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Wednesday, March 21, 2012

KLCI Stock - JOBST / 0058 - 2011 Quarter 4

JOBSTREET CORPORATION BERHAD

Company Description
JobStreet Corporation Berhad (JobStreet Corp) is a Malaysia-based company engaged in the provision of interactive marketing services and investment holding. JobStreet Corp operates in Malaysia, Singapore, the Philippines, Hong Kong, Indonesia, Japan and British Virgin Islands. As of December 31, 2009, JobStreet Corp had seven direct subsidiaries: JobStreet.com Pte. Ltd., which provides online recruitment and human resource management services; PT JobStreet Indonesia, which provides online recruitment and human resource management services; JS E-Recruitment Limited, which provides online recruitment and human resource management services; JS Overseas Holdings Limited; JobStreet Kabushiki Kaisha, which provides search and selection staffing and career consultancy; Autoworld.com.my Sdn. Bhd., which provides automobile online advertising services, and Agensi Pekerjaan JS Staffing Services Sdn. Bhd., which provides staffing, business process outsourcing and consulting services.

Company Info 
Listing Date2004-11-29
Market Capital (Capital Size)699,411,398 (Medium)
Par ValueRM 0.20
BoardMain
SectorTrading/Services
Major IndustrySoftware Products & Services
Sub IndustryHuman Resource Services
Websitehttp://www.jobstreet.com

My Analysis 
Forecast P/E now(2.17-0.065)/0.1328 = 15.85 (Moderate)
Target Price2.39+0.065 = 2.46 (PE 18.0, EPS 0.1328, DPS 0.065)
DecisionBUY if MACD back to uptrend while still bullish trend or wait until next uptrend from another lower price
Comment
Revenue decreased 5.7% and was second consecutive quarter decreasing but still higher than preceding year corresponding quarter 15.7%, eps decreased 35.1% and was third consecutive quarter decreasing and also lower than preceding year corresponding quarter 34.9%, cash generated from operating is more than enough to cover all expenses, weaker liquidity ratio at moderate level now, higher gearing ratio at below moderate level now, higher debt ratio but still can tolerance, higher payables but offset by strong cash, operating profit decreased, only Malaysia business got higher profit
First Support Price2.13
Second Support Price2.03
Risk RatingMODERATE

Accounting Ratio 
Return on Equity23.14%
Dividend Yield3.00%
Gross Profit Margin0.00%
Operating Profit Margin26.18%
Net Profit Margin30.79%
Tax Rate28.16%
Asset Turnover0.5873
Net Asset Value Per Share0.57
Net Tangible Asset per share0.57
Price/Net Tangible Asset Per Share3.86
Cash Per Share0.28
Liquidity Current Ratio2.2064
Liquidity Quick Ratio2.2064
Liquidity Cash Ratio1.8629
Gearing Debt to Equity Ratio0.2631
Gearing Debt to Asset Ratio0.207
Working capital per thousand Ringgit sale42.3%
Days to sell the inventory-
Days to collect the receivables44
Days to pay the payables197

Technical Analysis 
SMA 202.161 (Downtrend 1 day)
SMA 502.133 (Downtrend)
SMA 1002.292 (Downtrend)
SMA 2002.498 (Downtrend)
MACD (26d/12d)0.005831 ( 0.00034 )
Signal (9)0.002481 ( 0.000837 )
MACD Histogram0.003350 (Bullish trend 40 days)

My notes based on 2011 quarter 4 report (number in '000):-
- Higher revenue than FY10Q4 mainly due to higher sales reflecting higher recruitment activities but lower pbt due to higher operating expenses mainly on staff costs, marketing costs and office rental

- Lower revenue and lower pbt than FY11Q3 mainly due to lower sales from JobStreet Essential due to seasonality factors and timing of dividends received from the Group’s quoted investment in Hong Kong and higher operating expenses and lower share of profits from associated companies. PBT in the preceding quarter was also impacted by a significant decrease in the fair value of the Group’s other investments

