KLCI Stock - UMCCA / 2593 - 2012 Quarter 2

UNITED MALACCA BHD

Company Description

UNITED MALACCA BERHAD is a Malaysia-based company engaged in cultivation of oil palm and investment holding. The Company is organized into three business segments: plantation, which is engaged in the cultivation of oil palms and palm oil milling; property development, which is engaged in the development of residential and commercial properties, and investment holding. The Company had planted an area of 18,316 hectares comprised of 74% of matured oil palms and 26% of immature palms of less than four years old. During the fiscal year ended April 30, 2010, the Company had produced 63,133 tons of crude palm oil, 14,472 tons of palm kernel and 255,037 tons of fresh fruit bunches. The Company’s subsidiaries are Leong Hin San Sdn. Bhd., Meridian Plantations Sdn. Bhd., Syarikat Penanaman Bukit Senorang Sdn. Bhd., South East Pahang Oil Palm Berhad and Masjid Tanah Properties Sdn. Bhd.

Company Info

Listing Date	1961-07-22
Market Capital (Capital Size)	1,381,109,926 (Large)
Par Value	RM 1.00
Board	Main
Sector	Plantation
Major Industry	Transportation
Sub Industry	Oil Palm & Others Crop
Website	http://www.unitedmalacca.com.my/

My Analysis

Forecast P/E now	(6.8-0.275)/0.5139 = 12.70 (Moderate)
Target Price	6.68+0.275 = 6.96 (PE 13.0, EPS 0.5139, DPS 0.275)
Decision	BUY if stock price below SMA20 and got stronger buying volume than selling
Comment	Revenue decreased 16.5% but higher than preceding year corresponding quarter 9.2%, eps decreased 18.9% and also lower than preceding year corresponding quarter 1.6%, cash generated from operating more than enough to cover all expenses, weaker liquidity ratio but still at very strong level now, slightly higher gearing ratio at low level now, all accounting ratio are good, crop production increased, benefit from CPO price above 3k
First Support Price	6.7
Second Support Price	6.5
Risk Rating	MODERATE

Research House

TA Target Price

6.9 (2011-12-27)

Accounting Ratio

Return on Equity	9.17%
Dividend Yield	4.04%
Profit Margin	51.29%
Tax Rate	22.51%
Asset Turnover	0.2072
Net Asset Value Per Share	5.12
Net Tangible Asset per share	5.03
Price/Net Tangible Asset Per Share	1.33
Cash Per Share	0.85
Liquidity Current Ratio	6.7918
Liquidity Quick Ratio	6.2672
Liquidity Cash Ratio	5.7857
Gearing Debt to Equity Ratio	0.1079
Gearing Debt to Asset Ratio	0.0974
Working capital per thousand Ringgit sale	72.5%
Days to sell the inventory	47
Days to collect the receivables	22
Days to pay the payables	68

Technical Analysis

SMA 20	6.772 (Uptrend 37 days)
SMA 50	6.653 (Uptrend)
SMA 100	6.581 (Same)
SMA 200	6.637 (Uptrend)
MACD	0.066879 (Downtrend 1 day)
MACD Histogram	0.010428 (Uptrend 42 days)

My notes based on 2012 quarter 2 report (number in '000):-
- Lower pbt than FY12Q1 mainly due to lower CPO and PK prices as well as lower investment income

- Estimate next 4Q eps after 2012 Q2 result announced = (0.1156*3+0.1426)*1.05 = 0.5139, estimate PE on current price 6.8 = 12.7(DPS 0.275)
- Estimate next 4Q eps after 2012 Q1 result announced = 0.1426*4*0.9 = 0.5134, estimate highest/lowest PE = 12.66/11.2 (DPS 0.25)
- Estimate next 4Q eps after 2011 Q4 result announced = 0.1125*4 = 0.45, estimate highest/lowest PE = 15.27/12.89 (DPS 0.25)

UMCCA latest news (English)

