Company Info
My Analysis
Research House
Accounting Ratio
My notes based on 2011 quarter 1 report (number in '000):-
- Higher revenue as compared to FY09Q4 mainly attributed from data, Internet and multimedia services, which mitigated the impact of lower revenue from voice and other telecommunications related services
- Data revenue increased by 6.8% as compared to the corresponding quarter 2010 arising from demand for higher bandwidth services
- Internet and multimedia services registered higher revenue by 12.7% in the current quarter arising from increased in broadband customers in the current quarter from the corresponding quarter 2010
- Operating profit before finance cost of RM231.6 million decreased by 13.5% from RM267.6 million recorded in the same quarter last year primarily attributed to higher depreciation and amortisation, lower other operating income and other gains
- Group profit after tax and non-controlling interests (PATAMI) decreased by 32.8% to RM163.3 million as compared to RM242.9 million in the corresponding quarter in 2010. This was mainly attributed to higher operating costs and lower unrealised exchange gains on translation of foreign currency borrowings
- Lower revenue as compared to FY10Q3 primarily due to lower revenue from data services, other telecommunications related services and non-telecommunications related services net of increase in Internet and multimedia services
- Operating profit before finance cost decreased by 43.3% to RM231.6 million as compared to RM408.3 million recorded in the preceding quarter mainly due to lower other gains on disposal of investments. The effect of lower operating revenue was offset by lower operating costs
- Group profit after tax and non-controlling interests (PATAMI) decreased from RM400.7 million recorded in the preceding quarter to RM163.3 million in the current quarter mainly due to lower other gains and higher taxation expense as the preceding quarter included RM57.2 million deferred tax income in respect of prior year. Higher unrealised foreign exchange gain on translation of foreign currency borrowings in the current quarter partially offset the reduction between the two periods
- Estimate next 4Q eps after 2011 Q1 result announced = 0.0457*4*1.05 = 0.1919, estimate PE on current price 3.88 = 18.86(DPS 0.261)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.0543*4 = 0.2172(exclude one time income and use average foreign exchange gain), estimate highest/lowest PE = 17.17/14.09 (DPS 0.26)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.0504*4*0.95 = 0.1814, estimate highest/lowest PE = 18.3/16.81 (DPS 0.26)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.0606(average of recent 4Q eps)*4 = 0.2424, estimate highest/lowest PE = 13.9/12.46 (DPS 0.23)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.0479*4 = 0.1916, estimate highest/lowest PE = 17.38/14.87 (DPS 0.23)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.0505*4 = 0.202, estimate highest/lowest PE = 15.54/13.71(DPS 0.22)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.2, estimate highest/lowest PE = 15.45/13.85 (DPS 0.22)
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| Market Capital (Capital Size) | 13,880,319,682 (Very Large) |
| Par Value | RM 1.00 |
My Analysis
| Forecast P/E now | (3.88-0.261)/0.1919 = 18.86 (High) |
| Target Price | 3.07+0.261 = 3.33 (PE 16.0, EPS 0.1919, DPS 0.261) |
| Decision | Not interested unless revenue and profit increase more |
| Comment | Revenue decreased 7.4% but higher than preceding year corresponding quarter 1.1%, eps decreased 59.3% and is second consecutive quarter decreasing and also lower than preceding year corresponding quarter 33.1%, cash generated from operating after deduct all expenses still got around 7% extra, better liquidity ratio at low level now, better gearing ratio at high level now, higher receivables but offset by more working capital, better payables period, global division reported weaker result |
| First Support Price | 3.6 |
| Second Support Price | 3.4 |
| Risk Rating | MODERATE |
Research House
| JF Apex Target Price | 3.76 (2010-11-30) |
| Citi Target Price | 3.22 (2011-01-24) |
| Nomura Target Price | 4.1 (2011-01-25) |
