KLCI Stock - EPIC / 8265 - 2010 Quarter 4

EASTERN PACIFIC INDUSTRIAL CORPORATION BERHAD

Company Description

EASTERN PACIFIC INDUSTRIAL CORPORATION BERHAD is an investment holding company. It is principally involved in the provision of facilities and services supporting the oil and gas industry, port services and other services through its subsidiaries. EPIC has four major segments: investment holding; oil and gas operations, which is engaged in managing petroleum supply base, threading and ancillary services, specialising in threading and cutting tubulars, casing and downhole equipment; onshore and offshore minor fabrication and maintenance services, and environmental management; logistics segment engaged in port management, and information communication technology. Its subsidiaries include Pangkalan Bekalan Kemaman Sdn. Bhd., Natuream Enviro-Services Sdn. Bhd., Eastern Pacific ICT Sdn. Bhd., Tubex Sdn. Bhd. and Konsortium Pelabuhan Kemaman Sdn. Bhd. On October 4, 2007, EPIC acquired 70% equity interest in Mushtari Engineering & Trading Sdn. Bhd.

Company Info

Listing Date	1991-11-08
Market Capital (Capital Size)	394,942,922 (Small)
Par Value	RM 1.00
Board	Main
Sector	Trading/Services
Major Industry	Oil & Gas Services
Sub Industry	Port Services & Facilities
Website	http://www.epicgroup.com.my

My Analysis

Forecast P/E now	(2.33-0.025)/0.3 = 7.68 (Moderate)
Target Price	2.40+0.025 = 2.42 (PE 8.0, EPS 0.3, DPS 0.025)
Decision	Not buy unless price below 2.25
Comment	Revenue increased 14.4% and also higher than preceding year corresponding quarter 28.7%, eps decreased 25.5% but higher than preceding year corresponding quarter 12.6%, cash generated from operating offset by receivables otherwise the amount is more than enough to cover all expenses , stronger liquidity ratio at high level now, lower gearing ratio at below moderate level now, receivables increased but offset by working capital increased and lower payables
First Support Price	2.2
Second Support Price	2.0
Risk Rating	MODERATE

Research House

Maybank Target Price

2.55 (2011-05-04)

Accounting Ratio

Return on Equity	14.47%
Dividend Yield	1.07%
Profit Margin	25.79%
Tax Rate	27.99%
Asset Turnover	0.5047
Net Asset Value Per Share	2.21
Net Tangible Asset per share	2.19
Price/Net Tangible Asset Per Share	1.1
Cash Per Share	0.56
Liquidity Current Ratio	3.6133
Liquidity Quick Ratio	3.329
Liquidity Cash Ratio	1.731
Gearing Debt to Equity Ratio	0.276
Gearing Debt to Asset Ratio	0.2068
Working capital per thousand Ringgit sale	56.9%
Days to sell the inventory	30
Days to collect the receivables	117
Days to pay the payables	96

My notes based on 2011 quarter 1 report (number in '000):-
- The increase in revenue and profit before tax was mainly due to increase in oil and gas activities

- Lower pbt due to one-off recognition of gain on disposal of a subsidiary in previous reporting quarter

- Estimate next 4Q eps after 2011 Q1 result announced = 0.3, estimate PE on current price 2.33 = 7.68(DPS 0.025)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.075*4 = 0.3, estimate highest/lowest PE = 8.22/7.08 (DPS 0.025)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.2682*1.1 = 0.295(0.2682 is recent 4Q cum_eps and estimate 10% increase), estimate highest/lowest PE = 8.68/6.34 (DPS 0.06)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.2747(still within expectation), estimate highest/lowest PE = 6.92/5.28 (DPS 0.06)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.2747(10% grow from 0.2497), estimate highest/lowest PE = 6.01/5.39 (DPS 0.06)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.2327, estimate highest/lowest PE = 6.68/5.82 (DPS 0.085)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.2221, estimate highest/lowest PE = 7.18/6.33 (DPS 0.085)
- Estimate next 4Q eps after 2009 Q1 result announced = 0.1868, estimate highest/lowest PE = 8.94/6.48 (DPS 0.09)

