Company Info
My Analysis
Research House
Accounting Ratio
Technical Analysis
My notes based on 2012 quarter 2 report (number in '000):-
- Higher revenue and pbt in Construction segment were principally due to higher percentage of work done recognised from both local and Singapore projects
- Decrease in revenue mainly due to absence of revenue contributed by Extiva Communications Sdn Bhd in previous year corresponding period. Despite revenue reduced, this segment - IT recorded a growth of 17% arising from higher fixed deposit income and gain in liquidation of a subsidiary, namely Wimax Capital Management Ltd
- The better performance in the cement manufacturing & trading segment is substantially attributed to higher demand of cement in construction industry and contribution from offshore subsidiaries
- The increase in revenue and pbt were substantially contributed by the Capers under the Sentul Raya project
- Higher pbt in Property & Investment segment mainly attributable to the one-off operating cost incurred by a foreign subsidiary in the previous year corresponding quarter
- Hotel segment continued to grow with increased revenue from oversea business
- Increase in revenue and pbt mainly due to overall higher volume of business, favourable fair value adjustments on fuel and saving in finance cost. However, pbt was lower for the current year to date due to higher losses recorded in the segment of mobile broadband network
- Estimate next 4Q eps after 2012 Q2 result announced = (13853126+2355502)*0.08/10401630 = 0.1247, estimate PE on current price 1.72 = 13.47(DPS 0.04)
- Estimate next 4Q eps after 2012 Q1 result announced = 0.0279*4 = 0.1116, estimate highest/lowest PE = 13.44/11.83 (DPS 0.04)
- Estimate next 4Q eps after 2011 Q4 result announced = 0.1172*1.05 = 0.1231, estimate highest/lowest PE = 12.27/10.15 (DPS 0.04)
- Estimate next 4Q eps after 2011 Q3 result announced = 0.2632*2 = 0.5264, estimate highest/lowest PE = 15.29/11.11 (DPS 0.04)
- Estimate next 4Q eps after 2011 Q1 result announced = 0.1304*4*1.05 = 0.5477(average eps 0.1304; 5% increase), estimate highest/lowest PE = 15.41/12.69 (DPS 0.1)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.1162*1.15*4 = 0.5345, estimate highest/lowest PE = 15.9/13.55 (DPS 0.1)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.1178*4 = 0.4712, estimate highest/lowest PE = 15.93/14.85 (DPS 0.075)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.1178*4 = 0.4712, estimate highest/lowest PE = 16.16/14.44 (DPS 0.075)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.1162*4 = 0.4648, estimate highest/lowest PE = 16.13/15.01 (DPS 0.075)
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| Market Capital (Capital Size) | 17,890,802,786 (Very Large) |
| Par Value | RM 0.10 |
My Analysis
| Forecast P/E now | (1.72-0.04)/0.1247 = 13.47 (Moderate) |
| Target Price | 1.75+0.04 = 1.79 (PE 14.0, EPS 0.1247, DPS 0.04) |
| Decision | Not interested unless stock price below Bolinger lower band or wait another round of lower MACD move |
| Comment | Revenue increased 17.2% and also higher than preceding year corresponding quarter 18.3%, eps decreased 5.7% and was third consecutive quarter decreasing but still higher than preceding year corresponding quarter 45.3%, cash generated from operating not enough to cover financing expenses hence generated more cash from financing to cover all other expenses, gross profit margin decreasing, slightly weaker liquidity ratio at low level now, slightly lower gearing ratio at very high level now, lower debt ratio, all accounting repayment period is good, benefit from YTL Cement acquisition |
| First Support Price | 1.39 |
| Second Support Price | 1.3 |
| Risk Rating | MODERATE |
