Company Info
My Analysis
Research House
Accounting Ratio
My notes based on 2011 quarter 3 report (number in '000):-
- The improved revenue was mainly attributed to the effects of adopting IC 12 which resulted in recognition of construction revenue in relation to the construction of Klia2 and expansion of Penang International Airport, increase in non-aeronautical which was mostly derived from the Group’s retail business and positive variance from non-airport operations: agriculture (2011: 60,807MT / RM705, 2010:65,660MT/ RM509) and hotel
- Higher pbt as a result of lower interest on borrowings due to the settlement of short term borrowings at the end of 2010 and higher dividend received from investment in unquoted shares, lower share of associate losses, as well as the MAHB Group’s cost saving initiatives resulting in lower repair maintenance and professional fees. Further, the Group was also able to recover certain debts which had been provided earlier as a result of settlements made by debtors
- Estimate next 4Q eps after 2011 Q3 result announced = (0.0745+0.0983)*2 = 0.3456, estimate PE on current price 6.15 = 17.36(DPS 0.1975)
- Estimate next 4Q eps after 2011 Q2 result announced = 0.0745*4 = 0.298, estimate highest/lowest PE = 21.65/14.44 (DPS 0.1975)
- Estimate next 4Q eps after 2011 Q1 result announced = 0.0801*4*1.1 = 0.3524, estimate highest/lowest PE = 18.57/17.26 (DPS 0.1975)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.0764*4*1.1 = 0.3362(deduct 16 million other income for adjustment), estimate highest/lowest PE = 20.64/17.31 (DPS 0.1975)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.06*4*1.1 = 0.264(associates increasing loss), estimate highest/lowest PE = 23.49/21.41 (DPS 0.149)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.3233*0.95 = 0.3071, estimate highest/lowest PE = 19.12/16.55 (DPS 0.229)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.3429*0.9 = 0.3086 (10% drop from 0.3429), estimate highest/lowest PE = 17.24/14.81 (DPS 0.229)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.086*4 = 0.344, estimate highest/lowest PE = 13.97/12.89 (DPS 0.233)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.0758*4 = 0.3032, estimate highest/lowest PE = 15.72/11.36 (DPS 0.233)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.068*4 = 0.272, estimate highest/lowest PE = 13.18/11.6 (DPS 0.1855)
- Estimate next 4Q eps after 2009 Q1 result announced = 0.0695*4 = 0.278, estimate highest/lowest PE = 13.07/10.27 (DPS 0.1855)
- Estimate next 4Q eps after 2008 Q4 result announced = 0.069*4 = 0.276, estimate highest/lowest PE = 12.37/7.63 (DPS 0.1855)
AIRPORT latest news (English)
AIRPORT latest news (Chinese)
| Market Capital (Capital Size) | 6,765,000,000 (Very Large) |
| Par Value | RM 1.00 |
My Analysis
| Forecast P/E now | (6.15-0.15)/0.3456 = 17.36 (Moderate) |
| Target Price | 6.22+0.15 = 6.37 (PE 18.0, EPS 0.3456, DPS 0.15) |
| Decision | BUY if stock price next uptrend start above 5.9 |
| Comment | Revenue decreased 0.2% but higher than preceding year corresponding quarter 4.7%, eps increased 31.9% and also higher than preceding year corresponding quarter 74%, cash generated from operating enough for financing expenses but not for investing expenses hence spent 35.5% of Group cash to cover, weaker liquidity ratio from high to moderate level now, slightly lower gearing ratio at high level now, most monthly movements data decreased, benefit from increase airport tax, KLIA2 target completed by April 2012 |
| First Support Price | 5.9 |
| Second Support Price | 5.5 |
| Risk Rating | MODERATE |
Research House
| Macquarie Target Price | 7.5 (2011-01-14) |
