KLCI Stock - HSPLANT / 5138 - 2011 Quarter 3

HAP SENG PLANTATIONS HOLDINGS BERHAD

Company Description

HAP SENG PLANTATIONS HOLDINGS BERHAD is a Malaysia-based investment holding company that carries out marketing and trading activities for its subsidiaries. It is principally engaged in the cultivation of oil palm and processing of fresh fruit bunches (FFB) carried out in Malaysia. The Company’s plantations having a combined area of 37,630 hectares are located on one contiguous plot of land measuring approximately 36,354 hectares between Lahad Datu and Sandakan, and a smaller area in Tawau measuring 1,276 hectares. As of January 31, 2008, 32,695 hectares were planted with oil palms of which 31, 260 (95.3%) hectares were mature palms. Milling operations were carried out at the Company’s four mills, which have a total milling capacity of 175 FFB tons per hour. The Company’s subsidiaries include Jeroco Plantation Sdn Bhd and Hap Seng Plantations (River Estates) Sdn Bhd. In July 2008, the Company acquired Oriental Continent Sdn Bhd.

Company Info 

Listing Date	2007-11-16
Market Capital (Capital Size)	2,328,000,000 (Large)
Par Value	RM 1.00
Board	Main
Sector	Plantation
Major Industry	Oil Palm & Others Crop

My Analysis 

Forecast P/E now	(2.91-0.17)/0.3643 = 7.52 (Moderate)
Target Price	3.64+0.17 = 3.81 (PE 10.0, EPS 0.3643, DPS 0.17)
Decision	BUY if stock price near to SMA20 and got stronger buying volume than selling
Comment	Revenue decreased 8.2% but higher than preceding year corresponding quarter 46.7%, eps decreased 12.8% but higher than preceding year corresponding quarter 58.9%, cash generated from operating is more than enough to cover all expenses, weaker liquidity ratio from high to moderate level now, slightly higher gearing ratio at low level now, all accounting ratio are good, benefit from CPO price above 3.1k
First Support Price	2.78
Second Support Price	2.7
Risk Rating	MODERATE

Research House

Affin Target Price

4.02 (2011-01-27)

Accounting Ratio 

Return on Equity	14.11%
Dividend Yield	5.84%
Profit Margin	52.97%
Tax Rate	25.30%
Asset Turnover	0.314
Net Asset Value Per Share	2.28
Net Tangible Asset per share	2.28
Price/Net Tangible Asset Per Share	1.18
Cash Per Share	0.14
Liquidity Current Ratio	2.8257
Liquidity Quick Ratio	2.2394
Liquidity Cash Ratio	1.879
Gearing Debt to Equity Ratio	0.1363
Gearing Debt to Asset Ratio	0.12
Working capital per thousand Ringgit sale	16.6%
Days to sell the inventory	41
Days to collect the receivables	12
Days to pay the payables	43

Technical Analysis 

SMA 20	2.864 (Uptrend 20 days)
SMA 50	2.77 (Uptrend)
SMA 100	2.676 (Uptrend)
SMA 200	2.637 (Uptrend)
MACD	0.063428 (Uptrend 3 days)
MACD Histogram	0.007231 (Uptrend 18 days)

My notes based on 2011 quarter 3 report (number in '000):-
- Higher revenue and pbt than FY10Q3 was due to higher average selling price of Crude Palm Oil (CPO) and Palm Kernel (PK) for the current quarter of RM3,117 and RM1,828 per tonne which were higher than the preceding year corresponding quarter of RM2,487 and RM1,575 per tonne respectively. In addition, the Group also benefitted from higher CPO sales volume for the current quarter of 46,102 tonnes which were 22% higher than the preceding year corresponding quarter attributable to higher CPO production with higher Fresh Fruit Bunches (FFB) yield resulting from the changes in cropping pattern and increase in the purchase of FFB from surrounding estates

- Lower revenue and pbt mainly due to lower average selling price of CPO and PK which were lower by 8% and 27% respectively resulting from the decline in commodities prices

