KLCI Stock - A&M / 5959 - 2011 Quarter 3

A & M REALTY BERHAD

Company Description

A & M Realty Berhad is engaged in investment holding and the provision of management services. The Company’s segments include property development, construction and services rendered, which includes construction and development of residential, commercial and industrial properties; manufacturing and trading, which includes manufacturing and trading of automotive parts and related products, and hotel and leisure related services, which includes provision of hospitality services, food and beverages. The Company’s subsidiaries include A & M Construction Sdn. Bhd., which is engaged in building construction, housing development, property management and investment holding; A & M Development Sdn. Bhd., which is engaged in housing development, property management and investment holding, A & M Lifestyle Connections Sdn. Bhd., which is engaged in investment holding and provision of management services, and A & M Vision Builders Sdn. Bhd., which is engaged in building construction.

Company Info 

Listing Date	1995-01-20
Market Capital (Capital Size)	151,501,477 (Small)
Par Value	RM 0.50
Board	Main
Sector	Properties
Major Industry	Property Development
Sub Industry	Hotel & Leisure related Services
Website	http://www.amrealty.com.my

My Analysis 

Forecast P/E now	0.415/0.0407 = 10.20 (Moderate)
Target Price	0.0407*12.0 = 0.49 (PE 12.0, EPS 0.0407)
Decision	BUY if stock price below SMA20 and volume increase
Comment	Revenue increased 39.8% and also higher than preceding year corresponding quarter 34.7%, eps decreased 42.1% but higher than preceding year corresponding quarter 44.7%, cash generated from operating is more than enough to cover all expenses, stronger liquidity ratio at strong level now, lower gearing ratio at below moderate level now, all accounting ratio compared to historical quarter still acceptable
First Support Price	0.415
Second Support Price	0.39
Risk Rating	MODERATE

Accounting Ratio 

Return on Equity	3.89%
Dividend Yield	-
Profit Margin	17.98%
Tax Rate	24.53%
Asset Turnover	0.1935
Net Asset Value Per Share	1.32
Net Tangible Asset per share	1.27
Price/Net Tangible Asset Per Share	0.33
Cash Per Share	0.22
Liquidity Current Ratio	4.6832
Liquidity Quick Ratio	1.5536
Liquidity Cash Ratio	0.939
Gearing Debt to Equity Ratio	0.2795
Gearing Debt to Asset Ratio	0.2136
Working capital per thousand Ringgit sale	262.5%
Days to sell the inventory	969
Days to collect the receivables	155
Days to pay the payables	264

Technical Analysis 

SMA 20	0.424 (Downtrend 4 days)
SMA 50	0.429 (Same)
SMA 100	0.428 (Same)
SMA 200	0.452 (Same)
MACD	-0.001013 (Downtrend 2 days)
MACD Histogram	-0.000316 (Downtrend 1 day)

My notes based on 2011 quarter 3 report (number in '000):
- Higher revenue mainly attributable to higher revenue recognised by the Property Division

- Higher pbt than FY10Q3 mainly due to improved profit margin achieved by the Property and Construction Division

- Lower pbt than FY11Q2 mainly due to the gain on sale of land in the preceding quarter

- Estimate next 4Q eps after 2011 Q3 result announced = (0.0136+0.009)*2*0.9 = 0.0407, estimate PE on current price 0.415 = 10.2
- Estimate next 4Q eps after 2011 Q2 result announced = 0.0312*0.9 = 0.0281, estimate highest/lowest PE = 17.08/13.7
- Estimate next 4Q eps after 2011 Q1 result announced = (0.0066+0.009)*2 = 0.0312, estimate highest/lowest PE = 16.03/14.59
- Estimate next 4Q eps after 2010 Q3 result announced = 0.0417*1.05 = 0.0438, estimate highest/lowest PE = 13.13/11.07
- Estimate next 4Q eps after 2010 Q2 result announced = 0.0417*1.1 = 0.0459(0.0417 is recent 4Q cum_eps), estimate highest/lowest PE = 13.73/9.91
- Estimate next 4Q eps after 2010 Q1 result announced = 0.0376*1.05 = 0.0395(5% increase from 0.0376), estimate highest/lowest PE = 15.32/12.41
- Estimate next 4Q eps after 2009 Q4 result announced = 0.0376, estimate highest/lowest PE = 20.35/15.43
- Estimate 2009 eps after 2009 Q3 result announced = 0.0297+(0.041+0.0301)/2 = 0.0475, estimate highest/lowest PE = 17.79/11.05
- Estimate 2009 eps after 2009 Q2 result announced = 0.0518+(0.0089-0.0035) = 0.0572, estimate highest/lowest PE = 13.99/8.22
- Estimate 2009 eps after 2009 Q1 result announced = 0.0518+(0.0015-0.0007) = 0.0526, estimate highest/lowest PE = 17.02/7.41
- Estimate 2009 eps after 2008 Q4 result announced = 0.0518, estimate highest/lowest PE = 9.27/5.02

