KLCI Stock - ZHULIAN / 5131 - 2011 Quarter 4

ZHULIAN CORPORATION BERHAD

Company Description

ZHULIAN CORPORATION BERHAD is a Malaysia-based investment holding company. The subsidiaries of the Company are Zhulian Jewellery Manufacturing Sdn. Bhd. engaged in manufacturing of costume and fine jewelry; Zhulian Marketing (M) Sdn. Bhd. engaged in direct marketing of costume jewellery and consumer products; Zhulian Industries Sdn. Bhd. engaged in manufacturing of consumer products; Beyond Products Technology Sdn. Bhd. engaged in the manufacturing of water treatment system and its related products; Zhulian Manufacturing Sdn. Bhd. engaged in the manufacturing of bedroom apparels and therapeutic products; Master Square Sdn. Bhd. engaged in trading of consumer products; Zhulian Printing Industries Sdn. Bhd. engaged in the printing of brochures, leaflets, catalogues, name cards and other related documents; Zhulian Management Sdn. Bhd. engaged in providing management services and investment holding, and Zhulian Development Sdn. Bhd. engaged in property development.

Company Info 

Listing Date	2007-04-27
Market Capital (Capital Size)	855,600,000 (Medium)
Par Value	RM 0.50
Board	Main
Sector	Consumer Products
Major Industry	Costume Jewelry
Sub Industry	Printing
Website	http://www.zhulian.com/

My Analysis 

Forecast P/E now	(1.86-0.12)/0.2169 = 8.02 (Moderate)
Target Price	1.95+0.12 = 2.07 (PE 9.0, EPS 0.2169, DPS 0.12)
Decision	BUY if stock price support and uptrend above 1.85
Comment	Revenue decreased 5.4% and was second consecutive quarter decreasing but still higher than preceding year corresponding quarter 2.3%, eps increased 18.3% and was second consecutive quarter increasing and also higher than preceding year corresponding quarter 18.6%, cash generated from operating enough to cover financing expenses but still spent 2.9% of Group cash for investing expenses, stronger liquidity ratio from high to strong level now, lower gearing ratio at low level now, all accounting ratio are good, higher inventory can indicate higher demand of products, affecting by weakening of USD dollar against Ringgit
First Support Price	1.85
Second Support Price	1.65
Risk Rating	MODERATE

Research House

HwangDBS Target Price	2.5 (2011-02-09)
ZJ Target Price	2.4 (2012-01-26)

Accounting Ratio 

Return on Equity	24.29%
Dividend Yield	6.45%
Profit Margin	40.25%
Tax Rate	17.61%
Asset Turnover	0.8013
Net Asset Value Per Share	0.85
Net Tangible Asset per share	0.85
Price/Net Tangible Asset Per Share	2.22
Cash Per Share	0.28
Liquidity Current Ratio	4.5495
Liquidity Quick Ratio	3.5766
Liquidity Cash Ratio	2.5461
Gearing Debt to Equity Ratio	0.1373
Gearing Debt to Asset Ratio	0.1207
Working capital per thousand Ringgit sale	49.8%
Days to sell the inventory	64
Days to collect the receivables	50
Days to pay the payables	60

Technical Analysis 

SMA 20	1.894 (Downtrend 1 day)
SMA 50	1.805 (Uptrend)
SMA 100	1.715 (Uptrend)
SMA 200	1.668 (Uptrend)
MACD (26d/12d)	0.012482 ( 0.002225 )
Signal (9)	0.021825 ( 0.002336 )
MACD Histogram	0.009343 (Bearish trend 13 days)

My notes based on 2011 quarter 4 report (number in '000):-
- Lower revenue than FY11Q3 mainly due to a drop in the local market demand however got higher pbt due mainly to contributed by increase in share of profit of equity accounted investee as well as the strengthening of USD against Ringgit Malaysia

