This is my analysis to KLSE stock based on each quarter report. Objective of the blog is to provide a platform for easy visualize company previous quarter reports.
Not interested unless stock price can sustain at 1.8
Comment
Revenue increased 12.9% and also higher than preceding year corresponding quarter 0.1%, eps decreased 6.4% and was second consecutive quarter decreasing but still higher than preceding year corresponding quarter 241.7%, cash generated from operating not enough to cover financing & investing activities hence still generate cash from financing activities but still spent 54% of Group cash, weaker liquidity but still at moderate level now, lower gearing ratio at moderate level now, all accounting ratio are good, consumer confidence for digital products seems to be affected by both the weak US and Euro zone economies
First Support Price
1.6
Second Support Price
1.45
Risk Rating
MODERATE
Research House
HwangDBS Target Price
2.5 (2011-01-24)
OSK Target Price
2.12 (2011-05-11)
RHB Target Price
2.1 (2011-08-02)
HLG Target Price
2.58 (2011-08-12)
Maybank Target Price
2.4 (2011-08-12)
ECM Target Price
2.43 (2011-08-15)
Accounting Ratio
Return on Equity
16.79%
Dividend Yield
4.10%
Profit Margin
21.57%
Tax Rate
22.47%
Asset Turnover
0.5818
Net Asset Value Per Share
1.66
Net Tangible Asset per share
1.66
Price/Net Tangible Asset Per Share
1.17
Cash Per Share
0.11
Liquidity Current Ratio
2.4096
Liquidity Quick Ratio
1.7023
Liquidity Cash Ratio
0.3028
Gearing Debt to Equity Ratio
0.5232
Gearing Debt to Asset Ratio
0.3424
Working capital per thousand Ringgit sale
33.9%
Days to sell the inventory
75
Days to collect the receivables
107
Days to pay the payables
44
My notes based on 2011 quarter 3 report (number in '000):-
- The lower PAT of about RM0.6 million is mainly attributable to higher costs and a weaker USD
- In Q3FY2011, HDD parts revenue recorded RM21.7 million (Q2FY2011: RM20.5 million), camera parts recorded RM29.2 million (Q2FY2011: RM24.4 million) whilst the industrial/automotive revenue was at RM9.9 million (Q2FY2011: RM9.0 million). The product mix for Q3FY2011 was HDD:Camera:Industrial/Automotive of 36%:48%:16% compared to previous quarter's mix of 38%:45%:17%
- Estimate next 4Q eps after 2011 Q3 result announced = 0.24*0.9 = 0.216, estimate PE on current price 1.83 = 8.19(DPS 0.06)
- Estimate next 4Q eps after 2011 Q2 result announced = 0.24, estimate highest/lowest PE = 9.13/7.04 (DPS 0.06)
- Estimate next 4Q eps after 2011 Q1 result announced = 0.06*4 = 0.24, estimate highest/lowest PE = 9.6/6.81 (DPS 0.045)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.0523*4*0.9 = 0.1883, estimate highest/lowest PE = 11.44/8.2 (DPS 0.045)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.0192*3+0.0806 = 0.1382(It may take 3Q to apply corrective measures to control costs, minimise rejects and maximise its production capacity), estimate highest/lowest PE = 15.16/10.67 (DPS 0.025)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.3788 (0.1804*2 = 0.3608, 5% grow from 0.3608), estimate highest/lowest PE = 8.65/5.24 (DPS 0.025)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.3674, estimate highest/lowest PE = 9.44/7.57 (DPS 0.03)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.0185*4 = 0.074, estimate highest/lowest PE = 11.62/9.95 (DPS 0.03)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.0158*4 = 0.0632, estimate highest/lowest PE = 8.39/5.49 (DPS 0.01)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.0065*4 = 0.026, estimate highest/lowest PE = 13.46/9.23 (DPS 0.01)
- Estimate next 4Q eps after 2009 Q1 result announced = 0.0103*4 = 0.0412, estimate highest/lowest PE = 6.8/3.64 (DPS 0.01)
Revenue decreased 2.6% and also lower than preceding year corresponding quarter 0.5%, eps decreased 73.6% and also lower than preceding year corresponding quarter 79.9%, no cash generated from operating after deduct the expenses for inventories and receivables, spent 7.4% of Group cash to cover all expenses, weaker liquidity ratio but still at very strong level now, higher gearing ratio but still at low level now, all accounting ratio are good, affecting by raw materials increased sharply
First Support Price
1.4
Second Support Price
1.3
Risk Rating
HIGH
