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Thursday, January 5, 2012

KLCI Stock - MPHB / 3859 - 2011 Quarter 3

MULTI-PURPOSE HOLDINGS BERHAD

Company Description
MULTI-PURPOSE HOLDINGS BERHAD is engaged in the core businesses of financial services, stock broking and gaming. The principal activities consist of investment holding and trading, operation of general insurance business, provision of leasing, hire purchase, factoring and general loan financing services, operation and management of a licensed four digit numbers forecast betting game, operation of hotels and of a golf club, securities broking and dealing, designing and construction of railway and related activities, property development, provision of share registration and management services, printing activities, and provision of computer software and other related services. In March 2008, it incorporated a wholly owned offshore subsidiary, Multi Purpose International Limited. In June 2008, the Company acquired Caribbean Gateway Sdn Bhd.

Company Info
Listing Date1981-01-11
Market Capital (Capital Size)3,982,563,771 (Large)
Par ValueRM 1.00
BoardMain
SectorTrading/Services
Major IndustryGaming
Sub IndustryDiversified Business
Websitehttp://www.mphb.com.my

My Analysis
Forecast P/E now(2.77-0.1)/0.298 = 8.96 (Moderate)
Target Price2.98+0.1 = 3.08 (PE 10.0, EPS 0.298, DPS 0.1)
DecisionBUY if stock price below or near to SMA20
Comment
Revenue decreased 5% and was second consecutive quarter decreasing and also lower than preceding year corresponding quarter 2.8%, eps decreased 18.4% and was second consecutive quarter decreasing and also lower than preceding year corresponding quarter 35.5%, cash generated from operating more than enough to cover dividend payout however still increased borrowing so that can cover investing expenses, slightly weaker liquidity ratio at moderate level now, higher gearing ratio at high level now, all accounting ratio are good, most division recorded lower result
First Support Price2.7
Second Support Price2.55
Risk RatingMODERATE

Research House
AMMB Target Price3.7 (2011-07-11)
HwangDBS Target Price3.5 (2011-11-10)
Maybank Target Price3.64 (2011-11-24)
RHB Target Price3.1 (2011-12-07)

Accounting Ratio
Return on Equity9.98%
Dividend Yield3.61%
Profit Margin12.09%
Tax Rate35.18%
Asset Turnover0.4858
Net Asset Value Per Share2.37
Net Tangible Asset per share0.0
Price/Net Tangible Asset Per Share0.0
Cash Per Share0.73
Liquidity Current Ratio2.5049
Liquidity Quick Ratio1.9131
Liquidity Cash Ratio1.0789
Gearing Debt to Equity Ratio1.4138
Gearing Debt to Asset Ratio0.5613
Working capital per thousand Ringgit sale35.1%
Days to sell the inventory60
Days to collect the receivables43
Days to pay the payables90

Technical Analysis
SMA 202.686 (Uptrend 13 days)
SMA 502.646 (Uptrend)
SMA 1002.594 (Same)
SMA 2002.731 (Uptrend)
MACD0.032803 (Uptrend 3 days)
MACD Histogram0.007926 (Uptrend 57 days)

My notes based on 2011 quarter 3 report (number in '000):-
- Lower revenue and pbt mainly due to less draws and higher payout ratio

- Estimate next 4Q eps after 2011 Q3 result announced = 0.0745*4 = 0.298(eps after acquire 47% remaining Magnum), estimate PE on current price 2.77 = 8.96(DPS 0.1)
- Estimate next 4Q eps after 2011 Q2 result announced = 0.0949*4*1.1 = 0.4176(eps after acquire 47% remaining Magnum), estimate highest/lowest PE = 6.47/4.89 (DPS 0.1)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.164*4 = 0.656(eps after acquire 49% remaining Magnum), estimate highest/lowest PE = 4.73/3.67 (DPS 0.1)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.282, estimate highest/lowest PE = 11.24/8.26 (DPS 0.1)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.1368*2 = 0.2736, estimate highest/lowest PE = 9.76/7.38 (DPS 0.1)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.0563*4*0.95 = 0.2139, estimate highest/lowest PE = 10.52/9.35 (DPS 0.05)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.22*1.05 = 0.231 (5% grow adjustment from 0.22 due to positive result), estimate highest/lowest PE = 9.39/7.84 (DPS 0.09)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.05*4 = 0.2*1.1 = 0.22 (10% grow from 0.2, due to 4D Jackpot game and current economic environment, result exclude other income), estimate highest/lowest PE = 11.05/8.27 (DPS 0.1, correction to last quarter estimated)

