cwyeoh KLCI stock analysis: KLCI Stock - SAPCRES / 8575

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 Date	1992-10-15
Market Capital (Capital Size)	5,362,234,281 (Very Large)
Par Value	RM 0.20
Board	Main
Sector	Trading/Services
Major Industry	Oil & Gas Drilling
Sub Industry	Installation of Offshore Platform & Marine Pipelines
Website	http://www.crest.com.my

My Analysis

Forecast P/E now	(4.2-0.085)/0.1994 = 20.64 (High)
Target Price	3.59+0.085 = 3.67 (PE 18.0, EPS 0.1994, DPS 0.085)
Decision	Not 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 Price	4.1
Second Support Price	3.6
Risk Rating	MODERATE

Research House

Maybank Target Price	4.2 (2011-03-29)
MIDF Target Price	4 (2011-03-29)
OSK Target Price	4.61 (2011-04-26)
RHB Target Price	4.61 (2011-04-28)
AMMB Target Price	4.75 (2011-05-19)
CIMB Target Price	5.12 (2011-06-02)
ECM Target Price	4.2 (2011-06-02)
Kenanga Target Price	4.49 (2011-06-17)

Accounting Ratio

Return on Equity	17.38%
Dividend Yield	2.02%
Profit Margin	22.76%
Tax Rate	12.02%
Asset Turnover	0.8552
Net Asset Value Per Share	0.91
Net Tangible Asset per share	0.79
Price/Net Tangible Asset Per Share	5.32
Cash Per Share	0.59
Liquidity Current Ratio	1.4105
Liquidity Quick Ratio	1.372
Liquidity Cash Ratio	0.4859
Gearing Debt to Equity Ratio	1.7893
Gearing Debt to Asset Ratio	0.5777
Working capital per thousand Ringgit sale	20.7%
Days to sell the inventory	8
Days to collect the receivables	162
Days to pay the payables	178

