KLCI Stock - INGRESS / 7112 - 2012 Quarter 3

INGRESS CORPORATION BERHAD

Company Description

INGRESS CORPORATION BERHAD is a Malaysia-based company engaged in investment holding and the provision of management services. The Company operates in two segments: automotive components manufacturing, and power engineering and railway electrification. Some of the activities of its subsidiaries include the manufacture and supply of automotive door assemblies (door-in-white), and manufactures and assembles medium to high tonnage press parts; manufacture of automotive components; manufacture and supply of roll-formed plastic moldings and weather-strips, wire-harness and provision of management services; provision of engineering services for the power and utility industry, and the provision of engineering services in the field of computer aided design, manufactures tools, jigs and dies and undertakes comprehensive product development work. In July 2008, the Company subscribed for additional shares in Ingress CES Sdn Bhd (ICES), which increased its holding in ICES to 70%.

Company Info

Listing Date	2001-03-09
Market Capital (Capital Size)	72,960,000 (Very Small)
Par Value	RM 1.00
Board	Main
Sector	Industrial Products
Major Industry	Automotive Components & Premium Dealership
Sub Industry	Power Engineering & Projects
Website	http://www.ingresscorp.com.my/

My Analysis

Forecast P/E now	0.95/0.2977 = 3.19 (Moderate)
Target Price	0.2977*5.0 = 1.49 (PE 5.0, EPS 0.2977)
Decision	BUY if stock price near to SMA20 and got stronger buying volume than selling
Comment	Revenue decreased 10.3% and also lower than preceding year corresponding quarter 18.6%, eps increased 79.7% and also higher than preceding year corresponding quarter 222.4%, cash generated from operating slightly left to cover financing expenses hence generated cash from borrowing and spent 7.3% of Group cash to cover rest of the expenses, better liquidity ratio at low level now, lower gearing ratio at high level now, all accounting ratio are good, automotive division remaining good profit margin, power engineering and projects turnover, inventory increasing can indicate automotive division demand still good
First Support Price	0.85
Second Support Price	0.78
Risk Rating	MODERATE

Accounting Ratio

Return on Equity	7.98%
Dividend Yield	-
Profit Margin	6.36%
Tax Rate	5.27%
Asset Turnover	1.1862
Net Asset Value Per Share	2.27
Net Tangible Asset per share	2.22
Price/Net Tangible Asset Per Share	0.32
Cash Per Share	0.99
Liquidity Current Ratio	1.2065
Liquidity Quick Ratio	0.9529
Liquidity Cash Ratio	0.3231
Gearing Debt to Equity Ratio	1.9758
Gearing Debt to Asset Ratio	0.5814
Working capital per thousand Ringgit sale	6.9%
Days to sell the inventory	33
Days to collect the receivables	77
Days to pay the payables	58

Technical Analysis

SMA 20	0.852 (Uptrend 31 days)
SMA 50	0.792 (Uptrend)
SMA 100	0.787 (Uptrend)
SMA 200	0.804 (Uptrend)
MACD	0.036696 (Uptrend 34 days)
MACD Histogram	0.016268 (Uptrend 33 days)

My notes based on 2012 quarter 3 report (number in '000):-
- Lower revenue due to lower revenue from all division

- Higher pbt than FY12Q2 mainly due to the recovery from the impact of the March 2011 earthquake and tsunami in Japan especially to the Thailand's automotive industry

- Estimate next 4Q eps after 2012 Q3 result announced = 247826*1.025*0.09/76800 = 0.2977(ROE 9%), estimate PE on current price 0.95 = 3.19
- Estimate next 4Q eps after 2012 Q2 result announced = 0.0228*4*1.05 = 0.0958(if deduct additional RM2 million MI), estimate highest/lowest PE = 8.72/7.36
- Estimate next 4Q eps after 2012 Q1 result announced = 0.1151*1.05 = 0.1209(exclude RM4.7 million other income), estimate highest/lowest PE = 8.6/5.75
- Estimate next 4Q eps after 2011 Q4 result announced = 0.0274*4*1.05 = 0.1151, estimate highest/lowest PE = 7.86/6.47
- Estimate next 4Q eps after 2011 Q3 result announced = 0.0272*4*1.05 = 0.1142, estimate highest/lowest PE = 7.36/5.95
- Estimate next 4Q eps after 2011 Q2 result announced = 0.1288*1.05 = 0.1352, estimate highest/lowest PE = 6.62/5.18
- Estimate next 4Q eps after 2011 Q1 result announced = 0.0322*4 = 0.1288(0.0322 is eps after exclude 8 million from other income), estimate highest/lowest PE = 7.41/4.81
- Estimate next 4Q eps after 2010 Q4 result announced = 0.0346*4 = 0.1384, estimate highest/lowest PE = 4.99/3.76
- Estimate next 4Q eps after 2010 Q3 result announced = 0.0357*4 = 0.1428, estimate highest/lowest PE = 5.67/4.1
- Estimate next 4Q eps after 2010 Q2 result announced = 0.023*4 = 0.092, estimate highest/lowest PE = 9.24/3.53

