KLCI Stock - NOTION / 0083 - 2011 Quarter 1

NOTION VTEC BERHAD

Company Description

NOTION VTEC BERHAD is a Malaysia-based investment holding company engaged in the provision of management services. The Company operates in two segments: manufacturing, engaged in manufacturing high volume precision components and tools, and investing, is involved in investment holding and provision of management services. The Company through its subsidiaries is engaged in design of tooling, and volume manufacturing of precision metal machining of hard disk drive, computer, consumer electronics and electrical components; design, development, manufacture, and marketing of precision jigs and fixtures, tools and dies; development and modification of cutting tool geometry; research and development to design and produce air chuck assembly system for soft clamping. Its subsidiaries include Swiss Impression Sdn. Bhd. and Notion (Thailand) Co., Ltd., Notion Venture Sdn. Bhd., Intech Precision Sdn. Bhd., NV Technology Sdn. Bhd., Kaiten Precision (M) Sdn. Bhd., and Diaphragm Tech Sdn. Bhd.

Company Info 

Listing Date	2005-06-07
IPO Price	0.63
Market Capital (Capital Size)	323,033,280 (Small)
Par Value	RM 0.50
Board	Main
Sector	Technology
Major Industry	Camera
Sub Industry	Hard Disk Drive
Website	http://www.notionvtec.com/

My Analysis 

Forecast P/E now	(2.09-0.03)/0.2399 = 8.59 (Moderate)
Target Price	2.40+0.03 = 2.43 (PE 10.0, EPS 0.2399, DPS 0.03)
Decision	BUY if stock price stay upper Bolinger band or near to SMA20 and got very strong buying volume than selling
Comment	Revenue decreased 36% and also lower than preceding year corresponding quarter 33.9%, eps decreased 138.7% and also lower than preceding year corresponding quarter 135.6%, cash generated from operating more than enough to cover all expenses, weaker liquidity from moderate to low level now, slightly higher gearing ratio at moderate level now, debt ratio still low, higher inventory can indicate strong demand of Group products
First Support Price	2.0
Second Support Price	1.9
Risk Rating	MODERATE

Accounting Ratio 

Return on Equity	11.05%
Dividend Yield	1.44%
Gross Profit Margin	13.72%
Operating Profit Margin	-8.16%
Net Profit Margin	-11.62%
Tax Rate	-
Asset Turnover	0.5336
Net Asset Value Per Share	1.71
Net Tangible Asset per share	1.71
Price/Net Tangible Asset Per Share	1.18
Cash Per Share	0.22
Liquidity Current Ratio	1.9964
Liquidity Quick Ratio	1.2237
Liquidity Cash Ratio	0.4657
Gearing Debt to Equity Ratio	0.5346
Gearing Debt to Asset Ratio	0.3473
Working capital per thousand Ringgit sale	33.7%
Days to sell the inventory	124
Days to collect the receivables	88
Days to pay the payables	90

Technical Analysis 

SMA 20	2.023 (Uptrend 49 days)
SMA 50	1.894 (Uptrend)
SMA 100	1.744 (Uptrend)
SMA 200	1.837 (Same)
MACD (26d/12d)	0.049684 ( 0.000606 )
Signal (9)	0.049526 ( 3.9e-005 )
MACD Histogram	0.000158 (Bullish trend 1 day)

My notes based on 2012 quarter 1 report (number in '000):-
- Lower revenue and losses were mainly attributable to the lower revenue of about 36% as two of our major customers temporarily ceased operations in October 2011 due to severe flooding in Thailand and the recognition of flood related property damage losses and the associated claims in relation to the Group’s production facilities in Ayutthaya, Thailand

- In Q1FY2012, HDD parts revenue recorded RM 13.6 million (Q4FY2011: RM 20.8 million), camera parts recorded RM 16.4 million (Q4FY2011: RM 30.9 million) whilst the industrial/automotive revenue was at RM 9.6 million (Q4FY2011: RM 10.2 million). The product mix for Q1FY2012 was HDD: Camera: Industrial/Automotive of 34%: 42%: 24% compared to previous quarter’s mix of 34%: 50%: 16%