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_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
2011-06-30	2012	1	N/A	N/A	-	4.77%	4.77%	550816	550816	125382	125382	72345	72345	0.0567	0.0567	3594476	2076597	357339	1517879	107486	17160	95024	756399	90326	4698	751701	1276722	1276722	5362232	2011-04-30	22.76%	12.02%	0.8552	-	0.91	0.79	5.32	0.59	1.4105	1.372	0.4859	1.7893	0.5777	20.7%	8	162	178
2011-03-28	2011	4	4.35	3.58	0.055	5.11%	16.28%	609947	3193564	112522	424062	72675	231448	0.0569	0.1813	3639592	2218182	325618	1421410	435382	441927	49896	826983	6545	56441	770542	1276722	1276722	4532363	2011-01-31	18.45%	13.41%	0.8775	19.5826	0.86	0.74	4.8	0.6	1.2326	1.2023	0.4253	2.0243	0.6095	13.2%	7	160	177
2010-12-10	2011	3	3.9	2.84	-	3.78%	10.95%	1015145	2583617	100072	311540	54837	158773	0.0430	0.1244	3929173	2479363	403542	1449810	178995	207998	122916	843061	29003	151919	691142	1276722	1276722	3638657	2010-10-31	9.86%	7.89%	0.7808	-	0.82	0.7	4.07	0.54	1.2504	1.2158	0.3282	2.3697	0.631	17.2%	10	222	243
2010-09-29	2011	2	2.91	2.31	0.03	3.72%	7.27%	898116	1568472	112811	211468	53246	103936	0.0417	0.0814	3590435	2160209	383622	1430226	143645	180177	118319	859328	36532	154851	704477	1276722	1276722	3013063	2010-07-31	12.56%	12.16%	0.8572	-	0.82	0.7	3.37	0.55	1.3163	1.2784	0.398	2.064	0.6017	18.2%	9	185	209
2010-06-24	2011	1	2.46	2.16	-	3.62%	3.62%	670356	670356	98657	98657	50690	50690	0.0397	0.0397	3345629	1944256	352098	1401373	880	143615	92736	864707	144495	237231	627476	1276722	1276722	2847090	2010-04-30	14.72%	11.60%	0.9598	-	0.82	0.7	3.19	0.49	1.3537	1.3143	0.4067	1.853	0.5811	17.0%	8	159	169
2010-03-24	2010	4	2.51	1.87	0.04	2.78%	11.78%	484476	3257043	72456	363999	40571	172035	0.0321	0.1359	3349261	1888941	397103	1460320	805150	228945	276436	575482	576205	299769	875251	1265730	1265730	2987122	2010-01-31	14.96%	-	0.9725	17.3635	0.84	0.72	3.28	0.69	1.4206	1.3838	0.5941	1.7766	0.564	19.0%	7	130	146
2009-12-29	2010	3	2.58	2.15	-	3.81%	9.36%	1024811	2772567	115548	291543	53442	131464	0.0422	0.1039	3945384	2541108	380576	1404276	510840	214258	126708	584261	296582	169874	754135	1265730	1265730	3202296	2009-10-31	11.28%	14.38%	0.91	-	0.81	0.69	3.67	0.6	1.2931	1.2657	0.3572	2.4823	0.6441	17.2%	7	195	194
2009-09-10	2010	2	2.55	1.7	0.03	3.54%	5.28%	1031573	1747756	107874	175995	52362	78022	0.0414	0.0617	3991757	2512792	424516	1478965	472914	98265	14555	584772	374649	360094	944866	1265140	1265140	2150738	2009-07-31	10.46%	13.28%	0.9048	-	0.83	0.72	2.36	0.75	1.3572	1.3296	0.4555	2.383	0.6295	20.5%	7	183	183
2009-06-17	2010	1	1.76	1.3	-	1.79%	1.79%	716183	716183	68121	68121	25660	25660	0.0203	0.0203	3636242	2199814	423600	1436428	58561	30651	18978	586586	27910	8932	595518	1263650	1263650	1895475	2009-04-30	9.51%	11.13%	0.958	-	0.8	0.68	2.21	0.47	1.4172	1.3833	0.3432	2.172	0.605	20.9%	7	190	152
2009-03-12	2009	4	1.66	0.62	0.03	1.99%	8.75%	817697	3451702	72189	281560	26393	115774	0.0208	0.0913	3531382	2207795	401197	1323587	442305	83108	127535	358722	359197	231662	590384	1268568	1268568	780169	2009-01-31	8.83%	10.85%	0.9774	6.7387	0.73	0.61	1.01	0.47	1.3535	1.3249	0.3402	2.3936	0.6252	17.9%	6	182	148
2008-12-10	2009	3	0.925	0.61	0.02	2.98%	7.20%	1046426	2634005	89458	209371	36926	89381	0.0287	0.0696	3527564	2286596	344880	1240968	309217	117320	125298	359588	191897	66599	426187	1284650	1284650	944217	2008-10-31	8.55%	12.72%	0.9165	-	0.7	0.58	1.27	0.33	1.2999	1.2686	0.2351	2.5518	0.6482	16.9%	7	213	162
2008-09-16	2009	2	1.32	0.52	-	2.70%	4.42%	903133	1587579	74734	119913	32100	52455	0.0248	0.0406	3272965	2084928	325761	1188037	263604	41976	51032	357265	221628	170596	527861	1292774	1292774	1564256	2008-07-31	8.27%	10.94%	0.8571	-	0.67	0.55	2.2	0.41	1.3261	1.2882	0.3278	2.4179	0.637	18.7%	9	201	155
2008-06-24	2009	1	1.45	1.17	-	1.79%	1.79%	684446	684446	45179	45179	20355	20355	0.0158	0.0158	3077920	1941732	304715	1136188	146953	5541	40396	353039	141412	101016	454055	1286496	1286496	1813959	2008-04-30	6.60%	9.75%	0.8033	-	0.65	0.53	2.66	0.35	1.3341	1.2904	0.3143	2.3353	0.6309	19.6%	11	209	150
2008-03-26	2008	4	1.68	1.12	0.02	3.11%	7.32%	599098	2261905	65013	171393	33277	78264	0.0280	0.0659	2978232	1909594	272165	1068638	131194	285618	214811	293822	154424	60387	354209	1186782	1186782	1329195	2008-01-31	10.85%	13.15%	0.7595	16.9835	0.67	0.55	2.04	0.3	1.3014	1.2599	0.2561	2.3976	0.6412	18.4%	10	224	152
2007-12-13	2008	3	1.96	0.98	-	2.25%	4.33%	618602	1662807	49653	106380	23329	44987	0.0197	0.0380	3178239	2140411	276086	1037828	3692	242783	276624	292931	239091	37533	330464	1184981	1184981	1848570	2007-10-31	8.03%	8.81%	0.6627	-	0.64	0.52	3.0	0.28	1.3025	1.2717	0.2204	2.8099	0.6735	21.5%	9	273	185
2007-09-20	2008	2	1.89	1.35	-	1.11%	2.15%	570486	1044205	33205	56727	11211	21658	0.0096	0.0185	2893143	1886900	252526	1006243	39355	152034	124297	292643	112679	11618	304261	1171393	1171393	2213932	2007-07-31	5.82%	16.61%	0.5141	-	0.64	0.52	3.63	0.26	1.4039	1.3671	0.2483	2.5035	0.6522	33.7%	12	341	235
2007-06-21	2008	1	N/A	N/A	-	1.83%	1.83%	473719	473719	26673	26673	13598	13598	0.0112	0.0112	2692101	1948529	236798	743572	6541	79142	6845	292180	72601	65756	226424	1215507	1215507	2358083	2007-04-30	5.63%	7.21%	0.3406	-	0.42	0.3	6.47	0.19	1.4491	1.4138	0.207	3.845	0.7238	53.8%	17	527	363
2007-03-27	2007	4	N/A	N/A	0.02	1.13%	2.71%	443262	1766118	19837	41175	7378	17691	0.0083	0.0200	2553962	1899969	216806	653993	10539	45374	113047	365111	34835	78212	286899	886004	886004	637922	2007-01-31	4.48%	-	0.1736	-	0.49	0.33	2.18	0.33	1.5247	1.4815	0.2924	4.3459	0.7439	118.1%	40	975	670

