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Saturday, January 14, 2012

KLCI Stock - HELP / 7236 - 2011 Quarter 4

HELP INTERNATIONAL CORPORATION BHD

Company Description
HELP INTERNATIONAL CORPORATION BERHAD is a Malaysia-based investment holding company. The Company’s core business is in education and training, including tertiary, continuing professional development (CPD), vocational and pre-university programs. It has four campuses, including HELP University College, HELP International College of Technology, Fraser Technology Park Campus and HELP University College’s Subang 2 campus. The Company has a graduate school, which offers a Doctor of Business Administration (DBA) plus 11 Masters degrees. Its subsidiaries are HELP University College Sdn. Bhd., HELP Training Centre Sdn. Bhd., HELP Academy Sdn. Bhd., HELP ICT Sdn. Bhd., International Centre for Security Management Sdn. Bhd., HELP Executive Advanced Training Sdn. Bhd. and HELP M&E Sdn. Bhd.

Company Info 
Listing Date2007-05-22
IPO Price0.8
Market Capital (Capital Size)213,062,400 (Small)
Par ValueRM 0.50
BoardMain
SectorTrading/Services
Major IndustryEducational Services
Websitehttp://www.hic.com.my/

My Analysis 
Forecast P/E now(1.5-0.02)/0.1078 = 13.73 (Moderate)
Target Price1.62+0.02 = 1.64 (PE 15.0, EPS 0.1078, DPS 0.02)
DecisionNot interested unless stock price below SMA20 and volume increase
Comment
Revenue increased 18.7% and also higher than preceding year corresponding quarter 4%, eps largely increased 1388.2% but lower than preceding year corresponding quarter 63.8%, cash generated from operating is more than enough to cover dividend but still spent 11% of Group cash for investing expenses, slightly better liquidity ratio at low level now, slightly higher gearing ratio at moderate level now, all accounting ratio are acceptable, higher fees received in advance can indicate business slowly improving, operating expenses increasing, move into new campus at Sungai Besi which can tap a new geographic area and also increase its capacity, upgrading of HELP University to university status, develop new market business
First Support Price1.5
Second Support Price1.4
Risk RatingMODERATE

Research House
OSK Target Price1.99 (2011-09-29)
RHB Target Price1.8 (2011-12-16)

Accounting Ratio 
Return on Equity10.48%
Dividend Yield1.33%
Profit Margin18.54%
Tax Rate31.95%
Asset Turnover0.5177
Net Asset Value Per Share0.88
Net Tangible Asset per share0.85
Price/Net Tangible Asset Per Share2.01
Cash Per Share0.42
Liquidity Current Ratio1.164
Liquidity Quick Ratio1.164
Liquidity Cash Ratio0.9725
Gearing Debt to Equity Ratio0.6743
Gearing Debt to Asset Ratio0.4027
Working capital per thousand Ringgit sale9.4%
Days to sell the inventory-
Days to collect the receivables89
Days to pay the payables157

Technical Analysis 
SMA 201.616 (Downtrend 19 days)
SMA 501.673 (Downtrend)
SMA 1001.795 (Downtrend)
SMA 2002.18 (Downtrend)
MACD-0.071043 (Downtrend 4 days)
MACD Histogram-0.008975 (Downtrend 9 days)

My notes based on 2011 quarter 4 report (number in '000):-
- Revenue grew marginally due to decrease in student numbers from China because it has become financially more affordable for students from China to study in the UK and the USA due to the strength of the Renminbi against the Pound and US Dollar. Relaxation in regulatory restrictions have also benefited students applying for places in the mentioned countries

- The postponement in student intakes in our Vietnam centres due to the governmental review earlier in the year also impacted on revenue

- Under the Ministry of Higher Education’s advice, all twinning programmes are to be transferred from HELP University to HELP Academy. The change of institution requires a re-application of licenses to recruit foreign students and for local students to be eligible for Perbadanan Tabung Pendidikan Tinggi Nasional (PTPTN) loan. This has resulted in a delay for HELP Academy to recruit students into our twinning programmes

- Recruitment of new students at our local colleges HELP Academy and HELP College of Arts and Technology (“HCAT”) were also affected by delays in obtaining the relevant licenses and approvals for operations. This caused a follow on effect into the fourth quarter