- Estimate next 4Q eps after 2011 Q4 result announced = 188837*0.23/326976 = 0.1328, estimate PE on current price 2.17 = 15.85(DPS 0.07)
- Estimate next 4Q eps after 2011 Q3 result announced = 0.0353*4 = 0.1412, estimate highest/lowest PE = 19.37/14.2 (DPS 0.065)
- Estimate next 4Q eps after 2011 Q2 result announced = (0.0349+0.041)*2 = 0.1518, estimate highest/lowest PE = 18.05/14.76 (DPS 0.06)
- Estimate next 4Q eps after 2011 Q1 result announced = 0.1441, estimate highest/lowest PE = 20.33/17.63 (DPS 0.06)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.0343*4*1.05 = 0.1441, estimate highest/lowest PE = 19.85/16.59 (DPS 0.06)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.0343*4*1.05 = 0.1441, estimate highest/lowest PE = 20.51/18.42 (DPS 0.055)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.0343*4*1.05 = 0.1441, estimate highest/lowest PE = 20.78/13.98 (DPS 0.055)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.0991 (5% grow from 0.0944), estimate highest/lowest PE = 20.66/18.54 (DPS 0.0425)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.0895 (around 5% grow from 0.085), estimate highest/lowest PE = 23.8/16.54 (DPS 0.03)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.0892, estimate highest/lowest PE = 17.49/15.02 (DPS 0.03)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.084, estimate highest/lowest PE = 16.49/13.63 (DPS 0.035)
- Estimate next 4Q eps after 2009 Q1 result announced = 0.0899, estimate highest/lowest PE = 14.07/11.4 (DPS 0.035)

JOBST latest news (English)

JOBST latest news (Chinese)



