Sponsor by Innity

Sponsor by cwyeoh

Sponsor by Nuffnang

Wednesday, October 5, 2011

KLCI Stock - MAS / 3786 - 2011 Quarter 2

Company Info
Market Capital (Capital Size)4,378,224,674 (Large)
Par ValueRM 1.00

My Analysis
Forecast P/E now1.31/0.128 = 10.23 (Moderate)
Target Price0.128*12.0 = 1.54 (PE 12.0, EPS 0.128)
DecisionNot interested unless stock price sustain above 1.4
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 Price1.3
Second Support Price1.2
Risk RatingHIGH

Research House
Kenanga Target Price2.2 (2011-08-08)
HwangDBS Target Price1.55 (2011-08-10)
RHB Target Price1.98 (2011-08-16)
Maybank Target Price2.7 (2011-08-22)
ECM Target Price1.3 (2011-08-24)
MIDF Target Price1.6 (2011-08-24)
TA Target Price1.5 (2011-08-24)
CIMB Target Price1.6 (2011-09-20)
HLG Target Price1.19 (2011-10-03)
OSK Target Price1.15 (2011-10-03)

Accounting Ratio
Return on Equity-13.89%
Dividend Yield-
Profit Margin-14.86%
Tax Rate-
Asset Turnover1.0841
Net Asset Value Per Share0.83
Net Tangible Asset per share0.79
Price/Net Tangible Asset Per Share2.08
Cash Per Share0.51
Liquidity Current Ratio0.6166
Liquidity Quick Ratio0.5414
Liquidity Cash Ratio0.2863
Gearing Debt to Equity Ratio3.4709
Gearing Debt to Asset Ratio0.7754
Working capital per thousand Ringgit sale-16.8%
Days to sell the inventory11
Days to collect the receivables41
Days to pay the payables112

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

MAS latest news (English)

MAS latest news (Chinese)

No comments:

Post a Comment