MPHB latest news (English)

MPHB 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
2011-11-2320113N/AN/A-1.98%6.95%822281262195099447398985632412218890.05190.18207277223408476130326731924626630178573624180215809411943452236768046171218969121896931936982011-09-3012.09%35.18%0.4858-2.37N/AN/A0.732.50491.91311.07891.41380.561335.1%604390
2011-08-24201122.82.140.052.20%4.97%8655721810948133346300876701051586480.06360.14397228378403849630273631898824354408235875222315809413881471340847150251102638110263830322542011-06-3015.41%23.07%0.493-2.62N/AN/A0.742.51711.82071.10121.39880.558731.4%634381
2011-05-25201113.22.51-2.89%2.89%94537694537616753016753088543885430.08300.0830633828432766116033623061673227283648143500580941226635831356640761067321106732133407142011-03-3117.72%18.92%0.5631-2.3-0.41-7.630.73.00172.15071.23811.33290.51734.1%644571
2011-02-23201043.272.430.053.03%10.37%9018513616534146733546731884643032920.08220.28206307795338371255662829240835188093037393668047326682150701517345809341075633107563328074022010-12-3116.27%17.63%0.57339.25642.2-0.49-5.330.623.12922.20791.16141.42930.536433.6%654467
2010-11-23201032.772.12-3.08%7.64%8507032714683138064399998864982148280.08050.1998601841832058725259502812546422808290636226871757909132172946996632101074980107498022789572010-09-3016.23%8.38%0.5964-2.13-0.56-3.790.712.42261.76510.99621.4020.532730.4%634493
2010-08-26201022.32.050.052.21%4.71%8713601863980122930261934601371283300.05630.120159442543220365485974272388924518725195912723680541567721340086714071068625106862522868572010-06-3014.11%21.93%0.5976-2.09-0.61-3.510.842.52382.01461.25881.4390.541830.6%464387
2010-05-21201012.261.9-2.59%2.59%99262099262013900413900468193681930.06330.06335905343327616645488726291774033738483451937579091854433397145701076718107671821319012010-03-3114.00%24.04%0.5901-2.02-0.67-2.960.752.67172.02991.13471.50680.554834.3%595589
2010-02-25200942.481.870.054.38%12.95%87495933234171365864866571142303373870.10860.32075826508322105043936626054586796561906212252514688844890352637847326681052079105207920305122009-12-3115.61%16.23%0.57046.01832.06-0.69-2.80.772.70582.10471.25361.4870.552833.0%524986
2009-11-25200931.961.75-1.99%8.76%813244244845864556350071507272231570.04990.21955805712325846847368025472444625331701901415154689402923431508286197681016649101664919316332009-09-307.94%20.11%0.5642-2.04-0.8-2.370.942.7842.02861.41351.57140.561336.8%693590
2009-08-26200922.161.80.044.97%6.73%80401316352141823202855151274061724300.12550.16985829719326701247946625627074474491119021318614689403355472036866726261015399101539921018752009-06-3022.68%4.82%0.5526-2.05-0.8-2.591.013.09262.3731.68171.56820.560439.8%613983
2009-05-26200912.11.32-1.80%1.80%83120183120110319510319545024450240.04640.046457769563276616547320250034014939291057577624689405833511609758503797020997020913388882009-03-3112.42%27.43%0.549-2.01-0.97-1.421.013.24012.58621.72351.67770.567240.3%524977
2009-02-20200841.491.020.050.83%6.66%827066313724472561262864197721586180.01730.1389564583932632975180252382542522494315915178237440598206579283424689401141937114193711990332008-12-318.77%6.33%0.55577.55931.63-0.9-1.170.723.16712.47721.50471.75020.57837.7%535371
2008-11-19200831.211.0-1.50%5.21%759149231082039057195962410251423000.03580.1241569813929678088654412730331292343583082985440598650641480495886471146994114699412043432008-09-305.14%8.77%0.5429-1.63-0.94-1.120.752.62931.90171.2591.59140.520835.8%704778
2008-08-27200821.460.960.041.04%2.03%753961155102973886154700520361012750.04530.08815762907772733856558499017468525783681823154405981468933292087698061149899114989916213572008-06-309.80%40.81%0.545-3.591.061.330.892.84252.1291.50520.18690.134140.1%684878
2008-05-28200811.821.360.051.81%1.81%797068797068808148081449239492390.04270.042736540439340158397612720028988193721135644059819253306094712071153866115386621000362008-03-3110.14%31.45%0.8698-1.630.971.880.662.12181.52760.89540.49670.255630.0%696061
2008-02-29200742.051.560.061.78%14.76%783240320604672723684184469983893500.04070.3375376648711292828078052637205424030442252435792858168182224175704405981153706115370623766342007-12-319.28%4.21%0.85126.10411.590.892.310.671.97921.40650.81720.61730.299828.8%746071
2007-11-16200732.591.88-1.93%13.45%8063652422806105151611461490833423520.04250.29683721064117517384734425458911199202530718472228581683729914742313839371153652115365229764222007-09-3013.04%28.23%0.7294-1.470.813.190.561.98841.41080.65710.69190.315836.1%939786
2007-08-21200722.582.14-4.47%10.99%79161416164411606995063101191962932690.10330.2542420246315347951013745266766826184547861662782185816874046111264097080811535481153548N/A2007-06-3020.30%16.38%0.4539-1.430.79N/A1.11.8851.48530.96560.9280.365260.9%121127166
2007-05-2120071N/AN/A0.055.88%5.88%8248278248273456113456111740731740730.15090.15094855466189683913863882958627852393987697498085816848400840902812671961153230115323026754932007-03-3141.90%14.14%0.2298-1.360.653.571.332.11911.80741.05381.20650.3907145.9%190353381
2007-02-1520064N/AN/A-2.10%6.11%29115345162783175199750568071649320.04920.142941686861467873130219127008136252722260673019441570193992057011498581681153867115386715231042006-12-3128.57%24.23%0.06989.23471.210.741.780.942.56671.6861.04471.04950.3521559.5%1428812670

