Company Info
My Analysis
Research House
Accounting Ratio
My notes based on 2011 quarter 2 report (number in '000):-
- The higher loss is attributable to higher fuel cost and derivative loss of RM56 million
- The revenue growth was attributable to 12% growth in passenger load at the back of 10% capacity growth, improved seat factor by 1.5 percentage point to 75.5% and 1% improvement in passenger yield
- Estimate next 4Q eps after 2011 Q2 result announced = (0.067*3)-0.073 = 0.128, estimate PE on current price 1.31 = 10.23
- Estimate next 4Q eps after 2011 Q1 result announced = 0.07, estimate highest/lowest PE = 27.86/19.14
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| Market Capital (Capital Size) | 4,378,224,674 (Large) |
| Par Value | RM 1.00 |
My Analysis
| Forecast P/E now | 1.31/0.128 = 10.23 (Moderate) |
| Target Price | 0.128*12.0 = 1.54 (PE 12.0, EPS 0.128) |
| Decision | Not interested unless stock price sustain above 1.4 |
| Comment | Revenue increased 9.1% and also higher than preceding year corresponding quarter 8.5%, eps decreased 117.4% and was third consecutive quarter decreasing and but reduced loss of 1.5% than preceding year corresponding quarter, no cash generated from operating hence generated cash from financing and spent 20.6% of Group cash to cover other expenses, weaker liquidity ratio at weak level now, higher gearing ratio at very high level now, payables ratio slightly high, benefit from oil price decreasing |
| First Support Price | 1.3 |
| Second Support Price | 1.2 |
| Risk Rating | HIGH |
Research House
| Kenanga Target Price | 2.2 (2011-08-08) |
| HwangDBS Target Price | 1.55 (2011-08-10) |
| RHB Target Price | 1.98 (2011-08-16) |
| Maybank Target Price | 2.7 (2011-08-22) |
| ECM Target Price | 1.3 (2011-08-24) |
| MIDF Target Price | 1.6 (2011-08-24) |
| TA Target Price | 1.5 (2011-08-24) |
| CIMB Target Price | 1.6 (2011-09-20) |
| HLG Target Price | 1.19 (2011-10-03) |
| OSK Target Price | 1.15 (2011-10-03) |
Accounting Ratio
| Return on Equity | -13.89% |
| Dividend Yield | - |
| Profit Margin | -14.86% |
| Tax Rate | - |
| Asset Turnover | 1.0841 |
| Net Asset Value Per Share | 0.83 |
| Net Tangible Asset per share | 0.79 |
| Price/Net Tangible Asset Per Share | 2.08 |
| Cash Per Share | 0.51 |
| Liquidity Current Ratio | 0.6166 |
| Liquidity Quick Ratio | 0.5414 |
| Liquidity Cash Ratio | 0.2863 |
| Gearing Debt to Equity Ratio | 3.4709 |
| Gearing Debt to Asset Ratio | 0.7754 |
| Working capital per thousand Ringgit sale | -16.8% |
| Days to sell the inventory | 11 |
| Days to collect the receivables | 41 |
| Days to pay the payables | 112 |
My notes based on 2011 quarter 2 report (number in '000):-
- The higher loss is attributable to higher fuel cost and derivative loss of RM56 million
- The revenue growth was attributable to 12% growth in passenger load at the back of 10% capacity growth, improved seat factor by 1.5 percentage point to 75.5% and 1% improvement in passenger yield
- Estimate next 4Q eps after 2011 Q2 result announced = (0.067*3)-0.073 = 0.128, estimate PE on current price 1.31 = 10.23
- Estimate next 4Q eps after 2011 Q1 result announced = 0.07, estimate highest/lowest PE = 27.86/19.14
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MAS latest news (Chinese)
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