KLCI Stock - SEG / 9792 - 2011 Quarter 1

SEG INTERNATIONAL BHD

Company Description

SEG INTERNATIONAL BERHAD is a Malaysia-based company engaged in investment holding and provision of management consultancy services, property management, rental of premises, business advisory services, educational and training services. SEGi has been recruiting international students from over 40 countries, including those students coming from China, Indonesia, Vietnam, Africa, India and Iran. During the year ended December 31, 2009, SEGi launched SEGi Bachelor of Business Management (Hons), the SEGi Bachelor of Accounting (Hons), SEGi MBA (General Management) and SEGi MBA (Global Business). As of December 31, 2009, SEGi’s subsidiaries were SEGi Holdings Sdn. Bhd., SEGi University College (M) Sdn. Bhd., SEGi College (KL) Sdn. Bhd., SEGi College of Technology (KL) Sdn. Bhd., SEGi College (Subang Jaya) Sdn. Bhd., SEGi College (PG) Sdn. Bhd., SEGi College (Sarawak) Sdn. Bhd., SEGi College (PJ) Sdn. Bhd. and Summit Multimedia Education Sdn. Bhd., among others.

Company Info

Listing Date	1995-05-16
Market Capital (Capital Size)	1,065,089,118 (Large)
Par Value	RM 0.25
Board	Main
Sector	Trading/Services
Major Industry	Educational Services
Sub Industry	Investment Holding
Website	http://www.segi.edu.my/

My Analysis

Forecast P/E now	(1.95-0.1)/0.2236 = 8.27 (Moderate)
Target Price	2.68+0.1 = 2.78 (PE 12.0, EPS 0.2236, DPS 0.1)
Decision	BUY
Comment	Revenue increased 21.4% and is continuos increasing since FY10Q1 (higher than preceding year corresponding quarter 30.9%), eps increased 47.9% and is continuos increasing since FY10Q1 (higher than preceding year corresponding quarter 45.6%), cash generated from operating not enough to cover all financing expenses but managed to generated cash from issuance of new shares, weaker liquidity ratio at low level now, higher gearing ratio at below moderate level now, payables ratio slightly high, dividend policy is 50%
First Support Price	1.9
Second Support Price	1.7
Risk Rating	MODERATE

Research House

Kenanga Target Price	1.92 (2011-04-19)
TA Target Price	2.76 (2011-04-29)
RHB Target Price	2.3 (2011-06-22)
OSK Target Price	2.23 (2011-07-08)

Accounting Ratio

Return on Equity	26.37%
Dividend Yield	10.77%
Profit Margin	33.77%
Tax Rate	21.03%
Asset Turnover	0.8898
Net Asset Value Per Share	0.6
Net Tangible Asset per share	0.51
Price/Net Tangible Asset Per Share	7.78
Cash Per Share	0.24
Liquidity Current Ratio	1.9483
Liquidity Quick Ratio	1.9479
Liquidity Cash Ratio	1.265
Gearing Debt to Equity Ratio	0.355
Gearing Debt to Asset Ratio	0.2609
Working capital per thousand Ringgit sale	25.1%
Days to sell the inventory	-
Days to collect the receivables	58
Days to pay the payables	122

My notes based on 2011 quarter 1 report (number in '000):-
- The improvement in performance is generally due to the increase in student enrolments of the Group’s institutions

- Estimate next 4Q eps after 2011 Q1 result announced = 0.0559*4 = 0.2236, estimate PE on current price 1.95 = 8.27(DPS 0.1)

SEG latest news (English)

