Company Info
My Analysis
Research House
Accounting Ratio
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)
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| Market Capital (Capital Size) | 5,481,147,369 (Very Large) |
| Par Value | RM 0.50 |
My Analysis
| Forecast P/E now | (5.83-0.39)/0.5557 = 9.79 (Moderate) |
| Target Price | 7.78+0.39 = 8.17 (PE 14.0, EPS 0.5557, DPS 0.39) |
| Decision | BUY |
| Comment | 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)
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