- Estimate next 4Q eps after 2011 Q4 result announced = 392351*0.24/460000 = 0.2047, estimate PE on current price 1.86 = 8.02(DPS 0.12)
- Estimate next 4Q eps after 2011 Q3 result announced = (0.0529+0.0457)*2*1.1 = 0.2169, estimate highest/lowest PE = 8.25/7.05 (DPS 0.12)
- Estimate next 4Q eps after 2011 Q2 result announced = (0.0457+0.0478)*2*1.05 = 0.1964, estimate highest/lowest PE = 8.55/7.03 (DPS 0.12)
- Estimate next 4Q eps after 2011 Q1 result announced = 0.0478*4 = 0.1912, estimate highest/lowest PE = 8.73/8.16 (DPS 0.12)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.0959*2*1.05 = 0.2014, estimate highest/lowest PE = 8.44/7.6 (DPS 0.12)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.0431*4*1.1 = 0.1896, estimate highest/lowest PE = 9.39/8.33 (DPS 0.12)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.0522*4*1.1 = 0.2297, estimate highest/lowest PE = 8.66/7.23 (DPS 0.14)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.072*4 = 0.288, estimate highest/lowest PE = 9.76/7.47 (DPS 0.14)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.0715*4 = 0.286, estimate highest/lowest PE = 7.66/5.84 (DPS 0.14)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.069*4 = 0.276, estimate highest/lowest PE = 6.38/5.04 (DPS 0.12)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.0484*4 = 0.1936, estimate highest/lowest PE = 9.35/6.56 (DPS 0.12)

ZHULIAN latest news (English)

ZHULIAN latest news (Chinese)



