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Wednesday, February 29, 2012

KLCI Stock - RSAWIT / 5113 - 2011 Quarter 4


My notes based on 2011 quarter 4 report (number in '000):-
- Higher revenu than FY10Q4 mainly attributed by higher FFB, increase in sales volume of CPO and PK but lower pbt principally due to increase of amortisation and depreciation of the newly acquired estate and new mature area, resulting in higher amortisation and depreciation cost by RM4.22 million. Rehabilitation and improvement cost on road repair and field maintenance of newly acquired estate and existing estates during the current quarter increased by RM3.61 million compared to last year corresponding period. Additional RM4.83 million of accrued loan interest incurred on the acquisition of new estate was expensed off as finance cost in the current quarter as the final quantum only confirmed at the redemption date of the outstanding loan and the transfer of the said estate was completed on 30 December 2011

- Lower revenue and pbt than FY11Q3 due to lower volume of CPO sold and lower CPO selling price. FFB production increased whereas the average selling price decreased

- Estimate next 4Q eps after 2011 Q4 result announced = 65975*1.1/2041722 = 0.0355, estimate PE on current price 1.14 = 31.69(DPS 0.015)
- Estimate next 4Q eps after 2011 Q3 result announced = 17855/1308505*4*1.1 = 0.06, estimate highest/lowest PE = 20.08/16.25 (DPS 0.015)
- Estimate next 4Q eps after 2011 Q2 result announced = 0.113/4*2*1.1 = 0.0622, estimate highest/lowest PE = 16.4/7.15 (DPS 0.02)

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