A&M 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
2011-11-23	2011	3	N/A	N/A	-	1.00%	3.39%	39446	97123	7092	21459	4949	16813	0.0136	0.0461	629913	134570	13944	495343	24273	4942	272	52056	29215	29487	81543	365064	365064	153326	2011-09-30	17.98%	24.53%	0.1935	-	1.32	1.27	0.33	0.22	4.6832	1.5536	0.939	0.2795	0.2136	262.5%	969	155	264
2011-08-23	2011	2	0.48	0.385	-	1.75%	2.42%	28226	57677	9314	14367	8578	11864	0.0235	0.0325	626364	136305	13609	490059	14779	6115	581	52056	20894	21475	73531	365064	365064	177056	2011-06-30	33.00%	2.75%	0.1783	-	1.31	1.25	0.39	0.2	4.61	1.468	0.8391	0.2861	0.2176	283.2%	1066	175	301
2011-05-27	2011	1	0.5	0.41	-	0.68%	0.68%	29451	29451	5053	5053	3286	3286	0.0090	0.0090	607746	126745	13129	481001	3271	448	744	52056	2823	3567	55623	365064	365064	175230	2011-03-31	17.16%	23.97%	0.199	-	1.28	1.23	0.39	0.15	5.0363	1.3882	0.7269	0.2709	0.2085	255.4%	971	148	246
2011-02-25	2010	4	0.58	0.44	-	0.50%	2.21%	24748	125283	3872	15763	2408	10524	0.0066	0.0288	605132	127973	12573	477159	23282	11609	327	40056	11673	12000	52056	365064	365064	178881	2010-12-31	15.65%	28.23%	0.207	16.9975	1.27	1.22	0.4	0.14	4.9732	1.3145	0.6764	0.2755	0.2115	244.1%	929	139	239
2010-11-25	2010	3	0.575	0.485	-	0.72%	1.71%	29278	100535	4904	11891	3417	8116	0.0094	0.0222	623002	147837	12861	475165	27419	6655	1015	40056	20764	21779	61835	365064	365064	204435	2010-09-30	16.75%	24.25%	0.217	-	1.27	1.21	0.46	0.17	4.1528	1.2327	0.6346	0.3198	0.2373	227.3%	867	153	273
2010-08-26	2010	2	0.63	0.455	-	0.52%	1.00%	37467	71257	3277	6987	2464	4699	0.0068	0.0129	641858	171486	12563	470372	20574	5575	240	40056	14999	14759	54815	362908	362908	177824	2010-06-30	8.75%	17.64%	0.2341	-	1.26	1.21	0.4	0.15	3.5167	1.0913	0.4571	0.3746	0.2672	200.9%	816	181	314
2010-05-25	2010	1	0.605	0.49	-	0.48%	0.48%	33790	33790	3710	3710	2235	2235	0.0062	0.0062	629264	161495	12486	467769	14039	979	29	40056	13060	13089	53145	362784	362784	214042	2010-03-31	10.98%	32.96%	0.2465	-	1.25	1.2	0.49	0.15	3.8255	1.1137	0.4867	0.3547	0.2566	199.0%	802	158	277
2010-02-23	2009	4	0.765	0.58	-	0.62%	2.93%	34629	142265	4458	18338	2879	13649	0.0079	0.0376	623881	158624	12234	465257	12639	4278	334	32029	8361	8027	40056	362734	362734	235777	2009-12-31	12.87%	28.87%	0.228	17.2743	1.25	1.19	0.55	0.11	3.9224	1.0256	0.3789	0.3501	0.2543	217.2%	897	172	295
2009-11-30	2009	3	0.845	0.525	-	1.63%	2.33%	44360	107636	9491	13880	7530	10770	0.0208	0.0297	684336	222400	12190	461936	8153	11616	284	32029	19769	20053	52082	362734	362734	217640	2009-09-30	21.40%	17.61%	0.2042	-	1.24	1.18	0.51	0.14	2.4519	0.6481	0.305	0.4945	0.325	177.4%	1014	148	552
2009-08-27	2009	2	0.8	0.47	-	0.60%	0.71%	42310	63276	3433	4388	2712	3240	0.0075	0.0089	697499	243330	11953	454169	6306	11667	215	32029	17973	17758	49787	362734	362734	221267	2009-06-30	8.11%	14.68%	0.1812	-	1.22	1.15	0.53	0.14	2.2403	0.6287	0.2602	0.5503	0.3489	187.8%	1091	195	668
