Company Info
My Analysis
Research House
Accounting Ratio
Technical Analysis
My notes based on 2011 quarter 3 report (number in '000):-
- Higher revenue mainly attributed to higher revenue from Internet and multimedia, data and non-telecommunications related services, which mitigated the impact of lower revenue from voice and other telecommunications related services
- Internet and multimedia services registered higher revenue than FY10Q3 arising from increased broadband and UniFi customers(1.71 million & 164,375 vs 1.60 million and 13,901)
- Higher revenue from data arising from demand for higher bandwidth services
- Non-telecommunications related services registered higher revenue from issuance of Yellow Pages for all regions as well as increased space rental revenue of subsidiaries
- Higher operating profit largely attributed to higher other gains from the disposal of investments. Current year quarter included RM283.5 million gain on disposal of Axiata shares as compared to gain on disposal of Measat and Axiata shares of RM141.7 million and RM10.6 million respectively in third quarter 2010
- Lower pbt than FY10Q3 primarily attributed to unrealised foreign exchange loss on borrowings
- Higher pbt than FY11Q2 mainly due to higher revenue and other gains net of unrealised foreign exchange loss on translation of foreign currency borrowings
- Estimate next 4Q eps after 2011 Q3 result announced = 0.0356*4*1.1 = 0.1566(excluded disposal of Axiata shares of RM283.5 million and reduction of possible more foreign exchange loss), estimate PE on current price 4.86 = 29.57(DPS 0.229)
- Estimate next 4Q eps after 2011 Q2 result announced = 0.0812*2*1.05 = 0.1705, estimate highest/lowest PE = 25.05/21.71 (DPS 0.229)
- Estimate next 4Q eps after 2011 Q1 result announced = 0.0457*4*1.05 = 0.1919, estimate highest/lowest PE = 20.42/18.18 (DPS 0.261)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.0543*4 = 0.2172(exclude one time income and use average foreign exchange gain), estimate highest/lowest PE = 17.17/14.09 (DPS 0.26)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.0504*4*0.95 = 0.1814, estimate highest/lowest PE = 18.3/16.81 (DPS 0.26)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.0606(average of recent 4Q eps)*4 = 0.2424, estimate highest/lowest PE = 13.9/12.46 (DPS 0.23)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.0479*4 = 0.1916, estimate highest/lowest PE = 17.38/14.87 (DPS 0.23)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.0505*4 = 0.202, estimate highest/lowest PE = 15.54/13.71(DPS 0.22)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.2, estimate highest/lowest PE = 15.45/13.85 (DPS 0.22)
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| Market Capital (Capital Size) | 17,386,173,622 (Very Large) |
| Par Value | RM 1.00 |
My Analysis
| Forecast P/E now | (4.86-0.229)/0.1566 = 29.57 (High) |
| Target Price | 4.38+0.229 = 4.61 (PE 28.0, EPS 0.1566, DPS 0.229) |
| Decision | Techinal BUY if stock price go up together with Bolinger upper band and got stronger buying volume than selling |
| Comment | Revenue increased 3.9% and was second consecutive quarter increasing and also higher than preceding year corresponding quarter 5.8%, eps increased 137.4% but lower than preceding year corresponding quarter 31.4%, cash generated from operating not enough for financing expenses hence increased borrowing and spent 4.4% of Group cash to cover the rest of expenses, better liquidity ratio at low level now, higher gearing ratio from high to very high level now, payables ratio slightly high but still acceptable, most division growth, affected by strengthening of USD against RM from Sept 11 to Feb 12, chart technical outlook is good |
| First Support Price | 4.7 |
| Second Support Price | 4.4 |
| Risk Rating | MODERATE |
Research House
| TA Target Price | 4.23 (2011-02-28) |
| Kenanga Target Price | 4.39 (2011-06-09) |
