Company Info
My Analysis
Research House
Accounting Ratio
My notes based on 2011 quarter 3 report (number in '000):-
- Lower pbt in Plantation Division due to lower FFB production, lower OER and an impairment for biodiesel and bioganic assets of RM73.9 million. The CPO price realised for the quarter was RM3,142 per tonne as compared to RM2,835 per tonne in the preceding quarter. Compared to that of the previous quarter, overall FFB production fell by 14%, Malaysia by 12% and Indonesia by 17%
- Contribution from Industrial registered a 9% improvement due to the higher sales in equipment and product services in Australia and China. The division’s operations in Australia posted a very strong recovery boosted by delivery of equipments deferred following the severe Queensland floods during December 2010 to January 2011
- For the current quarter, Motors posted a higher profit by 31% largely due to the better performance in China driven by the buoyant demand in its automotive market
- Energy & Utilities’ profit for the current quarter was higher by 270% principally on account of the write back of RM98.5 million of provision following the signing of the Close-Out Agreement with Maersk Oil Qatar in March 2011
- Estimate next 4Q eps after 2011 Q3 result announced = (0.146+0.1365)*2 = 0.565, estimate PE on current price 9.18 = 16.05(DPS 0.11)
- Estimate next 4Q eps after 2011 Q2 result announced = (0.146+0.1089)*2 = 0.5098(cpo price decreasing but offset by contracts awarded), estimate highest/lowest PE = 18.22/17.01 (DPS 0.11)
- Estimate next 4Q eps after 2011 Q1 result announced = 0.1271*4*1.1 = 0.5592(ROE 3.5% per quarter with condition CPO price continue maintain high), estimate highest/lowest PE = 16.79/15.22 (DPS 0.1)
- No estimate next 4Q eps after 2010 Q4 result announced
- No estimate next 4Q eps after 2010 Q3 result announced
- Estimate next 4Q eps after 2010 Q2 result announced = 0.37, estimate highest/lowest PE = 22.22/19.59 (DPS 0.22)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.34, estimate highest/lowest PE = 26.44/23.76(DPS 0.2)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.37, estimate highest/lowest PE = 24.43/21.59 (DPS 0.2)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.34, estimate highest/lowest PE = 24.35/18.91 (DPS 0.27)
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| Market Capital (Capital Size) | 55,166,877,968 (Very Large) |
| Par Value | RM 0.50 |
My Analysis
| Forecast P/E now | (9.18-0.11)/0.565 = 16.05 (High) |
| Target Price | 9.04+0.11 = 9.15 (PE 16.0, EPS 0.565, DPS 0.11) |
| Decision | Not interested unless revenue and profit increase more |
| Comment | Revenue increased 3.1% and is second consecutive quarter increasing and also higher than preceding year corresponding quarter 40% and in addition is highest all the time, eps decreased 6.5% but higher than preceding year corresponding quarter 365.6%, cash generated from operating is almost enough to cover all expenses, weaker liquidity ratio at low level now, lower gearing ratio at above moderate level now, all accounting periods are good, CPO price still supported at end of April price |
| First Support Price | 8.8 |
| Second Support Price | 8.6 |
| Risk Rating | MODERATE |
Research House
| Maybank Target Price | 10.6 (2011-03-24) |
| RHB Target Price | 10.6 (2011-03-24) |
| AMMB Target Price | 10.6 (2011-04-26) |
| TA Target Price | 11.16 (2011-04-26) |
| CIMB Target Price | 10.9 (2011-05-27) |
| ECM Target Price | 9.12 (2011-05-30) |
| HLG Target Price | 10.96 (2011-05-30) |
| MIDF Target Price | 12.5 (2011-05-30) |
| OSK Target Price | 8.47 (2011-05-30) |
| UOB Target Price | 9.4 (2011-05-30) |
| HwangDBS Target Price | 10.4 (2011-06-06) |
Accounting Ratio
| Return on Equity | 9.77% |
| Dividend Yield | 1.20% |
| Profit Margin | 11.95% |
| Tax Rate | 32.31% |
| Asset Turnover | 0.9521 |
| Net Asset Value Per Share | 3.74 |
| Net Tangible Asset per share | 3.72 |
| Price/Net Tangible Asset Per Share | 2.45 |
| Cash Per Share | 0.79 |
| Liquidity Current Ratio | 1.6291 |
| Liquidity Quick Ratio | 0.9303 |
| Liquidity Cash Ratio | 0.3684 |
| Gearing Debt to Equity Ratio | 0.7848 |
| Gearing Debt to Asset Ratio | 0.4319 |
| Working capital per thousand Ringgit sale | 20.8% |
| Days to sell the inventory | 90 |
| Days to collect the receivables | 61 |
| Days to pay the payables | 81 |
My notes based on 2011 quarter 3 report (number in '000):-
- Lower pbt in Plantation Division due to lower FFB production, lower OER and an impairment for biodiesel and bioganic assets of RM73.9 million. The CPO price realised for the quarter was RM3,142 per tonne as compared to RM2,835 per tonne in the preceding quarter. Compared to that of the previous quarter, overall FFB production fell by 14%, Malaysia by 12% and Indonesia by 17%
- Contribution from Industrial registered a 9% improvement due to the higher sales in equipment and product services in Australia and China. The division’s operations in Australia posted a very strong recovery boosted by delivery of equipments deferred following the severe Queensland floods during December 2010 to January 2011
- For the current quarter, Motors posted a higher profit by 31% largely due to the better performance in China driven by the buoyant demand in its automotive market
- Energy & Utilities’ profit for the current quarter was higher by 270% principally on account of the write back of RM98.5 million of provision following the signing of the Close-Out Agreement with Maersk Oil Qatar in March 2011
- Estimate next 4Q eps after 2011 Q3 result announced = (0.146+0.1365)*2 = 0.565, estimate PE on current price 9.18 = 16.05(DPS 0.11)
- Estimate next 4Q eps after 2011 Q2 result announced = (0.146+0.1089)*2 = 0.5098(cpo price decreasing but offset by contracts awarded), estimate highest/lowest PE = 18.22/17.01 (DPS 0.11)
- Estimate next 4Q eps after 2011 Q1 result announced = 0.1271*4*1.1 = 0.5592(ROE 3.5% per quarter with condition CPO price continue maintain high), estimate highest/lowest PE = 16.79/15.22 (DPS 0.1)
- No estimate next 4Q eps after 2010 Q4 result announced
- No estimate next 4Q eps after 2010 Q3 result announced
- Estimate next 4Q eps after 2010 Q2 result announced = 0.37, estimate highest/lowest PE = 22.22/19.59 (DPS 0.22)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.34, estimate highest/lowest PE = 26.44/23.76(DPS 0.2)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.37, estimate highest/lowest PE = 24.43/21.59 (DPS 0.2)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.34, estimate highest/lowest PE = 24.35/18.91 (DPS 0.27)
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