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Sunday, January 8, 2012

KLCI Stock - PELIKAN / 5231 - 2011 Quarter 3

PELIKAN INTERNATIONAL CORPORATION BERHAD

Company Description
Pelikan International Corporation Berhad and its subsidiaries are engaged in the manufacturing and distribution of writing instruments, art, painting and hobby products, school and office stationery, printer consumables, and investment holding. The Company distributes its products through wholesalers, dealers, retailers, modern trade, including hypermarkets, schools and specialized stores for luxury items. It operates in six main geographical units: Germany, Switzerland, Italy, Rest of Europe, Latin America and Others. Some of its subsidiaries include Pelikan Holding AG, Pelikan Japan K.K., Productos Pelikan S.A. de C.V and Pelikan Produktions AG. On May 26, 2008, Pelikan Holding AG, a subsidiary of the Company, acquired Goldcup D 3135 AB. On June 11, 2008, the business of Pelikan Hardcopy (International) AG was merged into Pelikan Hardcopy Production AG. On September 26, 2008, the business of Pelikan Hardcopy Ges.m.b.H was merged into Pelikan Austria Gesellschaft m.b.H.

Company Info 
Listing Date1992-01-10
Market Capital (Capital Size)407,672,868 (Small)
Par ValueRM 1.00
BoardMain
SectorConsumer Products
Major IndustryWriting Instruments, Art, Painting & Hobby Product
Sub IndustryStationery & Printer Consumables
Websitehttp://www.pelikan.com/

My Analysis 
Forecast P/E now(0.795-0.02)/0.066 = 11.74 (High)
Target Price0.66+0.02 = 0.68 (PE 10.0, EPS 0.066, DPS 0.02)
DecisionNot interested unless SMA20 got strong uptrend
Comment
Revenue increased 4.4% and was second consecutive quarter increasing but still lower than preceding year corresponding quarter 1.2%, eps decreased 192.1% and also lower than preceding year corresponding quarter 196.5%, no cash generated from operating hence depend on borrowings to cover financing expenses and 22.1% of Group cash, better liquidity ratio at low level now, lower gearing ratio but still at high level now, all accounting ratio are good, no significant inventory increase
First Support Price0.77
Second Support Price0.72
Risk RatingMODERATE

Research House
HwangDBS Target Price1.2 (2011-02-10)
ECM Target Price1 (2011-08-25)

Accounting Ratio 
Return on Equity0.09%
Dividend Yield2.52%
Profit Margin-1.34%
Tax Rate-
Asset Turnover0.9974
Net Asset Value Per Share1.73
Net Tangible Asset per share1.51
Price/Net Tangible Asset Per Share0.53
Cash Per Share0.24
Liquidity Current Ratio1.416
Liquidity Quick Ratio0.7732
Liquidity Cash Ratio0.1747
Gearing Debt to Equity Ratio1.2352
Gearing Debt to Asset Ratio0.5447
Working capital per thousand Ringgit sale14.3%
Days to sell the inventory81
Days to collect the receivables75
Days to pay the payables68

Technical Analysis 
SMA 200.773 (Downtrend 5 days)
SMA 500.798 (Downtrend)
SMA 1000.815 (Downtrend)
SMA 2000.927 (Downtrend)
MACD-0.017273 (Uptrend 3 days)
MACD Histogram0.001479 (Uptrend 2 days)

My notes based on 2011 quarter 3 report (number in '000):-
- Lower revenue than FY10Q3 mainly attributed to the European market other than Germany which is soft

- Operating profits before tax for the current quarter is RM8.0 million but was pulled down by unrealised foreign exchange losses of RM15.1 million (FY10Q3: RM8.5 million gain)

- Higher revenue than FY11Q2 mainly due to the “back to school” season in the European markets

- Estimate next 4Q eps after 2011 Q3 result announced = 0.066, estimate PE on current price 0.795 = 11.74(DPS 0.02)
- Estimate next 4Q eps after 2011 Q2 result announced = 0.06*1.1 = 0.066, estimate highest/lowest PE = 13.03/11.14 (DPS 0.02)
- Estimate next 4Q eps after 2011 Q1 result announced = 0.075*0.8 = 0.06, estimate highest/lowest PE = 17.17/13.5 (DPS 0.02)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.09*0.9 = 0.081, estimate highest/lowest PE = 14.32/12.1 (DPS 0.02)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.09, estimate highest/lowest PE = 15.56/12.67 (DPS 0.02)

