KLCI Stock - WASEONG / 5142 - 2011 Quarter 3

Company Info

Market Capital (Capital Size)	1,559,898,786 (Large)
Par Value	RM 0.50

My Analysis

Forecast P/E now	(2.07-0.055)/0.1232 = 16.36 (High)
Target Price	1.72+0.055 = 1.78 (PE 14.0, EPS 0.1232, DPS 0.055)
Decision	Not interested unless stock price got strong buy volume above 2.06
Comment	Revenue increased 18.2% and also higher than preceding year corresponding quarter 38.1%, eps decreased 17.2% and was second consecutive quarter decreasing but higher than preceding year corresponding quarter 70.7%, cash generated from operating more than enough to cover all expenses and still got borrowings, stronger liquidity ratio but still at low level now, higher gearing ratio at high level now, all accounting ratio are good, high inventory can indicate works amount still good trend
First Support Price	2.0
Second Support Price	1.9
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)
MIDF Target Price	2.73 (2011-09-15)
HwangDBS Target Price	3.1 (2011-09-21)
ECM Target Price	2.48 (2011-11-16)
RHB Target Price	1.49 (2011-11-24)

Accounting Ratio

Return on Equity	10.80%
Dividend Yield	2.66%
Profit Margin	7.66%
Tax Rate	19.45%
Asset Turnover	0.8041
Net Asset Value Per Share	1.3
Net Tangible Asset per share	1.15
Price/Net Tangible Asset Per Share	1.78
Cash Per Share	0.68
Liquidity Current Ratio	1.9926
Liquidity Quick Ratio	1.6289
Liquidity Cash Ratio	0.7258
Gearing Debt to Equity Ratio	1.14
Gearing Debt to Asset Ratio	0.5103
Working capital per thousand Ringgit sale	39.8%
Days to sell the inventory	59
Days to collect the receivables	128
Days to pay the payables	69

My notes based on 2011 quarter 3 report (number in '000):-
- Higher revenue due to better performance in all divisions of the Group

- Higher pbt than FY10Q3 mainly due to a higher contribution from the Oil & Gas division

- Estimate next 4Q eps after 2011 Q3 result announced = 0.028*4*1.1 = 0.1232, estimate PE on current price 2.07 = 16.36(DPS 0.055)
- Estimate next 4Q eps after 2011 Q2 result announced = 0.0338*4*1.05 = 0.142, estimate highest/lowest PE = 15.11/12.85 (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)

WASEONG latest news (English)

WASEONG latest news (Chinese)

KLCI Stock - OSK / 5053 - 2011 Quarter 3

OSK HOLDINGS BERHAD

Company Description

OSK Holdings Berhad is an investment holding company. The Company operates in 10 business segments: Investment banking, Commercial banking, Equity, futures and options, Venture capital, Capital financing, Property development, Property investment, Unit trust, Holding entities and Others. Investment banking segment provides debt capital market, corporate advisory, treasury, derivatives and structured products, loans, advances, financing, offshore investment banking and Islamic banking services. Commercial banking segment provides commercial banking services. Equity, futures and options segment provides stockbroking, futures and options, nominee services and related services, both local and overseas services. Capital financing segment acts as a licensed money lender for initial public offers and share option schemes. In March 2009, the Company completed the disposal of 30% equity interest in UOB-OSK Asset Management Sdn. Bhd.(UOAM).

Company Info

Listing Date	1991-05-31
Market Capital (Capital Size)	1,715,819,292 (Large)
Par Value	RM 1.00
Board	Main
Sector	Finance
Major Industry	Stockbroking & Related Services
Sub Industry	Loans & Financing
Website	http://www.osk.com.my

My Analysis

Forecast P/E now	(1.78-0.075)/0.1034 = 16.49 (High)
Target Price	1.24+0.075 = 1.32 (PE 12.0, EPS 0.1034, DPS 0.075)
Decision	Not interested unless stock price got strong uptrend above 1.83
Comment	Revenue increased 18.9% and also higher than preceding year corresponding quarter 13.1%, eps increased 418.6% but lower than preceding year corresponding quarter 14.5%, cash generated from operating more than enough to cover all expenses, slightly weaker liquidity ratio at low level now, higher gearing ratio, stronger cash level, higher loans
First Support Price	1.7
Second Support Price	1.55
Risk Rating	MODERATE

Accounting Ratio

Return on Equity	6.91%
Dividend Yield	4.21%
Profit Margin	17.56%
Tax Rate	31.04%
Asset Turnover	0.0937
Net Asset Value Per Share	1.58
Net Tangible Asset per share	1.33
Price/Net Tangible Asset Per Share	1.32
Cash Per Share	2.57
Liquidity Current Ratio	1.2104
Liquidity Quick Ratio	0.7802
Liquidity Cash Ratio	0.2562
Gearing Debt to Equity Ratio	6.9495
Gearing Debt to Asset Ratio	0.8522
Working capital per thousand Ringgit sale	174.8%
Days to sell the inventory	2096
Days to collect the receivables	1586
Days to pay the payables	4861

My notes based on 2011 quarter 3 report (number in '000):-
- Higher revenue and pbt mainly due to higher contribution from Investment Banking activities and increase in fee income from Equities and Unit Trusts

