Profit Margin
0.83%
Tax Rate
-
Asset Turnover
1.6817
Net Asset Value Per Share
0.62
Net Tangible Asset per share
0.52
Price/Net Tangible Asset Per Share
0.65
Cash Per Share
0.02
Liquidity Current Ratio
1.9928
Liquidity Quick Ratio
1.0525
Liquidity Cash Ratio
0.1585
Gearing Debt to Equity Ratio
0.2019
Gearing Debt to Asset Ratio
0.168
Working capital per thousand Ringgit sale
9.9%
Days to sell the inventory
34
Days to collect the receivables
29
Days to pay the payables
37
My notes based on 2010 quarter 4 report (number in '000):-
- Higher revenue was primarily attributable to the favourable upward trend experienced in the pricing of the metallurgical coke and an increase in sales volume
- The average price of metallurgical coke saw an improvement of approximately 16% whilst sales volume grew by approximately 5% respectively during the current quarter compared with those in the preceding year corresponding quarter
- The average prices of ammonium sulphate, crude benzene, tar oil, coal slime and middlings during the current quarter under review have increased by approximately 37%, 16%, 32%, 34% and 33% respectively compared to the same quarter last year
- Following the increase in sales volume and an increase in the average price of raw material (i.e. coking coal) of approximately 21%, the cost of sales for the current quarter under review had risen to RM362.1 million compared to RM318.6 million recorded in the preceding year corresponding quarter, representing a hike of approximately 14%
- As a result of the better average prices of the metallurgical coke and its by-products and the growing sales volume, the Group has managed to turn around and record a gross profit
- The improvement in revenue was primarily attributed to the favourable average pricing of the metallurgical coke and of its by-products in comparison with those prices registered in the preceding quarter. The average prices for metallurgical coke, ammonium sulphate, crude benzene, tar oil, coal slimes and middlings during the current quarter under review were increased by 10%, 29%, 5%, 8%, 31% and 19% respectively
- Cost of sales in the current quarter has correspondingly increased in the preceding quarter ended 30 September 2010, an increase of approximately 14%. This was due to the average coking coal price during the quarter under review being 13% higher than that of the preceding quarter
- As a result of the gradually improving industry circumstances stemming from better average prices for the metallurgical coke and the by-products, the Group recorded a profit for the current quarter of approximately RM3.0 million, signifying its continued profitable streak for the third consecutive quarters since the earlier quarter ended 30 June 2010
- Estimate next 4Q eps after 2010 Q4 result announced = 0.0027*4*1.05 = 0.0113, estimate PE on current price 0.37 = 32.59
- Estimate next 4Q eps after 2010 Q3 result announced = 0.0052*2 = 0.0104, estimate highest/lowest PE = 39.42/31.73
10.58+0.078 = 10.66 (PE 18.0, EPS 0.588, DPS 0.078)
Decision
Not buy unless price below 10.2
Comment
Revenue increased 4.5% and also higher than preceding year corresponding quarter 76.1%, eps decreased 39.1% but higher than preceding year corresponding quarter 90%, cash generated from operating is enough to cover repayment of financing activities but due to more investing activities hence will require increase borrowings, liquidity ratio slightly increased at high level now, gearing ratio decreasing at high level now, payables decreasing but still high, CPO price increasing
First Support Price
10.0
Second Support Price
9.8
Risk Rating
MODERATE
Research House
UOB Target Price
12.54 (2011-01-12)
Credit Suisse Target Price
13.5 (2011-01-13)
CIMB Target Price
15.5 (2011-02-07)
TA Target Price
13.26 (2011-02-18)
HwangDBS Target Price
14.3 (2011-02-24)
Maybank Target Price
12.58 (2011-02-24)
RHB Target Price
12.4 (2011-03-01)
Macquarie Target Price
11.6 (2011-04-06)
Accounting Ratio
Return on Equity
7.47%
Dividend Yield
0.72%
Profit Margin
28.95%
Tax Rate
31.83%
Asset Turnover
0.31
Net Asset Value Per Share
4.19
Net Tangible Asset per share
3.17
Price/Net Tangible Asset Per Share
3.27
Cash Per Share
4.41
Liquidity Current Ratio
3.2611
Liquidity Quick Ratio
3.1706
Liquidity Cash Ratio
2.7703
Gearing Debt to Equity Ratio
