Company Info
| Market Capital (Capital Size) | 11,684,561,784 (Very Large) |
| Par Value | RM 0.20 |
My Analysis
| Forecast P/E now | (3.99-0.025)/0.1573 = 25.21 (Moderate) |
| Target Price | 4.33+0.025 = 4.35 (PE 27.5, EPS 0.1573, DPS 0.025) |
| Decision | Not interested unless stock price cross SMA20 still up and and selling volume still low or wait stock price below Bolinger lower band |
| Comment | Revenue decreased 8.2% and also lower than preceding year corresponding quarter 0.1%, eps increased 28.8% and was second consecutive quarter increasing but still lower than preceding year corresponding quarter 15.3%, cash generated from operating not enough to cover financing expenses hence got generated more cash from financing activities to cover other expenses, very high margin, stronger liquidity ratio from low to moderate level now, slightly higher gearing ratio at above moderate level now, strong cash, benefit from strengthening of USD against RM, most segment business got high profit |
| First Support Price | 3.99 |
| Second Support Price | 3.7 |
| Risk Rating | MODERATE |
Research House
| Kenanga Target Price | 3.88 (2011-07-21) |
| Credit Suisse Target Price | 4.4 (2011-09-09) |
| MIDF Target Price | 3.7 (2012-02-28) |
| Maybank Target Price | 4.88 (2012-04-30) |
| AMMB Target Price | 5.05 (2012-05-08) |
| CIMB Target Price | 4.8 (2012-05-08) |
| ECM Target Price | 5.1 (2012-05-08) |
| HwangDBS Target Price | 5.2 (2012-05-08) |
| OSK Target Price | 4.37 (2012-05-08) |
Accounting Ratio
| Return on Equity | 10.15% |
| Dividend Yield | 0.63% |
| Gross Profit Margin | 49.95% |
| Operating Profit Margin | 45.12% |
| Net Profit Margin | 41.39% |
| Tax Rate | 17.30% |
| Asset Turnover | 0.1684 |
| Net Asset Value Per Share | 1.44 |
| Net Tangible Asset per share | 1.43 |
| Price/Net Tangible Asset Per Share | 2.8 |
| Cash Per Share | 0.43 |
| Liquidity Current Ratio | 2.6989 |
| Liquidity Quick Ratio | 2.6969 |
| Liquidity Cash Ratio | 1.5583 |
| Gearing Debt to Equity Ratio | 0.9619 |
| Gearing Debt to Asset Ratio | 0.4892 |
| Working capital per thousand Ringgit sale | 116.5% |
| Days to sell the inventory | 1 |
| Days to collect the receivables | 281 |
| Days to pay the payables | 180 |
Technical Analysis
| SMA 20 | 4.195 (Downtrend 14 days) |
| SMA 50 | 4.268 (Same) |
| SMA 100 | 4.16 (Same) |
| SMA 200 | Not Available |
| MACD (26d/12d) | -0.091357 ( 0.001296 ) |
| Signal (9) | -0.068594 ( 0.005691 ) |
| MACD Histogram | 0.022763 (Bearish trend 22 days) |
| Bolinger Upper Band | 4.623 |
| Bolinger Lower Band | 3.767 |
My notes based on 2011 quarter 4 report (number in '000):-
- Higher revenue and pbt in OSV segment as a result of improved average fleet utilisation
- Higher revenue and pbt in FPSO segment than FY10Q4 mainly due to secured two new FPSO contracts towards the end of the second quarter-Apache in Australia for the Balnaves field and ONGC in India for the D1 field however got partially offset by the weakening US dollar versus the Malaysian Ringgit
- Lower revenue and pbt in T&I segment than FY10Q4 due to lower FPSO installation works
- Higher T&I revenue than FY11Q3 mainly due to recognition of guarantee days on its Armada Installer. This was offset by lower revenue from the installation works carried out in relation to the Sepat and HLJOC projects during the previous quarter
- Estimate next 4Q eps after 2011 Q3 result announced = 3542715*0.13/2928462 = 0.1573, estimate PE on current price 3.99 = 25.21
- Estimate next 4Q eps after 2011 Q3 result announced = 0.0332*4*1.15 = 0.1527, estimate highest/lowest PE = 27.47/25.05
- Estimate next 4Q eps after 2011 Q2 result announced = 0.0264*4*1.15 = 0.1214, estimate highest/lowest PE = 33.11/26.69
ARMADA latest news (English)
ARMADA latest news (Chinese)
No comments:
Post a Comment