PELIKAN latest news (English)

PELIKAN 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-1.56%0.94%52749914933257068190821412684670.02790.01671986348108203828336904310289571783025971940564678720816732405069965071134030612011-09-301.34%-0.9974-1.731.510.530.241.4160.77320.17471.23520.544714.3%817568
2011-08-24201120.880.755-1.66%2.44%505076965826193252615015384225930.03030.0445209333811655512650192778762593125937142495873751863762921115071275071714310572011-06-303.83%32.89%0.9495-1.781.560.540.251.39250.74510.16921.29320.556814.9%917978
2011-05-30201111.050.83-0.80%0.80%46075046075068256825720972090.01420.014219820441085426311668966182750571022630287943346078305796385072145072145173582011-03-311.48%60.60%0.9963-1.711.490.680.231.39710.76220.16791.25420.547613.7%807473
2011-02-22201041.181.00.020.85%16.38%487828178669859716762674891441660.01390.28081936687105633036580880357270572012182342103671517416160049967645376905133256452282010-12-310.12%-0.92264.27281.641.430.840.241.43460.82860.20391.25190.545415.6%798180
2010-11-24201031.421.16-1.72%16.81%534031129887026222168223155551516550.02890.30022121781121964533432902136602320629530744832219212318951301273495377055052036506232010-09-304.91%22.01%0.738-1.721.510.80.311.58790.92390.24491.4040.574825.8%10510891
2010-08-25201021.341.09-2.91%16.06%49205076483927782142001246911361000.04580.278420031101155742329608473682404620115631306230026225202878601178865385974889516086142010-06-305.65%20.93%0.6712-1.671.460.770.281.6320.92490.24791.41910.57729.0%11711296
2010-05-25201011.281.04-12.11%12.11%2727892727891142191142191114091114090.25360.2536212760012077065963091989418651532811390341173134631273661685394393054393054480912010-03-3141.87%1.92%0.562-1.961.710.60.451.29740.77330.24321.40390.567620.3%130130178
2010-02-25200941.390.9950.021.54%5.78%267100120829410422499649314348610.02750.1027151548091234423095603136336424519521759407201155310206509263392553392904206762009-12-313.90%-0.797312.06851.711.360.910.261.49510.85540.1831.57290.60219.7%969674
2009-11-25200931.471.21-1.52%7.18%31256794119414158603869340441750.02530.119515701099551572697961495263409433679943335002004210099435993697313697785361092009-09-304.53%26.00%0.7446-1.591.251.160.271.71560.96240.22811.62450.608326.9%1039981
2009-08-19200921.671.28-4.47%5.81%343216628627341774622826813348350.07900.102715837379837762671959996114989429194542392752793023388158873392553393265088822009-06-309.96%11.21%0.7556-1.691.331.130.211.62040.8940.14551.71620.621225.1%10710992
2009-05-27200911.750.93-1.43%1.43%2854112854111205112051802280220.02360.023614978079382212061155958616688246577423481179698711261003393973393973360032009-03-314.22%21.36%0.8419-1.591.240.80.251.56150.81030.18861.74080.626420.4%1028180
2009-02-27200841.050.590.028.41%6.51%2279691288493500304940847333366650.14650.1230150124093843719177562803438164380293439271479438483231172982093134232008-12-3121.95%-0.85837.88931.821.420.680.331.63280.93520.23381.72630.625122.1%918878
2008-11-19200831.290.965-2.89%14.68%34010110605242254510110716884856670.05810.295516005501016998283305835528623236910505635053323143736197692905662899073167162008-09-306.63%14.03%0.862-1.921.510.720.381.88431.0790.24991.83170.635428.1%1009568
2008-08-20200822.61.07-7.72%11.93%407465720423518347800444160682250.15260.23561711461113938826547572073596972464139606601428433844732154102893992895776945572008-06-3012.72%4.99%0.7823-1.881.471.630.321.71210.97710.17412.08860.665728.5%11511694
2008-05-30200812.932.3-4.56%4.56%312958312958261702617024065240650.08320.083216080541080841213135272131931278643155629052717624021388842891512891518067312008-03-318.36%6.32%0.7887-1.751.342.080.41.71480.95550.23872.13650.672127.0%1119898
2008-02-29200743.682.780.061.27%18.27%31917211949492200998166465931000.02270.33741560669105115520779509514536421375157192516339891456107077328528227593211354222007-12-310.69%-0.765711.7961.771.352.950.481.66210.98160.29162.15080.673526.3%10599104
2007-11-15200734.83.74-4.25%16.52%299361875777265349979022869888090.06790.2674157428110366522970753762924314162664353261778048124013857833699033211614894952007-09-308.86%11.28%0.652-1.531.153.840.261.51710.8490.16892.0410.658526.1%133124127
2007-08-08200724.94.40.038.33%12.89%336824576416471157328942621659730.12420.1948158067310688612958251181250843417311053252743925128201970734315333868417157652007-06-3013.99%2.42%0.4599-1.421.094.590.21.40440.82420.12362.21650.676230.8%175192199
2007-05-0320071N/AN/A0.024.89%4.89%239592239592261752617523353233530.06990.069914117119337912602847792028373797910658301082039497363984433424933424914773802007-03-3110.92%6.26%0.2764-1.351.113.980.231.44680.82930.17142.06640.661551.8%269273310
2007-02-2620064N/AN/A0.051.42%18.19%1506116551412154878256151788110.01830.2410108675365351725240433236395882072887541898078114106402962033641632703911707272006-12-311.43%-0.138614.44081.251.03.480.21.81271.09650.27991.60180.6013127.2%381453274