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
2012-01-19	2011	4	N/A	N/A	0.03	7.34%	24.29%	86837	357542	34950	115072	28794	95320	0.0626	0.2072	446219	53868	32	392351	73550	22184	55200	131488	51366	3834	127654	460000	460000	869400	2011-11-30	40.25%	17.61%	0.8013	9.1209	0.85	0.85	2.22	0.28	4.5495	3.5766	2.5461	0.1373	0.1207	49.8%	64	50	60
2011-10-14	2011	3	1.91	1.65	0.03	6.46%	17.87%	91795	270705	29768	80906	24321	67310	0.0529	0.1463	444260	67691	32	376569	32177	736	27600	131508	31441	3841	135349	460000	460000	763600	2011-08-31	32.43%	18.30%	0.8004	-	0.82	0.82	2.02	0.29	3.7773	3.0652	2.0947	0.1798	0.1524	50.5%	60	61	80
2011-07-13	2011	2	1.8	1.5	0.03	5.73%	11.72%	92687	178910	23662	51138	21012	42989	0.0457	0.0935	419717	53064	32	366653	17122	422	27600	131511	16700	10900	120611	460000	460000	805000	2011-05-31	25.53%	11.20%	0.8036	-	0.8	0.79	2.22	0.26	4.5686	3.6583	2.4107	0.1447	0.1264	53.0%	63	64	65
2011-04-18	2011	1	1.79	1.68	0.03	6.11%	6.11%	86223	86223	27476	27476	21977	21977	0.0478	0.0478	424685	65127	32	359558	1920	3537	N/A	131475	1617	1617	133092	460000	460000	818800	2011-02-28	31.87%	20.01%	0.7594	-	0.78	0.78	2.28	0.29	3.9177	3.2252	2.1564	0.1811	0.1534	55.9%	62	73	84
2011-01-26	2010	4	1.82	1.65	0.03	6.90%	24.73%	84896	322611	29822	105897	24289	87065	0.0528	0.1893	405612	53593	32	352019	80759	19062	55200	125002	61697	6497	131499	460000	460000	800400	2010-11-30	35.13%	18.71%	0.7954	9.1931	0.77	0.76	2.29	0.29	4.4511	3.5756	2.5968	0.1523	0.1321	54.2%	66	55	70
2010-10-19	2010	3	1.9	1.7	0.03	5.81%	18.38%	73468	237715	23962	76075	19834	62776	0.0431	0.1365	390936	49344	79	341592	50738	3210	41400	124967	53948	12548	137515	460000	460000	864800	2010-08-31	32.62%	17.73%	0.8311	-	0.74	0.74	2.54	0.3	4.7569	3.7845	2.8891	0.1445	0.1262	55.1%	69	46	67
2010-07-14	2010	2	2.78	1.8	0.03	5.37%	12.79%	77920	164247	20589	52113	18013	42942	0.0522	0.1245	381522	45833	200	335689	30361	678	27600	125010	29683	2083	127093	345000	345000	941850	2010-05-31	26.42%	12.98%	0.8778	-	0.97	0.97	2.81	0.37	4.9882	3.9434	2.8776	0.1366	0.1201	52.6%	68	50	61
2010-04-14	2010	1	2.95	2.29	0.03	7.60%	7.60%	86327	86327	31524	31524	24929	24929	0.0723	0.0723	397802	69679	297	328123	11882	3043	N/A	125113	14925	14925	140038	345000	345000	790050	2010-02-28	36.52%	21.33%	0.8309	-	0.95	0.95	2.41	0.41	3.6239	2.9422	2.0648	0.2125	0.1752	53.9%	71	66	65
2010-01-20	2009	4	2.33	1.81	0.05	7.70%	25.58%	87210	315275	31151	102704	24670	82005	0.0715	0.2377	373334	52798	425	320536	68396	1700	51716	106655	70096	18380	125035	345000	345000	624450	2009-11-30	35.72%	20.71%	0.8445	7.6148	0.93	0.92	1.97	0.36	4.4643	3.5336	2.4317	0.1649	0.1414	56.5%	76	60	74
2009-10-14	2009	3	1.88	1.51	0.03	7.78%	18.73%	83426	228065	29486	71553	23801	57335	0.0690	0.1662	350540	44480	288	306060	57934	3252	41400	106548	54682	13282	119830	345000	345000	645150	2009-08-31	35.34%	19.21%	0.8839	-	0.89	0.88	2.12	0.35	4.6661	3.6006	2.7558	0.1455	0.1269	51.5%	74	43	64