INGRESS latest news (English)

INGRESS Latest news (Chinese)



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
2011-12-20	2012	3	N/A	N/A	-	2.72%	7.03%	159672	512812	10154	26090	6734	17426	0.0877	0.2269	591996	344170	73631	247826	30552	28043	5565	42110	2509	3056	39054	76800	76800	54144	2011-10-31	6.36%	5.27%	1.1862	-	2.27	2.22	0.32	0.99	1.2065	0.9529	0.3231	1.9758	0.5814	6.9%	33	77	58
2011-09-27	2012	2	0.835	0.705	-	1.57%	4.48%	178073	353140	5362	15936	3751	10692	0.0488	0.1392	592145	353669	70422	238476	2824	22667	9328	42976	19843	10515	32461	76800	76800	59904	2011-07-31	3.01%	11.71%	1.2474	-	2.19	2.14	0.36	0.84	1.1654	0.9231	0.2709	2.1045	0.5973	5.3%	30	76	54
2011-06-28	2012	1	1.04	0.695	-	2.96%	2.96%	175067	175067	10574	10574	6941	6941	0.0904	0.0904	579445	345236	71493	234209	2152	4927	274	43059	7079	7353	35706	76800	76800	59904	2011-04-30	6.04%	1.59%	1.3049	-	2.12	2.08	0.38	0.84	1.2107	0.9739	0.2852	2.1217	0.5958	6.3%	27	74	56
2011-03-23	2011	4	0.905	0.745	-	0.95%	7.73%	189386	761481	4133	31263	2105	17134	0.0274	0.2231	593236	371681	67792	221555	97361	17582	83416	10545	114943	31527	42072	76800	76800	56064	2011-01-31	2.18%	-	1.2836	3.2721	2.0	1.96	0.37	0.95	1.1296	0.9474	0.2958	2.4172	0.6265	4.2%	23	73	64
2010-12-21	2011	3	0.84	0.68	-	0.94%	6.75%	196115	572095	6107	27131	2090	15030	0.0272	0.1957	612096	389557	66313	222539	70359	20792	56376	15519	91151	34775	50294	76800	76800	57600	2010-10-31	3.11%	12.51%	1.2026	-	2.03	1.99	0.38	1.07	1.1404	0.912	0.3203	2.4935	0.6364	4.9%	31	75	67
2010-09-27	2011	2	0.895	0.7	-	1.20%	6.29%	195566	375980	5746	21024	2470	12940	0.0322	0.1685	626063	420365	53921	205698	28078	25019	37591	11492	53097	15506	26998	76800	76800	70656	2010-07-31	2.94%	24.61%	1.1157	-	1.98	1.93	0.48	0.83	1.0698	0.8328	0.2258	2.7696	0.6714	2.8%	37	89	73
2010-06-22	2011	1	0.955	0.62	-	5.12%	5.12%	180414	180414	15278	15278	10470	10470	0.1363	0.1363	644659	440116	53510	204543	13180	11479	1477	14007	24659	23182	37189	76800	76800	43776	2010-04-30	8.47%	9.52%	1.0558	-	1.97	1.91	0.3	0.91	0.7839	0.5885	0.1746	2.914	0.6827	-12.8%	45	83	70
2010-03-24	2010	4	0.69	0.52	-	1.35%	5.55%	164028	651861	6302	21423	2657	10896	0.0346	0.1419	660701	464499	51403	196202	72066	36159	21295	606	35907	14612	14006	76800	76800	47616	2010-01-31	3.84%	-	0.9866	4.37	1.89	1.83	0.34	0.59	0.6517	0.5004	0.1013	3.2079	0.703	-23.9%	40	93	87
2009-12-15	2010	3	0.81	0.585	-	2.78%	4.87%	158469	487833	8114	15121	4700	8238	0.0612	0.1073	641004	471843	46007	169161	21247	10528	7238	3377	10719	3481	6858	76800	76800	50304	2009-10-31	5.12%	20.48%	0.9894	-	1.6	1.52	0.43	0.45	0.7184	0.5584	0.0749	3.8313	0.7361	-20.4%	40	128	82
2009-09-04	2010	2	0.85	0.325	-	1.83%	2.19%	177689	329364	5479	7005	2951	3536	0.0384	0.0460	639055	477376	43924	161679	3197	3557	6576	3377	360	6936	3559	76800	76800	25728	2009-07-31	3.08%	13.76%	0.9883	-	1.53	1.45	0.23	0.37	0.6995	0.5571	0.0619	4.054	0.747	-21.9%	36	132	82
