Company Info
My Analysis
Research House
Accounting Ratio
My notes based on 2011 quarter 2 report (number in '000):-
- Higher revenue and pbt than FY10Q2 due to substantial investment in new packaging design and introduction of new large bottles in line with the global rebranding of the Carlsberg brand
- Lower revenue and pbt than FY11Q1 mainly due to the strong first quarter performance arising from higher domestic sales particularly during the peak Chinese New Year festive period
- Estimate next 4Q eps after 2011 Q2 result announced = 0.4727*1.05 = 0.4963, estimate PE on current price 6.88 = 12.69(DPS 0.58)
- Estimate next 4Q eps after 2011 Q1 result announced = (0.1601+0.0997)*2*1.1 = 0.5716, estimate highest/lowest PE = 12.81/10.39 (DPS 0.58)
CARLSBG latest news (English)
CARLSBG latest news (Chinese)
| Market Capital (Capital Size) | 2,119,576,640 (Large) |
| Par Value | RM 0.50 |
My Analysis
| Forecast P/E now | (6.88-0.58)/0.4963 = 12.69 (Moderate) |
| Target Price | 6.95+0.58 = 7.53 (PE 14.0, EPS 0.4963, DPS 0.58) |
| Decision | BUY if stock price sustain above 6.8 |
| Comment | Revenue decreased 15.2% but higher than preceding year corresponding quarter 3.4%, eps decreased 36.6% but higher than preceding year corresponding quarter 0.7%, cash generated from operating and investing not enough for dividend payment hence increased borrowings and spent 65.2% of Group cash to cover, weaker liquidity ratio at low level now, higher gearing ratio from below moderate to moderate level now, all accounting ratio are good |
| First Support Price | 6.8 |
| Second Support Price | 6.2 |
| Risk Rating | MODERATE |
Research House
| RHB Target Price | 7.96 (2011-04-21) |
| AMMB Target Price | 8.3 (2011-08-01) |
| Maybank Target Price | 8 (2011-09-05) |
| OSK Target Price | 8.31 (2011-09-15) |
Accounting Ratio
| Return on Equity | 25.50% |
| Dividend Yield | 8.07% |
| Profit Margin | 11.85% |
| Tax Rate | 23.70% |
| Asset Turnover | 1.5257 |
| Net Asset Value Per Share | 1.81 |
| Net Tangible Asset per share | 0.47 |
| Price/Net Tangible Asset Per Share | 14.57 |
| Cash Per Share | 0.12 |
| Liquidity Current Ratio | 1.1753 |
| Liquidity Quick Ratio | 0.9823 |
| Liquidity Cash Ratio | 0.122 |
| Gearing Debt to Equity Ratio | 0.6591 |
| Gearing Debt to Asset Ratio | 0.3958 |
| Working capital per thousand Ringgit sale | 3.6% |
| Days to sell the inventory | 17 |
| Days to collect the receivables | 65 |
| Days to pay the payables | 58 |
My notes based on 2011 quarter 2 report (number in '000):-
- Higher revenue and pbt than FY10Q2 due to substantial investment in new packaging design and introduction of new large bottles in line with the global rebranding of the Carlsberg brand
- Lower revenue and pbt than FY11Q1 mainly due to the strong first quarter performance arising from higher domestic sales particularly during the peak Chinese New Year festive period
- Estimate next 4Q eps after 2011 Q2 result announced = 0.4727*1.05 = 0.4963, estimate PE on current price 6.88 = 12.69(DPS 0.58)
- Estimate next 4Q eps after 2011 Q1 result announced = (0.1601+0.0997)*2*1.1 = 0.5716, estimate highest/lowest PE = 12.81/10.39 (DPS 0.58)
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