1.2626
Gearing Debt to Asset Ratio
0.3992
Working capital per thousand Ringgit sale
87.9%
Days to sell the inventory
23
Days to collect the receivables
55
Days to pay the payables
176
My notes based on 2010 quarter 4 report (number in '000):-
- The increase revenue came mainly from the Leisure & Hospitality Division with the commencement of operations of Resorts World Sentosa (“RWS”) in Singapore in the first quarter of this year. Revenue from Resorts World Genting (“RWG”) increased mainly due to better luck factor in the premium players business. The revenue from the UK casino operations decreased mainly due to poor luck factor and the weaker Sterling Pound. However, the business volume has shown improvement over the previous year’s corresponding quarter
- Increased revenue from the Plantation Division was due to higher palm products prices
- The lower revenue from the Power Division was due to lower generation of electricity by both the Kuala Langat and the Meizhou Wan power plants
- The lower revenue from the Oil & Gas Division was due to the disposal of Genting Oil & Gas (China) Limited
- EBITDA of RWS was higher in the current quarter due to the improvement in revenue substantially contributed by the increase in the volume of premium players’ business, with significant contribution from Universal Studios Singapore and the hotels
- The profit before tax of the Group in the preceding quarter included a one-off net gain of RM413.6 million arising from Deferred Consideration and net impairment losses of RM250.6 million, whilst a loss of RM145.4 million arising from loss on discontinuance of cash flow hedge accounting using IRS was recorded in the current quarter
- Estimate next 4Q eps after 2010 Q4 result announced = 0.14*4*1.05 = 0.588, estimate PE on current price 10.76 = 18.17(DPS 0.075)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.0945*4 = 0.3781, estimate highest/lowest PE = 31.49/26.22 (DPS 0.075)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.1985*4 = 0.794, estimate highest/lowest PE = 13.53/11.22 (DPS 0.075)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.2813*1.15 = 0.3235(15% increased), estimate highest/lowest PE = 21.54/2 (DPS 0.072)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.0661*4 = 0.2644, estimate highest/lowest PE = 26.77/23.18 (DPS 0.072)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.0999*4 = 0.3996, estimate highest/lowest PE = 19.09/15.62 (DPS 0.07)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.0577*4 = 0.2308, estimate highest/lowest PE = 33.23/27.64 (DPS 0.07)
- Estimate next 4Q eps after 2009 Q1 result announced = 0.0574*4 = 0.2296, estimate highest/lowest PE = 28.88/23 (DPS 0.07)
Revenue increased 25.9% and is second consecutive quarter increasing and also higher than preceding year corresponding quarter 73.9%, eps decreased 79.6% but is recover from loss in preceding year corresponding quarter, cash generated from operating is not enough to cover increased receivables hence still increased borrowing, liquidity ratio increasing at low level now, gearing ratio increasing at very high level now, still high receivables compare to working capital, continuing affect by weakening of USD and Europe currencies
First Support Price
0.42
Second Support Price
0.4
Risk Rating
HIGH
Accounting Ratio
Return on Equity
3.63%
Dividend Yield
-
Profit Margin
1.07%
Tax Rate
6.12%
Asset Turnover
0.9245
Net Asset Value Per Share
0.78
Net Tangible Asset per share
0.76
Price/Net Tangible Asset Per Share
0.64
Cash Per Share
0.28
Liquidity Current Ratio
1.2672
Liquidity Quick Ratio
1.0853
Liquidity Cash Ratio
0.1291
Gearing Debt to Equity Ratio
3.3826
Gearing Debt to Asset Ratio
0.7418
Working capital per thousand Ringgit sale
17.4%
Days to sell the inventory
46
Days to collect the receivables
227
Days to pay the payables
78
My notes based on 2011 quarter 3 report (number in '000):-
- For the current quarter compared to preceding year corresponding quarter, the Group revenue was higher primarily generated from engineering division which managed to secure some fast-track projects during the year. PAT improved significantly largely attributed to higher margin and revenue, and lower overheads across the business segments
