Company Info
My Analysis
Research House
Accounting Ratio
My notes based on 2011 quarter 2 report (number in '000):-
- Higher revenue and pbt mainly due to improved performance from the Group’s developed land sales, SiLC and direct development projects, namely East Ledang, Nusa Bayu and Nusa Idaman. The current quarter also includes the consolidation of the results from a new subsidiary, Sunrise
- Estimate next 4Q eps after 2011 Q2 result announced = 0.0663*1.2 = 0.08, estimate PE on current price 1.75 = 21.88
- Estimate next 4Q eps after 2011 Q1 result announced = 0.051*1.3 = 0.0663, estimate highest/lowest PE = 43.89/30.17
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| Market Capital (Capital Size) | 7,566,210,268 (Very Large) |
| Par Value | RM 0.50 |
My Analysis
| Forecast P/E now | 1.75/0.08 = 21.88 (High) |
| Target Price | 0.08*18.0 = 1.44 (PE 18.0, EPS 0.08) |
| Decision | BUY if stock price sustain above 1.8 |
| Comment | Revenue increased 171.4% and also higher than preceding year corresponding quarter 478.8%, eps increased 436.4% and also higher than preceding year corresponding quarter 52.6%, no cash generated from operating however still got cash generated from investing and financing to cover all expenses, slightly weaker liquidity ratio at strong level now, lower gearing ratio at moderate level now, all accounting ratio from moderate to very high level |
| First Support Price | 1.7 |
| Second Support Price | 1.5 |
| Risk Rating | MODERATE |
Research House
| MIDF Target Price | 2.7 (2011-02-28) |
| OSK Target Price | 3.52 (2011-04-19) |
| RHB Target Price | 3.35 (2011-06-28) |
| UOB Target Price | 3.44 (2011-07-11) |
| Credit Suisse Target Price | 3.8 (2011-08-05) |
| Maybank Target Price | 2.7 (2011-09-08) |
Accounting Ratio
| Return on Equity | 6.18% |
| Dividend Yield | - |
| Profit Margin | 19.87% |
| Tax Rate | 17.03% |
| Asset Turnover | 0.1401 |
| Net Asset Value Per Share | 0.92 |
| Net Tangible Asset per share | 0.78 |
| Price/Net Tangible Asset Per Share | 2.69 |
| Cash Per Share | 0.2 |
| Liquidity Current Ratio | 4.7751 |
| Liquidity Quick Ratio | 2.8514 |
| Liquidity Cash Ratio | 1.4975 |
| Gearing Debt to Equity Ratio | 0.6256 |
| Gearing Debt to Asset Ratio | 0.361 |
| Working capital per thousand Ringgit sale | 232.1% |
| Days to sell the inventory | 554 |
| Days to collect the receivables | 304 |
| Days to pay the payables | 159 |
My notes based on 2011 quarter 2 report (number in '000):-
- Higher revenue and pbt mainly due to improved performance from the Group’s developed land sales, SiLC and direct development projects, namely East Ledang, Nusa Bayu and Nusa Idaman. The current quarter also includes the consolidation of the results from a new subsidiary, Sunrise
- Estimate next 4Q eps after 2011 Q2 result announced = 0.0663*1.2 = 0.08, estimate PE on current price 1.75 = 21.88
- Estimate next 4Q eps after 2011 Q1 result announced = 0.051*1.3 = 0.0663, estimate highest/lowest PE = 43.89/30.17
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