KLCI Stock - SUNWAY / 4308 - 2010 Quarter 4

SUNWAY HOLDINGS BERHAD

Company Description

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
Website	http://www.sunway.com.my

My Analysis

Forecast P/E now	2.35/0.1882 = 12.49 (Moderate)
Target Price	0.1882*13.0 = 2.45 (PE 13.0, EPS 0.1882)
Decision	NOT BUY unless price below 2.2
Comment	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)

SUNWAY latest news (English)

SUNWAY latest news (Chinese)

Financial Quarter Summary

a_date	year	qrt	h_price	l_price	div	roe	c_roe	rev	c_rev	pbt	c_pbt	prof	c_prof	eps	c_eps	asset	liab	mino	equi	cfo	cfi	cff	cash	fcf	net	final	share	c_share	m_cap	date	prof_m	vat	asset_t	pe	navps	ntaps	p/ntaps	cps	l_cur	l_qui	l_cash	g_de	g_da	avg_w	inv_d	rec_d	pay_d
2011-02-28	2010	4	N/A	N/A	-	2.45%	15.59%	496712	1996577	37344	207971	25609	162608	0.0373	0.2524	2433094	1389895	94789	1043199	238533	47051	120897	173521	191482	70585	244106	685686	644124	1474224	2010-12-31	7.52%	28.22%	0.8206	8.5166	1.47	1.27	1.69	0.37	1.4163	1.0229	0.2687	1.4655	0.5712	19.8%	72	125	143
2010-11-24	2010	3	2.42	2.1	-	4.90%	13.86%	489015	1499865	61039	170627	48494	136999	0.0762	0.2195	2407039	1418373	93290	988666	179436	17609	106509	173072	197045	90536	263608	636455	624239	1406565	2010-09-30	12.48%	15.40%	0.7796	-	1.43	1.23	1.8	0.46	1.1125	0.8071	0.2324	1.5841	0.5893	7.5%	78	133	151
2010-08-24	2010	2	2.3	1.57	-	5.19%	9.45%	509170	1010850	59231	109588	48612	88505	0.0783	0.1437	2331337	1395230	89655	936107	67453	12725	22606	177516	54728	32122	209638	620493	615915	1017608	2010-06-30	11.63%	10.58%	0.7588	-	1.37	1.17	1.4	0.38	1.3397	0.9606	0.2316	1.6483	0.5985	19.4%	82	146	142
2010-05-25	2010	1	1.69	1.32	-	4.52%	4.52%	501680	501680	50357	50357	39893	39893	0.0654	0.0654	2259182	1376097	87900	883085	51885	3133	42986	178720	48752	5766	184486	610045	610045	799158	2010-03-31	10.04%	18.38%	0.7576	-	1.3	1.09	1.2	0.32	1.3546	0.9729	0.2037	1.7305	0.6091	19.9%	82	147	149
2010-02-24	2009	6	1.73	1.3	0.0225	2.80%	12.72%	501566	2589879	36702	153944	24081	109278	0.0410	0.2035	2306883	1447694	88229	859189	292000	203800	19911	114967	88200	68289	183256	586732	536933	821424	2009-12-31	7.32%	25.78%	0.7245	-	1.44	1.2	1.17	0.35	1.326	0.9331	0.2008	1.8778	0.6276	19.9%	89	152	157
2009-11-24	2009	5	1.55	1.16	-	2.16%	10.23%	411490	2088313	23484	117242	18003	85197	0.0318	0.1613	2272001	1439239	86043	832762	163013	183820	36831	114326	20807	16024	130350	565578	528082	752218	2009-09-30	5.71%	20.07%	0.7136	-	1.41	1.16	1.15	0.31	1.3885	0.9494	0.1793	1.9274	0.6335	23.3%	99	163	153
2009-08-25	2009	4	1.48	1.31	-	2.49%	9.09%	376633	1676823	22235	93758	18408	67194	0.0352	0.1284	2169809	1430650	84841	739159	132623	149109	20524	117788	16486	4038	121826	523287	523423	769231	2009-06-30	5.90%	14.12%	0.7728	11.4509	1.25	0.99	1.48	0.28	1.3495	0.9087	0.1572	2.1865	0.6593	19.8%	94	150	137
2009-05-26	2009	3	1.58	1.02	-	2.14%	6.74%	381636	1300190	17940	71523	15500	48786	0.0296	0.0932	2172889	1449372	84261	723517	88703	143554	35196	119671	54851	19655	100016	523376	523569	544311	2009-03-31	4.70%	13.40%	0.8651	-	1.22	0.96	1.08	0.23	1.3528	0.9264	0.1272	2.2673	0.667	18.0%	82	143	127
2009-02-26	2009	2	1.07	0.625	-	2.13%	4.60%	451538	918554	26733	53583	15434	33286	0.0295	0.0636	2191819	1468353	84205	723466	33003	114500	50048	118502	81497	31449	87053	523376	523663	350661	2008-12-31	5.92%	22.39%	0.8461	-	1.22	0.96	0.7	0.23	1.3633	0.9305	0.1223	2.297	0.6699	19.4%	89	153	135
2008-11-27	2009	1	0.81	0.65	-	2.67%	2.67%	467016	467016	26850	26850	17852	17852	0.0341	0.0341	2144103	1475334	54344	668769	37773	85072	65980	119600	47299	18681	138281	523950	523950	377244	2008-09-30	5.75%	30.50%	0.8629	-	1.17	0.92	0.78	0.31	1.3396	0.9303	0.1636	2.4012	0.6881	18.0%	83	144	133
2008-08-26	2008	4	0.935	0.525	0.028345	2.67%	15.52%	579491	1825203	24567	128522	17239	100155	0.0307	0.1697	2022345	1377161	46747	645184	170076	156157	53653	157228	13919	39734	117494	560734	590092	471016	2008-06-30	4.24%	29.84%	0.9025	4.9491	1.01	0.8	1.05	0.25	1.4339	1.044	0.1572	2.3013	0.681	21.5%	75	155	135
2008-05-29	2008	3	1.42	0.81	-	3.92%	13.33%	356456	1245712	30498	103955	24388	82916	0.0421	0.1389	2059913	1437666	39238	622247	58534	66272	79934	157826	7738	72196	230022	579931	596923	817702	2008-03-31	8.56%	21.38%	0.9087	-	0.98	0.76	1.86	0.45	1.1551	0.8605	0.2184	2.4659	0.6979	9.9%	70	141	116
2008-02-25	2008	2	1.56	1.23	-	5.10%	9.47%	447263	889256	36210	73457	31488	58528	0.0577	0.1002	1984873	1367086	36231	617787	176107	41118	107836	157927	134989	27153	185080	546107	584185	726322	2007-12-31	8.10%	8.67%	0.9506	-	1.0	0.79	1.68	0.41	1.1725	0.8612	0.1938	2.3507	0.6888	10.5%	70	139	123
2007-11-29	2008	1	2.0	1.12	-	4.66%	4.66%	441993	441993	37247	37247	27040	27040	0.0490	0.0490	2103106	1522365	40605	580741	100579	10810	44557	158480	89769	45212	203692	551548	551548	1020363	2007-09-30	8.43%	25.01%	0.9327	-	0.98	0.77	2.4	0.46	1.1299	0.897	0.1903	2.8185	0.7239	8.8%	59	167	140
2007-08-30	2007	4	2.2	1.79	-	8.17%	1.71%	626143	1896541	35803	17678	44823	9383	0.0829	0.0174	2043927	1495141	40053	548786	103694	101560	17757	174033	2134	15623	158410	540491	540323	805331	2007-06-30	5.72%	-	0.7434	-	0.94	0.73	2.04	0.38	1.1066	0.8673	0.1583	2.939	0.7315	9.1%	74	217	165
2007-05-31	2007	3	N/A	N/A	-	2.31%	5.99%	371422	1270398	18518	53481	13659	35440	0.0253	0.0656	2032490	1440836	36980	591654	54326	29702	43184	171014	24624	18560	152454	540267	540267	361978	2007-03-31	4.99%	23.12%	0.4395	-	1.03	0.81	0.83	0.39	1.5029	1.1354	0.209	2.5976	0.7089	56.7%	160	381	311
2007-02-28	2007	2	N/A	N/A	-	2.65%	3.77%	521953	898976	22584	34963	15290	21781	0.0283	0.0403	1952749	1375001	34133	577748	12095	21577	15955	171786	9482	25437	146349	540267	540267	221509	2006-12-31	4.33%	21.99%	N/A	-	1.01	0.79	0.52	0.36	1.6564	1.2412	0.2238	2.5294	0.7041	N/A	-	N/A	N/A

