Company Info
My Analysis
Research House
Accounting Ratio
My notes based on 2011 quarter 2 report (number in '000):-
- Higher revenue mainly due to higher sales volume for the Manufacturing & Trading Division, while the Plantation revenue had increased by 25% on stronger palm product prices and the first-
time consolidation of Pharmaniaga for the Pharmaceutical Division
- During the half year, the Division achieved an average palm oil price of RM3,441 per MT
- Lower operating profit from Plantation Division due to no dividend income from Boustead REIT booked in during this quarter, while the 10% increase in FFB crop had been offset by a 5% decline in CPO price
- The Finance & Investment Division’s profit for the current quarter was marginally higher, mainly due to a better contribution from the Affin group. Manufacturing and Trading Division registered a lower pre-tax profit during the current quarter on lower stockholding gain at BH Petrol
- Property Division’s pre-tax profit for the current quarter of RM24.1 million was almost double that of the preceding quarter mainly due to gains from the sale of properties and a corporate lot. The Heavy Industries Division posted a weaker result for the current quarter due to cost escalations
- Estimate next 4Q eps after 2011 Q1 result announced = (0.1+0.12)*2 = 0.44, estimate PE on current price 5.44 = 11.64(DPS 0.32)
- Estimate next 4Q eps after 2011 Q1 result announced = 0.5557, estimate highest/lowest PE = 10.94/8.53 (DPS 0.42)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.2646*2*1.05 = 0.5557(exclude RM52 million one off gained), estimate highest/lowest PE = 10.08/8.8 (DPS 0.39)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.1*4*1.1 = 0.44, estimate highest/lowest PE = 13.11/11.14 (DPS 0.37)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.08*4*1.05 = 0.336(0.08 is eps exclude non-repeatable income), estimate highest/lowest PE = 17.04/11.59 (DPS 0.325)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.4699*1.05 = 0.4934(5% increase), estimate highest/lowest PE = 8.3/6.58 (DPS 0.275)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.4934, estimate highest/lowest PE = 7.1/6.31 (DPS 0.275)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.1241*4 = 0.4964, estimate highest/lowest PE = 6.89/6.06 (DPS 0.25)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.0721*4 = 0.2884, estimate highest/lowest PE = 12.17/10.92 (DPS 0.2)
- Estimate next 4Q eps after 2009 Q1 result announced = 0.0934*4 = 0.3736, estimate highest/lowest PE = 11.78/8.94 (DPS 0.2)
- Estimate next 4Q eps after 2008 Q4 result announced = 0.1699*4 = 0.6796, estimate highest/lowest PE = 5.15/3.97 (DPS 0.3)
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| Market Capital (Capital Size) | 5,114,483,994 (Very Large) |
| Par Value | RM 0.50 |
My Analysis
| Forecast P/E now | (5.44-0.32)/0.44 = 11.64 (Moderate) |
| Target Price | 6.16+0.32 = 6.48 (PE 14.0, EPS 0.44, DPS 0.32) |
| Decision | Not interested unless stock price can sustain above 5.3 |
| Comment | Revenue increased 40.2% and also higher than preceding year corresponding quarter 56.2%, eps decreased 18.9% and was second consecutive quarter decreasing and also lower than preceding year corresponding quarter 38.3% (exclude gain on disposal), cash generated from operating just enough for operating expenses, however managed to generated cash from financing activities to cover other expenses and still got extra, better liquidity ratio but but still at weak level now, higher gearing ratio at high level now, receivables and payable ratio got slightly high, CPO price still in downtrend |
| First Support Price | 5.25 |
| Second Support Price | 4.9 |
| Risk Rating | MODERATE |
Research House
| HwangDBS Target Price | 8.1 (2011-02-07) |
| AMMB Target Price | 5.2 (2011-03-29) |
| CIMB Target Price | 6.45 (2011-05-31) |
| TA Target Price | 7.62 (2011-07-07) |
| HLG Target Price | 7.71 (2011-08-11) |
| ECM Target Price | 6.41 (2011-08-19) |
Accounting Ratio
| Return on Equity | 12.49% |
| Dividend Yield | 5.88% |
| Profit Margin | 11.26% |
| Tax Rate | 11.01% |
| Asset Turnover | 0.6105 |
| Net Asset Value Per Share | 4.62 |
| Net Tangible Asset per share | 2.79 |
| Price/Net Tangible Asset Per Share | 1.97 |
| Cash Per Share | 0.7 |
| Liquidity Current Ratio | 0.6314 |
| Liquidity Quick Ratio | 0.5235 |
| Liquidity Cash Ratio | 0.1258 |
| Gearing Debt to Equity Ratio | 1.5082 |
| Gearing Debt to Asset Ratio | 0.57 |
| Working capital per thousand Ringgit sale | -27.6% |
| Days to sell the inventory | 33 |
| Days to collect the receivables | 109 |
| Days to pay the payables | 101 |
My notes based on 2011 quarter 2 report (number in '000):-
- Higher revenue mainly due to higher sales volume for the Manufacturing & Trading Division, while the Plantation revenue had increased by 25% on stronger palm product prices and the first-
time consolidation of Pharmaniaga for the Pharmaceutical Division
- During the half year, the Division achieved an average palm oil price of RM3,441 per MT
- Lower operating profit from Plantation Division due to no dividend income from Boustead REIT booked in during this quarter, while the 10% increase in FFB crop had been offset by a 5% decline in CPO price
- The Finance & Investment Division’s profit for the current quarter was marginally higher, mainly due to a better contribution from the Affin group. Manufacturing and Trading Division registered a lower pre-tax profit during the current quarter on lower stockholding gain at BH Petrol
- Property Division’s pre-tax profit for the current quarter of RM24.1 million was almost double that of the preceding quarter mainly due to gains from the sale of properties and a corporate lot. The Heavy Industries Division posted a weaker result for the current quarter due to cost escalations
- Estimate next 4Q eps after 2011 Q1 result announced = (0.1+0.12)*2 = 0.44, estimate PE on current price 5.44 = 11.64(DPS 0.32)
- Estimate next 4Q eps after 2011 Q1 result announced = 0.5557, estimate highest/lowest PE = 10.94/8.53 (DPS 0.42)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.2646*2*1.05 = 0.5557(exclude RM52 million one off gained), estimate highest/lowest PE = 10.08/8.8 (DPS 0.39)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.1*4*1.1 = 0.44, estimate highest/lowest PE = 13.11/11.14 (DPS 0.37)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.08*4*1.05 = 0.336(0.08 is eps exclude non-repeatable income), estimate highest/lowest PE = 17.04/11.59 (DPS 0.325)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.4699*1.05 = 0.4934(5% increase), estimate highest/lowest PE = 8.3/6.58 (DPS 0.275)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.4934, estimate highest/lowest PE = 7.1/6.31 (DPS 0.275)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.1241*4 = 0.4964, estimate highest/lowest PE = 6.89/6.06 (DPS 0.25)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.0721*4 = 0.2884, estimate highest/lowest PE = 12.17/10.92 (DPS 0.2)
- Estimate next 4Q eps after 2009 Q1 result announced = 0.0934*4 = 0.3736, estimate highest/lowest PE = 11.78/8.94 (DPS 0.2)
- Estimate next 4Q eps after 2008 Q4 result announced = 0.1699*4 = 0.6796, estimate highest/lowest PE = 5.15/3.97 (DPS 0.3)
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