EPIC latest news (English)

EPIC 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
2011-05-03	2011	1	N/A	N/A	-	2.79%	2.79%	60966	60966	15723	15723	10893	10893	0.0653	0.0653	492830	101939	21559	390891	3277	2667	1523	98580	5944	7467	91113	166746	166746	400190	2011-03-31	25.79%	27.99%	0.5047	-	2.21	2.19	1.1	0.56	3.6133	3.329	1.731	0.276	0.2068	56.9%	30	117	96
2011-02-10	2010	4	2.49	2.15	-	3.92%	13.92%	53311	235136	18117	75392	14870	52844	0.0877	0.3169	483971	104402	21130	379569	64093	31270	17631	83388	32823	15192	98580	169502	166746	398329	2010-12-31	33.98%	10.37%	0.4858	7.4153	2.15	2.12	1.11	0.6	3.2707	2.9716	1.8081	0.2913	0.2157	53.9%	35	89	106
2010-11-30	2010	3	2.49	2.24	-	3.62%	10.24%	72846	181828	20844	57271	13428	37971	0.0792	0.2276	467295	96530	19907	370765	37617	11716	12014	83388	25901	13887	97275	169503	166847	388161	2010-09-30	28.61%	32.81%	0.4951	-	2.1	2.07	1.11	0.59	3.8812	3.7333	2.099	0.2751	0.2066	59.2%	15	118	89
2010-08-04	2010	2	2.62	1.93	0.025	4.14%	6.88%	61623	108979	21492	36431	14774	24546	0.0882	0.1471	451432	94555	19444	356877	22450	4722	10597	83388	17728	7131	90519	167432	166847	323143	2010-06-30	34.88%	26.47%	0.4481	-	2.02	1.96	0.98	0.57	3.7025	3.5507	2.0941	0.2802	0.2095	60.4%	17	109	93
2010-04-26	2010	1	1.96	1.51	-	2.81%	2.81%	47356	47356	14939	14939	9772	9772	0.0580	0.0580	436720	89142	18416	347578	4824	1217	2794	83388	3607	813	84201	168454	168454	276264	2010-03-31	31.55%	29.34%	0.4318	-	1.95	1.9	0.86	0.53	3.9982	3.8458	2.3168	0.2708	0.2041	60.8%	16	98	83
2010-02-22	2009	4	1.71	1.54	0.025	2.83%	12.46%	49545	183466	12275	54459	9564	42146	0.0565	0.2489	432999	94860	17827	338139	58150	22940	16690	64868	35210	18520	83388	169173	169319	255451	2009-12-31	24.78%	5.12%	0.4237	6.0663	1.89	1.83	0.83	0.51	3.3804	3.2556	1.9933	0.2961	0.2191	56.3%	15	93	100
2009-11-23	2009	3	1.64	1.44	-	3.26%	9.82%	43751	133921	14359	42188	10804	32584	0.0638	0.1924	419002	87115	16026	331887	34056	11102	9619	64868	22954	13335	78203	169343	169331	252321	2009-09-30	32.82%	13.09%	0.4748	-	1.87	1.81	0.82	0.48	4.2798	4.0309	2.4246	0.2758	0.2079	55.3%	18	87	63
2009-08-17	2009	2	1.68	1.49	0.035	4.35%	6.82%	47936	90169	16053	27829	13873	21780	0.0820	0.1287	410810	91601	14463	319209	20894	9219	8989	64868	11675	2686	67554	169259	169223	264044	2009-06-30	33.49%	-	0.5254	-	1.8	1.74	0.9	0.42	3.5647	3.3796	1.8759	0.3006	0.223	45.5%	14	87	63
2009-04-29	2009	1	1.76	1.3	-	2.54%	2.54%	42234	42234	11772	11772	7905	7905	0.0467	0.0467	410136	99311	11608	310825	19329	7511	323	64868	11818	11495	76363	169173	169173	223308	2009-03-31	27.87%	31.32%	0.5598	-	1.77	1.71	0.77	0.47	3.0149	2.8627	1.7014	0.3319	0.2421	40.7%	13	82	77