Financial Quarter Balance Sheet

year	qrt	Amount 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)
2012	1	-	6095	154205	240473	-	1011613	-	-	751701	-	2275	59578	1368536	13458	1194	514908	-	9816	635	217539	1319047	357339
2011	4	-	9093	154688	229493	-	1019148	-	-	768381	-	985	54787	1403017	6758	2322	402252	-	5244	1235	414419	1385952	325618
2011	3	-	12541	149163	229443	-	904565	-	-	691142	-	545	72862	1868912	8157	3197	361855	-	5828	1700	252901	1845725	403542
2011	2	-	12788	149213	177602	-	921058	-	-	704477	-	366	67173	1557758	7379	4574	378337	-	5409	1922	197863	1564725	383622
2011	1	-	14196	149263	188837	-	904656	-	-	627476	-	-	60783	1400418	7131	4672	389546	-	6739	1540	215803	1318825	352098
2010	4	-	14675	149314	192107	-	900456	-	-	875251	-	-	54276	1163182	10509	-	405311	-	5284	-	297597	1170240	397103
2010	3	-	8748	149364	154522	-	902956	-	-	754135	-	-	57846	1917813	11320	-	418794	-	20807	-	387809	1702378	380576
2010	2	-	8915	149414	143298	-	874475	-	-	944866	-	-	57273	1813516	11290	-	426951	-	14790	-	450669	1609092	424516
2010	1	-	7971	149465	104581	-	905298	-	-	597975	-	-	59042	1811910	9746	-	447952	-	11902	-	438985	1291229	423600
2009	4	-	11001	149515	105508	-	903559	-	-	593538	-	-	50023	1718238	8583	-	454307	-	14485	-	477725	1252695	401197
2009	3	-	1932	149588	125046	-	880474	-	-	428640	-	-	57158	1884726	7868	-	455167	-	18072	-	531762	1273727	344880
2009	2	-	2152	149773	131695	-	854067	-	-	527861	-	-	61126	1546291	9423	-	465364	-	14302	-	537963	1057876	325761
2009	1	-	2367	146552	48214	94122	852045	-	-	455747	-	-	63373	1415500	9222	-	482423	-	10234	-	536199	903654	304715
2008	4	-	1358	145994	154279	-	876294	-	-	354209	-	-	57373	1388725	9368	-	516868	-	9384	-	540038	833936	272165
2008	3	91013	1721	146056	11314	24705	949350	-	7598	330704	-	-	46086	1569692	9091	-	631022	3853	7421	-	537247	951777	276086
2008	2	70877	1764	146105	10141	31645	891278	-	8740	308024	-	-	45669	1378900	8796	-	637768	4847	11565	-	364362	859562	252526
2008	1	-	1806	146154	9376	34197	843165	64241	7005	227568	2054	-	38749	1317786	8493	-	840607	8311	8947	-	275517	806654	236798
2007	4	-	1287	146202	9140	91374	784645	-	6059	291794	2101	-	43173	1178187	8153	-	894050	4702	10307	-	268803	713954	216806