Financial Quarter Summary
a_dateyearqrth_pricel_pricedivroec_roerevc_revpbtc_pbtprofc_profepsc_epsassetliabminoequicfocficffcashfcfnetfinalsharec_sharem_capdategros_moper_mprof_mvatasset_tpenavpsntapsp/ntapscpsl_curl_quil_cashg_deg_daavg_winv_drec_dpay_d
2012-02-2120114N/AN/A0.01753.97%23.14%3397513985710460601527495437010.02290.1340238126492891485188837499761355121842511173642514583657003269763261027193472011-12-31-26.18%30.79%28.16%0.587316.41670.570.573.860.282.20642.20641.86290.26310.20742.3%-44197
2011-11-15201132.82.070.01756.07%19.00%36030105882158494969211560362060.03530.111123534744788342219055941621884716220515813277416554681353277493259418193722011-09-30-41.25%43.99%22.82%0.5746-0.570.574.390.282.41472.41472.06240.23930.190346.6%-42184
2011-08-23201122.82.30.0156.94%12.82%3622669852177063384313354246460.04100.07582395004721126051922892949512202833550548172938958595063258563250829352062011-06-30-43.42%48.88%21.31%0.5413-0.580.584.950.262.12862.12861.77960.24890.197140.9%-46184
2011-05-18201112.992.60.0156.23%6.23%3362633626161371613711292112920.03490.0349224720433572006181363149293283731501211460110870609913232873232879052032011-03-31-43.36%47.99%24.67%0.548-0.550.555.090.232.11092.11091.69880.24170.192938.8%-53194
2011-02-24201042.922.450.0156.84%24.34%29355117148119495520811508409610.03520.12652049753666411501683114300725601169854975917406421501803266773239019310292010-12-31-36.54%40.71%0.13%0.571522.53650.520.515.590.192.10552.10551.7140.21930.178934.3%-44179
2010-11-16201033.012.710.0156.25%19.08%304258779314867432599646294530.02970.091118881334434171215437933467135591269249504199087216567203249713232039424152010-09-30-43.31%48.86%30.83%0.5876-0.470.466.30.212.41392.41391.99250.22550.182443.3%-47165
2010-08-17201023.052.070.01257.52%13.39%2974157368157362839211115198070.03430.0614180864329642033147900229721365080774954893221245507933242713223646712402010-06-30-46.54%52.91%25.97%0.5809-0.450.444.70.182.25432.25431.83120.2260.182338.6%-48167
2010-05-18201012.091.880.01254.89%4.89%27627276271265612656869286920.02710.027121150133570153017793192501330213914987740522661472163202973202976502022010-03-31-44.35%45.81%26.35%0.4644-0.550.543.760.172.17742.17741.690.19030.158739.4%-60181
2010-02-22200942.161.510.0154.81%20.56%23158923419705357186271267810.01990.085015799727747305713025029817221278454514057690764506413152453149874791722009-12-31-41.36%41.91%29.36%0.584417.87760.40.393.90.192.5892.5892.18180.21810.175646.5%-43159
2009-11-17200931.591.370.0156.04%16.25%245396918310451260137621205100.02410.06491525832637824281262052066815778498251267489092511753167073161484433892009-09-30-42.08%42.59%24.15%0.5991-0.390.383.680.192.76422.76422.32250.21310.172949.5%-45146
2009-08-18200921.421.18-6.08%10.75%22892446448817155627294128890.02310.040814360423677210711992713011622494950987136338684596713160283158643950352009-06-30-38.95%38.52%14.49%0.6578-0.370.363.470.223.35563.35562.94860.2010.164957.5%-36136
2009-05-14200911.31.06-4.79%4.79%217522175267456745559555950.01770.0177144221273361934116885645832548915130797128821601283167823167823579632009-03-31-30.34%31.01%10.78%0.6852-0.360.353.230.223.07273.07272.63290.23780.189556.0%-43145
2009-02-20200841.280.9650.0151.52%29.60%222341023313595399181687328090.00530.103313877627925160711085146712327921755054750139203630511203180033177594038632008-12-31-38.85%16.17%40.06%0.737412.30010.340.333.850.222.96382.96382.54070.25560.201252.2%-41157
2008-11-21200831.41.20.0210.09%27.03%2759080096132123632211613311210.03630.09781443442920217531151424020728062114865471912145659553783196653181414411372008-09-30-47.09%47.89%8.70%0.7153-0.360.353.940.233.00423.00422.58430.25750.202355.3%-42161
2008-08-22200821.81.21-8.72%18.78%272485250710806231119055195090.02840.06151359743211424171038602681813903410354489129158812633013185263173535096412008-06-30-43.98%39.66%11.37%0.7165-0.320.315.160.262.91222.91222.5840.31660.236261.7%-39189
2008-05-16200811.81.6-10.73%10.73%2525925259123051230510454104540.03280.032812488927419194797470148533534592254212113195397596093185603185605415522008-03-31-47.24%48.72%9.14%0.7239-0.30.295.860.243.23473.23472.77220.2870.219567.6%-51167
2008-02-25200741.81.560.027.76%33.43%23149830797607336636709288860.02100.09081146382821912488641940673192354019370612143817419544803196203182135401572007-12-31-32.57%32.86%8.10%0.724518.61730.270.266.50.243.08553.08552.71410.33130.246270.7%-45186
2007-11-23200732.51.620.01510.49%25.98%217665993010555260568953221770.02820.070210336317992179785371276771884435773672988335256419853178893161006993552007-09-30-44.93%48.49%10.60%0.7309-0.260.268.460.24.15234.15233.50360.21530.174175.0%-56130
2007-08-24200722.222.16-9.60%17.47%20235381438358155027265132240.03450.06299233916651131075688186021730035773643313022275341582104972101574651982007-06-30-38.15%41.30%10.31%0.5824-0.350.346.50.263.85993.85993.25680.22390.180388.5%-67165
2007-05-1520071N/AN/A-8.82%8.82%179081790871457145596059600.02830.028385093174901533676031017770913910363743086824355502107732107733857142007-03-31-38.11%39.90%10.96%0.3942-0.310.36.10.223.26463.26462.60750.26470.2055118.0%-123276
2007-02-2720064N/AN/A-12.31%35.37%15639657447967248967555217090.03590.103378248168721124613762574112773330826665129689660363252107382100563730062006-12-31-27.48%50.94%4.39%0.199917.12650.290.276.560.223.36323.36322.74840.280.2156254.8%-238522

