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Thursday, June 14, 2012

KLCI Stock - MITRA / 9571 - 2012 Quarter 1

MITRAJAYA HOLDINGS BERHAD



Company Description
MITRAJAYA HOLDINGS BERHAD, along with its subsidiaries, is engaged in civil engineering; building and road construction works; property development and property management; renovation work; supply of construction materials; manufacturing and selling of premix; renting of plant and machinery; photorefractive keratectomy and related services; golf management; maintenance of properties; investment holdings and quarry operations. The Company’s five major business segments operate in two principal geographical areas: Malaysia and South Africa. In Malaysia, the Company is principally involved in the civil engineering, building and road construction works, and property development. In South Africa, the Company is principally involved in civil engineering, construction works, property development and golf management.

Company Info
Listing Date1994-12-08
Market Capital (Capital Size)227,011,288 (Small)
Par ValueRM 0.50
BoardMain
SectorConstruction
Major IndustryProperty Development
Sub IndustryCivil Engineering
Websitehttp://www.mitrajaya.com.my/

My Analysis
Forecast P/E now(0.56-0.05)/0.0722 = 7.06 (High)
Target Price0.47+0.05 = 0.52 (PE 6.5, EPS 0.0722, DPS 0.05)
DecisionNot interested unless stock price can very strong sustain above SMA20 or wait got very strong buy volume than sell
Comment
Revenue decreased 46.8% and also lower than preceding year corresponding quarter 57.9%, eps decreased 75.8% and also lower than preceding year corresponding quarter 73.2%, cash generated from operating not enough to cover all financing expenses hence still continuing negative cash flow, operating margin decreasing, stronger liquidity ratio at moderate level now, lower gearing ratio at below moderate level now, lower debt ratio and far from historical high, inventory collection period very longer, higher property development cost can indicate more development in the progress and more land, lower inventory can indicate reduced properties held for sale, all primary segment business weakening
First Support Price0.545
Second Support Price0.53
Risk RatingMODERATE

Research House
Jupiter Target Price0.61 (2012-05-21)

Accounting Ratio
Return on Equity10.68%
Dividend Yield8.93%
Gross Profit Margin0.00%
Operating Profit Margin14.22%
Net Profit Margin11.85%
Tax Rate32.18%
Asset Turnover0.4426
Net Asset Value Per Share0.84
Net Tangible Asset per share0.84
Price/Net Tangible Asset Per Share0.68
Cash Per Share0.02
Liquidity Current Ratio2.7712
Liquidity Quick Ratio0.702
Liquidity Cash Ratio0.076
Gearing Debt to Equity Ratio0.3918
Gearing Debt to Asset Ratio0.2681
Working capital per thousand Ringgit sale83.2%
Days to sell the inventory462
Days to collect the receivables100
Days to pay the payables155

Technical Analysis
SMA 200.558 (Downtrend 7 days)
SMA 500.559 (Uptrend)
SMA 1000.566 (Uptrend)
SMA 2000.518 (Same)
MACD (26d/12d)-0.001837 ( 0.00056 )
Signal (9)-0.001985 ( 3.7e-05 )
MACD Histogram0.000148 (Bullish trend 1 day)
Bolinger Upper Band0.572
Bolinger Lower Band0.544

My notes based on 2012 quarter 1 report (number in '000):-
- Lower revenue and profit from Construction segment mainly due to low construction activities and most of the construction projects were at the initial implementation stage which has low contributions

- Lower revenue and profit from Property development segment due to overall market condition for high-end property is rather soft which has affected the sales of Kiara 9 units and profit from South Africa investment has also reduced by half from RM1.1 mil to RM0.6 mil

- Manufacturing segment recognised loss due to low construction activities that affected the demand of quarry products

- Healthcare segment recognised loss mainly due to decline in sales revenue from Lasik eye treatment and depreciation on newly purchased operations equipment and amortisation of renovation cost for Penang Eye Hospital has increased the operational cost