- Estimate next 4Q eps after 2012 Q1 result announced = 264722*0.14/154475 = 0.2399, estimate PE on current price 2.09 = 8.59(DPS 0.03)
- Estimate next 4Q eps after 2011 Q4 result announced = (0.3033-0.1)*0.5 = 0.1017, estimate highest/lowest PE = 19.86/14.55 (DPS 0.03)
- Estimate next 4Q eps after 2011 Q3 result announced = 0.24*0.9 = 0.216, estimate highest/lowest PE = 8.98/6.2 (DPS 0.06)
- Estimate next 4Q eps after 2011 Q2 result announced = 0.24, estimate highest/lowest PE = 9.13/7.04 (DPS 0.06)
- Estimate next 4Q eps after 2011 Q1 result announced = 0.06*4 = 0.24, estimate highest/lowest PE = 9.6/6.81 (DPS 0.045)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.0523*4*0.9 = 0.1883, estimate highest/lowest PE = 11.44/8.2 (DPS 0.045)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.0192*3+0.0806 = 0.1382(It may take 3Q to apply corrective measures to control costs, minimise rejects and maximise its production capacity), estimate highest/lowest PE = 15.16/10.67 (DPS 0.025)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.3788 (0.1804*2 = 0.3608, 5% grow from 0.3608), estimate highest/lowest PE = 8.65/5.24 (DPS 0.025)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.3674, estimate highest/lowest PE = 9.44/7.57 (DPS 0.03)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.0185*4 = 0.074, estimate highest/lowest PE = 11.62/9.95 (DPS 0.03)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.0158*4 = 0.0632, estimate highest/lowest PE = 8.39/5.49 (DPS 0.01)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.0065*4 = 0.026, estimate highest/lowest PE = 13.46/9.23 (DPS 0.01)
- Estimate next 4Q eps after 2009 Q1 result announced = 0.0103*4 = 0.0412, estimate highest/lowest PE = 6.8/3.64 (DPS 0.01)

NOTION latest news (English)