Research House
OSK Target Price
1.78 (2011-08-15)
HLG Target Price
1.62 (2011-08-16)
Accounting Ratio
Return on Equity
4.81%
Dividend Yield
8.97%
Profit Margin
2.76%
Tax Rate
23.27%
Asset Turnover
1.1831
Net Asset Value Per Share
2.07
Net Tangible Asset per share
2.07
Price/Net Tangible Asset Per Share
0.74
Cash Per Share
0.72
Liquidity Current Ratio
7.0655
Liquidity Quick Ratio
4.6865
Liquidity Cash Ratio
3.1611
Gearing Debt to Equity Ratio
0.1597
Gearing Debt to Asset Ratio
0.1377
Working capital per thousand Ringgit sale
48.8%
Days to sell the inventory
76
Days to collect the receivables
45
Days to pay the payables
32
My notes based on 2011 quarter 2 report (number in '000):-
- The small decrease in revenue is due to decreases in selling prices of our steel products albeit at higher sales volume. The significant drop in profit before tax is due to lower selling prices of our steel products coupled with significantly higher raw material cost
- Estimate next 4Q eps after 2011 Q2 result announced = 0.1483*0.8 = 0.1186, estimate PE on current price 1.45 = 11.38(DPS 0.1)
- Estimate next 4Q eps after 2011 Q1 result announced = 0.1483, estimate highest/lowest PE = 11.13/8.56 (DPS 0.13)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.1854*0.8 = 0.1483, estimate highest/lowest PE = 11.4/10.32 (DPS 0.13)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.18*0.9 = 0.162, estimate highest/lowest PE = 10.19/9.57 (DPS 0.14)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.2936*0.9 = 0.2642 (10% decrease due to global steel price decreasing), estimate highest/lowest PE = 6.55/5.6 (DPS 0.2)
- Estimate next 4Q eps after 2009 Q1 result announced = 0.2936 (maintained forecast eps due to lower margin), estimate highest/lowest PE = 5.99/4.67 (DPS 0.2)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.2936 (20% growth from 0.2442, world steel price increasing), estimate highest/lowest PE = 6.13/4.6 (DPS 0.2)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.24, estimate highest/lowest PE = 6.42/4.92 (DPS 0.02)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.1012, estimate highest/lowest PE = 13.83/9.88 (DPS 0.02)
- Estimate next 4Q eps after 2009 Q1 result announced = 0.0612, estimate highest/lowest PE = 18.3/15.44
Not interested unless revenue and profit increase more
Comment
Revenue increased 3.5% and also higher than preceding year corresponding quarter 15.6%, eps decreased 86.2% and was third consecutive quarter decreasing and also lower than preceding year corresponding quarter 91.2%, no cash generated from operating however cash from financing still more than enough to cover all expenses, better liquidity ratio but still at low level now, lower gearing ratio but still at high level now, receivables & payables ratio still very high
First Support Price
3.0
Second Support Price
2.8
Risk Rating
HIGH
Research House
AMMB Target Price
5.2 (2011-08-15)
HwangDBS Target Price
5.15 (2011-08-15)
Accounting Ratio
Return on Equity
10.71%
Dividend Yield
2.17%
Profit Margin
2.27%
Tax Rate
-
Asset Turnover
0.5725
Net Asset Value Per Share
1.71
Net Tangible Asset per share
1.7
Price/Net Tangible Asset Per Share
1.92
Cash Per Share
0.43
Liquidity Current Ratio
1.1984
Liquidity Quick Ratio
1.1494
Liquidity Cash Ratio
0.1591
Gearing Debt to Equity Ratio
1.7271
Gearing Debt to Asset Ratio
0.6061
Working capital per thousand Ringgit sale
19.4%
Days to sell the inventory
20
Days to collect the receivables
353
Days to pay the payables
203
My notes based on 2011 quarter 2 report (number in '000):-
- The decline of pbt was partly attributed to cost overruns in completing certain commercial shipbuilding projects, increase in finance charges due to higher borrowings arising from the acquisition of three chemical tankers for chartering business and lower contribution from associates with the completion of the patrol vessel project
- Estimate next 4Q eps after 2011 Q2 result announced = 0.0405*4 = 0.162, estimate PE on current price 3 = 18.12(DPS 0.065)