- Estimate next 4Q eps after 2012 Q1 result announced = 355928*0.08/394564 = 0.0722, estimate PE on current price 0.56 = 7.06(DPS 0.05)
- Estimate next 4Q eps after 2011 Q4 result announced = 352485*0.1/386283 = 0.0912, estimate highest/lowest PE = 6.2/5.43 (DPS 0.05)
- Estimate next 4Q eps after 2011 Q3 result announced = (0.021+0.0285)*2*0.9 = 0.0891, estimate highest/lowest PE = 7.01/4.77 (DPS 0.03)
- Estimate next 4Q eps after 2011 Q2 result announced = 0.021*4*0.8 = 0.0672, estimate highest/lowest PE = 7.66/4.99 (DPS 0.03)
- Estimate next 4Q eps after 2011 Q1 result announced = (0.0796+0.0812)*2*1.1 = 0.3538, estimate PE on current price 2.43 = 6.53(DPS 0.12), after split & bonus & free warrants then eps = 0.1049, price = 0.81, PE = 7.34(DPS 0.04)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.36(due to receivables increased), estimate highest/lowest PE = 6.69/4.94 (DPS 0.12)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.28, estimate highest/lowest PE = 7.43/3.75 (DPS 0.1)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.2*0.7*2 = 0.28, estimate highest/lowest PE = 3.25/3 (DPS 0.1)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.12(average of 0.03 per quarter), estimate highest/lowest PE = 10.5/7.5 (DPS 0.1)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.08(average of 0.02 per quarter if no new big project secure for construction division), estimate highest/lowest PE = 15.13/7.63 (DPS 0.1)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.08, estimate highest/lowest PE = 9/7
- Estimate next 4Q eps after 2009 Q2 result announced = 0.08, estimate highest/lowest PE = 7.88/6.63
- Estimate next 4Q eps after 2009 Q1 result announced = 0.08, estimate highest/lowest PE = 7.44/5.38

MITRA latest news (English)

MITRA 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
2012-05-2920121N/AN/A-0.80%0.80%333863338639563956283328330.00720.007248632813040023115355928535221995808766131532655103163945643945642249012012-03-31-14.22%11.85%32.18%0.4426-0.840.840.680.022.77120.7020.0760.39180.268183.2%462100155
2012-02-28201140.6150.5450.053.68%12.97%62809261253139415747811764414130.02980.107249503114254623265352485546331650943911180038124578775873945673862832249032011-12-31-23.13%22.20%17.04%0.52775.31670.850.840.680.022.64090.78260.06220.4330.28869.3%372107144
2011-11-25201130.6550.455-3.53%9.29%58353198444177094353711259296490.02850.07735025131602202357834229346794779341722207139001272147923945673833221834732011-09-30-31.20%30.35%36.26%0.5701-0.830.820.570.012.32310.86320.02090.50270.318857.4%295128152
2011-08-25201120.5450.365-2.67%5.76%6071714009011862258288530183910.06700.1464534464185124235503493401014114983072513135844210955127282125590636412011-06-30-20.74%19.54%26.50%0.5828-2.592.580.19N/A2.45251.01350.00210.56820.346466.3%305163133
2011-05-27201112.740.475-3.09%3.09%79373793731396513965985898580.07960.079652178318126323362340520761337974702488799252230101238201238202971682011-03-31-18.39%17.59%27.19%0.6666-2.562.540.940.052.46970.99350.04570.57150.347457.5%273131107
2011-02-25201042.531.90.123.50%18.16%8803033272316403771229761507060.08120.42115083811890622305231931939498194238559176337556100327661201951203992403902010-12-31-19.09%18.63%27.57%0.65454.74892.462.440.820.042.26160.78460.03280.63810.371953.9%302114125
2010-11-29201032.181.15-5.70%14.66%83362244693221686071815920409450.13250.33804917331851192091430661435159166535420208233494192640081201951211461370222010-09-30-27.22%26.59%25.85%0.8148-2.362.340.490.032.39450.73620.02990.64790.376546.8%2608689
2010-08-26201021.331.02-5.76%8.96%97046161331247053855016090250250.13390.2074493995192401203963015942019413931617820861880126235371201991206461214002010-06-30-26.14%25.46%24.79%0.7994-2.332.30.440.062.22580.73280.05650.68420.389542.5%2488583
2010-05-26201011.361.0-3.20%3.20%64285642851384513845893689360.07380.07384657751797701948028600545911029817723443562461569591211161211161295942010-03-31-22.04%21.54%27.30%0.7638-2.22.170.490.022.28140.56990.02390.67450.38643.4%2676776
2010-02-23200941.310.710.17.79%18.01%155953326355254226058317837412140.14600.336148219320291018350279283493844756135698048182353922656122169122613830742009-12-31-16.64%16.30%21.25%0.67682.0232.132.10.320.051.85640.48820.03650.77760.420840.9%29578107
2009-11-26200930.720.56-8.31%10.21%77629170402284403516119028233790.15330.1875461275201258161672600172547745281486381222094960862036124123124668695082009-09-30-37.35%36.64%26.79%0.4703-1.961.920.290.052.0840.58390.04410.82530.436374.0%453134166
2009-08-27200920.630.53-1.33%1.90%578829277345506721304843510.02430.03464541492147831437423936615352139111278916045087383125356125718733332009-06-30-8.66%7.86%26.09%0.4063-1.791.760.330.011.93950.55980.01160.95460.472979.4%448163174
2009-05-28200910.5950.43-0.57%0.57%348913489121712171130213020.01030.01034420322106831405923134910745952294690547918155090126084126084567372009-03-31-7.89%6.22%40.26%0.4119-1.721.690.270.021.99090.58440.01340.96960.476680.1%435162168
2009-02-26200840.490.36-0.04%0.97%46536195287650408210423210.00080.018243284120395814064228883200674301946703943674906787126630127695455862008-12-31-2.86%1.40%111.85%0.451219.80621.681.650.220.022.09310.59490.01490.94940.471275.7%393142157
2008-11-26200830.480.31-0.17%1.02%4523314875167343240524250.00320.01894505632170261387323353743003039268728733946524680127623128075453062008-09-30-0.61%0.15%-0.5082-1.721.690.210.032.06250.58220.02610.9880.481767.4%367127142
2008-08-27200820.5750.35-0.66%0.85%5542110351824813499157220200.01230.0157439015204791140132342245623351250290597484768386128001128297659202008-06-30-6.80%4.48%35.55%0.5911-1.721.690.30.022.04370.70180.01980.930.466557.4%291135117
2008-05-28200810.60.45-0.19%0.19%4809748097101810184484480.00350.003541965018881913926230831512162950802904492588298128602128850758752008-03-31-3.96%2.12%55.21%0.6807-1.681.660.360.032.16790.69170.02710.87050.449951.7%25610696
2008-02-27200740.80.520.0151.77%3.43%80240311421782314497420181480.03250.06244385782004651391823811341693337046307232779891682645129070130565800232007-12-31-11.02%9.75%43.74%0.71019.9351.721.690.370.062.00490.710.05090.89420.457146.3%23311095
2007-11-28200730.870.585-1.11%1.66%7574623118136796674264639470.02040.03014617832248081529523697523579364361388423451285710271318129843131090869942007-09-30-6.52%4.86%17.80%0.7912-1.691.660.40.031.86750.7310.02021.01410.486839.7%20111880
2007-08-29200720.750.665-0.50%0.55%8157815543522392995119013010.00910.00994687312323061491723642516567347322187723161816537121396131146131740970482007-06-30-4.30%2.74%34.39%0.6179-1.681.650.450.091.57490.66940.06131.04870.495640.2%24415499
2007-05-2920071N/AN/A-0.05%0.05%73857738577567561111110.00090.000945784222405414593233788150929697290072156281888191337128602128850835912007-03-31-3.17%1.02%81.75%0.4544-1.71.670.390.021.60150.65830.0141.02220.489456.1%341218140
2007-02-2820064N/AN/A0.02N/AN/A134190269804878215449493671190.03680.052544066020298614470237674110231212147357382981149242458134257135545671282006-12-31-7.08%6.54%39.73%0.30459.51991.651.620.310.021.8850.79750.01860.90940.4606112.4%542359233

