This is my analysis to KLSE stock based on each quarter report. Objective of the blog is to provide a platform for easy visualize company previous quarter reports.
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 (20110419)
CIMB Target Price
2.7 (20110428)
OSK Target Price
3.5 (20110506)
AMMB Target Price
2.85 (20110704)
Kenanga Target Price
3.04 (20110704)
Maybank Target Price
3.1 (20110704)
MIDF Target Price
2.73 (20110915)
HwangDBS Target Price
3.1 (20110921)
ECM Target Price
2.48 (20111116)
RHB Target Price
1.49 (20111124)
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)
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 UOBOSK Asset Management Sdn. Bhd.(UOAM).
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)
Securities purchased under resale agreements (A1)
Statutory deposits with Bank Negara Malaysia (A1)
Stock (A1)
Trade receivables (A1)
Debt securities (L0)
Deferred tax liabilities (L0)
Finance lease payables (L0)
Loans & borrowings (L0)
Other liabilities (L0)
Subordinated notes (L0)
Amount due to associated companies (L1)
Current tax liabilities (L1)
Deposits & placements of banks & other financial institutions (L1)
Deposits from customers (L1)
Derivative financial liabilities (L1)
Dividend payable (L1)
Obligations on securities sold under repurchase agreements (L1)
Payables and accruals (L1)
Progress billings (L1)
Trade and other payables (L1)
Minority interest (M1)
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
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 (20110815)
AMMB Target Price
4.3 (20111116)
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)
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 (20110519)
CIMB Target Price
3.77 (20110718)
HwangDBS Target Price
2.3 (20111004)
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)
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 noncurrent Assets Held For Sale and Discontinued Operations, the Group remeasured 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 nonrecurring 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)
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 (20110421)
Maybank Target Price
8 (20110905)
OSK Target Price
8.31 (20110915)
AMMB Target Price
8.3 (20111116)
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)