Company Info
| Market Capital (Capital Size) | 4,633,184,998 (Large) |
| Par Value | RM 1.00 |
My Analysis
| Forecast P/E now | (3.1-0.12)/0.3742 = 7.96 (Moderate) |
| Target Price | 3.37+0.12 = 3.49 (PE 9.0, EPS 0.3742, DPS 0.12) |
| Decision | BUY if stock price buying volume is very stronger than selling |
| Comment | Revenue increased 4.4% and is continuous increasing since FY09Q2(higher than preceding year corresponding quarter 14.4%), eps decreased 2% but higher than preceding year corresponding quarter 4.7%, cash generated from operating more than enough to cover all expenses, investment banking and insurance division drop a lot of profit, commercial banking division still growth |
| First Support Price | 3.0 |
| Second Support Price | 2.7 |
| Risk Rating | MODERATE |
Research House
| RHB Target Price | 3.1 (2012-02-13) |
| CIMB Target Price | 2.79 (2012-02-21) |
| HLG Target Price | 2.96 (2012-02-21) |
Accounting Ratio
| Return on Equity | 9.08% |
| Dividend Yield | 3.87% |
| Profit Margin | 24.58% |
| Tax Rate | 24.02% |
| Asset Turnover | 0.0494 |
| Net Asset Value Per Share | 3.74 |
| Net Tangible Asset per share | 3.06 |
| Price/Net Tangible Asset Per Share | 1.03 |
| Cash Per Share | 7.65 |
| Liquidity Current Ratio | 1.1081 |
| Liquidity Quick Ratio | 0.8971 |
| Liquidity Cash Ratio | 0.2431 |
| Gearing Debt to Equity Ratio | 8.6091 |
| Gearing Debt to Asset Ratio | 0.8959 |
| Working capital per thousand Ringgit sale | 191.5% |
| Days to sell the inventory | 5498 |
| Days to collect the receivables | 4217 |
| Days to pay the payables | 26038 |
Technical Analysis
| SMA 20 | 3.105 (Downtrend 12 days) |
| SMA 50 | 3.104 (Uptrend) |
| SMA 100 | 2.899 (Uptrend) |
| SMA 200 | 2.901 (Downtrend) |
| MACD (26d/12d) | -0.005471 ( 0.000949 ) |
| Signal (9) | -0.002254 ( 0.000804 ) |
| MACD Histogram | 0.003217 (Bearish trend 23 days) |
My notes based on 2011 quarter 4 report (number in '000):-
- Higher revenue and pbt than FY10Q4 mainly attributable to commercial banking division which was reduction in both allowances for loan impairment and impairment securities, higher net interest income and higher Islamic banking income offset by lower other income and higher overhead expenses
- Lower pbt than FY11Q3 mainly due to the allowance for loan impairment of RM15.9 million vs write back of RM50.2 million but partially cushioned by the increased in both operating income and net interest income
- Estimate next 4Q eps after 2011 Q4 result announced = 5592224*0.1/1494576 = 0.3742, estimate PE on current price 3.1 = 7.96(DPS 0.12)
- Estimate next 4Q eps after 2011 Q3 result announced = 0.3377*1.05 = 0.3546, estimate highest/lowest PE = 8.94/7.39 (DPS 0.12)
- Estimate next 4Q eps after 2011 Q2 result announced = (0.071+0.0898)*2*1.05 = 0.3377, estimate highest/lowest PE = 9.21/6.4 (DPS 0.09)
- Estimate next 4Q eps after 2011 Q1 result announced = (0.071+0.077)*2 = 0.296, estimate highest/lowest PE = 11.76/9.8 (DPS 0.09)
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