Sponsor by Innity

Sponsor by cwyeoh

Sponsor by Nuffnang

Sunday, April 8, 2012

KLCI Stock - IOICORP / 1961 - 2012 Quarter 2

IOI CORPORATION BERHAD

Company Description
IOI CORPORATION BERHAD is an investment holding company engaged in the cultivation of oil palm and processing of palm oil. It operates in five segments. The plantation segment is engaged in cultivation of oil palm and rubber and processing of palm oil. Property development segment is engaged in the development of residential and commercial properties. Property investment segment is engaged in investment in shopping mall, office complex and other properties. Resource-based manufacturing segment is engaged in manufacturing of oleochemicals, specialty oils and fats, palm oil refinery and palm kernel crushing. The other operations segment is engaged in management and operation of hotels and resorts, landscape services. In November 2007, it acquired Lynwood Capital Resources Pte Ltd, Oakridge Investments Pte Ltd and Oleander Capital Resources Pte Ltd. In June 2008, the Company acquired Dreammont Development Sdn Bhd. In August 2008, the Company acquired Laksana Kemas Sdn Bhd.

Company Info 
Listing Date1980-07-28
Market Capital (Capital Size)34,182,929,005 (Very Large)
Par ValueRM 0.10
BoardMain
SectorPlantation
Major IndustryOil Palm & Others Crop
Sub IndustryProperty Development
Websitehttp://www.ioigroup.com

My Analysis 
Forecast P/E now(5.32-0.16)/0.3071 = 16.80 (Moderate)
Target Price5.22+0.16 = 5.38 (PE 17.0, EPS 0.3071, DPS 0.16)
DecisionNot interested unless stock price above SMA 20 and MACD can continue go up with strong buying or wait start moving up from Bolinger lower band
Comment
Revenue increased 0.4% and also higher than preceding year corresponding quarter 4.9%, eps increased 143.8% and also higher than preceding year corresponding quarter 11.6%, cash generated from operating enough to cover all expenses, better operating profit margin but still not yet reach above 20%, stronger liquidity ratio from moderate to high level now, lower gearing ratio from above moderate to moderate level now, lower debt ratio which still far from historical high, all accounting ratio is good, benefit from CPO price increasing but offset by lower crop production, higher property development cost can indicate got new property development project, resource-based manufacturing segment got high risk due to derivative contracts
First Support Price5.2
Second Support Price5.0
Risk RatingMODERATE

Research House
Kenanga Target Price5.52 (2011-07-29)
RHB Target Price5.3 (2011-07-29)
TA Target Price6.11 (2011-07-29)
UOB Target Price4.5 (2011-11-21)
AMMB Target Price5.95 (2012-02-24)
CIMB Target Price5.04 (2012-02-24)
HLG Target Price4.85 (2012-02-24)
HwangDBS Target Price5.5 (2012-02-24)
Maybank Target Price5.33 (2012-02-24)
MIDF Target Price5.12 (2012-02-24)
JF Apex Target Price5.95 (2012-03-02)
ECM Target Price4.64 (2012-03-27)
OSK Target Price5.38 (2012-03-28)

Accounting Ratio 
Return on Equity16.53%
Dividend Yield3.01%
Gross Profit Margin0.00%
Operating Profit Margin18.07%
Net Profit Margin18.41%
Tax Rate22.79%
Asset Turnover0.849
Net Asset Value Per Share1.88
Net Tangible Asset per share1.8
Price/Net Tangible Asset Per Share2.96
Cash Per Share0.5
Liquidity Current Ratio3.7594
Liquidity Quick Ratio2.3926
Liquidity Cash Ratio1.5522
Gearing Debt to Equity Ratio0.6318
Gearing Debt to Asset Ratio0.3816
Working capital per thousand Ringgit sale33.7%
Days to sell the inventory72
Days to collect the receivables35
Days to pay the payables33

Technical Analysis 
SMA 205.317 (Uptrend 5 days)
SMA 505.34 (Same)
SMA 1005.23 (Uptrend)
SMA 2005.024 (Uptrend)
MACD (26d/12d)0.004996 ( 0.00153 )
Signal (9)0.003441 ( 0.000389 )
MACD Histogram0.001555 (Bullish trend 6 days)

My notes based on 2012 quarter 2 report (number in '000):-
- Higher pbt in Plantation segment than FY11Q2 due to higher CPO price as well as higher FFB production (FY12: RM3032/MT, 902983MT; FY11: RM2800/MT, 820168)

