Company Info
My Analysis
Research House
Accounting Ratio
My notes based on 2011 quarter 2 report (number in '000):-
- The revenue growth was supported by 15% growth in passenger volume offset by an average fare that was 5% lower at RM164 as compared to RM173 achieved in 2Q10. Ancillary income per passenger year-on-year rose by 15% to RM50 from RM43. Seat load factor was 4 percentage points higher at 81% compared to 77% in the same period last year
- Thailand division got higher revenue and profit due to better margin
- Indonesia division got revenue increased but lower profit mainly due to aircraft fuel expenses and other operating expenses
- Estimate next 4Q eps after 2011 Q2 result announced = 0.3189, estimate PE on current price 3.35 = 10.41(DPS 0.03)
- Estimate next 4Q eps after 2011 Q1 result announced = (0.0618*1.2)+(0.0618*1.2*1.1*3) = 0.3189, estimate highest/lowest PE = 13.08/9.16 (DPS 0.03)
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| Market Capital (Capital Size) | 9,303,193,143 (Very Large) |
| Par Value | RM 0.10 |
My Analysis
| Forecast P/E now | (3.35-0.03)/0.3189 = 10.41 (Moderate) |
| Target Price | 4.46+0.03 = 4.49 (PE 14.0, EPS 0.3189, DPS 0.03) |
| Decision | Not interested unless stock price sustain above 3.6 |
| Comment | Revenue increased 2.6% and also higher than preceding year corresponding quarter 15.2%, eps decreased 39.3% and was third consecutive quarter decreasing and also lower than preceding year corresponding quarter 47.9%, cash generated from operating enough to cover all expenses, weaker liquidity ratio at low level now, lower gearing ratio but still at very high level now, payables ratio is high, benefit from oil price decreasing |
| First Support Price | 3.3 |
| Second Support Price | 3.0 |
| Risk Rating | MODERATE |
Research House
| AMMB Target Price | 3.6 (2011-05-24) |
| Golman Sachs Target Price | 3.2 (2011-06-02) |
| Credit Suisse Target Price | 4.8 (2011-08-10) |
| HwangDBS Target Price | 4.5 (2011-08-10) |
| Maybank Target Price | 3.36 (2011-08-23) |
| CIMB Target Price | 4.77 (2011-08-24) |
| ECM Target Price | 4.78 (2011-08-24) |
| HLG Target Price | 4.5 (2011-08-24) |
| Kenanga Target Price | 4.31 (2011-08-24) |
| MIDF Target Price | 4.15 (2011-08-24) |
| RHB Target Price | 3.53 (2011-08-24) |
| TA Target Price | 4.5 (2011-08-24) |
| UOB Target Price | 3.5 (2011-08-24) |
| OSK Target Price | 5.18 (2011-09-02) |
Accounting Ratio
| Return on Equity | 25.62% |
| Dividend Yield | 0.90% |
| Profit Margin | 13.48% |
| Tax Rate | 28.11% |
| Asset Turnover | 0.3193 |
| Net Asset Value Per Share | 1.4 |
| Net Tangible Asset per share | 1.4 |
| Price/Net Tangible Asset Per Share | 2.59 |
| Cash Per Share | 0.76 |
| Liquidity Current Ratio | 1.5846 |
| Liquidity Quick Ratio | 1.5757 |
| Liquidity Cash Ratio | 1.0421 |
| Gearing Debt to Equity Ratio | 2.4506 |
| Gearing Debt to Asset Ratio | 0.7102 |
| Working capital per thousand Ringgit sale | 27.5% |
| Days to sell the inventory | 2 |
| Days to collect the receivables | 91 |
| Days to pay the payables | 204 |
My notes based on 2011 quarter 2 report (number in '000):-
- The revenue growth was supported by 15% growth in passenger volume offset by an average fare that was 5% lower at RM164 as compared to RM173 achieved in 2Q10. Ancillary income per passenger year-on-year rose by 15% to RM50 from RM43. Seat load factor was 4 percentage points higher at 81% compared to 77% in the same period last year
- Thailand division got higher revenue and profit due to better margin
- Indonesia division got revenue increased but lower profit mainly due to aircraft fuel expenses and other operating expenses
- Estimate next 4Q eps after 2011 Q2 result announced = 0.3189, estimate PE on current price 3.35 = 10.41(DPS 0.03)
- Estimate next 4Q eps after 2011 Q1 result announced = (0.0618*1.2)+(0.0618*1.2*1.1*3) = 0.3189, estimate highest/lowest PE = 13.08/9.16 (DPS 0.03)
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