KLCI Stock - KAF / 5096 - 2012 Quarter 1

KAF-SEAGROATT & CAMPBELL BERHAD

Company Description

KAF-SEAGROATT & CAMPBELL BERHAD is a Malaysia-based investment holding company. The Company, along with its subsidiaries, is engaged in stockbroking and related services in Malaysia. The Company’s subsidiaries include KAF-Refco Futures Sdn. Bhd., which is engaged in financial and commodity futures broking on behalf of customers, KAF Research Sdn. Bhd., which is engaged in providing research and analysis services of securities and capital market, and KAF-Seagroatt & Campbell Securities Sdn. Bhd., which is engaged in stock broking. KAF-Seagroatt & Campbell Securities Sdn. Bhd.’s subsidiaries include KAF Nominees (Tempatan) Sdn. Bhd. and KAF Nominees (Asing) Sdn. Bhd., both engaged in providing nominee services and the safe custody and management of securities.

Company Info

Listing Date	1991-08-02
Market Capital (Capital Size)	171,600,000 (Small)
Par Value	RM 1.00
Board	Main
Sector	Finance
Major Industry	Stockbroking & Related Services
Sub Industry	Nominee Services
Website	http://www.kaf.com.my/

My Analysis

Forecast P/E now	(1.43-0.075)/0.1267 = 10.69 (High)
Target Price	1.14+0.075 = 1.22 (PE 9.0, EPS 0.1267, DPS 0.075)
Decision	Not interested unless stock price next uptrend start above 1.35
Comment	Revenue increased 15% but lower than preceding year corresponding quarter 17.2%, eps increased 346.7% but lower than preceding year corresponding quarter 78.5%, cash generated from operating not enough to cover financing nor investing expenses hence spent 18.4% of Group cash to cover, weaker liquidity ratio at low level now, higher gearing ratio from above moderate to high level now
First Support Price	1.4
Second Support Price	1.36
Risk Rating	MODERATE

Accounting Ratio

Return on Equity	5.66%
Dividend Yield	10.49%
Profit Margin	34.19%
Tax Rate	45.24%
Asset Turnover	0.0681
Net Asset Value Per Share	1.89
Net Tangible Asset per share	1.87
Price/Net Tangible Asset Per Share	0.71
Cash Per Share	1.73
Liquidity Current Ratio	1.6891
Liquidity Quick Ratio	1.6891
Liquidity Cash Ratio	0.6805
Gearing Debt to Equity Ratio	1.3487
Gearing Debt to Asset Ratio	0.5739
Working capital per thousand Ringgit sale	580.9%
Days to sell the inventory	-
Days to collect the receivables	3050
Days to pay the payables	4145

My notes based on 2012 quarter 1 report (number in '000):-
- Lower pbt than FY11Q1 due mainly to lower other income and higher other operating expenses

- Higher pbt than FY11Q4 due mainly to higher operating revenue and lower staff expenses for the current quarter

- Estimate next 4Q eps after 2012 Q1 result announced = 0.1584*0.8 = 0.1267, estimate PE on current price 1.43 = 10.69(DPS 0.075)
- Estimate next 4Q eps after 2011 Q4 result announced = 0.1584*0.9 = 0.1426, estimate highest/lowest PE = 10.13/7.89 (DPS 0.075)
- Estimate next 4Q eps after 2011 Q3 result announced = 0.1953*0.85 = 0.166, estimate highest/lowest PE = 8.58/7.74 (DPS 0.075)
- Estimate next 4Q eps after 2011 Q2 result announced = 0.1819*1.05 = 0.191, estimate highest/lowest PE = 7.72/6.73 (DPS 0.075)
- Estimate next 4Q eps after 2011 Q1 result announced = 0.1806*1.05 = 0.1896, estimate highest/lowest PE = 7.94/6.99 (DPS 0.075)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.1729*0.9 = 0.1556(10% drop due to assets decreased), estimate highest/lowest PE = 9.03/7.49 (DPS 0.075)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.0443(average from recent 3 quarter)*4 = 0.1772, estimate highest/lowest PE = 7.93/6.35 (DPS 0.075)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.2262, estimate highest/lowest PE = 6.26/5.11 (DPS 0.075)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.2184, estimate highest/lowest PE = 6.8/4.97 (DPS 0.075)

KAF latest news (English)

