Sponsor by Innity

Sponsor by cwyeoh

Sponsor by Nuffnang

Monday, April 30, 2012

KLCI Stock - MALTON / 6181 - 2012 Quarter 2

MALTON BERHAD



Company Description
Malton Berhad is a Malaysia-based investment holding company that is engaged in the provision of management services to its subsidiary companies. The Companyâ??s segments include property development, construction and project management, property trading, investment holding and management fee, investment property and others. The Companyâ??s wholly owned subsidiaries include Khuan Choo Realty Sdn Bhd, Bukit Rimau Development Sdn Bhd, Domain Resources Sdn Bhd, Pembinaan Gapadu Sdn Bhd, Ehsan Armada Sdn Bhd, Khuan Choo Property Management Sdn Bhd and Malton Development Sdn Bhd. On October 2, 2009, the Company acquired 100% interest in Regal Marvel Construction Sdn Bhd. On December 31, 2008, the Company completed the disposal of its interest in Kuala Lumpur Pavilion Sdn Bhd.

Company Info
Listing Date2002-04-22
Market Capital (Capital Size)221,594,861 (Small)
Par ValueRM 1.00
BoardMain
SectorProperties
Major IndustryProperty Development
Sub IndustryConstruction & Project Management
Websitehttp://www.malton.com.my/

My Analysis
Forecast P/E now(0.53-0.02)/0.1007 = 5.06 (Moderate)
Target Price0.81+0.02 = 0.83 (PE 8.0, EPS 0.1007, DPS 0.02)
DecisionBUY when stock price below Bolinger lower band and got very strong buy volume than sell
Comment
Revenue decreased 21.7% and was second consecutive quarter decreasing and also lower than preceding year corresponding quarter 28.9%, eps decreased 35.9% and was third consecutive quarter decreasing and also lower than preceding year corresponding quarter 60.7%, cash generated from operating not enough to cover financing expenses but got more than enough borrowing to cover all other expensese, operating profit decreasing, slightly stronger liquidity ratio at moderate level now, slightly lower gearing ratio at above moderate level now, slightly lower debt ratio and is far from historical high, all repayment period still as usual, higher property development cost can indicate still got many projects which can bring more revenue, most significant profit contribution segment slow down
First Support Price0.5
Second Support Price0.46
Risk RatingMODERATE

Research House
NetResearch Target Price1 (2012-02-28)
Jupiter Target Price0.68 (2012-04-04)

Accounting Ratio
Return on Equity14.74%
Dividend Yield3.77%
Gross Profit Margin0.00%
Operating Profit Margin15.58%
Net Profit Margin15.73%
Tax Rate28.45%
Asset Turnover0.4798
Net Asset Value Per Share1.01
Net Tangible Asset per share1.01
Price/Net Tangible Asset Per Share0.66
Cash Per Share0.45
Liquidity Current Ratio2.6997
Liquidity Quick Ratio1.7186
Liquidity Cash Ratio1.0219
Gearing Debt to Equity Ratio0.7117
Gearing Debt to Asset Ratio0.4158
Working capital per thousand Ringgit sale90.8%
Days to sell the inventory249
Days to collect the receivables136
Days to pay the payables198

Technical Analysis
SMA 200.575 (Downtrend 47 days)
SMA 500.612 (Downtrend)
SMA 1000.653 (Downtrend)
SMA 2000.59 (Same)
MACD (26d/12d)-0.01888 ( 0.001434 )
Signal (9)-0.016915 ( 0.000491 )
MACD Histogram0.001965 (Bearish trend 4 days)

My notes based on 2012 quarter 2 report (number in '000):-
- Lower revenue and pbt mainly attributed to lower billings from property development division following the completion of some projects