- Lower pbt in Property Investment segment than FY11Q2 due to FY11Q2 included gain on disposal of an investment property amounting to RM61 million. By excluding this gain, the profit of property investment segment for FY12Q2 is 6% higher than FY11Q2 as a result of increase in overall average rental per square feet

- Higher pbt than FY12Q1 due mainly to translation gain on foreign currency denominated borrowings of RM31.2 million, as compare to translation loss in Q1 FY2012 of RM271.7 million

- The decrease of plantation segment results by 17% to RM462.3 million for Q2 FY2012 as compared to RM557.1 million for Q1 FY2012 is due mainly to lower FFB production of 902,983 MT (Q1 FY2012 – 973,293 MT) as well as lower CPO and PK prices

- Higher pbt from resource-based manufacturing segment than FY12Q1 due mainly to fair value differences on outstanding derivative contracts (Q2: RM2 million loss; Q1: RM79 million loss)

- Estimate next 4Q eps after 2012 Q2 result announced = 12367650*0.16/6443594 = 0.3071, estimate PE on current price 5.32 = 16.8(DPS 0.16)
- Estimate next 4Q eps after 2012 Q1 result announced = 0.3*0.85 = 0.255, estimate highest/lowest PE = 21.25/18.51 (DPS 0.18)
- Estimate next 4Q eps after 2011 Q4 result announced = (0.08+0.07)*2 = 0.3(exclude RM99 million fair value gain), estimate highest/lowest PE = 17.13/11.9 (DPS 0.18)
- Estimate next 4Q eps after 2011 Q3 result announced = 0.08*4*1.1 = 0.352(exclude RM126.1 million non-repeatable/other income), estimate highest/lowest PE = 14.8/11.7 (DPS 0.18)
- Estimate next 4Q eps after 2011 Q2 result announced = 0.1472*2 = 0.2944, estimate highest/lowest PE = 19.06/16.98 (DPS 0.18)
- Estimate next 4Q eps after 2011 Q1 result announced = 0.09*4 = 0.36, estimate highest/lowest PE = 16.64/14.64 (DPS 0.17)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.0828*4*1.05 = 0.3478, estimate highest/lowest PE = 16.79/14.32 (DPS 0.17)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.0692*1.1*4 = 0.3045, estimate highest/lowest PE = 17.34/15.04 (DPS 0.09)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.0729*4 = 0.2916, estimate highest/lowest PE = 19.31/17.46 (DPS 0.09)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.0737*4 = 0.2948, estimate highest/lowest PE = 18.86/16.72 (DPS 0.07)

IOICORP latest news (English)

IOICORP latest news (Chinese)