2009-06-30	2010	1	0.435	0.22	-	0.38%	0.38%	151676	151676	1527	1527	587	587	0.0076	0.0076	658449	502038	42106	156411	15555	8400	15467	3377	23955	8488	5111	76800	76800	14592	2009-04-30	1.01%	42.96%	0.9254	-	1.49	1.42	0.13	0.36	0.6451	0.4761	0.0581	4.3921	0.7625	-28.0%	46	120	86
2009-03-27	2009	4	0.225	0.14	-	32.42%	26.20%	146354	569551	62101	42436	50501	40810	0.6576	0.5314	660139	504373	41854	155766	36532	35048	5997	7890	1484	4513	3377	76800	76800	16896	2009-01-31	42.43%	-	0.8627	-	1.48	1.42	0.15	0.4	0.6795	0.5072	0.0643	4.4277	0.764	-26.8%	50	135	106
2008-12-24	2009	3	0.3	0.19	-	0.56%	4.41%	155858	423167	4611	19637	1224	9663	0.0159	0.1258	705681	486327	50750	219354	56289	59321	16505	7890	3032	19537	11647	76800	76800	17664	2008-10-31	2.96%	32.60%	0.7527	-	2.2	2.12	0.11	0.43	0.6145	0.4404	0.0729	2.8844	0.6892	-32.5%	56	113	108
2008-09-16	2009	2	0.415	0.18	-	2.30%	3.97%	155408	267313	8462	15024	4894	8437	0.0637	0.1099	685004	472321	48380	212683	44952	21850	26961	7890	23102	3859	4031	76800	76800	31104	2008-07-31	5.45%	19.26%	0.7219	-	2.14	2.06	0.2	0.57	0.6053	0.478	0.1006	2.8747	0.6895	-34.6%	42	121	102
2008-06-19	2009	1	0.645	0.36	-	1.70%	1.70%	111905	111905	6562	6562	3543	3543	0.0461	0.0461	652161	443900	47194	208261	24575	16796	13663	7890	7779	5884	2006	76800	76800	33024	2008-04-30	5.86%	17.56%	0.679	-	2.1	2.02	0.21	0.47	0.5613	0.4464	0.0885	2.756	0.6807	-40.7%	39	121	95
2008-03-27	2008	4	0.61	0.335	-	2.71%	5.54%	107967	398863	7177	14191	5553	11344	0.0723	0.1477	634718	429871	45780	204847	46085	42597	16414	20816	3488	12926	7890	76800	76800	43008	2008-01-31	6.65%	-	0.6284	-	2.07	1.99	0.28	0.46	0.5603	0.4837	0.0912	2.7025	0.6773	-43.0%	27	140	86
2007-12-17	2008	3	0.73	0.45	-	0.36%	2.67%	119214	290895	425	7013	771	5791	0.0100	0.0754	669720	452979	48353	216741	12130	31179	27283	20816	19049	8234	29050	76800	76800	53760	2008-10-31	0.36%	-	0.5576	-	2.19	2.17	0.32	0.8	1.0774	0.9215	0.2478	2.6901	0.6764	5.1%	35	163	76
2007-09-20	2008	2	0.8	0.65	-	2.04%	2.24%	103699	171681	4976	6588	4584	5020	0.0597	0.0654	662220	437975	49888	224245	21513	18782	8952	20816	2731	11683	32499	76800	76800	65280	2007-07-31	4.80%	-	0.3839	-	2.27	2.24	0.38	0.77	1.0957	0.9427	0.2704	2.5119	0.6614	8.3%	42	212	101
2007-06-21	2008	1	N/A	N/A	-	0.21%	0.21%	67982	67982	1612	1612	436	436	0.0057	0.0057	607165	403097	44531	204068	2678	15816	4174	20816	13138	8964	11852	76800	76800	72192	2007-04-30	2.37%	-	0.2479	-	2.08	2.04	0.46	0.4	1.1328	0.9683	0.1681	2.5267	0.6639	16.0%	58	351	134
2007-03-26	2007	4	N/A	N/A	0.04	5.13%	2.60%	82564	358776	12366	1221	11553	5861	0.1504	0.0763	638569	413383	47303	225186	8052	77413	53678	36499	69361	15683	20816	76800	76800	80640	2007-01-31	14.98%	-	0.1293	-	2.32	2.27	0.46	0.63	1.1873	1.0408	0.2601	2.3239	0.6474	42.4%	88	645	238