- Estimate next 4Q eps after 2011 Q1 result announced = (0.0405+0.046)*2*1.1 = 0.1903, estimate highest/lowest PE = 21.97/16.5 (DPS 0.065)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.3098*1.2 = 0.3718, estimate highest/lowest PE = 11.57/10.46 (DPS 0.06)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.0636*1.1*4 = 0.2798 (10% increase due to many new contract received), estimate highest/lowest PE = 16.69/14.44 (DPS 0.06)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.0631*4 = 0.2524*0.9 = 0.2272 (10% drop from 0.2524), estimate highest/lowest PE = 21.13/15.58 (DPS 0.06)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.0749*4 = 0.2996, estimate highest/lowest PE = 15.75/12.65 (DPS 0.06)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.0996*4 = 0.3984, estimate highest/lowest PE = 12.66/11.16 (DPS 0.055)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.0709*4 = 0.2836, estimate highest/lowest PE = 18.67/16.24 (DPS 0.055)
- Estimate next 4Q eps after 2009 Q1 result announced = 0.0616*4 = 0.2464, estimate highest/lowest PE = 19.99/12.68 (DPS 0.055)
- Estimate next 4Q eps after 2008 Q4 result announced = 0.0602*4 = 0.2408, estimate highest/lowest PE = 13.89/9.7 (DPS 0.055)
Not interested unless stock price can sustain at 3.2
Comment
Revenue decreased 6.8% and also lower than preceding year corresponding quarter 5.6%, eps decreased 45% and also lower than preceding year corresponding quarter 45.6%, cash generated from operating and investing is more than enough to cover all expenses, stronger liquidity ratio at high level now, lower gearing ratio at below moderate level, all accounting ratio are good, impacting by uptrend of currency JPY and shortage of parts supply as a result of the earthquake in Japan, benefit from new launched of Myvi
First Support Price
2.95
Second Support Price
2.75
Risk Rating
MODERATE
Research House
HwangDBS Target Price
4.15 (2011-01-10)
Maybank Target Price
5 (2011-01-24)
Affin Target Price
3.45 (2011-06-03)
OSK Target Price
3.8 (2011-06-08)
RHB Target Price
3.75 (2011-06-08)
MIDF Target Price
3.6 (2011-08-12)
Accounting Ratio
Return on Equity
10.41%
Dividend Yield
4.52%
Profit Margin
7.60%
Tax Rate
12.10%
Asset Turnover
1.1111
Net Asset Value Per Share
4.31
Net Tangible Asset per share
4.25
Price/Net Tangible Asset Per Share
0.7
Cash Per Share
0.91
Liquidity Current Ratio
3.2284
Liquidity Quick Ratio
2.2091
Liquidity Cash Ratio
1.2671
Gearing Debt to Equity Ratio
0.2015
Gearing Debt to Asset Ratio
0.1509
Working capital per thousand Ringgit sale
24.9%
Days to sell the inventory
44
Days to collect the receivables
36
Days to pay the payables
36
My notes based on 2011 quarter 2 report (number in '000):-
- Subsidiary Federal Auto Holdings Berhad, recorded substantial increases in sales from its dealerships for European makes, Volvo and Volkswagen
- According to the Malaysian Automotive Association (MAA), the Malaysian motor total industry volume (TIV) of sales by registration declined in the second quarter of 2011 by 9.7% compared against the same period of 2010, which resulted in an overall decline in TIV for the six months by 1.3%. The Group's overall total vehicle sales also declined in the second quarter of 2011 and for six months by 13.4% and 4.8% respectively compared against the same period of 2010
- The Group’s overall performance was impacted by the shortage of parts supply as a result of the earthquake in Japan
- Estimate next 4Q eps after 2011 Q2 result announced = 0.2424*2*0.95 = 0.4606, estimate PE on current price 3.1 = 6.45(DPS 0.13)
- Estimate next 4Q eps after 2011 Q1 result announced = 0.571, estimate highest/lowest PE = 5.52/4.71 (DPS 0.13)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.1154*4*0.9 = 0.4154, estimate highest/lowest PE = 7.73/6.76 (DPS 0.13)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.1399*4*0.9 = 0.5036, estimate highest/lowest PE = 6.77/5.7 (DPS 0.08)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.5049*0.9 = 0.4544, estimate highest/lowest PE = 7.22/6.45 (DPS 0.08)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.4772 (base on year 2008 eps), estimate highest/lowest PE = 6.71/5.53 (DPS 0.06)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.0931*4 = 0.3724, estimate highest/lowest PE = 8.4/6.69 (DPS 0.06)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.0916*4 = 0.3664, estimate highest/lowest PE = 7.21/6.39 (DPS 0.06)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.0568*4 = 0.2272, estimate highest/lowest PE = 10.65/8.98 (DPS 0.06)
