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Tuesday, February 14, 2012

KLCI Stock - GAMUDA / 5398 - 2012 Quarter 1

GAMUDA BERHAD

Company Description
Gamuda Berhad is a Malaysia-based investment holding company engaged in civil engineering construction. The Company operates in three business segments: engineering and construction, which is engaged in the construction of highways and bridges, water treatment plants, dams, and residential and commercial properties; property development and club operations, which is engaged in the development of residential and commercial properties, and club operations, and water and expressway concessions, which is engaged in the management of water supply and the management and tolling of highway operations. The Company operates in Malaysia, India, Taiwan, Republic of China, Mauritius, Qatar, Bahrain and Vietnam. During the fiscal year ended July 31, 2009, the Company acquired an additional 0.34% equity interest in Lingkaran Trans Kota Holdings Berhad, and increased its interest to 46%. On July 23, 2009, the Company acquired the Gamuda Land (HCMC) Sdn. Bhd.

Company Info
Listing Date1992-08-10
Market Capital (Capital Size)7,966,816,611 (Very Large)
Par ValueRM 1.00
BoardMain
SectorConstruction
Major IndustryEngineering & Construction
Sub IndustryProperty Development
Websitehttp://www.gamuda.com.my

My Analysis
Forecast P/E now(3.85-0.12)/0.2422 = 15.40 (Moderate)
Target Price3.88+0.12 = 4.00 (PE 16.0, EPS 0.2422, DPS 0.12)
DecisionBUY if stock price near to SMA20 and got stronger buying volume than selling
Comment
Revenue decreased 20.8% but higher than preceding year corresponding quarter 1.2%, eps increased 7% and was seventh consecutive quarter increasing (higher than preceding year corresponding quarter 49.8%), no cash generated from operating after changes in working capital but cash generated from investment and financing still enough to cover all expenses, slightly weaker liquidity ratio at moderate level now, lower gearing ratio at above moderate level now, higher property development cost can indicate got new property project
First Support Price3.7
Second Support Price3.5
Risk RatingMODERATE

Research House
Kenanga Target Price4.12 (2011-03-25)
AMMB Target Price3.82 (2011-06-14)
UOB Target Price4.4 (2011-06-20)
CIMB Target Price5.63 (2011-06-24)
TA Target Price4.32 (2011-06-24)
RHB Target Price3.02 (2011-12-19)
MIDF Target Price4.4 (2012-01-13)
ECM Target Price3.51 (2012-02-13)
HLG Target Price4.41 (2012-02-13)
HwangDBS Target Price4.5 (2012-02-13)
Maybank Target Price4.1 (2012-02-13)
OSK Target Price4.57 (2012-02-13)

Accounting Ratio
Return on Equity12.02%
Dividend Yield3.12%
Profit Margin26.04%
Tax Rate19.79%
Asset Turnover0.3502
Net Asset Value Per Share1.8
Net Tangible Asset per share1.76
Price/Net Tangible Asset Per Share1.7
Cash Per Share0.52
Liquidity Current Ratio2.1187
Liquidity Quick Ratio1.1067
Liquidity Cash Ratio0.5231
Gearing Debt to Equity Ratio0.954
Gearing Debt to Asset Ratio0.4753
Working capital per thousand Ringgit sale87.4%
Days to sell the inventory338
Days to collect the receivables162
Days to pay the payables137

Technical Analysis
SMA 203.704 (Uptrend 34 days)
SMA 503.378 (Uptrend)
SMA 1003.193 (Uptrend)
SMA 2003.351 (Uptrend)
MACD0.188214 (Uptrend 33 days)
MACD Histogram0.040874 (Uptrend 29 days)

My notes based on 2012 quarter 1 report (number in '000):-
- Higher revenue and pbt than FY11Q1 was due to higher contributions from all divisions