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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
2011-12-15	2012	2	N/A	N/A	0.1	2.26%	5.04%	58909	129419	30215	67415	23414	52284	0.1156	0.2582	1148489	111837	-	1036652	72936	22648	33805	140353	50288	16483	156836	202517	202458	1358889	2011-10-31	51.29%	22.51%	0.2072	-	5.12	5.03	1.33	0.85	6.7918	6.2672	5.7857	0.1079	0.0974	72.5%	47	22	68
2011-09-29	2012	1	6.75	6.0	-	2.76%	2.76%	70510	70510	37200	37200	28870	28870	0.1426	0.1426	1156479	108587	-	1047892	39443	12053	265	140353	27390	27655	168008	202400	202400	1299408	2011-07-31	52.76%	22.39%	0.2015	-	5.18	5.09	1.26	0.87	7.8482	7.3582	6.6315	0.1036	0.0939	77.6%	40	30	66
2011-06-29	2011	4	7.12	6.05	0.175	2.24%	8.01%	61465	205715	28998	105709	22759	81445	0.1125	0.4036	1120325	103249	-	1017076	85443	30602	37945	123457	54841	16896	140353	202338	201809	1410295	2011-04-30	47.18%	21.52%	0.1836	17.2707	5.04	4.95	1.41	0.69	8.2148	7.5263	6.5555	0.1015	0.0922	75.1%	50	34	60
2011-03-28	2011	3	7.1	6.8	-	1.89%	5.91%	47076	144250	25550	76711	18738	58686	0.0926	0.2910	1105522	112482	-	993040	64439	18050	38120	123457	46389	8269	131726	202302	201639	1428252	2011-01-31	54.27%	26.66%	0.1747	-	4.92	4.83	1.46	0.65	5.5105	4.742	4.2753	0.1133	0.1017	72.0%	81	27	74
2010-12-16	2011	2	7.4	6.77	0.075	2.25%	3.80%	53932	97174	30088	51161	23680	39948	0.1175	0.1984	1160196	109886	-	1050310	41204	25027	23254	123457	16177	7077	116380	201606	201307	1413258	2010-10-31	55.79%	21.30%	0.1633	-	5.22	5.12	1.37	0.65	6.2709	5.565	4.9634	0.1046	0.0947	74.0%	64	31	66
2010-09-27	2011	1	11.32	6.95	-	1.56%	1.56%	43242	43242	21073	21073	16268	16268	0.1214	0.1214	1145088	102912	-	1042176	13214	9018	N/A	123457	4196	4196	127653	134005	134005	1474055	2010-07-31	48.73%	22.80%	0.157	-	7.78	7.64	1.44	1.05	8.6527	7.9521	7.2054	0.0987	0.0899	83.4%	50	30	56
2010-06-14	2010	4	11.62	8.16	0.25	1.52%	6.74%	48860	178527	18978	81677	14255	63305	0.1064	0.4724	1041122	101300	-	939822	66945	253082	40201	349795	186137	226338	123457	134005	134005	1061319	2010-04-30	38.84%	24.89%	0.1715	16.7652	7.01	6.87	1.15	0.92	7.5721	7.018	6.0409	0.1078	0.0973	75.2%	41	41	59
2010-03-30	2010	3	8.25	7.65	-	1.81%	5.52%	43434	129667	20607	62699	16073	49050	0.1199	0.3660	981237	92269	-	888968	46144	256672	40201	349795	210528	250729	99066	134005	134005	1045239	2010-01-31	47.44%	22.00%	0.1684	-	6.63	6.49	1.2	0.84	6.753	5.892	5.2273	0.1038	0.094	74.8%	79	32	62
2009-12-14	2010	2	8.1	7.41	0.1	2.17%	3.74%	44242	86233	24363	42092	19136	32977	0.1428	0.2461	976436	93701	-	882735	6353	6198	30151	349795	155	29996	319799	134005	134005	1072040	2009-10-31	55.07%	21.45%	0.1579	-	6.59	6.45	1.24	2.46	17.2004	16.5684	14.6278	0.1061	0.096	237.0%	63	104	69
2009-09-15	2010	1	8.2	7.79	-	1.55%	1.55%	41991	41991	17729	17729	13841	13841	0.1033	0.1033	982434	88894	-	893540	9514	2861	N/A	349795	12375	12375	337420	134005	134005	1073380	2009-07-31	42.22%	21.93%	0.1669	-	6.67	6.53	1.23	2.59	21.7983	21.3814	19.0745	0.0995	0.0905	230.8%	31	93	55
