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.
0.13+0.0024 = 0.13 (PE 8.0, EPS 0.0164, DPS 0.0024)
Decision
Not interested unless stock price sustain above 0.18
Comment
Revenue increased 8.9% and is second consecutive quarter increasing and also higher than preceding year corresponding quarter 43%, eps decreased 51% and also lower than preceding year corresponding quarter 14.3%, no cash generate from operating due to increased current assets however cash generated from financing activities enough to cover all expenses, weaker liquidity ratio at low level now, higher gearing ratio at moderate level now, slightly high receivables but offset by higher working capital, lower profit margin
First Support Price
0.16
Second Support Price
0.145
Risk Rating
MODERATE
Accounting Ratio
Return on Equity
9.24%
Dividend Yield
1.50%
Profit Margin
9.66%
Tax Rate
29.26%
Asset Turnover
0.633
Net Asset Value Per Share
0.18
Net Tangible Asset per share
0.11
Price/Net Tangible Asset Per Share
1.64
Cash Per Share
0.04
Liquidity Current Ratio
1.9736
Liquidity Quick Ratio
1.8035
Liquidity Cash Ratio
0.6045
Gearing Debt to Equity Ratio
0.6322
Gearing Debt to Asset Ratio
0.3866
Working capital per thousand Ringgit sale
36.6%
Days to sell the inventory
26
Days to collect the receivables
141
Days to pay the payables
89
My notes based on 2011 quarter 2 report (number in '000):-
- The higher revenue was mainly due to the increase in revenue from oil & gas and technical services segments
- The improved performance was mainly attributable to the profit contributed by oil & gas segment with the acquisition of Daya OCI Sdn Bhd but offset with lower profits from polymer segment due to the weaker market condition in the polymer industry and technical services segments due to the nature of lower margin in the technical services industry
- Estimate next 4Q eps after 2011 Q2 result announced = 0.0041*4 = 0.0164, estimate PE on current price 0.16 = 9.61(DPS 0.0024)
- Estimate next 4Q eps after 2011 Q1 result announced = 0.0216*0.9 = 0.0194, estimate highest/lowest PE = 11.99/8.12 (DPS 0.0024)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.0049*4*1.1 = 0.0216, estimate highest/lowest PE = 12.16/9.61 (DPS 0.0024)
KFC HOLDINGS (MALAYSIA) BERHAD is a Malaysia-based investment holding company. Through its subsidiaries, the Company operates in three segments, namely restaurants, integrated poultry and ancillary. Its integrated poultry operations include breeder farms and hatchery, feed mills, poultry farms, contract broiler farming, and processing and further processing plants. Its ancillary support system encompasses sauce manufacturing, as well as bakery and commissary operations. As of December 31, 2009, the Company operated 475 restaurants across Malaysia, 77 stores in Singapore, nine restaurants in Brunei and 72 restaurants in India. In 2009, the Company had a total of 43 RasaMas restaurants in Malaysia and Brunei and 35 Kedai Ayamas stores across Malaysia. On December 15, 2009, the Company had acquired the entire issued and paid-up capital of Rasamas Terminal Larkin Sdn Bhd and Rasamas Melaka Sdn Bhd.