2009-05-27	2009	1	0.895	0.39	-	0.12%	0.12%	20966	20966	955	955	528	528	0.0015	0.0015	593513	142273	11736	451240	3069	1097	87	32029	1972	2059	34088	362734	362734	141466	2009-03-31	4.55%	28.48%	0.2083	-	1.21	1.16	0.34	0.09	3.1392	0.8894	0.3266	0.3237	0.2397	180.6%	838	168	367
2009-02-26	2008	4	0.48	0.26	-	3.30%	4.15%	32116	120891	15633	21063	14864	18710	0.0410	0.0516	598438	147881	11581	450557	8599	9478	4855	18807	18077	13222	32029	362734	362734	108820	2008-12-31	48.68%	4.25%	0.2038	5.8162	1.21	1.15	0.26	0.09	3.0085	0.8622	0.2913	0.3369	0.2471	181.1%	856	185	394
2008-11-26	2008	3	0.35	0.29	-	0.57%	0.89%	31013	89830	3730	6289	2514	3919	0.0069	0.0108	599789	157928	17676	441861	12914	N/A	3756	18785	12914	9158	27943	362734	362734	110633	2008-09-30	12.03%	21.55%	0.1897	-	1.17	1.11	0.27	0.08	2.5374	0.7624	0.2373	0.3723	0.2633	160.6%	807	196	443
2008-08-26	2008	2	0.45	0.25	-	0.23%	0.29%	39525	58817	1584	2557	1036	1282	0.0029	0.0035	606753	163796	17383	442957	8599	9478	4855	18807	18077	13222	32029	362734	362734	159602	2008-06-30	4.01%	7.64%	0.1812	-	1.17	1.12	0.39	0.1	2.4825	0.7186	0.286	0.3849	0.27	167.7%	920	177	510
2008-05-29	2008	1	0.69	0.4	0.015	0.06%	0.06%	19291	19291	973	973	246	246	0.0007	0.0007	600531	158918	17075	441613	10759	N/A	120	18785	10759	10879	29664	362734	362734	210385	2008-03-31	5.04%	26.93%	0.1529	-	1.17	1.11	0.52	0.08	2.5783	0.7113	0.2506	0.3743	0.2646	204.6%	1254	216	652
2008-02-28	2007	4	0.75	0.415	-	2.48%	4.37%	23966	124808	12634	27664	10913	19288	0.0301	0.0532	587746	146844	16610	440902	33566	26168	4390	15777	7398	3008	18785	362734	362734	224895	2007-12-31	52.72%	9.56%	0.171	11.6598	1.17	1.11	0.56	0.05	2.8804	0.6696	0.1762	0.3461	0.2498	199.7%	1216	189	530
2007-11-23	2007	3	1.05	0.62	-	1.18%	2.76%	27143	76555	8241	17686	5127	11985	0.0141	0.0330	583384	149115	17329	434269	12672	13425	892	15776	753	139	15915	362734	362734	348224	2007-09-30	30.36%	32.08%	0.1723	-	1.15	1.09	0.88	0.05	2.7768	0.8478	0.1583	0.3576	0.2556	189.3%	1065	255	514
2007-08-29	2007	2	1.03	0.87	-	1.03%	1.59%	21411	49412	5927	9444	4469	6858	0.0123	0.0189	560206	127569	16858	432637	14002	14804	565	15776	802	237	15539	362734	362734	482436	2007-06-30	27.68%	18.83%	0.131	-	1.15	1.09	1.22	0.05	3.2934	0.9355	0.1915	0.3068	0.2277	266.9%	1420	306	574
2007-05-30	2007	1	N/A	N/A	-	0.56%	0.56%	28001	28001	3519	3519	2390	2390	0.0066	0.0066	553141	125313	16517	427828	20531	39	565	15776	20492	21057	36833	362734	362734	301069	2007-03-31	12.57%	20.09%	0.0939	-	1.13	1.08	0.77	0.1	3.3582	1.0524	0.426	0.3047	0.2265	397.1%	2039	376	858
2007-02-27	2006	4	N/A	N/A	-	2.57%	4.40%	23966	91980	12634	24398	10913	18680	0.1205	0.2063	543264	118248	16095	425016	234	1527	432	14447	1761	1329	15776	90559	90559	130404	2006-12-31	52.72%	9.56%	0.0441	6.981	4.52	4.31	0.33	0.18	3.5254	0.7898	0.1975	0.2892	0.2177	846.9%	7023	713	2522

