KLCI Stock - ASIABIO / 0150 - 2012 Quarter 3

ASIA BIOENERGY TECHNOLOGIES BERHAD

Company Description

ASIA BIOENERGY TECHNOLOGIES BERHAD is a Malaysia-based holding company. The principal activity of the Company is a technology incubator. Its wholly owned subsidiary, Asia Bioenergy Research Sdn Bhd (ABR), is engaged in research and stratergy advisory. On August 29, 2008, the Company completed the acquisition of ABR. The subsidiary companies of ABR are ALC Management Sdn Bhd, which is a corporate service provider, and STSB Technology Sdn Bhd, which is engaged in programmable logic controller (PLC), enterprise resource planning (ERP) systems and e-learning products and training provider. ABR’s associated companies are Grand Inizo Sdn Bhd, which is a technology provider for Biodiesel and oleochemical plants, and Eco-Sponge Sdn Bhd, which is a producer of a blend of compound used in Biodiesel plants as absorbent/filtration.

Company Info 

Listing Date	2008-12-12
Market Capital (Capital Size)	26,740,000 (Very Small)
Par Value	RM 0.10
Board	ACE
Sector	Trading/Services
Major Industry	Technology Incubation
Sub Industry	Biotechnology Products
Website	http://www.bioenergy.com.my/

My Analysis 

Forecast P/E now	0.07/0.0013 = 53.85 (High)
Target Price	0.0013*4.0 = 0.01 (PE 4.0, EPS 0.0013)
Decision	Not interested unless next quarter report got good result or stock price below SMA20 a lot
Comment	Revenue increased 59.8% and was second consecutive quarter increasing and largely higher than preceding year corresponding quarter, eps increased 125% loss and also largely higher loss than preceding year corresponding quarter, cash generated from operating more than enough to cover all financing expenses and generated more cash from financing activity to cover investing expenses but still not enough, weaker liquidity from high to medium level now, lower gearing ratio from low to very low level now, IT division continue contributed high profit
First Support Price	0.06
Second Support Price	0.05
Risk Rating	HIGH

Accounting Ratio 

Return on Equity	-3.92%
Dividend Yield	-
Profit Margin	-45.82%
Tax Rate	-
Asset Turnover	0.1159
Net Asset Value Per Share	0.12
Net Tangible Asset per share	0.09
Price/Net Tangible Asset Per Share	0.61
Cash Per Share	0.0
Liquidity Current Ratio	3.5881
Liquidity Quick Ratio	3.4855
Liquidity Cash Ratio	1.0444
Gearing Debt to Equity Ratio	0.0988
Gearing Debt to Asset Ratio	0.0841
Working capital per thousand Ringgit sale	57.4%
Days to sell the inventory	8
Days to collect the receivables	184
Days to pay the payables	70

Technical Analysis 

SMA 20	0.063 (Uptrend 18 days)
SMA 50	0.058 (Uptrend)
SMA 100	0.055 (Uptrend)
SMA 200	0.057 (Same)
MACD	0.003064 (Uptrend 4 days)
MACD Histogram	0.001009 (Uptrend 18 days)

My notes based on 2012 quarter 3 report (number in '000):-
- Higher revenue than FY11Q3 due mainly to sales of its IT division

- Higher loss mainly due to the write-off of certain research pilots as well as the plantation cost of approximately RM639,000 and RM180,000 respectively arising from the failed paddy plantation in Cambodia this season due to the unprecedented massive flooding affecting not only Cambodia but also Thailand