3.20+0.085 = 3.29 (PE 16.0, EPS 0.2002, DPS 0.085)
Decision
Not interested unless stock price got uptrend signal
Comment
Revenue increased 7.1% and also higher than preceding year corresponding quarter 13.8%, eps increased 0.7% and also higher than preceding year corresponding quarter 1.1%, cash generated from operating enough to cover financing expenses but remaining not enough for investing expenses hence spent 21% of Group cash to cover, slightly lower liquidity ratio at low level now, slightly lower gearing ratio at moderate level now, all accounting ratio are good
First Support Price
3.17
Second Support Price
3.0
Risk Rating
MODERATE
Research House
BIMB Target Price
4.3 (2011-02-22)
Maybank Target Price
3.97 (2011-02-22)
AMMB Target Price
4.15 (2011-03-03)
OSK Target Price
4.15 (2011-05-25)
MIDF Target Price
4.12 (2011-06-14)
RHB Target Price
4.25 (2011-07-25)
Accounting Ratio
Return on Equity
16.13%
Dividend Yield
2.58%
Profit Margin
7.67%
Tax Rate
30.02%
Asset Turnover
1.6065
Net Asset Value Per Share
1.29
Net Tangible Asset per share
1.19
Price/Net Tangible Asset Per Share
3.24
Cash Per Share
0.13
Liquidity Current Ratio
1.141
Liquidity Quick Ratio
0.6354
Liquidity Cash Ratio
0.2421
Gearing Debt to Equity Ratio
0.5878
Gearing Debt to Asset Ratio
0.3664
Working capital per thousand Ringgit sale
2.3%
Days to sell the inventory
33
Days to collect the receivables
23
Days to pay the payables
56
My notes based on 2011 quarter 2 report (number in '000):-
- The Group’s revenue for the period under review improved primarily from its continuing strategy of network expansion and its effective KFC marketing programs. The growth in the integrated poultry segment was attributed to better sales to the restaurants and retail outlets and the continuing improvement in its local open market sales and export sales
- Malaysia operations revenue and profit growth were due to:-
i) continuing network expansion where 19 new KFC restaurants were opened during the period under review
ii) the introduction of innovative new products and promotions such as the 500th restaurant celebration Combo, KFC Fish Donut, KFC Lunch Treats, new thematic campaign – “So Good”, KFC Chicken Chop with mushroom gravy, new AM Breakfast menu and KFC Ole Pocketful
- Singapre operations introduction of new products such as the Fortune Feast, KFC Mandarin Orange egg tarts, Blueberry Pancakes, Ultimate Roasta Box and value products such as KFC Snacker and Hearty Deal drove sales and transactions at the restaurants. The higher throughput during the period under review improved its restaurants profitability
- India operations currently operates 9 outlets of KFC as at end June 2011 as compared to 2 outlets at end June prior year. Its outlets registered encouraging sales but the profitability of its new additions was hampered by initial start-up costs
- Integrated Poultry segment registered improved sales to the KFC restaurants and better sales of its Ayamas products to the local open market and export market, its profitability was negatively affected by the higher cost of broiler purchases from the open market to supplement the requirements of its expanded KFC restaurants network and its Rasamas restaurants performance. Management is currently consolidating and rationalising the Rasamas restaurants chain to improve its profitability
- Ancillary segment got negative contribution partly attributed to its KFCH International College operations which expanded its facilities at both its Bandar Dato Onn and Puchong campuses. Substantive marketing programs and talks have been developed and being implemented progressively to increase its students intake. In addition, the profitability of its sauce manufacturing operations was dampened by the increased sugar prices
- Estimate next 4Q eps after 2011 Q2 result announced = 0.0455*4*1.1 = 0.2002, estimate PE on current price 3.3 = 16.06(DPS 0.085)
- Estimate next 4Q eps after 2011 Q1 result announced = (0.061+0.0452)*2*1.1 = 0.2336, estimate highest/lowest PE = 16.8/14.49 (DPS 0.085)
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
0.57+0.011 = 0.58 (PE 12.0, EPS 0.0474, DPS 0.011)
Decision
Not interested unless stock price sustain above 0.66
Comment