- Estimate next 4Q eps after 2012 Q1 result announced = (0.0626+0.0585)*2 = 0.2422, estimate PE on current price 3.85 = 15.4(DPS 0.12)
- Estimate next 4Q eps after 2011 Q4 result announced = (0.0542+0.0585)*2 = 0.2254, estimate highest/lowest PE = 14.86/11.85 (DPS 0.12)
- Estimate next 4Q eps after 2011 Q3 result announced = 0.177*1.1 = 0.1947, estimate highest/lowest PE = 19.77/12.89 (DPS 0.12)
- Estimate next 4Q eps after 2011 Q2 result announced = 0.0439*4*1.05 = 0.1844, estimate highest/lowest PE = 20.77/18.71 (DPS 0.12)
- Estimate next 4Q eps after 2011 Q1 result announced = 0.0789*2*1.05 = 0.1657, estimate highest/lowest PE = 24.98/20.64 (DPS 0.12)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.0371*4*1.1 = 0.1632, estimate highest/lowest PE = 23.84/20.47 (DPS 0.12)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.0361*4 = 0.1444, estimate highest/lowest PE = 26.73/20.78 (DPS 0.12)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.0336*4 = 0.1344, estimate highest/lowest PE = 23.14/19.2 (DPS 0.12)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.0311*4 = 0.1244, estimate highest/lowest PE = 22.83/19.77 (DPS 0.12)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.0215*4 = 0.086, estimate highest/lowest PE = 38.02/30.81 (DPS 0.08)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.0231*4 = 0.0924, estimate highest/lowest PE = 36.36/27.81 (DPS 0.08)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.0244*4 = 0.0976, estimate highest/lowest PE = 28.59/19.26 (DPS 0.08)

GAMUDA latest news (English)

GAMUDA 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
2011-12-1620121N/AN/A0.063.29%3.29%6419946419941671611671611323191323190.06260.0626765481236380702033364016742304412742454509104463030175149210961222113836211383663415082011-10-3126.04%19.79%0.3502-1.81.761.70.522.11871.10670.52310.9540.475387.4%338162137
2011-09-29201143.472.79-3.25%10.94%81061026732081511275445241262214254110.05850.1980755129836643922003413886906220761190334680031147398304279843010489682158302214805361943262011-07-3118.64%16.37%0.35414.49171.721.671.720.492.16051.38260.48340.9940.485394.2%264263142
2011-06-23201133.972.630.063.01%7.71%62120418625981583693933971166332991900.05420.139971916993312764227014387893545965116171494361164306575822070189572882151618213877380685672011-04-3025.49%24.77%0.3584-1.711.712.190.442.23391.39060.51090.90710.460689.7%255230135
2011-03-24201123.953.57-2.47%4.80%6071921241394125337235028940251825570.04390.08577002918320007622416238028423530586571327691164306551277764210866642143548213102581240462011-01-3120.64%22.63%0.3523-1.681.682.260.512.31331.48310.63320.89420.45791.4%235212114
2010-12-17201114.263.540.062.33%2.33%63420263420210969110969188532885320.04180.0418683697830442212235893792757150505127538392011612061632587933812405442120102212010281199902010-10-3117.30%17.54%0.3603-1.681.682.280.592.50511.64790.81710.85290.445392.8%212184110
2010-09-28201044.013.46-2.48%9.25%7147792455143115192412260867283229180.04200.1573673356132431875019834903744989816558801595131162936156899261411655502066772205252878537332010-07-3116.12%24.10%0.364324.15351.681.682.260.562.14271.39690.62310.94270.481687.1%228213121
2010-06-24201033.983.120.062.51%7.10%5112001740364101788297068835322361900.04130.116761035172776601524303326916476466503395557151165095269298264410824512023746202475764962242010-04-3019.91%15.05%0.4392-1.621.621.980.532.46811.71460.74080.8480.454980.0%16119085
2010-03-25201023.282.7-2.08%4.01%603242122720290184173672680331310500.03360.0648602611227614145233732646983508417110759587114694827973422014713670952021932202194757422862010-01-3114.95%22.17%0.4561-1.591.591.790.682.35381.87340.93380.85960.458272.1%9918192
2009-12-22201012.962.580.062.25%2.25%623960623960944969449674025740250.03650.036559289502646018497323282932151565531228793115020315687718567013358732027760202776053938412009-10-3115.14%18.48%0.4617-1.591.591.670.662.39551.96840.95230.81840.446371.5%8518779
2009-09-29200943.352.61-1.35%6.04%942241272730280416282157432941936890.02150.0962587845926706854676332077746112865021335818685071666149930331311540292018151201270265186272009-07-318.53%41.45%0.463933.56431.571.572.060.572.29731.84750.80850.84490.454367.9%9119598
2009-06-25200933.442.650.041.47%4.76%579366178506163124201741463031503950.02310.07495570957241370642922315725137282318133724306983821355416031109111493042008731200860654034862009-04-3010.90%22.77%0.4732-1.551.551.740.572.60192.12651.00190.7750.433369.7%8117686
2009-03-26200922.871.96-1.58%3.35%591731120569566640138617490561040920.02440.05185582393247123148293311116280650181232157980853267100582573987958692007130200792840744732009-01-3111.26%23.70%0.4714-1.531.531.330.42.13871.76370.5820.80680.442759.2%7722266
2008-12-17200912.11.790.041.76%1.76%613964613964719777197755036550360.02740.027454407352320130453713120605904442020671879618394382925111045509439882008860200886037364792008-10-3111.72%20.15%0.466-1.531.531.220.472.34571.9250.77420.75450.426464.7%8220188
2008-09-24200842.331.25-2.27%10.49%8512992403660136200470814702033250780.03490.1617577430126768184590130974833211511225423136639756404436931300308456102008783201088146001132008-07-3116.00%44.95%0.416314.16561.521.521.510.421.8781.55270.53050.87720.463658.2%89247132
2008-06-25200833.022.170.1252.43%8.06%5746971552361114700334614767052548750.03810.126851607582000252509283160506270817101291236719857573721083957795899782015432201058446959562008-04-3019.96%30.46%0.402-1.551.551.50.291.95991.6350.47840.64330.387657.1%80244111
2008-03-26200823.52.12-2.92%5.78%495242977664113438219914901071781700.04470.0887486264517794484703630831972785531025001399919921443810535210444711002016356200924563313572008-01-3122.91%17.33%0.3696-1.511.512.080.231.96881.60130.46510.58610.365954.6%85225103
2007-12-17200815.82.80.1252.81%2.81%48242248242210647610647688063880630.04390.043947036881568019486453135669132950670842926709812372000344927044885332004553200455392209432007-10-3122.07%15.10%0.3472-1.541.542.990.241.86971.52750.49090.50790.333453.0%84223132
2007-09-26200744.883.74-1.56%6.19%522093151635984999276561466711854280.04750.2149503848220440994843329943833385424521473501945661021136052365998026998343386300876707772007-07-3116.28%17.39%0.30136.30233.413.412.291.01.53971.29220.66670.69390.405752.3%95214169
2007-06-2520073N/AN/A0.231.51%4.67%29728999426668292191562450221387570.04830.1660472796017536394685029743217070514614774569646231621685252884499116093197783590873160192007-04-3022.97%24.87%0.2103-3.53.482.261.061.74831.49840.77620.5990.370996.1%128318184
2007-03-2720072N/AN/A0.231.77%3.55%3311676969776009312327046612937350.05530.116444125081772314390272640194361251101354738244638287401039981486364284219780542859795982007-01-3118.15%14.84%N/A-3.233.212.211.031.59871.35590.66660.68140.4017N/A-N/AN/A
2006-12-2120071N/AN/A-2.01%2.01%365810365810631776317747123471230.06160.061638624901519741535672342749161395288949136457092367501238646947876479476479430285842006-10-3117.27%17.52%N/A-2.992.971.330.612.41932.02550.72990.66390.3935N/A-N/AN/A

