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Saturday, July 16, 2011

KLCI Stock - UEMLAND / 5148 - 2011 Quarter 1

Company Info
Market Capital (Capital Size)11,535,730,423 (Very Large)
Par ValueRM 0.50

My Analysis
Forecast P/E now2.67/0.0663 = 40.27 (High)
Target Price0.0663*23.0 = 1.52 (PE 23.0, EPS 0.0663)
DecisionNot interested unless revenue and profit increase more or stock price back to uptrend
Revenue decreased 32.1% but higher than preceding year corresponding quarter 372.8%, eps decreased 89.4% but higher than preceding year corresponding quarter 200%, no cash generated from operating however still got cash generated from investing and financing to cover all expenses, weaker liquidity ratio but still at strong level now, all accounting ratio also very high, stock price in downtrend since January 2011
First Support Price2.6
Second Support Price2.4

Research House
MIDF Target Price2.7 (2011-02-28)
Credit Suisse Target Price3.8 (2011-03-29)
OSK Target Price3.52 (2011-04-19)
RHB Target Price3.35 (2011-06-28)
UOB Target Price3.44 (2011-07-11)

Accounting Ratio
Return on Equity5.72%
Dividend Yield-
Profit Margin12.77%
Tax Rate36.35%
Asset Turnover0.088
Net Asset Value Per Share0.84
Net Tangible Asset per share0.69
Price/Net Tangible Asset Per Share4.04
Cash Per Share0.16
Liquidity Current Ratio4.796
Liquidity Quick Ratio2.6142
Liquidity Cash Ratio1.247
Gearing Debt to Equity Ratio0.6942
Gearing Debt to Asset Ratio0.3832
Working capital per thousand Ringgit sale370.3%
Days to sell the inventory995
Days to collect the receivables487
Days to pay the payables297

My notes based on 2011 quarter 1 report (number in '000):-
- Higher revenue and pbt than FY10Q1 mainly due to improved performance from the Group’s direct development projects located in Nusajaya

- Lower revenue than FY10Q4 arising from lower strategic and developed land sales but mitigated by higher property development revenue from the direct development projects of a new subsidiary, Sunrise

- Lower pbt than FY10Q4 arising from one-off transactions as highlighted above under the land compensation and compulsory acquisitions. In addition, a higher finance costs was reported in the current quarter driven mainly by the accretion of the debt component of the RCPS issued on 6 January 2011 for the acquisition of Sunrise shares amounting to RM7.1 million. This debt accretion is a notional charge and does not have any cashflow impact to the Group

- Estimate next 4Q eps after 2011 Q1 result announced = 0.051*1.3 = 0.0663, estimate PE on current price 2.67 = 40.27

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