- Estimate next 4Q eps after 2011 Q3 result announced = 0.1293*0.8 = 0.1034, estimate PE on current price 1.78 = 16.49(DPS 0.075)
- Estimate next 4Q eps after 2011 Q2 result announced = (0.0495+0.0059)*2*0.7 = 0.0776(equity market recent dropping >20%), estimate highest/lowest PE = 23.26/15.53 (DPS 0.075)
- Estimate next 4Q eps after 2011 Q1 result announced = 0.0495*4 = 0.198, estimate highest/lowest PE = 8.21/6.34 (DPS 0.075)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.0993*1.1 = 0.1092(exclude RM20 million from property investment), estimate highest/lowest PE = 16.35/13.87 (DPS 0.075)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.0479*2*1.05 = 0.1006, estimate highest/lowest PE = 21.42/16.15 (DPS 0.075)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.0479*2 = 0.0958, estimate highest/lowest PE = 19.43/12.08 (DPS 0.075)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.039*4 = 0.156, estimate highest/lowest PE = 8.56/7.4 (DPS 0.075)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.0449*4 = 0.1796, estimate highest/lowest PE = 8.21/6.38 (DPS 0.075)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.0525*4 = 0.21, estimate highest/lowest PE = 8.38/6.9 (DPS 0.05)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.0570*4 = 0.228, estimate highest/lowest PE = 6.62/5.83 (DPS 0.05)
- After 2009 Q1 loss result announced, no estimate
- Estimate next 4Q eps after 2008 Q4 result announced = 0.0240*4 = 0.096, estimate highest/lowest PE = 14.32/7.86 (DPS 0.075)

OSK latest news (English)

OSK latest news (Chinese)



