Company Info
My Analysis
Accounting Ratio
My notes based on 2011 quarter 3 report (number in '000):-
- The decrease in pbt is mainly due to a one-ff fee income received in the preceding year corresponding quarter
- The increase in revenue and pbt was substantially due to the better performance of its utilities and cement businesses and higher profit recognition from its offshore property development activities
- Estimate next 4Q eps after 2011 Q3 result announced = 0.2632*2 = 0.5264, estimate PE on current price 1.58 = 14.06(DPS 0.1)
- Estimate next 4Q eps after 2011 Q1 result announced = 0.1304*4*1.05 = 0.5477(average eps 0.1304; 5% increase), estimate highest/lowest PE = 15.41/12.69 (DPS 0.1)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.1162*1.15*4 = 0.5345, estimate highest/lowest PE = 15.9/13.55 (DPS 0.1)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.1178*4 = 0.4712, estimate highest/lowest PE = 15.93/14.85 (DPS 0.075)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.1178*4 = 0.4712, estimate highest/lowest PE = 16.16/14.44 (DPS 0.075)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.1162*4 = 0.4648, estimate highest/lowest PE = 16.13/15.01 (DPS 0.075)
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| Market Capital (Capital Size) | 15,027,342,380 (Very Large) |
| Par Value | RM 0.10 |
My Analysis
| Forecast P/E now | (1.58-0.1)/0.1053 = 14.06 (Moderate) |
| Target Price | 1.68+0.1 = 1.78 (PE 16.0, EPS 0.1053, DPS 0.1) |
| Decision | BUY |
| Comment | Revenue decreased 5.7% but higher than preceding year corresponding quarter 8%, eps increased 90.2% but lower than preceding year corresponding quarter 5.5%, cash generated from operating is more than enough to cover all expenses, weaker liquidity ratio at low level now, lower gearing ratio at very high level now, all accounting periods are good, construction and management services and others division getting lower revenue, IT division reported loss |
| First Support Price | 1.55 |
| Second Support Price | 1.4 |
| Risk Rating | MODERATE |
Accounting Ratio
| Return on Equity | 7.20% |
| Dividend Yield | 6.33% |
| Profit Margin | 14.77% |
| Tax Rate | 23.03% |
| Asset Turnover | 0.3732 |
| Net Asset Value Per Share | 5.65 |
| Net Tangible Asset per share | 3.14 |
| Price/Net Tangible Asset Per Share | 0.52 |
| Cash Per Share | 7.26 |
| Liquidity Current Ratio | 1.4707 |
| Liquidity Quick Ratio | 1.3501 |
| Liquidity Cash Ratio | 1.0567 |
| Gearing Debt to Equity Ratio | 3.4615 |
| Gearing Debt to Asset Ratio | 0.743 |
| Working capital per thousand Ringgit sale | 32.9% |
| Days to sell the inventory | 36 |
| Days to collect the receivables | 71 |
| Days to pay the payables | 86 |
My notes based on 2011 quarter 3 report (number in '000):-
- The decrease in pbt is mainly due to a one-ff fee income received in the preceding year corresponding quarter
- The increase in revenue and pbt was substantially due to the better performance of its utilities and cement businesses and higher profit recognition from its offshore property development activities
- Estimate next 4Q eps after 2011 Q3 result announced = 0.2632*2 = 0.5264, estimate PE on current price 1.58 = 14.06(DPS 0.1)
- Estimate next 4Q eps after 2011 Q1 result announced = 0.1304*4*1.05 = 0.5477(average eps 0.1304; 5% increase), estimate highest/lowest PE = 15.41/12.69 (DPS 0.1)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.1162*1.15*4 = 0.5345, estimate highest/lowest PE = 15.9/13.55 (DPS 0.1)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.1178*4 = 0.4712, estimate highest/lowest PE = 15.93/14.85 (DPS 0.075)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.1178*4 = 0.4712, estimate highest/lowest PE = 16.16/14.44 (DPS 0.075)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.1162*4 = 0.4648, estimate highest/lowest PE = 16.13/15.01 (DPS 0.075)
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