CPO Daily Price



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
2012-02-2320122N/AN/A0.074.67%6.76%4165860831347976681911909215776748357700.08970.129819998316763066629079312367650141349930372672851527749751109773381258315623364435946439824343443562011-12-31-18.07%18.41%22.79%0.849-1.881.82.960.53.75942.39261.55220.63180.381633.7%723533
2011-11-18201215.64.9-2.01%2.01%414761941476194044154044152384092384090.03680.0368199841568115229276854118689278850741769282725472787952708146435599322355164868636486863328235262011-09-30-10.27%9.75%37.41%0.8398-1.791.712.960.512.91.89571.20030.70010.406131.0%713649
2011-08-24201145.323.750.094.32%17.69%432424516154251713546280915052969121684370.08160.334219655119739372126222112261398895811129001973981539195493942081134023278552664901376489154303089392011-06-30-16.16%16.50%24.94%0.821913.97521.851.772.640.443.36672.10471.2460.61620.376233.5%794038
2011-05-16201135.394.3-5.45%13.85%434025911830006756207206329563205316064370.09730.25011818410065873492696451159675130231911786412942763909388420183874093303529564939566422601337036312011-03-31-18.12%17.42%14.59%0.8188-1.761.683.090.485.74383.61632.24820.58160.362344.0%884233
2011-02-16201125.795.180.084.63%8.47%3970487748974769620612969775271209642730.08040.147218240737685720530250111383532435993369207672473896948472913294334360261465558666550167374339942010-12-31-16.91%17.53%19.48%0.7509-1.691.613.550.564.09022.79811.88450.61880.375944.0%834043
2010-11-18201116.165.44-4.04%4.04%351926035192606007716007714371534371530.06680.06681803509172157393044421081935214287116054084836388405617669102505378155165471516547151386281902010-09-30-18.72%17.07%24.83%0.709-1.611.533.860.593.54092.61241.77570.68620.400143.0%724859
2010-08-24201046.015.150.14.95%17.41%305993812542962619423244197554846519270030.08280.300117343417627394428929211069473201105248913973553242894615219131448360387730666251486421460347820272010-06-30-20.34%20.24%12.45%0.723217.49491.681.63.280.594.99793.64892.70950.5820.361745.7%713935
2010-05-14201035.374.67-4.32%12.89%31473279483024621588182255246133813785380.06920.2157174802686789724310284106905441574670517538473749244183710571321530881397271866636966389995361838692010-03-31-23.31%19.75%23.98%0.7211-1.621.543.530.65.96054.33973.250.65410.388448.2%753932
2010-02-10201025.725.180.074.24%8.51%3060237633569759381012009634567809171990.07290.146617808394702743830310910780956111687836599199650224587467508871747389420613562629506256049325673402009-12-31-20.36%19.40%20.63%0.705-1.671.593.270.676.29524.67683.5030.67070.394650.7%704128
2009-11-24201015.635.0-4.95%4.95%327546032754606071536071534604194604190.07370.07371628506869849982888019300070580832218653711432462611362179291036275364762444596244459336576342009-09-30-20.07%18.54%22.54%0.8119-1.441.363.960.445.47163.75032.46140.77510.428937.9%644025
2009-08-26200945.624.950.025.55%11.21%31224561460047461275115501174870699835170.08180.165515981954720950842615687724462819265716743251709628739562102522414574245938259549065942452303104712009-06-30-28.72%19.62%18.27%0.913630.7541.41.323.860.414.70373.04961.92940.86380.451132.4%613628
2009-05-15200935.54.280.030.43%5.76%309640611478018141329937366373624964480.00630.0836160133617395263106930486180982358795520214219587528704431838581357294251314959126005940361262519442009-03-31-6.39%4.56%58.79%1.0015-1.271.183.760.435.39993.48432.26410.97970.461830.6%553124
2009-02-20200924.563.52-1.92%5.23%372684083816123334957960371685864590860.02850.07711572460469497511050688877485315855373805482231374287182312049891026385184543859141185953845220005182008-12-31-10.35%8.95%45.27%1.0472-1.31.213.070.314.49792.58151.44890.89970.44227.2%653227
2008-11-07200914.482.810.033.33%3.33%465477246547724625424625422905002905000.04850.048515801488708331010800548718178547596183601183910528733373639951475110139822759948835994883187040342008-09-30-10.50%9.94%30.47%1.0251-1.271.182.640.244.39922.35171.05560.92740.448328.3%763925
2008-08-18200845.152.080.16.38%23.92%456006514665369856100310143659728422378710.09800.35171726122479047469651179356478139948118181005620142736258418619143395287965360925396363140291223362008-06-30-19.56%18.77%23.38%0.849613.59141.321.243.850.483.11211.92531.20170.9420.457934.7%914337
2008-05-15200837.654.66-6.18%17.28%352542210105304781362217908256264215743330.08780.24711657785874691289182499108730106301713890196009872731803326002274985300678864080066372221477396442008-03-31-23.37%22.16%23.39%0.7629-1.291.216.160.473.36012.13211.38820.91190.450540.6%1004744
2008-02-14200828.456.40.076.29%11.32%34571416579882771449139772056215310116910.08960.159214385769544793288096189378377516517552521084869272743036011088470163896062706196353537511055442007-12-31-23.28%22.31%21.11%0.792-1.271.196.850.263.26831.74680.94370.67620.378735.0%1124555
2007-11-15200818.66.55-5.73%5.73%312274131227416262706262704495374495370.06990.06991338556455416708745537843894245067454677103894327265012096101248553147794864331216433121479267512007-09-30-20.86%20.06%21.91%0.7599-1.081.07.450.234.00522.33141.16970.79510.41437.6%1005343
2007-08-21200747.857.0-5.36%17.04%25417748952727611723197367546088514647060.07040.228413680842508463085695485962121317482991505117510612199003259771501083272098365446656414239341631512007-06-30-25.20%24.07%11.24%0.515322.85941.211.134.620.425.06443.52762.38590.6570.371766.1%1216756
2007-05-1420073N/AN/A-4.81%12.84%22717836410953510592136201637569610038850.28670.78771284865950325047735367816155833920805619973960121837828301100226122206391310256127445357913312007-03-31-23.92%22.48%19.91%0.3508-5.535.150.861.714.70183.25571.98910.71460.391792.4%17311579
2007-02-1320072N/AN/A0.354.79%8.13%223578441391705099248512883697566280530.29260.500112154873443314877596677217253966434155331003250121907718890984360220343712636541255813232512332006-12-31-23.84%22.81%21.41%N/A-5.535.193.551.756.15634.27782.71370.63830.3647N/A-N/AN/A

