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Thursday, March 1, 2012

KLCI Stock - MMCCORP / 2194 - 2011 Quarter 4

MMC CORPORATION BERHAD


My notes based on 2011 quarter 4 report (number in '000):-
- Higher profits from the Energy & Utilities segment mainly due to higher average dispatch factor achieved by Malakoff’s power plants. This was driven by higher dispatch factor from Malakoff’s coal fired plant, Tanjung Bin Power Sdn. Bhd. (“TPB”) in response to the shortage of power caused by the gas curtailment which hindered the dispatch of the gas fired plants

- Lower finance charges resulting from loan repayments during the year, coupled with improved performance of Malakoff’s associate, Kapar Energy Venture Sdn. Bhd. had also contributed to higher profits for the Group

- Other contributing factors relate to cost cutting measures employed resulting in lower administrative and other operating expenses across the Energy & Utilities segment companies

- However, offset by lower margins (margin per mmBtu of gas sold has decreased by 13.7%) on the new gas tariff imposed on Gas Malaysia Berhad, (effective June 2011) despite higher volume of gas sold for the year which was 6.0% higher than the previous year

- Higher revenue from Transport & Logistics segment mainly driven by higher throughput volume at both Pelabuhan Tanjung Pelepas and Johor Port Berhad

- Contribution from Senai Airport Terminal Sdn. Bhd. had declined due to lower revenue from ground and cargo handling

- Higher profit from Engineering & Construction segment mainly contributed by higher percentage of completion achieved for the Double Tracking Project coupled with the absence of profit revisions for the project

- Lower losses registered from our associate, Zelan Berhad had also contributed towards the higher profits for this segment

- Estimate next 4Q eps after 2011 Q4 result announced = 9469965*0.035/3045100 = 0.1088, estimate PE on current price 2.75 = 24.91(DPS 0.04)
- Estimate next 4Q eps after 2011 Q3 result announced = 0.0302*4 = 0.1208, estimate highest/lowest PE = 25.04/19.5 (DPS 0.035)
- Estimate next 4Q eps after 2011 Q2 result announced = (0.0269*3+0.0141)*1.1 = 0.1043, estimate highest/lowest PE = 25.84/20.76 (DPS 0.035)
- Estimate next 4Q eps after 2011 Q1 result announced = 0.1133*1.05 = 0.119, estimate highest/lowest PE = 24.08/18.61 (DPS 0.035)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.1133, estimate highest/lowest PE = 25.99/22.29 (DPS 0.035)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.0676*2*1.1 = 0.1487, estimate highest/lowest PE = 21.45/17.82 (DPS 0.03)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.0402*2*1.1 = 0.0884, estimate highest/lowest PE = 37.56/27.94 (DPS 0.03)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.0777*1.1 = 0.0855, estimate highest/lowest PE = 31.23/25.73 (DPS 0.03)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.0777*1.1 = 0.0855, estimate highest/lowest PE = 29.82/25.38 (DPS 0.03)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.0297*4*0.9 = 0.1069, estimate highest/lowest PE = 23.43/20.63 (DPS 0.025)

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