Sponsor by Innity

Sponsor by cwyeoh

Sponsor by Nuffnang

Wednesday, November 30, 2011

KLCI Stock - WASEONG / 5142 - 2011 Quarter 3

Company Info
Market Capital (Capital Size)1,559,898,786 (Large)
Par ValueRM 0.50

My Analysis
Forecast P/E now(2.07-0.055)/0.1232 = 16.36 (High)
Target Price1.72+0.055 = 1.78 (PE 14.0, EPS 0.1232, DPS 0.055)
DecisionNot 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 Price2.0
Second Support Price1.9
Risk RatingMODERATE

Research House
MIDF Target Price2.35 (2011-04-19)
CIMB Target Price2.7 (2011-04-28)
OSK Target Price3.5 (2011-05-06)
AMMB Target Price2.85 (2011-07-04)
Kenanga Target Price3.04 (2011-07-04)
Maybank Target Price3.1 (2011-07-04)
MIDF Target Price2.73 (2011-09-15)
HwangDBS Target Price3.1 (2011-09-21)
ECM Target Price2.48 (2011-11-16)
RHB Target Price1.49 (2011-11-24)

Accounting Ratio
Return on Equity10.80%
Dividend Yield2.66%
Profit Margin7.66%
Tax Rate19.45%
Asset Turnover0.8041
Net Asset Value Per Share1.3
Net Tangible Asset per share1.15
Price/Net Tangible Asset Per Share1.78
Cash Per Share0.68
Liquidity Current Ratio1.9926
Liquidity Quick Ratio1.6289
Liquidity Cash Ratio0.7258
Gearing Debt to Equity Ratio1.14
Gearing Debt to Asset Ratio0.5103
Working capital per thousand Ringgit sale39.8%
Days to sell the inventory59
Days to collect the receivables128
Days to pay the payables69

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)



Tuesday, November 29, 2011

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 Date1991-05-31
Market Capital (Capital Size)1,715,819,292 (Large)
Par ValueRM 1.00
BoardMain
SectorFinance
Major IndustryStockbroking & Related Services
Sub IndustryLoans & Financing
Websitehttp://www.osk.com.my

My Analysis
Forecast P/E now(1.78-0.075)/0.1034 = 16.49 (High)
Target Price1.24+0.075 = 1.32 (PE 12.0, EPS 0.1034, DPS 0.075)
DecisionNot 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 Price1.7
Second Support Price1.55
Risk RatingMODERATE

Accounting Ratio
Return on Equity6.91%
Dividend Yield4.21%
Profit Margin17.56%
Tax Rate31.04%
Asset Turnover0.0937
Net Asset Value Per Share1.58
Net Tangible Asset per share1.33
Price/Net Tangible Asset Per Share1.32
Cash Per Share2.57
Liquidity Current Ratio1.2104
Liquidity Quick Ratio0.7802
Liquidity Cash Ratio0.2562
Gearing Debt to Equity Ratio6.9495
Gearing Debt to Asset Ratio0.8522
Working capital per thousand Ringgit sale174.8%
Days to sell the inventory2096
Days to collect the receivables1586
Days to pay the payables4861

