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Tuesday, May 29, 2012

KLCI Stock - MUDAJYA / 5085 - 2012 Quarter 1

MUDAJAYA GROUP BERHAD



Company Description
Mudajaya Group Berhad (Mudajaya) is an investment holding company. The Company's business segments comprise: Construction, which is engaged in the undertaking civil engineering, constructions works and engineering and equipment procurement provider; Property development, which is engaged in the development of residential and commercial properties; Trading and plant hiring, which includes trading in construction materials and hire of plants, and Manufacturing, which is engaged in manufacturing of construction related products. Some of its subsidiaries include Mudajaya Power International Sdn. Bhd., Angsana Fajar Sdn. Bhd., MJC City Development Sdn. Bhd., MJC Development Sdn. Bhd., MJC Industries Sdn. Bhd., MJC Trading Sdn. Bhd., Great Hill International Ltd., Mudajaya International Ltd., Oracle International Co., Ltd., MJC Plantations Sdn. Bhd., MJC Management Services Sdn. Bhd. and Mudajaya International Investment Ltd. The Group operates in Malaysia and India.

Company Info
Listing Date2004-05-10
IPO Price1.28
Market Capital (Capital Size)1,472,243,704 (Large)
Par ValueRM 0.20
BoardMain
SectorConstruction
Major IndustryCivil Engineering
Sub IndustryTrading & Plant Hiring
Websitehttp://www.mudajaya.com

My Analysis
Forecast P/E now(2.74-0.09)/0.5923 = 4.47 (Moderate)
Target Price4.15+0.09 = 4.24 (PE 7.0, EPS 0.5923, DPS 0.09)
DecisionBUY if stock price sustain above SMA20 and got stronger buy volume than sell or wait rebound whenever stock price below SMA20
Comment
Revenue increased 2.3% and was second consecutive quarter increasing and also higher than preceding year corresponding quarter 97.5%, eps decreased 2.9% but higher than preceding year corresponding quarter 78.4%, cash generated from operating more than enough to cover all expenses, operating profit margin increased but still not back to above 22%, stronger liquidity ratio at moderate level now, higher gearing ratio but still at below moderate level now, higher debt ratio but still far from historical high, all repayment period is good, primary profit contribution division - construction still growth
First Support Price2.65
Second Support Price2.5
Risk RatingMODERATE

Research House
Alliance Target Price4.53 (2012-04-18)
HLG Target Price4.27 (2012-04-19)
Jupiter Target Price2.98 (2012-05-11)
CIMB Target Price3.45 (2012-05-21)
OSK Target Price2.66 (2012-05-22)

Accounting Ratio
Return on Equity32.31%
Dividend Yield3.36%
Gross Profit Margin0.00%
Operating Profit Margin21.59%
Net Profit Margin21.34%
Tax Rate4.99%
Asset Turnover1.0227
Net Asset Value Per Share1.84
Net Tangible Asset per share1.84
Price/Net Tangible Asset Per Share1.46
Cash Per Share0.45
Liquidity Current Ratio2.3642
Liquidity Quick Ratio2.2188
Liquidity Cash Ratio0.5614
Gearing Debt to Equity Ratio0.4384
Gearing Debt to Asset Ratio0.2895
Working capital per thousand Ringgit sale38.6%
Days to sell the inventory19
Days to collect the receivables171
Days to pay the payables127

Technical Analysis
SMA 202.647 (Uptrend 1 day)
SMA 502.753 (Downtrend)
SMA 1002.73 (Uptrend)
SMA 2002.537 (Downtrend)
MACD (26d/12d)-0.04216 ( 0.010542 )
Signal (9)-0.046904 ( 0.001186 )
MACD Histogram0.004744 (Bullish trend 1 day)
Bolinger Upper Band2.809
Bolinger Lower Band2.485

My notes based on 2012 quarter 1 report (number in '000):-
- Higher revenue and pbt mainly due to the delivery of major equipment components of the Equipment Procurement contract for the 4 x 360MW coal-fired power plant at Chhattisgarh, India and higher construction activities

- Manufacturing segment got lower revenue and pbt than FY11Q1 due to the disposal of the quarrying business at the end of last year

- Higher pbt than FY11Q4 partly due to the higher ESOS expenses charged out in the preceding quarter

- Lower pbt in Manufacturing segment than FY11Q4 mainly due to the gain on disposal of the quarrying business in the previous quarter

