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Tuesday, December 13, 2011

KLCI Stock - KGB / 0151 - 2011 Quarter 3

KELINGTON GROUP BERHAD

Company Description
KELINGTON GROUP BERHAD, formerly Kelington Engineering Sdn Bhd, is engaged principally in the business of providing engineering services and general trading services specifically in the provision of ultra-high purity (UHP) gas and chemical delivery system solutions. It comprises products and services, such as system design and installation, gas and chemical delivery equipment, control and instrumentation, quality assurance (OA) and quality control (OC), and maintenance and servicing to various foundries (semiconductor/FPD), as well as clients who require UHP gas or chemical delivery systems in Malaysia, the People’s Republic of China, Taiwan and Singapore. The Company’s subsidiaries include Kelington Technologies Sdn Bhd (KTSB), Kelington Engineering (Shanghai) Co., Ltd (KE Shanghai), Kelington Engineering (S) Pte Ltd (KE Singapore) and Kelington Trading (Shanghai) Co., Ltd (KTS).

Company Info
Listing Date2009-11-25
Market Capital (Capital Size)65,661,300 (Very Small)
Par ValueRM 0.10
BoardACE
SectorTrading/Services
Major IndustryIndustrial Engineering Services
Sub IndustryUltra-high Purity Gas & Chemical
Websitehttp://www.kelington-group.com/

My Analysis
Forecast P/E now(0.83-0.03)/0.12 = 6.67 (Moderate)
Target Price0.84+0.03 = 0.87 (PE 7.0, EPS 0.12, DPS 0.03)
DecisionNot interested unless SMA 20 turn uptrend
Comment
Revenue increased 3.9% and was second consecutive quarter increasing and also higher than preceding year corresponding quarter 55.5%, eps decreased 54% and also lower than preceding year corresponding quarter 39.7%, cash generated from operating more than enough to cover all expenses, weaker liquidity ratio from moderate to low level now, higher gearing ratio at above moderate level now, accounting ratio are acceptable, higher inventory can indicate work amount still at a satisfy level
First Support Price0.83
Second Support Price0.79
Risk RatingMODERATE

Accounting Ratio
Return on Equity19.41%
Dividend Yield3.61%
Profit Margin5.09%
Tax Rate22.19%
Asset Turnover1.3791
Net Asset Value Per Share0.61
Net Tangible Asset per share0.61
Price/Net Tangible Asset Per Share1.43
Cash Per Share0.38
Liquidity Current Ratio1.941
Liquidity Quick Ratio1.8826
Liquidity Cash Ratio0.6789
Gearing Debt to Equity Ratio0.9351
Gearing Debt to Asset Ratio0.4832
Working capital per thousand Ringgit sale31.9%
Days to sell the inventory8
Days to collect the receivables148
Days to pay the payables108

Technical Analysis
SMA 200.854 (Downtrend)
SMA 500.833 (Uptrend)
SMA 1000.821 (Uptrend)
SMA 2000.781 (Uptrend)
MACD Histogram-0.00562 (Downtrend)

My notes based on 2011 quarter 3 report (number in '000):-
- Higher revenue mainly due to higher revenue contribution from China, Taiwan, Singapore as well as Vietnam projects

- Lower pbt mainly due to projects undertaken with lower margins in Malaysia, Singapore and China and increase in administrative expenses which consists of transfer listing expenses of approximately RM0.4 mi

- Estimate next 4Q eps after 2011 Q3 result announced = 0.12, estimate PE on current price 0.83 = 6.67(DPS 0.03)
- Estimate next 4Q eps after 2011 Q2 result announced = 0.12, estimate highest/lowest PE = 7.17/6.13 (DPS 0.03)
- Estimate next 4Q eps after 2011 Q1 result announced = 0.12, after private issues eps = 0.108, highest/lowest PE = 7.59/6.94 (DPS 0.03)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.12, estimate highest/lowest PE = 7.5/5.17, after private issues eps = 0.108, highest/lowest PE = 8.33/5.74 (DPS 0.03)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.095, estimate highest/lowest PE = 7.16/6.42 (DPS 0.03)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.095, estimate highest/lowest PE = 8.63/7.05 (DPS 0.03)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.03*3+0.01 = 0.1, estimate highest/lowest PE = 9.6/6.6 (DPS 0.03)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.03*3+0.01 = 0.1, estimate PE on current price 0.77 = 7.4(DPS 0.03)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.1, estimate highest/lowest PE = 7.7/6.65 (DPS 0.03)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.1, estimate highest/lowest PE = 9/5.8

KGB latest news (English)

