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Thursday, June 9, 2011

KLCI Stock - AHEALTH / 7090 - 2011 Quarter 1

Company Info
Market Capital (Capital Size)281,150,625 (Small)
Par ValueRM 1.00

My Analysis
Forecast P/E now(3.0-0.13)/0.38 = 7.55 (Moderate)
Target Price3.23+0.13 = 3.36 (PE 8.5, EPS 0.38, DPS 0.13)
Revenue increased 19.8% and also higher than preceding year corresponding quarter 19.7%, eps decreased 32.6% but higher than preceding year corresponding quarter 6.3%, cash generated from operating still got extra after deduct all expenses, weaker liquidity ratio at moderate level now, higher gearing ratio at below moderate level now, all accounting periods are good
First Support Price2.9
Second Support Price2.6

Accounting Ratio
Return on Equity18.30%
Dividend Yield4.33%
Profit Margin12.53%
Tax Rate21.38%
Asset Turnover1.1497
Net Asset Value Per Share2.03
Net Tangible Asset per share2.02
Price/Net Tangible Asset Per Share1.49
Cash Per Share0.27
Liquidity Current Ratio2.2522
Liquidity Quick Ratio1.6386
Liquidity Cash Ratio0.3641
Gearing Debt to Equity Ratio0.4309
Gearing Debt to Asset Ratio0.287
Working capital per thousand Ringgit sale26.5%
Days to sell the inventory61
Days to collect the receivables98
Days to pay the payables93

My notes based on 2011 quarter 1 report (number in '000):-
- Revenue at Xepa-Soul Pattinson (M) Sdn Bhd‟s („Xepa‟) exceeded budget and grew 18% quarter on quarter, driven by continued robust sales to private sector clinics, pharmacies and hospitals in the domestic sector. In anticipation of growing demand, Xepa has embarked on a fresh RM4 million capital expenditure program to increase capacity, automation and improve manufacturing efficiency

- Apex Pharmacy Marketing Sdn Bhd‟s revenue for the current quarter grew 22% compared to the same period last year due to good contributions from all four divisions; logistics, consumer, pharma & diagnostics and wholesale. Newly launched Avegesic 15mg under the Group‟s AVEX brand has been well received by the market. In Singapore, revenue grew by 23% year on year to RM17.3 million for the quarter, driven by newly acquired distribution agencies and wholesale

- Lower pbt than preceding quarter mainly because the Group recognized a deemed disposal gain of RM10.1 million in the last quarter of 2010 as a result of the issuance of shares at a premium to new investors by Xiamen Maidiken Science and Technology Co Ltd‟s intermediate holding company for its retail and distribution operations, Luyan (Fujian) Pharma Co., Ltd

- Estimate next 4Q eps after 2011 Q1 result announced = 0.095*4 = 0.38, estimate PE on current price 3 = 7.55(DPS 0.13)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.08*4*1.05 = 0.336(exclude non-recurring income RM10.1 million), estimate highest/lowest PE = 8.54/7.44 (DPS 0.13)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.0771*4*1.05 = 0.3238, estimate highest/lowest PE = 8.18/7.38 (DPS 0.08)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.1334*2*1.1 = 0.2935 (0.1334 is recent 2Q cum_eps, 10% increase), estimate highest/lowest PE = 8.7/7.85 (DPS 0.076)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.32 (add 5% adjustment from 0.3048 due to profit boosted), estimate highest/lowest PE = 10.48/8.41 (DPS 0.0975)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.3048 (10% grow from 0.2771(after deducted 3.4 mil)), estimate highest/lowest PE = 10.74/6.18 (DPS 0.1975)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.2385, estimate highest/lowest PE = 8.82/7.26 (DPS 0.0975)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.2365, estimate highest/lowest PE = 7.83/6.44 (DPS 0.0975)
- Estimate next 4Q eps after 2009 Q1 result announced = 0.2312, estimate highest/lowest PE = 6.64/5.47 (DPS 0.095)
- Estimate next 4Q eps after 2008 Q4 result announced = 0.2168, estimate highest/lowest PE = 6.11/4.59 (DPS 0.095)

AHEALTH latest news (English)

AHEALTH latest news (Chinese)

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