Financial Quarter Balance Sheet
yearqrtDeferred tax assets (A-0)Intangible assets (A-0)Investment in associated companies (A-0)Investment properties (A-0)Investment securities (A-0)Property, plant and equipment (A-0)Receivables (A-0)Reinsurance assets (A-0)Cash and cash equivalents (A-1)Current asset classified as held for sales (A-1)Current tax assets (A-1)Deposits with licensed banks (A-1)Inventories (A-1)Investment securities (A-1)Loans to customers (A-1)Other receivables (A-1)Deferred tax liabilities (L-0)Derivative financial liabilities (L-0)Insurance contract liabilities (L-0)Loans & borrowings (L-0)Provision for retirement benefits (L-0)RCULS (L-0)Current tax liabilities (L-1)Liabilities directly associated with assets classified as held for sale (L-1)Loans & borrowings (L-1)Other payables (L-1)Minority interest (M-1)
2011397530289238510613650635310762531630791496635433376257173757978758137344140484033-416392171658667644768219001666339861436379-58446730043303267
2011296167289230510551364746410809521919891496633964913806815001109756753664835509582-419047173238255622579224015664641084926500-54916657272302736
20111104659289235210760864358820561119258414966354376135025-1173456166945162511532-4367821718811615636228157826764342550124182-9019573968603362
20104111683289296410662164309120557519548914966352148121339-1646035412565189520446-4324252296216885619948171545367943727622349-5773542387556628
20103111237289222910570664530018557418461333833-111743-1539176530725419499331-436444191042329592373185402966844865821022-6302740421525950
20102115585289223110651964266016491718905633833-514337-1237413831775309357761-415128199132897785800191193464346011623757-1722687503485974
2010111473628915511067436396241322219429533833-104234-1117017075195180453912-528793198253444684662194998164447119516696-2536696181454887
2009412053328918631063436407509579419827033833-51699-1038357540305344380978-44323622498-8157219912996594822747254-314635180439366
200931200612891094106078567454-20391936738-119020-996988356745682504541-31575320379-802711988715674493018284343876241661940473680
200921268502890884105293562173-21362436593-137548-763758925495971434824-34703520379-80507204918665450376466264544645600761479466
200911254852890884104372558493-20837639966-122933-624398607715797367475-42996520379-725072098122653514185431140087138549193547320
200841363322890463104509541074-20511939966-59013-721287621646297370208-45856624468-724522095381653524607315668228136510603518025
2008384392947615123115612457-18170139864-112129-4063174256752034887219945129624612006-7424322000002682-72551182314641548750865441
2008284392916077122388543285-18966639864-213975-1080781499071064806859335932226611996-74582-2540-76561182314536553192856558
200819182755914130551651883-26523439864-130735-13953629447870749573618382933900813627-68740-2649-6890121520269767450822839761
2007413621800439130861642732-27534239864-50831-31472718688900053028118856533479118075-651291028611616-11346260500156172513583807805
20073-759245132773602289-258283--249914-21471400636956856225538734733728315958-612561067521217-30300260500173991525199847344
20072-746455132117632161-217115--866971-17573400661832851643833159933304516150-596821450001167-284612605003069967168391013745
20071-819543130715612676-208291--1148201-17261385650793444566776360831592015951-61432363974--320172655002501699077961386388
20064-547639132781555076-264305--61517-193461024842825790752133252031488216064-536133566121753-131003000002971184296131302191

