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Wednesday, February 15, 2012

KLCI Stock - MMCCORP / 2194 - 2011 Quarter 3

MMC CORPORATION BERHAD

Company Description
MMC Corporation Berhad is engaged in investment holding, construction, mining and mineral exploration. The Company operates in four segments: transport and logistics, energy and utilities, engineering and construction, and others. The transport and logistics segment comprises its container port and logistics hub operations, multi-purpose port and logistics operations, toll road operations of the stormwater management and road tunnel (SMART) tunnel motorway. Its energy and utilities segment is engaged in power and water generation, natural gas distribution, water treatment and design engineering services. Engineering and construction segment operations include electrified double tracking railway project, investment holding, power plant construction and infrastructure works. Others division is engaged in the manufacturing and trading of rubber gloves, and the refocusing business. In April 2009, the Company completed the acquisition of Senai Airport Terminal Services Sdn Bhd (SATS).

Company Info
Listing Date1977-07-12
Market Capital (Capital Size)8,708,867,458 (Very Large)
Par ValueRM 0.10
BoardMain
SectorTrading/Services
Major IndustryEnergy & Utilities
Sub IndustryPort Services & Facilities
Websitehttp://www.mmc.com.my

My Analysis
Forecast P/E now(2.86-0.035)/0.1208 = 23.39 (Moderate)
Target Price3.02+0.035 = 3.06 (PE 25.0, EPS 0.1208, DPS 0.035)
DecisionBUY if stock price near to SMA20 and got stronger buying volume than selling
Comment
Revenue increased 3.1% and was second consecutive quarter increasing and also higher than preceding year corresponding quarter 11.9%, eps increased 12.3% and was second consecutive quarter increasing but still lower than preceding year corresponding quarter 22%, cash generated from operating more than enough to cover all expenses, higher liquidity ratio but still at low level now, slightly lower gearing ratio at very high ratio now, all accounting ratio are good, benefit from MRT projects
First Support Price2.7
Second Support Price2.4
Risk RatingMODERATE

Research House
Kenanga Target Price3.1 (2011-12-05)
HwangDBS Target Price3.7 (2012-02-13)
OSK Target Price3.7 (2012-02-13)

Accounting Ratio
Return on Equity3.05%
Dividend Yield1.22%
Profit Margin11.82%
Tax Rate22.91%
Asset Turnover0.2601
Net Asset Value Per Share2.21
Net Tangible Asset per share-0.31
Price/Net Tangible Asset Per Share-8.16
Cash Per Share1.62
Liquidity Current Ratio1.5584
Liquidity Quick Ratio1.4225
Liquidity Cash Ratio0.9402
Gearing Debt to Equity Ratio3.7816
Gearing Debt to Asset Ratio0.7054
Working capital per thousand Ringgit sale31.1%
Days to sell the inventory35
Days to collect the receivables90
Days to pay the payables97

Technical Analysis
SMA 202.819 (Uptrend 34 days)
SMA 502.672 (Uptrend)
SMA 1002.592 (Uptrend)
SMA 2002.658 (Uptrend)
MACD0.096053 (Downtrend 1 day)
MACD Histogram0.022676 (Uptrend 33 days)

My notes based on 2011 quarter 3 report (number in '000):-
- Higher profit recorded from Energy & Utilities division due to lower other operating expenses, improved associates performance and lower finance cost as a result of loan repayments offset by lower margins on new gas tariff

- Higher profit recorded from Transport & Logistics division mainly driven by the increase in throughput volume and lower operating cost

- Better performance from the Engineering & Construction division mainly due to the absence of profit revisions for the double track project and lower provision on project losses of Zelan Berhad, an associate company of the group

- Lower contribution from Corporate & Others division due to lower gain on disposal of investment compared against the previous coupled with higher finance cost

- Estimate next 4Q eps after 2011 Q3 result announced = 0.0302*4 = 0.1208, estimate PE on current price 2.86 = 23.39(DPS 0.035)
- Estimate next 4Q eps after 2011 Q2 result announced = (0.0269*3+0.0141)*1.1 = 0.1043, estimate highest/lowest PE = 25.84/20.76 (DPS 0.035)
- Estimate next 4Q eps after 2011 Q1 result announced = 0.1133*1.05 = 0.119, estimate highest/lowest PE = 24.08/18.61 (DPS 0.035)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.1133, estimate highest/lowest PE = 25.99/22.29 (DPS 0.035)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.0676*2*1.1 = 0.1487, estimate highest/lowest PE = 21.45/17.82 (DPS 0.03)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.0402*2*1.1 = 0.0884, estimate highest/lowest PE = 37.56/27.94 (DPS 0.03)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.0777*1.1 = 0.0855, estimate highest/lowest PE = 31.23/25.73 (DPS 0.03)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.0777*1.1 = 0.0855, estimate highest/lowest PE = 29.82/25.38 (DPS 0.03)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.0297*4*0.9 = 0.1069, estimate highest/lowest PE = 23.43/20.63 (DPS 0.025)

