Sponsor by Innity

Sponsor by cwyeoh

Sponsor by Nuffnang

Thursday, October 20, 2011

KLCI Stock - PROTON / 5304 - 2012 Quarter 1

PROTON HOLDINGS BERHAD

Company Description
Proton Holdings Berhad operates in the automobile industry. The Company is engaged in manufacturing, assembling, trading and the provision of engineering, and other services in respect of motor vehicles and related products. The Company, through its subsidiaries, is engaged in vehicle engineering, research and development, manufacturing, distribution sales and after-sales services. The portfolio of PROTON models includes the family-sedan Waja, Gen.2, Perdana V6, Arena, Saga range, Savvy, Satria Neo and the Persona. Its subsidiaries include Perusahaan Otomobil Nasional Sdn. Bhd., Proton Tanjung Malim Sdn. Bhd., Proton Marketing Sdn. Bhd. and Lotus Advance Technologies Sdn. Bhd. On May 15, 2008, the Company acquired Lotus Lightweight Structures Holdings Ltd. During the fiscal year end March 31, 2009, the Company liquidated Smith & Sons Motors Ltd, Proton Direct Ltd., Proton Cars (Europe) Ltd.

Company Info
Listing Date1992-06-26
Market Capital (Capital Size)1,449,922,325 (Large)
Par ValueRM 1.00
BoardMain
SectorConsumer Products
Major IndustryAutomotive Manufacturing & Distribution
Sub IndustryAutomotive Related Services
Websitehttp://www.proton.com/

My Analysis
Forecast P/E now(2.64-0.2)/0.3142 = 7.77 (Moderate)
Target Price3.14+0.2 = 3.34 (PE 10.0, EPS 0.3142, DPS 0.2)
DecisionNot interested unless stock price got strong uptrend signal
Comment
Revenue decreased 14.7% and also lower than preceding year corresponding quarter 2.5%, eps decreased 92.6% and also lower than preceding year corresponding quarter 94.6% (due to LGIL expenses), low cash generated from operating but cash from financing more than enough to cover all expenses, stronger liquidity ratio from low to moderate level now, slightly higher gearing ratio at below moderate level now, all accounting ratio are good
First Support Price2.5
Second Support Price2.4
Risk RatingHIGH

Research House
HwangDBS Target Price4.7 (2011-01-10)
UOB Target Price3.75 (2011-02-17)
TA Target Price4.52 (2011-02-28)
AMMB Target Price5.1 (2011-03-04)
JF Apex Target Price4.48 (2011-05-24)
Affin Target Price3.3 (2011-06-03)
CIMB Target Price3.5 (2011-09-26)
MIDF Target Price2.7 (2011-10-04)
OSK Target Price2 (2011-10-12)
Maybank Target Price2.64 (2011-10-18)
RHB Target Price2.9 (2011-10-19)

Accounting Ratio
Return on Equity1.32%
Dividend Yield3.79%
Profit Margin0.54%
Tax Rate62.39%
Asset Turnover1.1093
Net Asset Value Per Share9.86
Net Tangible Asset per share8.03
Price/Net Tangible Asset Per Share0.37
Cash Per Share2.58
Liquidity Current Ratio2.1443
Liquidity Quick Ratio1.4767
Liquidity Cash Ratio0.7367
Gearing Debt to Equity Ratio0.4863
Gearing Debt to Asset Ratio0.3272
Working capital per thousand Ringgit sale24.7%
Days to sell the inventory50
Days to collect the receivables58
Days to pay the payables65

My notes based on 2012 quarter 1 report (number in '000):-
- Lower pbt largely attributed by higher expenses incurred by Lotus Group International Limited (LGIL) however is partially offset by a higher revenue from an increase in PROTON's domestic sales volume compared to FY11Q1

- Lower pbt compared to FY11Q4 other than above mention also due to a normalization in the trend of customer's demand for the Inspira and drop in the financing approval rate by local financial institutions in June 2011

- Estimate next 4Q eps after 2012 Q1 result announced = 0.1122*4*0.7 = 0.3142(exclude LGIL expenses), estimate PE on current price 2.64 = 7.77(DPS 0.2)
- Estimate next 4Q eps after 2011 Q4 result announced = 0.2326*0.95 = 0.221, estimate highest/lowest PE = 15.38/12.58 (DPS 0.2)
- Estimate next 4Q eps after 2011 Q3 result announced = 0.12*0.95*3-0.1094 = 0.2326(estimate average 5% lower profit from FY11Q2 for next 3 quarter and FY12Q3 still loss), estimate highest/lowest PE = 16.98/13.16 (DPS 0.1)
- Estimate next 4Q eps after 2011 Q2 result announced = 0.4608, estimate highest/lowest PE = 10.37/8.33 (DPS 0.2)
- Estimate next 4Q eps after 2011 Q1 result announced = 0.4902*0.95 = 0.4657, estimate highest/lowest PE = 10.37/9.28 (DPS 0.2)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.4353*1.05 = 0.4571(5% increase), estimate highest/lowest PE = 10.44/9.52
- Estimate next 4Q eps after 2010 Q3 result announced = 0.1451*4 = 0.5804, estimate highest/lowest PE = 8.67/6.89
- Estimate next 4Q eps after 2010 Q2 result announced = 0.1494*4 = 0.5976, estimate highest/lowest PE = 7.16/6.12 (DPS 0.05)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.0993*4 = 0.3972, estimate highest/lowest PE = 11.15/7.25 (DPS 0.05)

