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Tuesday, May 17, 2011

KLCI Stock - MUHIBAH / 5703 - 2010 Quarter 4

Company Info
Market Capital (Capital Size)664,017,015 (Medium)
Par ValueRM 0.50

My Analysis
Forecast P/E now(1.66-0.035)/0.0927 = 17.53 (High)
Target Price0.93+0.035 = 0.96 (PE 10.0, EPS 0.0927, DPS 0.035)
DecisionNot interested unless most segment got stable profit
Revenue increased 43.9% but lower than preceding year corresponding quarter 32.3%, eps increased 5.1% and also higher than preceding year corresponding quarter 243%, no cash generated from operating hence still increase borrowing, better liquidity ratio but still at low level now, better gearing ratio but still at very high ratio now, receivables and payables still increasing to higher ratio
First Support Price1.45
Second Support Price1.3
Risk RatingHIGH

Research House
CIMB Target Price2.53 (2011-01-27)

Accounting Ratio
Return on Equity5.49%
Dividend Yield2.11%
Profit Margin4.15%
Tax Rate20.86%
Asset Turnover0.5756
Net Asset Value Per Share1.27
Net Tangible Asset per share1.23
Price/Net Tangible Asset Per Share1.2
Cash Per Share0.49
Liquidity Current Ratio1.0562
Liquidity Quick Ratio0.9604
Liquidity Cash Ratio0.1081
Gearing Debt to Equity Ratio4.1856
Gearing Debt to Asset Ratio0.7754
Working capital per thousand Ringgit sale6.5%
Days to sell the inventory42
Days to collect the receivables347
Days to pay the payables287

My notes based on 2010 quarter 4 report (number in '000):-
- The Group reported an increase of 63% consolidated profit after tax to RM47.0 million for the current year ended 31 December 2010 under review as compared to RM28.9 million for the last corresponding period ended 31 December 2009 mainly due to better results from the Infrastructure Construction Division and Concession Division has also registered higher contribution from the Cambodia Airports with increasing airport passenger arrivals

- The Group reported a higher consolidated profit after tax for the current quarter of RM13.65 million as compared to RM12.6 million reported in the previous quarter was mainly due to improved results from the Infrastructure Construction Division and Cranes Division

- As at 22 February 2011, the total outstanding secured order book in hand of the Group is RM3.10 billion, comprises of RM2.29 billion from Infrastructure Construction Division, RM453 million from Cranes Division and RM360 million from Shipyard Division. These outstanding secured order books will take us into 2013

- Estimate next 4Q eps after 2010 Q4 result announced = 0.0843*1.1 = 0.0927, estimate PE on current price 1.66 = 17.53 (DPS 0.035)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.0481*2 = 0.0962(although revenue decrease but offset by high tax rate), estimate highest/lowest PE = 20.06/12.79
- Estimate next 4Q eps after 2010 Q2 result announced = 0.0266*4 = 0.1064, estimate highest/lowest PE = 9.35/7.99
- Estimate next 4Q eps after 2010 Q1 result announced = 0.0135*4 = 0.054, estimate highest/lowest PE = 18.43/15.74
- No estimate for 2009 Q4 result
- No estimate for 2009 Q3 result
- Estimate next 4Q eps after 2009 Q2 result announced = 0.0362*4 = 0.1448, estimate highest/lowest PE = 9.29/6.94 (DPS 0.025)
- Estimate next 4Q eps after 2008 Q4 result announced = 0.039*4 = 0.156, estimate highest/lowest PE = 8.17/4.04 (DPS 0.025)

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