Financial Quarter Balance Sheet
yearqrtDeferred tax assets (A-0)Derivative financial assets (A-0)Goodwill on consolidation (A-0)Investment in associated companies (A-0)Investment in jointly controlled entity (A-0)Investment properties (A-0)Land held for property development (A-0)Other investments (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)Deposits with licensed banks (A-1)Derivative financial assets (A-1)Inventories (A-1)Other investments (A-1)Other receivables (A-1)Property development costs (A-1)Short term funds (A-1)Deferred tax liabilities (L-0)Derivative financial liabilities (L-0)Loans & borrowings (L-0)Other liabilities (L-0)Bank overdraf (L-1)Derivative financial liabilities (L-1)Loans & borrowings (L-1)Other payables (L-1)Provision for taxation (L-1)Minority interest (M-1)
20122505033095251199472896231811831083910880182-292285696558443915-4734001238752595716662131621016241791223891842804548139506032118070-1749296044131129123167626290793
20121492162965951199469220531521231066726828260-294345694380541247-4709672495832543894586971652003202431221133743814058214486575218589-2987616882371624451123085276854
20114496701861951199466807430991321062529834513-300075677476467425-5928642083722651655654271756215235910172523745304619906460644926292-1890557913091191974115690262221
2011327671626745138306325591611541897378861618-299565614557540139-3206221715712626751695551717791311353217453444726161011466984328218-112209142390992270134147269645
2011229333646885138306165531734710893228865223-293505522098772667-2133152659922176867703021514659341290261663243426244023440147128458-310553476106981952180380302501
20111275101366651383058963316754531149364880191-292825496212441870-3204251299291665061596811680177343551301925646058144856451846628587-997964121591536988114306304442
2010426915-51383057222315492451113545913328297838601884604250406908-362182-1575320439013459133571813108216465123-434828127906--40905094094582639289292
2010345858-51383056932915592351096977909050302828625884597399362762-563031-1574999529413338274088823046925486524-504828930904--184210847087192710310284
2010247743-51383055965416022361107296867658302958668824644585413946-521252-1528365529214111454172783270937492273-527736555579--218666794330189225303109
2010143628-51383055194215693571110049843616231318696624626906390329-545034-1486575529214446154428181818284505631-530455453953--197977763138159745288801
2009451057-51383053649214367631104633866172231318729054569636383957-455914-1647346479314306574651571619511521039-535530356014--199091958353119708426156
2009350541-5474205390971631333909299879652231898213564594715341407-268556-1651454712913596074829671905639524393-5682610740192453-387719205751524421069304
2009252215-5474205586101607424841891936421231898197274577853445530-397354-1986064712914504374679661005374524197-5067853771292820-7345310288841754151050688
2009157951-5500065555351550676841302932850257798189104532959409305-573679-233804071291748598424593434176541826-51162417602618933-2870439056971375441080054
2008455619-5141365420711515878838639927263261988223284519274424718-871542-2447941712917437654121781592545551462-4867178761969152-10878031152022160933965117
2008364176-5101135580541047769708848980208271368187204556699394606-1490938-2314639719916176423554111125700550250-4686664578084456-7225591159888287503918249
2008272967-509915541465571753703199851485272648214584541171531574-427109-230011371991411731374469692897488379-31453725635212620-2055971317945221667880961
2008176169-51026228850654934970324782769627372823555447662430803313190309522-173114971991466841401381865469497910-3714304554295076-218307918136132508874553
2007478993-51066128092416147969946982174427699826258446781034158113190507070-1332819719912956674289341879345502857-3381663537227013-24268181801078684856954
2007381426-474608303562-553981732542289198059674576527379751-1566090-121114420321425425416220290465450377-33982995849815667-246591738222124850773536
2007289705-423897303431-545846716520297668083094221359372261-1466664-110278820321274426427800370069455444-3107980549465557-13089057868799644775966