Financial Quarter Balance Sheet
yearqrtConcession and quarry rights (A-0)Deferred tax assets (A-0)Goodwill on consolidation (A-0)Intangible assets (A-0)Investment in associated companies (A-0)Investment properties (A-0)Land held for property development (A-0)Motorway development expenditure (A-0)Other investments (A-0)Prepaid lease payments (A-0)Property, plant and equipment (A-0)Receivables (A-0)Amount due from customers (A-1)Cash and cash equivalents (A-1)Current tax assets (A-1)Inventories (A-1)Investment securities (A-1)Other receivables (A-1)Property development costs (A-1)Deferred tax liabilities (L-0)Derivative liabilities (L-0)Loans & borrowings (L-0)Long term payables (L-0)Other long-term provisions (L-0)Amount due to customers (L-1)Current tax liabilities (L-1)Derivative liabilities (L-1)Loans & borrowings (L-1)Other payables (L-1)Provision for liabilities (L-1)Minority interest (M-1)
20121-19830-1001721627264111485538503223597334764384245191116243651109612231233302832936809479751796387862274269135418994578346554779928144178264813385868010804203336
20114-19280-1009471619630111572486373233577334872345718189100812893104896823410341053366231114615131725386307389413234807748834656100411539514836261799092757385200341
201136032519321--1561882258051343132378520733518025138024772862264495728821023349974381861004409110680717073-138721634914-62984534572-371930837214-227014
201126110022610--155055125905228033240342073351722689052541815091021086664237935087245953992580491446517073-142822638506-65779119438-352123686919-224162
201116187424738--152003623835340643246092073351892885572516592914261240544185055878049798195122774467317073-143612672886-51475610117-321853671410-223589
201046264921824--1493166260427827932486920733529730163921428441115511655501465279738764104102166155135717026-12787367120355816063757945-511273740344470450198
201036342424158--1300142261942053632473973363173159803830931111510824512564860160617799108630342308416817-128174316765-52490819176-335000582192-52430
201026419824876--1341430262943753132546673364293367424030632840513670951393865637182303103309345530116828-126403616614-52771625430-258645652145-52337
201016497324158--1291925263846361432602473365413476214030632029113358732277572149100668108242542623616828-121050015872-42158817454-403534560242-49732
200946574723114--12866802648482678326271733665036441940306379319115402924114101082100668107981544018617083-121050015651-39348814818-328165690980-46763
200936581316385--124684432555296273265257336961349752403063007361149304199521028832000096940942247220046-121675029762-1337739646-424993578736-42922
200926660516527--131042132685296273267527337208356347403063602177958691334510533920000124244438738520159-105400029585-23222916350-681722437186-48293
200916739716531--130282232785196273268907337208293744424333104739439881005110717720000108256938581420149-105150029193-7363117510-577254550893-45371
200846818913777--15108223288519277326809733723228813042433304635845610499611012220000131973538851317549-103650028736-1752425992-782253768264-45901
200837124616423--142330333005883343270267337355278615271663733355899784020710150420000101294227929120902-68650059515-2010737393-622702553133-50928
200827203816269--15383713326588334327220733747928764327166514410471100428281040392000059349524819420902-68650059196-2994421268-511857449781-47036
200817283016269--15096493337591447327448733760328651727166301593488533361651062202500069385720932120902-49650055441-5263113011-393459536075-48645
200747362216021--14759193348548443327647733772729415227166238085980269314211404952500065000019843420654-49650056706-6799019438-738123644688-48433
20073565831199817967-14271591176-323601733354468273116285842232979911605639486298-64261323281320113-4500006514-2796229644-760337459069-46850
20072571671202718458-13899861176246613317311733-269103285841546048636423670695976-70178621863620139-4500006509-6532218331-765539446474-39027
2007157752929918458-13736381197-302239733275419238979285849853146947834413103729-70048814955320139-8500006352-11101620550-180307331377-53567