- Estimate next 4Q eps after 2012 Q1 result announced = 1086823*0.3/550447 = 0.5923, estimate PE on current price 2.74 = 4.47(DPS 0.09)
- Estimate next 4Q eps after 2011 Q4 result announced = 1007725*0.23/478191 = 0.4847, estimate highest/lowest PE = 6.61/5 (DPS 0.075)
- Estimate next 4Q eps after 2011 Q3 result announced = 63001*4*0.83/548326 = 0.3815, estimate highest/lowest PE = 7.85/5.44 (DPS 0.075)
- Estimate next 4Q eps after 2011 Q2 result announced = (0.1477+0.1011)*2*0.75 = 0.3732, estimate highest/lowest PE = 7.18/4.53 (DPS 0.11)
- Estimate next 4Q eps after 2011 Q1 result announced = 0.2407*2 = 0.4814, estimate highest/lowest PE = 9.74/6.54 (DPS 0.06)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.5096*1.05 = 0.5351, estimate highest/lowest PE = 9.62/8.16 (DPS 0.045)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.1137*0.9*4 = 0.4093, estimate highest/lowest PE = 13.18/9.05 (DPS 0.045)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.1235*0.9*4 = 0.4446(based on preceding quarter eps to minus 10% adjustment due to revenue dropped 12%), estimate highest/lowest PE = 10.34/8.54 (DPS 0.045)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.1235*4 = 0.494, estimate highest/lowest PE = 12.27/7.51 (DPS 0.04)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.1102*4 = 0.4408, estimate highest/lowest PE = 12.51/10.81 (DPS 0.036)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.0948*4 = 0.3792, estimate highest/lowest PE = 13.76/10.68 (DPS 0.031)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.0711*4 = 0.2844, estimate highest/lowest PE = 14.31/11.25 (DPS 0.031)
- Estimate next 4Q eps after 2009 Q1 result announced = 0.0377*4 = 0.1508, estimate highest/lowest PE = 24.6/9.08 (DPS 0.031)
- Estimate next 4Q eps after 2008 Q4 result announced = 0.0278*4 = 0.1112, estimate highest/lowest PE = 13.98/9.58 (DPS 0.045)

MUDAJYA latest news (English)