2009-06-24	2009	4	8.55	7.2	0.3	1.73%	8.11%	35600	192652	18626	91837	15220	71340	0.1136	0.5324	967257	87769	-	879488	82973	18478	55277	340577	64495	9218	349795	134005	134005	964836	2009-04-30	52.32%	18.29%	0.1992	13.5245	6.56	6.42	1.12	2.68	21.3887	20.8608	20.0706	0.0998	0.0907	189.2%	34	27	46
2009-03-24	2009	3	7.3	5.8	-	1.11%	6.49%	32352	157052	12057	73211	9585	56120	0.0715	0.4188	956623	92355	-	864268	69357	17527	55277	340577	51830	3447	337130	134005	134005	783929	2009-01-31	37.27%	20.50%	0.2266	-	6.45	6.31	0.93	2.58	16.2953	15.781	15.2053	0.1069	0.0965	160.3%	38	22	49
2008-12-16	2009	2	6.0	5.5	0.1	2.20%	5.38%	54073	124700	25297	61154	19040	46535	0.1421	0.3473	963615	98882	-	864733	62476	16677	45227	340577	45799	572	341149	134005	134005	763828	2008-10-31	46.78%	24.73%	0.244	-	6.45	6.31	0.9	2.61	12.8429	12.485	11.864	0.1143	0.1026	148.3%	35	28	59
2008-09-10	2009	1	6.2	4.62	-	3.09%	3.09%	70627	70627	35857	35857	27495	27495	0.2052	0.2052	985601	94681	-	890920	32597	7478	N/A	340577	25119	25119	365696	134005	134005	830831	2008-07-31	50.77%	23.32%	0.2498	-	6.65	6.51	0.95	2.78	15.7882	15.3661	14.4857	0.1063	0.0961	154.4%	35	33	54
2008-06-25	2008	4	8.15	6.15	0.45	2.29%	11.19%	59717	222186	25564	118111	19815	96577	0.1479	0.7207	953690	90265	-	863425	95588	146946	34372	132415	242534	208162	340577	134005	134005	1072040	2008-04-30	42.81%	22.49%	0.233	11.1004	6.44	6.3	1.27	2.57	17.2093	16.4813	15.6531	0.1045	0.0946	160.8%	56	30	59
2008-03-26	2008	3	8.0	7.3	-	5.00%	12.03%	50727	162469	36619	92547	31930	76762	0.2383	0.5728	687477	49364	-	638113	70021	6495	34372	132415	63526	29154	161569	134005	134005	984936	2008-01-31	72.19%	12.80%	0.2805	-	4.76	4.62	1.59	1.24	10.1772	9.4059	8.2962	0.0774	0.0718	95.5%	61	42	61
2007-12-17	2008	2	8.65	6.95	0.1	4.50%	7.28%	65129	111742	33703	55928	27737	44832	0.2070	0.3346	668149	52050	-	616099	51393	8617	24456	132415	42776	18320	150735	134005	134005	938035	2007-10-31	51.75%	17.70%	0.2705	-	4.6	4.46	1.57	1.2	7.4399	7.1871	6.3461	0.0845	0.0779	90.1%	24	43	76
2007-09-11	2008	1	7.1	6.45	-	2.77%	2.77%	46613	46613	22225	22225	17095	17095	0.1276	0.1276	668149	52050	-	616099	26750	2859	N/A	132415	23891	23891	156306	134005	134005	N/A	2007-07-31	47.68%	23.08%	0.173	-	4.6	4.46	N/A	1.2	7.4399	7.1871	6.3461	0.0845	0.0779	140.9%	35	67	112
2007-06-27	2007	4	N/A	N/A	0.25	2.14%	8.71%	30340	129645	15821	63076	12771	51903	0.0953	0.3873	633296	37573	-	595723	87377	21235	13588	79861	66142	52554	132415	134005	134005	N/A	2007-04-30	52.15%	19.28%	0.1089	-	4.45	4.31	N/A	1.06	9.9014	9.5677	8.8172	0.0631	0.0593	206.9%	48	64	129
2007-03-26	2007	3	N/A	N/A	-	3.45%	6.73%	38655	99305	23549	47255	20081	39132	0.1499	0.2920	624340	42891	-	581449	29323	15026	7719	79454	14297	6578	86032	134005	134005	619103	2007-01-31	60.92%	14.73%	0.0619	-	4.34	4.2	1.1	0.7	5.9199	5.6477	4.6875	0.0738	0.0687	253.9%	85	181	211

