Sponsor by Innity

Sponsor by cwyeoh

Sponsor by Nuffnang

Saturday, February 4, 2012

KLCI Stock - PADINI / 7052 - 2012 Quarter 1


Company Info 
Market Capital (Capital Size)842,124,160 (Medium)
Par ValueRM 0.10

My Analysis 
Forecast P/E now(1.28-0.04)/0.1258 = 9.86 (Moderate)
Target Price1.26+0.04 = 1.30 (PE 10.0, EPS 0.1258, DPS 0.04)
DecisionNot interested unless stock price below SMA20 and got stronger buying volume than selling
Comment
Revenue increased 34.8% and was fourth consecutive quarter increasing (higher than preceding year corresponding quarter 30.4%), eps increased 49.1% and was second consecutive quarter increasing and also higher than preceding year corresponding quarter 47%, cash generated from operating not enough for financing expenses hence spent 8.4% of Group cash for other expenses all together, stronger liquidity ratio at moderate level now, lower gearing ratio at moderate level now, largely increasing inventory can target to get higher sales
First Support Price1.2
Second Support Price1.1
Risk RatingMODERATE

Research House
BIMB Target Price1.22 (2011-01-24)
OSK Target Price1.14 (2011-02-28)
Inter Pacific Target Price1.21 (2011-05-31)
HwangDBS Target Price1.4 (2011-11-04)
Maybank Target Price1.16 (2011-11-30)

Accounting Ratio 
Return on Equity29.30%
Dividend Yield3.12%
Profit Margin20.63%
Tax Rate26.66%
Asset Turnover1.2469
Net Asset Value Per Share0.47
Net Tangible Asset per share0.46
Price/Net Tangible Asset Per Share2.28
Cash Per Share0.19
Liquidity Current Ratio2.5823
Liquidity Quick Ratio1.1422
Liquidity Cash Ratio0.8617
Gearing Debt to Equity Ratio0.5501
Gearing Debt to Asset Ratio0.3549
Working capital per thousand Ringgit sale39.2%
Days to sell the inventory239
Days to collect the receivables25
Days to pay the payables130

Technical Analysis 
SMA 201.195 (Uptrend 45 days)
SMA 501.118 (Uptrend)
SMA 1001.026 (Uptrend)
SMA 2001.03 (Uptrend)
MACD0.067194 (Uptrend 8 days)
MACD Histogram0.016652 (Uptrend 77 days)

My notes based on 2012 quarter 1 report (number in '000):-
- Higher revenue and pbt than FY11Q1 due mainly to the large increase in Revenues and to a relatively lower increase in operating expenses. The increase in Revenues had come from an expansion in our gross floor area under retail; in the period 01 October 2010 to 30 September 2011, 4 Brands Outlet stores and 2 Padini Concept Stores have been opened. The impact from the Brands Outlet revenues was particularly significant as sales of our own merchandise during the quarter under review rose 85.7% year-on-year. While the sales of our own products from the Brands Outlet stores made up about 11% of the total revenues of Q1 of the previous financial year, this figure had increased to more than 15% for Q1 this year however got drop in gross margins was primarily a consequence of the high cotton prices experienced since the start of the 2010 calendar year and this had the effect of driving up the costs of our merchandise. With our retail prices remaining more or less stable, our gross margins had declined

- Higher revenue and pbt than FY11Q4 were primarily the result of the Hari Raya Aidilfitri and Merdeka Day sales promotions and events

- Estimate next 4Q eps after 2012 Q1 result announced = 0.1276*1.1 = 0.1404, estimate PE on current price 1.28 = 9.86(DPS 0.04)
- Estimate next 4Q eps after 2011 Q4 result announced = 0.1144*1.1 = 0.1258, estimate highest/lowest PE = 8.51/6.2 (DPS 0.04)
- Estimate next 4Q eps after 2011 Q3 result announced = (0.0591*2)*1.05 = 0.1241, estimate highest/lowest PE = 9.11/6.81 (DPS 0.04)
- Estimate next 4Q eps after 2011 Q1 result announced = 0.4479*0.95/5 = 0.0851, estimate highest/lowest PE = 15.39/10.83 (DPS 0.04)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.2209*2*1.05 = 0.4639, estimate highest/lowest PE = 8.64/7.44 (DPS 0.15)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.4074, estimate highest/lowest PE = 9.84/8.47 (DPS 0.15)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.4074 (around 10% grow from 0.3765, expect next quarter strong due to chinese new year), estimate highest/lowest PE = 9.34/8 (DPS 0.075)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.4074, estimate highest/lowest PE = 10.22/7.08 (DPS 0.135)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.4074, estimate highest/lowest PE = 7.38/6.27 (DPS 0.135)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.389, estimate highest/lowest PE = 6.71/5.78 (DPS 0.14)

PADINI latest news (English)

PADINI latest news (Chinese)

1 comment:

Emil S.Johnson said...

Definitely, what a fantastic website and revealing posts, I will bookmark your site.All the Best!
Honeywell HE260A Higher Capacity Whole House Bypass Humidifier

Post a Comment