KLCI Stock - IRCB / 2127 - 2012 Quarter 3

INTEGRATED RUBBER CORPORATION BERHAD

Company Description

INTEGRATED RUBBER CORPORATION BERHAD is a Malaysia-based investment holding company. The Company operates in two business segments: manufacturing, which is engaged in the manufacturing and trading of latex gloves, and investment holding, which includes investment of ordinary and quoted shares. The activities of the Company are carried out solely in Malaysia. The United States, Canada, Japan and Europe are the major export markets for the manufacturing division, while the major market for the other divisions is principally in Malaysia. As of January 31, 2009, the Company’s production capacity stands at180 million gloves per month. The Company’s subsidiaries include Comfort Rubber Gloves Industries Sdn Bhd., PBT Sdn. Bhd. and Quality Gallant Sdn. Bhd.

Company Info 

Market Capital (Capital Size)	100,644,454 (Small)
Par Value	RM 0.20
Board	Main
Sector	Industrial Products
Major Industry	Gloves
Sub Industry	Investment Holding
Website	http://www.ircb.com.my/

My Analysis 

Forecast P/E now	0.17/0.0035 = 48.57 (High)
Target Price	0.0035*6.0 = 0.02 (PE 6.0, EPS 0.0035)
Decision	Not interested unless stock price back to bullish trend or moving from bearish to bullish trend
Comment	Revenue decreased 32.6% and also lower than preceding year corresponding quarter 22%, eps reduceed 37.2% loss but largely turned into loss compared to preceding year corresponding quarter, not enough cash generated from operating hence increased bank borrowing and spent 31.6% of Group cash to cover all expenses, weaker liquidity ratio at low level now, slightly lower gearing ratio at high level now, all accounting ratio are good, affecting by recent surge of latex price and RM against USD
First Support Price	0.16
Second Support Price	0.14
Risk Rating	HIGH

Accounting Ratio 

Return on Equity	-60.85%
Dividend Yield	-
Profit Margin	-21.37%
Tax Rate	-
Asset Turnover	0.6583
Net Asset Value Per Share	0.12
Net Tangible Asset per share	0.12
Price/Net Tangible Asset Per Share	1.38
Cash Per Share	0.07
Liquidity Current Ratio	1.3936
Liquidity Quick Ratio	0.9502
Liquidity Cash Ratio	0.6199
Gearing Debt to Equity Ratio	1.1242
Gearing Debt to Asset Ratio	0.5292
Working capital per thousand Ringgit sale	26.0%
Days to sell the inventory	73
Days to collect the receivables	79
Days to pay the payables	28

Technical Analysis 

SMA 20	0.167 (Downtrend 3 days)
SMA 50	0.168 (Same)
SMA 100	0.166 (Same)
SMA 200	0.169 (Same)
MACD (26d/12d)	0.000681 ( 5.3e-005 )
Signal (9)	0.000387 ( 7.3e-005 )
MACD Histogram	0.000294 (Bullish trend 12 days)

My notes based on 2012 quarter 3 report (number in '000):-
- Lower revenue and loss mainly due to the drop in production output caused by the shortage of manpower and volatility of latex price. In addition, the stock write down of RM1.46 million which was non-recurring in nature caused further deterioration of the Group's results

- Estimate next 4Q eps after 2012 Q3 result announced = 85631*0.03/741249 = 0.0035(ROE 3%), estimate PE on current price 0.17 = 48.57
- No estimate next 4Q eps after 2012 Q2 result announced due to loss, if use eps from FY2010Q3 to FY2011Q2 = 0.0066, estimate highest/lowest PE = 32.58/18.94
- No estimate next 4Q eps after 2012 Q1 result announced due to loss, if use eps from FY2010Q3 to FY2011Q2 = 0.0066, estimate highest/lowest PE = 27.27/17.42
- No estimate next 4Q eps after 2011 Q4 result announced due to loss, if use eps from FY2010Q3 to FY2011Q2 = 0.0066, estimate highest/lowest PE = 40.15/23.48
- No estimate next 4Q eps after 2011 Q3 result announced due to exclude other income will be a loss, if use eps from FY2010Q2 to FY2011Q1 = 0.0079, estimate highest/lowest PE = 32.28/2
- Estimate next 4Q eps after 2011 Q2 result announced = 0.0021*2*1.05 = 0.0044(exclude gain from sale of land), estimate highest/lowest PE = 118.18/51.14
- Estimate next 4Q eps after 2011 Q1 result announced = 0.0079(remain recent last 4Q cumulative eps), estimate highest/lowest PE = 102.53/48.73
- Estimate next 4Q eps after 2010 Q4 result announced = 0.0022*4 = 0.0088, estimate highest/lowest PE = 128.41/67.61

IRCB latest news (English)