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_dateyearqrth_pricel_pricedivroec_roerevc_revpbtc_pbtprofc_profepsc_epsassetliabminoequicfocficffcashfcfnetfinalsharec_sharem_capdateprof_mvatasset_tpenavpsntapsp/ntapscpsl_curl_quil_cashg_deg_daavg_winv_drec_dpay_d
2011-11-1520113N/AN/A-1.61%4.51%2887798354955071814110628811810440.03060.086112147357103523293053671795028659021144500100230699672514521414291111396394111094117416563532011-09-3017.56%31.04%0.0937-1.581.331.322.571.21040.78020.25626.94950.8522174.8%209615864861
2011-08-25201121.881.280.0250.32%2.96%24288254671517181903885600522330.00590.05551149287497276452907581765229333034252347167867282430780023612290894694130894122813366572011-06-307.07%32.26%0.0961-1.571.321.082.271.22180.73220.24196.59740.8464177.7%226814064620
2011-05-27201111.71.33-2.67%2.67%304039304039732077320746633466330.04950.0495117497331000274824393917469851753715256160429662550170115968667223694130394130315719762011-03-3124.08%27.22%0.0911-1.61.361.232.011.20120.73650.20586.6550.8513172.9%232416154982
2011-02-23201041.861.590.052.40%6.95%302061101220655390194972406311176130.04320.119610019631832618024474116934514861674122939916779270852739612822966447994071098346016180212010-12-3118.34%13.10%0.10114.38231.471.251.381.721.26950.69740.22015.74730.831196.3%245912344283
2010-11-26201032.231.7-2.04%4.67%2553517102535749013958233601769820.03580.08401287211111224111234344164800051218622584538056788153534770328679143993947491653416628682010-09-3022.51%22.69%0.0737-1.541.311.352.071.51070.67170.37697.93980.872278.1%27695403281
2010-08-25201022.031.290.0250.69%2.67%209439454902239038208911135433790.01190.04791021895985958982247931623061333138945721410680017034259512848967168193915790500912678612010-06-3011.41%22.08%0.0901-1.551.311.031.791.52010.63040.37966.14750.8412250.8%26234122927
2010-05-25201011.411.23-1.97%1.97%245463245463581865818632244322440.03900.039097025888067092216283163549692290470425974804060969947102073304082682482682410087252010-03-3123.70%31.17%0.0963-1.721.460.842.021.42730.58920.35175.68420.8314217.6%26674103155
2010-02-25200941.551.220.052.46%7.45%23808682036859208191022371341126290.05620.1690988711783754302245461511687123706508352575510268741745412002968265786609066664868129142009-12-3124.87%24.49%0.0837.27861.931.620.762.591.44140.58290.37056.5070.8471248.1%29244153383
2009-11-25200931.811.14-2.34%5.12%2276625822826053513181334554754940.05250.114711028542955297821719214755641916004126278871102986015033822920912590696587176582239749012009-09-3026.59%26.43%0.0688-1.911.60.923.971.42270.7020.49227.59150.8662295.9%31515234357
2009-08-27200921.591.370.0252.15%2.38%222951354620613257127836981409400.05700.0631946085077381663042861722684655381347627771022185520625483910770246489426489429150082009-06-3027.51%31.93%0.0773-2.191.860.763.061.41950.63630.43615.45560.8179261.4%29584473768
2009-05-28200911.581.23-0.23%0.23%13166813166899529952395939590.00610.006174349755748038293109168693721034132509352101479020709119773912125296489216489218695542009-03-317.56%38.33%0.1042-2.151.820.743.041.53820.8370.5714.12390.7731240.4%19974232839
2009-02-26200841.50.830.0250.92%8.03%1769928121651887168186154241347740.02400.207361386754459291-29898316793845294027208519537374878645731726194410107306432916500795660962008-12-311.07%-0.14194.24473.042.720.322.631.63810.94320.59662.2540.7264207.6%14654022100
2008-11-27200831.10.865-1.17%7.13%19973763493929036166299195901193500.03020.18197823448614910132196016743479278187238216727381298885543668816315011516494516559956039892008-09-3014.54%18.53%0.1288-2.061.740.533.351.47890.86230.5744.54690.786179.9%14363952321
2008-08-29200821.50.910.053.12%5.27%2661864354217208713726259026997590.09070.1532800492961134893729001891440562692477912343980334755791343447412378216508536510689437362008-06-3027.08%10.32%0.1413-2.331.940.752.861.56820.95080.59234.02590.7637158.2%10963631760
2008-05-29200811.851.42-2.14%2.14%228454228454651756517540733407330.06260.0626823654163295893759331906952473844633331558741928467511435953117788165120265120211591392008-03-3128.53%29.57%0.1429-2.351.970.93.061.46880.89540.74124.13420.7685107.2%8381261445
2008-02-28200742.11.680.12.74%15.02%313103123658381018446642519902847430.07820.428484667106571301377261189540985437989928980617963185348056367474330566494066468112567362007-12-3125.88%24.84%0.14614.41192.281.910.992.221.90541.23380.64324.32850.7761167.8%8043581175
2007-11-27200732.71.87-4.04%13.24%322970923480112074365624710202327530.10410.3529833766165800533345271757608234017234552733716753325747223013539766868236365957816172002007-09-3034.70%26.48%0.13-2.161.781.334.391.24881.22160.5074.62380.7892135.6%11614014187
2007-08-28200722.852.3-4.95%9.33%312513600510136822253550858141617330.12580.2452867334269405543167931732788165359396701426421642011256891695318115468236365957820607362007-06-3043.78%24.47%0.0878-2.151.771.713.641.27371.260.40844.90150.8002218.7%-2449N/A
2007-05-2520071N/AN/A-4.56%4.56%28799728799711672811672875919759190.11870.118765607924894747303661166604537777399845388165968337791160915435963978863978818042022007-03-3140.53%27.01%0.0684-2.131.741.622.931.31211.29360.44033.59280.7461296.4%-2927N/A
2007-02-2720064N/AN/A-2.35%6.54%1606255499624214416163835739995010.05850.16313816941229582729886015211142810851873883936142442314684737485916937261109161011611977382006-12-3126.24%-0.042112.01822.01.61.221.541.78841.74370.59141.87840.6015783.3%-4145N/A