- Higher pbt than FY11Q3 mainly due to a one-off relocation cost of HCAT from Klang to Sungei Besi in preceding quarter and is seasonal fluctuations of the industry

- Estimate next 4Q eps after 2011 Q4 result announced = (0.0253+0.0192+0.02)*1.05+0.0458*0.95 = 0.1078, estimate PE on current price 1.5 = 13.73(DPS 0.02)
- Estimate next 4Q eps after 2011 Q3 result announced = 0.065*2*0.9 = 0.117, estimate highest/lowest PE = 15.04/12.82 (DPS 0.02)

HELP latest news (English)

HELP 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
2011-12-2220114N/AN/A0.022.88%10.48%284351080615271203893587130620.02530.092020873984064-124675215412683021316742352897420600031420421420422428912011-10-3118.54%31.95%0.517718.59530.880.852.010.421.1641.1640.97250.67430.40279.4%-89157
2011-09-28201131.781.52-0.20%7.85%23960796268201511824594750.00170.066720124180505-12073612475233642131674081088913020543881420421420422656182011-07-313.42%70.12%0.5315-0.850.822.280.381.12321.12320.92630.66680.46.8%-77163
2011-06-27201122.591.84-5.40%7.66%31368556661016114298650592300.04580.065019867978188-120491548217453N/A674081197111971554371420421420423678882011-04-3032.39%35.98%0.5354-0.850.823.160.391.19081.19080.9830.64890.393510.1%-68161
2011-03-25201112.842.52-2.35%2.35%242982429841374137272527250.01920.019220159485477-116117508312774N/A6740876917691597171420421420423607862011-01-3117.03%34.13%0.5258-0.820.793.220.421.14521.14520.93770.73610.4248.7%-124145
2010-12-23201042.832.160.025.71%16.84%273331052037815266806471190970.06980.206020545692064-113392252854343421628771918149203116740892716927162132462010-10-3128.59%17.20%0.51211.16651.221.181.950.731.28731.28731.10010.81190.448116.7%-88172
2010-09-23201034.651.85-3.02%11.79%23383778704993188653235126260.03640.142219818591102-107083103853384920018771923464254656225488776887763932772010-07-3121.35%35.21%0.5251-1.211.173.790.71.34081.34081.11120.85080.459718.3%-78163
2010-06-18201024.862.79-6.59%8.87%30976544871011013872697393910.07850.105815577249927-105845436711344487719697769818073888776887762467972010-04-3032.64%31.03%0.6566-1.191.152.420.912.27712.27711.7420.47170.320557.9%-82124
2010-03-24201012.81.97-2.45%2.45%235112351137623762241824180.02720.027215804959177-98872512155914877194704748724588776887761802152010-01-3116.00%35.73%0.6279-1.111.071.90.981.9371.9371.56920.59850.374452.5%-136113
2009-12-28200942.291.740.036.19%16.02%26203965797360218285974154500.06730.174014999853544-9645420337461220117400515725137148771988776887761544702009-10-3128.09%18.83%0.64399.99811.091.051.660.991.98031.98031.75560.55510.35750.7%-89136
2009-09-25200931.771.42-3.23%10.47%2159470376426514468291994760.03290.106713616745687-904802667221820077400544915587244788776887761278372009-07-3119.75%31.56%0.709-1.020.981.470.822.04222.04221.71620.50490.335545.6%-91107
2009-06-26200921.561.35-5.95%7.32%2792748782790110203533065570.06000.073913772448166-89558197313876740055865807458588776887761207352009-04-3028.29%32.54%0.6769-1.010.971.40.841.89211.89211.61460.53780.349744.2%-88123
2009-03-23200911.51.0-1.46%1.46%208552085523022302122712270.01380.013813889754669-84228322970474005648652733538877688776976532009-01-3111.04%46.70%0.6432-0.950.911.210.831.66551.66551.3920.64910.393639.3%-132119
2008-12-22200841.120.950.036.01%14.20%26163865465430160834991117900.05620.132813642053419-830012481765031985576761831416329740058877688776887762008-10-3120.75%8.08%0.63447.52980.930.91.110.831.65271.65271.43860.64360.391638.8%-89158
2008-09-25200831.330.82-2.07%8.72%1827560383263510653161867990.01820.076612427846268-7801070771453198257676562436426131888776887761180722008-07-3114.42%38.60%0.6272-0.880.841.580.691.72961.72961.38320.59310.372341.5%-111144
2008-06-26200821.451.2-5.56%6.61%240414210866078018435451810.04900.0584125007466448783636001690757676531153046298088776887761278372008-04-3027.48%34.10%0.5745-0.880.841.710.711.72351.72351.40890.59530.373145.0%-117156
2008-03-25200811.521.3-1.11%1.11%1806718067141114118198190.00920.00921248935088421740095144118457676526252586293488776887761331642008-01-317.81%41.39%0.5317-0.830.791.90.711.56541.56541.2860.68770.407441.7%-176142
2007-12-21200741.681.10.034.70%13.21%1756061701419113398343696680.03870.120011141738235137318217443882199212149126264361855767688776805581233982007-10-3123.87%17.70%0.553811.58210.910.911.530.651.8571.8571.58880.52260.343250.4%-102154
2007-09-26200731.651.29-1.87%8.93%121504414119409207130362320.01530.08019869228931-69761372598389948214921356323511450038516377789N/A2007-07-3115.97%32.84%0.4473-0.90.9N/A0.531.92441.92441.58270.41470.293159.5%-150134
2007-06-2620072N/AN/A-6.25%8.42%186233199153817267365649290.04940.06669057432064-58510473910546N/A214921528515285367777400074000N/A2007-04-3028.89%32.26%N/A-0.790.79N/A0.51.46921.46921.16820.5480.354N/A-N/AN/A
N/A20071N/AN/A-N/AN/A133681336818861886127312730.0000N/AN/AN/A-N/A2896859N/A21492203720372352974000000N/A651200002007-01-3114.11%33.24%N/A-N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-N/AN/A