MMCCORP latest news (English)

MMCCORP 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
2011-11-3020113N/AN/A-0.86%2.04%24981447147967295215848658919752170730.03020.07133615502025505343390517310649677251068512991718726804053369264060276792248212913045100304510077041032011-09-3011.82%22.91%0.2601-2.21-0.31-8.161.621.55841.42250.94023.78160.705431.1%359097
2011-08-23201122.732.2-0.78%1.19%24220534649823268239553443820571250980.02690.041135725297252213963859536105039011737757955091767470403502318332666579641008193045100304510081608682011-06-3011.07%16.87%0.2558-2.18-0.37-7.241.381.47581.3370.81333.79590.70627.0%3796100
2011-05-31201112.92.25-0.41%0.41%2227770222777028520428520443041430410.01410.014136418012259834993769818104345131374557192364765954033731139379391719849509293045100304510084958292011-03-3112.80%37.03%0.2478-2.19-0.4-6.981.661.27841.16920.8123.89870.713519.2%3579100
2011-02-22201042.982.560.0351.01%3.32%225498788636491206318545121046023449400.03440.11333601844125615213380895610403228212771518923627206614442800231695140371040390903045100304510085567312010-12-315.35%-0.246124.80642.17-0.45-6.241.361.29371.190.73453.88450.711218.7%319284
2010-11-24201033.222.68-1.14%2.32%223309366086623482277338811178282403380.03870.078937101723267413013707099103604221563633184541557493444250215820872459444670963045100304510086176332010-09-3015.59%29.53%0.2374-2.18-0.47-6.021.551.29761.18410.77554.01920.720820.6%3894110
2010-08-24201023.352.5-0.85%1.17%23079454375569176785385654892811225100.02930.04023679507326335194370411310459879981038699581396463445635291108048538339709693045100304510077345542010-06-307.66%-0.2376-2.22-0.47-5.41.411.21171.10360.69683.89820.715714.9%3795112
2010-05-25201012.72.23-0.32%0.32%2067624206762420886920886933229332290.01090.0109374405802697553636908711046504452743210752955180944578556349618315245410073045100304510067905732010-03-3110.10%39.45%0.2297-2.22-0.39-5.721.611.60231.46291.00183.98210.720534.3%3987130
2010-02-24200942.582.20.031.10%2.43%219835284443211047096857551077752367110.03540.0777370859872732678634605199759201281730515600925299623747106125721372725144743573045100304510074604952009-12-314.76%-0.227731.51732.07-0.68-3.61.51.52111.38660.95944.33850.736829.3%3879126
2009-11-24200932.532.23-0.94%1.33%21674736245969236397581046905341289360.02970.042338134346284537983486246968054823912592070193414511375687332106673557744924503045100304510076127502009-09-3010.91%19.06%0.2277-2.03-0.64-3.911.511.85571.70681.12784.59350.746140.1%3490131
2009-08-18200922.672.25-0.06%0.39%216599640784961832593418515851366430.00190.012037678518282386383392277943988014877762090815772772375628860303916973339260213045100304510075518482009-06-308.46%18.50%0.2334-1.99-0.72-3.441.321.66641.51130.96924.66940.749531.4%3686116
2009-05-28200912.771.77-0.34%0.34%1912500191250015947515947531284312840.01030.0103349966142570248032265539294134481400127454184293375464835394616965339243013045100304510058770432009-03-318.34%28.77%0.2463-1.99-0.73-2.641.321.80281.62140.98014.2360.734438.2%43106113
2009-02-25200842.031.340.0251.64%5.91%2438473854503314335510410691537985528890.05050.18163444946325088726322143993607372884413111419513021453278365177021846807337464383045100304510042935912008-12-315.88%-0.2487.76572.02-0.75-1.881.261.61211.4540.89764.08660.728330.5%3995112
2008-11-26200831.560.95-1.28%4.39%227772861065602519538977141160983990910.03810.1311339764442489571530684159080729233160954696611763613277585178464360828238858673045100304510042022382008-09-3011.06%23.70%0.2341-1.97-0.81-1.71.311.80111.64421.03564.14080.732738.7%40107127
2008-08-27200822.261.35-1.41%3.16%199260238288323062536457611259222829930.04140.0929332915092434158430339508949925179705143566410378823277752136138732350536012573045100304510060902002008-06-3015.37%22.59%0.223-1.94-0.87-2.31.211.9671.79791.12724.11460.731242.7%40108115
2008-05-22200813.721.76-1.74%1.74%183623018362303395083395081570711570710.05160.05163304722024028003300404990192171036579538126242463277813982767358521363633430451003045100110232622008-03-3118.49%22.33%0.2058-1.98-0.88-4.111.221.96321.82161.19293.99460.727144.3%34106117
2008-02-27200743.862.690.052.14%6.29%1845890572203335016710180421872735515220.06150.181132955645241921362905543876350916271345132278613174665108035051442626602327768230451003045100114495762007-12-3118.97%17.28%0.173620.761.92-0.95-3.961.111.9551.77551.14584.12980.734149.1%47111107
2007-11-30200739.853.6-1.51%4.99%175040438761432586296678751103903642490.03630.119631683170243839981949223729917214400005253266653547565077338132662722209337298230451003045100263401152007-09-3014.78%21.03%0.1473-1.76-0.97-8.921.132.07621.93051.20474.55780.769666.0%44163170
2007-08-27200728.97.9-2.31%3.62%136706121257392715794092461619412538590.05320.08343105580624037094187078370187125033025150355701499865087746470532367945301882230451003045100237517802007-06-3019.87%14.22%0.0939-1.69-1.06-7.361.022.05551.87341.19374.66930.77494.0%77221192
2007-05-2320071N/AN/A-1.94%1.94%75867875867813766713766791918919180.03020.0302100813895354908488894472648113093841221105145651066897171542863563830451003045100182706002007-03-3118.15%2.53%0.1538-1.390.837.230.241.23981.21180.62171.26370.531218.3%10165192
2007-02-2720064N/AN/A0.091.77%8.50%7913762839060124262581340814183900240.05350.256299974045406991444730459041371999510115225089794336282915272174526510801522500152250061509002006-12-3115.70%-0.079215.77062.721.592.540.491.13741.11030.61051.30420.540821.4%20284390