Financial Quarter Summary

a_date	year	qrt	h_price	l_price	div	roe	c_roe	rev	c_rev	pbt	c_pbt	prof	c_prof	eps	c_eps	asset	liab	mino	equi	cfo	cfi	cff	cash	fcf	net	final	share	c_share	m_cap	date	prof_m	vat	asset_t	pe	navps	ntaps	p/ntaps	cps	l_cur	l_qui	l_cash	g_de	g_da	avg_w	inv_d	rec_d	pay_d
2011-11-15	2011	3	N/A	N/A	-	1.61%	4.51%	288779	835495	50718	141106	28811	81044	0.0306	0.0861	12147357	10352329	305367	1795028	659021	144500	100230	699672	514521	414291	1113963	941110	941174	1656353	2011-09-30	17.56%	31.04%	0.0937	-	1.58	1.33	1.32	2.57	1.2104	0.7802	0.2562	6.9495	0.8522	174.8%	2096	1586	4861
2011-08-25	2011	2	1.88	1.28	0.025	0.32%	2.96%	242882	546715	17181	90388	5600	52233	0.0059	0.0555	11492874	9727645	290758	1765229	333034	25234	71678	672824	307800	236122	908946	941308	941228	1336657	2011-06-30	7.07%	32.26%	0.0961	-	1.57	1.32	1.08	2.27	1.2218	0.7322	0.2419	6.5974	0.8464	177.7%	2268	1406	4620
2011-05-27	2011	1	1.7	1.33	-	2.67%	2.67%	304039	304039	73207	73207	46633	46633	0.0495	0.0495	11749733	10002748	243939	1746985	175371	5256	160429	662550	170115	9686	672236	941303	941303	1571976	2011-03-31	24.08%	27.22%	0.0911	-	1.6	1.36	1.23	2.01	1.2012	0.7365	0.2058	6.655	0.8513	172.9%	2324	1615	4982
2011-02-23	2010	4	1.86	1.59	0.05	2.40%	6.95%	302061	1012206	55390	194972	40631	117613	0.0432	0.1196	10019631	8326180	244741	1693451	486167	41229	399167	792708	527396	128229	664479	940710	983460	1618021	2010-12-31	18.34%	13.10%	0.101	14.3823	1.47	1.25	1.38	1.72	1.2695	0.6974	0.2201	5.7473	0.831	196.3%	2459	1234	4283
2010-11-26	2010	3	2.23	1.7	-	2.04%	4.67%	255351	710253	57490	139582	33601	76982	0.0358	0.0840	12872111	11224111	234344	1648000	512186	22584	538056	788153	534770	3286	791439	939474	916534	1662868	2010-09-30	22.51%	22.69%	0.0737	-	1.54	1.31	1.35	2.07	1.5107	0.6717	0.3769	7.9398	0.872	278.1%	2769	540	3281
2010-08-25	2010	2	2.03	1.29	0.025	0.69%	2.67%	209439	454902	23903	82089	11135	43379	0.0119	0.0479	10218959	8595898	224793	1623061	333138	9457	214106	800170	342595	128489	671681	939157	905009	1267861	2010-06-30	11.41%	22.08%	0.0901	-	1.55	1.31	1.03	1.79	1.5201	0.6304	0.3796	6.1475	0.8412	250.8%	2623	412	2927
2010-05-25	2010	1	1.41	1.23	-	1.97%	1.97%	245463	245463	58186	58186	32244	32244	0.0390	0.0390	9702588	8067092	216283	1635496	92290	4704	25974	804060	96994	71020	733040	826824	826824	1008725	2010-03-31	23.70%	31.17%	0.0963	-	1.72	1.46	0.84	2.02	1.4273	0.5892	0.3517	5.6842	0.8314	217.6%	2667	410	3155
2010-02-25	2009	4	1.55	1.22	0.05	2.46%	7.45%	238086	820368	59208	191022	37134	112629	0.0562	0.1690	9887117	8375430	224546	1511687	123706	50835	25755	1026874	174541	200296	826578	660906	666486	812914	2009-12-31	24.87%	24.49%	0.083	7.2786	1.93	1.62	0.76	2.59	1.4414	0.5829	0.3705	6.507	0.8471	248.1%	2924	415	3383
2009-11-25	2009	3	1.81	1.14	-	2.34%	5.12%	227662	582282	60535	131813	34554	75494	0.0525	0.1147	11028542	9552978	217192	1475564	191600	41262	78871	1029860	150338	229209	1259069	658717	658223	974901	2009-09-30	26.59%	26.43%	0.0688	-	1.91	1.6	0.92	3.97	1.4227	0.702	0.4922	7.5915	0.8662	295.9%	3151	523	4357
2009-08-27	2009	2	1.59	1.37	0.025	2.15%	2.38%	222951	354620	61325	71278	36981	40940	0.0570	0.0631	9460850	7738166	304286	1722684	65538	13476	2777	1022185	52062	54839	1077024	648942	648942	915008	2009-06-30	27.51%	31.93%	0.0773	-	2.19	1.86	0.76	3.06	1.4195	0.6363	0.4361	5.4556	0.8179	261.4%	2958	447	3768
2009-05-28	2009	1	1.58	1.23	-	0.23%	0.23%	131668	131668	9952	9952	3959	3959	0.0061	0.0061	7434975	5748038	293109	1686937	210341	3250	9352	1014790	207091	197739	1212529	648921	648921	869554	2009-03-31	7.56%	38.33%	0.1042	-	2.15	1.82	0.74	3.04	1.5382	0.837	0.571	4.1239	0.7731	240.4%	1997	423	2839
2009-02-26	2008	4	1.5	0.83	0.025	0.92%	8.03%	176992	812165	1887	168186	15424	134774	0.0240	0.2073	6138675	4459291	-298983	1679384	529402	72085	195373	748786	457317	261944	1010730	643291	650079	566096	2008-12-31	1.07%	-	0.1419	4.2447	3.04	2.72	0.32	2.63	1.6381	0.9432	0.5966	2.254	0.7264	207.6%	1465	402	2100
2008-11-27	2008	3	1.1	0.865	-	1.17%	7.13%	199737	634939	29036	166299	19590	119350	0.0302	0.1819	7823448	6149101	321960	1674347	927818	72382	167273	812988	855436	688163	1501151	649451	655995	603989	2008-09-30	14.54%	18.53%	0.1288	-	2.06	1.74	0.53	3.35	1.4789	0.8623	0.574	4.5469	0.786	179.9%	1436	395	2321
2008-08-29	2008	2	1.5	0.91	0.05	3.12%	5.27%	266186	435421	72087	137262	59026	99759	0.0907	0.1532	8004929	6113489	372900	1891440	562692	4779	123439	803347	557913	434474	1237821	650853	651068	943736	2008-06-30	27.08%	10.32%	0.1413	-	2.33	1.94	0.75	2.86	1.5682	0.9508	0.5923	4.0259	0.7637	158.2%	1096	363	1760
2008-05-29	2008	1	1.85	1.42	-	2.14%	2.14%	228454	228454	65175	65175	40733	40733	0.0626	0.0626	8236541	6329589	375933	1906952	473844	6333	31558	741928	467511	435953	1177881	651202	651202	1159139	2008-03-31	28.53%	29.57%	0.1429	-	2.35	1.97	0.9	3.06	1.4688	0.8954	0.7412	4.1342	0.7685	107.2%	838	126	1445
2008-02-28	2007	4	2.1	1.68	0.1	2.74%	15.02%	313103	1236583	81018	446642	51990	284743	0.0782	0.4284	8466710	6571301	377261	1895409	854379	899	289806	179631	853480	563674	743305	664940	664681	1256736	2007-12-31	25.88%	24.84%	0.1461	4.4119	2.28	1.91	0.99	2.22	1.9054	1.2338	0.6432	4.3285	0.7761	167.8%	804	358	1175
2007-11-27	2007	3	2.7	1.87	-	4.04%	13.24%	322970	923480	112074	365624	71020	232753	0.1041	0.3529	8337661	6580053	334527	1757608	234017	23455	27337	167533	257472	230135	397668	682363	659578	1617200	2007-09-30	34.70%	26.48%	0.13	-	2.16	1.78	1.33	4.39	1.2488	1.2216	0.507	4.6238	0.7892	135.6%	116	1401	4187
2007-08-28	2007	2	2.85	2.3	-	4.95%	9.33%	312513	600510	136822	253550	85814	161733	0.1258	0.2452	8673342	6940554	316793	1732788	165359	39670	142642	164201	125689	16953	181154	682363	659578	2060736	2007-06-30	43.78%	24.47%	0.0878	-	2.15	1.77	1.71	3.64	1.2737	1.26	0.4084	4.9015	0.8002	218.7%	-	2449	N/A
2007-05-25	2007	1	N/A	N/A	-	4.56%	4.56%	287997	287997	116728	116728	75919	75919	0.1187	0.1187	6560792	4894747	303661	1666045	37777	3998	45388	165968	33779	11609	154359	639788	639788	1804202	2007-03-31	40.53%	27.01%	0.0684	-	2.13	1.74	1.62	2.93	1.3121	1.2936	0.4403	3.5928	0.7461	296.4%	-	2927	N/A
2007-02-27	2006	4	N/A	N/A	-	2.35%	6.54%	160625	549962	42144	161638	35739	99501	0.0585	0.1631	3816941	2295827	298860	1521114	281085	187388	393614	244231	468473	74859	169372	611091	610116	1197738	2006-12-31	26.24%	-	0.0421	12.0182	2.0	1.6	1.22	1.54	1.7884	1.7437	0.5914	1.8784	0.6015	783.3%	-	4145	N/A