Financial Quarter Income Statement
yearqrtRevenueIncome tax expenseCost of salesFinance/interest costsOther incomeAdministrative/Operating expensesMinority interestShare of profit/ (loss) of associatesDiscontinued operationAfter tax effect of interest on exercise of warrantsOther expenses
201138222813499064407639290748317061121616231750-33263
2011286557230765663274335941721019437324761505--34636
2011194537631689719184317622523818855472981487--34770
20104901851258687011932524231248237083240114150-37638
20103850703115666595263388531919160064000012940-36435
2010287136026953672826364642509616552358406511857--
2010199262033415792278228232205317612373961150---
2009487495922167676797407762922117757189154533809--
2009381324412982685523342741812788668477852683--
20092804013877963134545410735051952946135821265--
2009183120128303645780425801776219536298681372211--
2008482706645946424945206720665382314819510480--
20083759149342561980238515493891470353931209-1108-
2008275396130151613071142417423170638301392326341148-
200817970682541865199945029616197416157184510101198-
20074783240306360595875686045838741226621080-1128-
200738063652968763640698064044517050263811366-1127-
2007279161426319689980140659061419948151841393-1071-
20071824827488716164821422616986519791122667234-1184-
20064291153201502086159954869525442621843475-1253-

Financial Quarter Segments Revenue
yearqrtElimination/AdjustmentFinancial ServicesCorporate & OthersGamingStockbroking
20113173660289129777442486503
201123574759136514387830177728
20111131458582162298635838296
20104216361653181108165367715
20103258256191180337723256736
20102185655953153517952166696
2010199951474150929191487905
20094393849280408597797587709
2009381948274154037415708816
200922784604870929061873245410692
20091141844414148997679305376
20084175345607270107482827920
2008374244316132326954486895
20082495642276137346949717936
2008178336879173667337459861
2007459375410796657972154113416
20073-3036064657773015616613
2007278337637568573474414331
2007170634606580376658218542
20064531533744930223797515447

Financial Quarter Segments Profit
yearqrtElimination/AdjustmentFinancial ServicesCorporate & OthersGamingStockbroking
20113201741765212670855641985
20112515571451766731999283727
201111739418498330461261007280
20104138791934146122900555094
20103174331772842423891116236
20102165491536333221925583520
20101-792633288934924298
2009419543616857294173457633702
2009371451804938960127724603
200922623661079732211910129210213
20091213179332873707032623
20084405492297568546685781039
20083-37799589343662227
20082-229458717426771684
20081-53093771086717890
20074-34060282617716411368
20073-110088837983814061
20072-10265566747672815961
20071-65923038329280514647
20064-973559212445110533

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

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