Company Info
My Analysis
Research House
Accounting Ratio
Technical Analysis
My notes based on 2011 quarter 6 report (number in '000):-
- Higher revenue and pbt due to higher average product prices, utilisation rates of Olefins and Derivatives plants improved to 97%
- Compared to FY11Q5, gas supply limitation was at a reduced level in the current quarter with only our methanol facilities facing constraints in gas supply
- Estimate next 4Q eps after 2011 Q6 result announced = (0.0921+0.1436)*2*1.1 = 0.5185, estimate PE on current price 6.2 = 11.59(DPS 0.19)
- Estimate next 4Q eps after 2011 Q5 result announced = (0.0921+0.105)*2*0.95 = 0.3745, estimate highest/lowest PE = 16.85/13.46 (DPS 0.19)
- Estimate next 4Q eps after 2011 Q4 result announced = 0.1165*4 = 0.466, estimate highest/lowest PE = 15.15/12.45 (DPS 0.19)
- Yearly net eps, 2008 = 0.491, 2009 = 0.352, 2010 = 0.275
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| Market Capital (Capital Size) | 49,600,000,000 (Very Large) |
| Par Value | RM 0.10 |
My Analysis
| Forecast P/E now | (6.2-0.19)/0.5185 = 11.59 (Moderate) |
| Target Price | 8.30+0.19 = 8.49 (PE 16.0, EPS 0.5185, DPS 0.19) |
| Decision | BUY if stock price below or near to SMA20 |
| Comment | Revenue increased 38.7% and also higher than preceding year corresponding quarter 46.4%, eps increased 55.9% and also higher than preceding year corresponding quarter 108.7%, cash generated from operating not enough to cover financing expenses hence spent 3.5% of Group cash to cover, weaker liquidity ratio strong very strong to moderate level now, lower gearing ratio at below moderate level now, all accounting ratio are good, higher inventory can indicate better demand of products |
| First Support Price | 6.1 |
| Second Support Price | 6.0 |
| Risk Rating | MODERATE |
Research House
| JP Morgan Target Price | 7.8 (2011-03-09) |
| Credit Suisse Target Price | 8.5 (2011-04-05) |
| OSK Target Price | 9.28 (2011-05-30) |
| AMMB Target Price | 8.43 (2011-06-01) |
| CIMB Target Price | 9.7 (2011-08-24) |
| Affin Target Price | 7.5 (2011-10-17) |
| MIDF Target Price | 5.6 (2011-10-21) |
| Maybank Target Price | 7.5 (2011-12-08) |
| RHB Target Price | 6.72 (2011-12-12) |
Accounting Ratio
| Return on Equity | 8.76% |
| Dividend Yield | 4.35% |
| Profit Margin | 36.65% |
| Tax Rate | 25.18% |
| Asset Turnover | 0.5727 |
| Net Asset Value Per Share | 2.5 |
| Net Tangible Asset per share | 2.24 |
| Price/Net Tangible Asset Per Share | 2.65 |
| Cash Per Share | 1.08 |
| Liquidity Current Ratio | 2.734 |
| Liquidity Quick Ratio | 2.4411 |
| Liquidity Cash Ratio | 1.9408 |
| Gearing Debt to Equity Ratio | 0.3406 |
| Gearing Debt to Asset Ratio | 0.2401 |
| Working capital per thousand Ringgit sale | 47.6% |
| Days to sell the inventory | 42 |
| Days to collect the receivables | 48 |
| Days to pay the payables | 61 |
Technical Analysis
| SMA 20 | 6.101 (Uptrend 12 days) |
| SMA 50 | 6.063 (Uptrend) |
| SMA 100 | 5.97 (Downtrend) |
| SMA 200 | 6.354 (Same) |
| MACD | 0.055078 (Uptrend 16 days) |
| MACD Histogram | 0.026497 (Uptrend 19 days) |
My notes based on 2011 quarter 6 report (number in '000):-
- Higher revenue and pbt due to higher average product prices, utilisation rates of Olefins and Derivatives plants improved to 97%
- Compared to FY11Q5, gas supply limitation was at a reduced level in the current quarter with only our methanol facilities facing constraints in gas supply
- Estimate next 4Q eps after 2011 Q6 result announced = (0.0921+0.1436)*2*1.1 = 0.5185, estimate PE on current price 6.2 = 11.59(DPS 0.19)
- Estimate next 4Q eps after 2011 Q5 result announced = (0.0921+0.105)*2*0.95 = 0.3745, estimate highest/lowest PE = 16.85/13.46 (DPS 0.19)
- Estimate next 4Q eps after 2011 Q4 result announced = 0.1165*4 = 0.466, estimate highest/lowest PE = 15.15/12.45 (DPS 0.19)
- Yearly net eps, 2008 = 0.491, 2009 = 0.352, 2010 = 0.275
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