Company Info
My Analysis
Research House
Accounting Ratio
My notes based on 2011 quarter 2 report (number in '000):-
- Higher revenue than FY10Q2 due to increasing activities recorded in all divisions
- Higher pbt than FY10Q2 mainly due to a higher contribution from the Pipeline Services and Engineering divisions
- Lower revenue and pbt than FY11Q1 mainly due to the lower revenue generated by the Pipeline Services division in the current quarter
- Estimate next 4Q eps after 2011 Q2 result announced = 0.0338*4*1.05 = 0.142, estimate PE on current price 1.95 = 13.35(DPS 0.055)
- Estimate next 4Q eps after 2011 Q1 result announced = (0.0563+0.032)*2 = 0.1766, estimate highest/lowest PE = 13.59/10.76 (DPS 0.05)
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| Market Capital (Capital Size) | 1,469,469,871 (Large) |
| Par Value | RM 0.50 |
My Analysis
| Forecast P/E now | (1.95-0.055)/0.142 = 13.35 (Moderate) |
| Target Price | 1.99+0.055 = 2.04 (PE 14.0, EPS 0.142, DPS 0.055) |
| Decision | Not interested unless stock price sustain above 2 |
| Comment | Revenue decreased 17.5% but higher than preceding year corresponding quarter 9.6%, eps decreased 40% but largely recovered from loss than preceding year corresponding quarter%, cash generated from operating more than enough to cover all expenses, weaker liquidity ratio from moderate to low level now, slightly lower gearing ratio at high level now, receivables ratio slightly high, other accounting ratio are good |
| First Support Price | 1.9 |
| Second Support Price | 1.8 |
| Risk Rating | MODERATE |
Research House
| MIDF Target Price | 2.35 (2011-04-19) |
| CIMB Target Price | 2.7 (2011-04-28) |
| OSK Target Price | 3.5 (2011-05-06) |
| AMMB Target Price | 2.85 (2011-07-04) |
| Kenanga Target Price | 3.04 (2011-07-04) |
| Maybank Target Price | 3.1 (2011-07-04) |
| ECM Target Price | 3.06 (2011-08-26) |
| RHB Target Price | 2.66 (2011-08-29) |
| MIDF Target Price | 2.73 (2011-09-15) |
| HwangDBS Target Price | 3.1 (2011-09-21) |
Accounting Ratio
| Return on Equity | 9.96% |
| Dividend Yield | 2.82% |
| Profit Margin | 8.49% |
| Tax Rate | 14.58% |
| Asset Turnover | 0.7658 |
| Net Asset Value Per Share | 1.27 |
| Net Tangible Asset per share | 1.12 |
| Price/Net Tangible Asset Per Share | 1.91 |
| Cash Per Share | 0.26 |
| Liquidity Current Ratio | 1.5957 |
| Liquidity Quick Ratio | 1.1744 |
| Liquidity Cash Ratio | 0.3196 |
| Gearing Debt to Equity Ratio | 1.0729 |
| Gearing Debt to Asset Ratio | 0.4901 |
| Working capital per thousand Ringgit sale | 23.2% |
| Days to sell the inventory | 66 |
| Days to collect the receivables | 116 |
| Days to pay the payables | 65 |
My notes based on 2011 quarter 2 report (number in '000):-
- Higher revenue than FY10Q2 due to increasing activities recorded in all divisions
- Higher pbt than FY10Q2 mainly due to a higher contribution from the Pipeline Services and Engineering divisions
- Lower revenue and pbt than FY11Q1 mainly due to the lower revenue generated by the Pipeline Services division in the current quarter
- Estimate next 4Q eps after 2011 Q2 result announced = 0.0338*4*1.05 = 0.142, estimate PE on current price 1.95 = 13.35(DPS 0.055)
- Estimate next 4Q eps after 2011 Q1 result announced = (0.0563+0.032)*2 = 0.1766, estimate highest/lowest PE = 13.59/10.76 (DPS 0.05)
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