MUDAJYA 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
2012-05-2820121N/AN/A0.047.37%7.37%440491440491940149401474242742420.13490.1349152972844290576635108682397043339559154816936489370724852355044755044714751972012-03-31-21.59%21.34%4.99%1.0227-1.841.841.460.452.36422.21880.56140.43840.289538.6%19171127
2012-02-23201143.282.50.0258.74%30.36%430662134705982471293948664922310320.13900.48311410280402555615511007725108650177747310012549156909710009815481747819147819113771902011-12-31-18.85%19.15%0.12%0.95525.9611.981.981.450.322.24812.08250.38480.42550.285437.3%23185134
2011-11-22201133.072.15-8.28%21.62%33720791639780403211477630011645400.13860.361912295232731306794895639353359118236963825491564877552391996764546184546189774282011-09-30-23.93%23.84%5.84%0.9326-1.951.951.10.442.8692.62420.73180.30740.222144.5%28164110
2011-08-23201122.791.80.0257.92%13.34%35611257919078234131074602941015390.14770.24881111840259902552438519388641466555254915552965530119961440821940811511226022011-06-30-22.84%21.97%8.30%0.9-1.951.951.410.492.66522.40230.76880.32620.233843.2%34155123
2011-05-27201114.752.410.035.42%5.42%223078223078528405284041245412450.10110.101110426182384104379980420823103574N/A2549155884588424903140796240796218521472011-03-31-23.69%23.69%10.85%0.8183-1.861.862.440.612.70042.38551.04570.31350.228747.5%46137137
2011-02-18201045.24.420.0313.50%50.93%23029587024874201278206570912153730.13960.52651119707358719379357609881957352275071706131160743177213884125491540896140905220938802010-12-31-30.98%32.22%16.46%0.77659.72431.771.772.890.621.99061.77870.71110.49610.320440.8%47161210
2010-11-23201035.443.75-11.01%35.80%19115363913861677212385465451513620.11370.3697102183228552172527736311261861270391712021160741008537034918642340936740936716538422010-09-30-31.64%32.27%17.26%0.8327-1.621.622.490.462.19981.92930.65350.43010.279440.2%49156162
2010-08-25201024.643.840.01512.82%24.78%20863144798573448150683542201047920.13240.25599774842715636803870592133658162151768981160744987312702524309940953140953116954582010-06-30-35.20%35.20%17.76%0.8797-1.561.562.650.592.51552.22080.8960.42570.277847.8%49153151
2010-05-12201016.13.750.0111.97%11.97%239354239354772587725850596505960.12350.1235910978253898618556570801765915549176902116074211017901229508640962440962420849862010-03-31-32.28%32.28%16.29%0.9154-1.451.453.510.722.43442.11951.16340.42660.278743.6%48106143
2010-02-10200945.554.80.0213.50%38.44%21176371997159022165673410541168970.11020.31387109622881224778142284021541716830781169775471104629911607437238537252118246862009-12-31-27.96%27.87%14.75%1.012715.61511.011.014.850.311.50781.22520.40320.76820.405320.3%54120181
2009-11-11200935.254.08-11.61%24.94%2001045082085015210665135320758440.09480.2036628383247162415963812211782999738981269775809108009814987337238537251415267782009-09-30-25.06%25.06%19.06%1.0128-0.910.914.510.41.6961.33720.6070.72770.393327.0%63103163
2009-08-26200924.13.230.018.71%13.32%182729308104368345649926479405230.07110.108853149919026736322341232993172674780869775725707176214153737238637238612847312009-06-30-20.16%20.16%19.23%1.0326-0.820.824.210.382.02461.56720.74490.6240.35835.5%68104140
2009-05-13200913.741.40.00604.62%4.62%125375125375196651966514044140440.03770.03774523541299333305232242172086171445176977554942544251242003725983725985849782009-03-31-15.68%15.68%25.76%1.0331-0.780.782.010.332.43041.80320.95780.4490.287239.7%7486113
2009-02-25200841.61.110.0154.08%17.77%128226422382138376552110366451170.02780.1209408125103993323723041321684931652189847671480314992697753730523730524402012008-12-31-10.64%10.79%9.76%1.03499.75690.730.731.620.192.94272.03420.67260.38270.254847.7%96122103
2008-11-24200831.180.945-3.19%13.69%11247029415613296516848087347510.02170.093138345591300302522921553044028545N/A847675898558985257823726733732653913062008-09-30-11.68%11.82%17.46%0.9522-0.70.71.50.073.08622.13450.28320.34860.238152.0%105168107
2008-08-26200821.340.920.015.35%10.50%101238181686188523838813589266640.09100.179037176991267276652805021427012945N/A847672721527215575521493301489611941292008-06-30-18.57%18.62%11.39%0.8997-1.71.70.760.393.05132.33770.63240.3610.245555.8%87169118
2008-05-16200813.71.150.025.15%5.15%8044880448195361953613075130750.08800.088035333383331245492700021421650N/A847671416614166706011485801485805467742008-03-31-24.23%24.28%12.11%0.8432-1.651.652.230.483.27452.59440.84980.33950.235863.4%84178121
2008-02-26200743.83.360.045.74%18.36%7096127398113026420399429301400.06570.210036246110859920842253862544836920953756457371472639030847671435241435245310382007-12-31-18.19%18.36%6.42%0.755917.61911.621.622.280.592.58832.10940.78240.46610.299662.8%81192168
2007-11-13200734.043.36-5.23%12.61%818412030209728283328586207110.06080.14673157857493717012240848178494705261316457372920332113778501412171412175140292007-09-30-11.83%11.89%8.21%0.9598-1.591.592.290.553.5112.83661.04750.33480.237361.6%6916097
2007-08-28200723.763.60.024.02%7.38%6466512117910097186046606121250.04820.088426987535082166692347934449183562010457376284557261014631371611371616199672007-06-30-15.61%15.61%23.34%0.8198-1.591.592.840.747.48315.97872.94420.16080.13101.0%9717354
2007-05-1620071N/AN/A0.023.36%3.36%565145651485078507551955190.04110.0411209267382221538617104559201306334573746144647410901342821342824028462007-03-31-15.05%15.05%27.53%0.7483-1.161.162.590.315.24823.6271.09560.24550.1826101.8%15922192
2007-02-2620064N/AN/A0.03N/AN/A1000732859338274312734561162550.03400.121021059446407147401641879875764973764585911118848457371341471343391904882006-12-31-8.25%8.27%29.56%0.475211.73561.111.111.280.344.30932.86661.0010.31050.2204151.1%262311172