- Estimate next 4Q eps after 2011 Q3 result announced = 0.0828*4*1.1 = 0.3643, estimate PE on current price 2.91 = 7.52(DPS 0.17)
- Estimate next 4Q eps after 2011 Q2 result announced = (0.0949+0.0722)*2 = 0.3342, estimate highest/lowest PE = 8.29/6.46 (DPS 0.17)
- Estimate next 4Q eps after 2011 Q1 result announced = 0.2392*1.1 = 0.2631, estimate highest/lowest PE = 9.96/8 (DPS 0.13)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.0521*1.1*4 = 0.2292, estimate highest/lowest PE = 13.57/11.21 (DPS 0.13)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.0521*1.1*4 = 0.2292, estimate highest/lowest PE = 15.44/12.48 (DPS 0.11)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.0454*1.1*4 = 0.1998, estimate highest/lowest PE = 15.42/10.76 (DPS 0.11)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.0456*1.1*4 = 0.2006, estimate highest/lowest PE = 11.42/10.02 (DPS 0.09)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.0396*4 = 0.1584, estimate highest/lowest PE = 15.4/12.31 (DPS 0.09)

HSPLANT latest news (English)

HSPLANT latest news (Chinese)

Daily Palm Oil Prices

Crude Palm Oil Future



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
2011-11-25	2011	3	N/A	N/A	-	3.63%	10.95%	167403	493850	88666	267956	66235	199903	0.0828	0.2499	2073835	248794	-	1825041	240708	17369	171003	58699	223339	52336	111035	799987	799987	2143965	2011-09-30	52.97%	25.30%	0.314	-	2.28	2.28	1.18	0.14	2.8257	2.2394	1.879	0.1363	0.12	16.6%	41	12	43
2011-08-23	2011	2	2.9	2.29	0.1	4.13%	7.27%	182396	326447	102237	179290	75911	133668	0.0949	0.1671	2078188	239383	-	1838805	158811	10050	91004	58699	148761	57757	116456	799987	799987	2111965	2011-06-30	56.05%	25.75%	0.2877	-	2.3	2.3	1.15	0.15	3.5539	2.9289	2.4049	0.1302	0.1152	20.7%	38	15	43
2011-05-06	2011	1	2.8	2.42	-	3.18%	3.18%	144051	144051	77053	77053	57757	57757	0.0722	0.0722	2082620	263722	-	1818898	65639	3914	N/A	58699	61725	61725	120424	799988	799988	2175967	2011-03-31	53.49%	25.04%	0.248	-	2.27	2.27	1.2	0.15	3.2065	2.762	2.1914	0.145	0.1266	23.5%	34	18	45
2011-02-18	2010	4	3.24	2.7	0.07	3.16%	9.66%	157434	473754	74991	226376	55616	170087	0.0695	0.2126	2019787	258646	-	1761141	197394	33416	139844	34565	163978	24134	58699	799990	799990	2543968	2010-12-31	47.63%	25.84%	0.2346	14.9569	2.2	2.2	1.45	0.07	2.1676	1.825	1.1477	0.1469	0.1281	12.6%	26	21	43
2010-11-24	2010	3	3.65	2.97	-	2.44%	6.71%	114095	316320	53431	151385	41662	114471	0.0521	0.1431	1985990	279483	-	1706507	151077	22225	139838	34565	128852	10986	23579	799991	799991	2503971	2010-09-30	46.83%	22.03%	0.2181	-	2.13	2.13	1.47	0.03	1.1081	0.7234	0.3216	0.1638	0.1407	1.8%	45	18	74
2010-08-25	2010	2	3.19	2.26	0.06	2.12%	4.25%	100824	202225	48941	97954	36334	72809	0.0454	0.0910	2005610	292766	-	1712844	111564	11096	72672	34565	100468	27796	62361	799991	799991	1879978	2010-06-30	48.54%	25.76%	0.2041	-	2.14	2.14	1.1	0.08	1.514	1.1102	0.8949	0.1709	0.146	8.7%	45	8	59