Financial Quarter Balance Sheet
yearqrtAvailable-for-sale investment (A-0)Deferred tax assets (A-0)Intangible assets (A-0)Investment in associated companies (A-0)Property, plant and equipment (A-0)Cash and cash equivalents (A-1)Current tax assets (A-1)Other investments (A-1)Other receivables, deposits and prepayments (A-1)Trade receivables (A-1)Deferred tax liabilities (L-0)Loans & borrowings (L-0)Current tax liabilities (L-1)Deferred income (L-1)Dividend payable (L-1)Loans & borrowings (L-1)Payables and accruals (L-1)Trade and other payables (L-1)Minority interest (M-1)
2011425754346326488243015599657002925679576162489227214032040-170-147031485
2011327211322726487981214961681351323669109714574-274406130935-173-93453422
2011236002304426488337014552595061723998111615247-2875307305763200156-76852605
2011134495298126487953314208609911312126111716608-316486429326-152-86992006
201042742830302648811171433250180712028111513090-369284224465-158-88301150
20103254651452978643891387656720-1093335341077382398530322216-1536282-1712
20102236031402978676001363250793-843444299255185436482121371-1535998-2033
2010111826514329784904136414721618333564110379247453408221147-1467495-1530
20094657551432978565513518506411830522138788215515189818218-1546747-3057
2009358379140297866771350951175-839625178812153576257116515-1616402-2428
2009242459144297869281366759671-83662516687516587141015513-1535998-2107
2009138004139297872071384860128-101722732901316619307816760-1746689-1934
2008433601166297873791399451120-180222702881416695250016233-1608321-1607
20083305251202978111491391455378-183093109886272617230017258-1568799-1753
2008224459239297829171382363301-179402109820872602195416665-14512676-2417
2008189412222978106771360159609-1621021741047769-277916819--7752-1947
20074-2072978109071369054480178219211635864269-187612129--14145-1248
20073-18828081185613841419851772102011488-9-133811389--5256-1797
20072-2582805113881365134158175200419863-9-83110746--5065-1310
20071-55028071088413784355501761003211310-9-59110415--6475-1533
20064-6932809419913834363251781002110189-9-8177751--8295-1124

Financial Quarter Income Statement
yearqrtRevenueIncome tax expenseFinance/interest costsOther incomeAdministrative/Operating expensesMinority interestFinance/interest incomeShare of profit/ (loss) of associatesGain/loss on disposal of subsidiariesImpairment lossReversal/(Provision) for diminution in quoted investmentGain/Loss on disposal of investment in an associateFair value gain/loss on financial assets at fair valueImpairment loss in respect of goodwill
20114339752946017425208194511078----10-
201133603036173257213206723581695----1168-
20112362263774578205395783501514----82-
201113362639813601193868642311047----21-
201042935516360186684252571139-330--139-
2010330425458443172476372891407----0-
201022974140863654162505352521319----23-
20101276273335468015752629205124----24-
200942315828495188136915852292040700730---
2009324539252441521430030625527166-14---
20092228921278512814054245231301--74---
2009121752727517715275423277181------
20084222341440517113700468360102-340019630--
2008327590114947314637450272236--1540--
200822724812291024215400522334215--811312--
200812525911255681336272636419------
2007423149616834215840282351211-----598
20073217661119-7112026483315445--16---
2007220235862-7112560231206406------
2007117908783-181109440222390------
2006415639350-1681121962513117---3319--

Financial Quarter Segments Revenue
yearqrtOthersElimination/AdjustmentMalaysiaSingaporePhilippines
201142671517457073970865224
20113238885853444064325370
20112197315022070066824358
20111189215032188861195230
201042222280874561558313774
20103139646042365457214258
20102124814362069353953841
20101107612361834450694374
20094744297284431343403489
2009370110941763843092985
2009281010951676336842730
2009185510951501032753707
200841387339284798537203071
20083172314601878046983848
20082157216281858647943924
2008116397741648139683945
200742764197633333036273226
200732857971501539333316
200722147891484034082562
200712374711245028932799
20064149263503816424981408

Financial Quarter Segments Profit
yearqrtOthersElimination/AdjustmentMalaysiaSingaporePhilippines
2011467542381534661611142
201136247131478428681966
20112160-1180922401556
20111341-938226552463
2010427926956350311472921
2010317630731269215341846
2010286-1006623881777
20101166-817123531865
2009416928069350236342238
2009376-782415761067
2009217-72681029792
20091345-42456941858
200844583558714482132
2008365-939319141653
2008274-814018732013
2008173-779417972301
2007422646061101279
20073100-600918122005
20072413-527713411541
20071175-44108011796
20064797194373365559

Financial Quarter Segments Associate
yearqrtOthersMalaysiaSingapore
20114-1078-
20113-1695-
20112-1514-
20111-1047-
20104-1139-
20103-1407-
20102-1319-
20101-6559
20094-132167
20093-19279
20092-24853
20091-16021
20084-2181
20083-38274
20082-95310
20081-186205
20074-359147
20073-53893
20072-50095
20071-213123
20064101-16

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


CHANGES IN SHAREHOLDING
ANNUAL REPORTS


HISTORICAL


CHANGES IN SHAREHOLDING


ARCHIVES


CHANGES IN SHAREHOLDING




CHANGES IN SHAREHOLDING




1-Years Historical Chart from shareinvestor.com

5-Years Historical Chart from shareinvestor.com

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