Research House
| Affin Target Price | 1.65 (2011-12-21) |
| Jupiter Target Price | 2 (2012-03-16) |
Accounting Ratio
| Return on Equity | 8.50% |
| Dividend Yield | - |
| Gross Profit Margin | 19.82% |
| Operating Profit Margin | 15.07% |
| Net Profit Margin | 11.46% |
| Tax Rate | 27.21% |
| Asset Turnover | 0.3951 |
| Net Asset Value Per Share | 1.22 |
| Net Tangible Asset per share | 0.72 |
| Price/Net Tangible Asset Per Share | 1.97 |
| Cash Per Share | 1.5 |
| Liquidity Current Ratio | 1.2997 |
| Liquidity Quick Ratio | 1.1532 |
| Liquidity Cash Ratio | 0.8875 |
| Gearing Debt to Equity Ratio | 3.2375 |
| Gearing Debt to Asset Ratio | 0.7198 |
| Working capital per thousand Ringgit sale | 23.4% |
| Days to sell the inventory | 54 |
| Days to collect the receivables | 73 |
| Days to pay the payables | 84 |
Technical Analysis
| SMA 20 | 1.751 (Downtrend 2 days) |
| SMA 50 | 1.667 (Uptrend) |
| SMA 100 | 1.57 (Uptrend) |
| SMA 200 | 1.494 (Uptrend) |
| MACD (26d/12d) | 0.012517 ( 0.002854 ) |
| Signal (9) | 0.023291 ( 0.002693 ) |
| MACD Histogram | 0.010774 (Bearish trend 19 days) |
My notes based on 2012 quarter 2 report (number in '000):-
- Higher revenue and pbt in Construction segment were principally due to higher percentage of work done recognised from both local and Singapore projects
- Decrease in revenue mainly due to absence of revenue contributed by Extiva Communications Sdn Bhd in previous year corresponding period. Despite revenue reduced, this segment - IT recorded a growth of 17% arising from higher fixed deposit income and gain in liquidation of a subsidiary, namely Wimax Capital Management Ltd
- The better performance in the cement manufacturing & trading segment is substantially attributed to higher demand of cement in construction industry and contribution from offshore subsidiaries
- The increase in revenue and pbt were substantially contributed by the Capers under the Sentul Raya project
- Higher pbt in Property & Investment segment mainly attributable to the one-off operating cost incurred by a foreign subsidiary in the previous year corresponding quarter
- Hotel segment continued to grow with increased revenue from oversea business
- Increase in revenue and pbt mainly due to overall higher volume of business, favourable fair value adjustments on fuel and saving in finance cost. However, pbt was lower for the current year to date due to higher losses recorded in the segment of mobile broadband network
- Estimate next 4Q eps after 2012 Q2 result announced = (13853126+2355502)*0.08/10401630 = 0.1247, estimate PE on current price 1.72 = 13.47(DPS 0.04)
- Estimate next 4Q eps after 2012 Q1 result announced = 0.0279*4 = 0.1116, estimate highest/lowest PE = 13.44/11.83 (DPS 0.04)
- Estimate next 4Q eps after 2011 Q4 result announced = 0.1172*1.05 = 0.1231, estimate highest/lowest PE = 12.27/10.15 (DPS 0.04)
- Estimate next 4Q eps after 2011 Q3 result announced = 0.2632*2 = 0.5264, estimate highest/lowest PE = 15.29/11.11 (DPS 0.04)
- Estimate next 4Q eps after 2011 Q1 result announced = 0.1304*4*1.05 = 0.5477(average eps 0.1304; 5% increase), estimate highest/lowest PE = 15.41/12.69 (DPS 0.1)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.1162*1.15*4 = 0.5345, estimate highest/lowest PE = 15.9/13.55 (DPS 0.1)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.1178*4 = 0.4712, estimate highest/lowest PE = 15.93/14.85 (DPS 0.075)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.1178*4 = 0.4712, estimate highest/lowest PE = 16.16/14.44 (DPS 0.075)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.1162*4 = 0.4648, estimate highest/lowest PE = 16.13/15.01 (DPS 0.075)
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