Company Info
| Market Capital (Capital Size) | 42,081,921,263 (Very Large) |
| Par Value | RM 1.00 |
My Analysis
| Forecast P/E now | (4.97-0.14)/0.3098 = 15.59 (Moderate) |
| Target Price | 5.11+0.14 = 5.25 (PE 16.5, EPS 0.3098, DPS 0.14) |
| Decision | BUY if stock price near to SMA20 |
| Comment | Revenue increased 3.6% and was second consecutive quarter increasing and also higher than preceding year corresponding quarter 6.5%, eps decreased 11.1% and also lower than preceding year corresponding quarter 7.7%, cash generated from operating more than enough to cover financing expenses and also got borrowing to cover investing expenses, weaker liquidity ratio at low level now, higher gearing ratio at above moderate level now, high payables ratio |
| First Support Price | 4.8 |
| Second Support Price | 4.6 |
| Risk Rating | MODERATE |
Research House
| Credit Suisse Target Price | 6.1 (2011-03-30) |
| CIMB Target Price | 5.8 (2011-08-24) |
| JF Apex Target Price | 5.29 (2011-08-24) |
| Kenanga Target Price | 5.45 (2011-08-24) |
| TA Target Price | 5.95 (2011-08-24) |
| UOB Target Price | 5.5 (2011-08-24) |
| ECM Target Price | 5.76 (2011-12-01) |
| Maybank Target Price | 5.1 (2011-12-01) |
| Affin Target Price | 4.39 (2011-12-02) |
| RHB Target Price | 5.15 (2011-12-13) |
| HLG Target Price | 4.92 (2012-01-18) |
| MIDF Target Price | 5.85 (2012-01-30) |
| HwangDBS Target Price | 4.8 (2012-02-03) |
| OSK Target Price | 5.6 (2012-02-03) |
| AMMB Target Price | 6.08 (2012-02-08) |
Accounting Ratio
| Return on Equity | 6.71% |
| Dividend Yield | 2.82% |
| Profit Margin | 22.97% |
| Tax Rate | 29.50% |
| Asset Turnover | 0.4046 |
| Net Asset Value Per Share | 2.28 |
| Net Tangible Asset per share | 1.38 |
| Price/Net Tangible Asset Per Share | 3.7 |
| Cash Per Share | 0.8 |
| Liquidity Current Ratio | 1.1727 |
| Liquidity Quick Ratio | 1.1316 |
| Liquidity Cash Ratio | 0.8661 |
| Gearing Debt to Equity Ratio | 0.9773 |
| Gearing Debt to Asset Ratio | 0.4718 |
| Working capital per thousand Ringgit sale | 8.4% |
| Days to sell the inventory | 20 |
| Days to collect the receivables | 39 |
| Days to pay the payables | 326 |
Technical Analysis
| SMA 20 | 4.857 (Uptrend 1 day) |
| SMA 50 | 4.872 (Uptrend) |
| SMA 100 | 4.773 (Uptrend) |
| SMA 200 | 4.773 (Uptrend) |
| MACD | -0.001899 (Uptrend 1 day) |
| MACD Histogram | -0.024103 (Downtrend 15 days) |
My notes based on 2011 quarter 3 report (number in '000):-
- Higher revenue due to higher prepaid and postpaid revenue from Robi Axiata Limited, higher prepaid and global revenue from Dialog Axiata Group, increase in subscriber base from XL and increase in broadband subscribers and increase in revenue generating base customers from Celcom Axiata Berhad
- The fluctuation of Ringgit (RM) against local currencies of OpCo had unfavourably affected the overall Group’s translated revenue. At constant currency using Q3’10 exchange rate, the Group revenue would have registered a higher growth of 8.3%, quarter-on-quarter
- Lower pbt than FY10Q3 mainly due to one-off gain on disposal of shares in XL
- Lower pbt than FY11Q2 mainly arising from strengthening of USD against local currencies which recorded foreign exchange losses of RM53.1 million in Q3’11 as compared to foreign exchange gains of RM30.2 million in Q2’11, and lower contribution from Celcom and XL
- Estimate next 4Q eps after 2011 Q3 result announced = (0.0781+0.0694)*2*1.05 = 0.3098, estimate PE on current price 4.97 = 15.59(DPS 0.14)
- Estimate next 4Q eps after 2011 Q2 result announced = (0.0781+0.0645)*2*1.05 = 0.2995, estimate highest/lowest PE = 16.56/14.32 (DPS 0.14)
- Estimate next 4Q eps after 2011 Q1 result announced = 0.3024, estimate highest/lowest PE = 16.93/14.62 (DPS 0.1)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.072*4*1.05 = 0.3024, estimate highest/lowest PE = 16.47/15.08 (DPS 0.1)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.0752*4*1.05 = 0.3158, estimate highest/lowest PE = 16.12/13.93
- Estimate next 4Q eps after 2010 Q2 result announced = 0.0681*4*1.05 = 0.286, estimate highest/lowest PE = 16.29/15.24
- Estimate next 4Q eps after 2010 Q1 result announced = 0.265(no adjustment due to higher profit is from non-repeatable income), estimate highest/lowest PE = 16.98/13.89
- Estimate next 4Q eps after 2009 Q4 result announced = 0.631(average recent 3 quarter)*4 = 0.2524+(0.05*0.2524) = 0.265(5% grow from 0.2524), estimate highest/lowest PE = 15.28/13.21
- Estimate next 4Q eps after 2009 Q3 result announced = 0.0595*4 = 0.238, estimate highest/lowest PE = 14.71/12.61
- Estimate next 4Q eps after 2009 Q2 result announced = 0.0579*4 = 0.2316, estimate highest/lowest PE = 14.12/12.52
AXIATA latest news (English)
AXIATA latest news (Chinese)
MYR/IDR chart
USD/MYR chart
No comments:
Post a Comment