Revenue decreased 9.6% but higher than preceding year corresponding quarter 4.7%, eps increased 25.7% and was third consecutive quarter increasing and also higher than preceding year corresponding quarter 36.1%, cash generated from operating more than enough for financing expenses but not enough for investing expenses hence increased borrowings and spent 39.6% of Group cash to cover, weaker liquidity ratio from strong to moderate level now, higher gearing ratio from low to below moderate level now, receivables ratio got slightly high, benefit from introduced new services
First Support Price
0.59
Second Support Price
0.57
Risk Rating
MODERATE
Accounting Ratio
Return on Equity
22.67%
Dividend Yield
1.82%
Profit Margin
44.49%
Tax Rate
0.55%
Asset Turnover
0.5755
Net Asset Value Per Share
0.17
Net Tangible Asset per share
0.15
Price/Net Tangible Asset Per Share
4.07
Cash Per Share
0.01
Liquidity Current Ratio
2.0213
Liquidity Quick Ratio
2.0213
Liquidity Cash Ratio
0.3647
Gearing Debt to Equity Ratio
0.2107
Gearing Debt to Asset Ratio
0.174
Working capital per thousand Ringgit sale
21.3%
Days to sell the inventory
-
Days to collect the receivables
126
Days to pay the payables
73
My notes based on 2011 quarter 4 report (number in '000):-
- The increase in revenue and PAT are primarily attributable to:-
i) an overall increase in volume from all segment of services due to the ongoing marketing campaign which has enhanced MYEG’s brand name
ii) the launch of the new online maid permit renewal services with the Immigration Department
- However, this was offset primarily by the increase in marketing expenses, personnel related costs, depreciation and amortisation expenses to support an increase in transaction volumes in FY2011 in addition to an increase in pre-operating expenses for new services to be introduced in the near future
- Estimate next 4Q eps after 2011 Q4 result announced = (0.0105+0.0132)*2 = 0.0474, estimate PE on current price 0.605 = 12.53(DPS 0.006)
- Estimate next 4Q eps after 2011 Q3 result announced = 0.0105*4*1.1 = 0.0462, estimate highest/lowest PE = 16.75/12.64 (DPS 0.011)
- Estimate next 4Q eps after 2011 Q2 result announced = 0.0097*4*1.1 = 0.042, estimate highest/lowest PE = 19.62/16.29 (DPS 0.006)
- Estimate next 4Q eps after 2011 Q1 result announced = 0.032*1.1 = 0.0352, estimate highest/lowest PE = 26.7/20.45 (DPS 0.005)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.0097*4*1.1 = 0.0427, estimate highest/lowest PE = 19.32/16.16 (DPS 0.005)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.0088*4 = 0.0352, estimate highest/lowest PE = 24.57/14.91 (DPS 0.01)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.0079*4 = 0.0316, estimate highest/lowest PE = 20.57/12.66 (DPS 0.01)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.0074*4 = 0.0296, estimate highest/lowest PE = 18.44/13.88 (DPS 0.0092)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.0069*4 = 0.0276, estimate highest/lowest PE = 19.63/14.37 (DPS 0.01835)
Revenue increased 2.9% and also higher than preceding year corresponding quarter 15.4%, eps increased 20.9% and also higher than preceding year corresponding quarter 81.8%, no cash generated from operating after changes of working capital hence spent 9.4% of Group cash to cover other expenses, slightly weaker liquidity ratio at moderate level now, slightly higher gearing ratio at below moderate level now, all accounting ratio are good, all segments growth
First Support Price
0.99
Second Support Price
0.93
Risk Rating
MODERATE
Accounting Ratio
Return on Equity
10.98%
Dividend Yield
5.05%
Profit Margin
6.48%
Tax Rate
7.59%
Asset Turnover
1.5889
Net Asset Value Per Share
2.2
Net Tangible Asset per share
2.2
Price/Net Tangible Asset Per Share
0.45
Cash Per Share
0.47
Liquidity Current Ratio
2.6062
Liquidity Quick Ratio
1.516
Liquidity Cash Ratio
0.6046
Gearing Debt to Equity Ratio
0.4051
Gearing Debt to Asset Ratio
0.2883
Working capital per thousand Ringgit sale
25.6%
Days to sell the inventory
66
Days to collect the receivables
51
Days to pay the payables
38
My notes based on 2011 quarter 2 report (number in '000):-
- The increase in revenue and pbt was mainly due to the increase in export volume of the group's products and better margin
- Estimate next 4Q eps after 2011 Q2 result announced = (0.0603+0.0729)*2 = 0.2664, estimate PE on current price 0.99 = 3.53(DPS 0.05)