- Engineering division has contributed significantly to the revenue growth as the new projects were progressing smoothly during the current quarter but lower margin from some of the existing projects has affected the Group PAT
- Estimate next 4Q eps after 2011 Q3 result announced = 0.0042*4*1.05 = 0.0176, estimate PE on current price 0.505 = 28.69
- Estimate next 4Q eps after 2011 Q2 result announced = 0.0065*4 = 0.026, estimate highest/lowest PE = 23.65/16.15
- Estimate next 4Q eps after 2011 Q1 result announced = 0.0059*4 = 0.0236, estimate highest/lowest PE = 25.42/17.8
Revenue increased 38.4% and higher than preceding year corresponding quarter 1.2%, eps decreased 40.9% and also lower than preceding year corresponding quarter 12.9%, cash generated from operating not enough to cover investing & financing activities, liquidity ratio increasing at moderate level now, gearing ratio decreasing at below moderate level now, receivables increasing but offset by payables decreasing, provision of financial assistance status
First Support Price
3.0
Second Support Price
2.8
Risk Rating
MODERATE
Research House
OSK Target Price
5.1 (2011-01-05)
TA Target Price
5.53 (2011-01-26)
AMMB Target Price
5.09 (2011-02-09)
Kenanga Target Price
4.2 (2011-03-01)
MIDF Target Price
4.65 (2011-03-01)
Accounting Ratio
Return on Equity
13.13%
Dividend Yield
3.18%
Profit Margin
16.83%
Tax Rate
33.52%
Asset Turnover
0.5822
Net Asset Value Per Share
3.06
Net Tangible Asset per share
3.02
Price/Net Tangible Asset Per Share
1.09
Cash Per Share
0.17
Liquidity Current Ratio
2.4632
Liquidity Quick Ratio
1.5013
Liquidity Cash Ratio
0.1585
Gearing Debt to Equity Ratio
0.4381
Gearing Debt to Asset Ratio
0.3002
Working capital per thousand Ringgit sale
59.0%
Days to sell the inventory
171
Days to collect the receivables
193
Days to pay the payables
100
My notes based on 2010 quarter 4 report (number in '000):-
- The increase revenue mainly contributed by higher sales of properties as well as substantial completion of certain construction projects
- In addition, its oil and gas associate, Dayang Enterprise Holdings Berhad, continues to contribute positively to the earnings of the Group for the year
- Group profit before tax decreased substantially to RM33 million as compared to RM50 million in the immediate preceding quarter, mainly due to recognition of variation orders for and closure of certain projects during the quarter under review
- Estimate next 4Q eps after 2010 Q4 result announced = 0.0921*4*0.9 = 0.3316, estimate PE on current price 3.14 = 9.17(DPS 0.1)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.2587*2*0.9 = 0.4657, estimate highest/lowest PE = 8.16/6.79 (DPS 0.1)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.1619*2*1.1 = 0.3562, estimate highest/lowest PE = 10.47/8.84 (DPS 0.1)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.2988 (10% drop from 0.332, due to profit decreasing), estimate highest/lowest PE = 11.28/8.57 (DPS 0.08)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.0793*4 = 0.3172, estimate highest/lowest PE = 11.41/8.89 (DPS 0.08)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.0902*4 = 0.3608, estimate highest/lowest PE = 9.87/6.59 (DPS 0.08)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.0955*4 = 0.382, estimate highest/lowest PE = 8.04/6.73 (DPS 0.08)
- Estimate next 4Q eps after 2009 Q1 result announced = 0.0668*4 = 0.2672, estimate highest/lowest PE = 10.18/6.4 (DPS 0.13)
- Estimate next 4Q eps after 2008 Q4 result announced = 0.1118*4 = 0.4472, estimate highest/lowest PE = 4.07/2.17 (DPS 0.13)
SUNWAY HOLDINGS BERHAD, formerly Sunway Holdings Incorporated Berhad, is engaged in the business of investment holding and provision of management services. The principal activities of the Company include construction related design and build, civil engineering, building works, manufacturing and trading of building materials, trading and distribution of construction related products, quarrying, property development and trading of pharmaceutical products. It operates in six segments: construction, property development, trading and manufacturing, building materials, quarry, financial services and investment holding. In December 2007, SunCon acquired a 70% interest in ABS Development Sdn Bhd. On January 8, 2008, SunInc completed the acquisition of Ansa Teknik Holdings Sdn Bhd.