Financial Quarter Balance Sheet
yearqrtAvailable-for-sale financial assets (A-0)Deferred expenditures (A-0)Deferred tax assets (A-0)Intangible assets (A-0)Investment in associated companies (A-0)Investment in jointly controlled entity (A-0)Investment properties (A-0)Other assets (A-0)Prepaid lease payments (A-0)Property development costs (A-0)Property, plant and equipment (A-0)Amount due from associated companies (A-1)Available-for-sale financial assets (A-1)Cash and cash equivalents (A-1)Current asset classified as held for sales (A-1)Current tax assets (A-1)Inventories (A-1)Trade receivables (A-1)Deferred income (L-0)Deferred tax liabilities (L-0)Landlease received in advance (L-0)Loans & borrowings (L-0)Long term payables (L-0)Provision for retirement benefits (L-0)Redeemable convertible preference shares (L-0)Redeemable convertible subordinated loans (L-0)Current tax liabilities (L-1)Loans & borrowings (L-1)Redeemable convertible unsecured loan stocks (L-1)Trade and other payables (L-1)Minority interest (M-1)
201138021-6578797675169121877622291230236366318936197755816171485551878520485092725721467671244923080381197763557301160459162007262886855767139573-2479132058441810019941383905173
201129748-657429777676310766552451063037438371903619484021631160955188586741277682573175057192372390186995593543620163195160121352893854352138526-5254631374372634819647403859536
201118429-66064378783591133714244601306724132191361940486165211875518858674980637-26440368134619588821081893526860159529157315962900651213137491-4383242492662625419202633769818
2010484121713367050379726821163040219281307784214-19171961671515655188186840625431033370145852892227711994393511746162264159842762465453748136467-4040939821392605115940203808956
2010380481723366074680733021372251196728309894233-18842781694271875182405784487720-2251576918432258381315853596350167196166310723084050769136692-4385340259462638620006123707099
201026902173335939008173923141448220007331092455993069318771421610148675182904293989626-2144606643592277096372713495512167078162481878745650022106792-6676240423442619020075803704113
20101807017433541099797030314951311806973119349281129719205364416165280751834187945616785412148116824482034208446783632935190376180302552696748557106792-5220625544182636722619853690871
20094-1753354201183756041615285265911313196792-1940028170707837518612374492832541206914638416181326356739353784017185118359545133326480631140511583554595225591533693021049813460519
20093--45826381510951914673-32116729111378722049517168326767518612374527694-2154136057472133234-364688019220620120572106552461741140511583554138616908083931522974993486246
20092--44209682494981975429-32240751112125912037895168121687518612373957179-1844376433512055368-363499319495819834356108114477781140511583554259819843693911020799563392277
20091--43555982828662149182-323748098648140406481601143213780612373955431-1324287435862481853-308077919832718008207-445311140511583554162020405833889219771353226553
20084--41731584158622317368-324928244650759406481569229013780612373766281-1407836744262217978-310655519820417202997-443271140511583553719822784543841919101663221439
20083--30843584876762119724-31690-666801-1544261315780612063917123--6030852322311-315563619450517385481-45947114051158355283741876062-19373043068415
20082--26641185791062090041-31770-669517-1520908915780612063632391--5542432181955-314807519592717403620-44704114051158355716551606251-15989463033950
20081--26568486842212139881-31895-670776-1511716815780612063668198--4425531949858-314047719735017248503-42921114051158355149811607647-15037183004049
20074--26917187620352120229-324299752661203-1534757315780612063310774192119402528296171760347808310394619864917584639-41889114051158355268301718843-11971262905543
20073--725983082031220148-32553-676734-1549191415780612063389154--417235206298448025277263920264418183764-4049211405115835544231250382-16092231949223
20072--2617583834111133325-32678-668552-1547279115780612063039270--472796174982248241273341820533618162020-382889404615835555561418328-11735061870783
20071--698817226731611726-32808-558729-46798071578085276651176--33162683264484542943182082553351762-15114940461583554739539323-640542488894
20064--660317232481604866-32953-565654-46635741578085276666415--33322599713486663039781784833376994-15128940461583556195567645-657501444730