Financial Quarter Income Statement
yearqrtRevenueIncome tax expenseFinance/interest costsOther incomeAdministrative/Operating expensesMinority interestShare of profit/ (loss) of associates
2012164199433081139928828527588176157919
201148106102473415424777572784117276007
20113621204392301273213255507746250644388
2011260719228370159898124524830294250840
20111634202192451463413933575004191451194
2010471477927765153692234065750869950950
201035112001532077455346451332293644319
201026032421999895329129552811215340156
2010162396017464111677340575833300750196
2009494224133335862715667913231378744366
2009357936614373140018529539858244829088
2009259173115792114337753556473179235062
2009161396414503107735730571638243834694
2008485129961224902119392782748477357278
2008357469734934896214284509208306143889
200824952421965542875913418850367635420
200814824221607326704847414988234036865
20074522093147818355109684839742354744267
2007329728916982354515610271389628830327
200723311678915456112842307989456628634
200713658101107034085142330213498425846

Financial Quarter Segments Revenue
yearqrtElimination/AdjustmentEngineering & ConstructionProperty Development & Club OperationsWater & Expressway Concessions
20121337838266522524434085
20114230555608422323633595
20113402442378717244828993
20112533140769717145433372
20111466547108313742330361
201041189352197515850846188
20103144836203512337529201
20102807746453111664930139
20101279246954612782429382
20094401579325611879826172
2009328064690208886524287
20092297546854410145824704
2009156794961439824325257
200841846364541416124226180
20083281274951679937527083
200821121736231410799026282
20081532234846910420326144
20074341573838957906024981
20073157762153727314524548
200725123725875310081622835
200711453024254311791219885

Financial Quarter Segments Profit
yearqrtElimination/AdjustmentEngineering & ConstructionProperty Development & Club OperationsWater & Expressway Concessions
20121-459345719820102
20114-407373933310474
20113-585475009418072
20112-335953753619355
20111-309752753114625
201042139350902051621866
20103733217002695317294
20102745242272177514303
20101661188862101416228
2009425920580148179539
20093-147201983213485
20092-122011777913031
20091-156491774514662
200841346326443997216673
20083-396732618513915
20082-381212919714987
20081-324582822111602
20074-104692239310447
20073-72361604111293
20072-60501438511812
20071-105531728610829

Financial Quarter Segments Associate
yearqrtProperty Development & Club OperationsWater & Expressway Concessions
20121302348171
20114260873399
20113254941839
20112106149779
20111302348171
20104202138812
20103345130368
20102330925839
20101327846918
20094543138935
2009371228376
20092431930743
20091368531009
20084686450414
200831307930810
20082629729123
20081451532350
20074860835659
20073541624911
20072500523629
2007164925197

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


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1-Years Historical Chart from shareinvestor.com

5-Years Historical Chart from shareinvestor.com

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