2009-02-27	2008	4	1.44	1.1	0.05	1.56%	7.29%	65001	244791	2127	39836	4738	22183	0.0280	0.1312	402114	97655	13476	304459	38069	66629	18581	74847	28560	9979	64868	169141	169127	206352	2008-12-31	3.27%	-	0.6088	9.3015	1.72	1.66	0.73	0.4	2.8892	2.7943	1.4458	0.3356	0.2429	36.2%	8	86	67
2008-11-10	2008	3	1.48	0.88	-	3.45%	8.27%	60683	179790	14958	41963	10916	26125	0.0645	0.1545	407578	91578	14688	316000	22422	57892	22642	74847	35470	12828	62019	169128	169110	175893	2008-09-30	24.65%	20.89%	0.6112	-	1.78	1.7	0.61	0.39	3.694	3.5672	1.7099	0.3039	0.2247	42.0%	9	102	62
2008-07-24	2008	2	1.7	0.705	0.04	2.64%	4.92%	61664	119108	13887	27004	8158	15210	0.0479	0.0893	389288	80049	18023	309239	5021	35733	15690	74847	30712	15022	59825	170378	170232	276012	2008-06-30	22.52%	32.71%	0.587	-	1.71	1.63	0.99	0.38	4.2034	3.996	1.9882	0.2749	0.2056	46.1%	14	101	54
2008-05-12	2008	1	2.23	1.56	-	2.32%	2.32%	57444	57444	13116	13116	7052	7052	0.0414	0.0414	373345	68903	17111	304442	1220	14808	7893	74847	13588	5695	69152	170355	170355	362856	2008-03-31	22.83%	34.83%	0.5376	-	1.69	1.6	1.33	0.43	4.1349	3.8609	2.1675	0.2398	0.1846	53.2%	22	100	70
2008-02-19	2007	4	2.13	1.65	0.035	2.31%	10.43%	69335	175741	12212	47627	6781	30673	0.0398	0.1810	365635	71622	15326	294013	40992	26651	3270	63776	14341	11071	74847	170250	169420	357525	2007-12-31	17.61%	25.15%	0.4823	11.5992	1.64	1.56	1.35	0.47	3.2619	3.01	1.8086	0.257	0.1959	57.1%	31	106	108
2007-11-20	2007	3	2.72	2.02	-	3.06%	8.59%	40073	107024	12642	36659	8464	23772	0.0500	0.1410	332095	55266	6038	276829	32733	19333	3208	63776	13400	10192	73968	169143	168655	422857	2007-09-30	31.55%	27.89%	0.4326	-	1.61	1.55	1.61	0.49	4.3697	4.2605	2.8189	0.2041	0.1664	68.3%	11	104	91
2007-07-23	2007	2	2.85	2.48	0.035	2.98%	5.73%	33859	66951	12393	24195	8077	15534	0.0480	0.0926	316482	45491	5737	270991	20285	4472	4065	63776	15813	11748	75524	168339	167830	476399	2007-06-30	36.60%	29.65%	0.3273	-	1.58	1.52	1.86	0.5	6.2995	6.1653	4.2919	0.1715	0.1437	99.8%	13	126	82
2007-05-17	2007	1	N/A	N/A	-	2.88%	2.88%	33092	33092	11790	11790	7450	7450	0.0447	0.0448	307192	48132	5518	259060	8493	3066	3136	63776	5427	2291	66067	166695	166408	283381	2007-03-31	35.63%	31.15%	0.227	-	1.52	1.47	1.16	0.45	5.1242	5.0065	3.3446	0.1898	0.1567	131.8%	18	187	133
2007-02-15	2006	4	N/A	N/A	0.035	1.38%	3.00%	36631	112257	6504	18480	3520	7684	0.0207	0.0452	303870	47873	4903	255997	39285	7386	8850	40727	31899	23049	63776	169845	169845	225893	2006-12-31	17.76%	25.14%	0.1205	29.398	1.48	1.42	0.94	0.42	4.8485	4.7425	3.1552	0.1907	0.1575	239.4%	28	344	233

