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Tuesday, January 24, 2012

KLCI Stock - SUNWAY / 5211 - 2011 Quarter 3

Company Info
Market Capital (Capital Size)3,257,112,610 (Large)
Par ValueRM 1.00

My Analysis
Forecast P/E now2.52/0.2426 = 10.39 (Moderate)
Target Price0.2426*15.0 = 3.64 (PE 15.0, EPS 0.2426)
DecisionBUY if Bolinger upper band open and stock price above SMA20 or stock price below SMA20 and buying volume stronger than selling
Revenue decreased 6.8%, eps decreased 23.3%, cash generated from operating more than enough to cover all expenses, better liquidity ratio but still at low level now, higher gearing ratio at high level now, higher inventory and property development cost
First Support Price2.43
Second Support Price2.32

Research House
Maybank Target Price2.28 (2011-11-25)
HwangDBS Target Price3.3 (2011-12-20)
MIDF Target Price2.55 (2011-12-20)
TA Target Price3.16 (2011-12-20)
Affin Target Price2.79 (2011-12-27)
OSK Target Price3.31 (2011-12-27)
HLG Target Price3.12 (2012-01-10)

Accounting Ratio
Return on Equity%
Dividend Yield-
Profit Margin9.71%
Tax Rate20.63%
Asset Turnover0.3617
Net Asset Value Per Share2.18
Net Tangible Asset per share1.92
Price/Net Tangible Asset Per Share1.16
Cash Per Share0.74
Liquidity Current Ratio1.4763
Liquidity Quick Ratio1.0618
Liquidity Cash Ratio0.4253
Gearing Debt to Equity Ratio1.5671
Gearing Debt to Asset Ratio0.5766
Working capital per thousand Ringgit sale38.5%
Days to sell the inventory127
Days to collect the receivables180
Days to pay the payables252

Technical Analysis
SMA 202.497 (Uptrend 23 days)
SMA 502.394 (Uptrend)
SMA 1002.268 (Uptrend)
SMA 200Not Available
MACD0.066312 (Downtrend 7 days)
MACD Histogram-0.004476 (Downtrend 5 days)

My notes based on 2011 quarter 3 report (number in '000):-
- Lower revenue than FY11Q2 mainly due to lower revenue from construction division

- Lower pbt than FY11Q2 mainly due to lower profit from property investment division, got RM12.9 million listing expenses and loss in derivatives in current quarter

- Estimate next 4Q eps after 2011 Q3 result announced = (0.0715+0.044)*2*1.05 = 0.2426, estimate PE on current price 2.52 = 10.39(DPS 0.081)

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