Sponsor by Innity

Sponsor by cwyeoh

Sponsor by Nuffnang

Sunday, January 1, 2012

KLCI Stock - MAS / 3786 - 2011 Quarter 3

Company Info
Market Capital (Capital Size)4,344,803,112 (Large)
Par ValueRM 1.00

My Analysis
Forecast P/E now1.3/0.1152 = 11.28 (Moderate)
Target Price0.1152*12.0 = 1.38 (PE 12.0, EPS 0.1152)
DecisionNot interested unless stock price below 1.2 or got strong buy volume vs sell volume
Revenue increased 1.9% and was second consecutive quarter increasing and also higher than preceding year corresponding quarter 5.2%, eps decreased 9.3% loss but increased 307.7% loss than preceding year corresponding quarter, no cash generated from operating but cash generated from financing enough to cover operating expenses and still spent 49.7% of Group cash to cover investing expenses, weaker liquidity ratio at weak level now, higher gearing ratio at very high level now, all accounting ratio are good, affecting by oil price increasing
First Support Price1.3
Second Support Price1.2
Risk RatingHIGH

Research House
Kenanga Target Price2.2 (2011-08-08)
HwangDBS Target Price1.55 (2011-08-10)
MIDF Target Price1.6 (2011-08-24)
CIMB Target Price1.6 (2011-09-20)
ECM Target Price1 (2011-11-22)
OSK Target Price0.96 (2011-11-23)
RHB Target Price1.04 (2011-11-23)
HLG Target Price1.19 (2011-12-08)
Maybank Target Price1.55 (2011-12-08)
TA Target Price1.33 (2011-12-08)

Accounting Ratio
Return on Equity-47.12%
Dividend Yield-
Profit Margin-13.21%
Tax Rate-
Asset Turnover1.1072
Net Asset Value Per Share0.69
Net Tangible Asset per share0.65
Price/Net Tangible Asset Per Share2.09
Cash Per Share0.34
Liquidity Current Ratio0.5095
Liquidity Quick Ratio0.4289
Liquidity Cash Ratio0.197
Gearing Debt to Equity Ratio4.3387
Gearing Debt to Asset Ratio0.8117
Working capital per thousand Ringgit sale-20.6%
Days to sell the inventory12
Days to collect the receivables35
Days to pay the payables107

Technical Analysis
SMA 201.312 (Downtrend 2 days)
SMA 501.365 (Downtrend)
SMA 1001.436 (Downtrend)
SMA 2001.539 (Downtrend)
MACD-0.036053 (Uptrend 6 days)
MACD Histogram-0.000036 (Downtrend 26 days)

My notes based on 2011 quarter 3 report (number in '000):-
- The loss is attributable to higher fuel cost, derivative loss of RM70 million and unrealised foreign exchange loss of RM195 million

- Estimate next 4Q eps after 2011 Q3 result announced = 0.128*0.9 = 0.1152, estimate PE on current price 1.3 = 11.28
- Estimate next 4Q eps after 2011 Q2 result announced = (0.067*3)-0.073 = 0.128, estimate highest/lowest PE = 12.66/9.61
- Estimate next 4Q eps after 2011 Q1 result announced = 0.07, estimate highest/lowest PE = 27.86/19.14

MAS latest news (English)

MAS latest news (Chinese)

No comments:

Post a Comment