Financial Quarter Balance Sheet

year	qrt	Available-for-sale investment (A-0)	Biological assets (A-0)	Deferred tax assets (A-0)	Development Expenditure (A-0)	Goodwill on consolidation (A-0)	Investment in associated companies (A-0)	Other investments (A-0)	Prepaid lease payments (A-0)	Property, plant and equipment (A-0)	Cash and cash equivalents (A-1)	Current asset classified as held for sales (A-1)	Inventories (A-1)	Other investments (A-1)	Other receivables (A-1)	Trade receivables (A-1)	Deferred tax liabilities (L-0)	Current tax liabilities (L-1)	Dividend payable (L-1)	Other payables (L-1)	Trade and other payables (L-1)
2012	2	39141	417131	-	-	18628	28150	-	4134	439060	156836	-	15619	15451	-	14339	82059	6983	-	-	22795
2012	1	50587	410873	-	-	18628	28449	-	4182	436442	168008	-	12945	7170	-	19195	82171	4926	-	-	21490
2011	4	50264	406144	-	-	18628	28199	-	4231	436981	140353	1675	14740	-	-	19110	81839	3733	-	-	17677
2011	3	50258	400833	-	-	18628	29333	-	4280	432405	131726	-	23678	-	-	14381	81671	8997	-	-	21814
2011	2	49064	396898	-	-	18628	28625	-	4329	495939	116380	-	18768	15573	-	15992	83301	7244	-	-	19341
2011	1	35659	394254	-	-	18628	27206	-	4377	495467	127653	-	13723	13494	-	14627	83323	4164	-	-	15425
2010	4	15822	392229	-	-	18628	24798	-	4426	430467	123457	-	11326	-	-	19969	80863	4246	-	-	16191
2010	3	-	390135	-	1295	18628	24184	15782	216044	170155	99066	-	18489	13186	7570	6703	70795	6885	-	9126	5463
2010	2	-	275756	-	1295	18628	22261	15782	87669	167039	319799	-	14255	10175	36136	7641	71143	7004	-	8344	7210
2010	1	-	275324	-	1295	18628	20851	15962	88054	165547	337420	-	7588	9774	35885	6106	70692	4648	-	7477	6077
2009	4	-	274831	-	1295	18628	20376	15962	88438	165446	349795	-	9436	8926	7780	6344	69896	4969	-	9150	3754
2009	3	-	274171	-	1320	18628	20809	15962	88822	166650	337130	-	11686	8365	7860	5220	69633	7522	-	11124	4076
2009	2	-	273623	-	1295	18628	20482	15962	89206	166234	341149	113	10539	8211	7001	11172	69435	11756	-	12327	5364
2009	1	-	272850	-	1295	18628	19195	15962	89590	162261	365696	113	10851	6645	4480	18035	68977	8885	-	12481	4338
2008	4	-	272200	-	1295	18628	16874	15962	89962	159458	340577	113	16047	4433	2729	15412	68224	5290	-	12057	4694
2008	3	-	82096	-	1295	18628	172518	15962	90022	102719	161569	-	15479	4920	8866	13403	29296	4779	-	10403	4886
2008	2	-	81630	-	1295	18628	169587	15447	90371	103051	150735	-	6392	9746	7332	13935	26762	5016	-	13008	7264
2008	1	-	81630	-	1295	18628	169587	15447	90371	103051	150735	-	6392	9746	7332	13935	26762	5016	-	13008	7264
2007	4	-	78152	-	1264	18628	166629	15447	91379	103009	132415	-	5351	8986	6298	5738	21536	1569	-	10422	4046
2007	3	-	-	980	1264	18628	201819	15494	-	268041	86439	-	5431	7086	10381	8777	22939	690	5869	8093	5300

