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Thursday, June 30, 2011

KLCI Stock - SAPCRES / 8575 - 2012 Quarter 1

SAPURACREST PETROLEUM BERHAD

Company Description
SAPURACREST PETROLEUM BERHAD is engaged in investment holding and provision of management services to its subsidiaries. It has four segments: installation of pipelines and facilities, which involves the installation of offshore platforms and marine pipelines; offshore oil and gas drilling, which involves drilling of offshore oilwells and chartering of rigs involved in drilling offshore oilwells; marine services, which involves provision of offshore geotechnical and geophysical services to the oil and gas industry, development of marine technology and marine chartering, specializing on remotely operated vehicle, and operations and maintenance, which involves repairs and refurbishment of industrial gas turbines, supply, installation, commissioning and maintenance of point-of-sale systems for petrol stations and asset management services for offshore installations. In July 2008, the Company acquired two shelf private limited companies, Aurabayu Sdn Bhd and Geomark Sdn Bhd.

Company Info
Listing Date1992-10-15
Market Capital (Capital Size)5,362,234,281 (Very Large)
Par ValueRM 0.20
BoardMain
SectorTrading/Services
Major IndustryOil & Gas Drilling
Sub IndustryInstallation of Offshore Platform & Marine Pipelines
Websitehttp://www.crest.com.my

My Analysis
Forecast P/E now(4.2-0.085)/0.1994 = 20.64 (High)
Target Price3.59+0.085 = 3.67 (PE 18.0, EPS 0.1994, DPS 0.085)
DecisionNot interested unless revenue increase more
Comment
Revenue decreased 9.7% and is second consecutive quarter decreasing and also lower than preceding year corresponding quarter 17.8%, eps decreased 0.4% but higher than preceding year corresponding quarter 42.8%, cash generated from operating is enough to cover financing activities and partial of investing activities, stronger liquidity ratio but still at low level now, lower gearing ratio but still at very high level now, receivables and payables ratio still slightly high, higher profit but revenue decreasing
First Support Price4.1
Second Support Price3.6
Risk RatingMODERATE

Research House
Maybank Target Price4.2 (2011-03-29)
MIDF Target Price4 (2011-03-29)
OSK Target Price4.61 (2011-04-26)
RHB Target Price4.61 (2011-04-28)
AMMB Target Price4.75 (2011-05-19)
CIMB Target Price5.12 (2011-06-02)
ECM Target Price4.2 (2011-06-02)
Kenanga Target Price4.49 (2011-06-17)

Accounting Ratio
Return on Equity17.38%
Dividend Yield2.02%
Profit Margin22.76%
Tax Rate12.02%
Asset Turnover0.8552
Net Asset Value Per Share0.91
Net Tangible Asset per share0.79
Price/Net Tangible Asset Per Share5.32
Cash Per Share0.59
Liquidity Current Ratio1.4105
Liquidity Quick Ratio1.372
Liquidity Cash Ratio0.4859
Gearing Debt to Equity Ratio1.7893
Gearing Debt to Asset Ratio0.5777
Working capital per thousand Ringgit sale20.7%
Days to sell the inventory8
Days to collect the receivables162
Days to pay the payables178

My notes based on 2012 quarter 1 report (number in '000):-
- Lower revenue than FY11Q4 mainly due to lower activities in the operation and maintenance division

- Higher pbt than FY11Q4 due to higher contribution largely from drilling division

- Lower revenue than FY11Q1 mainly due to lower activities in the IPF, drilling and marine services divisions

- Higher pbt than FY11Q1 principally due to better performance in IPF, drilling and marine services divisions

- Estimate next 4Q eps after 2012 Q1 result announced = (0.0567+0.043)*2 = 0.1994, estimate PE on current price 4.2 = 20.64(DPS 0.085)
- Estimate next 4Q eps after 2011 Q4 result announced = 0.043*4*1.1 = 0.1892, estimate highest/lowest PE = 22.62/18.55 (DPS 0.085)
- Estimate next 4Q eps after 2011 Q3 result announced = 0.043*4*1.1 = 0.1892, estimate highest/lowest PE = 20.24/14.64 (DPS 0.07)
- Estimate next 4Q eps after 2011 Q2 result announced = 0.0417*4*1.05 = 0.1751, estimate highest/lowest PE = 16.22/12.79 (DPS 0.07)
- Estimate next 4Q eps after 2011 Q1 result announced = 0.1345(maintain same eps as year 2010 due to revenue decreased but profit increased), estimate highest/lowest PE = 17.77/15.54 (DPS 0.07)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.1345*0.95 = 0.1278, estimate highest/lowest PE = 19.09/14.08 (DPS 0.07)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.0422*4*0.8 = 0.135, estimate highest/lowest PE = 18.67/15.48 (DPS 0.06)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.0414*4*0.9 = 0.149, estimate highest/lowest PE = 16.71/11.01 (DPS 0.06)

SAPCRES latest news (English)

SAPCRES latest news (Chinese)