KAF 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
2011-10-20	2012	1	N/A	N/A	-	0.71%	0.71%	8611	8611	2944	2944	1613	1613	0.0134	0.0134	532402	305557	287	226845	5370	14653	6750	87302	9283	16033	71269	120000	120000	158400	2011-08-31	34.19%	45.24%	0.0681	-	1.89	1.87	0.71	1.73	1.6891	1.6891	0.6805	1.3487	0.5739	580.9%	-	3050	4145
2011-07-28	2011	4	1.52	1.2	0.075	0.16%	8.19%	7488	30502	916	26165	361	19002	0.0030	0.1584	449541	217558	288	231983	4067	16551	6750	81564	12484	5734	87298	120000	120000	174000	2011-05-31	12.23%	60.92%	0.0846	9.1569	1.93	1.91	0.76	1.76	1.9902	1.9902	0.9705	0.939	0.484	566.3%	-	2098	2690
2011-04-25	2011	3	1.5	1.36	-	1.73%	8.06%	10846	30556	5479	25249	4005	18641	0.0334	0.1553	504157	273013	291	231144	5643	16384	6750	71771	22027	28777	42994	120000	120000	168000	2011-02-28	50.52%	26.92%	0.0746	-	1.92	1.91	0.73	1.74	1.7892	1.7892	0.7678	1.1826	0.5415	571.4%	-	2693	3734
2011-01-19	2011	2	1.55	1.36	0.075	3.06%	6.26%	9303	19710	9691	19770	7158	14636	0.0597	0.1220	479527	245637	292	233890	5658	31024	N/A	71771	25366	25366	46405	120000	120000	177600	2010-11-30	104.17%	26.15%	0.0697	-	1.95	1.88	0.79	1.98	1.8648	1.8648	0.9691	1.0515	0.5122	634.2%	-	2398	3634
2010-10-28	2011	1	1.58	1.4	-	3.30%	3.30%	10406	10406	10077	10077	7476	7476	0.0623	0.0623	361480	134749	293	226731	1060	31683	N/A	81564	30623	30623	50941	120000	120000	171600	2010-08-31	96.84%	25.82%	0.0851	-	1.89	1.82	0.79	1.74	2.5241	2.5241	1.5515	0.5951	0.3728	665.0%	-	1548	1969
2010-07-20	2010	4	1.48	1.24	-	2.19%	9.46%	7079	25643	5506	25909	4795	20748	0.0400	0.1729	297241	77968	294	219273	12963	16058	13500	66043	29021	15521	81564	120000	120000	151200	2010-05-31	77.78%	12.95%	0.1025	7.2874	1.82	1.76	0.72	1.66	3.5433	3.5433	2.5722	0.3561	0.2623	646.6%	-	892	1127
2010-04-20	2010	3	1.48	1.2	0.075	1.08%	7.21%	6632	23380	3276	20403	2387	15953	0.0199	0.1329	375872	154642	296	221230	7213	402	6750	54651	6811	61	54712	120000	120000	154800	2010-02-28	49.40%	27.26%	0.0803	-	1.84	1.78	0.72	1.62	2.2984	2.2984	1.2672	0.6999	0.4114	660.2%	-	1889	3279
2010-01-20	2010	2	1.49	1.23	-	3.11%	6.01%	6643	16748	8896	17127	7018	13566	0.0585	0.1131	324999	99402	300	225597	6819	16658	N/A	54651	23477	23477	78128	120000	120000	153600	2009-11-30	133.92%	21.12%	0.0815	-	1.88	1.88	0.68	1.72	3.1473	3.1473	2.097	0.4412	0.3059	795.4%	-	1357	2197
2009-10-28	2010	1	1.56	1.16	-	3.00%	3.00%	10105	10105	8232	8232	6549	6549	0.0546	0.0546	435913	217332	301	218581	11657	1484	N/A	54651	13141	13141	67792	120000	120000	140400	2009-08-31	81.46%	20.46%	0.0561	-	1.82	1.82	0.64	1.73	1.9412	1.9412	0.9581	0.9957	0.4986	831.6%	-	3103	2805
2009-07-23	2009	4	1.25	1.1	0.075	5.72%	1.40%	6789	19735	13573	1543	12121	2969	0.1010	0.0247	378815	166782	302	212033	1715	5613	3330	61879	3898	7228	54651	120000	120000	141600	2009-05-31	199.93%	10.71%	0.0521	-	1.76	1.76	0.67	1.59	2.1875	2.1875	1.1516	0.7877	0.4403	996.1%	-	3090	2010