SEG 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
2011-04-28	2011	1	N/A	N/A	-	9.33%	9.33%	68470	68470	23124	23124	18122	18122	0.0559	0.0559	262736	68560	1037	194176	39970	3387	37248	78831	36583	665	78166	324205	324205	1287093	2011-03-31	33.77%	21.03%	0.8898	-	0.6	0.51	7.78	0.24	1.9483	1.9479	1.265	0.355	0.2609	25.1%	-	58	122
2011-02-21	2010	4	4.0	3.07	0.07	5.77%	21.16%	56380	217615	14108	54314	11735	43059	0.0378	0.1351	263038	59555	899	203483	64946	14680	8332	36897	50266	41934	78831	310727	318793	972575	2010-12-31	25.02%	18.28%	0.8273	23.1734	0.64	0.55	5.69	0.25	2.6419	2.6412	1.7049	0.294	0.2264	34.9%	-	63	87
2010-11-23	2010	3	3.13	2.0	0.14	5.65%	16.07%	56369	161235	13264	40206	11014	31324	0.0341	0.0971	255963	61066	1105	194897	58881	9988	6493	36898	48893	42400	79298	322615	322636	667813	2010-09-30	23.53%	18.39%	0.7854	-	0.6	0.51	4.06	0.25	2.4702	2.4696	1.6506	0.3151	0.2386	35.1%	-	59	96
2010-08-18	2010	2	2.81	1.97	-	5.62%	10.57%	52571	104866	13778	26942	10802	20310	0.1212	0.2292	238709	46533	1294	192176	23881	4833	264	36898	19048	19312	56210	89093	88602	243223	2010-06-30	26.21%	21.25%	0.8232	-	2.15	1.84	1.48	0.63	3.0632	3.0623	1.643	0.2438	0.1949	35.9%	-	78	61
2010-05-27	2010	1	4.75	1.6	-	5.25%	5.25%	52295	52295	13164	13164	9508	9508	0.1079	0.1079	232817	51631	1368	181186	15823	1642	1796	36898	14181	15977	52875	88105	88105	265196	2010-03-31	25.17%	23.76%	0.7715	-	2.04	1.73	1.74	0.6	2.5867	2.5867	1.3781	0.2871	0.2218	33.9%	-	80	74
2010-02-24	2009	4	3.19	1.5	0.035	0.03%	5.90%	39801	166372	908	14606	54	10023	0.0007	0.1209	219338	49344	839	169994	29026	11504	27921	47297	17522	10399	36898	83010	82925	133646	2009-12-31	2.28%	122.47%	0.766	13.3203	2.04	1.7	0.95	0.44	2.4361	2.4361	1.0635	0.2917	0.225	29.7%	-	87	68
2009-11-25	2009	3	1.65	0.89	-	1.78%	5.95%	51844	126571	3832	13698	2974	9969	0.0359	0.1203	227591	60065	1097	167526	21749	26635	9929	47376	4886	14815	32561	82895	82896	77092	2009-09-30	7.39%	20.20%	0.7275	-	2.01	1.64	0.57	0.42	2.0331	2.0331	0.8452	0.3609	0.2639	25.9%	-	78	83
2009-08-24	2009	2	0.975	0.83	-	0.18%	4.21%	35682	74727	1103	9866	302	6995	0.0036	0.0844	212525	46320	1013	166205	4025	24976	6144	47376	20951	27095	20281	82897	82897	74607	2009-06-30	3.09%	61.11%	0.699	-	1.99	1.63	0.55	0.25	2.2118	2.2115	0.7301	0.2804	0.218	22.8%	-	85	48
2009-05-29	2009	1	0.95	0.8	-	4.03%	4.03%	40680	40680	8763	8763	6693	6693	0.0807	0.0807	224949	59046	886	165903	16662	1736	648	47376	18398	19046	28330	82897	82897	66317	2009-03-31	21.54%	20.62%	0.6295	-	1.99	1.63	0.49	0.34	1.9256	1.9255	0.5633	0.3578	0.2625	33.1%	-	160	74