Financial Quarter Balance Sheet
yearqrtAvailable-for-sale financial assets (A-0)Computer software (A-0)Deferred tax assets (A-0)Development Expenditure (A-0)Goodwill on consolidation (A-0)Investment in associated companies (A-0)Pension trust fund (A-0)Property, plant and equipment (A-0)Trademarks (A-0)Cash and cash equivalents (A-1)Current tax assets (A-1)Inventories (A-1)Other receivables, deposits and prepayments (A-1)Pension trust fund (A-1)Deferred tax liabilities (L-0)ICULS (L-0)Loans & borrowings (L-0)Long term payables (L-0)Other long-term provisions (L-0)Post-employment benefit obligations (L-0)RCULS (L-0)Current tax liabilities (L-1)ICULS (L-1)Loans & borrowings (L-1)Other payables (L-1)Post-employment benefit obligations (L-1)Provision for liabilities (L-1)RCULS (L-1)Minority interest (M-1)
201135026282428005270671108963786619256560009815821979012698438589405657213359365-1821146709-201506-15417-29590335129219511221-28336
2011232273383277542780911092735370192565623859159831065762546489313432691213359545-1862377603-206343-14349-32070140080719708258-26501
201113114354528116255481111293779819256561474215585928413551431673400502213359514-1858716649-203463-14836-26977237581119215295-31166
2010430063447279802553210951136854192565603809149321092635234388200395019213359510-1931346303-206755-14699-23153938324210802346-36580
20103203444052309992514310649840474188776598082163351431614692456273461828251247523-2987949481-216747-7187-2050993843171141979078-33432
20102172294241301292376310282234227188776580063154351277754447436070413009251247477-3140799737-207771-7240-1701883480461080380401-32960
20101165434634327722503211123535370188776639642171141729254995426781426657251247749-14363410947-231100-8686-1518225737771201367978-59630
2009416146289331538269511186043455718877635950219122627095287306934317337251247705-15292111527-260352-6847-23521022389213468422-23095
2009315547292832087245551240013749518584737336620163721934664331070318140280538508-214898124511036278695-7459-169449244277169311453-26979
2009217335326531643230001202923228918584736684119436423476027351346356016280538547-20605812901-272559-7038-17544628488915885453-26719
2009117241364330317199311185102806918584735932718845584455186344470279923280538448-19504513564-262577-7438-17903225667514955487-20611
2008416845429629934193001195162904418584734366119134770093237313470311894280538617-19653010607-273351-8306-16987625569914797654-19177
20083138692550292541648211827236588186008352288194428148929683529083603792805310123-211609-18102280646582589963-176449228038141758117151828330
20082138762065304491766611951139317186030364844200676524847813939364256182805310144-223080-176032934405916410875-192783309360145296781162926547
20081138812764293681581011863637837185847361846195598641946723642153391472805310044-222836-18222290247598444988-145900305047141557903165521313
200741330032322705013083117378366771874653558501894511177634143224803235842643510310-200661-17992284045642326469-141298302820145367007178520779
2007312766-23076403412745935643185847379033190525962550803467613478522805314275-131759-18096284714688087793-175731312588176783289192129707
2007254124-23798326711347033130186866370207182024139353073212283826472703414988-131428-17829272016788869898-171954349318170363295221329582
200712644-1707334208076699772187092349319168865075656882794372920502680813279195946-16385277074785519230-114626305526161084851221426028
200642560-188982909810349779018690325243017004389635429168784187052269979980387551378-144252565478162311778165094539106861144624059234025240

