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Thursday, January 12, 2012

KLCI Stock - HUNZPTY / 5018 - 2012 Quarter 1

Company Info 
Market Capital (Capital Size)287,741,082 (Small)
Par ValueRM 1.00

My Analysis 
Forecast P/E now(1.48-0.081)/0.1544 = 9.06 (High)
Target Price1.24+0.081 = 1.32 (PE 8.0, EPS 0.1544, DPS 0.081)
DecisionNot interested unless stock price sustain above 1.5
Revenue decreased 28.8% and was second consecutive quarter decreasing and also lower than preceding year corresponding quarter 48.4%, eps decreased 9% and was second consecutive quarter decreasing and also lower than preceding year corresponding quarter 78.4%, cash generated from operating more than enough to cover financing repayment and together cash generated from financing also enough to cover investing expenses, stronger liquidity ratio from moderate to high level now, higher gearing ratio at below moderate level now, all accounting ratio still acceptable, no new property development cost hence the division revenue decreasing
First Support Price1.4
Second Support Price1.3

Research House
Kenanga Target Price1.76 (2011-02-18)
OSK Target Price2.48 (2011-05-20)
Alliance Target Price2.53 (2011-05-23)

Accounting Ratio 
Return on Equity8.12%
Dividend Yield5.47%
Profit Margin31.48%
Tax Rate24.89%
Asset Turnover0.3131
Net Asset Value Per Share2.31
Net Tangible Asset per share2.31
Price/Net Tangible Asset Per Share0.65
Cash Per Share0.44
Liquidity Current Ratio3.0826
Liquidity Quick Ratio1.9022
Liquidity Cash Ratio0.9849
Gearing Debt to Equity Ratio0.4057
Gearing Debt to Asset Ratio0.2782
Working capital per thousand Ringgit sale87.3%
Days to sell the inventory232
Days to collect the receivables136
Days to pay the payables187

Technical Analysis 
SMA 201.468 (Uptrend 7 days)
SMA 501.485 (Downtrend)
SMA 1001.486 (Downtrend)
SMA 2001.525 (Same)
MACD0.007166 (Uptrend 3 days)
MACD Histogram0.004802 (Uptrend 14 days)

My notes based on 2012 quarter 1 report (number in '000):-
- A revaluation exercise of Investment Properties which recognised the increase in the carrying amount of RM22.7 million to the Income Statement in preceding’s year corresponding quarter. This exercise will be carried out in the 4th quarter during current financial year 2012

- Estimate next 4Q eps after 2012 Q1 result announced = 0.0386*4 = 0.1544, estimate PE on current price 1.48 = 9.06 (DPS 0.081)
- Estimate next 4Q eps after 2011 Q4 result announced = (0.0424+0.0588)*2 = 0.2024, estimate highest/lowest PE = 7.36/6.52 (DPS 0.081)
- Estimate next 4Q eps after 2011 Q3 result announced = 0.0588*4*1.1 = 0.2587, estimate highest/lowest PE = 6.26/5.25 (DPS 0.081)

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