Financial Quarter Balance Sheet

year	qrt	Deferred tax assets (A-0)	Intangible assets (A-0)	Investment in associated companies (A-0)	Investment securities (A-0)	Other investments (A-0)	Prepaid lease payments (A-0)	Property, plant and equipment (A-0)	Cash and cash equivalents (A-1)	Current asset classified as held for sales (A-1)	Current tax assets (A-1)	Inventories (A-1)	Other receivables (A-1)	Trade receivables (A-1)	Deferred tax liabilities (L-0)	Loans & borrowings (L-0)	Current tax liabilities (L-1)	Dividend payable (L-1)	Liabilities directly associated with assets classified as held for sale (L-1)	Loans & borrowings (L-1)	Other payables (L-1)	Trade and other payables (L-1)	Minority interest (M-1)
2012	3	26982	3527	5091	100	-	-	271483	76270	-	1171	59864	29078	118430	5006	103107	111	-	-	130680	33170	72096	73631
2012	2	27025	3591	5362	100	-	-	278086	64615	-	1208	57809	27406	126943	5006	110140	111	-	-	133478	36051	68883	70422
2012	1	27278	3119	4144	100	-	-	271737	64320	-	2281	53425	26244	126797	5006	114693	819	-	-	113748	27359	83611	71493
2011	4	26789	3544	2820	100	-	-	281172	73016	7239	1312	44979	26759	125506	5006	119861	819	-	6426	111262	38996	89311	67792
2011	3	22612	3138	644	-	100	15755	277162	82205	-	1492	58615	24738	125635	5027	127884	141	-	-	128707	32689	95109	66313
2011	2	22786	3745	-	-	100	15856	280771	63909	-	1265	67087	39607	130937	5027	132301	1670	-	-	148075	40897	92395	53921
2011	1	23205	4031	1543	-	100	17543	283224	70155	9599	2156	78515	27743	126845	5446	32836	1338	-	-	278262	31306	90928	53510
2010	4	23497	4237	11124	-	100	16264	314306	45246	9599	2144	67580	30379	136225	5027	12678	450	-	-	298171	51774	96399	51403
2010	3	22274	6273	9880	-	100	25616	246532	34421	-	-	73604	98574	123730	-	12059	885	-	-	309171	63245	86483	46007
2010	2	23300	6399	9630	-	100	25910	251204	28551	-	-	65664	109870	118427	-	16314	1280	-	-	310124	38293	111365	43924
2010	1	23265	4919	10577	-	100	25858	283474	27937	-	-	81287	86111	114921	-	21091	825	-	-	328328	44444	107350	42106
2009	4	23676	5052	10630	-	100	25940	271580	30599	-	-	81967	98579	112016	-	28794	1814	-	-	299331	67436	106998	41854
2009	3	19646	6149	10838	-	100	26197	367351	32673	-	-	78023	27926	136778	313	37862	1931	-	-	296855	64342	85024	50750
2009	2	20423	6101	10901	-	100	26453	358800	43573	-	-	55153	29827	133673	313	38798	1855	-	-	297412	62969	70974	48380
2009	1	21143	6210	11110	-	100	22357	360854	36305	-	-	47165	34306	112611	313	33138	967	-	-	295151	42449	71882	47194
2008	4	21508	6088	8131	-	100	22450	357695	35621	-	-	29882	25070	128173	313	39128	954	-	-	294304	43613	51559	45780
2008	3	24977	1901	7024	-	100	22279	346189	61458	-	-	38665	34274	132853	554	204365	1455	-	-	161902	33910	50793	48353
2008	2	27979	2563	4385	-	100	13481	372791	59460	-	-	33629	33312	114520	4605	213487	1211	3072	-	135563	29670	50367	49888
2008	1	10571	3108	8644	-	100	19535	360110	30432	-	-	29778	33972	110915	8213	213826	1424	-	-	111310	27447	40877	44531
2007	4	29893	3290	6431	-	100	19589	357310	48618	-	-	27399	40262	105677	8213	218235	1336	-	-	111155	40685	33759	47303