| TA Target Price | 6.6 (2011-02-17) |
| Kenanga Target Price | 6.64 (2011-04-11) |
| MIDF Target Price | 7.2 (2011-06-01) |
| RHB Target Price | 8.1 (2011-08-17) |
| CIMB Target Price | 7.8 (2011-09-12) |
| Maybank Target Price | 7.55 (2011-09-29) |
| HLG Target Price | 7 (2011-10-28) |
| HwangDBS Target Price | 8.1 (2011-10-28) |
| OSK Target Price | 8.1 (2011-10-28) |
Accounting Ratio
| Return on Equity | 10.97% |
| Dividend Yield | 1.91% |
| Profit Margin | 22.23% |
| Tax Rate | 25.45% |
| Asset Turnover | 0.3353 |
| Net Asset Value Per Share | 3.18 |
| Net Tangible Asset per share | -0.55 |
| Price/Net Tangible Asset Per Share | -10.69 |
| Cash Per Share | 0.9 |
| Liquidity Current Ratio | 2.9601 |
| Liquidity Quick Ratio | 2.8656 |
| Liquidity Cash Ratio | 1.5096 |
| Gearing Debt to Equity Ratio | 1.056 |
| Gearing Debt to Asset Ratio | 0.5136 |
| Working capital per thousand Ringgit sale | 53.5% |
| Days to sell the inventory | 20 |
| Days to collect the receivables | 135 |
| Days to pay the payables | 196 |
My notes based on 2011 quarter 3 report (number in '000):-
- The improved revenue was mainly attributed to the effects of adopting IC 12 which resulted in recognition of construction revenue in relation to the construction of Klia2 and expansion of Penang International Airport, increase in non-aeronautical which was mostly derived from the Group’s retail business and positive variance from non-airport operations: agriculture (2011: 60,807MT / RM705, 2010:65,660MT/ RM509) and hotel
- Higher pbt as a result of lower interest on borrowings due to the settlement of short term borrowings at the end of 2010 and higher dividend received from investment in unquoted shares, lower share of associate losses, as well as the MAHB Group’s cost saving initiatives resulting in lower repair maintenance and professional fees. Further, the Group was also able to recover certain debts which had been provided earlier as a result of settlements made by debtors
- Estimate next 4Q eps after 2011 Q3 result announced = (0.0745+0.0983)*2 = 0.3456, estimate PE on current price 6.15 = 17.36(DPS 0.1975)
- Estimate next 4Q eps after 2011 Q2 result announced = 0.0745*4 = 0.298, estimate highest/lowest PE = 21.65/14.44 (DPS 0.1975)
- Estimate next 4Q eps after 2011 Q1 result announced = 0.0801*4*1.1 = 0.3524, estimate highest/lowest PE = 18.57/17.26 (DPS 0.1975)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.0764*4*1.1 = 0.3362(deduct 16 million other income for adjustment), estimate highest/lowest PE = 20.64/17.31 (DPS 0.1975)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.06*4*1.1 = 0.264(associates increasing loss), estimate highest/lowest PE = 23.49/21.41 (DPS 0.149)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.3233*0.95 = 0.3071, estimate highest/lowest PE = 19.12/16.55 (DPS 0.229)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.3429*0.9 = 0.3086 (10% drop from 0.3429), estimate highest/lowest PE = 17.24/14.81 (DPS 0.229)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.086*4 = 0.344, estimate highest/lowest PE = 13.97/12.89 (DPS 0.233)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.0758*4 = 0.3032, estimate highest/lowest PE = 15.72/11.36 (DPS 0.233)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.068*4 = 0.272, estimate highest/lowest PE = 13.18/11.6 (DPS 0.1855)
- Estimate next 4Q eps after 2009 Q1 result announced = 0.0695*4 = 0.278, estimate highest/lowest PE = 13.07/10.27 (DPS 0.1855)
- Estimate next 4Q eps after 2008 Q4 result announced = 0.069*4 = 0.276, estimate highest/lowest PE = 12.37/7.63 (DPS 0.1855)
AIRPORT latest news (English)
AIRPORT latest news (Chinese)
No comments:
Post a Comment