Financial Quarter Balance Sheet

year	qrt	Deferred tax assets (A-0)	Financial assets at fair value through profit and loss (A-0)	Goodwill on consolidation (A-0)	Intangible assets (A-0)	Investment properties (A-0)	Land held for property development (A-0)	Other investments (A-0)	Prepaid lease payments (A-0)	Property, plant and equipment (A-0)	Cash and cash equivalents (A-1)	Current tax assets (A-1)	Inventories (A-1)	Other investments (A-1)	Other receivables (A-1)	Trade receivables (A-1)	Work in progress (A-1)	Deferred tax liabilities (L-0)	Loans & borrowings (L-0)	Retirement benefits obligations (L-0)	Current tax liabilities (L-1)	Loans & borrowings (L-1)	Other payables (L-1)	Retirement benefit obligations (L-1)	Trade and other payables (L-1)	Minority interest (M-1)
2011	1	8734	-	-	4943	4144	-	-	-	279387	91437	6959	15391	2281	-	79554	-	24357	15619	7823	-	5530	-	161	48449	21559
2010	4	9031	-	4943	-	4171	-	-	-	283374	98580	7338	16688	2281	-	57565	-	24304	16921	7394	38	5206	-	481	50058	21130
2010	3	8053	-	4943	-	4144	-	-	-	265563	97275	3177	7034	2555	9677	64874	-	23320	18429	7220	926	5000	21761	361	19513	19907
2010	2	8363	84	9767	-	4172	-	-	-	261546	91563	5299	6868	3174	9468	51128	-	23128	19731	6456	1558	6044	22101	774	14763	19444
2010	1	9001	84	9767	-	4254	-	-	34847	225907	85406	7577	5829	3171	9968	40909	-	22900	21032	6978	600	6205	21019	387	10021	18416
2009	4	9604	-	9767	-	4283	-	-	-	262576	83388	8239	5417	3159	-	46566	-	22910	22707	5825	134	5000	-	1398	36886	17827
2009	3	7962	-	9576	-	4317	-	54	25177	228471	78203	6657	8342	3063	10133	37047	-	22626	25000	5972	-	3849	19279	1048	9341	16026
2009	2	5448	-	9576	-	4337	-	69	25314	229507	68898	6059	7089	2964	12362	39187	-	21902	25000	6390	165	6023	22381	775	8965	14463
2009	1	-	-	9576	-	4364	-	126	25449	230667	76363	2599	7065	2618	10937	40372	-	20988	25000	6902	-	5000	26776	387	14258	11608
2008	4	-	-	9576	-	4393	-	126	25584	226804	65177	5473	4457	2696	8662	49166	-	20350	25000	5361	1529	5309	25934	1549	12623	13476
2008	3	-	-	14099	-	4420	-	126	25734	219750	63320	2416	4925	3082	15477	54229	-	19362	27807	5576	2013	1639	25387	1162	8632	14688
2008	2	-	-	14400	-	4447	-	125	19318	212697	61959	2522	6824	3457	16766	46773	-	20824	20550	5773	3419	2323	16094	775	10291	18023
2008	1	-	-	14400	-	4475	-	68	19421	194241	70034	2452	9328	3742	13098	42086	-	20594	8221	6051	3175	1220	16579	387	12676	17111
2007	4	-	-	14400	-	4503	-	68	19524	181841	76840	2476	11221	3722	9417	41623	-	20586	598	5894	3494	2233	23025	226	15566	15326
2007	3	-	-	10200	-	3855	595	68	18447	171698	74591	1127	3178	7486	14336	26514	-	21160	-	4989	2282	623	18797	422	6993	6038
2007	2	-	-	9662	-	3915	595	68	18548	160860	75844	874	2616	7844	11172	24484	-	21153	-	4839	1840	320	12479	393	4467	5737
2007	1	-	-	9662	-	3941	595	68	18649	160121	67213	1389	2621	7299	11295	24339	-	21221	-	4633	1365	1145	14726	393	4649	5518
2006	4	506	-	9662	-	3933	595	68	18750	159858	65063	1690	2338	6843	9388	25097	79	20657	-	4426	1229	1287	13237	374	6663	4903