Financial Quarter Income Statement

year	qrt	Revenue	Income tax expense	Finance/interest costs	Other income	Administrative/Operating expenses	Minority interest	Share of profit/ (loss) of associates	After tax effect
2012	1	550816	15075	12562	6613	430570	37962	11085	-
2011	4	609947	15094	12377	10445	520277	24753	24784	-
2011	3	1015145	7899	9666	4917	961277	37336	50953	-
2011	2	898116	13722	7672	2045	792947	45843	13269	-
2011	1	670356	11446	8502	5203	579688	36521	11288	-
2010	4	484476	9779	10898	7248	435454	41664	27084	-
2010	3	1024811	16618	11189	8608	921962	45488	15280	-
2010	2	1031573	14321	11790	6534	920122	41191	1679	-
2010	1	716183	7585	11309	1030	640519	34876	2736	-
2009	4	817697	7829	14963	3647	715195	37967	18997	-
2009	3	1046426	11383	13679	2807	940067	41149	6029	-
2009	2	903133	8174	14266	4731	808542	34460	10322	-
2009	1	684446	4404	14876	2071	616714	20420	9748	-
2008	4	599098	8552	22805	3188	511970	23184	2498	-
2008	3	618602	4374	20593	4450	547669	21950	5137	-
2008	2	570486	5517	15527	2302	522025	16477	2031	-
2008	1	473719	1922	18690	1610	427329	11153	5788	3151
2007	4	443262	1010	34861	6851	391615	13469	3800	-

Financial Quarter Segments Revenue

year	qrt	Installation of Pipelines and Facilities	Drilling	Marine Services	Operations and Maintenance
2012	1	272796	178725	89521	9774
2011	4	286706	186402	74673	62166
2011	3	720732	203330	83188	7895
2011	2	546395	219814	119274	12633
2011	1	355624	194838	111852	8042
2010	4	178672	187103	103615	15295
2010	3	624854	196762	193711	9484
2010	2	614859	218206	181582	16926
2010	1	295904	242215	167198	10866
2009	4	383587	262723	190520	12988
2009	3	662693	229172	147408	7153
2009	2	497654	221987	174175	9317
2009	1	348576	191679	135940	8251
2008	4	282907	195494	108192	12545
2008	3	311897	191304	102252	13149
2008	2	236975	165897	155374	12240
2008	1	192999	153911	118073	8736
2007	4	174868	121980	132269	14145

Financial Quarter Segments Profit

year	qrt	Installation of Pipelines and Facilities	Drilling	Marine Services	Operations and Maintenance
2012	1	64766	79214	1247	550
2011	4	65685	46752	13156	7397
2011	3	82938	79243	39242	684
2011	2	37277	99670	4420	1319
2011	1	46002	76291	8138	958
2010	4	53563	83499	43710	3400
2010	3	57509	94536	20766	536
2010	2	35342	87745	474	3258
2010	1	12242	71347	1152	2110
2009	4	13069	69464	14713	5123
2009	3	24850	79285	6954	1286
2009	2	23277	65718	6269	2647
2009	1	17361	39333	12476	2191
2008	4	10988	43944	25795	1010
2008	3	17994	41606	10404	2813
2008	2	6212	31141	12561	2972
2008	1	7775	23040	6330	1924
2007	4	1632	23031	24135	2193

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

CURRENT

●CHANGES IN SHAREHOLDING
●ANNUAL REPORTS

HISTORICAL

●CHANGES IN SHAREHOLDING

ARCHIVES

●CHANGES IN SHAREHOLDING