PROTON latest news (English)

PROTON latest news (Chinese)



Financial Quarter Summary
a_dateyearqrth_pricel_pricedivroec_roerevc_revpbtc_pbtprofc_profepsc_epsassetliabminoequicfocficffcashfcfnetfinalsharec_sharem_capdateprof_mvatasset_tpenavpsntapsp/ntapscpsl_curl_quil_cashg_deg_daavg_winv_drec_dpay_d
2011-08-2620121N/AN/A-0.08%0.08%223334522333451210712107455445540.00830.008380454882632423-541306547722231893847791216379218417166362138274154921354921316476392011-06-300.54%62.39%1.1093-9.868.030.372.582.14431.47670.73670.48630.327224.7%505865
2011-05-25201143.62.980.11.14%2.81%2618275898173280855215234616431521430.11220.277076539072247167-5406740284451796505965381615018512054415516119950254921354921318508472011-03-313.09%23.76%1.173512.16529.848.190.412.361.7421.19360.58950.41560.293618.2%485467
2011-02-25201134.053.16-1.12%1.69%183306163634575153513437960100905000.10940.164875531142207502-534561261487745497123952162292780698468303293989554921354921322462812010-12-312.81%-1.1421-9.737.960.511.771.70760.93370.45420.4130.292317.6%694165
2010-11-25201124.984.04-1.22%2.79%2240509453039681265185914659191506000.12000.274274938402096333-539750760568433847309631615103373279342316127278754921354921325977772010-09-303.63%18.88%1.1753-9.838.320.572.41.91491.19180.67390.38840.279720.3%584063
2010-08-23201115.034.520.21.56%1.56%2289887228988710464710464784679846790.15420.154274476752036116-54115591389341683123205216104392937861430154900954921354921325593322010-06-304.57%19.08%1.1642-9.858.560.542.921.93141.2560.82530.37630.273420.9%553367
2010-05-26201044.774.35-0.43%4.48%2263311823295237030285019227992390890.04150.435375051512172162-53329891290090392273173704881996897817724113160610954921354921324385052010-03-311.64%38.43%1.09710.19929.718.630.513.031.891.29790.80170.40730.289422.4%544376
2010-02-19201035.034.0-1.67%4.54%2013533596964182958247988796782162890.14510.393867404421978364-4762078897670309730137138908877587940450802135967954921354921321858672009-12-314.12%3.95%1.0936-8.678.620.462.742.00161.32430.81930.41540.293525.0%584368
2009-11-23201024.343.7-1.56%2.59%21040903956108100652165031820621366130.14940.248770755411801636-527390577143715734485441910034614093528652143868654921354921320156112009-09-304.78%18.47%0.9745-9.68.620.432.752.12031.42440.92420.34160.254626.6%564161
2009-08-18201014.62.9-1.05%1.05%18520181852018643796437954551545510.09930.099372650102069454-51955562999577693318297914131223024204727111885854921354921315707492009-06-303.48%15.27%0.9126-9.468.550.332.171.91121.16760.63180.39830.284925.9%715272
2009-05-29200943.072.53-6.33%5.92%140197864865703735643192013229693018060.58810.549570988981997358-5101540368406771274144778115756140286825809089947154921354921316366542009-03-3126.65%-0.9137-9.298.450.351.691.82681.08620.49330.39150.281424.0%725271
2009-02-27200933.21.5-1.39%0.39%15372715084592609455436374674211630.13600.038573038171915884-53879332652973863541248561154599121057379911583985492135492139721072008-12-313.96%-0.9313-9.819.10.192.161.97541.18920.67140.35560.262325.4%734269
2008-11-27200922.041.70.050.79%1.74%183851635473215660811530843811958370.07980.174573269581806766-552019242366522548252452117054119818325063514211765492135492139885832008-09-303.08%22.61%0.9171-10.059.390.192.642.17121.42730.88820.32730.246628.5%654069
2008-08-27200913.141.6-0.95%0.95%17088051708805587005870052026520260.09470.094773506291869878-548075125910410144438781177759157660161538133929754921354921316366542008-06-303.44%11.37%0.8418-9.989.360.322.562.18121.46880.86040.34120.254431.2%684978
2008-05-26200843.862.9-4.01%3.40%171741856215941751821443162174701845510.39600.336072933481872092-5421256843611433802294485469645409809704294117393954921354921320540562008-03-3110.20%-0.770811.139.879.320.42.272.10231.43110.76060.34530.256732.1%696484
2008-02-21200834.143.6-0.20%0.63%14549453904176110303086710329329190.01880.059971621681963577-51985914340773452263629444717398885145179592353454921354921322627572007-12-310.76%6.36%0.7205-9.479.010.461.832.1261.28590.65950.37770.274233.3%886381
2007-11-30200824.443.62-0.07%0.83%130682124492314951418963506432480.00640.078770402401848066-51921741661732142752500124726384810220191067454854921354921319771662007-09-300.38%29.19%0.663-9.459.010.41.462.27321.31670.56940.35590.262538.3%967779
2007-08-28200815.33.54-0.90%0.90%11424111142411468454684546753467530.08510.085169492891761629-518766037823113642900147103815146514246432857454921354921332952782007-06-304.10%-0.4837-9.459.030.660.982.03011.09510.34640.33960.253547.7%141114114
2007-05-3120074N/AN/A-0.02%11.27%12563774911841101016181299155895330.00171.073469467671716179-52305889659227299114136769968036958322821647146454921354921336522662007-03-310.80%-0.3194-9.529.160.731.272.06391.23350.45630.32810.24773.5%182167167
2007-02-2720073N/AN/A-5.39%11.31%96227336554642720126080282814555904480.51251.075171003291877860-5222469380052399124369268848352019127649941198454921354921336248052006-12-3128.27%-0.1355-9.519.180.721.531.75521.0240.46180.35960.2645143.2%390370345