2009-04-23	2009	3	1.22	0.9	-	0.02%	7.55%	2965	12946	38	15116	37	15090	0.0003	0.1258	323235	123322	303	199913	206	1134	3330	61879	928	4258	57621	120000	120000	109200	2009-02-28	1.28%	-	0.069	-	1.66	1.66	0.55	1.47	2.4836	2.4836	1.427	0.6178	0.3815	820.5%	-	2052	1055
2009-01-15	2009	2	1.13	0.8	-	5.17%	7.53%	4599	9981	10342	15078	10341	15053	0.0862	0.1254	280527	80577	304	199950	4224	3969	3330	61879	8193	11523	50356	120000	120000	105600	2008-11-30	224.87%	-	0.0964	-	1.66	1.66	0.53	1.43	3.2676	3.2676	2.125	0.4036	0.2872	675.4%	-	1177	662
2008-09-23	2009	1	1.18	0.835	-	2.24%	2.24%	5382	5382	4736	4736	4712	4712	0.0393	0.0393	278886	68594	305	210292	2276	2732	3330	61879	5008	8338	53541	120000	120000	140400	2008-08-31	88.00%	-	0.1145	-	1.75	1.75	0.67	1.56	3.8104	3.8104	2.7261	0.3267	0.246	603.6%	-	813	769
2008-05-20	2008	4	1.45	1.09	0.0375	0.45%	6.87%	9352	36678	1430	19337	971	14812	0.0081	0.1234	285151	69495	307	215656	1047	9520	6615	57927	10567	3952	61879	120000	120000	165600	2008-03-31	15.29%	32.17%	0.1286	11.1801	1.79	1.79	0.77	1.15	2.9848	2.9848	1.9906	0.3227	0.2437	376.1%	-	672	909
2008-02-25	2008	3	1.6	1.37	-	2.55%	6.45%	7722	27326	6406	17907	5478	13841	0.0457	0.1153	472848	258162	308	214686	3617	4041	43385	57927	424	42961	100888	120000	120000	177600	2007-12-31	82.96%	14.53%	0.086	-	1.79	1.79	0.83	1.6	1.5295	1.5295	0.7434	1.2042	0.546	336.3%	-	1822	2728
2007-10-23	2008	2	1.7	1.48	0.0375	1.81%	3.93%	9480	19604	5283	11501	3840	8363	0.0320	0.0697	356135	143594	311	212541	987	3271	3285	57927	2284	1001	56926	120000	120000	193200	2007-09-30	55.73%	27.33%	0.1111	-	1.77	1.77	0.91	1.43	2.1425	2.1425	1.1912	0.6766	0.4032	414.7%	-	1260	1831
2007-08-15	2008	1	N/A	N/A	-	2.10%	2.10%	10124	10124	6218	6218	4459	4459	0.0372	0.0372	371490	159567	312	211923	9570	105592	N/A	57927	96022	96022	153949	120000	120000	204000	2007-06-30	61.42%	28.30%	0.0914	-	1.76	1.76	0.97	1.42	2.0231	2.0231	1.071	0.7541	0.4295	481.1%	-	1634	2129
2007-05-28	2007	4	N/A	N/A	0.0375	3.39%	9.15%	13318	27745	8636	25009	7036	18985	0.0586	0.1582	386497	179032	313	207465	26030	105170	36105	173172	79140	115245	57927	120000	120000	205200	2007-03-31	64.84%	18.56%	0.0718	10.8085	1.73	1.73	0.99	1.49	1.8881	1.8881	0.9964	0.8643	0.4632	573.1%	-	2100	2603
2007-02-12	2007	3	N/A	N/A	-	4.28%	5.12%	6638	14427	13418	16373	9995	11950	0.0833	0.0996	354896	121598	316	233298	21467	146680	3240	173172	125213	128453	44719	120000	120000	154800	2006-12-31	202.14%	25.52%	0.0407	-	1.94	1.94	0.66	1.65	2.5063	2.5063	1.6237	0.5219	0.3426	1269.6%	-	2715	2804
2006-11-20	2007	2	N/A	N/A	-	0.46%	0.88%	3856	7789	1554	2955	1028	1955	0.0086	0.0163	336769	113465	317	223304	14714	140859	3240	173172	126145	129385	43787	120000	120000	165600	2006-09-30	40.30%	33.91%	N/A	-	1.86	1.86	0.74	1.53	2.5781	2.5781	1.616	0.5088	0.3369	N/A	-	N/A	N/A
2006-08-29	2007	1	N/A	N/A	-	0.40%	0.40%	3933	3933	1401	1401	909	909	0.0076	0.0076	301626	76127	318	225499	341	136611	N/A	173172	136270	136270	36902	120000	120000	156000	2006-06-30	35.62%	35.19%	N/A	-	1.88	1.87	0.7	1.5	3.4696	3.4696	2.3722	0.3381	0.2524	N/A	-	N/A	N/A