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USD/MYR Chart

Daily Latex Price



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
2011-12-29	2012	3	N/A	N/A	-	6.18%	20.94%	24830	86992	5305	17961	5295	17930	0.0071	0.0242	181899	96268	-	85631	17509	8233	5124	65203	25742	20618	44585	741249	741249	122306	2011-10-31	21.37%	-	0.6583	-	0.12	0.12	1.38	0.07	1.3936	0.9502	0.6199	1.1242	0.5292	26.0%	73	79	28
2011-09-29	2012	2	0.215	0.125	-	7.39%	13.90%	36832	62162	6730	12656	6719	12635	0.0113	0.0213	193289	102364	-	90925	12430	8053	8148	61761	20483	12335	49426	592026	592026	74003	2011-07-31	18.27%	-	0.6557	-	0.15	0.15	0.83	0.09	1.4388	1.036	0.6585	1.1258	0.5296	28.8%	68	90	30
2011-06-29	2012	1	0.18	0.115	-	6.06%	6.06%	25330	25330	5926	5926	5916	5916	0.0100	0.0100	193947	96303	-	97644	5047	4038	2463	61761	9085	6622	55139	592026	592026	106564	2011-04-30	23.40%	-	0.638	-	0.16	0.16	1.12	0.1	1.5523	1.0814	0.7667	0.9863	0.4965	35.2%	79	73	32
2011-03-31	2011	4	0.265	0.155	-	39.91%	36.66%	32760	139998	41340	38007	41330	37966	0.0698	0.0641	199058	95498	-	103560	12438	1664	77691	5157	10774	66917	61760	592026	592026	162807	2011-01-31	126.19%	-	0.7033	-	0.17	0.17	1.62	0.11	1.6256	1.1564	0.816	0.9222	0.4797	35.7%	76	70	38
2010-12-30	2011	3	0.34	0.225	-	3.90%	4.56%	31816	107238	2866	3333	2876	3364	0.0121	0.0142	167157	93336	-	73821	2062	860	2282	5157	2922	640	5797	236810	236810	59202	2010-10-31	9.01%	-	0.9187	-	0.31	0.17	1.47	N/A	0.939	0.3833	0.0049	1.2644	0.5584	-3.1%	104	70	45
2010-09-27	2011	2	0.52	0.225	-	0.23%	0.69%	33825	75422	151	467	162	488	0.0007	0.0021	161014	90069	-	70945	803	1585	140	5157	782	922	6079	236810	236810	106564	2010-07-31	0.45%	-	1.0005	-	0.3	0.16	2.81	N/A	0.8716	0.3068	0.0086	1.2696	0.5594	-5.9%	98	50	41
2010-06-29	2011	1	0.81	0.385	-	0.46%	0.46%	41597	41597	316	316	326	326	0.0014	0.0014	168558	97775	-	70783	2521	729	1717	5157	3250	1533	6690	236810	236810	184711	2010-04-30	0.76%	-	0.9617	-	0.3	0.16	4.87	N/A	0.8726	0.3152	0.0078	1.3813	0.5801	-6.3%	105	56	54
2010-03-30	2010	4	1.13	0.645	-	1.02%	7.44%	46327	147087	709	5201	720	5243	0.0030	0.0221	172527	102027	-	70500	4135	4913	6744	2364	778	7522	5158	236810	236810	251018	2010-01-31	1.53%	-	0.8525	47.8769	0.3	0.16	6.62	0.01	0.8419	0.3474	0.0141	1.4472	0.5914	-9.3%	111	71	79
2009-12-23	2010	3	1.87	0.595	-	0.51%	6.48%	39341	100760	345	4492	355	4523	0.0015	0.0191	170135	100355	-	69780	3471	4215	4906	2364	744	5650	3286	236810	236810	142086	2009-10-31	0.88%	-	0.7936	-	0.29	0.15	4.0	0.01	0.8221	0.3267	0.0413	1.4382	0.5899	-11.0%	116	65	75
2009-09-29	2010	2	0.9	0.53	-	0.70%	6.00%	34833	61419	472	4147	483	4168	0.0020	0.0176	166338	96913	-	69425	3402	2518	3083	2365	5920	9003	6638	236810	236810	136165	2009-07-31	1.36%	-	0.8054	-	0.29	0.15	3.83	N/A	0.8151	0.3362	0.0105	1.3959	0.5826	-10.9%	106	70	59