- Estimate next 4Q eps after 2009 Q1 result announced = 0.0381*4 = 0.1524, estimate highest/lowest PE = 14.37/12.6 (DPS 0.18)
- Estimate next 4Q eps after 2008 Q4 result announced = 0.0672*4 = 0.2688, estimate highest/lowest PE = 8.59/6.58 (DPS 0.18)
1.46+0.015 = 1.47 (PE 18.0, EPS 0.0811, DPS 0.015)
Decision
Not interested unless revenue and profit increase more
Comment
Revenue increased 6% and higher than preceding year corresponding quarter 35.1%, eps decreased 12.2% and was second consecutive quarter decreasing but higher than preceding year corresponding quarter 53.9%, no cash generated from operating and cash generated from borrowings also not enough to cover all expenses hence spent 50.5% of Group cash, stronger liquidity ratio at moderate level now, higher gearing ratio at very high level now, all accounting ratio also at high level, major profit contribution from property development division and was largely growth but others mostly also recorded lower performance
First Support Price
1.9
Second Support Price
1.8
Risk Rating
MODERATE
Research House
CIMB Target Price
3 (2011-02-10)
AMMB Target Price
2.4 (2011-04-08)
UOB Target Price
3.02 (2011-07-11)
RHB Target Price
2.65 (2011-07-29)
OSK Target Price
3.13 (2011-08-02)
HwangDBS Target Price
3.25 (2011-08-12)
Kenanga Target Price
3.44 (2011-08-17)
MIDF Target Price
2.66 (2011-08-17)
Accounting Ratio
Return on Equity
6.44%
Dividend Yield
0.77%
Profit Margin
10.30%
Tax Rate
15.61%
Asset Turnover
0.2499
Net Asset Value Per Share
0.95
Net Tangible Asset per share
0.91
Price/Net Tangible Asset Per Share
2.45
Cash Per Share
0.45
Liquidity Current Ratio
2.3476
Liquidity Quick Ratio
1.8541
Liquidity Cash Ratio
0.7589
Gearing Debt to Equity Ratio
2.4929
Gearing Debt to Asset Ratio
0.7081
Working capital per thousand Ringgit sale
95.9%
Days to sell the inventory
140
Days to collect the receivables
282
Days to pay the payables
280
My notes based on 2011 quarter 2 report (number in '000):-
- Higher revenue due to higher contribution from the Group’s revenue recognition of ongoing and encouraging strata office sales of property development projects at Kuala Lumpur Sentral and the progressive works of the construction and engineering activities. Lower revenue was noted from the infrastructure and environmental segment due to completion of existing environmental projects, with continuation of new phases pending relevant authority approval
- The higher profit for the current quarter was mainly contributed by recognition of progress profit from the ongoing property development projects at Kuala Lumpur Sentral. The recent launch of strata office sales at Kuala Lumpur Sentral, which is known as Q Sentral has begun to register meaningful contribution. Profit was also boosted by the construction activities in Johor Darul Takzim, in particular the Permai Hospital, Eastern Dispersal Link Highway and Marlborough College
- Estimate next 4Q eps after 2011 Q2 result announced = 0.0811, estimate PE on current price 1.95 = 23.86(DPS 0.015)
- Estimate next 4Q eps after 2011 Q1 result announced = 0.0156*4*1.3 = 0.0811, estimate highest/lowest PE = 31.87/24.11 (DPS 0.015)
- Estimate next 4Q eps after 2010 Q4 result announced = 1067579*1.3*0.09/1380582 = 0.0905(profit margin per 9%, revenue yearly increase rate 30%), estimate highest/lowest PE = 26.02/21.49 (DPS 0.015)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.0188*4*1.1 = 0.0827(profit margin 8%, revenue increase rate 20%), estimate highest/lowest PE = 29.02/22.61 (DPS 0.01)
- Estimate next 5Q eps after 2010 Q2 result announced = 0.0129,0.0175,0.0202,0.0237,0.0313(calculation is based on receivables, revenue, 8% profit margin and 27% tax rate), exclude 0.0129 then cum_eps is 0.0927, estimate highest/lowest PE = 24.49/17.26 (DPS 0.01)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.0743, estimate highest/lowest PE = 23.96/18.03 (DPS 0.01)
2.42+0.076 = 2.50 (PE 12.0, EPS 0.2016, DPS 0.076)
Decision
Not interested unless 100d moving average back to uptrend
Comment