2009-02-27	2008	4	0.8	0.7	0.03	0.18%	4.57%	37357	127407	1427	9884	282	7266	0.0033	0.0868	213910	54963	623	158947	26507	69058	45028	3161	95565	50537	47376	84872	83684	65351	2008-12-31	3.82%	97.20%	0.5909	8.8682	1.89	1.53	0.5	0.56	1.9508	1.9506	1.0511	0.3472	0.2569	34.0%	-	102	72
2008-11-28	2008	3	0.785	0.6	-	0.54%	4.39%	34832	90050	1173	8457	852	6984	0.0100	0.0835	214395	55292	1045	159103	38910	129213	42113	3131	90303	48190	45059	84854	83684	55155	2008-09-30	3.37%	27.28%	0.5386	-	1.89	1.53	0.42	0.55	1.8107	1.8068	0.9558	0.3498	0.2579	34.1%	1	110	79
2008-08-28	2008	2	0.78	0.57	-	0.22%	3.85%	28740	55218	501	7284	344	6132	0.0041	0.0729	213540	54063	1044	159477	51316	131586	45678	8180	80270	34592	26412	84319	84075	64925	2008-06-30	1.74%	26.55%	0.4804	-	1.88	1.53	0.5	0.51	3.201	3.194	1.6057	0.3412	0.2532	57.7%	1	133	63
2008-05-23	2008	1	0.77	0.52	-	3.62%	3.62%	25478	25478	6783	6783	5788	5788	0.0685	0.0685	215105	55176	1019	159929	59192	136055	45401	8180	76863	31462	23282	84503	84503	53659	2008-03-31	26.62%	10.67%	0.4262	-	1.88	1.52	0.42	0.49	3.2368	3.23	1.5023	0.3472	0.2565	67.5%	1	171	65
2008-02-27	2007	4	0.7	0.6	0.02	1.11%	3.34%	26420	86263	1609	2479	1715	5156	0.0200	0.0603	309896	155558	749	154338	65524	23614	52192	2102	41910	10282	8180	85644	85459	58666	2007-12-31	6.09%	-	0.2784	11.3536	1.8	1.44	0.48	0.11	1.4601	1.4586	0.0729	1.0128	0.502	68.0%	1	169	324
2007-11-30	2007	3	0.75	0.6	-	0.28%	2.25%	21937	59843	862	4088	429	3441	0.0050	0.0402	306607	153803	827	152804	7315	22901	11107	2102	15586	4479	2377	86000	85642	60200	2007-09-30	3.93%	19.61%	0.2785	-	1.77	1.42	0.49	0.11	2.8266	2.8245	0.1381	1.012	0.5016	150.7%	1	228	75
2007-08-29	2007	2	0.75	0.66	-	0.49%	1.96%	17852	37906	176	3226	748	3012	0.0087	0.0351	303556	149943	563	153613	8513	21640	13737	2102	13127	610	2712	85884	85923	N/A	2007-06-30	0.99%	-	0.209	-	1.78	1.43	N/A	0.14	0.9089	0.9069	0.1781	0.9797	0.494	-9.5%	1	262	92
2007-05-30	2007	1	N/A	N/A	-	1.48%	1.48%	20054	20054	3050	3050	2264	2264	0.0263	0.0263	298829	145344	557	153485	8759	14062	4275	2102	5303	1028	1074	86100	86100	71032	2007-03-31	15.21%	25.93%	0.1526	-	1.78	1.42	0.58	0.14	1.0049	1.0026	0.1773	0.9504	0.4864	0.7%	1	372	157
2007-02-27	2006	4	N/A	N/A	0.02	0.47%	1.37%	25537	74230	547	2868	710	2073	0.0081	0.0236	284251	132915	562	151336	26928	5525	4200	15101	21403	17203	2102	87452	87705	64714	2006-12-31	2.14%	-	0.0898	31.3081	1.72	1.37	0.54	0.07	1.0974	1.0955	0.099	0.8816	0.4676	24.3%	2	698	230