- Estimate next 4Q eps after 2011 Q1 result announced = 0.2129*1.05 = 0.2235, estimate highest/lowest PE = 5.86/3.85 (DPS 0.05)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.1935*1.1 = 0.2129, estimate highest/lowest PE = 4.93/4.23 (DPS 0.05)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.045*4 = 0.18(profit margin around 4%), estimate highest/lowest PE = 5.67/4.89 (DPS 0.04)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.04*4 = 0.16, estimate highest/lowest PE = 6.38/5.19(DPS 0.04)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.1351*1.1 = 0.1486 (10% increase), estimate highest/lowest PE = 7.81/4.98 (DPS 0.04)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.1351 (revenue growth but cost also increasing), estimate highest/lowest PE = 5.92/5.26 (DPS 0.04)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.134, estimate highest/lowest PE = 6.42/5.45 (DPS 0.02)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.1138, estimate highest/lowest PE = 7.73/6.63 (DPS 0.02)
Revenue increased 43.1% and was second consecutive quarter increasing and also higher than preceding year corresponding quarter 69.6%, eps increased 523.7% and also higher than preceding year corresponding quarter 96.1%, cash generated from operating more than enough to cover all expenses, stronger liquidity ratio at high level now, slightly higher gearing ratio at below moderate level now, inventory ratio slightly high, property division growing, benefit from plywood prices uptrend
First Support Price
1.05
Second Support Price
0.985
Risk Rating
MODERATE
Research House
CIMB Target Price
1.87 (2011-04-08)
Accounting Ratio
Return on Equity
8.49%
Dividend Yield
4.76%
Profit Margin
19.09%
Tax Rate
12.36%
Asset Turnover
0.7854
Net Asset Value Per Share
2.3
Net Tangible Asset per share
2.14
Price/Net Tangible Asset Per Share
0.5
Cash Per Share
0.67
Liquidity Current Ratio
3.6301
Liquidity Quick Ratio
1.8041
Liquidity Cash Ratio
1.4363
Gearing Debt to Equity Ratio
0.2018
Gearing Debt to Asset Ratio
0.1596
Working capital per thousand Ringgit sale
53.4%
Days to sell the inventory
150
Days to collect the receivables
23
Days to pay the payables
29
My notes based on 2012 quarter 1 report (number in '000):-
- The higher turnover and pbt in Timber division mainly due to higher plywood sales volume and higher selling prices
- Property development division recorded better performance than FY11Q1 due to in the corresponding quarter of the previous financial year no revenue was recognised as construction work had just commenced and there was no progress billings and higher marketing and management expenses
- Estimate next 4Q eps after 2012 Q1 result announced = 0.1206*1.2 = 0.1447, estimate PE on current price 1.05 = 6.91(DPS 0.05)
- Estimate next 4Q eps after 2011 Q4 result announced = 0.1096*1.1 = 0.1206, estimate highest/lowest PE = 10.74/7.96 (DPS 0.025)
- Estimate next 4Q eps after 2011 Q3 result announced = 0.0261*4*1.05 = 0.1096, estimate highest/lowest PE = 14.1/9.35 (DPS 0.025)
- Estimate next 4Q eps after 2011 Q2 result announced = 0.0334*4 = 0.1336(use profit margin 6% from 93k revenue), estimate highest/lowest PE = 8.76/6.96 (DPS 0.05)
- Estimate next 4Q eps after 2011 Q1 result announced = 0.0342*4 = 0.1368(use profit margin 8% from 70k revenue), estimate highest/lowest PE = 8.04/6.51 (DPS 0.05) (Amendment)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.11*0.9 = 0.099(0.11 is year 2010 cum_eps excluded 9.9 million and 10% negative adjustment for those tax refund), estimate highest/lowest PE = 8.18/7 (DPS 0.05)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.11, estimate highest/lowest PE = 9.82/7.36 (DPS 0.02)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.1, estimate highest/lowest PE = 8.95/7.5 (DPS 0.02)
Not interested unless stock price can sustain above 8.2
Comment
Revenue increased 23.2% and was third consecutive quarter increasing and also higher than preceding year corresponding quarter 41.8% and in addition is highest all the time, eps increased 60% and was largely recover from loss than preceding year corresponding quarter, cash generated from operating is more than enough to cover all expenses, slightly stronger liquidity ratio at low level now, lower gearing ratio at above moderate level now, all accounting ratio are good, most segment growth, CPO price more likely to go downtrend
First Support Price
8.0
Second Support Price
7.5
Risk Rating
MODERATE
Research House
Maybank Target Price
10.6 (2011-03-24)
RHB Target Price
10.6 (2011-03-24)
AMMB Target Price
10.6 (2011-04-26)
TA Target Price
11.16 (2011-04-26)
CIMB Target Price
10.9 (2011-05-27)
OSK Target Price
8.47 (2011-05-30)
Credit Suisse Target Price
8 (2011-06-21)
Kenanga Target Price
11.06 (2011-07-26)
Affin Target Price
11.09 (2011-08-10)