Financial Quarter Balance Sheet
yearqrtDeferred tax assets (A-0)Goodwill on consolidation (A-0)Intangible assets (A-0)Investment in associated companies (A-0)Investment properties (A-0)Other investments (A-0)Prepaid lease payments (A-0)Property, plant and equipment (A-0)Available-for-sale financial assets (A-1)Cash and cash equivalents (A-1)Current asset classified as held for sales (A-1)Current tax assets (A-1)Derivative assets (A-1)Inventories (A-1)Trade receivables (A-1)Deferred tax liabilities (L-0)Loans & borrowings (L-0)Other liabilities (L-0)Current tax liabilities (L-1)Dividend payable (L-1)Loans & borrowings (L-1)Provision for liabilities (L-1)Trade and other payables (L-1)
201211846129008973015369000---252914644951413260-5067-1284882141915478876673783260211528-961411573541659533
201141674029008877395366729---252986145411293033-8769-12070711320760818697462824512868-3614661435191683137
201131366129008946861357966---2544044457496932735197182013988165938197090610481191483360712182-3772931911781563613
201121326529008798322354296---254861847411315036355361876847541416166955330106421953210768717389823821353731881881535140
201111565729008678979354737---26159549611159428536969186203622131243177780210705246035748621528-1194951996461602653
201041503329008563963355184---2624418967616520893693125301-122721296633610740296495900112099-1422361844041734033
201031011829008-355547100495632-2653054970614954653203319755-124424287583311701385919101020772-1498762049211461493
20102882729008509459354171901510397-26856271124815009263203319769-1138462766599117984456810913520380-1817542025861231415
20101590529008471572358509-10397-27825401123111810983813637181-1403495935938122835860011126714160-2433852118751417884
20094572729008431668353989-10397-28271111531391385036412160610-13950819197321224352225492916322-3060391897791381459
20093-29008360078342723-10397-30658281545011727604517994814-13913447762367426552538351010502205952402661821091316223
20092-29008335509354779-10397-30496741663914345984517996545-1215488739142592574802920896020-1807961723481274786
20091-29008312376355956-10397-308337717601138642945179112268-116259483544453101325341001323862-1094751778441340721
20084-29008275192358190-10397240313150446208221226010-114479-11002869844872439130884995891556-1136061865561337462
20083-29008220276364648-1039710585328257021580984971-71385-12821218846277233276681089861430-1582291820601184481
20082-29008214490361319-1039710598321849130734769740-71902-13447519788107453316331097922224-1073481897191106605
20081-29008196715394132-10397104223147347335445058031344598855-14560531053568754956961079792236-1787521922811183931
20074-29008169075393308-1039710657316878273448626475-176048-12736121015957754761501054872222-1644261960671171073
2007312877129008152066404549-10397-3171998216155626682-51086-1334566975051772-5187716964-4237472042721180228