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
2012	3	159672	535	127983	3603	1636	19309	2885	259
2012	2	178073	628	150834	3436	285	18932	983	206
2012	1	175067	168	142947	3507	5972	23896	3465	115
2011	4	189386	2017	164252	3849	1163	18970	4045	655
2011	3	196115	764	168143	4118	182	18149	3253	584
2011	2	195566	1414	167025	4072	6616	24217	1862	1122
2011	1	180414	1454	152388	4459	9219	15770	3354	1738
2010	4	164028	426	137036	5273	350	17913	4071	2146
2010	3	158469	1662	133269	3758	1280	14858	1752	250
2010	2	177689	754	152656	4229	1055	15433	1774	947
2010	1	151676	656	134067	4222	1569	13376	284	53
2009	4	146354	3485	174130	6648	4369	31838	8115	208
2009	3	155858	1503	126516	4954	1150	18565	1884	62
2009	2	155408	1630	126808	4722	1406	16613	1938	209
2009	1	111905	1152	92218	5001	3125	14227	1867	2978
2008	4	107967	2361	92956	6336	114	17074	737	1108
2008	3	119214	54	101652	5091	745	16279	292	2638
2008	2	103699	1381	86436	5617	629	17892	989	641
2008	1	67982	686	58430	5475	374	13286	490	7223
2007	4	82564	935	78008	6580	19028	36129	1748	6759

Financial Quarter Segments Revenue

year	qrt	Others	Elimination/Adjustment	Automotive	Power Engineering & Projects
2012	3	2666	7807	156540	8273
2012	2	6166	10991	153344	29554
2012	1	2666	7440	158402	21439
2011	4	5985	10489	174389	19501
2011	3	3617	14052	181009	25541
2011	2	3328	14798	189575	17461
2011	1	879	11972	172372	19136
2010	4	980	38424	173616	27856
2010	3	623	5365	140995	17474
2010	2	2313	10694	165407	20663
2010	1	315	5201	131016	25546
2009	4	2645	5723	134878	14554
2009	3	2645	19970	150811	22372
2009	2	2645	5338	129408	28693
2009	1	2645	6179	98010	17429
2008	4	10562	6409	88014	15800
2008	3	5985	6364	85152	34441
2008	2	1715	3814	92072	13726
2008	1	667	3814	68715	2414
2007	4	800	5677	77726	9715

Financial Quarter Segments Profit

year	qrt	Others	Elimination/Adjustment	Automotive	Power Engineering & Projects
2012	3	1303	-	14994	325
2012	2	3227	3500	8968	103
2012	1	647	-	15002	1453
2011	4	331	1511	13933	5426
2011	3	754	13	9072	172
2011	2	1018	2153	12553	478
2011	1	174	459	14315	7793
2010	4	405	-	8707	317
2010	3	707	-	12189	140
2010	2	998	2000	11272	385
2010	1	1210	-	6202	810
2009	4	12949	2608	42534	2370
2009	3	134	1841	10362	1240
2009	2	591	1894	12202	2494
2009	1	1707	2791	10266	597
2008	4	1901	2374	1836	490
2008	3	1072	810	2332	1578
2008	2	1491	1799	3046	244
2008	1	1615	7855	318	6428
2007	4	3103	1071	7367	7584

Financial Quarter Segments Associate

year	qrt	Power Engineering & Projects
2012	3	259
2012	2	206
2012	1	115
2011	4	655
2011	3	584
2011	2	1122
2011	1	1738
2010	4	2146
2010	3	250
2010	2	947
2010	1	53
2009	4	208
2009	3	62
2009	2	209
2009	1	2978
2008	4	1108
2008	3	2638
2008	2	641
2008	1	7223
2007	4	6759

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

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●CHANGES IN SHAREHOLDING
●ANNUAL REPORTS

HISTORICAL

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●CHANGES IN SHAREHOLDING

ARCHIVES

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●CHANGES IN SHAREHOLDING

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1-Years Historical Chart from shareinvestor.com

5-Years Historical Chart from shareinvestor.com