Financial Quarter Balance Sheet
yearqrtDeferred tax assets (A-0)Intangible assets (A-0)Other investments (A-0)Property, plant and equipment (A-0)Cash and cash equivalents (A-1)Current tax assets (A-1)Marketable securities (A-1)Other receivables (A-1)Trade receivables (A-1)Deferred tax liabilities (L-0)Hire purchase liabilities (L-0)Long term payables (L-0)Current tax liabilities (L-1)Dividend payable (L-1)Fees received in advance (L-1)Hire purchase liabilities (L-1)Other payables (L-1)Minority interest (M-1)
20114-38741721131325600031682-567344614363-18000--21998-39703-
20113303918138412996454388603-705439003792-18000805-18754-39154-
2011230352113841265895543791-777038573792-180001585213116036-36644-
20111303548-12508559717847-700553623792-180009-30683-32993-
20104303576-122976674081739-571540123792-27000826-21477-38969-
20103-3594-1194756225480-876440183580-31500959-18230-36833-
20102-3605-466318073876-1981449083580--601-18004-27742-
20101-3541-46814872451208-1307661653580----30760-24837-
20094-3560-4749387719849-709832793580----20331429629-
20093-3487-464697244735-756161683473--123-17922724162-
20092-3468-468547458532-785849271973--1513-176021127067-
20091-3481-476497335389-926350621973--178-271631425341-
20084-3490-479107400585-8322260819733-294-184991432636-
20083-3474-44133613183-9694565619317---179801426336-
20082-3487-4447862980659-85104893193111---1815314265358
20081-3494-44791629341904263095459193114---26635142229021
20074-81-439185767610612595727221931----14560-2174413
20073---4397345003440246714603496--1213-13579-13643-
20072---4432036777308258693298581--2108-12118-17257-

Financial Quarter Income Statement
yearqrtRevenueIncome tax expenseFinance/interest costsOther incomeAdministrative/Operating expensesMinority interest
20114284351684272199524887-
201132396057527390223769-
20112313683656263183422778-
2011124298141235897120774-
20104273331344408133020440-
20103233831758408120719189-
201023097631370183322699-
20101235111344183320581-
200942620313869109219926-
200932159413461130918637-
200922792725711128221307-
200912085510751103919591-
20084261634391220922941-
20083182751017179516434-
200822404122531121118644-
20081180675841956176118
2007417560742-9031427213
2007312150637-1249114590
20072186231736-5711381311
2007113368627-5111199314

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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1-Years Historical Chart from shareinvestor.com

5-Years Historical Chart from shareinvestor.com

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