Financial Quarter Income Statement
yearqrtRevenueIncome tax expenseFinance/interest costsOther incomeAdministrative/Operating expensesShare of profit/ (loss) of associates
201212233345755363467418322950185943
20114261827519212452027509828139355937
2011318330618565404184855197554610136
2011222405091534621365040522147417228
2011122898871996819973348722207974067
20104226331114231348418568324163697889
201032013533328021807502420090335614
2010221040901859021993730920402651717
201011852018982837432780018152463550
200941401978505953478142856193604121121
200931537271137293108382531634207846
2009218385161279741115336218391878028
200911708805667437114408016952934819
20084171741842288429823629417817397507
20083145494570153462226714682507414
200821306821144545293435513359004204
2008111424119237633575512230951847
2007412563771101663514425013081353758
20073962273944392082625512491632169

Financial Quarter Segments Revenue
yearqrtElimination/AdjustmentInvestment holding and othersMalaysiaOthers CountriesProton ManufacturingProton Selling & ManufacturingLotus Selling & Manufacturing
201146799300140500--70315007882000727000
20113--1557100276000---
20112--1995100245400---
20111--1967800322100---
20104128400-1946800445000---
20103105800-1815800303500---
2010251900-1868300287700---
2010128700-1651400229300---
20094--1255900146100---
20093--1364900172400---
20092--1602400228600---
20091--1466400249900---
2008429000-1496600257000---
2008320900-1263200212800---
2008235800-1052100290500---
2008162300-927300277400---
2007479000-1014300330600---
2007384100-751200295200---

Financial Quarter Segments Profit
yearqrtElimination/AdjustmentInvestment holding and othersMalaysiaOthers CountriesProton ManufacturingProton Selling & ManufacturingLotus Selling & Manufacturing
201144000012000--189000176100149300
20113--2700034600---
20112--11760043600---
20111--916009000---
2010487700-53900400---
201032100-671003700---
2010226400-8310033100---
201015600-604002600---
20094--1830069000---
20093--3570030400---
20092--523007400---
20091--459004500---
20084--1884008200---
2008312500-168003000---
200824600-27009400---
200817900-59900200---
200742100-7350064400---
2007364900-29500058200---


Short form reference
a_date = announcement date, yr = financial year end, qrt = quarter
h_price = stock highest price during the quarter, l_price = stock lowest price during the quarter
div = dividend recommend or declare in the quarter, roe = return on equity
c_roe = cumulative of return on equity during the financial year
rev = revenue in the current quarter, c_rev = cumulative of revenue during the financial year
pbt = profit before tax in the current quarter, c_pbt = cumulative of profit before tax during the financial year
eps = earnings per share in the current quarter, c_eps = cumulative of earnings per share during the financial year
asset = total asset, liab = total liability, mino = minority interest, equi = total equity
cfo = net cash flow from operating activities, cfi = net cash flow from investing activities
cff = net cash flow from financing activities, cash = cash and cash equivalents as at beginning of financial year
final = cash and cash equivalents as at current financial period ended
share = diluted/basic weighted average number of ordinary shares
c_share = cumulative of diluted/basic weighted average number of ordinary shares during the financial year
m_cap = market capital at announcement date of quarterly report, date = current financial period ended date
prof_m = profit margin, vat = income tax rate, pe = price earning per share ratio of recent four quarter
navps = net asset value per share, ntaps = net tangible asset per share, cps = cash per share
l_cur = liquidity current ratio, l_qui = liquidity quick ratio, l_cash = liquidity cash ratio
g_de = gearing debt to equity ratio, g_da = gearing debt to assets ratio
avg_w = working capital per thousand Ringgit sale
inv_d = days to sell the inventory, rec_d = days to collect the receivables
pay_d = days to pay the payables






CURRENT


CHANGES IN SHAREHOLDING
ANNUAL REPORTS


HISTORICAL


CHANGES IN SHAREHOLDING


ARCHIVES


CHANGES IN SHAREHOLDING




1-Year Historical Daily Chart


5-Year Historical Weekly Chart

1 comment:

Ahmad Finance said...

Hello sir,
Im diploma student, studying in finance
Currently im doing my first stock analysis
I have chose PROTON for my analysis

My tasks for this assignment:
1. Record every closed price starting 21 Nov - 30 Jan
2. Record composite price daily starting 21 Nov - 30 Jan

My questions to You
1.is there any website to assist me to find the closed price everyday.except Bursa
2. what kind of software do you use to see the movement of stock prices. (free software)
3.How can i make a conclusion for proton's stock price only 2months movement. can you give some valuable tips

Last but not least, do you mind if i attach your analysis informations in my assignment.Let me know if i can do so..

Thanks in advance

Post a Comment