Company Info
Listing Date
1984-02-16
Market Capital (Capital Size)
1,429,579,624 (Large)
Par Value
RM 1.00
Board
Main
Sector
Construction
Major Industry
Civil Engineering
Sub Industry
Trading of Pharmaceutical & Construction Related Products
Revenue increased 1.6% and also higher than preceding year corresponding quarter 31.9%, eps decreased 51% and is second consecutive quarter decreasing but higher than preceding year corresponding quarter 6%, cash generated from operating still not enough to cover financing activities hence still need generate cash from financing activities, liquidity ratio increased at low level now, gearing ratio decreasing but still at high level now, all accounting periods are improve, merges offer RM2.6/share with SunCity
First Support Price
2.2
Second Support Price
2.0
Risk Rating
MODERATE
Research House
Maybank Target Price
2.6 (2011-03-08)
OSK Target Price
2.6 (2011-03-08)
ECM Target Price
2.6 (2011-04-04)
Accounting Ratio
Return on Equity
15.59%
Dividend Yield
-
Profit Margin
7.52%
Tax Rate
28.22%
Asset Turnover
0.8206
Net Asset Value Per Share
1.47
Net Tangible Asset per share
1.27
Price/Net Tangible Asset Per Share
1.69
Cash Per Share
0.37
Liquidity Current Ratio
1.4163
Liquidity Quick Ratio
1.0229
Liquidity Cash Ratio
0.2687
Gearing Debt to Equity Ratio
1.4655
Gearing Debt to Asset Ratio
0.5712
Working capital per thousand Ringgit sale
19.8%
Days to sell the inventory
72
Days to collect the receivables
125
Days to pay the payables
143
My notes based on 2010 quarter 4 report (number in '000):-
- The Group recorded revenue of RM496.7 million and profit before taxation of RM37.3 million during the quarter under review. These results include RM2.2 million gains arising mainly from the adoption of FRS 139
- During the 12-month period under review, the Group achieved revenue of RM1,996.6 million and profit before taxation of RM208.0 million, which includes RM14.5 million gains arising from the adoption of FRS 139 and also gain from disposal of its sole hotel asset of RM13.4 million
- Despite an increase in revenue, the lower profit before taxation in the current quarter was mainly attributed by the share of losses from associates as well as provisions for impairment losses made by certain subsidiaries in respect of properties, plant and equipment and inventories
- Outstanding order book of RM2.4 billion from construction division
- The property development division currently has unbilled sales of RM472 million
- Estimate next 4Q eps after 2010 Q4 result announced = 0.2091*0.9 = 0.1882(exclude RM27.9 million non-repeatable gain), estimate PE on current price 2.35 = 12.49
- Estimate next 4Q eps after 2010 Q3 result announced = 0.065*4 = 0.26, estimate highest/lowest PE = 9.22/7.99 (DPS 0.02)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.058*0.85*4 = 0.1972(15% deduction adjustment due to segments result 20% lower than preceding quarter), estimate highest/lowest PE = 11.56/7.86 (DPS 0.02)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.058(exclude FRS 139)*4*1.1 = 0.2552(10% QbQ improvement adjustment), estimate highest/lowest PE = 6.54/5.09 (DPS 0.02)
- Estimate next 4Q eps after 2009 Q6 result announced = 0.041*4*1.1 = 0.1804, estimate highest/lowest PE = 9.48/7.1 (DPS 0.02)
- Estimate next 4Q eps after 2009 Q5 result announced = 0.0318*4 = 0.1272, estimate highest/lowest PE = 11.95/8.88 (DPS 0.03)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.0352*4*1.1 = 0.1549, estimate highest/lowest PE = 9.36/8.26 (DPS 0.03)
Liabilities directly associated with assets classified as held for sale (L-1)
Loans & borrowings (L-1)
Other payables (L-1)
Minority interest (M-1)
2010
4
11548
-
127842
67198
223318
3665
83385
156007
1710
-
381266
-
19669
9314
255743
-
20609
12484
286439
684844
88053
-
18009
133
419836
-
-
24524
279
-
-
179829
747285
94789
2010
3
13992
4289
127842