Financial Quarter Balance Sheet

year	qrt	Biological assets (A-0)	Deferred tax assets (A-0)	Fixed deposits (A-0)	Goodwill on consolidation (A-0)	Investment in associated companies (A-0)	Investment properties (A-0)	Land held for property development (A-0)	Other investments (A-0)	Prepaid lease payments (A-0)	Property, plant and equipment (A-0)	Amount due from associated companies (A-1)	Amount due from customers (A-1)	Cash and cash equivalents (A-1)	Current tax assets (A-1)	Fixed deposits with licensed banks (A-1)	Inventories (A-1)	Property development costs (A-1)	Trade receivables (A-1)	Deferred tax liabilities (L-0)	Finance lease liabilities (L-0)	Amount due to associated companies (L-1)	Amount due to customers (L-1)	Bank overdraf (L-1)	Current tax liabilities (L-1)	Finance lease liabilities (L-1)	Loans & borrowings (L-1)	Progress billings (L-1)	Trade and other payables (L-1)	Minority interest (M-1)
2011	3	3637	725	1638	19407	1482	21236	60661	587	-	113833	-	26968	14690	1721	66853	68157	203628	24690	47697	30	5605	9171	-	2540	103	1181	45734	22509	13944
2011	2	3516	725	1631	19407	1482	21207	60656	587	-	113176	-	22933	22643	1555	50888	68427	206908	30623	48645	30	5605	5937	-	2443	21	1497	47612	24515	13609
2011	1	3451	725	1706	19407	1482	21222	60634	587	-	113132	-	17007	22673	1514	32950	68706	210462	32088	50191	30	5605	2420	-	1620	30	1726	37631	27492	13129
2010	4	3357	725	1667	19407	1482	21222	60584	587	-	113371	-	15736	23173	1464	28883	69429	212136	31909	50984	30	5605	2363	-	1304	33	940	32891	33823	12573
2010	3	3356	-	1555	19719	1482	17552	60569	587	4811	108743	-	5347	31822	1588	30013	68609	215914	51335	50340	62	5831	3216	-	3378	16	1211	28778	55005	12861
2010	2	3341	-	1513	19719	1482	17605	60564	587	4824	110516	-	10756	27334	1352	27481	68592	222247	63945	51509	62	5828	4158	-	2919	25	983	43659	62343	12563
2010	1	3315	-	1506	19719	1482	17658	58023	587	4837	104374	79	12047	21371	1238	31774	68450	227695	55109	52228	62	5828	3424	-	2251	41	1158	43393	53110	12486
2009	4	3310	-	1503	20389	1482	17711	57929	587	4849	101471	79	6831	8261	1148	31795	69155	237082	60299	52850	62	5828	2281	-	1447	63	1104	42848	52141	12234
2009	3	-	-	1494	20397	1484	17764	116650	587	4862	102361	25235	-	6846	2049	45236	63582	244472	31317	51491	125	2153	-	-	1359	40	1717	57058	108457	12190
2009	2	-	-	1478	23362	1484	17817	116649	587	4875	102507	17664	-	6926	3073	42861	63289	245133	49794	51829	125	2908	-	-	1442	70	1068	52030	133858	11953
2009	1	-	-	1497	20377	1484	17870	116649	587	4888	102520	13300	-	2515	1717	31573	59860	174953	43723	37776	125	2983	-	-	153	100	1359	53157	46620	11736
2008	4	-	-	1383	20509	1484	17923	115552	3087	4901	102771	8228	-	4254	1015	27775	61109	174903	53544	37790	125	2727	-	-	317	138	1120	52670	52994	11581
2008	3	-	-	1256	20502	1483	14108	132777	3087	16402	108512	20034	-	8408	1280	19798	60774	150251	41117	38894	149	2251	-	241	849	135	1950	54832	58627	17676
2008	2	-	-	1256	20502	1483	14149	132912	3087	16416	108284	15587	-	24164	422	11398	60716	158596	37781	39283	178	2727	-	-	953	135	1782	60329	58409	17383
2008	1	-	-	1256	20502	1483	14232	132754	3087	16429	103966	15546	-	23527	380	6291	61315	160861	38902	39830	87	2729	-	133	1672	270	1608	62658	49931	17075
2007	4	-	-	1256	20502	1483	14232	114667	3087	16444	108643	11397	-	9147	596	9660	61764	174204	40664	39847	264	2680	-	-	2368	135	1446	47983	52121	16610
2007	3	-	-	1240	20814	1482	14274	136638	3173	-	108409	22935	-	11643	3593	5306	55878	150688	47311	41833	196	4144	-	998	4676	106	1680	-	95482	17329
2007	2	-	-	1240	20814	1482	14315	129417	3173	-	108536	23658	-	6994	1999	9360	55705	145642	37871	41959	219	3002	-	406	1861	102	1708	-	78312	16858
2007	1	-	-	1240	18813	1482	14357	111470	3173	-	108730	17085	-	10567	1340	26709	54720	147058	36397	37557	245	3904	-	407	909	102	1308	-	80881	16517
2006	4	-	-	1240	18813	1482	14398	111431	3173	-	109380	16892	-	3059	779	12816	55228	164640	29933	37557	319	5511	-	63	691	119	652	-	73336	16095