2009-07-15	2009	2	1.93	1.39	0.03	5.70%	11.46%	73554	144639	19741	42067	16690	33534	0.0484	0.0972	335516	42926	-	292590	28444	2277	31050	106484	26167	4883	101601	345000	345000	500250	2009-05-31	26.84%	15.46%	0.9386	-	0.85	0.84	1.73	0.29	4.6382	3.3605	2.4362	0.1467	0.1279	48.2%	84	44	62
2009-04-15	2009	1	1.53	1.13	0.03	5.89%	5.89%	71085	71085	22326	22326	16844	16844	0.0488	0.0488	340761	54690	76	286071	6734	3235	10350	106481	3499	6851	99630	345000	345000	379500	2009-02-28	31.41%	24.55%	0.9201	-	0.83	0.83	1.33	0.29	3.8696	2.8901	1.8933	0.1912	0.1605	48.2%	82	61	60
2009-01-21	2008	4	1.11	0.93	0.03	6.83%	26.72%	81788	303577	25655	94993	19102	74690	0.0554	0.2165	342457	62881	76	279576	50470	29585	34548	120144	20885	13663	106481	345000	345000	324300	2008-11-30	31.37%	25.54%	0.8869	4.3419	0.81	0.81	1.16	0.31	3.4718	2.6278	1.7547	0.225	0.1836	49.4%	82	63	75
2008-10-15	2008	3	0.95	0.85	0.03	8.90%	20.53%	88495	221789	30688	69338	24103	55588	0.0699	0.1611	328095	57270	76	270825	36686	28877	24150	120144	7809	16341	103803	345000	345000	312225	2008-08-31	34.68%	21.46%	0.8573	-	0.78	0.78	1.16	0.3	3.4711	2.6142	1.8134	0.2115	0.1746	50.3%	86	60	75
2008-07-16	2008	2	0.99	0.88	0.03	6.29%	12.25%	72156	133294	20115	38650	16170	31485	0.0469	0.0913	299625	42550	76	257075	29629	26338	24150	120141	3291	20859	99282	345000	345000	329475	2008-05-31	27.88%	19.61%	0.8262	-	0.74	0.74	1.29	0.29	4.2498	3.1829	2.3452	0.1656	0.142	55.6%	87	52	79
2008-04-17	2008	1	1.1	0.95	0.02	6.18%	6.18%	61279	61279	18535	18535	15315	15315	0.0444	0.0444	282656	34825	76	247831	16699	13745	17250	120127	2954	14296	105831	345000	345000	362250	2008-02-29	30.25%	17.37%	0.8101	-	0.72	0.72	1.46	0.31	5.129	3.9046	3.0836	0.1406	0.1232	61.9%	88	44	70
2008-01-17	2007	4	1.16	1.0	0.05	7.68%	23.59%	59352	220546	23751	74348	19193	58927	0.0556	0.1805	283500	33745	76	249755	37454	16066	20904	87517	53520	32616	120133	345000	326421	386400	2007-11-30	40.02%	19.19%	0.7779	6.2041	0.76	0.76	1.47	0.35	5.8043	4.5533	3.5613	0.1352	0.119	73.5%	95	55	73
2007-10-17	2007	3	1.15	1.05	0.035	5.28%	16.60%	54756	161194	16020	50597	12629	39734	0.0366	0.1241	272711	33330	76	239381	22876	4580	8759	87514	18296	9537	97051	345000	320250	N/A	2007-08-31	29.26%	21.17%	0.7911	-	0.75	0.75	N/A	0.28	5.1427	3.8019	2.9495	0.1393	0.1222	63.6%	102	43	75
2007-07-17	2007	2	N/A	N/A	0.07	4.85%	11.09%	53590	106438	14546	34576	11846	27105	0.0391	0.0923	274445	30052	76	244393	14536	12858	9255	87506	27394	36649	124155	302694	293673	N/A	2007-05-31	27.14%	18.56%	0.5866	-	0.83	0.83	N/A	0.41	6.5529	5.0318	4.2337	0.123	0.1095	102.1%	142	50	91
2007-04-23	2007	1	N/A	N/A	-	6.87%	6.87%	52848	52848	20030	20030	15259	15259	0.0536	0.0536	261147	38884	76	222263	10779	2989	73	87513	13768	13695	101208	284451	284451	N/A	2007-02-28	37.90%	23.82%	0.4113	-	0.78	0.78	N/A	0.36	4.5946	3.4533	2.7086	0.175	0.1489	126.5%	214	91	174
N/A	2006	4	N/A	N/A	-	7.06%	31.29%	54550	126007	21237	73058	14620	64772	0.0514	0.2277	249260	42265	76	206995	27195	92893	32578	9	120088	87510	87519	284451	284451	N/A	2006-11-30	38.93%	31.16%	0.2188	-	0.73	0.73	N/A	0.31	3.856	2.754	2.1288	0.2043	0.1696	218.0%	437	163	370