Financial Quarter Summary
a_dateyearqrth_pricel_pricedivroec_roerevc_revpbtc_pbtprofc_profepsc_epsassetliabminoequicfocficffcashfcfnetfinalsharec_sharem_capdateprof_mvatasset_tpenavpsntapsp/ntapscpsl_curl_quil_cashg_deg_daavg_winv_drec_dpay_d
2011-06-3020121N/AN/A-4.77%4.77%55081655081612538212538272345723450.05670.056735944762076597357339151787910748617160950247563999032646987517011276722127672253622322011-04-3022.76%12.02%0.8552-0.910.795.320.591.41051.3720.48591.78930.577720.7%8162178
2011-03-28201144.353.580.0555.11%16.28%6099473193564112522424062726752314480.05690.1813363959222181823256181421410435382441927498968269836545564417705421276722127672245323632011-01-3118.45%13.41%0.877519.58260.860.744.80.61.23261.20230.42532.02430.609513.2%7160177
2010-12-10201133.92.84-3.78%10.95%10151452583617100072311540548371587730.04300.1244392917324793634035421449810178995207998122916843061290031519196911421276722127672236386572010-10-319.86%7.89%0.7808-0.820.74.070.541.25041.21580.32822.36970.63117.2%10222243
2010-09-29201122.912.310.033.72%7.27%8981161568472112811211468532461039360.04170.0814359043521602093836221430226143645180177118319859328365321548517044771276722127672230130632010-07-3112.56%12.16%0.8572-0.820.73.370.551.31631.27840.3982.0640.601718.2%9185209
2010-06-24201112.462.16-3.62%3.62%670356670356986579865750690506900.03970.0397334562919442563520981401373880143615927368647071444952372316274761276722127672228470902010-04-3014.72%11.60%0.9598-0.820.73.190.491.35371.31430.40671.8530.581117.0%8159169
2010-03-24201042.511.870.042.78%11.78%484476325704372456363999405711720350.03210.13593349261188894139710314603208051502289452764365754825762052997698752511265730126573029871222010-01-3114.96%-0.972517.36350.840.723.280.691.42061.38380.59411.77660.56419.0%7130146
2009-12-29201032.582.15-3.81%9.36%10248112772567115548291543534421314640.04220.10393945384254110838057614042765108402142581267085842612965821698747541351265730126573032022962009-10-3111.28%14.38%0.91-0.810.693.670.61.29311.26570.35722.48230.644117.2%7195194
2009-09-10201022.551.70.033.54%5.28%1031573174775610787417599552362780220.04140.061739917572512792424516147896547291498265145555847723746493600949448661265140126514021507382009-07-3110.46%13.28%0.9048-0.830.722.360.751.35721.32960.45552.3830.629520.5%7183183
2009-06-17201011.761.3-1.79%1.79%716183716183681216812125660256600.02030.02033636242219981442360014364285856130651189785865862791089325955181263650126365018954752009-04-309.51%11.13%0.958-0.80.682.210.471.41721.38330.34322.1720.60520.9%7190152
2009-03-12200941.660.620.031.99%8.75%817697345170272189281560263931157740.02080.091335313822207795401197132358744230583108127535358722359197231662590384126856812685687801692009-01-318.83%10.85%0.97746.73870.730.611.010.471.35351.32490.34022.39360.625217.9%6182148
2008-12-10200930.9250.610.022.98%7.20%104642626340058945820937136926893810.02870.069635275642286596344880124096830921711732012529835958819189766599426187128465012846509442172008-10-318.55%12.72%0.9165-0.70.581.270.331.29991.26860.23512.55180.648216.9%7213162
2008-09-16200921.320.52-2.70%4.42%90313315875797473411991332100524550.02480.040632729652084928325761118803726360441976510323572652216281705965278611292774129277415642562008-07-318.27%10.94%0.8571-0.670.552.20.411.32611.28820.32782.41790.63718.7%9201155
2008-06-24200911.451.17-1.79%1.79%684446684446451794517920355203550.01580.01583077920194173230471511361881469535541403963530391414121010164540551286496128649618139592008-04-306.60%9.75%0.8033-0.650.532.660.351.33411.29040.31432.33530.630919.6%11209150
2008-03-26200841.681.120.023.11%7.32%59909822619056501317139333277782640.02800.0659297823219095942721651068638131194285618214811293822154424603873542091186782118678213291952008-01-3110.85%13.15%0.759516.98350.670.552.040.31.30141.25990.25612.39760.641218.4%10224152
2007-12-13200831.960.98-2.25%4.33%61860216628074965310638023329449870.01970.03803178239214041127608610378283692242783276624292931239091375333304641184981118498118485702007-10-318.03%8.81%0.6627-0.640.523.00.281.30251.27170.22042.80990.673521.5%9273185
2007-09-20200821.891.35-1.11%2.15%5704861044205332055672711211216580.00960.018528931431886900252526100624339355152034124297292643112679116183042611171393117139322139322007-07-315.82%16.61%0.5141-0.640.523.630.261.40391.36710.24832.50350.652233.7%12341235
2007-06-2120081N/AN/A-1.83%1.83%473719473719266732667313598135980.01120.011226921011948529236798743572654179142684529218072601657562264241215507121550723580832007-04-305.63%7.21%0.3406-0.420.36.470.191.44911.41380.2073.8450.723853.8%17527363
2007-03-2720074N/AN/A0.021.13%2.71%443262176611819837411757378176910.00830.020025539621899969216806653993105394537411304736511134835782122868998860048860046379222007-01-314.48%-0.1736-0.490.332.180.331.52471.48150.29244.34590.7439118.1%40975670

