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Saturday, September 10, 2011

KLCI Stock - PERISAI / 0047 - 2011 Quarter 2

Company Info
Market Capital (Capital Size)490,023,950 (Small)
Par ValueRM 0.10

My Analysis
Forecast P/E now0.65/0.0423 = 15.37 (High)
Target Price0.0423*9.0 = 0.38 (PE 9.0, EPS 0.0423)
DecisionNot interested unless stock price sustain above 0.73
Revenue decreased 1.4% and was second consecutive quarter decreasing and also lower than preceding year corresponding quarter 7.6%, eps increased 6.5% and was third consecutive quarter increasing and also higher than preceding year corresponding quarter 32.2%, cash generated from operating after deduct for receivables not enough to cover financing expenses hence spent 28.7% of Group cash to cover, stronger liquidity ratio but still at low level now, lower gearing ratio at moderate level now, receivables ratio slightly high
First Support Price0.64
Second Support Price0.6

Research House
RHB Target Price1.43 (2011-03-31)
CIMB Target Price1.6 (2011-06-23)
TA Target Price1.63 (2011-08-24)

Accounting Ratio
Return on Equity4.97%
Dividend Yield-
Profit Margin48.33%
Tax Rate4.01%
Asset Turnover0.1704
Net Asset Value Per Share0.38
Net Tangible Asset per share0.27
Price/Net Tangible Asset Per Share2.61
Cash Per Share0.03
Liquidity Current Ratio1.5116
Liquidity Quick Ratio1.5116
Liquidity Cash Ratio0.4674
Gearing Debt to Equity Ratio0.6294
Gearing Debt to Asset Ratio0.3863
Working capital per thousand Ringgit sale33.1%
Days to sell the inventory-
Days to collect the receivables108
Days to pay the payables49

My notes based on 2011 quarter 2 report (number in '000):-
- The decrease in revenue for the period ended 30 June 2011 was mainly due to the adverse movement in foreign exchange rates for the United States Dollar. The increase in profit attributable to the owners of the parent for the financial period ended 30 June 2011 was mainly due to lower vessel expenses incurred and the decrease in finance cost due to part settlement of the existing Group borrowings

- The increase in profit before tax from continuing operations in the current quarter compare to FY11Q1 was mainly due to realised exchange losses incurred from the settlement of the Redeemable Convertible Bond in the preceding quarter

- Estimate next 4Q eps after 2011 Q2 result announced = 0.0432*0.98 = 0.0423, estimate PE on current price 0.65 = 15.37
- Estimate next 4Q eps after 2011 Q1 result announced = 0.0108*4 = 0.0432, estimate highest/lowest PE = 19.44/13.66
- Estimate next 4Q eps after 2010 Q3 result announced = 0.008*4*0.9 = 0.0288 (10% drop), estimate highest/lowest PE = 23.61/17.19
- Estimate next 4Q eps after 2010 Q2 result announced = 0.0087*4*0.9 = 0.0313 (10% drop), estimate highest/lowest PE = 19.49/15.5
- Estimate next 4Q eps after 2010 Q1 result announced = 0.0093*4*0.9 = 0.0335 (10% drop), estimate highest/lowest PE = 17.76/14.63
- Estimate next 4Q eps after 2009 Q4 result announced = 0.0589*0.85 = 0.0501, estimate highest/lowest PE = 13.77/8.38
- Estimate next 4Q eps after 2009 Q3 result announced = 0.0125*4 = 0.05, estimate highest/lowest PE = 12/9.4

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