Financial Quarter Balance Sheet

year	qrt	Deferred tax assets (A-0)	Intangible assets (A-0)	Investment in associated companies (A-0)	Investment properties (A-0)	Land held for property development (A-0)	Other assets (A-0)	Other investments (A-0)	Prepaid lease payments (A-0)	Property, plant and equipment (A-0)	Security deposits and statutory funds (A-0)	Accrued billings (A-1)	Available-for-sale securities (A-1)	Cash and cash equivalents (A-1)	Current tax assets (A-1)	Deposits with licensed banks (A-1)	Derivative financial assets (A-1)	Held-for-trading securities (A-1)	Held-to-maturity securities (A-1)	Loans, advances & financing (A-1)	Other investments (A-1)	Other receivables, deposits and prepayments (A-1)	Property development costs (A-1)	Securities purchased under resale agreements (A-1)	Statutory deposits with Bank Negara Malaysia (A-1)	Stock (A-1)	Trade receivables (A-1)	Debt securities (L-0)	Deferred tax liabilities (L-0)	Finance lease payables (L-0)	Loans & borrowings (L-0)	Other liabilities (L-0)	Subordinated notes (L-0)	Amount due to associated companies (L-1)	Current tax liabilities (L-1)	Deposits & placements of banks & other financial institutions (L-1)	Deposits from customers (L-1)	Derivative financial liabilities (L-1)	Dividend payable (L-1)	Obligations on securities sold under repurchase agreements (L-1)	Payables and accruals (L-1)	Progress billings (L-1)	Trade and other payables (L-1)	Minority interest (M-1)
2011	3	5377	233462	22372	134000	-	113770	-	-	196256	-	-	3316909	2118288	5137	55000	4853	145988	603801	1633978	-	-	-	-	248795	-	3309371	-	3837	-	247739	247340	400000	-	24793	672450	4655680	31119	-	75976	-	-	3993395	305367
2011	2	1905	228056	20308	134000	-	103593	-	-	193604	-	-	3488593	1782377	6415	195000	78913	273783	569739	1537574	-	-	-	-	162788	-	2716226	-	4294	-	256568	218158	400000	-	23907	466236	4882473	88476	-	-	-	-	3387533	290758
2011	1	1299	224269	22690	134000	-	129165	-	-	185434	-	-	3229258	1665019	7845	155000	136478	433418	613520	1300559	-	-	-	-	73362	-	3438417	-	1163	-	266600	233377	300000	-	35985	690787	4219403	142341	-	16580	-	-	4096512	243939
2010	4	481	223889	21146	134000	-	94816	-	-	184441	-	-	2795866	1552880	6931	-	90297	648996	662427	1378376	-	-	-	111486	69678	-	2043921	-	1812	-	362115	288856	300000	-	23878	669769	3872805	149749	-	-	-	-	2657196	244741
2010	3	1450	209568	20378	112600	-	4548106	-	-	179983	-	-	3136721	1812963	11317	70000	108589	436565	699072	1401876	-	-	-	59868	63055	-	-	-	3918	-	509320	5251220	296589	-	31047	475703	4583761	72553	-	-	-	-	-	234344
2010	2	1929	209525	19335	112600	-	2951258	-	-	175862	-	-	3012451	1579708	9878	50000	63546	214689	722476	1040109	-	-	-	-	55593	-	-	-	606	-	155698	3699971	300000	-	32876	352632	4004089	50026	-	-	-	-	-	224793
2010	1	2646	208825	20999	112600	-	2394678	-	-	173506	-	-	3084324	1566591	9422	50000	70071	230821	668204	1050193	-	-	-	3282	56426	-	-	-	993	-	135080	3074400	100000	-	40267	302129	4361739	52484	-	-	-	-	-	216283
2009	4	3402	209853	20369	112600	-	2720139	-	11903	161359	-	-	2731301	1611189	9789	50000	37122	203665	1024096	932657	-	-	-	-	47673	-	-	-	1023	-	216966	3445463	100000	-	30198	174222	4355697	51861	-	-	-	-	-	224546
2009	3	1903	207358	19627	112600	-	2956346	-	11986	157253	-	-	2678909	2219103	7886	355000	20549	105470	1035850	1087051	-	-	-	9941	41710	-	-	-	686	-	433349	3704016	100000	-	17963	144916	5099901	52147	-	-	-	-	-	217192
2009	2	6903	211880	204165	112600	-	2284120	-	11973	159653	-	-	2266098	1837427	11153	116508	4868	79303	1224037	896425	-	-	-	-	33737	-	-	-	1582	-	287666	2807161	84180	-	11332	180520	4343372	22353	-	-	-	-	-	304286
2009	1	16219	211727	210244	112600	-	1388082	-	12008	161339	-	-	1473005	1807673	21799	140512	1241	30685	922699	897534	-	-	-	-	27608	-	-	-	9160	-	209263	1969294	100000	-	11697	231712	3209415	7497	-	-	-	-	-	293109
2008	4	6366	211780	211884	112600	-	777383	-	12043	162982	-	-	1296418	1534364	21074	76047	2326	46870	626679	959025	-	-	-	-	80834	-	-	-	255	-	207573	1316705	100000	-	10178	447915	2370633	5783	-	249	-	-	-	298983
2008	3	11876	209580	233521	42786	-	1552784	-	11082	163673	-	-	1885281	893688	-	1187220	238	17418	431163	1091092	-	-	-	-	92046	-	-	-	5206	-	177100	2081408	100000	-	12990	-	3767408	4742	-	247	-	-	-	321960
2008	2	11943	252508	209470	42786	306519	2068501	-	11538	166073	-	8267	1610112	739967	-	1055880	2643	80810	160989	1117419	-	-	91331	-	68173	-	-	-	27465	-	433637	2505087	-	-	26786	-	3076590	29161	-	245	-	14518	-	372900
2008	1	2736	250583	210533	42786	295313	3304817	-	10958	164924	-	5904	1390512	856171	-	1074000	8330	55089	10756	400650	-	-	87204	-	65275	-	-	-	47119	-	455207	3135254	-	-	30744	-	2627894	20059	-	592	-	12720	-	375933
2007	4	2013	250181	201592	64896	296834	3108962	-	11011	163516	-	11973	1204319	1360817	7460	50000	134429	142244	111122	1200007	-	-	81804	-	63530	-	-	-	34238	-	433855	3810958	-	-	41399	810385	1263213	164757	-	241	-	12255	-	377261
2007	3	894	248572	198441	42786	208251	-	86650	11042	161391	2715	3535	-	1028099	5266	455700	47210	-	-	87527	1457612	40826	160949	-	53701	7732	4028762	47109	32154	669	592960	-	-	3086	49506	-	2007561	72339	47276	-	280835	15501	3431057	334527
2007	2	805	248129	196941	42786	185652	-	76615	11074	159928	2693	1275	-	813907	7447	391500	56357	-	-	8283	1233178	44508	82941	-	45870	10596	5052857	46824	26939	838	782136	-	-	2300	53591	72050	1198321	100889	-	383676	193561	12206	4067223	316793
2007	1	465	248500	228309	42786	186984	-	90566	11106	159385	2464	2826	-	707238	8633	521300	18347	-	-	-	614699	35527	78473	-	32714	11099	3559371	70611	27541	1025	534934	-	-	1726	31870	-	697503	40475	-	313541	171765	8913	2994843	303661
2006	4	465	248352	225084	42786	190802	-	80439	11146	160590	3413	-	-	508915	12779	15600	-	-	-	-	419232	21305	71356	-	-	1787	1802890	70139	28099	1214	600648	-	-	3042	9066	102090	-	-	-	-	155075	7451	1319003	298860