NOTION 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	gros_m	oper_m	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
2012-02-20	2012	1	N/A	N/A	-	1.82%	1.82%	39630	39630	4606	4606	4831	4831	0.0313	0.0313	405557	140835	1278	264722	29409	8927	11150	23537	20482	9332	32869	154475	154475	312039	2011-12-31	13.72%	8.16%	11.62%	-	0.5336	-	1.71	1.71	1.18	0.22	1.9964	1.2237	0.4657	0.5346	0.3473	33.7%	124	88	90
2011-11-23	2011	4	2.05	1.51	-	4.63%	17.35%	61966	236767	14279	55298	12499	46860	0.0809	0.3033	411425	141398	1233	270027	54724	43689	21697	34891	11035	10662	24229	154476	154476	236348	2011-09-30	21.98%	22.76%	23.04%	12.95%	0.5755	5.0437	1.74	1.74	0.88	0.16	2.2047	1.5476	0.3637	0.526	0.3437	34.0%	91	108	67
2011-08-11	2011	3	2.0	1.4	-	3.93%	13.34%	60891	174801	13137	41019	10127	34361	0.0656	0.2224	391556	134064	1261	257492	28750	31368	16383	35218	2618	19001	16217	154476	154476	301228	2011-06-30	27.85%	21.43%	21.57%	22.47%	0.5818	-	1.66	1.66	1.17	0.11	2.4096	1.7023	0.3028	0.5232	0.3424	33.9%	82	107	48
2011-05-10	2011	2	2.25	1.75	0.03	4.31%	9.64%	53929	113910	12091	27882	10825	24234	0.0701	0.1569	386258	134831	1204	251427	18734	18416	6677	35313	318	6359	28954	154477	154477	319767	2011-03-31	24.62%	19.29%	22.42%	10.47%	0.5895	-	1.62	1.62	1.28	0.19	2.6317	1.8283	0.5854	0.5388	0.3491	35.8%	81	82	39
2011-02-21	2011	1	2.35	1.68	-	5.58%	5.58%	59981	59981	15791	15791	13409	13409	0.0879	0.0879	400452	160118	1204	240334	863	7664	7457	35016	6801	656	35672	152495	152495	314139	2010-12-31	28.17%	24.36%	26.33%	14.83%	0.5756	-	1.57	1.57	1.31	0.24	2.1738	1.6405	0.5452	0.6696	0.3998	34.8%	74	99	58
2010-11-23	2010	4	2.2	1.59	0.045	3.45%	16.00%	52989	226839	6705	44288	8076	37432	0.0523	0.2488	394191	160277	1163	233914	54967	111783	72679	19397	56816	15863	35260	154561	150427	251934	2010-09-30	15.73%	14.73%	12.65%	-	0.5755	6.5504	1.55	1.55	1.05	0.24	1.8159	1.3641	0.471	0.6886	0.4066	28.3%	76	99	95
2010-08-05	2010	3	2.12	1.5	-	1.31%	12.99%	60812	173850	3974	37583	2969	29356	0.0192	0.1970	364919	138875	1087	226044	32381	75949	62268	19394	43568	18700	38094	154564	149034	340040	2010-06-30	13.25%	8.20%	6.53%	22.27%	0.6257	-	1.51	1.51	1.46	0.25	2.1089	1.5809	0.5718	0.6173	0.3806	32.9%	81	109	80
2010-04-29	2010	2	3.3	2.01	-	5.44%	11.72%	56709	113038	15508	33609	12252	26387	0.0806	0.1804	350245	125157	967	225088	25936	43996	55672	19236	18060	37612	56848	151946	146270	486227	2010-03-31	31.87%	27.92%	27.35%	21.16%	0.6059	-	1.53	1.53	2.09	0.38	2.3114	1.7367	0.8741	0.5584	0.3573	40.7%	102	98	79
2010-02-10	2010	1	3.5	2.81	-	8.02%	8.02%	56329	56329	18101	18101	14185	14185	0.1008	0.1008	283017	106236	942	176781	18042	19464	1314	19355	1422	2736	16619	140717	140717	392600	2009-12-31	37.38%	32.35%	32.13%	22.69%	0.6493	-	1.25	1.25	2.23	0.13	1.7986	1.3046	0.3231	0.6042	0.3754	25.2%	89	113	98
2009-11-10	2009	4	3.52	2.29	0.025	7.87%	21.80%	54481	172709	16436	42963	12961	35898	0.0184	0.0510	255388	90699	1134	164689	32403	27946	2065	16732	4457	2392	19124	703583	703583	1829315	2009-09-30	38.09%	31.44%	30.17%	20.44%	0.6763	50.9587	0.23	0.23	11.3	0.03	2.1144	1.6518	0.4721	0.5545	0.3551	28.0%	65	108	64
2009-08-18	2009	3	2.85	0.355	-	7.13%	14.76%	44709	118228	12698	26527	11087	22937	0.0158	0.0326	238556	83135	1019	155421	19103	20066	3034	16641	963	3997	12644	703583	703583	239218	2009-06-30	36.42%	29.19%	28.40%	12.53%	0.6954	-	0.22	0.22	1.55	0.02	2.107	1.503	0.3668	0.5384	0.3485	24.8%	72	93	59