HwangDBS Target Price
10.4 (2011-08-11)
MIDF Target Price
10.55 (2011-08-24)
ECM Target Price
10.95 (2011-08-26)
HLG Target Price
10.6 (2011-08-26)
UOB Target Price
10.4 (2011-09-21)
Accounting Ratio
Return on Equity
14.77%
Dividend Yield
3.73%
Profit Margin
15.49%
Tax Rate
31.79%
Asset Turnover
0.9969
Net Asset Value Per Share
4.0
Net Tangible Asset per share
3.98
Price/Net Tangible Asset Per Share
2.21
Cash Per Share
0.92
Liquidity Current Ratio
1.7598
Liquidity Quick Ratio
1.0488
Liquidity Cash Ratio
0.4191
Gearing Debt to Equity Ratio
0.7507
Gearing Debt to Asset Ratio
0.4209
Working capital per thousand Ringgit sale
23.5%
Days to sell the inventory
89
Days to collect the receivables
59
Days to pay the payables
83
My notes based on 2011 quarter 4 report (number in '000):-
- Plantation division registered a 56% increase in profit due to the better average crude palm oil (CPO) price realised of RM2,906 per tonne coupled with the higher fresh fruit bunches (FFB) production and offset by the lower oil extraction rate
- Overall the Group’s FFB yield at 21.5 MT was higher compared to that in the prior year of 20.6 MT. The higher FFB yield was mainly driven by higher production in Indonesia attributable to the additional hectarage coming into maturity
- Downstream operations however registered a loss of RM74.6 million largely due to the impairment provision for biodiesel and bioganic assets of RM114.0 million and the thin refining margins caused by the narrowing price spread between CPO and refined products
- Property division’s contribution fell by 8% primarily due to the slower off-take of certain products, deferment in project launches, write off of project costs of RM19.7 and impairment of overseas properties of RM77.7 million
- Industrial division achieved a commendable performance of RM1,068.0 million which is an increase of 41% from that of the previous financial year. This was achieved on the back of strong sales in Australia/ Pacific Islands, China and Malaysia and better price realisations
- Motors Division posted a 64% jump in contribution due to the strong and sustained demand across all regions, and particularly due to the demand generated by new models produced by BMW, Hyundai and Ford during the financial year
- Energy & Utilities recorded positive turnaround was largely due to the RM98.5 million provision write-back following the Close-Out Agreement with Maersk Oil Qatar and better earnings from the Port and Water operations in China
- The results from Healthcare increased by 19% mainly due to the higher turnover, additional revenue stream from management consultancy services in Vietnam and increased number of student intake in the education sector
- Other businesses suffered a loss due largely to the impairment provisions made on an available-for-sale investment and assets totaling RM79.1 million and the lower returns from the insurance sector
- Estimate next 4Q eps after 2011 Q4 result announced = 0.6098*1.1 = 0.6708, estimate PE on current price 8.05 = 11.55(DPS 0.11)
- Estimate next 4Q eps after 2011 Q3 result announced = (0.146+0.1365)*2 = 0.565, estimate highest/lowest PE = 16.27/14.94 (DPS 0.11)
- Estimate next 4Q eps after 2011 Q2 result announced = (0.146+0.1089)*2 = 0.5098(cpo price decreasing but offset by contracts awarded), estimate highest/lowest PE = 18.22/17.01 (DPS 0.11)
- Estimate next 4Q eps after 2011 Q1 result announced = 0.1271*4*1.1 = 0.5592(ROE 3.5% per quarter with condition CPO price continue maintain high), estimate highest/lowest PE = 16.79/15.22 (DPS 0.1)
- No estimate next 4Q eps after 2010 Q4 result announced
- No estimate next 4Q eps after 2010 Q3 result announced
- Estimate next 4Q eps after 2010 Q2 result announced = 0.37, estimate highest/lowest PE = 22.22/19.59 (DPS 0.22)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.34, estimate highest/lowest PE = 26.44/23.76(DPS 0.2)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.37, estimate highest/lowest PE = 24.43/21.59 (DPS 0.2)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.34, estimate highest/lowest PE = 24.35/18.91 (DPS 0.27)
BUY if stock price sustain above 0.7 and got stronger buy volume than sell
Comment
Revenue decreased 16% but higher than preceding year corresponding quarter 17.9%, eps increased 78.8% but lower than preceding year corresponding quarter 33.7%, no cash generated and largely over spent in operating activities but cash generated from financing enough to cover all expenses, stronger liquidity ratio at strong level now, better gearing ratio, higher reinsurance assets which should turn into higher revenue, insurance division recorded higher profit