Financial Quarter Balance Sheet

year	qrt	Deferred tax assets (A-0)	Derivative assets (A-0)	Goodwill on consolidation (A-0)	Investment in associated companies (A-0)	Investment in jointly controlled entity (A-0)	Investment properties (A-0)	Land held for property development (A-0)	Loan to jointly controlled entities (A-0)	Other investments (A-0)	Prepaid lease payments (A-0)	Property, plant and equipment (A-0)	Quarry development expenditure (A-0)	Receivables (A-0)	Rock reserves (A-0)	Cash and cash equivalents (A-1)	Current asset classified as held for sales (A-1)	Current tax assets (A-1)	Derivative assets (A-1)	Inventories (A-1)	Other receivables (A-1)	Property development costs (A-1)	ABS senior notes (L-0)	Deferred tax liabilities (L-0)	Derivative liabilities (L-0)	Loans & borrowings (L-0)	Other liabilities (L-0)	Cumulative redeemable preference shares (L-1)	Current tax liabilities (L-1)	Derivative liabilities (L-1)	Financial liabilities (L-1)	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

CURRENT

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●CHANGES IN SHAREHOLDING
●ANNUAL REPORTS

HISTORICAL

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●CHANGES IN SHAREHOLDING

ARCHIVES

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●CHANGES IN SHAREHOLDING

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1-Year Historical Daily Chart


5-Year Historical Weekly Chart