74766
183163
3665
83174
97181
1667
-
391473
-
17823
9547
292108
-
30131
6582
285142
685696
98798
-
16443
264
144646
-
-
20517
366
-
-
495128
741009
93290
2010
2
12362
2362
127842
73527
161591
3665
82996
93994
1414
-
385229
-
19618
9782
234617
-
27669
2990
289983
707659
94037
-
15048
287
367022
-
8000
16669
592
-
-
322047
665565
89655
2010
1
12767
-
128728
70887
144712
3665
82546
91711
1468
-
388740
-
21137
10016
195925
20817
23980
4841
295803
690097
71342
-
15290
-
399062
-
15000
15769
2347
-
3473
257847
667309
87900
2009
6
14611
-
128728
69262
135633
3665
82247
91716
1692
-
402290
-
16843
10249
204448
21892
27179
-
304888
696445
95095
-
18139
-
411478
-
15000
15610
-
-
3676
281472
702319
88229
2009
5
14974
-
134906
65485
118670
3876
58902
92921
1741
16392
393533
-
20528
1759
174127
-
23613
-
321153
724223
105198
-
14185
-
433993
20000
-
15914
-
-
-
296535
658612
86043
2009
4
15303
-
134906
61603
88059
3876
59609
91132
1491
16691
388135
-
27619
1765
149015
-
23803
-
323721
688821
94260
-
14700
-
467751
-
-
20761
-
-
-
320835
606603
84841
2009
3
15613
-
134906
58033
84972
3876
60125
82343
11761
16777
388649
-
15501
1770
122090
-
29638
-
327055
737567
82213
-
14553
-
474908
-
-
13668
-
-
-
316292
629951
84261
2009
2
12301
-
134906
54061
74884
3876
60660
82343
11759
16454
369600
-
20013
1776
121038
-
21840
-
349337
778015
78956
-
14307
-
464408
-
-
10752
-
-
-
326179
652707
84205
2009
1
11798
-
134906
52471
66414
3876
71437
75232
11876
16966
361291
-
20473
1782
160709
-
21080
-
330242
731848
71702
-
12651
-
480619
-
-
16380
-
-
-
323467
642217
54344
2008
4
14853
-
125991
49185
55253
3876
68988
35308
11080
16427
328511
-
11468
1789
142445
-
27863
-
292132
775916
61260
-
15204
-
455576
-
-
13134
-
-
-
255849
637398
46747
2008
3
13226
-
127679
50257
592
3876
104421
34062
11411
13509
303146
-
9199
1795
262165
20783
25443
-
287380
724725
66244
91575
13344
-
132174
-
-
14282
-
-
-
602241
584050
39238
2008
2
13874
-
121649
56163
609
3876
90515
32592
1528
13077
300497
-
7653
1800
221666
19750
25279
-
291907
718338
64100
91332
14002
-
117966
-
-
24915
-
50000
-
442938
625933
36231
2008
1
12261
-
116015
44276
652
3876
77674
32583
1531
13246
282153
-
11319
1810
253645
26515
19186
-
291118
895970
19276
91089
14087
-
84552
-
-
24105
-
50000
-
516618
741914
40605
2007
4
14139
-
116011
39949
45279
3876
52757
31652
1619
13251
281201
-
7757
1810
205216
-
17571
-
304161
901544
6134
90846
14547
-
93357
-
-
18309
-
50000
-
541110
686972
40053
2007
3
15241
-
115442
43235
-
-
51642
-
1800
-
280015
1220
8427
1810
210455
-
-
-
356319
933117
13767
90602
14987
-
328059
-
-
14660
-
-
-
274434
718094
36980
2007
2
11518
-
115442
41931
-
-
51627
-
1800
-
292375
1134
12505
1810
192214
-
-
-
353651
873773
2969
90359
13711
-
412101
-
-
25226
-
-
-
202031
631573
34133
Financial Quarter Income Statement
year
qrt
Revenue
Income tax expense
Finance/interest costs
Other income
Administrative/Operating expenses
Minority interest
Finance/interest income
Share of profit/ (loss) of associates
Derivative (loss)/gain
Share of net profit of jointly controlled entity
2010
4
496712
10539
11084
15075
483670
1196
5892
30261
2229
42451
2010
3
489015
9399
8220
15576
464799
3146
1417
1238
5762
21050
2010
2
509170
6267
8578
21315
496469
4352
966
2987
1997
27843
2010
1
501680
9254
8004
7545
466347
1210
191
1625
4588
9079
2009
6
501566
9462
8642
9183
485300
3159
662
4143
-
15090
2009
5
411490
4714
6974
6977
402125
767
899
3881
-
9336
2009
4
376633
3140
11039
9754
366638
687
1837
4263
-
7425
2009
3
381636
2404
9936
11238
379698
36
639
3972
-
10089
2009
2
451538
5985
12368
8396
426096
5314
718
1590
-
2955
2009
1
467016
8189
10640
9175
448934
809
806
3284
-
6143
2008
4
579491
7330
12762
8119
561529
2
854
318
-
10076
2008
3
356456
6521
10420
7130
329612
411
2880
4093
-
29
2008
2
447263
3139
12239
19962
421688
1583
1069
1886
-
43
2008
1
441993
9315
11237
9833