2010-05-26	2010	1	2.38	2.1	-	2.12%	2.12%	101401	101401	49013	49013	36475	36475	0.0456	0.0456	2022111	305596	-	1716515	56793	3473	11417	34565	53320	41903	76468	799992	799992	1631983	2010-03-31	48.34%	25.58%	0.1984	-	2.15	2.15	0.95	0.1	1.9284	1.5455	1.1929	0.178	0.1511	14.8%	38	13	48
2010-02-11	2009	4	2.53	2.04	0.05	2.39%	5.96%	116839	373134	54369	135136	40183	100097	0.0502	0.1251	1988241	308201	-	1680040	132752	64985	78841	45639	67767	11074	34565	799994	799994	1871985	2009-12-31	46.53%	26.09%	0.1877	18.7017	2.1	2.1	1.11	0.04	1.307	0.9526	0.5176	0.1834	0.155	5.5%	36	19	38
2009-11-23	2009	3	2.59	2.23	-	1.41%	3.65%	90368	256295	30954	80767	23125	59914	0.0289	0.0749	1954749	314888	-	1639861	84747	24122	80338	45639	60625	19713	25926	799995	799995	1855988	2009-09-30	34.25%	25.29%	0.1817	-	2.05	2.05	1.13	0.03	0.9879	0.5983	0.2884	0.192	0.1611	-0.3%	53	16	53
2009-08-26	2009	2	2.32	2.16	0.04	1.39%	2.23%	92675	165927	31284	49813	22882	36789	0.0286	0.0460	1959045	310310	-	1648735	66000	12972	52672	45639	53028	356	45995	799995	799995	1791988	2009-06-30	33.76%	26.86%	0.1992	-	2.06	2.06	1.09	0.06	1.1657	0.8733	0.5447	0.1882	0.1584	3.6%	37	12	56
2009-05-26	2009	1	2.38	2.0	-	0.83%	0.83%	73252	73252	18529	18529	13907	13907	0.0174	0.0174	1970431	304573	-	1665858	17351	5874	6667	45639	11477	4810	50449	799996	799996	1839990	2009-03-31	25.29%	24.94%	0.2137	-	2.08	2.08	1.11	0.06	1.5061	1.1249	0.685	0.1828	0.1546	8.9%	41	12	41
2009-02-25	2008	4	2.35	1.55	0.05	1.78%	7.92%	98869	393605	30869	166274	29335	130822	0.0367	0.1635	1967951	316000	-	1651951	96480	51822	68342	69323	44658	23684	45639	799998	799998	1287996	2008-12-31	31.22%	4.97%	0.2	9.8454	2.06	2.06	0.78	0.06	1.4806	1.0808	0.625	0.1913	0.1606	8.9%	47	13	55
2008-11-24	2008	3	1.86	1.4	-	2.90%	6.25%	125509	294736	62023	135405	46982	101487	0.0587	0.1269	1973680	351061	-	1622619	51036	35903	53339	69323	15133	38206	31117	799999	799999	1223998	2008-09-30	49.42%	24.25%	0.2181	-	2.03	2.03	0.75	0.04	1.1631	0.7595	0.3096	0.2164	0.1779	3.8%	68	21	76
2008-08-26	2008	2	2.41	1.25	0.05	2.56%	3.37%	123433	169227	55733	73382	41333	54505	0.0517	0.0681	1946071	330434	-	1615637	15606	5484	6673	69323	21090	27763	41560	799999	799999	1927997	2008-06-30	45.15%	25.84%	0.1983	-	2.02	2.02	1.19	0.05	1.5632	1.3037	0.4854	0.2045	0.1698	12.5%	43	51	58
2008-05-21	2008	1	3.14	2.2	-	0.82%	0.82%	45794	45794	17649	17649	13172	13172	0.0165	0.0165	1906590	292280	-	1614310	24357	960	6667	69323	25317	31984	37339	800000	800000	2432000	2008-03-31	38.54%	25.37%	0.1376	-	2.02	2.02	1.5	0.05	1.9887	1.4102	0.7974	0.1811	0.1533	17.6%	80	19	95
2008-03-31	2007	4	3.14	2.57	0.05	3.37%	10.34%	135647	216588	73489	197302	54000	165560	0.0675	0.2070	1939935	338797	-	1601138	125858	92112	35577	N/A	33746	69323	69323	800000	800000	2264000	2008-01-31	54.18%	26.52%	0.1116	13.6748	2.0	2.0	1.41	0.09	1.4329	1.1856	0.8037	0.2116	0.1746	17.2%	82	38	257
2007-12-12	2007	3	3.78	2.57	-	7.63%	7.63%	80941	80941	123813	123813	111560	111560	0.2924	0.2924	1963005	501445	-	1461560	40996	81723	150000	N/A	40727	109273	109273	381488	381488	1140649	2007-10-31	152.97%	9.90%	0.0412	-	3.83	3.83	0.78	0.29	0.6604	0.5552	0.4764	0.3431	0.2554	-96.3%	266	68	328