- Lower revenue than FY12Q2 mainly due to lower sales of its IT division

- Estimate next 4Q eps after 2012 Q3 result announced = 46532*0.01/360681 = 0.0013(if can achieve ROE of 1%), estimate PE on current price 0.07 = 53.85
- Estimate next 4Q eps after 2012 Q2 result announced = 0.0012*4 = 0.0048, estimate highest/lowest PE = 13.54/8.33
- Estimate next 4Q eps after 2012 Q1 result announced = 0.0004*4*1.05 = 0.0017, estimate highest/lowest PE = 44.12/23.53
- Estimate next 4Q eps after 2011 Q4 result announced = (0.001+0.0023)/2 = 0.0017, estimate highest/lowest PE = 47.06/32.35
- Estimate next 4Q eps after 2011 Q3 result announced = 0.0042, estimate highest/lowest PE = 20.24/13.1
- Estimate next 4Q eps after 2011 Q2 result announced = 0.0042, estimate highest/lowest PE = 19.05/14.29
- Estimate next 4Q eps after 2011 Q1 result announced = 0.0036+0.0006(average of eps per quarter in year 2009)*4 = 0.006, estimate highest/lowest PE = 14.17/10.08

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Financial Quarter Summary

a_date	year	qrt	h_price	l_price	div	roe	c_roe	rev	c_rev	pbt	c_pbt	prof	c_prof	eps	c_eps	asset	liab	mino	equi	cfo	cfi	cff	cash	fcf	net	final	share	c_share	m_cap	date	prof_m	vat	asset_t	pe	navps	ntaps	p/ntaps	cps	l_cur	l_qui	l_cash	g_de	g_da	avg_w	inv_d	rec_d	pay_d
2011-12-05	2012	3	N/A	N/A	-	1.97%	2.90%	1497	5119	686	315	916	1349	0.0025	0.0037	50806	4274	3292	46532	1050	4895	4172	1037	3845	327	1364	360681	360681	19837	2011-10-31	45.82%	-	0.1159	-	0.12	0.09	0.61	N/A	3.5881	3.4855	1.0444	0.0988	0.0841	57.4%	8	184	70
2011-09-30	2012	2	0.065	0.04	-	0.64%	0.91%	2228	3622	486	1001	302	433	0.0009	0.0013	51801	4388	3305	47413	1205	5857	4466	1037	4652	186	851	334597	334597	15056	2011-07-31	21.81%	7.20%	0.1009	-	0.13	0.1	0.45	N/A	2.8695	2.1505	0.5164	0.0995	0.0847	59.0%	106	173	129
2011-06-23	2012	1	0.075	0.04	-	0.28%	0.28%	1394	1394	515	515	131	131	0.0004	0.0004	51029	4369	4750	46660	614	2967	2843	1037	2353	490	1527	337112	337112	18541	2011-04-30	36.94%	-	0.0598	-	0.12	0.08	0.69	N/A	3.991	3.3253	0.8579	0.1042	0.0856	174.6%	184	499	241
2011-03-29	2011	4	0.08	0.055	-	1.02%	0.64%	771	6258	15	1166	428	268	0.0016	0.0010	45986	4102	2812	41884	1761	10118	7562	5354	11879	4317	1037	267178	267178	16030	2011-01-31	1.95%	-	0.1363	59.816	0.15	0.11	0.55	N/A	3.4741	3.4065	0.7157	0.105	0.0892	57.2%	7	227	87
