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Tuesday, July 19, 2011

KLCI Stock - HUNZPTY / 5018 - 2011 Quarter 3

Company Info
Market Capital (Capital Size)311,071,440 (Small)
Par ValueRM 1.00

My Analysis
Forecast P/E now(1.6-0.081)/0.2587 = 5.87 (Moderate)
Target Price2.07+0.081 = 2.15 (PE 8.0, EPS 0.2587, DPS 0.081)
DecisionWatching, buy when buy volume is up
Revenue increased 3.9% and also higher than preceding year corresponding quarter 13.4%, eps increased 11.2% but lower than preceding year corresponding quarter 13.8%, cash generated from operating not even enough to cover financing activities hence used up 74% of cash to cover, weaker liquidity ratio at moderate level now, lower gearing ratio at below moderate level now, all accounting ratio also medium to high
First Support Price1.56
Second Support Price1.5

Research House
Kenanga Target Price1.76 (2011-02-18)
OSK Target Price2.48 (2011-05-20)
Alliance Target Price2.53 (2011-05-23)

Accounting Ratio
Return on Equity15.46%
Dividend Yield5.06%
Profit Margin23.98%
Tax Rate24.94%
Asset Turnover0.4426
Net Asset Value Per Share2.27
Net Tangible Asset per share2.27
Price/Net Tangible Asset Per Share0.71
Cash Per Share0.1
Liquidity Current Ratio2.7295
Liquidity Quick Ratio1.7756
Liquidity Cash Ratio0.2251
Gearing Debt to Equity Ratio0.2765
Gearing Debt to Asset Ratio0.2079
Working capital per thousand Ringgit sale59.8%
Days to sell the inventory158
Days to collect the receivables191
Days to pay the payables136

My notes based on 2011 quarter 3 report (number in '000):-
- Higher revenue than FY10Q3 mainly attributable to stronger sales and higher stage of physical construction from Gurney Paragon project (condominiums). In addition, Mutiara Seputeh in Kuala Lumpur also recorded higher sales of its bungalow units. Profit before taxation as well as margins, were higher in preceding year’s corresponding quarter as a result of sales mix

- Higher revenue than FY11Q2 principally due to the stronger take up rate for Gurney Paragon condominiums

- Estimate next 4Q eps after 2011 Q3 result announced = 0.0588*4*1.1 = 0.2587, estimate PE on current price 1.6 = 5.87 (DPS 0.081)

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