Financial Quarter Income Statement

year	qrt	Revenue	Income tax expense	Finance/interest costs	Other income	Administrative/Operating expenses	Minority interest	Finance/interest income	Share of profit/ (loss) of associates	Impairment loss	Net income from Islamic banking business	Write back/(Allowances) for losses on loans, advance & financing	Write back of impaired trade and other receivables
2011	3	288779	15741	56595	196307	165015	6166	82215	872	7500	2434	1636	364
2011	2	242882	5543	51051	159983	165024	6038	72944	803	-	2247	2831	110
2011	1	304039	19927	44961	226104	181950	6647	69659	379	-	1637	2999	660
2010	4	302061	7255	43796	240155	196037	7504	76127	966	19898	1185	3293	19
2010	3	255351	13045	38193	185898	154221	10844	62829	1043	0	1664	1702	172
2010	2	209439	5278	30409	144598	139293	7490	58660	384	11213	1347	1552	1723
2010	1	245463	18138	28144	174228	136731	7804	64719	630	15400	1889	3248	243
2009	4	238086	14501	31519	167431	140714	7573	65174	742	2000	1386	5358	66
2009	3	227662	15997	32370	163533	132802	9984	59237	2911	30	1863	4368	353
2009	2	222951	19582	30703	166938	135315	4762	52406	4391	5836	646	5321	587
2009	1	131668	3815	28334	76779	85448	2178	49843	4536	126	1638	1041	1177
2008	4	176992	2315	28875	117253	90144	11222	54887	19103	21238	631	11330	194
2008	3	199737	5380	36817	131071	129532	4066	63169	2426	0	887	3191	507
2008	2	266186	7437	29134	215450	138310	5624	50125	918	22000	129	3722	725
2008	1	228454	19274	27387	178708	132913	5168	49746	1242	-	-	563	1174
2007	4	313103	20126	27595	263279	192574	8902	49824	3908	4483	-	2787	738
2007	3	322970	29680	25105	280110	183461	11374	42860	1888	524	-	1093	2601
2007	2	312513	33485	21218	273996	163504	17523	38517	3782	-	-	1034	6283
2007	1	287997	31533	12020	261594	159554	9276	26403	3640	-	-	-	3335
2006	4	160625	1464	9186	8916	-	7869	-	3996	-	-	-	-

Financial Quarter Segments Revenue

year	qrt	Others	Property development	Property investment	Investment Banking	Loans & Financing	Equities & Futures	Wealth Management	Holding Entities	Venture Capital
2011	3	5268	-	1896	94971	38887	116589	32493	1324	-
2011	2	1987	-	1858	66130	43002	99543	29527	629	-
2011	1	1870	-	1949	102546	33641	135989	27919	125	-
2010	4	1665	-	2012	209054	52317	4535	30524	1846	-
2010	3	1831	-	1985	53544	18235	154548	21727	3481	-
2010	2	1944	-	1992	34303	22888	130872	20189	2749	-
2010	1	1727	-	1841	58441	18235	143220	21840	159	-
2009	4	2942	-	1725	156581	42759	6738	27543	202	-
2009	3	1964	-	1544	38696	6069	157504	22135	1681	1431
2009	2	1913	-	1524	2562	11681	190457	18814	4450	3325
2009	1	1590	-	1476	39933	21062	57194	11254	1045	204
2008	4	1542	2971	48326	37801	6028	81146	9848	3844	480
2008	3	1649	38828	3413	56036	35115	54145	13942	3799	19
2008	2	1747	28811	2774	22427	24225	100531	20615	5141	696
2008	1	1278	20311	1552	64159	25873	100266	19193	3378	800
2007	4	2255	36077	5788	24113	4330	198767	44737	1592	1372
2007	3	1126	26604	1348	64191	6039	195532	23752	2293	2085
2007	2	1815	16869	1399	44548	10451	184999	23223	2049	27160
2007	1	600	16358	1337	50947	7279	161837	48417	709	513
2006	4	744	18087	1338	20071	7780	93866	13635	1505	4496