2009-06-23	2010	1	0.97	0.305	-	5.35%	5.35%	26586	26586	3675	3675	3685	3685	0.0156	0.0156	156660	87718	-	68942	277	1286	2857	2446	1009	3866	1420	236810	236810	72227	2009-04-30	13.82%	-	0.8676	-	0.29	0.15	2.03	N/A	0.7829	0.276	0.0078	1.2723	0.5599	-11.0%	94	50	47
2009-03-27	2009	4	0.375	0.2	-	1.20%	7.60%	34258	136418	773	5073	784	4960	0.0033	0.0209	158675	93418	-	65257	7319	7661	261	2967	342	603	2364	236810	236810	49730	2009-01-31	2.26%	-	0.8597	-	0.28	0.13	1.62	0.01	0.7483	0.289	0.0338	1.4315	0.5887	-13.6%	89	50	59
2008-12-19	2009	3	0.38	0.21	-	0.09%	8.91%	38289	102160	70	5846	60	5744	0.0003	0.0243	165362	100890	-	64472	5410	5525	930	2967	115	815	3782	236810	236810	87619	2008-10-31	0.18%	-	0.7525	-	0.27	0.13	2.85	0.02	0.7711	0.3104	0.0486	1.5649	0.6101	-14.6%	94	61	75
2008-09-23	2009	2	0.375	0.205	-	3.87%	8.81%	36787	63871	2509	5776	2498	5684	0.0105	0.0240	157876	93344	-	64532	6057	3953	581	2967	2104	2685	5652	236810	236810	88803	2008-07-31	6.82%	-	0.7374	-	0.27	0.13	2.88	0.02	0.7572	0.3326	0.0806	1.4465	0.5912	-14.8%	81	56	60
2008-06-24	2009	1	0.46	0.28	-	4.75%	4.75%	27084	27084	3267	3267	3186	3186	0.0135	0.0135	153666	86635	-	67031	330	1541	1488	2967	1211	277	3244	236810	236810	94724	2008-04-30	12.06%	-	0.6889	-	0.28	0.14	2.86	0.01	0.7944	0.3471	0.0522	1.2925	0.5638	-12.4%	85	65	45
2008-03-31	2008	4	0.45	0.31	-	19.43%	24.87%	22273	101393	15369	20196	13642	17460	0.0576	0.0737	150080	79864	-	70216	9230	2245	8102	6341	11475	3373	2968	236810	236810	101828	2008-01-31	69.00%	-	0.6756	-	0.3	0.15	2.87	0.01	0.8345	0.3751	0.0539	1.1374	0.5321	-9.2%	82	65	32
2007-12-28	2008	3	0.45	0.125	-	4.05%	4.55%	30281	79120	3420	4827	3404	3818	0.0144	0.0161	166592	82629	-	83963	10188	682	4188	6341	9506	5318	1023	236810	236810	98276	2008-10-31	11.29%	-	0.6375	-	0.35	0.17	2.44	0.01	0.9474	0.5805	0.0326	0.9841	0.496	-2.9%	74	111	50
2007-09-28	2008	2	0.46	0.365	-	0.62%	0.47%	26226	48839	64	1407	542	414	0.0023	0.0017	158494	71127	-	87367	3532	1536	3520	6341	1996	5516	825	236810	236810	110116	2007-07-31	0.24%	-	0.479	-	0.37	0.19	2.45	0.01	0.9864	0.6039	0.0388	0.8141	0.4488	-0.9%	89	130	53
2007-06-22	2008	1	N/A	N/A	-	1.10%	1.10%	22613	22613	1471	1471	956	956	0.0040	0.0040	159247	72422	-	86825	3619	1879	1232	6341	5498	6730	389	236810	236810	106564	2007-04-30	6.51%	-	0.312	-	0.37	0.19	2.37	0.01	0.9083	0.4538	0.0236	0.8341	0.4548	-9.5%	169	162	67
2007-03-27	2007	4	N/A	N/A	-	0.76%	6.41%	27077	104976	1065	7488	669	5631	0.0028	0.0238	165590	77810	-	87780	5094	8790	19052	1173	13884	5168	6341	236810	236810	93539	2007-01-31	3.93%	-	0.1635	-	0.37	0.19	2.08	0.03	0.95	0.4982	0.1158	0.8864	0.4699	-10.2%	332	286	195