- Estimate next 4Q eps after 2012 Q2 result announced = 561678*0.1/557332 = 0.1008(if can achieve one-off gain), estimate PE on current price 0.53 = 5.06(DPS 0.02)
- Estimate next 4Q eps after 2012 Q1 result announced = 0.1736*0.9 = 0.1562, estimate highest/lowest PE = 4.77/4.03 (DPS 0.02)
- Estimate next 4Q eps after 2011 Q4 result announced = 0.1736, estimate highest/lowest PE = 4.06/2.36 (DPS 0.02)
- Estimate next 4Q eps after 2011 Q3 result announced = 0.0684*1.2 = 0.0821, estimate highest/lowest PE = 9.68/5.54 (DPS 0.015)
- Estimate next 4Q eps after 2011 Q2 result announced = 0.0159*3+0.0159*1.3 = 0.0684, estimate highest/lowest PE = 11.18/7.97 (DPS 0.015)
- Estimate next 4Q eps after 2011 Q1 result announced = 0.0159*4 = 0.0636, estimate highest/lowest PE = 13.05/8.88 (DPS 0.015)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.0627*0.9 = 0.0564, estimate highest/lowest PE = 15.25/7.54
- Estimate next 4Q eps after 2010 Q3 result announced = 0.06*0.9 = 0.054, estimate highest/lowest PE = 10.09/6.67
- Estimate next 4Q eps after 2010 Q2 result announced = 0.0186*4 = 0.0744, estimate highest/lowest PE = 6.05/4.7
- Estimate next 4Q eps after 2010 Q1 result announced = 0.0184*4 = 0.0736, estimate highest/lowest PE = 6.05/4.76
- Estimate next 4Q eps after 2009 Q4 result announced = 0.005*4 = 0.02, estimate highest/lowest PE = 19.5/17.5
- Estimate next 4Q eps after 2009 Q3 result announced = 0.003*4 = 0.012, estimate highest/lowest PE = 35.83/25
- Estimate next 4Q eps after 2009 Q2 result announced = 0.0067*4 = 0.0268, estimate highest/lowest PE = 14.55/9.7

MALTON latest news (English)

MALTON 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
2012-02-2420122N/AN/A-1.56%3.99%7774217701612230304658751224310.01570.0402961419399741-56167835352139110257792087367431393202314075573325573283734122011-12-31-15.58%15.73%28.45%0.4798-1.011.010.660.452.69971.71861.02190.71170.415890.8%249136198
2011-11-16201210.7650.65-2.47%2.47%9927499274182351823513680136800.02450.0245955019400549-55447014347105241108709208738231070471991345573655573653845812011-09-30-20.09%18.37%24.98%0.5161-0.990.990.70.412.66831.67590.92570.72240.419484.3%239138184
2011-08-26201140.7250.430.025.27%14.25%167935462392333299800726813725490.06410.1736959366450237-50912932403214214613824388571818861680622069194180244180241902002011-06-30-22.04%19.85%19.55%0.4822.62171.221.220.370.541.65431.06520.560.88430.469356.7%240160325
2011-05-19201130.810.39-5.48%9.53%116383294457385856467826287457360.07550.1313756780276674-480106132312146548738856108235336441923483533483532664902011-03-31-32.85%33.15%31.87%0.5028-1.381.380.550.182.6441.39560.30150.57630.365688.0%305212149
2011-02-28201120.780.56-3.03%4.24%109288178074181982609313903194490.03990.0558752050292892-4591583317535012343391272967432017711443483533483532020442010-12-31-17.66%16.65%23.60%0.4375-1.321.320.440.252.33121.25390.38870.63790.389592.3%317216182
2010-11-23201110.8450.58-1.23%1.23%687866878678957895554655460.01590.0159712806263371-4494354641655703238856529612328265283483533483532508142010-09-30-11.79%11.48%29.75%0.4714-1.291.290.560.142.50691.15140.24760.5860.369589.6%333196158
2010-08-27201040.860.4250.0151.26%5.02%8602034692010484358205544220670.01590.0633733194293485-43970913117230149371502501610102363873388573483533483531550172010-06-30-12.86%12.19%47.12%0.47327.02481.261.260.350.192.27521.07360.28280.66750.400384.5%329191174
2010-05-27201030.5450.36-0.84%3.81%648952609006299253363646165230.01050.0474746860312695-4341651134794729219572250166618746615215993483533483531288902010-03-31-11.61%9.71%42.12%0.4887-1.251.250.30.132.41581.19830.21240.72020.418784.9%294216171
2010-02-22201020.450.35-1.50%2.99%11628819600510537190376472128770.01860.0370750880320361-43051985709406271059125016450823449194753483533483531236652009-12-31-10.74%9.06%38.58%0.5114-1.241.240.290.122.52171.20470.18810.74410.426684.7%290207158
2009-11-25201010.4650.345-1.51%1.51%797177971785008500640564050.01840.0184780503356456-424047421104030760482501618037851171653483533483531236652009-09-30-11.86%10.66%24.65%0.5142-1.221.220.290.072.35961.02380.10420.84060.456781.4%309201158
2009-08-28200940.410.35-0.42%1.56%104104417647401812045178666380.00510.0191808128382717776942541139679595833793411271990416111250163483533483531254072009-06-30-4.86%3.86%55.62%0.516818.89231.21.20.30.082.2120.96450.10180.91640.473682.4%322214168
2009-05-27200930.4350.3-0.25%1.10%8388931354323807799104846570.00300.0134787567364140776642342747081598235961411271274218703224243483533483531149562009-03-31-3.82%2.84%56.39%0.5468-1.191.190.280.062.57141.05250.08570.87610.462486.1%307193143
2009-02-19200920.4150.25-0.56%0.85%13362822965433505419234736090.00670.010488163045912978884225015333154484147374112711531589025237348353348353957972008-12-31-3.48%2.51%33.19%0.4853-1.191.190.230.062.16241.08270.06821.10740.520887.6%300279219
2008-11-24200910.3250.27-0.29%0.29%960269602620692069121012100.00350.003586289244262979974202636096755204124204112757636657344703483533483531045052008-09-30-3.38%2.15%39.87%0.4472-1.181.180.250.062.18451.07170.06251.07360.51395.3%330296223
2008-08-29200840.360.26-1.49%1.11%1170673948735153364623246570.01790.01348610254420068015419019769991501211504393809201180507411273483533483531288902008-06-30-5.77%4.40%-0.4586-1.181.180.310.051.96051.09370.06051.07540.513377.0%256302223
2008-05-28200830.420.34-0.04%0.37%81128277806898478917115750.00050.004588229845853467184237641100899912175363938010017782641432613483533483531445662008-03-31-3.98%1.11%53.56%0.5399-1.21.20.350.061.86420.7180.0571.09950.519763.9%321178192
2008-02-29200820.4850.33-0.03%0.33%916281966781681389112314040.00040.00408267654005466765426219924231282828635393807959550960115803483533483531515332007-12-31-4.05%1.83%95.06%0.6268-1.21.20.360.12.05211.00230.1140.95490.484559.7%226184145
2007-11-27200810.5350.415-0.30%0.30%10505010505022112211128212820.00370.003779757437143768064261375577097073244739380654773303063503483533483531672092007-09-30-4.17%2.10%40.48%0.6822-1.21.20.40.082.06591.03770.09830.88580.465752.3%190168131
2007-08-29200740.560.475-0.58%0.79%19851055553551278468247333720.00710.0097885194460373677242482127868755795388133210477116170393803483533483531950772007-06-30-3.43%2.58%53.60%0.49657.85221.21.20.470.271.76611.02460.25261.10120.520164.3%233237233
2007-05-2820073N/AN/A0.010.15%0.21%123012357025237333416468990.00190.0026776086357664505041842297685494833723332099273759014258053483533483531428242007-03-31-2.98%1.93%54.99%0.31-1.191.190.340.072.27231.14080.08340.86520.4609152.1%504461292
2007-02-2820072N/AN/A-0.06%0.06%117544234013109682382530.00070.0007810643388618929942202569071106536312332105841864730315203483533483531027642006-12-31-1.07%0.01%-N/A-1.181.180.250.071.92461.0390.06880.94160.4794N/A-N/AN/A