Financial Quarter Income Statement

year	qrt	Revenue	Income tax expense	Finance/interest costs	Other income	Administrative/Operating expenses	Minority interest	Finance/interest income
2011	3	39446	1740	0	0	32807	403	453
2011	2	28226	256	0	4490	23731	480	329
2011	1	29451	1211	1	-	24664	556	267
2010	4	24748	1093	1	-	21207	371	332
2010	3	29278	1189	1	-	24680	298	307
2010	2	37467	578	1	-	34438	235	249
2010	1	33790	1223	2	-	30254	252	176
2009	4	34629	1287	1	-	30367	292	197
2009	3	44360	1671	2	-	35057	290	190
2009	2	42310	504	2	-	39047	217	172
2009	1	20966	272	2	-	20153	155	144
2008	4	32116	665	0	-	16604	104	121
2008	3	31013	804	-	-	27422	412	139
2008	2	39525	121	-	-	38037	427	96
2008	1	19291	262	1	-	18537	465	220
2007	4	23966	1208	4	-	11427	513	99
2007	3	27143	2644	1	-	19047	470	146
2007	2	21411	1116	1	-	15656	342	173
2007	1	28001	707	1	-	24689	422	208
2006	4	23966	1208	4	-	11427	513	99

Financial Quarter Segments Revenue

year	qrt	Plantation	Manufacturing & trading	Property development, construction & management services	Hotel & leisure related services
2011	3	1407	11853	23882	2304
2011	2	1540	12298	11429	2956
2011	1	1580	11692	13827	2355
2010	4	784	10573	9716	3675
2010	3	497	11134	15592	2055
2010	2	452	10678	23584	2753
2010	1	510	9916	21631	1733
2009	4	639	9285	22442	3158
2009	3	688	11395	29982	2295
2009	2	749	10251	28335	2975
2009	1	493	9077	9231	2165
2008	4	468	7898	19661	3034
2008	3	730	10630	17676	1977
2008	2	1700	10140	24666	3020
2008	1	-	9784	7255	2252
2007	4	-	9962	35570	2721
2007	3	-	9377	15109	2657
2007	2	-	8986	9596	2829
2007	1	-	8207	18084	1710
2006	4	-	7780	13857	2360

Financial Quarter Segments Profit

year	qrt	Plantation	Manufacturing & trading	Property development, construction & management services	Hotel & leisure related services
2011	3	712	824	4907	196
2011	2	666	1054	6299	966
2011	1	1124	752	2342	569
2010	4	345	821	466	1909
2010	3	635	1960	7235	1333
2010	2	385	903	4110	1167
2010	1	232	598	2550	156
2009	4	770	2373	11186	3425
2009	3	844	1433	5426	2316
2009	2	656	705	851	1864
2009	1	319	205	315	604
2008	4	995	2498	13906	3154
2008	3	1122	1866	911	1935
2008	2	1122	1170	1944	1893
2008	1	-	568	321	507
2007	4	-	2330	22465	2636
2007	3	-	1386	13951	1825
2007	2	-	952	7236	877
2007	1	-	441	2737	134
2006	4	-	2076	19929	2115

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 = average working capital per thousand Ringgit sale
inv_d = average days to sell the inventory, rec_d = Average days to collect the receivables



6-Months Historical Chart from shareinvestor.com

CURRENT

---

●CHANGES IN SHAREHOLDING
●ANNUAL REPORTS

HISTORICAL

---

●CHANGES IN SHAREHOLDING

ARCHIVES

---

●CHANGES IN SHAREHOLDING

---

1-Years Historical Chart from shareinvestor.com

5-Years Historical Chart from shareinvestor.com