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Saturday, October 15, 2011

KLCI Stock - TGOFFS / 7228 - 2011 Quarter 2

Company Info
Market Capital (Capital Size)259,826,991 (Small)
Par ValueRM 0.50

My Analysis
Forecast P/E now0.89/0.0704 = 12.64 (High)
Target Price0.0704*10.0 = 0.70 (PE 10.0, EPS 0.0704)
DecisionNot interested unless stock price next uptrend start above 0.8
Revenue increased 82.1% and also higher than preceding year corresponding quarter 33.5%, eps very largely increased 325.7% and also higher than preceding year corresponding quarter 98.4%, cash generated from operating and Group cash also not enough to cover financing activities, slightly weaker liquidity ratio at low level now, higher gearing ratio at high level now, receivables and payables period around 4-6 months still acceptable, receivables got significant increased can indicate contract increase
First Support Price0.8
Second Support Price0.72
Risk RatingHIGH

Research House
TA Target Price0.72 (2011-05-20)
OSK Target Price1.29 (2011-07-04)
AMMB Target Price0.71 (2011-10-03)
Maybank Target Price0.98 (2011-10-03)

Accounting Ratio
Return on Equity1.21%
Dividend Yield-
Profit Margin4.57%
Tax Rate9.84%
Asset Turnover0.5032
Net Asset Value Per Share1.28
Net Tangible Asset per share1.25
Price/Net Tangible Asset Per Share0.68
Cash Per Share0.14
Liquidity Current Ratio1.1751
Liquidity Quick Ratio1.1003
Liquidity Cash Ratio0.1391
Gearing Debt to Equity Ratio1.9917
Gearing Debt to Asset Ratio0.6618
Working capital per thousand Ringgit sale9.1%
Days to sell the inventory15
Days to collect the receivables183
Days to pay the payables127

My notes based on 2011 quarter 2 report (number in '000):-
- The increase in revenue is due to additional engineering equipment and maintenance contracts secured and completed during the quarter under review. In line with higher revenue from the equipment and maintenance services coupled with higher utilization of our offshore support vessels from a more robust market, net profit after tax increased by 110.03%. During the period, we have also reduced our losses from the engineering equipment division through implementation of our cost reduction exercise and streamlining of business operations. The engineering equipment division has also registered improved profitability margins in the current quarter under review

- Estimate next 4Q eps after 2011 Q2 result announced = (0.0246+0.0106)*2 = 0.0704, estimate PE on current price 0.89 = 12.64
- Estimate next 4Q eps after 2011 Q1 result announced = 0.004*0.9*4*1.1 = 0.0158, estimate highest/lowest PE = 70.89/53.8
- Estimate next 4Q eps after 2010 Q3 result announced = 0.035*1.1*2 = 0.077(use 100% improvement forecast), estimate highest/lowest PE = 21.3/14.03
- Estimate next 4Q eps after 2010 Q2 result announced = 0.0124*4*1.1*2 = 0.1091, estimate highest/lowest PE = 17.78/13.84 (DPS 0.01)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.0119*4*1.1*2 = 0.1048, estimate highest/lowest PE = 19.18/10.11 (DPS 0.01)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.0096*4*2 = 0.0768, estimate highest/lowest PE = 16.01/9.4 (DPS 0.01)

TGOFFS latest news (English)

TGOFFS latest news (Chinese)

1 comment:

szeyee said...

thank you for sharing, hopefully can learn more analytical skill from u

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