Financial Quarter Income Statement
yearqrtRevenueIncome tax expenseFinance/interest costsAdministrative/Operating expensesMinority interestFinance/interest incomeShare of profit/ (loss) of associatesAfter-tax effect of interest expense on Guaranteed Exchangeable BondsShare of net profit of jointly controlled entity
201224165860174766490673413276143791067339382-13247
201214147619151302473783721770147041323329381196873017
201144324245177991463253625288586414726502631813214057
2011343402591103585808735536411379611438206462465720249
20112397048713559333704329906533493114073142068828779
20111351926014915731799286061214461957517410609757912
201043059938771245536024375646166116397394141531961
2010331473271490485129124137941120297601679187680475
2010230602371224945515324370901453614694152124431341
2010132754601368515936626181719883111211545017963622
20094312245611195256637222571813730111343515-241999
20093309640683088599132898520208791345410141-43
20092372684015096754189334095513942150883075-16364
200914654772140936601144166226311062067013464-24
20084456006520013560322366811958681210943409027
2008335254221827824695227016053593825571179493899726
200823457141162880389872652281464161273411884190384
20081312274113721344703247136939520863612962198116
20074254177468735469711901278821037024195792247
2007322717831016464385717284203325020482708116477-
2007222357841091532638417026653101533421269212845-

Financial Quarter Segments Revenue
yearqrtOthersProperty developmentProperty investmentPlantationResource-based Manufacturing
201223921022540223144464593831645
201213476216345922782467473879869
201143220024467420844531573973370
201132809622734323572475684013680
201123378622249825174808533608176
2011133292277115260631197103063080
201043129522975824631973662676888
201032912620376325606870822801750
201025119922872224600655032690213
2010129579283295230291058872833670
200941847427821522054769002726813
200933820411990920317366622881314
200924782811344320147859183459504
200912072814860018987433734423084
200843741617469821662678074258482
200832633720239118785495833228326
200822624017608917268545623182982
200813052820188816587643832809355
200742958719534918022492662249550
200732041020877316390858241940386
2007224334164553165171458221884558

Financial Quarter Segments Profit
yearqrtOthersProperty developmentProperty investmentPlantationResource-based Manufacturing
201222404213282614758429500117647
20121122911000121353554040320463
201141110612198310801546053684637
201134776812560411709328187184463
20112145501167787474136372994814
20111196331455111473934533640356
201043323816281427952274498135667
201031064411004714627282027128589
20102699011161713778319907145405
201011064114757414474249782158901
2009422693144724121847259260187751
20093119745899612042285524109627
2009230747492511195552784685311
20091133655658511629567109144749
200842364288087147731522278200772
20083110239549610429434779175561
2008298658716113314481257159079
20081155169892910801397537122761
200741898212179717094725811393651
20073716411645110029238142129552
20072933189202983126036289948

Financial Quarter Segments Associate
yearqrtProperty developmentPlantationResource-based Manufacturing
2012213247328176565
2012130171668312698
20114140572917021093
2011320249133787268
201128779243347086
201117912110866324
201043196191831789
20103475130863705
20102341112513961
2010162291036347
2009424199947821267
200934373212820
20092163643805730
200912447108754
200842712244633
2008326744910500
20082442277657
200811640968866
2007472684727
20073-28014280
20072-30509642

Monthly Business Data
yearmthCrude Palm OilFresh Fruit BunchesPalm Kernel
201224124120101310554
201214727724092712424
2011125650527912614326
2011115975929027214623
2011107242134917617848
201197166834662617188
201186543731332515297
201176884632854815867
201166980833905416549
201156480731734415667
201145591427958713847
201135230426412613103
201124231121998010476
20111415462061269850
2010125122024544311969
2010115715327246913595
2010106696431649515827
201096329730233915001
201086490730968216294
201075668128267713522
201065403125623611071
201055476725727411999
201045443325762012599
201035677626220513967
201025155723961912589
201015551927119113619
2009126596031796915479
2009116759932419516178
2009108475340012220348
200996995933265016410
200986098728660113941
200975593626697912676
200965761326906112676
200955740126718012927
200945333325311212564
200935355925917613843
200924730823185911697
200916162430020614877

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 = average working capital per thousand Ringgit sale
inv_d = average days to sell the inventory, rec_d = Average days to collect the receivables



6-Months Historical Chart from shareinvestor.com


CURRENT


CHANGES IN SHAREHOLDING
ANNUAL REPORTS


HISTORICAL


CHANGES IN SHAREHOLDING


ARCHIVES


CHANGES IN SHAREHOLDING


Image



1-Years Historical Chart from shareinvestor.com

5-Years Historical Chart from shareinvestor.com

No comments:

Post a Comment