Revenue increased 33.5% and was third consecutive quarter increasing and also higher than preceding year corresponding quarter 44%, eps increased 3.9% and was fourth consecutive quarter increasing and also higher than preceding year corresponding quarter 42%, no cash generated from operating but cash generate from financing still more than enough to cover all expenses, stronger liquidity ratio at moderate level now, higher gearing ratio at high level now, inventory and payables increasing to very high level, all segment recorded higher revenue
First Support Price
2.15
Second Support Price
2.0
Risk Rating
MODERATE
Research House
Nomura Target Price
3.08 (2011-02-10)
RHB Target Price
3.15 (2011-04-15)
TA Target Price
3.32 (2011-04-15)
CIMB Target Price
3.3 (2011-07-18)
Maybank Target Price
3.16 (2011-08-03)
UOB Target Price
2.44 (2011-08-03)
HLG Target Price
2.87 (2011-08-18)
Kenanga Target Price
2.87 (2011-08-18)
MIDF Target Price
2.9 (2011-08-18)
OSK Target Price
3.01 (2011-08-18)
Accounting Ratio
Return on Equity
15.13%
Dividend Yield
3.36%
Profit Margin
14.90%
Tax Rate
31.16%
Asset Turnover
0.4575
Net Asset Value Per Share
1.14
Net Tangible Asset per share
1.14
Price/Net Tangible Asset Per Share
2.15
Cash Per Share
0.94
Liquidity Current Ratio
2.6821
Liquidity Quick Ratio
1.1095
Liquidity Cash Ratio
0.8011
Gearing Debt to Equity Ratio
1.9182
Gearing Debt to Asset Ratio
0.6532
Working capital per thousand Ringgit sale
128.7%
Days to sell the inventory
549
Days to collect the receivables
84
Days to pay the payables
265
My notes based on 2011 quarter 2 report (number in '000):-
- Revenue and profit for the quarter is attributable to property development activities carried out in Kuala Lumpur, Klang Valley, Penang Island and Johor Bahru. Ongoing projects that contributed to revenue and profit include Garden Residence in Cyberjaya, Kinrara Residence in Puchong, Perdana Residence 2 in Selayang, M-Suites in Jalan Ampang, One Legenda and Hijauan Residence in Cheras, Kemuning Residence in Shah Alam and Aman Perdana in Meru - Shah Alam. Also contributing are commercial projects such as Southgate Commercial Centre in Sungai Besi, StarParc Point in Setapak and industrial projects, i-Parc 1 and i-Parc 3 in Bukit Jelutong as well as i-Parc 2 in Shah Alam. Projects in Penang Island, Residence @ Southbay and Legenda @ Southbay and in Johor Bahru, Sierra Perdana , Sri Pulai Perdana 2 and Austin Perdana also contributed to revenue and profit. The Plastics division continued to contribute positively to the Group's performance
- The better performance is mainly attributable to higher profit contribution from property development activities
- Estimate next 4Q eps after 2011 Q2 result announced = 0.0504*4 = 0.2016, estimate PE on current price 2.26 = 10.83(DPS 0.076)
- Estimate next 4Q eps after 2011 Q1 result announced = 0.0485*4 = 0.194, estimate highest/lowest PE = 13.47/10.64 (DPS 0.076)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.0376*4*1.1 = 0.1654, estimate highest/lowest PE = 16.05/13.2 (DPS 0.076)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.0357*4*1.1 = 0.1571, estimate highest/lowest PE = 17.6/10.85 (DPS 0.065)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.0355*4*1.1 = 0.1562, estimate highest/lowest PE = 12.45/10.47 (DPS 0.065)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.034*4*1.1 = 0.1496, estimate highest/lowest PE = 12.13/9.99 (DPS 0.065)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.0388*4 = 0.1552, estimate highest/lowest PE = 12.6/10.53 (DPS 0.065)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.0373*4 = 0.1492, estimate highest/lowest PE = 12.73/10.72 (DPS 0.08)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.0366*4 = 0.1464, estimate highest/lowest PE = 13.66/11.61 (DPS 0.08)
- Estimate next 4Q eps after 2009 Q1 result announced = 0.036*4 = 0.144, estimate highest/lowest PE = 13.68/11.39 (DPS 0.08)
- Estimate next 4Q eps after 2008 Q4 result announced = 0.0271*4 = 0.1084, estimate highest/lowest PE = 16.33/13.28 (DPS 0.08)
1.95+0.031 = 1.98 (PE 18.0, EPS 0.1085, DPS 0.031)
Decision
Not interested unless 50d moving average back to uptrend
Comment