KGB 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
2011-11-1720113N/AN/A-3.22%12.08%381659433519426339151156710.01960.07379084043896-469449091100718842265880846200288587692876928669272011-09-305.09%22.19%1.3791-0.610.611.430.381.9411.88260.67890.93510.483231.9%8148108
2011-08-04201120.890.765-7.12%8.79%367505617035954397337341600.04260.05268169434343-4735127467595742223019872561247917911079110656612011-06-309.78%6.18%1.3667-0.60.61.380.312.23232.18590.75420.72530.420436.3%5154100
2011-05-31201110.850.78-1.80%1.80%19420194208028027877870.00990.00997741933633-4378620561356592204921911532205177911079110648702011-03-314.13%1.87%1.1687-0.550.551.490.262.16572.10510.63960.76810.434441.3%9188108
2011-02-23201040.90.620.037.33%20.82%309398473225468473294883760.03950.11216924929010-402391188193724502770631255575221317471074710508022010-12-318.23%-1.22366.06530.540.541.260.32.22662.18880.80190.72090.418940.0%5163105
2010-11-29201030.710.64-6.58%14.73%245425379326575927242554280.03250.07276226525407-36858656144624082735221024510228427471074710522972010-09-3010.83%8.73%1.1718-0.490.491.430.312.27042.23870.94170.68930.40842.2%4157104
2010-08-24201020.850.7-6.43%8.12%155792925125823270238030030.03190.04025990122904-3699724760411127747851962267857471074710571532010-06-3016.57%7.82%1.1254-0.50.491.560.362.45432.43071.23480.61910.382446.8%314086
2010-05-26201010.990.69-1.78%1.78%13672136726886886236230.00830.00835923324194-350396033141552814061746229219117471074710519232010-03-315.03%9.45%1.1622-0.470.471.480.292.30172.30170.95610.69050.408543.3%-16486
2010-02-25200940.80.6950.034.80%23.46%19169638372588645165180730.02500.12215667722261-34416413134661192066275977478281406611766117519012009-12-311.35%-1.13156.42910.520.521.510.432.41662.34971.35610.64680.392845.8%9117100
2009-11-24200930.90.58-10.69%22.79%189954466839778387301164220.04630.09884995121775-28176298611841132079241704283165096500065000N/A2009-09-3020.94%24.29%1.2213-0.430.43N/A0.252.18662.18660.83330.77280.435938.5%-16080
2009-11-2020092N/AN/A-8.65%13.56%170052567327784410217634110.03350.05254876723617-2515010958425420780253199209796500065000N/A2009-06-3016.34%21.67%1.0825-0.390.38N/A0.321.95851.95850.97140.9390.484339.2%-14790
N/A20091N/AN/A-N/AN/A8962896213441344101910190.01570.0157N/AN/A-N/A1907553272054713541327218746500065000N/A2009-03-3115.00%24.18%N/A-N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-N/AN/A
N/A20084N/AN/A-10.47%30.56%160416005821317060226366060.03480.10164520923593-2161611524951203512160105738538206986500065000N/A2008-12-3113.28%-0.9544-0.330.33N/A0.321.811.810.94371.09150.521941.2%-161112
N/A20083N/AN/A-N/AN/A10781440171357492994543430.01450.0668N/AN/A-N/A480464819531175641562203139596500065000N/A2008-09-3012.59%30.36%N/A-N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-N/AN/A
N/A20082N/AN/A-N/AN/A163273323621493572224833980.03460.0523N/AN/A-N/A20965321984120841564420116646500065000N/A2008-06-3013.16%-N/A-N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-N/AN/A

Financial Quarter Balance Sheet
yearqrtDevelopment Expenditure (A-0)Goodwill on consolidation (A-0)Property, plant and equipment (A-0)Amount due from customers (A-1)Cash and cash equivalents (A-1)Current tax assets (A-1)Inventories (A-1)Other receivables, deposits and prepayments (A-1)Trade receivables (A-1)Deferred tax liabilities (L-0)Loans & borrowings (L-0)Amount due to customers (L-1)Loans & borrowings (L-1)Payables and accruals (L-1)Provision for taxation (L-1)Trade and other payables (L-1)
2011331619978162118228858509248415512792520311857400287291059331318
20112329199779113813247911021523327229874203127048442872296-25443
2011126819974831224720517416194544852985920113557479287316315020998
20104184199738911551221404111044151324818203119732222341320714718693
201032011996792857922842-769978219051659854553172193251317087
201022011996262928126785-51217681489317110416938172216445111967
2010120119960821080221911--12661877217910977951173213541412245
200942011996131778128140-13877511208735511554461170257189712652
2009320119962301107516509--21121362580611576536175270919558437
200921531996119960320979--13561035880612159214175144210579708
20084941995218774920698--117610075812848100496327382318852

Financial Quarter Income Statement
yearqrtRevenueIncome tax expenseCost of salesFinance/interest costsOther incomeAdministrative/Operating expensesSelling and distribution costsOther expenses
20113381654313258915393268182208
201123675022230973271031869208181
2011119420151670416901601264123
201043093940226009691182103221109
20103245422321943014742092183240
201021557920211719141191121130132
2010113672651185413118980153102
20094191691393158025626019491301234
20093189959661241212382289139204
200921700560213052131181591245
2009189623257024152607395050
20084160411321184428369227811811
20083107814128868184990173226
20082163279912904221641382331

Financial Quarter Segments Revenue
yearqrtOthersElimination/AdjustmentMalaysiaChinaVietnamSingaporeTaiwan
20113-911017066341413806611738
20112-1558132319307162089665184
20111-37877655017153621973283
20104-294186473849-33055432
20103-247128084927-22504804
20102-3867133157-30062741
20101--32574759-26163040
200944196849137936-28253144
20093--115132052-38391591
20092171-91672903-25481922
20091--49791706--2277
20084426-56953858--6062
20083297-55273314--1643
20082--1126213127--8847

Financial Quarter Segments Profit
yearqrtOthersElimination/AdjustmentMalaysiaChinaVietnamSingaporeTaiwan
20113--61347214468788
20112--21777341397755
20111--711154639940
20104--3005637-233381
20103--1944217-249185
20102--1651161-67152
20101--40279-40063
2009423014996201747-29764
20093--3458255-929195
2009243-2321195-342119
20091--894128-18275
20084120-771145--699
2008364-1100219--16
20082--11941784--572

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



6-Months Historical Chart from shareinvestor.com


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