Sponsor by Innity

Sponsor by cwyeoh

Sponsor by Nuffnang

Saturday, June 4, 2011

KLCI Stock - MRCB / 1651 - 2011 Quarter 1

Company Info
Market Capital (Capital Size)2,991,453,506 (Large)
Par ValueRM 1.00

My Analysis
Forecast P/E now(2.16-0.015)/0.0811 = 26.45 (High)
Target Price1.70+0.015 = 1.72 (PE 21.0, EPS 0.0811, DPS 0.015)
DecisionNot interested unless revenue and profit increase more
Revenue decreased 48.9% and higher than preceding year corresponding quarter 16.8%, eps decreased 48.2% but higher than preceding year corresponding quarter 67.7%, no cash generate from operating and cash generated from borrowings also not enough to cover all expenses, stronger liquidity ratio at moderate level now, higher gearing ratio at very high level now, better receivables and payables ratio but still at high level now
First Support Price2.15
Second Support Price2.0
Risk RatingHIGH

Research House
RHB Target Price2.65 (2011-01-10)
CIMB Target Price3 (2011-02-10)
AMMB Target Price2.4 (2011-04-08)
HwangDBS Target Price3.15 (2011-04-08)
Kenanga Target Price2.59 (2011-04-08)
MIDF Target Price2.46 (2011-05-27)
OSK Target Price2.58 (2011-05-27)
UOB Target Price3.02 (2011-05-27)

Accounting Ratio
Return on Equity6.04%
Dividend Yield0.69%
Profit Margin10.85%
Tax Rate-
Asset Turnover0.2406
Net Asset Value Per Share0.94
Net Tangible Asset per share0.9
Price/Net Tangible Asset Per Share2.4
Cash Per Share0.57
Liquidity Current Ratio2.165
Liquidity Quick Ratio1.733
Liquidity Cash Ratio0.8467
Gearing Debt to Equity Ratio2.4614
Gearing Debt to Asset Ratio0.7054
Working capital per thousand Ringgit sale99.3%
Days to sell the inventory147
Days to collect the receivables274
Days to pay the payables285

My notes based on 2011 quarter 1 report (number in '000):-
- Higher revenue recorded in the current quarter was contributed by the Group’s revenue recognition of ongoing property development projects at Kuala Lumpur Sentral and the progressive works of the construction and engineering activities

- The higher profit for the current quarter was mainly contributed by recognition of progress profit of the ongoing engineering and construction activities and property development projects at Kuala Lumpur Sentral

- Estimate next 4Q eps after 2011 Q1 result announced = 0.0156*4*1.3 = 0.0811, estimate PE on current price 2.16 = 23.7(DPS 0.015)
- Estimate next 4Q eps after 2010 Q4 result announced = 1067579*1.3*0.09/1380582 = 0.0905(profit margin per 9%, revenue yearly increase rate 30%), estimate highest/lowest PE = 26.02/21.49 (DPS 0.015)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.0188*4*1.1 = 0.0827(profit margin 8%, revenue increase rate 20%), estimate highest/lowest PE = 29.02/22.61 (DPS 0.01)
- Estimate next 5Q eps after 2010 Q2 result announced = 0.0129,0.0175,0.0202,0.0237,0.0313(calculation is based on receivables, revenue, 8% profit margin and 27% tax rate), exclude 0.0129 then cum_eps is 0.0927, estimate highest/lowest PE = 24.49/17.26 (DPS 0.01)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.0743, estimate highest/lowest PE = 23.96/18.03 (DPS 0.01)

MRCB latest news (English)

MRCB latest news (Chinese)

No comments:

Post a Comment