408895
892
1255
4328
-
30
2007
4
626143
8271
12322
25187
677957
749
1290
1857
-
1
2007
3
371422
4282
11127
3251
347554
577
1220
1306
-
-
2007
2
521953
4966
12491
10755
495712
2328
4944
6865
-
-
Financial Quarter Segments Revenue
year
qrt
Others
Property development
Construction
Investment holding
Trading
Financial Services
Building Materials
Quarry
2010
4
962
46366
230676
337
134410
479
30714
52768
2010
3
1698
19307
285924
532
108887
659
28036
43972
2010
2
3459
24307
278307
270
130275
654
30448
41450
2010
1
2455
40099
281275
158
108644
598
27498
40953
2009
6
5010
41717
260013
177
113325
615
35100
45609
2009
5
2909
9531
221974
159
106967
642
27876
41432
2009
4
2301
8854
192197
117
100468
612
26306
45778
2009
3
4599
8038
182481
117
89936
457
22013
73821
2009
2
5823
13759
221928
254
95045
663
26377
87863
2009
1
4942
2603
243352
121
101321
640
32179
81858
2008
4
4919
12403
219052
122
111344
172
31440
197592
2008
3
6703
5129
190168
122
90767
314
24087
39166
Financial Quarter Segments Profit
year
qrt
Others
Property development
Construction
Investment holding
Trading
Financial Services
Building Materials
Quarry
2010
4
363
15762
9309
121
8470
178
10187
4343
2010
3
1387
176
26029
1707
9439
264
200
990
2010
2
400
4451
17172
3200
12016
327
292
3142
2010
1
599
5931
26480
1136
7971
413
560
2060
2009
6
544
4316
15944
728
6363
461
595
66
2009
5
158
311
10770
2233
6267
384
1205
515
2009
4
730
803
11631
4357
7175
271
116
3607
2009
3
700
763
2849
3505
3928
397
1351
10921
2009
2
2446
5303
10442
2977
4387
448
58
13847
2009
1
24
2942
3884
1060
10798
243
1130
9344
2008
4
685
2327
37860
2946
11277
837
573
54478
2008
3
1178
1604
26024
1939
8147
138
26
4412
Financial Quarter Segments Associate
year
qrt
Others
Property development
Construction
Trading
2010
4
12231
32405
7984
-
2010
3
1277
5235
15815
39
2010
2
3027
15656
12187
40
2010
1
1643
1274
7805
18
2009
6
2100
9298
7835
-
2009
5
1921
3176
8138
18
2009
4
2303
2596
6793
4
2009
3
804
3685
9646
74
2009
2
300
2088
2161
4
2009
1
1521
5176
2733
3
2008
4
690
-
8455
62
2008
3
1834
-
2232
2
Short form reference a_date = announcement date, yr = financial year end, qrt = quarter h_price = stock highest price during the quarter, l_price = stock lowest price during the quarter div = dividend recommend or declare in the quarter, roe = return on equity c_roe = cumulative of return on equity during the financial year rev = revenue in the current quarter, c_rev = cumulative of revenue during the financial year pbt = profit before tax in the current quarter, c_pbt = cumulative of profit before tax during the financial year eps = earnings per share in the current quarter, c_eps = cumulative of earnings per share during the financial year asset = total asset, liab = total liability, mino = minority interest, equi = total equity cfo = net cash flow from operating activities, cfi = net cash flow from investing activities cff = net cash flow from financing activities, cash = cash and cash equivalents as at beginning of financial year final = cash and cash equivalents as at current financial period ended share = diluted/basic weighted average number of ordinary shares c_share = cumulative of diluted/basic weighted average number of ordinary shares during the financial year m_cap = market capital at announcement date of quarterly report, date = current financial period ended date prof_m = profit margin, vat = income tax rate, pe = price earning per share ratio of recent four quarter navps = net asset value per share, ntaps = net tangible asset per share, cps = cash per share l_cur = liquidity current ratio, l_qui = liquidity quick ratio, l_cash = liquidity cash ratio g_de = gearing debt to equity ratio, g_da = gearing debt to assets ratio avg_w = working capital per thousand Ringgit sale inv_d = days to sell the inventory, rec_d = days to collect the receivables pay_d = days to pay the payables