2009-05-12	2009	2	0.36	0.25	0.0050	3.15%	8.11%	28242	73519	5192	13829	4607	11850	0.0065	0.0168	228097	81983	999	146114	14262	16587	494	16637	2325	2819	13818	703583	703583	189967	2009-03-31	28.68%	20.48%	18.38%	13.06%	0.6738	-	0.21	0.21	1.29	0.02	1.8237	1.1509	0.4041	0.565	0.3594	19.7%	83	65	57
2009-02-19	2009	1	0.3	0.16	-	4.99%	4.99%	45277	45277	8637	8637	7243	7243	0.0103	0.0103	241259	96155	1092	145104	12780	11114	3679	16624	1666	5345	21969	703583	703583	133680	2008-12-31	33.38%	19.84%	19.08%	15.73%	0.6661	-	0.2	0.2	0.95	0.03	1.4902	1.0377	0.4211	0.6677	0.3986	16.6%	80	76	97
2008-11-12	2008	4	0.24	0.17	0.0050	6.44%	23.88%	47668	146104	11192	40859	8879	32919	0.0126	0.0468	237574	99743	1057	137831	49002	37150	14847	19624	11852	2995	16629	703583	703583	140716	2008-09-30	26.98%	23.84%	23.48%	19.91%	0.615	4.2746	0.19	0.19	1.05	0.02	1.3973	1.0281	0.2908	0.7293	0.4198	16.4%	81	111	131
2008-08-14	2008	3	0.335	0.2	0.0050	5.74%	18.07%	32494	98436	8327	29667	7642	24040	0.0130	0.0410	209644	76610	1581	133034	30291	58875	19977	19629	28584	8607	11022	586320	586320	193485	2008-06-30	27.38%	24.73%	25.63%	10.74%	0.5852	-	0.22	0.22	1.5	0.02	1.7056	1.0934	0.2931	0.5828	0.3654	23.5%	109	97	97
2008-05-13	2008	2	0.43	0.325	-	6.07%	13.06%	35274	65942	10651	21340	7625	16398	0.0130	0.0280	192403	66801	1791	125602	27900	40892	2359	19629	12992	10633	8996	586320	586320	246254	2008-03-31	33.57%	29.70%	30.20%	27.88%	0.5842	-	0.21	0.21	2.0	0.02	1.3219	0.8926	0.2116	0.5395	0.3472	14.5%	102	112	139
2008-02-26	2008	1	0.48	0.38	-	7.05%	7.05%	30668	30668	10689	10689	8773	8773	0.0150	0.0150	162741	38372	1733	124369	9605	20095	3990	19629	10490	14480	5149	586320	586320	252117	2007-12-31	37.46%	33.79%	34.85%	15.86%	0.6477	-	0.21	0.21	2.05	0.01	2.0935	1.4107	0.211	0.3129	0.2358	27.6%	94	111	91
2007-11-20	2007	4	0.48	0.39	0.011	6.74%	21.82%	24240	104491	7944	30884	8216	26620	0.0140	0.0454	150111	28140	1512	121971	34713	11034	14044	9994	23679	9635	19629	586320	586320	255049	2007-09-30	28.31%	31.82%	32.77%	-	0.6961	9.5811	0.21	0.21	2.07	0.03	3.4484	2.5885	1.1536	0.2336	0.1875	40.9%	80	87	58
2007-08-23	2007	3	0.47	0.42	-	2.78%	16.31%	22227	80251	2226	22940	3134	18404	0.0053	0.0314	143252	30406	1336	112846	26244	9609	10164	9994	16635	6471	16465	586320	586320	293160	2007-06-30	21.01%	10.75%	10.01%	-	0.7542	-	0.19	0.19	2.63	0.03	2.931	2.2192	0.9316	0.2727	0.2123	35.4%	73	86	64
2007-05-22	2007	2	N/A	N/A	0.01	7.00%	13.94%	28278	58024	10010	20714	7662	15270	0.0131	0.0260	146969	37435	1158	109534	19905	7482	6454	9994	12423	5969	15963	586320	586320	351792	2007-03-31	42.14%	34.86%	35.40%	21.42%	0.5839	-	0.18	0.18	3.33	0.03	2.3795	1.7973	0.6656	0.3454	0.2547	41.6%	104	124	102
2007-02-12	2007	1	N/A	N/A	-	7.48%	7.48%	29746	29746	10704	10704	7608	7608	0.0130	0.0130	146995	45327	954	101668	10233	4956	3159	9994	5277	8436	18430	586320	586320	287296	2006-12-31	42.01%	36.42%	35.98%	28.32%	0.3914	-	0.17	0.17	2.88	0.03	1.8147	1.4368	0.5506	0.4501	0.3084	48.3%	128	191	158
2006-11-15	2006	4	N/A	N/A	0.01	5.98%	20.69%	27791	89912	6431	25076	5974	20657	0.0102	0.0352	129656	29798	889	99858	24860	29217	21427	35778	4357	25784	9994	586320	586320	246254	2006-09-30	29.72%	24.18%	23.14%	5.82%	0.2143	11.9211	0.17	0.17	2.47	0.02	2.2952	1.8616	0.4861	0.3011	0.2298	95.8%	167	365	223