Financial Quarter Balance Sheet
yearqrtDeferred 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)
20113537723346222372134000-113770--196256--3316909211828851375500048531459886038011633978----248795-3309371-3837-247739247340400000-24793672450465568031119-75976--3993395305367
20112190522805620308134000-103593--193604--348859317823776415195000789132737835697391537574----162788-2716226-4294-256568218158400000-23907466236488247388476----3387533290758
20111129922426922690134000-129165--185434--3229258166501978451550001364784334186135201300559----73362-3438417-1163-266600233377300000-359856907874219403142341-16580--4096512243939
2010448122388921146134000-94816--184441--279586615528806931-902976489966624271378376---11148669678-2043921-1812-362115288856300000-238786697693872805149749----2657196244741
20103145020956820378112600-4548106--179983--3136721181296311317700001085894365656990721401876---5986863055---3918-5093205251220296589-31047475703458376172553-----234344
20102192920952519335112600-2951258--175862--30124511579708987850000635462146897224761040109----55593---606-1556983699971300000-32876352632400408950026-----224793
20101264620882520999112600-2394678--173506--30843241566591942250000700712308216682041050193---328256426---993-1350803074400100000-40267302129436173952484-----216283
20094340220985320369112600-2720139-11903161359--27313011611189978950000371222036651024096932657----47673---1023-2169663445463100000-30198174222435569751861-----224546
20093190320735819627112600-2956346-11986157253--2678909221910378863550002054910547010358501087051---994141710---686-4333493704016100000-17963144916509990152147-----217192
200926903211880204165112600-2284120-11973159653--22660981837427111531165084868793031224037896425----33737---1582-287666280716184180-11332180520434337222353-----304286
2009116219211727210244112600-1388082-12008161339--1473005180767321799140512124130685922699897534----27608---9160-2092631969294100000-1169723171232094157497-----293109
200846366211780211884112600-777383-12043162982--129641815343642107476047232646870626679959025----80834---255-2075731316705100000-1017844791523706335783-249---298983
200831187620958023352142786-1552784-11082163673--1885281893688-1187220238174184311631091092----92046---5206-1771002081408100000-12990-37674084742-247---321960
2008211943252508209470427863065192068501-11538166073-82671610112739967-10558802643808101609891117419--91331-68173---27465-4336372505087--26786-307659029161-245-14518-372900
200812736250583210533427862953133304817-10958164924-59041390512856171-107400083305508910756400650--87204-65275---47119-4552073135254--30744-262789420059-592-12720-375933
200742013250181201592648962968343108962-11011163516-11973120431913608177460500001344291422441111221200007--81804-63530---34238-4338553810958--413998103851263213164757-241-12255-377261
2007389424857219844142786208251-866501104216139127153535-1028099526645570047210--87527145761240826160949-53701773240287624710932154669592960--308649506-20075617233947276-280835155013431057334527
2007280524812919694142786185652-766151107415992826931275-813907744739150056357--828312331784450882941-458701059650528574682426939838782136--230053591720501198321100889-383676193561122064067223316793
2007146524850022830942786186984-905661110615938524642826-707238863352130018347---6146993552778473-3271411099355937170611275411025534934--172631870-69750340475-31354117176589132994843303661
2006446524835222508442786190802-80439111461605903413--5089151277915600----4192322130571356--1787180289070139280991214600648--30429066102090----15507574511319003298860

