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Monday, November 14, 2011

KLCI Stock - DIGI / 6947 - 2011 Quarter 3

Company Info
Market Capital (Capital Size)26,839,300,000 (Very Large)
Par ValueRM 0.10

My Analysis
Forecast P/E now(34.52-1.48)/1.764 = 18.73 (High)
Target Price31.75+1.48 = 33.23 (PE 18.0, EPS 1.764, DPS 1.48)
DecisionNot interested unless stock price next uptrend start above 33
Comment
Revenue increased 3.5% and is continuous increasing since FY09Q2 and also is highest all the time(higher than preceding year corresponding quarter 12.5%), eps increased 23.8% and also higher than preceding year corresponding quarter 1.1%, cash generated from operating is more than enough to cover all expenses, slightly stronger liquidity ratio at weak level now, lower gearing rato at very high level now
First Support Price33.0
Second Support Price31.5
Risk RatingMODERATE

Research House
BNP Paribas Target Price30.7 (2011-05-04)
AMMB Target Price27.35 (2011-07-15)
Kenanga Target Price32.2 (2011-07-21)
TA Target Price31.7 (2011-07-21)
CIMB Target Price34 (2011-09-09)
HwangDBS Target Price32.2 (2011-09-09)
Maybank Target Price31.5 (2011-09-09)
MIDF Target Price35.5 (2011-09-09)
UOB Target Price33.9 (2011-10-14)
ECM Target Price36.3 (2011-10-25)
HLG Target Price31.7 (2011-10-25)
RHB Target Price35 (2011-10-25)
OSK Target Price31.1 (2011-10-27)

Accounting Ratio
Return on Equity90.58%
Dividend Yield4.43%
Profit Margin26.22%
Tax Rate26.61%
Asset Turnover1.2387
Net Asset Value Per Share1.68
Net Tangible Asset per share0.71
Price/Net Tangible Asset Per Share44.48
Cash Per Share1.27
Liquidity Current Ratio0.5578
Liquidity Quick Ratio0.5428
Liquidity Cash Ratio0.3796
Gearing Debt to Equity Ratio2.6182
Gearing Debt to Asset Ratio0.7236
Working capital per thousand Ringgit sale-19.7%
Days to sell the inventory4
Days to collect the receivables26
Days to pay the payables244

My notes based on 2011 quarter 3 report (number in '000):-
- The Group’s total revenue of RM1.5 billion marked an impressive growth of 12% from the same quarter last year; mainly precipitated by the earlier-highlighted increase in data revenue; particularly from the combined 89% growth for both mobile internet and broadband revenues, over-and-above higher revenues from the 1.4 million subscriber net additions and higher take-up of handset bundles. Current quarter ARPU of RM50 (2010: RM53) reflects the year-to-date trend

- Estimate next 4Q eps after 2011 Q3 result announced = 0.42*4*1.05 = 1.764, estimate PE on current price 34.52 = 18.73(DPS 1.48)
- Estimate next 4Q eps after 2011 Q2 result announced = 0.4262*4*1.05 = 1.79, estimate highest/lowest PE = 17.8/15.02 (DPS 1.72)
- Estimate next 4Q eps after 2011 Q1 result announced = 0.4262*4 = 1.7048, estimate highest/lowest PE = 16.6/15.31 (DPS 1.72)
- Estimate next 4Q eps after 2010 Q4 result announced = 1.5151*1.1 = 1.6666, estimate highest/lowest PE = 17.42/14.85 (DPS 1.63)
- Estimate next 4Q eps after 2010 Q3 result announced = 1.4051*1.1 = 1.5456, estimate highest/lowest PE = 15.11/12.46 (DPS 1.74)
- Estimate next 4Q eps after 2010 Q2 result announced = 1.3254*1.1 = 1.4579(10% grow from 1.3254), estimate highest/lowest PE = 15.85/13.04 (DPS 1.99)
- Estimate next 4Q eps after 2010 Q1 result announced = 1.3254(3% grow from 1.2868), estimate highest/lowest PE = 16.27/15.01 (DPS 2.13)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.317*4 = 1.268, estimate highest/lowest PE = 17.21/15.82 (DPS 1.78)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.3139*4 = 1.2556, estimate highest/lowest PE = 16.27/15.47 (DPS 1.77)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.3016*4 = 1.2064, estimate highest/lowest PE = 17.12/16.21 (DPS 1.75)
- Estimate next 4Q eps after 2009 Q1 result announced = 0.3543*4 = 1.4172, estimate highest/lowest PE = 15.51/14.1 (DPS 1.62)

DIGI latest news (English)

DIGI latest news (Chinese)

1 comment:

Tauqeer Ahmed said...

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