Revenue increased 24.5% and was third consecutive quarter increasing and also higher than preceding year corresponding quarter 37.8%, eps increased 17.1% and is fourth consecutive quarter increasing and also higher than preceding year corresponding quarter 43.9%, cash generated from operating is more than enough to cover financing expenses but not for investing hence still generated cash from financing activities, weaker liquidity ratio at low level now, higher gearing ratio at moderate level now, all accounting ratio except payables slightly high also good, Pengerang project, acquired New Zealand largest heavy fabrication company
First Support Price
2.4
Second Support Price
2.2
Risk Rating
HIGH
Research House
MIMB Target Price
2.15 (2010-12-27)
Maybank Target Price
3.35 (2011-06-02)
AMMB Target Price
3.04 (2011-07-15)
MIDF Target Price
2.94 (2011-07-15)
OSK Target Price
3.43 (2011-08-15)
CIMB Target Price
3.48 (2011-08-22)
RHB Target Price
3.9 (2011-08-24)
Accounting Ratio
Return on Equity
24.57%
Dividend Yield
1.27%
Profit Margin
16.13%
Tax Rate
21.94%
Asset Turnover
1.1173
Net Asset Value Per Share
0.29
Net Tangible Asset per share
0.28
Price/Net Tangible Asset Per Share
9.0
Cash Per Share
0.14
Liquidity Current Ratio
1.5023
Liquidity Quick Ratio
1.3542
Liquidity Cash Ratio
0.634
Gearing Debt to Equity Ratio
0.7916
Gearing Debt to Asset Ratio
0.4268
Working capital per thousand Ringgit sale
18.3%
Days to sell the inventory
23
Days to collect the receivables
95
Days to pay the payables
113
My notes based on 2011 quarter 4 report (number in '000):-
- Higher revenue and pbt results of all divisions outperformed in particular the Engineering & Construction and Plant Maintenance services, both in Malaysia and overseas
- In addition, the commencement of operation by Langsat Terminal (One) Sdn Bhd in Tanjung Langsat, Johor in September 2009 for its phase 1 and in April 2010 for its phase 2, together with the acquisition of Fitzroy Engineering Group Limited in April 2011 had contributed positively to the Group’s financial results in the current financial year
- Estimate next 4Q eps after 2011 Q4 result announced = 0.0226*4*1.2 = 0.1085, estimate PE on current price 2.44 = 22.2(DPS 0.031)
- Estimate next 4Q eps after 2011 Q3 result announced = (0.0183+0.0193)*2*1.2 = 0.0902, estimate highest/lowest PE = 31.59/24.05 (DPS 0.031)
- Estimate next 4Q eps after 2011 Q2 result announced = (0.0183+0.0146)*2*1.05 = 0.0691, estimate highest/lowest PE = 38.77/30.38 (DPS 0.031)
- Estimate next 4Q eps after 2011 Q1 result announced = 0.0169*4*1.05 = 0.071(ROE 6% per quarter), estimate highest/lowest PE = 31.82/19.14 (DPS 0.031)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.0146*4*1.05 = 0.0613, estimate highest/lowest PE = 23.8/16.95 (DPS 0.031)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.0162*4*1.05 = 0.068(5% increase), estimate highest/lowest PE = 15.93/14.16 (DPS 0.037)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.04*2 = 0.08, estimate highest/lowest PE = 14.3/11.5 (DPS 0.036)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.0193*4 = 0.0772, estimate highest/lowest PE = 18.83/15.73 (DPS 0.036)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.0659*1.1 = 0.0725, estimate highest/lowest PE = 18.4/15.64 (DPS 0.036)
BUY if stock price sustain and next uptrend start above 2.55
Comment
Revenue increased 26.6% and also higher than preceding year corresponding quarter 80.9%, eps increased 31.4% and was fourth consecutive quarter increasing (higher than preceding year corresponding quarter 109%), cash generated from operating is more than enough to cover all expenses, stronger liquidity ratio at high level now, lower gearing ratio at low level now, all accounting periods are good, CPO price rebound to above 3k, monthly production increasing
First Support Price
2.55
Second Support Price
2.35
Risk Rating
MODERATE
Research House
Affin Target Price
4.02 (2011-01-27)
Accounting Ratio
Return on Equity
12.87%
Dividend Yield
6.30%
Profit Margin
56.05%
Tax Rate
25.75%
Asset Turnover
0.2877
Net Asset Value Per Share
2.3
Net Tangible Asset per share
2.3
Price/Net Tangible Asset Per Share
1.15
Cash Per Share
0.15
Liquidity Current Ratio
3.5539
Liquidity Quick Ratio
2.9289
Liquidity Cash Ratio
2.4049
Gearing Debt to Equity Ratio
0.1302
Gearing Debt to Asset Ratio
0.1152
Working capital per thousand Ringgit sale
20.7%
Days to sell the inventory
38
Days to collect the receivables
15
Days to pay the payables
43