2010-12-13	2011	3	0.085	0.055	-	0.46%	1.94%	832	5498	115	1181	163	696	0.0006	0.0027	36497	675	1495	35822	1084	3417	2430	5354	4501	2071	3283	257875	257875	18051	2010-10-31	13.82%	-	0.1781	-	0.13	0.12	0.58	0.01	8.4756	8.3304	4.8637	0.0197	0.0185	77.6%	7	131	49
2010-09-27	2011	2	0.08	0.06	-	0.09%	2.41%	52	4666	40	1066	33	859	0.0001	0.0034	35884	178	1216	35706	475	2485	2429	5354	2960	531	4823	252948	252948	18971	2010-07-31	76.92%	-	0.197	-	0.14	0.12	0.62	0.02	35.9944	35.9944	27.0955	0.0052	0.0050	88.1%	-	82	11
2010-06-24	2011	1	0.085	0.065	-	2.69%	2.69%	4614	4614	1026	1026	892	892	0.0036	0.0036	33312	153	1138	33159	515	442	72	5354	957	1029	4325	250000	250000	17500	2010-04-30	22.24%	-	0.2195	-	0.13	0.11	0.64	0.02	40.1895	40.1895	28.268	0.0048	0.0046	82.0%	-	91	9
2010-03-29	2010	4	0.09	0.06	-	0.81%	1.76%	1002	3476	608	936	260	566	0.0010	0.0023	32378	172	1047	32206	1109	6690	165	11100	5581	5746	5354	250000	250000	22500	2010-01-31	60.68%	-	0.1074	39.7527	0.12	0.1	0.9	0.02	37.9302	37.9302	31.1221	0.0055	0.0053	182.7%	-	123	19
2009-12-23	2010	3	0.12	0.085	-	0.02%	0.99%	1401	2474	26	328	6	306	0.0000	0.0012	31057	134	21	30923	929	5504	45	11101	4575	4620	6481	250000	250000	26250	2009-10-31	1.86%	76.92%	0.0875	-	0.12	0.11	0.95	0.03	116.7258	116.7258	104.5323	0.0043	0.0043	264.2%	-	102	7
2009-09-25	2010	2	0.125	0.095	-	0.24%	0.97%	294	1073	73	302	73	299	0.0003	0.0012	31089	172	22	30917	711	1366	30	11101	2077	2107	8994	250000	250000	30000	2009-07-31	24.83%	1.37%	0.0456	-	0.12	0.11	1.09	0.04	106.64	106.05	89.94	0.0056	0.0055	745.5%	12	415	21
2009-06-23	2010	1	0.15	0.105	-	0.73%	0.73%	779	779	229	229	226	226	0.0009	0.0009	31068	223	-	30845	1050	731	15	11101	1781	1796	9305	250000	250000	28750	2009-04-30	29.40%	0.44%	0.0361	-	0.12	0.11	1.05	0.04	69.7758	69.4182	56.3939	0.0072	0.0072	1010.5%	14	698	40
2009-03-23	2009	4	0.17	0.07	-	1.66%	18.29%	242	344	528	5596	508	5599	0.0033	0.0369	30897	280	21	30617	1422	1027	11496	N/A	395	11101	11101	151721	151721	21240	2009-01-31	218.18%	3.41%	0.0111	3.7937	0.2	0.18	0.78	0.07	58.5385	58.5337	53.3702	0.0092	0.0091	3479.1%	1	1140	110
2008-12-09	2009	3	0.41	0.1	-	29.40%	29.40%	102	102	5054	5054	5038	5038	0.2292	0.2292	17543	407	-	17136	944	3691	663	N/A	2747	2084	2084	21978	21978	6153	2008-10-31	4954.90%	0.32%	0.0058	-	0.78	0.78	0.36	0.09	10.5298	10.5298	6.9007	0.0238	0.0232	2821.6%	-	3922	889