Financial Quarter Income Statement

year	qrt	Revenue	Income tax expense	Cost of sales	Other income	Administrative/Operating expenses	Share of profit/ (loss) of associates	Selling and distribution costs	Replanting expenditure	Gain/Loss on disposal of investment in an associate	Other expenses
2012	2	58909	6801	25791	2051	2671	834	903	1029	-	1185
2012	1	70510	8330	32133	2471	3078	1135	967	632	-	106
2011	4	61465	6239	29422	1151	3104	733	687	1124	-	14
2011	3	47076	6812	20311	2613	3184	1206	619	713	-	518
2011	2	53932	6408	21917	3177	4829	1651	850	1053	-	23
2011	1	43242	4805	21669	1812	1793	1130	727	908	-	14
2010	4	48860	4723	28708	4742	2142	614	766	1457	-	2165
2010	3	43434	4534	21695	1149	1793	2187	756	1899	-	20
2010	2	44242	5227	18207	630	1757	1410	728	1056	-	171
2010	1	41991	3888	22378	190	1328	1202	647	1263	-	38
2009	4	35600	3406	16712	4824	1199	433	703	2239	-	512
2009	3	32352	2472	17931	1795	1283	767	770	2046	-	827
2009	2	54073	6257	24725	88	1563	1738	933	1839	-	1542
2009	1	70627	8362	32900	154	1580	2321	806	1368	-	591
2008	4	59717	5749	25602	4745	1865	873	644	1320	8173	2167
2008	3	50727	4689	16334	1668	1344	3381	583	861	-	35
2008	2	65129	5966	29961	553	1238	1225	751	1177	-	77
2008	1	46613	5130	24137	251	953	2259	571	1091	-	146
2007	4	30340	3050	16707	3189	1025	2343	499	1669	-	151
2007	3	38655	3468	22275	7537	896	2851	719	1565	-	39

Financial Quarter Segments Revenue

year	qrt	Plantation
2012	2	74733
2012	1	70510
2011	4	61465
2011	3	47076
2011	2	53932
2011	1	43242
2010	4	48860
2010	3	43534
2010	2	44342
2010	1	42091
2009	4	38038
2009	3	32352
2009	2	54073
2009	1	70627
2008	4	59717
2008	3	50727
2008	2	65129
2008	1	65129
2007	4	30340
2007	3	38655

Financial Quarter Segments Profit

year	qrt	Investment holding	Plantation
2012	2	574	28807
2012	1	2197	33868
2011	4	1057	27208
2011	3	1322	23022
2011	2	2929	25508
2011	1	1691	18252
2010	4	4384	14208
2010	3	2099	16549
2010	2	3056	20125
2010	1	2990	13765
2009	4	6774	12285
2009	3	5546	5744
2009	2	1463	22096
2009	1	2161	31375
2008	4	-	26748
2008	3	3111	30127
2008	2	2453	30025
2008	1	2453	30025
2007	4	3903	9575
2007	3	8915	11783

Financial Quarter Segments Associate

year	qrt	Plantation
2012	2	834
2012	1	1135
2011	4	733
2011	3	1206
2011	2	1651
2011	1	1130
2010	4	614
2010	3	2187
2010	2	1410
2010	1	1202
2009	4	433
2009	3	767
2009	2	1738
2009	1	2321
2008	4	873
2008	3	3381
2008	2	1225
2008	1	1225
2007	4	2343
2007	3	2851

Monthly Business Data

year	mth	Crude Palm Oil	Fresh Fruit Bunches	Palm Kernel
2011	12	5017	31765	1211
2011	11	6062	34054	1374
2011	10	6543	36749	1476
2011	9	5470	35074	1255
2011	8	5052	31320	1192
2011	7	5178	33202	1167
2011	6	5379	34911	1213
2011	5	5889	35434	1431
2011	4	4491	27066	1135
2011	3	4298	19590	1105
2011	2	2384	19437	606
2011	1	3343	19948	790
2010	12	4254	22534	987
2010	11	4765	26249	1133
2010	10	5357	32822	1286

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

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●CHANGES IN SHAREHOLDING
●ANNUAL REPORTS

HISTORICAL

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●CHANGES IN SHAREHOLDING

ARCHIVES

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●CHANGES IN SHAREHOLDING

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●CHANGES IN SHAREHOLDING

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1-Years Historical Chart from shareinvestor.com

5-Years Historical Chart from shareinvestor.com