Financial Quarter Balance Sheet

year	qrt	Goodwill on consolidation (A-0)	Other investments (A-0)	Property, plant and equipment (A-0)	Amount due from associated companies (A-1)	Cash and cash equivalents (A-1)	Current asset classified as held for sales (A-1)	Derivative assets (A-1)	Fixed deposits with licensed banks (A-1)	Inventories (A-1)	Trade receivables (A-1)	Deferred tax liabilities (L-0)	Hire purchase liabilities (L-0)	Loans & borrowings (L-0)	Amount due to associated companies (L-1)	Hire purchase liabilities (L-1)	Loans & borrowings (L-1)	Trade and other payables (L-1)
2012	3	-	-	71727	-	2997	-	78	52000	35058	26033	325	88	16801	-	102	65554	13398
2012	2	-	-	73548	-	2801	-	191	52000	33527	31222	355	4	18785	-	248	68345	14627
2012	1	-	-	71444	-	55503	-	87	5000	37161	24752	366	66	16955	-	248	64103	14565
2011	4	-	-	69168	-	65203	-	226	-	37493	26968	376	128	15092	-	248	61094	18560
2011	3	33728	178	60464	-	296	-	-	84	43075	29332	428	190	15206	-	248	58842	18422
2011	2	33728	178	62848	-	550	-	-	83	41640	21987	439	252	15648	-	248	56172	17310
2011	1	33728	178	64483	-	541	-	-	83	44826	24719	449	314	16599	-	248	57322	22843
2010	4	33728	178	65977	-	1132	-	-	82	42671	28759	418	257	15063	-	229	55967	30093
2010	3	33728	178	67481	-	3368	-	-	82	41427	23871	428	314	15987	-	229	56885	26512
2010	2	33728	178	67918	-	834	-	-	-	37900	25780	439	371	16952	-	229	58107	20815
2010	1	33728	178	68702	-	541	-	-	-	34997	18514	449	429	17799	-	229	51589	17223
2009	4	33728	178	69557	-	2410	235	-	81	33887	18599	460	486	18693	-	229	51328	22222
2009	3	33728	178	70220	-	3862	-	-	-	36588	20786	470	543	20462	-	229	50312	28874
2009	2	33728	178	70141	-	5730	-	-	-	30186	17913	480	600	21178	-	229	48832	22025
2009	1	33728	178	69205	-	3325	-	-	-	28467	18763	491	658	21843	-	229	48627	14787
2008	4	33728	178	69057	-	3045	-	-	-	25939	18133	572	715	22117	-	229	46430	9801
2008	3	42728	178	67691	972	1928	-	-	-	21684	31411	2299	772	20454	-	229	44579	14296
2008	2	42728	178	68392	494	1855	-	-	-	18301	26546	2309	830	20142	-	229	36896	10721
2008	1	42728	889	69120	-	1207	-	-	-	23272	22031	2793	887	17536	409	229	41957	8611
2007	4	42728	1245	68961	639	6417	-	-	-	25040	20560	3307	944	18133	-	229	40706	14491

Financial Quarter Income Statement

year	qrt	Revenue	Income tax expense	Cost of sales	Finance/interest costs	Other income	Administrative/Operating expenses	Selling and distribution costs
2012	3	24830	10	28012	1130	978	1698	273
2012	2	36832	11	39482	925	427	3196	386
2012	1	25330	10	29120	937	831	1552	478
2011	4	32760	10	37546	961	540	35806	327
2011	3	31816	10	30790	811	5473	3360	538
2011	2	33825	11	31416	798	796	1662	594
2011	1	41597	10	38645	746	317	1554	653
2010	4	46327	11	42060	777	494	1999	288
2010	3	39341	10	36047	751	293	1930	561
2010	2	34833	11	31186	747	102	1741	585
2010	1	26586	10	24358	738	4050	1539	326
2009	4	34258	11	31821	733	1563	1724	770
2009	3	38289	10	36923	937	1456	1259	696
2009	2	36787	11	36756	929	419	1427	603
2009	1	27084	81	27772	893	66	1331	421
2008	4	22273	1727	25088	829	411	11344	792
2008	3	30281	16	30587	791	9	1571	743
2008	2	26226	478	23212	764	163	1397	626
2008	1	22613	515	21256	725	178	1549	376
2007	4	27077	396	24179	640	624	3327	620

Financial Quarter Segments Revenue

year	qrt	Others	Investment holding	Manufacturing
2012	3	1145	-	25975
2012	2	892	-	35687
2012	1	253	-	25330
2011	4	940	457	31363
2011	3	1278	-	30538
2011	2	313	6	33509
2011	1	1358	-	40236
2010	4	2995	-	43332
2010	3	1303	-	38038
2010	2	2348	-	32485
2010	1	1797	-	24789
2009	4	419	10	33829
2009	3	2378	-	35911
2009	2	2460	-	34327
2009	1	3598	-	23486
2008	4	2755	80	19439
2008	3	1641	-	28640
2008	2	1474	2342	22410
2008	1	1153	1051	20409
2007	4	1053	-	26024

Financial Quarter Segments Profit

year	qrt	Others	Investment holding	Manufacturing
2012	3	15	268	9671
2012	2	10	399	5534
2012	1	4	293	4925
2011	4	36	33932	6516
2011	3	107	3007	774
2011	2	21	262	1232
2011	1	71	145	1264
2010	4	108	170	1761
2010	3	29	199	1320
2010	2	99	208	2009
2010	1	8	3522	416
2009	4	149	126	1230
2009	3	22	152	988
2009	2	4	387	1200
2009	1	183	241	1960
2008	4	464	9058	4999
2008	3	292	279	2645
2008	2	3	2111	1284
2008	1	34	748	1473
2007	4	33	173	608

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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