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Saturday, October 8, 2011

KLCI Stock - HUNZPTY / 5018 - 2011 Quarter 4

Company Info
Market Capital (Capital Size)279,964,296 (Small)
Par ValueRM 1.00

My Analysis
Forecast P/E now(1.44-0.081)/0.2024 = 6.71 (Moderate)
Target Price1.62+0.081 = 1.70 (PE 8.0, EPS 0.2024, DPS 0.081)
DecisionNot interested unless stock price sustain above 1.5
Revenue decreased 29.3% and also lower than preceding year corresponding quarter 36.5%, eps decreased 27.9% and also lower than preceding year corresponding quarter 43.8%, cash generated from operating more than enough to financing expenses but still increased borrowings and spent 6% of Group cash to cover investing expenses, stronger liquidity ratio at moderate level now, higher gearing ratio at below moderate level now, all accounting ratio also medium to high
First Support Price1.4
Second Support Price1.3

Research House
Kenanga Target Price1.76 (2011-02-18)
OSK Target Price2.48 (2011-05-20)
Alliance Target Price2.53 (2011-05-23)

Accounting Ratio
Return on Equity13.79%
Dividend Yield5.62%
Profit Margin24.92%
Tax Rate29.04%
Asset Turnover0.3624
Net Asset Value Per Share2.28
Net Tangible Asset per share2.28
Price/Net Tangible Asset Per Share0.65
Cash Per Share0.31
Liquidity Current Ratio2.7383
Liquidity Quick Ratio1.6379
Liquidity Cash Ratio0.5928
Gearing Debt to Equity Ratio0.3989
Gearing Debt to Asset Ratio0.2749
Working capital per thousand Ringgit sale76.1%
Days to sell the inventory225
Days to collect the receivables163
Days to pay the payables190

My notes based on 2011 quarter 4 report (number in '000):-
- Lower pbt due to lower sales and a write-off of RM4.8 million (included in operating expenses) during current quarter resulting from Civil suit between Hunza Parade Development Sdn. Bhd. and The Kwangtung and Tengchow Association Penang

- Estimate next 4Q eps after 2011 Q4 result announced = (0.0424+0.0588)*2 = 0.2024, estimate PE on current price 1.44 = 6.71 (DPS 0.081)
- Estimate next 4Q eps after 2011 Q3 result announced = 0.0588*4*1.1 = 0.2587, estimate highest/lowest PE = 6.26/5.25 (DPS 0.081)

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