Financial Quarter Income Statement
yearqrtRevenueIncome tax expenseCost of salesFinance/interest costsOther incomeAdministrative/Operating expensesMinority interestShare of profit/ (loss) of associatesSelling and distribution costsInvestment gain/lossZakatOther expenses
201132498144676341784122335981626111530961356065256954720-39438
2011224220534525216546303406885334317821114093089152496621-48915
201112227770105613143463034112260836149670136550861185--76934
201042254987121598151021541156785453139251137627237741321335971236314779
2010322330931028401437447335359457851664221275592158813747598-60472
2010223079451154514784843616084128218822299049693452971760-72726
20101206762482403133058934680251585192560932372835813245919-57818
2009421983526592614557293496571202651715656286036851120--
2009321674734505614024943557257061726541008076601570--
2009221659963390413494173404011222211946143504797016717--
2009119125004588112437743527241380710835682310346261263--
200842438473807131788633345487177754135793702705752410795132--
200832277728597091494716346201307272217757614667829185---
20082199260269178127680534249915665108503111153572861630--
20081183623075829110937934634239101149421066083269417537512--
20074184589060503113454835370955518880951023911053285615435--
20073175040454386100822533282563921218650938534705701---
2007213670613862888698923126022976129316710104423267885553--
200717586783482512952513881354889264226731414513---
200647913764433152286853221112729220487175132568050--

Financial Quarter Segments Revenue
yearqrtEngineering & ConstructionEnergy & UtilitiesTransport & LogisticsCorporate & Others
20113200021440003550001000
2011260002073000355000-
20111900018850003330001000
20104100019160003370001000
20103100019080003230001000
20102100018870004170003000
20101-1762000306000-
20094500018700003170006000
20093100018500003160001000
20092400018670003000005000
20091600016330002700001000
200847000212700028100023000
200837000194900031200010000
2008214000165000031200017000
2008112000152200029200010000
2007412000150600031200015000
200731100014390002920008000
20072610009800003170009000
20071930003730002870006000
200647801240559229088716825

Financial Quarter Segments Profit
yearqrtEngineering & ConstructionEnergy & UtilitiesTransport & LogisticsCorporate & Others
20113140007630001560004000
20112900075900017700036000
201112500078800017300015000
201046000573000139000124000
20103500078800015200032000
201023600074200014500017000
20101310007370001470009000
200941100057500013900013000
200932800072900013500010000
2009272000105200018200037000
200911000443000610008000
2008460002760005700021000
2008325000378000850002000
200822200048500010200016000
200814000481000980001000
20074700050800010300029000
20073100042700010500016000
2007230002310001200008000
20071500062000900005000
2006410849896539572821689

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


CHANGES IN SHAREHOLDING
ANNUAL REPORTS


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CHANGES IN SHAREHOLDING


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CHANGES IN SHAREHOLDING




1-Years Historical Chart from shareinvestor.com

5-Years Historical Chart from shareinvestor.com

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