Financial Quarter Balance Sheet
yearqrtAmount due from jointly controlled entities (A-0)Deferred tax assets (A-0)Intangible assets (A-0)Investment in associated companies (A-0)Investment in jointly controlled entity (A-0)Property, plant and equipment (A-0)Receivables (A-0)Amount due from associated companies (A-1)Cash and cash equivalents (A-1)Current asset classified as held for sales (A-1)Derivative financial assets (A-1)Inventories (A-1)Trade receivables (A-1)Deferred tax liabilities (L-0)Derivative financial liabilities (L-0)Loans & borrowings (L-0)Amount due to associated companies (L-1)Current tax liabilities (L-1)Derivative financial liabilities (L-1)Loans & borrowings (L-1)Trade and other payables (L-1)Minority interest (M-1)
20121-6095154205240473-1011613--751701-2275595781368536134581194514908-98166352175391319047357339
20114-9093154688229493-1019148--768381-98554787140301767582322402252-524412354144191385952325618
20113-12541149163229443-904565--691142-54572862186891281573197361855-582817002529011845725403542
20112-12788149213177602-921058--704477-36667173155775873794574378337-540919221978631564725383622
20111-14196149263188837-904656--627476--60783140041871314672389546-673915402158031318825352098
20104-14675149314192107-900456--875251--54276116318210509-405311-5284-2975971170240397103
20103-8748149364154522-902956--754135--57846191781311320-418794-20807-3878091702378380576
20102-8915149414143298-874475--944866--57273181351611290-426951-14790-4506691609092424516
20101-7971149465104581-905298--597975--5904218119109746-447952-11902-4389851291229423600
20094-11001149515105508-903559--593538--5002317182388583-454307-14485-4777251252695401197
20093-1932149588125046-880474--428640--5715818847267868-455167-18072-5317621273727344880
20092-2152149773131695-854067--527861--6112615462919423-465364-14302-5379631057876325761
20091-23671465524821494122852045--455747--6337314155009222-482423-10234-536199903654304715
20084-1358145994154279-876294--354209--5737313887259368-516868-9384-540038833936272165
200839101317211460561131424705949350-7598330704--4608615696929091-63102238537421-537247951777276086
200827087717641461051014131645891278-8740308024--4566913789008796-637768484711565-364362859562252526
20081-18061461549376341978431656424170052275682054-3874913177868493-84060783118947-275517806654236798
20074-1287146202914091374784645-60592917942101-4317311781878153-894050470210307-268803713954216806

Financial Quarter Income Statement
yearqrtRevenueIncome tax expenseFinance/interest costsOther incomeAdministrative/Operating expensesMinority interestShare of profit/ (loss) of associatesAfter tax effect
20121550816150751256266134305703796211085-
201146099471509412377104455202772475324784-
2011310151457899966649179612773733650953-
2011289811613722767220457929474584313269-
2011167035611446850252035796883652111288-
2010448447697791089872484354544166427084-
201031024811166181118986089219624548815280-
20102103157314321117906534920122411911679-
201017161837585113091030640519348762736-
2009481769778291496336477151953796718997-
20093104642611383136792807940067411496029-
2009290313381741426647318085423446010322-
200916844464404148762071616714204209748-
200845990988552228053188511970231842498-
200836186024374205934450547669219505137-
200825704865517155272302522025164772031-
2008147371919221869016104273291115357883151
200744432621010348616851391615134693800-

Financial Quarter Segments Revenue
yearqrtInstallation of Pipelines and FacilitiesDrillingMarine ServicesOperations and Maintenance
20121272796178725895219774
201142867061864027467362166
20113720732203330831887895
2011254639521981411927412633
201113556241948381118528042
2010417867218710310361515295
201036248541967621937119484
2010261485921820618158216926
2010129590424221516719810866
2009438358726272319052012988
200936626932291721474087153
200924976542219871741759317
200913485761916791359408251
2008428290719549410819212545
2008331189719130410225213149
2008223697516589715537412240
200811929991539111180738736
2007417486812198013226914145

Financial Quarter Segments Profit
yearqrtInstallation of Pipelines and FacilitiesDrillingMarine ServicesOperations and Maintenance
2012164766792141247550
201146568546752131567397
20113829387924339242684
20112372779967044201319
2011146002762918138958
201045356383499437103400
20103575099453620766536
2010235342877454743258
20101122427134711522110
200941306969464147135123
20093248507928569541286
20092232776571862692647
200911736139333124762191
200841098843944257951010
200831799441606104042813
20082621231141125612972
2008177752304063301924
20074163223031241352193


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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1 comment:

Polite Market said...

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If you want to sign-up, can go to my blog and click on the light blue YM advertisement to sign up.

Thanks

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