Financial Quarter Segments Profit

year	qrt	Others	Property development	Property investment	Investment Banking	Loans & Financing	Equities & Futures	Wealth Management	Holding Entities	Venture Capital
2011	3	3730	-	2767	21327	16078	3877	996	1071	-
2011	2	648	-	2387	1618	13703	556	2197	383	-
2011	1	351	-	2534	39739	16930	14816	829	11	-
2010	4	823	-	23440	11211	14355	26007	887	1769	-
2010	3	1959	-	2191	32814	8281	10962	1077	3084	-
2010	2	48	-	2150	9134	14423	982	434	3556	-
2010	1	121	-	2279	30318	8402	14981	2297	600	-
2009	4	495	-	2159	29735	7412	17234	2229	797	-
2009	3	118	-	2170	25570	4955	27328	3964	2728	2069
2009	2	159	-	2139	15888	11254	28807	2396	3066	2009
2009	1	60	-	2259	2538	8913	92	1882	1935	679
2008	4	49	2277	49862	5973	14809	18375	1983	15692	15082
2008	3	501	3339	2151	33555	28071	38314	1650	637	875
2008	2	331	4678	2254	9102	9001	59035	2992	3536	942
2008	1	190	181	2054	33047	12747	20512	2648	4038	544
2007	4	628	4785	6709	3817	2754	72115	5478	3524	202
2007	3	107	2251	1842	53698	1502	44429	3062	1206	2088
2007	2	380	382	1797	24879	11386	64022	4341	704	25910
2007	1	343	865	2113	37931	4563	63627	3236	55	1151
2006	4	678	1364	1793	4470	6506	19072	2786	367	3202

Financial Quarter Segments Associate

year	qrt	Others	Wealth Management	Venture Capital
2011	3	426	446	-
2011	2	415	388	-
2011	1	532	153	-
2010	4	802	164	-
2010	3	670	373	-
2010	2	289	95	-
2010	1	415	215	-
2009	4	-	285	457
2009	3	-	272	3183
2009	2	412	371	4433
2009	1	412	376	4500
2008	4	-	569	18534
2008	3	240	446	2220
2008	2	227	510	1201
2008	1	13	909	2138
2007	4	210	-	4118
2007	3	371	-	1518
2007	2	523	-	3258
2007	1	273	-	3367
2006	4	53	-	3943

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

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●CHANGES IN SHAREHOLDING
●ANNUAL REPORTS

HISTORICAL

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●CHANGES IN SHAREHOLDING

ARCHIVES

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KLCI Stock - BHIC / 8133 - 2011 Quarter 3

Company Info

Market Capital (Capital Size)	655,928,100 (Medium)
Par Value	RM 1.00

My Analysis

Forecast P/E now	(2.64-0.065)/0.162 = 15.90 (High)
Target Price	1.94+0.065 = 2.01 (PE 12.0, EPS 0.162, DPS 0.065)
Decision	Not interested unless strong uptrend start above 2.77
Comment	Revenue increased 24.2% and was second consecutive quarter increasing but still lower than preceding year corresponding quarter 34.1%, eps decreased 275% and was fourth consecutive quarter decreasing (lower than preceding year corresponding quarter 109%), cash generated from operating enough for financing expenses and got more cash from borrowings to cover investing expenses, slightly weaker liquidity ratio at low level now, slightly lower gearing ratio at high level now, receivables & payables ratio still very high, lower receivables can indicate contract work reduce
First Support Price	2.6
Second Support Price	2.4
Risk Rating	HIGH

Research House

HwangDBS Target Price	5.15 (2011-08-15)
AMMB Target Price	4.3 (2011-11-16)

Accounting Ratio

Return on Equity	4.30%
Dividend Yield	2.46%
Profit Margin	-3.51%
Tax Rate	-
Asset Turnover	0.5158
Net Asset Value Per Share	1.7
Net Tangible Asset per share	1.69
Price/Net Tangible Asset Per Share	1.68
Cash Per Share	0.67
Liquidity Current Ratio	1.1576
Liquidity Quick Ratio	1.1063
Liquidity Cash Ratio	0.2495
Gearing Debt to Equity Ratio	1.6937
Gearing Debt to Asset Ratio	0.5995
Working capital per thousand Ringgit sale	16.9%
Days to sell the inventory	21
Days to collect the receivables	336
Days to pay the payables	204

My notes based on 2011 quarter 3 report (number in '000):-
- Lower revenue than FY10Q3 because in previous year’s corresponding period incorporated revenue for accumulation of work done on submarine maintenance

- Loss before tax mainly due to cost escalations in completing certain commercial shipbuilding projects, higher finance charges and lower share of profits from associates

- Higher revenue than FY11Q2 mainly due to contributions by defence related projects

- Boustead Naval Shipyard Sdn Bhd, the associate company’s negotiation for the contract to build the six Littoral Combatant Ships is at the advanced stage of preparations

- No estimate next 4Q eps after 2011 Q3 result announced, but if based on ROE of 2.14% per quarter then eps = 0.0405*4 = 0.162, estimate PE on current price 2.64 = 15.9(DPS 0.065)
- Estimate next 4Q eps after 2011 Q2 result announced = 0.0405*4 = 0.162, estimate highest/lowest PE = 20.15/14.41 (DPS 0.065)
- Estimate next 4Q eps after 2011 Q1 result announced = (0.0405+0.046)*2*1.1 = 0.1903, estimate highest/lowest PE = 21.97/16.5 (DPS 0.065)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.3098*1.2 = 0.3718, estimate highest/lowest PE = 11.57/10.46 (DPS 0.06)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.0636*1.1*4 = 0.2798 (10% increase due to many new contract received), estimate highest/lowest PE = 16.69/14.44 (DPS 0.06)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.0631*4 = 0.2524*0.9 = 0.2272 (10% drop from 0.2524), estimate highest/lowest PE = 21.13/15.58 (DPS 0.06)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.0749*4 = 0.2996, estimate highest/lowest PE = 15.75/12.65 (DPS 0.06)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.0996*4 = 0.3984, estimate highest/lowest PE = 12.66/11.16 (DPS 0.055)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.0709*4 = 0.2836, estimate highest/lowest PE = 18.67/16.24 (DPS 0.055)
- Estimate next 4Q eps after 2009 Q1 result announced = 0.0616*4 = 0.2464, estimate highest/lowest PE = 19.99/12.68 (DPS 0.055)
- Estimate next 4Q eps after 2008 Q4 result announced = 0.0602*4 = 0.2408, estimate highest/lowest PE = 13.89/9.7 (DPS 0.055)