Financial Quarter Balance Sheet

year	qrt	Available-for-sale investment (A-0)	Intangible assets (A-0)	Investment in associated companies (A-0)	Property, plant and equipment (A-0)	Amount due from customers (A-1)	Cash and cash equivalents (A-1)	Current tax assets (A-1)	Inventories (A-1)	Other receivables, deposits and prepayments (A-1)	Trade receivables (A-1)	Deferred tax liabilities (L-0)	Hire purchase liabilities (L-0)	Lease payables (L-0)	Term loans (L-0)	Current tax liabilities (L-1)	Hire purchase liabilities (L-1)	Lease payables (L-1)	Payables and accruals (L-1)	Term loans (L-1)	Trade and other payables (L-1)	Minority interest (M-1)
2012	3	23085	12463	4252	6320	-	1364	223	134	2965	-	9	561	31	2367	19	109	89	-	95	994	3292
2012	2	21185	11479	4484	9924	-	851	220	1185	2473	-	9	287	54	2390	18	67	87	-	94	1382	3305
2012	1	18685	15337	-	9903	1925	1527	225	1185	2242	-	9	92	76	2412	48	22	85	-	93	1532	4750
2011	4	18685	10077	1874	10316	1981	1037	-	98	1918	-	9	97	98	2449	57	21	84	-	85	1202	2812
2011	3	18685	3621	1912	6558	2063	3283	-	98	277	-	-	-	-	-	-	-	-	-	-	675	1495
2011	2	18685	3549	1933	5310	1333	4823	-	-	251	-	-	-	-	-	-	-	-	-	-	178	1216
2011	1	18685	3549	1963	2966	1278	4325	-	-	546	-	-	-	-	-	-	-	-	-	-	153	1138
2010	4	14631	6139	1992	3092	807	5353	-	-	364	-	-	-	-	-	-	-	-	63	-	109	1047
2010	3	18230	2592	1679	1319	-	6481	-	-	756	-	23	49	-	-	-	14	-	48	-	-	21
2010	2	16767	2829	-	829	-	8994	-	59	1380	231	23	49	-	-	-	29	-	71	-	-	22
2010	1	16167	2829	-	559	-	9305	-	59	1991	158	23	35	-	-	-	56	-	92	-	17	-
2009	4	5504	2750	9921	546	-	11101	-	1	1037	37	23	49	-	-	-	56	-	147	-	5	21
2009	3	5504	26	8378	455	-	2084	-	-	1096	-	23	82	-	-	-	37	-	240	-	25	-

Financial Quarter Income Statement

year	qrt	Revenue	Income tax expense	Cost of sales	Finance/interest costs	Other income	Administrative/Operating expenses	Minority interest	Share of profit/ (loss) of associates	Listing expenses	Excess of fair value of net assets acquired over the consideration
2012	3	1497	22	1175	34	490	1207	208	257	-	-
2012	2	2228	35	519	30	18	1211	753	0	-	-
2012	1	1394	-	124	22	7	728	646	12	-	-
2011	4	771	47	297	19	1	494	366	25	-	-
2011	3	832	0	345	-	17	368	278	21	-	-
2011	2	52	5	18	-	14	23	78	31	-	-
2011	1	4614	-	190	-	85	3454	134	29	-	-
2010	4	1002	0	332	5	8	323	348	221	-	37
2010	3	1401	20	1209	0	78	293	-	49	-	-
2010	2	294	1	28	2	36	227	1	0	-	-
2010	1	779	1	498	1	29	331	2	251	-	-
2009	4	242	18	26	1	50	538	2	1527	726	0
2009	3	102	16	29	1	2	95	-	932	450	4593

Financial Quarter Segments Revenue

year	qrt	Technology incubation	Biofuel related products	Biotechnology products	Information technology training & related services & equipment	Management & corporate services
2012	3	-	-	500	997	-
2012	2	505	-	1	1722	-
2012	1	-	-	25	1369	-
2011	4	-	-	11	771	-
2011	3	-	-	832	-	-
2011	2	-	-	52	-	-
2011	1	4074	-	540	-	-
2010	4	60	-	942	4	-
2010	3	1336	65	-	-	352
2010	2	60	-	-	231	3
2010	1	160	493	-	125	1
2009	4	39	22	-	180	1
2009	3	22	-	-	79	1

Financial Quarter Segments Profit

year	qrt	Technology incubation	Biofuel related products	Biotechnology products	Information technology training & related services & equipment	Management & corporate services
2012	3	406	-	794	774	-
2012	2	333	-	289	1274	-
2012	1	225	5	44	1000	-
2011	4	258	23	48	634	-
2011	3	195	155	488	-	-
2011	2	101	149	33	-	-
2011	1	3765	373	348	-	-
2010	4	72	21	604	18	18
2010	3	73	7	-	6	319
2010	2	29	5	-	200	303
2010	1	60	12	-	101	2
2009	4	423	13	-	137	1
2009	3	66	-	-	48	2

Financial Quarter Segments Associate

year	qrt	Technology incubation
2012	3	-
2012	2	-
2012	1	-
2011	4	-
2011	3	-
2011	2	-
2011	1	-
2010	4	-
2010	3	-
2010	2	-
2010	1	-
2009	4	1527
2009	3	932

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



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