My notes based on 2011 quarter 2 report (number in '000):-
- Higher revenue and pbt due to strong commodity prices and achieved average selling price of Crude Palm Oil (CPO) and Palm Kernel (PK) for the current quarter of RM3,372 and RM2,497 per tonne which were higher than the preceding year corresponding quarter of RM2,499 and RM1,455 per tonne respectively.
- In addition, the better performance was also contributed by higher CPO and PK sales volume for the current quarter of 43,728 tonnes and 10,466 tonnes which were 28% and 52% respectively higher than the preceding year corresponding quarter attributable to higher CPO production with higher Fresh Fruit Bunches (FFB) yield resulting from the changes in cropping pattern and increase in the purchase of FFB
- Estimate next 4Q eps after 2011 Q2 result announced = (0.0949+0.0722)*2 = 0.3342, estimate PE on current price 2.7 = 7.57(DPS 0.13)
- Estimate next 4Q eps after 2011 Q1 result announced = 0.2392*1.1 = 0.2631, estimate highest/lowest PE = 9.96/8 (DPS 0.13)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.0521*1.1*4 = 0.2292, estimate highest/lowest PE = 13.57/11.21 (DPS 0.13)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.0521*1.1*4 = 0.2292, estimate highest/lowest PE = 15.44/12.48 (DPS 0.11)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.0454*1.1*4 = 0.1998, estimate highest/lowest PE = 15.42/10.76 (DPS 0.11)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.0456*1.1*4 = 0.2006, estimate highest/lowest PE = 11.42/10.02 (DPS 0.09)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.0396*4 = 0.1584, estimate highest/lowest PE = 15.4/12.31 (DPS 0.09)
Not interested unless moving average got uptrend signal
Comment
Revenue increased 3.4% and is continuous increasing since FY09Q2(higher than preceding year corresponding quarter 20.2%), eps increased 26.5% and also higher than preceding year corresponding quarter 20.1%, no cash generated from operating hence spent 16.3% of Group cash to cover all expenses, all division except insurance also growth
First Support Price
3.0
Second Support Price
2.8
Risk Rating
MODERATE
Research House
RHB Target Price
4.3 (2011-03-15)
CIMB Target Price
3.4 (2011-08-16)
HLG Target Price
3.54 (2011-08-16)
Accounting Ratio
Return on Equity
9.07%
Dividend Yield
2.90%
Profit Margin
27.64%
Tax Rate
24.47%
Asset Turnover
0.0503
Net Asset Value Per Share
3.64
Net Tangible Asset per share
2.97
Price/Net Tangible Asset Per Share
1.05
Cash Per Share
5.57
Liquidity Current Ratio
1.1157
Liquidity Quick Ratio
0.8715
Liquidity Cash Ratio
0.1958
Gearing Debt to Equity Ratio
8.0783
Gearing Debt to Asset Ratio
0.8898
Working capital per thousand Ringgit sale
198.3%
Days to sell the inventory
5697
Days to collect the receivables
4207
Days to pay the payables
23320
My notes based on 2011 quarter 2 report (number in '000):-
- Higher pbt mainly due to increase in both net interest income, Islamic banking income, lower allowance for loan impairment and higher net brokerage income
- Estimate next 4Q eps after 2011 Q2 result announced = (0.071+0.0898)*2*1.05 = 0.3377, estimate PE on current price 3.1 = 8.91 (DPS 0.09)
- Estimate next 4Q eps after 2011 Q1 result announced = (0.071+0.077)*2 = 0.296, estimate highest/lowest PE = 11.76/9.8 (DPS 0.09)
Leader Universal Holdings Berhad (Leader) is a Malaysia-based investment holding company of the LEADER Group. It has three divisions: cable and wire division, power generation division, and propery and others. The Company is a cable and wire producer in Malaysia and in the Association of Southeast Asian Nations (ASEAN) region. It produces a range of communication cables, such as copper and optical fiber cables and energy cables, such as bare conductors, cross linked polyethylene (XLPE) and polyvinyl chloride (PVC) insulated power cables ranging from low, medium to high voltage. It is also involved in the power transmission and distribution business based on Build-Operate-Transfer model. Leader projects includes residential development, commercial development, and mix development ranging from shop lots, retail units, terraces houses, bungalows, and condominiums. In September 2009, the Company incorporated a wholly owned subsidiary, Leader Infrastructure (Labuan) Limited.