BHIC latest news (English)

BHIC latest news (Chinese)

KLCI Stock - JOBST / 0058 - 2011 Quarter 3

Company Info

Market Capital (Capital Size)	776,726,130 (Medium)
Par Value	RM 0.20

My Analysis

Forecast P/E now	(2.41-0.065)/0.1412 = 16.61 (Moderate)
Target Price	2.54+0.065 = 2.61 (PE 18.0, EPS 0.1412, DPS 0.065)
Decision	Not interested unless stock price sustain above 2.48
Comment	Revenue decreased 0.5% but higher than preceding year corresponding quarter 18.4%, eps decreased 13.9% and was second consecutive quarter decreasing but still higher than preceding year corresponding quarter 18.9%, cash generated from operating is more than enough to cover all expenses, stronger liquidity ratio at moderate level now, lower gearing ratio at below moderate level now, higher payables, except Singapore, others segment business were growth, lower receivables can indicate revenue slow down
First Support Price	2.4
Second Support Price	2.2
Risk Rating	MODERATE

Research House

OSK Target Price	2.32 (2011-05-19)
CIMB Target Price	3.77 (2011-07-18)
HwangDBS Target Price	2.3 (2011-10-04)

Accounting Ratio

Return on Equity	25.84%
Dividend Yield	2.59%
Profit Margin	43.99%
Tax Rate	22.82%
Asset Turnover	0.5746
Net Asset Value Per Share	0.57
Net Tangible Asset per share	0.57
Price/Net Tangible Asset Per Share	4.39
Cash Per Share	0.28
Liquidity Current Ratio	2.4147
Liquidity Quick Ratio	2.4147
Liquidity Cash Ratio	2.0624
Gearing Debt to Equity Ratio	0.2393
Gearing Debt to Asset Ratio	0.1903
Working capital per thousand Ringgit sale	46.6%
Days to sell the inventory	-
Days to collect the receivables	42
Days to pay the payables	184

My notes based on 2011 quarter 3 report (number in '000):-
- Higher revenue and profit than FY10Q3 mainly due to higher sales reflecting higher recruitment activities and lower tax rate

- Lower pbt than FY11Q2 mainly due to fair value of the Group’s investments in quoted securities decreased by RM1.2 million which negatively impacted profitability

- Estimate next 4Q eps after 2010 Q3 result announced = 0.0353*4 = 0.1412, estimate PE on current price 2.41 = 16.61(DPS 0.06)
- Estimate next 4Q eps after 2010 Q2 result announced = (0.0349+0.041)*2 = 0.1518, estimate highest/lowest PE = 18.05/14.76 (DPS 0.06)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.1441, estimate highest/lowest PE = 20.33/17.63 (DPS 0.06)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.0343*4*1.05 = 0.1441, estimate highest/lowest PE = 19.85/16.59 (DPS 0.06)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.0343*4*1.05 = 0.1441, estimate highest/lowest PE = 20.51/18.42 (DPS 0.055)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.0343*4*1.05 = 0.1441, estimate highest/lowest PE = 20.78/13.98 (DPS 0.055)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.0991 (5% grow from 0.0944), estimate highest/lowest PE = 20.66/18.54 (DPS 0.0425)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.0895 (around 5% grow from 0.085), estimate highest/lowest PE = 23.8/16.54 (DPS 0.03)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.0892, estimate highest/lowest PE = 17.49/15.02 (DPS 0.03)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.084, estimate highest/lowest PE = 16.49/13.63 (DPS 0.035)
- Estimate next 4Q eps after 2009 Q1 result announced = 0.0899, estimate highest/lowest PE = 14.07/11.4 (DPS 0.035)

JOBST latest news (English)

JOBST latest news (Chinese)

KLCI Stock - AHEALTH / 7090 - 2011 Quarter 3

Company Info

Market Capital (Capital Size)	253,972,731 (Small)
Par Value	RM 1.00

My Analysis

Forecast P/E now	(2.71-0.145)/0.294 = 8.72 (High)
Target Price	2.50+0.145 = 2.64 (PE 8.5, EPS 0.294, DPS 0.145)
Decision	Not interested unless stock price next uptrend start above 2.8
Comment	Revenue increased 3.2% and also higher than preceding year corresponding quarter 12.6%, eps decreased 29.6% and was third consecutive quarter decreasing and also lower than preceding year corresponding quarter 36.2%, cash generated from operating enough to cover financing expenses but investing expenses used 22.2% of Group cash to cover, stronger liquidity ratio at moderate level now, lower gearing ratio at below moderate level now, all accounting ratio are good, expect lower profit due to ceased of associates company, higher inventory which can indicate still strong demand of products
First Support Price	2.7
Second Support Price	2.5
Risk Rating	MODERATE

Accounting Ratio

Return on Equity	16.49%
Dividend Yield	5.35%
Profit Margin	6.67%
Tax Rate	24.52%
Asset Turnover	1.2389
Net Asset Value Per Share	2.03
Net Tangible Asset per share	2.02
Price/Net Tangible Asset Per Share	1.41
Cash Per Share	0.19
Liquidity Current Ratio	2.8703
Liquidity Quick Ratio	2.1818
Liquidity Cash Ratio	0.2524
Gearing Debt to Equity Ratio	0.4168
Gearing Debt to Asset Ratio	0.2803
Working capital per thousand Ringgit sale	37.6%
Days to sell the inventory	64
Days to collect the receivables	91
Days to pay the payables	88