Financial Quarter Balance Sheet

year	qrt	Available-for-sale financial assets (A-0)	Deferred tax assets (A-0)	Goodwill on consolidation (A-0)	Investment in associated companies (A-0)	Investment properties (A-0)	Land held for property development (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)	Current tax assets (A-1)	Inventories (A-1)	Other receivables, deposits and prepayments (A-1)	Deferred tax liabilities (L-0)	Loans & borrowings (L-0)	Current tax liabilities (L-1)	Dividend payable (L-1)	Loans & borrowings (L-1)	Payables and accruals (L-1)	Minority interest (M-1)
2011	4	6451	883	1168	72265	16958	-	-	120304	127703	-	2438	48799	49250	3711	-	4884	-	-	45273	32
2011	3	6433	545	1168	65517	356	6092	-	119990	135397	-	3363	46033	59366	3053	-	3514	-	-	61124	32
2011	2	7057	548	1168	55667	358	6092	-	120164	120659	-	3536	45561	58907	3013	-	2664	-	-	47387	32
2011	1	6795	538	1168	48612	361	6092	-	119226	133140	-	1482	42761	64510	3384	-	3803	-	-	57940	32
2010	4	6535	547	1168	51279	363	6092	-	114144	131547	-	1327	44350	48260	2935	-	3168	-	-	47490	32
2010	3	6235	179	1168	42385	366	6092	-	108015	137561	-	1258	46303	41374	1730	-	3038	-	-	44576	79
2010	2	6185	182	1168	44133	369	6092	-	103000	127141	-	913	46161	46178	1650	-	2862	-	-	41321	200
2010	1	6074	188	1168	37409	372	6092	-	100638	140086	-	143	46247	59385	1834	-	8159	17250	-	42436	297
2009	4	6074	226	1168	30752	373	6092	-	99016	125084	4604	158	47873	51914	1360	-	4681	-	-	46757	425
2009	3	4673	-	1276	30774	377	10696	-	99764	119878	-	117	46350	36635	979	-	3455	-	-	40046	288
2009	2	4660	-	1276	30164	380	10696	-	94814	101649	-	305	53311	38261	1202	-	2741	-	-	38983	-
2009	1	4453	-	-	26721	382	10695	-	94786	99678	-	139	51567	52340	2043	-	4489	10350	-	37808	76
2008	4	4453	-	-	23801	384	10696	-	92341	106529	-	279	51245	52729	2169	-	3547	10350	-	46815	76
2008	3	5653	235	-	25632	387	10695	-	86704	103851	-	10	49075	45853	-	-	4239	10350	-	42681	76
2008	2	7602	-	-	20994	390	10695	-	79948	99330	-	521	45187	34958	196	-	1175	-	-	41179	76
2008	1	7474	-	-	21058	393	10699	-	67000	105831	-	371	42023	27807	504	-	980	-	-	33341	76
2007	4	7401	-	-	15512	395	10671	6785	46940	120133	-	487	42201	32975	12	-	1343	-	-	32390	76
2007	3	23000	-	-	14947	-	10671	-	53652	97751	-	2791	44440	25459	188	-	440	-	-	32702	76
2007	2	-	-	-	15784	-	10581	-	54134	125304	-	1585	45020	22037	455	-	755	-	-	28842	76
2007	1	-	-	-	12710	-	10581	-	64236	102353	-	1279	43125	26863	547	549	2340	-	305	35143	76
2006	4	-	168	-	14874	406	10581	6937	55738	88639	-	1628	45885	24404	-	627	2534	-	300	38804	76

Financial Quarter Income Statement

year	qrt	Revenue	Income tax expense	Finance/interest costs	Administrative/Operating expenses	Minority interest	Share of profit/ (loss) of associates
2011	4	86837	6156	-	62822	-	10935
2011	3	91795	5447	-	71797	-	9770
2011	2	92687	2650	-	75847	-	6822
2011	1	86223	5499	-	66712	-	7965
2010	4	84896	5580	-	63968	47	8894
2010	3	73468	4249	-	57629	121	8123
2010	2	77920	2673	-	64055	97	6724
2010	1	86327	6723	-	61460	128	6657
2009	4	87210	6450	-	60999	31	4940
2009	3	83426	5664	-	59604	21	5664
2009	2	73554	3051	-	57256	-	3443
2009	1	71085	5482	-	51679	-	2920
2008	4	81788	6553	-	59311	-	3178
2008	3	88495	6585	-	62445	-	4638
2008	2	72156	3945	-	56872	-	4831
2008	1	61279	3220	-	48290	-	5546
2007	4	59352	4558	0	41036	-	5435
2007	3	54756	3391	0	42871	-	4135
2007	2	53590	2700	25	42093	-	3074
2007	1	52848	4771	15	35405	-	2602
2006	4	54550	6617	16	38288	-	4991

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

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