Revenue increased 10.8% and was second consecutive quarter increasing and also higher than preceding year corresponding quarter 47.1%, eps increased 25.8% and was second consecutive quarter increasing and also higher than preceding year corresponding quarter 3.5%, no cash generated from operating after deduct the expenses to increased assets but cash from borrowing is more than enough to cover all expenses, weaker liquidity ratio at low level now, higher gearing ratio at high level now, all accounting ratio are good, if the under construction power division back to operation then expect higher profit
First Support Price
0.82
Second Support Price
0.79
Risk Rating
MODERATE
Research House
OSK Target Price
1.2 (2011-05-23)
TA Target Price
1.2 (2011-08-16)
Accounting Ratio
Return on Equity
7.75%
Dividend Yield
-
Profit Margin
2.46%
Tax Rate
11.97%
Asset Turnover
1.7467
Net Asset Value Per Share
1.36
Net Tangible Asset per share
1.36
Price/Net Tangible Asset Per Share
0.58
Cash Per Share
0.42
Liquidity Current Ratio
1.3063
Liquidity Quick Ratio
0.8667
Liquidity Cash Ratio
0.2366
Gearing Debt to Equity Ratio
1.892
Gearing Debt to Asset Ratio
0.6202
Working capital per thousand Ringgit sale
7.4%
Days to sell the inventory
40
Days to collect the receivables
54
Days to pay the payables
36
My notes based on 2011 quarter 2 report (number in '000):-
- The Cable and Wire division marked a higher revenue mainly due to the increase of sale volume coupled with the surge in metal prices in the current reporting quarter. And with the adoption of IC Interpretation 12, a subsidiary in the Power - Under Construction division has also recognised higher Construction Revenue
- Higher pbt in line with the higher revenue
- Estimate next 4Q eps after 2011 Q2 result announced = 0.1547, estimate PE on current price 0.8 = 5.07(DPS 0.015)
- Estimate next 4Q eps after 2011 Q1 result announced = 0.119*1.3 = 0.1547, estimate highest/lowest PE = 5.75/4.69 (DPS 0.015)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.0564*2*0.8 = 0.0902, estimate highest/lowest PE = 10.09/8.59 (DPS 0.015)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.034*4*0.9 = 0.1224, estimate highest/lowest PE = 7.52/6.41 (DPS 0.03)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.0575*2 = 0.115, estimate highest/lowest PE = 7.87/6.78 (DPS 0.03)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.1041, estimate highest/lowest PE = 8.5/7.4 (DPS 0.03)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.0261*4 = 0.1044, estimate highest/lowest PE = 9.77/7.71 (DPS 0.03)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.0363*4 = 0.1452, estimate highest/lowest PE = 6.44/4.92 (DPS 0.03)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.032*4 = 0.128, estimate highest/lowest PE = 6.29/5.35 (DPS 0.03)
- Estimate next 4Q eps after 2009 Q1 result announced = 0.0281*4 = 0.1124, estimate highest/lowest PE = 7.38/5.2 (DPS 0.03)
- Estimate next 4Q eps after 2008 Q4 result announced = 0.0289*4 = 0.1156, estimate highest/lowest PE = 5.97/3.16 (DPS 0.03)
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