Financial Quarter Income Statement
yearqrtRevenueIncome tax expenseFinance/interest costsOther incomeAdministrative/Operating expensesMinority interestFinance/interest incomeShare of profit/ (loss) of associatesImpairment lossNet income from Islamic banking businessWrite back/(Allowances) for losses on loans, advance & financingWrite back of impaired trade and other receivables
201132887791574156595196307165015616682215872750024341636364
20112242882554351051159983165024603872944803-22472831110
201113040391992744961226104181950664769659379-16372999660
20104302061725543796240155196037750476127966198981185329319
20103255351130453819318589815422110844628291043016641702172
2010220943952783040914459813929374905866038411213134715521723
2010124546318138281441742281367317804647196301540018893248243
20094238086145013151916743114071475736517474220001386535866
20093227662159973237016353313280299845923729113018634368353
200922229511958230703166938135315476252406439158366465321587
2009113166838152833476779854482178498434536126163810411177
20084176992231528875117253901441122254887191032123863111330194
20083199737538036817131071129532406663169242608873191507
20082266186743729134215450138310562450125918220001293722725
2008122845419274273871787081329135168497461242--5631174
20074313103201262759526327919257489024982439084483-2787738
20073322970296802510528011018346111374428601888524-10932601
20072312513334852121827399616350417523385173782--10346283
2007128799731533120202615941595549276264033640---3335
20064160625146491868916-7869-3996----

Financial Quarter Segments Revenue
yearqrtOthersProperty developmentProperty investmentInvestment BankingLoans & FinancingEquities & FuturesWealth ManagementHolding EntitiesVenture Capital
201135268-18969497138887116589324931324-
201121987-185866130430029954329527629-
201111870-19491025463364113598927919125-
201041665-2012209054523174535305241846-
201031831-19855354418235154548217273481-
201021944-19923430322888130872201892749-
201011727-1841584411823514322021840159-
200942942-172515658142759673827543202-
200931964-15443869660691575042213516811431
200921913-15242562116811904571881444503325
200911590-1476399332106257194112541045204
2008415422971483263780160288114698483844480
20083164938828341356036351155414513942379919
2008217472881127742242724225100531206155141696
2008112782031115526415925873100266191933378800
2007422553607757882411343301987674473715921372
2007311262660413486419160391955322375222932085
200721815168691399445481045118499923223204927160
2007160016358133750947727916183748417709513
20064744180871338200717780938661363515054496

Financial Quarter Segments Profit
yearqrtOthersProperty developmentProperty investmentInvestment BankingLoans & FinancingEquities & FuturesWealth ManagementHolding EntitiesVenture Capital
201133730-2767213271607838779961071-
20112648-23871618137035562197383-
20111351-253439739169301481682911-
20104823-234401121114355260078871769-
201031959-21913281482811096210773084-
2010248-21509134144239824343556-
20101121-2279303188402149812297600-
20094495-2159297357412172342229797-
20093118-217025570495527328396427282069
20092159-2139158881125428807239630662009
2009160-2259253889139218821935679
20084492277498625973148091837519831569215082
20083501333921513355528071383141650637875
2008233146782254910290015903529923536942
20081190181205433047127472051226484038544
2007462847856709381727547211554783524202
200731072251184253698150244429306212062088
200723803821797248791138664022434170425910
200713438652113379314563636273236551151
2006467813641793447065061907227863673202

Financial Quarter Segments Associate
yearqrtOthersWealth ManagementVenture Capital
20113426446-
20112415388-
20111532153-
20104802164-
20103670373-
2010228995-
20101415215-
20094-285457
20093-2723183
200924123714433
200914123764500
20084-56918534
200832404462220
200822275101201
20081139092138
20074210-4118
20073371-1518
20072523-3258
20071273-3367
2006453-3943


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


CHANGES IN SHAREHOLDING
ANNUAL REPORTS


HISTORICAL


CHANGES IN SHAREHOLDING


ARCHIVES


CHANGES IN SHAREHOLDING




1-Year Historical Daily Chart


5-Year Historical Weekly Chart


KLCI Stock - BHIC / 8133 - 2011 Quarter 3

Company Info
Market Capital (Capital Size)655,928,100 (Medium)
Par ValueRM 1.00

My Analysis
Forecast P/E now(2.64-0.065)/0.162 = 15.90 (High)
Target Price1.94+0.065 = 2.01 (PE 12.0, EPS 0.162, DPS 0.065)
DecisionNot 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 Price2.6
Second Support Price2.4
Risk RatingHIGH

Research House
HwangDBS Target Price5.15 (2011-08-15)
AMMB Target Price4.3 (2011-11-16)

