Company Info
My Analysis
Research House
Accounting Ratio
My notes based on 2011 quarter 1 report (number in '000):-
- RWS experienced good win percentage and gaming volume in the current quarter with steady growth in Universal Studios Singapore and the hotels. Revenue from the UK casino operations also recorded an increase in the current quarter. However, revenue from the leisure & hospitality business in Malaysia decreased in the current quarter due to lower business volume and weaker luck factor from the premium players business
- Higher adjusted EBITDA was recorded by the Power Division due mainly to compensation from the Fujian provincial government in respect of an increase in tariff rate for the Meizhou Wan power plant
- The Plantation Division recorded lower adjusted EBITDA in the current quarter due to the lower FFB production despite higher palm products prices
- The Group’s profit before tax for the current quarter included a construction profit of RM13.4 million generated from the progressive development of the facility at Resorts World New York
- The profit before tax of the Group in the preceding quarter had included a loss of RM145.4 million arising from discontinuance of cash flow hedge accounting using interest rate swaps
- Estimate next 4Q eps after 2010 Q1 result announced = 0.7531*1.1 = 0.8284, estimate PE on current price 11.1 = 13.31(DPS 0.078)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.14*4*1.05 = 0.588, estimate highest/lowest PE = 19.91/16.59 (DPS 0.075)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.0945*4 = 0.3781, estimate highest/lowest PE = 31.49/26.22 (DPS 0.075)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.1985*4 = 0.794, estimate highest/lowest PE = 13.53/11.22 (DPS 0.075)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.2813*1.15 = 0.3235(15% increased), estimate highest/lowest PE = 21.54/2 (DPS 0.072)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.0661*4 = 0.2644, estimate highest/lowest PE = 26.77/23.18 (DPS 0.072)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.0999*4 = 0.3996, estimate highest/lowest PE = 19.09/15.62 (DPS 0.07)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.0577*4 = 0.2308, estimate highest/lowest PE = 33.23/27.64 (DPS 0.07)
- Estimate next 4Q eps after 2009 Q1 result announced = 0.0574*4 = 0.2296, estimate highest/lowest PE = 28.88/23 (DPS 0.07)
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| Market Capital (Capital Size) | 41,225,242,047 (Very Large) |
| Par Value | RM 0.10 |
My Analysis
| Forecast P/E now | (11.1-0.078)/0.8284 = 13.31 (Moderate) |
| Target Price | 14.91+0.078 = 14.99 (PE 18.0, EPS 0.8284, DPS 0.078) |
| Decision | BUY |
| Comment | Revenue increased 19.6% and is second consecutive quarter increasing and also higher than preceding year corresponding quarter 57%, eps increased 76.3% and also higher than preceding year corresponding quarter 252%, cash generated from operating not enough to cover repayment of financing activities and investing activities hence still increased borrowings, weaker liquidity ratio but still at high level now, lower gearing ratio but still at high level now, better payables ratio but working capital also decreased, CPO price got rebound signal |
| First Support Price | 11.0 |
| Second Support Price | 10.5 |
| Risk Rating | MODERATE |
Research House
| UOB Target Price | 12.54 (2011-01-12) |
| Credit Suisse Target Price | 13.5 (2011-01-13) |
| TA Target Price | 13.26 (2011-02-18) |
| HwangDBS Target Price | 14.3 (2011-02-24) |
| RHB Target Price | 12.4 (2011-03-01) |
| Macquarie Target Price | 11.6 (2011-04-06) |
| AMMB Target Price | 13.7 (2011-05-09) |
| Maybank Target Price | 12.76 (2011-05-13) |
| CIMB Target Price | 15.4 (2011-05-27) |
| ECM Target Price | 11.9 (2011-05-27) |
Accounting Ratio
| Return on Equity | 9.82% |
| Dividend Yield | 0.70% |
| Profit Margin | 38.61% |
| Tax Rate | 23.55% |
| Asset Turnover | 0.3391 |
| Net Asset Value Per Share | 4.35 |
| Net Tangible Asset per share | 3.01 |
| Price/Net Tangible Asset Per Share | 3.69 |
| Cash Per Share | 4.45 |
| Liquidity Current Ratio | 3.161 |
| Liquidity Quick Ratio | 3.0778 |
| Liquidity Cash Ratio | 2.6297 |
| Gearing Debt to Equity Ratio | 1.206 |
| Gearing Debt to Asset Ratio | 0.389 |
| Working capital per thousand Ringgit sale | 79.9% |
| Days to sell the inventory | 20 |
| Days to collect the receivables | 59 |
| Days to pay the payables | 148 |
My notes based on 2011 quarter 1 report (number in '000):-
- RWS experienced good win percentage and gaming volume in the current quarter with steady growth in Universal Studios Singapore and the hotels. Revenue from the UK casino operations also recorded an increase in the current quarter. However, revenue from the leisure & hospitality business in Malaysia decreased in the current quarter due to lower business volume and weaker luck factor from the premium players business
- Higher adjusted EBITDA was recorded by the Power Division due mainly to compensation from the Fujian provincial government in respect of an increase in tariff rate for the Meizhou Wan power plant
- The Plantation Division recorded lower adjusted EBITDA in the current quarter due to the lower FFB production despite higher palm products prices
- The Group’s profit before tax for the current quarter included a construction profit of RM13.4 million generated from the progressive development of the facility at Resorts World New York
- The profit before tax of the Group in the preceding quarter had included a loss of RM145.4 million arising from discontinuance of cash flow hedge accounting using interest rate swaps
- Estimate next 4Q eps after 2010 Q1 result announced = 0.7531*1.1 = 0.8284, estimate PE on current price 11.1 = 13.31(DPS 0.078)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.14*4*1.05 = 0.588, estimate highest/lowest PE = 19.91/16.59 (DPS 0.075)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.0945*4 = 0.3781, estimate highest/lowest PE = 31.49/26.22 (DPS 0.075)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.1985*4 = 0.794, estimate highest/lowest PE = 13.53/11.22 (DPS 0.075)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.2813*1.15 = 0.3235(15% increased), estimate highest/lowest PE = 21.54/2 (DPS 0.072)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.0661*4 = 0.2644, estimate highest/lowest PE = 26.77/23.18 (DPS 0.072)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.0999*4 = 0.3996, estimate highest/lowest PE = 19.09/15.62 (DPS 0.07)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.0577*4 = 0.2308, estimate highest/lowest PE = 33.23/27.64 (DPS 0.07)
- Estimate next 4Q eps after 2009 Q1 result announced = 0.0574*4 = 0.2296, estimate highest/lowest PE = 28.88/23 (DPS 0.07)
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