Financial Quarter Balance Sheet
yearqrtDeferred tax assets (A-0)Investment in associated companies (A-0)Investment properties (A-0)Land held for property development (A-0)Other investments (A-0)Property, plant and equipment (A-0)Receivables (A-0)Accrued billings (A-1)Amount due from customers (A-1)Available-for-sale financial assets (A-1)Cash and cash equivalents (A-1)Current tax assets (A-1)Fixed deposits with licensed banks (A-1)Inventories (A-1)Other receivables, deposits and prepayments (A-1)Property development costs (A-1)Short term funds (A-1)Trade receivables (A-1)Deferred tax liabilities (L-0)Hire purchase liabilities (L-0)Loans & borrowings (L-0)RCSLS (L-0)Advanced progress billings (L-1)Amount due to associated companies (L-1)Amount due to customers (L-1)Current tax liabilities (L-1)Hire purchase liabilities (L-1)Loans & borrowings (L-1)Payables and accruals (L-1)Trade and other payables (L-1)Minority interest (M-1)
20122658125874436961870241171996121709334125211-101211-986532614719152092001407996117611203178845767945124541--110976524318914904537947-
201215308235554369618520412161005921175368411532-227539-31133863473976208617-745541044118614455694539337--110047104741212792161768-
201145131227124369619189915891055420775568621179-207155-172603934350308196779-9412455201447395-5018--129458056779425188962322-
2011336292516343696116840245945719362462043118126656678210734594506082017209157-893221395125470400-30945--16057713636676376828475-
201123940235814369613506024560328000215823763126683625255937334680788119198795-812471395110162400-19378--14448790724998853032351-
201114559226742164513428624520436800066171-126644259-39475580458471215079-5596455122362263-23794--10047961611518826715610-
2010444392217521645133535145618822800061341--61069-39616155852008214726-684595536263149-31103-9309610859737047818535528-
2010314412142321796152305243418472-250453368-42460-40413811274931228479-1125536059593073-33453--6267952582546970050341-
2010214412108016096145868291924468-223015087-34718-54904292967301238563-12261960815105735-20827--6212980544487193659348-
2010118912060016137145823392425090-1156415918-21694-33484939174607271617-118899601099114988-12842--3149980728318521065297-
200942842-16096134263150025498-2124613974-25847-30595454971001299575-13867860122197566-116601868-36769879492881843889087769
200932418-16096133160291026616-1167415957-17256-29484747172966310706-1273891031921126305-18287516-375111986449659090884737766
200923018-1609613184829102907115281005812873-19033-29424554067382302565-2367661383358133226-1501810-6556179362075565031804527888
200913018-1609613069429102997822911106525678-16405-29995009066810295229-2096291384065128094-1551110-6960200069680834151327567997
200843018-156151852573000308233055562317980-16133-30024408784452230156-2188241384584120915-1424011-9782205368321843481376148015
200832473-36191152521300031707-880778-16673-33935756726381346002-19750511685067100182-72893366-13686211496894947611340076718
200821872-36191150274300031704-16864522-29652-38775869446240250165-19771012255110100018-32484305-17087201578228319271573836765
200811872-36169172791300031733-3532--22446-38134622944522228510-2029571223503397983-90964035-25026194153266314611423736806
200741572-36169161824300031566-4835349-17603-755044271340651230647-2387611225507085428-36543845-31795185963973836711798536772
200731000-3268552766300033322-7635465-19359-46334410156657281219-2392445474481159865-26792451-37758175161265530281285825050
200721220-3268553567-34513-2353298-19753-48564365347642273223-2759015474522920087-28722600-45575181266050649451739749299