Financial Quarter Balance Sheet

year	qrt	Investment in associated companies (A-0)	Property, plant and equipment (A-0)	Cash and cash equivalents (A-1)	Current tax assets (A-1)	Deposits with licensed banks (A-1)	Derivative financial assets (A-1)	Inventories (A-1)	Other receivables, deposits and prepayments (A-1)	Trade receivables (A-1)	Deferred tax liabilities (L-0)	Loans & borrowings (L-0)	Amount due to associated companies (L-1)	Bank overdraf (L-1)	Derivative financial liabilities (L-1)	Dividend payable (L-1)	Loans & borrowings (L-1)	Payables and accruals (L-1)	Provision for taxation (L-1)	Trade and other payables (L-1)	Minority interest (M-1)
2012	1	-	259358	21056	3154	13047	-	56589	14967	37386	16347	51258	-	1234	158	-	30680	25731	-	15427	1278
2011	4	-	263924	13446	9299	10884	-	43959	8781	61132	16323	58172	-	101	14	-	34455	20223	-	12110	1233
2011	3	-	259619	14340	8852	2240	1210	38732	9364	57199	14447	64863	-	362	-	-	31678	12271	167	10276	1261
2011	2	-	254673	27040	10090	2229	1191	40171	6569	44295	13083	71748	-	315	-	-	30443	9147	117	9978	1204
2011	1	-	252025	35005	11427	2219	627	36414	8391	54344	13508	78331	-	1553	-	6862	31619	14380	-	13865	1204
2010	4	-	251530	31678	8889	5323	-	35490	7571	53710	12246	69467	-	1742	-	-	32398	30641	-	13783	1163
2010	3	-	222136	36540	172	2176	-	35746	15794	52355	12359	58811	-	621	-	-	32512	18812	792	16552	1087
2010	2	2606	195330	55431	58	2167	-	37872	9377	47404	6985	52277	4451	750	-	3817	25904	10919	5851	14203	967
2010	1	2245	176311	16608	57	2158	-	28690	12477	44471	6935	41222	3151	2147	-	-	19987	14946	4304	13544	942
2009	4	1939	161761	18321	255	2149	-	20058	5144	45761	7263	40072	2554	1346	-	3466	16855	7333	1972	9838	1134
2009	3	1728	158563	11484	57	2139	-	22437	3246	38902	7066	38924	-	979	-	-	16601	10292	1205	8068	1019
2009	2	1507	159654	12700	150	2131	-	24695	2878	24382	7635	37644	-	1013	-	3518	15101	12285	145	4642	999
2009	1	1332	158710	19586	190	3364	-	24660	4523	28894	7618	34037	-	981	-	3518	19364	20883	856	8898	1092
2008	4	1190	151862	8715	246	8873	-	22336	4978	39374	7934	31320	-	958	-	3518	18402	26290	1302	10019	1057
2008	3	1139	138877	8689	87	3275	-	24994	5550	27033	6978	28810	-	942	-	-	14110	13724	3501	8545	1581
2008	2	968	124478	7452	80	3265	-	21747	6191	28222	7409	8741	-	1721	-	6450	10111	22123	2820	7426	1791
2008	1	801	106149	2368	40	3254	-	18195	4407	27527	6996	4726	-	473	-	-	7778	12671	813	4915	1733
2007	4	736	89238	3947	114	16171	-	14997	2762	22146	6666	4035	-	489	-	5863	-	6268	157	4662	1512
2007	3	-	85198	11994	88	6458	-	14098	4948	20468	7062	3537	-	1987	-	-	4576	3955	893	8396	1336
2007	2	-	85362	11282	81	5951	-	15072	3534	25687	7398	4146	-	1270	-	-	7677	5314	2036	9594	1158
2007	1	-	85132	12852	102	5917	-	12884	2939	27169	6336	4902	-	339	-	5863	10659	5917	1347	9964	954
2006	4	-	82467	2972	499	7022	-	8914	1499	26283	5389	3849	-	-	-	-	8566	4654	43	7297	889

Financial Quarter Income Statement

year	qrt	Revenue	Income tax expense	Cost of sales	Finance/interest costs	Other income	Administrative/Operating expenses	Minority interest	Share of profit/ (loss) of associates	Derivative (loss)/gain
2012	1	39630	180	34192	1249	884	9626	45	-	53
2011	4	61966	1849	48348	1235	5886	4059	69	-	69
2011	3	60891	2952	43934	1859	375	4205	58	-	1869
2011	2	53929	1266	40654	1507	2228	4668	0	-	2763
2011	1	59981	2342	43083	1447	2479	4160	40	-	2021
2010	4	52989	1451	44655	1464	2479	2644	80	0	-
2010	3	60812	885	52756	1246	1510	4454	120	108	-
2010	2	56709	3281	38637	1407	2146	3784	25	481	-
2010	1	56329	4108	35275	1033	1612	3923	192	391	-
2009	4	54481	3360	33730	1290	959	4277	115	293	-
2009	3	44709	1591	28424	896	877	3856	20	288	-
2009	2	28242	678	20142	917	479	2698	93	228	-
2009	1	45277	1359	30162	874	1783	7563	35	176	-
2008	4	47668	2228	34808	742	1705	2794	85	163	-
2008	3	32494	894	23596	435	2300	2594	209	158	-
2008	2	35274	2969	23432	561	1829	2651	57	192	-
2008	1	30668	1695	19181	231	1438	2076	221	71	-
2007	4	24240	448	17377	103	1248	-	176	64	-
2007	3	22227	1086	17557	294	1215	3365	178	-	-
2007	2	28278	2144	16361	221	1073	2759	204	-	-
2007	1	29746	3031	17250	395	732	2129	65	-	-
2006	4	27791	374	19532	466	729	2091	83	-	-

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