| HwangDBS Target Price | 3.35 (2011-02-28) |
| Kenanga Target Price | 4 (2011-02-28) |
| RHB Target Price | 3.84 (2011-02-28) |
| TA Target Price | 4.23 (2011-02-28) |
| Maybank Target Price | 4.4 (2011-03-14) |
| AMMB Target Price | 4 (2011-04-04) |
| OSK Target Price | 3.78 (2011-05-23) |
| CIMB Target Price | 5.1 (2011-05-24) |
| ECM Target Price | 3.7 (2011-05-26) |
| HLG Target Price | 4.2 (2011-05-26) |
| MIDF Target Price | 4.05 (2011-05-26) |
Accounting Ratio
| Return on Equity | 14.53% |
| Dividend Yield | 6.73% |
| Profit Margin | 10.58% |
| Tax Rate | 23.14% |
| Asset Turnover | 0.4222 |
| Net Asset Value Per Share | 2.21 |
| Net Tangible Asset per share | 2.12 |
| Price/Net Tangible Asset Per Share | 1.84 |
| Cash Per Share | 1.24 |
| Liquidity Current Ratio | 1.8752 |
| Liquidity Quick Ratio | 1.824 |
| Liquidity Cash Ratio | 1.1257 |
| Gearing Debt to Equity Ratio | 1.6188 |
| Gearing Debt to Asset Ratio | 0.6133 |
| Working capital per thousand Ringgit sale | 39.1% |
| Days to sell the inventory | 12 |
| Days to collect the receivables | 110 |
| Days to pay the payables | 233 |
My notes based on 2011 quarter 1 report (number in '000):-
- Higher revenue as compared to FY09Q4 mainly attributed from data, Internet and multimedia services, which mitigated the impact of lower revenue from voice and other telecommunications related services
- Data revenue increased by 6.8% as compared to the corresponding quarter 2010 arising from demand for higher bandwidth services
- Internet and multimedia services registered higher revenue by 12.7% in the current quarter arising from increased in broadband customers in the current quarter from the corresponding quarter 2010
- Operating profit before finance cost of RM231.6 million decreased by 13.5% from RM267.6 million recorded in the same quarter last year primarily attributed to higher depreciation and amortisation, lower other operating income and other gains
- Group profit after tax and non-controlling interests (PATAMI) decreased by 32.8% to RM163.3 million as compared to RM242.9 million in the corresponding quarter in 2010. This was mainly attributed to higher operating costs and lower unrealised exchange gains on translation of foreign currency borrowings
- Lower revenue as compared to FY10Q3 primarily due to lower revenue from data services, other telecommunications related services and non-telecommunications related services net of increase in Internet and multimedia services
- Operating profit before finance cost decreased by 43.3% to RM231.6 million as compared to RM408.3 million recorded in the preceding quarter mainly due to lower other gains on disposal of investments. The effect of lower operating revenue was offset by lower operating costs
- Group profit after tax and non-controlling interests (PATAMI) decreased from RM400.7 million recorded in the preceding quarter to RM163.3 million in the current quarter mainly due to lower other gains and higher taxation expense as the preceding quarter included RM57.2 million deferred tax income in respect of prior year. Higher unrealised foreign exchange gain on translation of foreign currency borrowings in the current quarter partially offset the reduction between the two periods
- Estimate next 4Q eps after 2011 Q1 result announced = 0.0457*4*1.05 = 0.1919, estimate PE on current price 3.88 = 18.86(DPS 0.261)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.0543*4 = 0.2172(exclude one time income and use average foreign exchange gain), estimate highest/lowest PE = 17.17/14.09 (DPS 0.26)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.0504*4*0.95 = 0.1814, estimate highest/lowest PE = 18.3/16.81 (DPS 0.26)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.0606(average of recent 4Q eps)*4 = 0.2424, estimate highest/lowest PE = 13.9/12.46 (DPS 0.23)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.0479*4 = 0.1916, estimate highest/lowest PE = 17.38/14.87 (DPS 0.23)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.0505*4 = 0.202, estimate highest/lowest PE = 15.54/13.71(DPS 0.22)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.2, estimate highest/lowest PE = 15.45/13.85 (DPS 0.22)
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