Financial Quarter Income Statement
yearqrtRevenueIncome tax expenseFinance/interest costsOther incomeAdministrative/Operating expensesMinority interestShare of profit/ (loss) of associatesElimination of interest expense on ICULSElimination of interest expense on RCULS
2011352749949229197232353138421363691--
2011250507663566556617148684324151477--
20111460750413652161699346677745201075--
20104487828304467151460649372738482589--
20103534031577156711443852482548968249--
20102492050581555982043848060527241497--
20101272789219043451472293029056201451--
20094267100260555766412791981368592--
2009331256736815108736730332311372655--
2009234321638326114106063137693532238--
200912854112574610021342695561455162--
20084227969419660991778729115468931467--
2008334010131629595117143215202499734-1111
2008240746525858664229535093950891677--
200813129581653782114704294338452667--
200743191722142768213556324832212319860-
20073299361299272231278728090567317761737
20072336824114071567674292373335414081737
200712395921639469962512177661183204817732
200641506113531270111948161533466295666807

Financial Quarter Segments Revenue
yearqrtOthersElimination/AdjustmentGermanySwitzerlandItalyRest of EuropeLatin-America
2011341342310320562389539811025912275647092
2011252209336822536450780251640310596352848
201115244232969851388078148124288544348107
201044677848466571178572941116558423745097
2010351115207176419925858421122312814044962
201025772029704649565574398176659616247496
201014795116350017744091313145205900846057
200944290614124915363694944151556274938959
200934522515824122000080713154386537644056
200925724320863827404388571213746462745996
200915023319303822552896734131175478638051
2008440475190459161923110155194366041724133
200833970318966627015099724186596307638455
200826431220319833616170625271607286639539
2008128808166065141720131324240685806121676
2007435729241355225318174226-10172123577
2007338623235002238894137332-8654232972
2007240747230127223176166942-10328432802
2007128808166065141720131324-8212921676
20064241727088813454118845-3074817145

Financial Quarter Segments Profit
yearqrtOthersElimination/AdjustmentGermanySwitzerlandItalyRest of EuropeLatin-America
20113941238421432094308491187513
201121071377822337316782664308211
2011150006181672816697632055559
20104100139151423713990137212345180
20103152196295913443092123757761
20102692323022115555218876707330
20101211345276686117078713804760
200941882446148512255284210393459
2009313184557109997270132716247319
2009223921427332248140165918657183
2009141406289183511839249058473022
2008468722631118483081308148326438
20083269844052819959217278794815
200829768318412657311157613777028
200811294808597561424424116142835
2007459031277042017671-36311868
200734062113031242110386-48314492
200722917108492735918990-20386946
2007112948085975614244-17972835
200644293-106411121-19611012

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


CHANGES IN SHAREHOLDING
ANNUAL REPORTS


HISTORICAL


CHANGES IN SHAREHOLDING


ARCHIVES


CHANGES IN SHAREHOLDING




CHANGES IN SHAREHOLDING




1-Years Historical Chart from shareinvestor.com

5-Years Historical Chart from shareinvestor.com

1 comment:

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