Financial Quarter Balance Sheet

year	qrt	Available-for-sale financial assets (A-0)	Deferred tax assets (A-0)	Intangible assets (A-0)	Investment in associated companies (A-0)	Investment properties (A-0)	Property, plant and equipment (A-0)	Receivables (A-0)	Cash and cash equivalents (A-1)	Current asset classified as held for sales (A-1)	Current tax assets (A-1)	Inventories (A-1)	Other investments (A-1)	Other receivables, deposits and prepayments (A-1)	Prepaid lease payments (A-1)	Deferred tax liabilities (L-0)	Loans & borrowings (L-0)	Bank overdraf (L-1)	Loans & borrowings (L-1)	Payables and accruals (L-1)	Provision for taxation (L-1)	Minority interest (M-1)
2011	1	2708	3090	27661	4944	-	101823	2117	78166	-	5254	29	-	36944	-	2578	4189	-	3806	56590	1397	1037
2010	4	2734	3174	27679	4760	-	100113	2425	78831	-	5720	30	-	37572	-	2487	10831	-	7170	38607	460	899
2010	3	2049	3274	27702	4984	-	96601	2677	79298	-	6680	30	-	32668	-	2995	10028	-	6311	41267	465	1105
2010	2	1809	3424	27841	4695	-	93208	2935	56210	-	6704	28	-	41855	-	2536	9785	-	5891	27301	1020	1294
2010	1	1540	3870	27806	5619	91	91445	3199	52875	-	6974	-	-	39398	-	2182	11081	-	6006	31814	548	1368
2009	4	2459	3870	27808	4777	91	91409	4400	36898	-	7561	-	-	40065	-	2182	12466	-	6089	27971	636	839
2009	3	2952	3374	30255	5130	92	90176	11358	35025	8001	5991	-	-	35237	-	1891	16733	2464	5753	33209	15	1097
2009	2	3247	3374	30109	4909	154	97460	11358	20438	-	6444	8	-	34772	252	1891	16436	157	7970	17100	2766	1013
2009	1	3837	3374	30237	4449	156	73614	11768	28524	-	6969	8	-	62013	-	1891	6515	194	23386	24981	2079	886
2008	4	3837	3374	30237	451	156	75848	11768	47545	-	5462	8	-	35224	-	1891	7840	169	22709	22170	184	623
2008	3	4430	3007	30103	706	157	69971	18165	46226	-	6353	188	147	34942	-	1874	4898	-	23616	23068	1836	1045
2008	2	5830	3007	30099	706	419	69269	18165	43016	-	5217	188	147	37477	-	1874	25308	-	8802	16531	1548	1044
2008	1	5830	3007	30048	706	421	67428	18165	41393	-	4754	188	147	43018	-	1874	25651	-	10705	15521	1425	1019
2007	4	5830	3007	30165	706	522	65296	18165	9152	132654	4005	188	147	40059	-	1874	26156	-	54359	73040	129	749
2007	3	9220	1098	30228	1706	524	60760	4000	9549	132804	2633	148	174	53431	332	2079	81296	-	52841	16458	1129	827
2007	2	9220	1098	30260	1706	529	192351	8100	11642	-	2306	130	174	45534	506	2079	81527	-	50006	15312	1019	563
2007	1	9220	1098	30292	1706	529	180670	8100	11686	6210	1965	157	174	46516	506	2079	76380	-	47482	18577	826	557
2006	4	8970	1098	30323	1745	532	162058	9600	6137	12865	1807	119	174	48817	6	2070	67125	-	45775	16895	1050	562

Financial Quarter Income Statement

year	qrt	Revenue	Income tax expense	Cost of sales	Finance/interest costs	Other income	Administrative/Operating expenses	Minority interest	Finance/interest income	Share of profit/ (loss) of associates	Selling and distribution costs	Other expenses
2011	1	68470	4864	15894	307	5815	14465	138	-	186	5557	15124
2010	4	56380	2579	15088	238	7027	12982	206	-	222	5238	15531
2010	3	56369	2439	15153	318	4180	12401	189	-	302	4622	15093
2010	2	52571	2928	13367	325	5160	9309	48	-	418	5604	14930
2010	1	52295	3128	12914	352	1948	13238	528	-	885	3250	12210
2009	4	39801	1112	11561	551	3973	14489	258	-	351	3219	12695
2009	3	51844	774	14318	368	2914	17405	84	-	273	3443	15665
2009	2	35682	674	11237	384	2602	9924	127	-	471	4343	11764
2009	1	40680	1807	11601	391	1639	10038	263	-	202	2693	9035
2008	4	37357	1387	11762	108	2153	9520	242	-	-	2814	13879
2008	3	34832	320	8387	617	1530	12259	1	-	-	3899	10027
2008	2	28740	133	8993	756	1260	8374	24	-	-	2377	8999
2008	1	25478	724	6245	544	5643	7003	271	-	-	2826	7720
2007	4	26420	3246	10500	2358	2834	18036	78	31	-	-	-
2007	3	21937	169	4707	1903	599	15069	264	5	-	-	-
2007	2	17852	578	4812	1248	1037	12740	6	87	-	-	-
2007	1	20054	791	4721	1267	392	11674	5	266	-	-	-
2006	4	25537	202	7717	1312	1971	19050	39	24	-	-	-

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

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●ANNUAL REPORTS

HISTORICAL

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