Accounting Ratio
Return on Equity4.30%
Dividend Yield2.46%
Profit Margin-3.51%
Tax Rate-
Asset Turnover0.5158
Net Asset Value Per Share1.7
Net Tangible Asset per share1.69
Price/Net Tangible Asset Per Share1.68
Cash Per Share0.67
Liquidity Current Ratio1.1576
Liquidity Quick Ratio1.1063
Liquidity Cash Ratio0.2495
Gearing Debt to Equity Ratio1.6937
Gearing Debt to Asset Ratio0.5995
Working capital per thousand Ringgit sale16.9%
Days to sell the inventory21
Days to collect the receivables336
Days to pay the payables204

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)



Monday, November 28, 2011

KLCI Stock - JOBST / 0058 - 2011 Quarter 3

Company Info
Market Capital (Capital Size)776,726,130 (Medium)
Par ValueRM 0.20

My Analysis
Forecast P/E now(2.41-0.065)/0.1412 = 16.61 (Moderate)
Target Price2.54+0.065 = 2.61 (PE 18.0, EPS 0.1412, DPS 0.065)
DecisionNot 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 Price2.4
Second Support Price2.2
Risk RatingMODERATE

Research House
OSK Target Price2.32 (2011-05-19)
CIMB Target Price3.77 (2011-07-18)
HwangDBS Target Price2.3 (2011-10-04)

Accounting Ratio
Return on Equity25.84%
Dividend Yield2.59%
Profit Margin43.99%
Tax Rate22.82%
Asset Turnover0.5746
Net Asset Value Per Share0.57
Net Tangible Asset per share0.57
Price/Net Tangible Asset Per Share4.39
Cash Per Share0.28
Liquidity Current Ratio2.4147
Liquidity Quick Ratio2.4147
Liquidity Cash Ratio2.0624
Gearing Debt to Equity Ratio0.2393
Gearing Debt to Asset Ratio0.1903
Working capital per thousand Ringgit sale46.6%
Days to sell the inventory-
Days to collect the receivables42
Days to pay the payables184

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 ValueRM 1.00

My Analysis
Forecast P/E now(2.71-0.145)/0.294 = 8.72 (High)
Target Price2.50+0.145 = 2.64 (PE 8.5, EPS 0.294, DPS 0.145)
DecisionNot 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 Price2.7
Second Support Price2.5
Risk RatingMODERATE

Accounting Ratio
Return on Equity16.49%
Dividend Yield5.35%
Profit Margin6.67%
Tax Rate24.52%
Asset Turnover1.2389
Net Asset Value Per Share2.03
Net Tangible Asset per share2.02
Price/Net Tangible Asset Per Share1.41
Cash Per Share0.19
Liquidity Current Ratio2.8703
Liquidity Quick Ratio2.1818
Liquidity Cash Ratio0.2524
Gearing Debt to Equity Ratio0.4168
Gearing Debt to Asset Ratio0.2803
Working capital per thousand Ringgit sale37.6%
Days to sell the inventory64
Days to collect the receivables91
Days to pay the payables88

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 ValueRM 0.50

My Analysis
Forecast P/E now(7.24-0.555)/0.5471 = 12.22 (Moderate)
Target Price7.66+0.555 = 8.21 (PE 14.0, EPS 0.5471, DPS 0.555)
DecisionBUY 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 Price6.8
Second Support Price6.2
Risk RatingMODERATE

Research House
RHB Target Price7.96 (2011-04-21)
Maybank Target Price8 (2011-09-05)
OSK Target Price8.31 (2011-09-15)
AMMB Target Price8.3 (2011-11-16)

Accounting Ratio
Return on Equity26.47%
Dividend Yield7.67%
Profit Margin17.16%
Tax Rate28.91%
Asset Turnover1.456
Net Asset Value Per Share1.97
Net Tangible Asset per share0.64
Price/Net Tangible Asset Per Share11.02
Cash Per Share0.27
Liquidity Current Ratio1.2821
Liquidity Quick Ratio1.1237
Liquidity Cash Ratio0.2465
Gearing Debt to Equity Ratio0.6796
Gearing Debt to Asset Ratio0.4032
Working capital per thousand Ringgit sale6.4%
Days to sell the inventory15
Days to collect the receivables72
Days to pay the payables64

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)

CARLSBG latest news (English)

CARLSBG latest news (Chinese)