My notes based on 2011 quarter 3 report (number in '000):-
- Higher revenue mainly due to manufacturing unit, Xepa performed well, supported by strong sales in the domestic and Singapore markets, Apex Pharma wholesale, distribution and marketing unit

- The Group‟s own products under the AVEX, AVO, AGNESIA and KAP brands increased market share with a growing number of customers. AGNESIA and KAPS products were exported or the first time to Uganda. Revenue from Singapore operations under Apex Pharma Marketing Pte Ltd grew steadily, supported by newly acquired agencies

- Lower pbt attributed to the Group's decision to seek an exit for its investment in MDK because non-current Assets Held For Sale and Discontinued Operations, the Group re-measured its investment to the lower of carrying amount and fair value less cost to sell resulting in an impairment of RM 2.2 million arising from estimated capital gain tax and transaction costs

- Estimate next 4Q eps after 2011 Q3 result announced = 0.07*4*1.05 = 0.294, estimate PE on current price 2.71 = 8.72(DPS 0.145)
- Estimate next 4Q eps after 2011 Q2 result announced = 0.38, estimate highest/lowest PE = 7.33/6.14 (DPS 0.145)
- Estimate next 4Q eps after 2011 Q1 result announced = 0.095*4 = 0.38, estimate highest/lowest PE = 8.21/7.05 (DPS 0.13)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.08*4*1.05 = 0.336(exclude non-recurring income RM10.1 million), estimate highest/lowest PE = 8.54/7.44 (DPS 0.13)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.0771*4*1.05 = 0.3238, estimate highest/lowest PE = 8.18/7.38 (DPS 0.08)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.1334*2*1.1 = 0.2935 (0.1334 is recent 2Q cum_eps, 10% increase), estimate highest/lowest PE = 8.7/7.85 (DPS 0.076)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.32 (add 5% adjustment from 0.3048 due to profit boosted), estimate highest/lowest PE = 10.48/8.41 (DPS 0.0975)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.3048 (10% grow from 0.2771(after deducted 3.4 mil)), estimate highest/lowest PE = 10.74/6.18 (DPS 0.1975)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.2385, estimate highest/lowest PE = 8.82/7.26 (DPS 0.0975)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.2365, estimate highest/lowest PE = 7.83/6.44 (DPS 0.0975)
- Estimate next 4Q eps after 2009 Q1 result announced = 0.2312, estimate highest/lowest PE = 6.64/5.47 (DPS 0.095)
- Estimate next 4Q eps after 2008 Q4 result announced = 0.2168, estimate highest/lowest PE = 6.11/4.59 (DPS 0.095)

AHEALTH latest news (English)

AHEALTH latest news (Chinese)

KLCI Stock - CARLSBG / 2836 - 2011 Quarter 3

Company Info

Market Capital (Capital Size)	2,230,484,720 (Large)
Par Value	RM 0.50

My Analysis

Forecast P/E now	(7.24-0.555)/0.5471 = 12.22 (Moderate)
Target Price	7.66+0.555 = 8.21 (PE 14.0, EPS 0.5471, DPS 0.555)
Decision	BUY if stock price next uptrend above 6.8 or for dividend keep
Comment	Revenue increased 16.3% and also higher than preceding year corresponding quarter 21.9%, eps increased 57.4% and also higher than preceding year corresponding quarter 43.3%, cash generated from operating after deducted receivables increase not enough for dividend payment hence increased borrowings and spent 18.7% of Group cash to cover other expenses as well, slightly stronger liquidity ratio at low level now, slightly higher gearing ratio at moderate level now, all accounting ratio are good, significant receivables increased can indicate good sales of products
First Support Price	6.8
Second Support Price	6.2
Risk Rating	MODERATE

Research House

RHB Target Price	7.96 (2011-04-21)
Maybank Target Price	8 (2011-09-05)
OSK Target Price	8.31 (2011-09-15)
AMMB Target Price	8.3 (2011-11-16)

Accounting Ratio

Return on Equity	26.47%
Dividend Yield	7.67%
Profit Margin	17.16%
Tax Rate	28.91%
Asset Turnover	1.456
Net Asset Value Per Share	1.97
Net Tangible Asset per share	0.64
Price/Net Tangible Asset Per Share	11.02
Cash Per Share	0.27
Liquidity Current Ratio	1.2821
Liquidity Quick Ratio	1.1237
Liquidity Cash Ratio	0.2465
Gearing Debt to Equity Ratio	0.6796
Gearing Debt to Asset Ratio	0.4032
Working capital per thousand Ringgit sale	6.4%
Days to sell the inventory	15
Days to collect the receivables	72
Days to pay the payables	64

My notes based on 2011 quarter 3 report (number in '000):-
- Higher revenue was partly attributable to the higher sales arising from successful consumer campaigns undertaken

- Higher pbt was also attributable to lower costs incurred during the quarter as a result of earlier productivity improvements and cost efficiency initiatives in Supply Chain and Sales and Marketing

- Estimate next 4Q eps after 2011 Q3 result announced = 0.521*1.05 = 0.5471, estimate PE on current price 7.24 = 12.22(DPS 0.555)
- Estimate next 4Q eps after 2011 Q2 result announced = 0.4727*1.05 = 0.4963, estimate highest/lowest PE = 13.18/11.32 (DPS 0.58)
- Estimate next 4Q eps after 2011 Q1 result announced = (0.1601+0.0997)*2*1.1 = 0.5716, estimate highest/lowest PE = 12.81/10.39 (DPS 0.58)

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