Financial Quarter Balance Sheet
yearqrtDeferred tax assets (A-0)Investment in associated companies (A-0)Other investments (A-0)Property, plant and equipment (A-0)Amount due from associated companies (A-1)Cash and cash equivalents (A-1)Inventories (A-1)Property development costs (A-1)Trade receivables (A-1)Deferred tax liabilities (L-0)Amount due to associated companies (L-1)Current tax liabilities (L-1)Dividend payable (L-1)Trade and other payables (L-1)Minority interest (M-1)
20121-40449710278620-248523959954765733622256-16534-42611576635
20114-43065910275114-1548171281253793682983256-15337-38696261551
20113-38359410262959-1996761382952976516387256-13444-25943067948
20112-36918710250548-1996141407554179424135256-12752-24689455243
20111-35196110247437-249031993465057319096256-14032-22412243799
20104-36266110243384-2549151228663693382666256-20791-33767237935
20103-35340610240806-1864231299364166363936256-28335-25693072527
20102-25627910238629-2430991369066263359422256-23482-24782568038
20101-25627910237130-2950861499864869242514256-15092-23855061855
20094-24039810236406-1160741458766776236619256-12524-27534247781
20093-17753110232002-1498731573472859180282256-17110-22979641596
20092-11642410230270-1415371395772965156244256-10894-17911736322
20091-10746010229630-1242001411467210109638256-5237-12444033052
20084-9087210211880-697751525178997141248256-3223-10051432372
20083-9087210211501-257821221574435168548256-3028-8801630252
20082-8260610211355-575521325251695155207256-2884-8812727665
20081-6934610211857-706011458141918144928256-1474-8160124549
20074-6934610212592-847671637835499143777256-1174-10716920842
200733644104010213350213277850145923552913082662081115521807090117012
20072364-134114962471101463163763546810210362072361321832859416669
20071--134122943513410901607744728914317161132398-3499515386
20064--13413566-457371715348764852407161372324-4323014740

Financial Quarter Income Statement
yearqrtRevenueIncome tax expenseFinance/interest costsOther incomeAdministrative/Operating expensesMinority interestFinance/interest incomeShare of profit/ (loss) of associatesDepreciation & amortisation(Allowance)/Writeback of allowance for doubtful receivablesForeign exchange (loss)/gainCurrency translation difference
2012144049146881977821350152150841001101890-4821-
2011443066296-5125354998158831084226677-1049-
201133372074697-204325854812705-299----
201123561126496-55627533311444-3101----
201112230785731-11441713825864------
2010423029512211-23216828948992347498742175811618-
2010319115310643-12231319034489-----1204
2010220863113046-11381363216182------
2010123935412588-144416356314074----23-
200942117638708-7201532679260-194----
200932001049557-6111505635275------
200921827297085-5871464823270------
200911253755065-295106005556------
200841282261351-6531152372120-195----
200831124702322-193995302887-163----
200821012382147-438828813116-57----
20081804482365-491614474096-44----
2007470961836-823588762761-118----
2007381841799-53872699343-48----
20072646652357-282548501134------
20071565142342-26548272646------
200641000732446-4719228312674128----

Financial Quarter Segments Revenue
yearqrtElimination/AdjustmentProperty developmentConstructionManufacturingTrading and Plant hiring
201211314068264175141079218499
201141993816136415294770911461
20113415206945343992835219438
2011248537183103403751829227672
201111573436242008311712117236
201043273855062248851165620986
20103813552911621881465517154
201022528852612002901250615862
20101407045522096521446314757
200948950149251672512145317084
2009380875843175401934817599
200921104438421562291108222620
2009177004635105409896514066
20084815511718997041144113518
20083146892263929491386118086
200828769726807191308216932
200811045512101506351267215495
20074109201268146000999913201
2007310630154376463179384465
2007210501259153460392965352
2007110661191043610469455022
20064158593181859184543819492

Financial Quarter Segments Profit
yearqrtProperty developmentConstructionManufacturingTrading and Plant hiring
20121133388632725470
20114816810243978588
201131459740722593535
201121913767751336755
20111797506311414448
20104326375898853689
201032246579592690847
201024570934723608
2010150732531786702
20094574570662486654
2009360476777191085
200923693275418991225
2009123518860154121
20084175210685452100
20083124127592631
2008265182141662
2008120461661724989
200742301237077243
2007312277990122197
2007247704500327218
200712656531422745
200647970256138288

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


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