First Support Price
0.7
Second Support Price
0.66
Risk Rating
MODERATE
Accounting Ratio
Return on Equity
22.63%
Dividend Yield
7.78%
Profit Margin
17.43%
Tax Rate
28.22%
Asset Turnover
0.4997
Net Asset Value Per Share
0.88
Net Tangible Asset per share
0.87
Price/Net Tangible Asset Per Share
0.87
Cash Per Share
2.51
Liquidity Current Ratio
5.9168
Liquidity Quick Ratio
4.8182
Liquidity Cash Ratio
4.0294
Gearing Debt to Equity Ratio
3.7859
Gearing Debt to Asset Ratio
0.7911
Working capital per thousand Ringgit sale
145.8%
Days to sell the inventory
140
Days to collect the receivables
85
Days to pay the payables
32
My notes based on 2011 quarter 3 report (number in '000):-
- Higher revenue than FY10Q3 mainly attributable to higher gross premium recorded by the insurance subsidiary and higher pbt mainly attributable to lower net claims incurred at the insurance subsidiary
- Lower revenue than FY11Q2 mainly attributable to lower gross premium recorded by the insurance subsidiary however higher pbt due mainly to lower net claims incurred at the insurance subsidiary
- Estimate next 4Q eps after 2011 Q3 result announced = (0.0368+0.0658)*2*0.75 = 0.1539, estimate PE on current price 0.72 = 4.31(DPS 0.056)
- Estimate next 4Q eps after 2011 Q2 result announced = 0.0368*4*0.9 = 0.1325, estimate highest/lowest PE = 6.18/5.24 (DPS 0.006)
- Estimate next 4Q eps after 2011 Q1 result announced = 0.0277*4 = 0.1108(ROE 3.5% per quarter), estimate highest/lowest PE = 8.66/6.35 (DPS 0.006)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.05*4/2 = 0.1(ROE 3.5% per quarter), estimate highest/lowest PE = 9.6/7.7
0.93+0.075 = 1.01 (PE 12.0, EPS 0.0776, DPS 0.075)
Decision
Not interested unless stock price sustain above 1.3 and sell volume is low
Comment
Revenue decreased 20.1% but higher than preceding year corresponding quarter 16%, eps decreased 88.1% and also lower than preceding year corresponding quarter 50.4%, cash generated from operating more than enough to cover all expenses, slightly stronger liquidity ratio at low level now, slightly lower gearing ratio, stronger cash level
First Support Price
1.3
Second Support Price
1.2
Risk Rating
MODERATE
Accounting Ratio
Return on Equity
7.40%
Dividend Yield
5.43%
Profit Margin
7.07%
Tax Rate
32.26%
Asset Turnover
0.0961
Net Asset Value Per Share
1.57
Net Tangible Asset per share
1.32
Price/Net Tangible Asset Per Share
1.08
Cash Per Share
2.27
Liquidity Current Ratio
1.2218
Liquidity Quick Ratio
0.7322
Liquidity Cash Ratio
0.2419
Gearing Debt to Equity Ratio
6.5974
Gearing Debt to Asset Ratio
0.8464
Working capital per thousand Ringgit sale
177.7%
Days to sell the inventory
2268
Days to collect the receivables
1406
Days to pay the payables
4620
My notes based on 2011 quarter 2 report (number in '000):-
- Lower revenue and profit than FY11Q1 mainly due to lower contribution from Investment Banking and Equities & Futures division
- Estimate next 4Q eps after 2011 Q2 result announced = (0.0495+0.0059)*2*0.7 = 0.0776(equity market recent dropping >20%), estimate PE on current price 1.38 = 16.82(DPS 0.075)
- Estimate next 4Q eps after 2011 Q1 result announced = 0.0495*4 = 0.198, estimate highest/lowest PE = 8.21/6.34 (DPS 0.075)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.0993*1.1 = 0.1092(exclude RM20 million from property investment), estimate highest/lowest PE = 16.35/13.87 (DPS 0.075)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.0479*2*1.05 = 0.1006, estimate highest/lowest PE = 21.42/16.15 (DPS 0.075)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.0479*2 = 0.0958, estimate highest/lowest PE = 19.43/12.08 (DPS 0.075)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.039*4 = 0.156, estimate highest/lowest PE = 8.56/7.4 (DPS 0.075)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.0449*4 = 0.1796, estimate highest/lowest PE = 8.21/6.38 (DPS 0.075)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.0525*4 = 0.21, estimate highest/lowest PE = 8.38/6.9 (DPS 0.05)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.0570*4 = 0.228, estimate highest/lowest PE = 6.62/5.83 (DPS 0.05)
- After 2009 Q1 loss result announced, no estimate
- Estimate next 4Q eps after 2008 Q4 result announced = 0.0240*4 = 0.096, estimate highest/lowest PE = 14.32/7.86 (DPS 0.075)