Financial Quarter Balance Sheet

year	qrt	Deferred tax assets (A-0)	Financial assets at fair value through profit and loss (A-0)	Intangible assets (A-0)	Investment properties (A-0)	Property, plant and equipment (A-0)	Cash and cash equivalents (A-1)	Clients' and brokers' balances (A-1)	Current tax assets (A-1)	Financial assets at fair value through profit and loss (A-1)	Other receivables, deposits and prepayments (A-1)	Deferred tax liabilities (L-0)	Clients' and brokers' balances (L-1)	Loans & borrowings (L-1)	Payables and accruals (L-1)	Provision for taxation (L-1)	Minority interest (M-1)
2012	1	229	124	2000	8832	5103	71269	301765	5312	136654	1114	-	297587	-	7970	-	287
2011	4	229	139	2000	8832	5355	87302	217558	3176	123838	1112	-	207317	-	10241	-	288
2011	3	-	197	2000	8832	5621	54845	-	620	154361	277681	534	-	-	269904	2575	291
2011	2	-	224	7500	8832	5907	74996	-	8	162533	219527	534	-	-	242062	3041	292
2011	1	-	176	7500	8832	6198	50941	-	55	157296	130482	534	-	-	132688	1527	293
2010	4	-	699	7500	8832	5841	81564	73215	763	117612	1215	534	68366	-	7695	1373	294
2010	3	-	836	7500	8832	6111	64409	-	2075	129994	156115	1234	-	-	151470	1938	296
2010	2	-	836	-	8832	6370	86465	-	4561	119391	98544	1234	-	-	94606	3562	300
2010	1	-	1286	-	8832	6302	79319	-	4516	127714	207944	1234	-	-	214414	1684	301
2009	4	-	1286	-	8832	6569	66043	-	4424	124599	167062	1234	-	-	165546	2	302
2009	3	-	1286	-	8832	6832	64831	-	4956	111151	125347	-	-	-	123322	-	303
2009	2	-	1286	-	8832	7114	57489	-	4846	113738	87222	-	-	-	80577	-	304
2009	1	-	1286	-	8832	7395	60929	-	3226	126063	71155	-	-	-	68594	-	305
2008	4	-	61287	-	8832	7600	108019	-	1611	30320	67482	-	-	-	69495	-	307
2008	3	-	61287	-	8832	7866	111203	-	13	80721	202926	-	-	50000	207024	1138	308
2008	2	-	31589	-	8832	8065	70502	-	13	100544	136590	-	-	-	141535	2059	311
2008	1	-	31589	-	8832	8248	170896	-	13	-	151912	-	-	-	157755	1812	312
2007	4	-	31589	-	8832	8039	74336	-	13	104056	159632	-	-	-	177757	1275	313
2007	3	-	33447	139	8832	7716	54388	-	-	143045	107329	-	-	-	120072	1526	316
2007	2	-	27234	278	8832	7903	50149	-	-	133209	109164	-	-	-	113465	-	317
2007	1	-	27128	416	8832	1116	44193	-	-	136399	83542	-	-	-	75864	263	318

Financial Quarter Income Statement

year	qrt	Revenue	Income tax expense	Cost of sales	Finance/interest costs	Other income	Administrative/Operating expenses	Minority interest	Finance/interest income	Selling and distribution costs	Other expenses	Staff costs	Establishment expenses
2012	1	8611	1332	-	97	2162	2581	1	-	161	3720	-	1270
2011	4	7488	558	-	91	3054	-	3	-	192	873	6958	1512
2011	3	10846	1475	2881	0	998	3574	1	530	-	440	-	-
2011	2	9303	2534	2397	0	5927	3213	1	338	-	267	-	-
2011	1	10406	2602	3555	92	8296	5008	1	382	-	352	-	-
2010	4	7079	713	-	85	4849	-	2	-	108	466	4230	1533
2010	3	6632	893	1728	-	1013	2806	4	454	-	289	-	-
2010	2	6643	1879	1752	-	7004	3907	1	1410	-	502	-	-
2010	1	10105	1684	2822	-	5191	5034	1	1883	-	1091	-	-
2009	4	6789	1453	2078	-	217	3307	1	3496	-	8456	-	-
2009	3	2965	0	657	-	57	2728	1	622	-	297	-	-
2009	2	4599	0	1178	-	229	3076	1	3175	-	14091	-	-
2009	1	5382	23	1554	-	439	2632	1	548	-	6919	-	-
2008	4	9352	460	3227	-	580	6007	1	1015	-	283	-	-
2008	3	7722	931	2578	-	2814	2643	3	1362	-	271	-	-
2008	2	9480	1444	3546	-	308	2569	1	1948	-	338	-	-
2008	1	10124	1760	3473	-	443	2680	1	2107	-	303	-	-
2007	4	13318	1603	5699	-	1176	2918	3	3439	-	680	-	-
2007	3	6638	3424	2696	-	10637	2931	1	2145	-	375	-	-
2007	2	3856	527	1484	-	356	2945	1	2631	-	860	-	-
2007	1	3933	493	1447	-	155	2496	1	1650	-	394	-	-

Financial Quarter Segments Revenue

year	qrt	Investment holding	Stockbroking
2012	1	1270	9503

Financial Quarter Segments Profit

year	qrt	Investment holding	Stockbroking
2012	1	2020	4964

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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