Financial Quarter Income Statement

year	qrt	Revenue	Income tax expense	Other income	Administrative/Operating expenses	Minority interest
2011	1	60966	4401	707	45950	429
2010	4	53311	1878	5534	40728	1369
2010	3	72846	6839	5167	57169	577
2010	2	61623	5690	749	40880	1028
2010	1	47356	4383	522	32939	784
2009	4	49545	629	1126	38396	2082
2009	3	43751	1880	2389	31781	1675
2009	2	47936	675	1143	33026	2855
2009	1	42234	3687	1009	31471	180
2008	4	65001	1694	1535	68663	917
2008	3	60683	3125	1295	47020	917
2008	2	61664	4543	777	48554	1186
2008	1	57444	4568	1084	45412	1496
2007	4	69335	3071	770	57893	2360
2007	3	40073	3526	687	28118	652
2007	2	33859	3675	607	22073	641
2007	1	33092	3672	671	21973	668
2006	4	36631	1635	997	31124	1349

Financial Quarter Segments Revenue

year	qrt	Others	Elimination	Investment holding	Port	Oil & Gas	Oil & gas supply base	Oil & gas fabrication
2011	1	1479	2104	1499	7320	-	29904	22868
2010	4	1248	2869	1918	8836	-	31316	12859
2010	3	2261	18381	17685	8324	-	32892	30068
2010	2	3756	3240	2784	10090	48233	-	-
2010	1	1776	29905	29385	8918	-	26290	10892
2009	4	1334	3491	2872	8939	-	27459	12432
2009	3	4118	19744	17874	8479	-	26833	6192
2009	2	7017	3386	1603	7442	35259	-	-
2009	1	1529	19870	18157	5126	37292	-	-
2008	4	1632	3718	1821	7996	57270	-	-
2008	3	1672	21389	17549	7743	55107	-	-
2008	2	2652	28432	20046	8480	58918	-	-
2008	1	1	621	103	8020	49941	-	-
2007	4	1661	3417	1291	7676	62124	-	-
2007	3	1363	19219	17954	7319	32656	-	-
2007	2	1349	19274	17804	6332	27649	-	-
2007	1	1519	3385	1602	6446	26910	-	-
2006	4	1866	3955	1522	6264	30934	-	-

Financial Quarter Segments Profit

year	qrt	Others	Elimination	Investment holding	Port	Oil & Gas	Oil & gas supply base	Oil & gas fabrication
2011	1	44	220	2354	1834	-	14106	2401
2010	4	375	2913	3096	1055	-	14565	1237
2010	3	399	-	8154	1960	-	17960	4305
2010	2	13	-	2198	3525	20178	-	-
2010	1	856	312	2367	3176	-	13489	1809
2009	4	3637	1305	2553	2132	-	16089	3252
2009	3	649	171	2950	2125	-	14008	4054
2009	2	640	348	2077	2389	16442	-	-
2009	1	874	348	2410	878	13908	-	-
2008	4	4378	376	2369	3495	22474	-	-
2008	3	841	334	3254	2294	15521	-	-
2008	2	1074	-	2636	2633	15216	-	-
2008	1	918	-	3930	2394	15584	-	-
2007	4	561	140	4798	3349	13240	-	-
2007	3	366	16070	14213	2131	12002	-	-
2007	2	282	16386	16147	2076	10274	-	-
2007	1	779	43	1628	2163	10433	-	-
2006	4	1069	21	7884	2545	10753	-	-

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

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