Company Info
My Analysis
Research House
Accounting Ratio
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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| Market Capital (Capital Size) | 311,071,440 (Small) |
| Par Value | RM 1.00 |
My Analysis
| Forecast P/E now | (1.6-0.081)/0.2587 = 5.87 (Moderate) |
| Target Price | 2.07+0.081 = 2.15 (PE 8.0, EPS 0.2587, DPS 0.081) |
| Decision | Watching, buy when buy volume is up |
| Comment | 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 Price | 1.56 |
| Second Support Price | 1.5 |
| Risk Rating | MODERATE |
Research House
| Kenanga Target Price | 1.76 (2011-02-18) |
| OSK Target Price | 2.48 (2011-05-20) |
| Alliance Target Price | 2.53 (2011-05-23) |
Accounting Ratio
| Return on Equity | 15.46% |
| Dividend Yield | 5.06% |
| Profit Margin | 23.98% |
| Tax Rate | 24.94% |
| Asset Turnover | 0.4426 |
| Net Asset Value Per Share | 2.27 |
| Net Tangible Asset per share | 2.27 |
| Price/Net Tangible Asset Per Share | 0.71 |
| Cash Per Share | 0.1 |
| Liquidity Current Ratio | 2.7295 |
| Liquidity Quick Ratio | 1.7756 |
| Liquidity Cash Ratio | 0.2251 |
| Gearing Debt to Equity Ratio | 0.2765 |
| Gearing Debt to Asset Ratio | 0.2079 |
| Working capital per thousand Ringgit sale | 59.8% |
| Days to sell the inventory | 158 |
| Days to collect the receivables | 191 |
| Days to pay the payables | 136 |
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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