Financial Quarter Balance Sheet

year	qrt	Biological assets (A-0)	Prepaid lease payments (A-0)	Property, plant and equipment (A-0)	Cash and cash equivalents (A-1)	Current tax assets (A-1)	Inventories (A-1)	Other receivables (A-1)	Deferred tax liabilities (L-0)	Loans & borrowings (L-0)	Current tax liabilities (L-1)	Dividend payable (L-1)	Loans & borrowings (L-1)	Other payables (L-1)
2011	3	1336236	-	570625	111035	58	34643	21238	189702	-	22170	-	-	36922
2011	2	1334479	-	571613	116456	58	30265	25317	190959	-	13880	-	-	34544
2011	1	1333096	-	573316	120424	6133	24427	25224	191268	17500	4655	-	17500	32799
2010	4	1331982	-	576940	58699	7957	17523	26686	190000	17500	4229	-	17500	29417
2010	3	1330189	345948	228616	23579	7507	28202	21949	188669	17500	9413	-	17500	46401
2010	2	1329058	347044	224010	62361	6011	28141	8985	188085	35000	14091	-	19167	36423
2010	1	1327312	348139	223038	76468	7823	24547	14784	187741	53750	11183	-	21667	31255
2009	4	1326461	349237	225257	34565	9505	23670	19546	186418	55000	10034	-	31834	24915
2009	3	1313170	330748	222015	25926	12013	35026	15851	189983	35000	4601	31999	18334	34971
2009	2	1312177	331764	216677	45995	14614	24684	13134	189204	36667	2514	-	44333	37592
2009	1	1311501	332778	215237	50449	18352	28073	14041	188261	42667	1160	-	44333	28152
2008	4	1311124	333793	214677	45739	19576	29262	13780	187481	55334	913	-	38433	33839
2008	3	1310217	334317	211864	31216	20613	40697	24756	194887	55334	1511	40000	13432	45897
2008	2	1280187	321748	210302	41560	16278	22216	53780	194818	50000	2151	40000	13333	30132
2008	1	1279882	322726	210859	37339	15058	27089	13637	195454	50000	1573	-	13333	31920
2007	4	1279727	323377	213241	69323	10370	21331	22566	195878	56667	5999	-	13333	66920
2007	3	1279479	324196	207849	109273	3004	24128	15076	192056	80000	9650	-	190000	29739

Financial Quarter Income Statement

year	qrt	Revenue	Income tax expense	Finance/interest costs	Other income	Administrative/Operating expenses	Negative goodwill
2011	3	167403	22431	0	1186	79923	-
2011	2	182396	26326	299	1481	81341	-
2011	1	144051	19296	259	1190	67929	-
2010	4	157434	19375	306	644	82781	-
2010	3	114095	11769	300	507	60871	-
2010	2	100824	12607	483	521	51921	-
2010	1	101401	12538	620	898	52666	-
2009	4	116839	14186	289	466	62647	-
2009	3	90368	7829	663	505	59256	-
2009	2	92675	8402	607	330	61114	-
2009	1	73252	4622	1097	452	54078	-
2008	4	98869	1534	759	1190	68431	-
2008	3	125509	15041	747	156	62895	-
2008	2	123433	14400	774	443	67369	-
2008	1	45794	4477	463	124	27806	-
2007	4	135647	19489	1035	850	61973	0
2007	3	80941	12253	1802	499	33143	77318

Monthly Business Data

year	mth	Crude Palm Oil	Fresh Fruits Bunches	Palm Kernel
2011	12	13797	61756	3218
2011	11	14342	60841	3164
2011	10	15582	66035	3193
2011	9	15636	64421	3146
2011	8	14089	58488	2858
2011	7	14580	62181	2925
2011	6	15421	66841	3426
2011	5	15202	66935	3539
2011	4	14432	66029	3422
2011	3	14003	65451	3355
2011	2	10381	49885	2417
2011	1	10562	50106	2389
2010	12	12938	60196	2952
2010	11	14039	63333	3103
2010	10	14682	64027	3295
2010	9	14665	64383	3534
2010	8	13858	60942	3352
2010	7	11497	53018	2387
2010	6	10806	48721	2139
2010	5	10807	48320	2222
2010	4	11091	49858	2375
2010	3	12364	54705	2759
2010	2	10689	48978	2427
2010	1	12501	60590	2864
2009	12	14578	69988	3139
2009	11	13975	65611	3088
2009	10	15620	70579	3294
2009	9	12697	58189	2747
2009	8	11671	54528	2445
2009	7	10346	50550	2106
2009	6	10837	50550	2217
2009	5	10462	50046	2254
2009	4	9818	46955	2154
2009	3	10274	50249	2387
2009	2	8767	44959	2122
2009	1	11941	60566	2872

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

CURRENT

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●CHANGES IN SHAREHOLDING
●ANNUAL REPORTS

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1-Years Historical Chart from shareinvestor.com

5-Years Historical Chart from shareinvestor.com