Financial Quarter Income Statement
yearqrtRevenueIncome tax expenseFinance/interest costsOther incomeAdministrative/Operating expensesMinority interestShare of profit/ (loss) of associatesEffects on earnings upon conversation of RCSLS
201227774234793768227967909-23191567
201219927445554117204681379-8431568
20114167935651612361734132652-2452-
20113116383122981235142579571-1583-
2011210928842952013646596449-907-
2011168786234971788161554-499-
201048602049401326103375995-752-
20103648952653158047157830-343-
2010211628840652429772104574-480-
20101797172095953285573119---
2009410410422351043729997723--
2009383889134282825578323810--
20092133628111213051589130562109--
2009196026825118015399431634--
20084117067218160316771255001297--
20083811284812333288880785246--
2008291628159820266388855940--
20081105050895217196310163134--
2007419851027481689174319343794--
20073123012130512871765121117422--
200721175443011245165111794073--

Financial Quarter Segments Revenue
yearqrtOthersElimination/AdjustmentProperty developmentConstruction & project managementProperty Trading
2012215382564550863434647522
2012115212335665795519663348
20114355743262129911697487981
20113132137610103457460463169
20112503449615293372533628617
2011112143893261457386386154
20104150386085883445494551060
201032419305935881934250-
2010229476570389007153396720
2010112143722673439407391214
2009410473428068005656381-
200931545285192719683104563
20092161832462212331409892250
2009113283874734549988924
200846770197431347011655515
20083177412633268706509522
2008216778068373826061225
2008122796978157589397516
2007489291959438670171330826
200731967193521805812232514
2007217332881124846119324452

Financial Quarter Segments Profit
yearqrtOthersElimination/AdjustmentProperty developmentConstruction & project managementProperty Trading
201222103988728126261406
201214355839185592438884
20114325319253368165972430
201133201593882926464652
201124806748287166163142455
20111231023341016112891056
2010419120300684250970313330
2010312803155881025012076
201026954383892195536895110
201019412736909802187
20094710985605983356425
200931698358662571343180
20092169126311797062204
2009139616451203651421
200844021476262375162945
20083121031232525238
20082163914881396449470
2008111813686745766028
20074551247033490198226
200732365933442858363
200726805294114449715

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


CURRENT


CHANGES IN SHAREHOLDING
ANNUAL REPORTS


HISTORICAL


CHANGES IN SHAREHOLDING


ARCHIVES


CHANGES IN SHAREHOLDING

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