| CIMB Target Price | 4.92 (2011-07-27) |
| AMMB Target Price | 4 (2011-08-04) |
| HeangDBS Target Price | 5 (2011-09-28) |
| MIDF Target Price | 4.45 (2011-10-03) |
| ECM Target Price | 3.7 (2011-11-25) |
| Maybank Target Price | 4.84 (2011-11-25) |
| HLG Target Price | 4.54 (2012-01-03) |
| RHB Target Price | 5.85 (2012-01-06) |
| OSK Target Price | 5.5 (2012-01-10) |
Accounting Ratio
| Return on Equity | 14.21% |
| Dividend Yield | 4.71% |
| Profit Margin | 14.52% |
| Tax Rate | 6.32% |
| Asset Turnover | 0.4486 |
| Net Asset Value Per Share | 1.78 |
| Net Tangible Asset per share | 1.69 |
| Price/Net Tangible Asset Per Share | 2.63 |
| Cash Per Share | 1.05 |
| Liquidity Current Ratio | 1.7666 |
| Liquidity Quick Ratio | 1.6996 |
| Liquidity Cash Ratio | 1.024 |
| Gearing Debt to Equity Ratio | 2.1428 |
| Gearing Debt to Asset Ratio | 0.6767 |
| Working capital per thousand Ringgit sale | 31.1% |
| Days to sell the inventory | 15 |
| Days to collect the receivables | 95 |
| Days to pay the payables | 218 |
Technical Analysis
| SMA 20 | 4.826 (Uptrend 4 days) |
| SMA 50 | 4.675 (Uptrend) |
| SMA 100 | 4.388 (Uptrend) |
| SMA 200 | 4.056 (Uptrend) |
| MACD | 0.134997 (Downtrend 18 days) |
| MACD Histogram | -0.023061 (Downtrend 13 days) |
My notes based on 2011 quarter 3 report (number in '000):-
- Higher revenue mainly attributed to higher revenue from Internet and multimedia, data and non-telecommunications related services, which mitigated the impact of lower revenue from voice and other telecommunications related services
- Internet and multimedia services registered higher revenue than FY10Q3 arising from increased broadband and UniFi customers(1.71 million & 164,375 vs 1.60 million and 13,901)
- Higher revenue from data arising from demand for higher bandwidth services
- Non-telecommunications related services registered higher revenue from issuance of Yellow Pages for all regions as well as increased space rental revenue of subsidiaries
- Higher operating profit largely attributed to higher other gains from the disposal of investments. Current year quarter included RM283.5 million gain on disposal of Axiata shares as compared to gain on disposal of Measat and Axiata shares of RM141.7 million and RM10.6 million respectively in third quarter 2010
- Lower pbt than FY10Q3 primarily attributed to unrealised foreign exchange loss on borrowings
- Higher pbt than FY11Q2 mainly due to higher revenue and other gains net of unrealised foreign exchange loss on translation of foreign currency borrowings
- Estimate next 4Q eps after 2011 Q3 result announced = 0.0356*4*1.1 = 0.1566(excluded disposal of Axiata shares of RM283.5 million and reduction of possible more foreign exchange loss), estimate PE on current price 4.86 = 29.57(DPS 0.229)
- Estimate next 4Q eps after 2011 Q2 result announced = 0.0812*2*1.05 = 0.1705, estimate highest/lowest PE = 25.05/21.71 (DPS 0.229)
- Estimate next 4Q eps after 2011 Q1 result announced = 0.0457*4*1.05 = 0.1919, estimate highest/lowest PE = 20.42/18.18 (DPS 0.261)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.0543*4 = 0.2172(exclude one time income and use average foreign exchange gain), estimate highest/lowest PE = 17.17/14.09 (DPS 0.26)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.0504*4*0.95 = 0.1814, estimate highest/lowest PE = 18.3/16.81 (DPS 0.26)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.0606(average of recent 4Q eps)*4 = 0.2424, estimate highest/lowest PE = 13.9/12.46 (DPS 0.23)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.0479*4 = 0.1916, estimate highest/lowest PE = 17.38/14.87 (DPS 0.23)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.0505*4 = 0.202, estimate highest/lowest PE = 15.54/13.71(DPS 0.22)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.2, estimate highest/lowest PE = 15.45/13.85 (DPS 0.22)
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