Financial Quarter Balance Sheet
yearqrtDeferred tax assets (A-0)Goodwill on consolidation (A-0)Investment in associated companies (A-0)Investment properties (A-0)Land held for property development (A-0)Property, plant and equipment (A-0)Amount due from customers (A-1)Cash and cash equivalents (A-1)Current tax assets (A-1)Deposits with licensed banks (A-1)Financial assets at fair value through profit and loss (A-1)Fixed and time deposits (A-1)Inventories (A-1)Property development costs (A-1)Trade receivables (A-1)Deferred tax liabilities (L-0)Loans & borrowings (L-0)Provisions (L-0)Amount due to associated companies (L-1)Amount due to customers (L-1)Current tax liabilities (L-1)Loans & borrowings (L-1)Trade and other payables (L-1)Minority interest (M-1)
201213416305559903843212100434105-3446426286-41551853319078559059270526537--994526293747026423115
201143572307444903793912099933557-3714318686-30681959218545176303272629478--1422609279557963623265
201133428284630003550613876330310105692507401986--2516215624690071261133353--54604883203129360123578
2011234752299-35596116229280607220215485986--26335178332131758257540326--151823177346928917223550
2011135432322-356861162292795933676133394586--27098173761121654256242637--88983410450497870723362
2010436942536-359661162292843494940712725586--30248179737103206254644350--46874325459718718323052
2010334262509-37361975452893560640235434--2677019619893813146849192--44129868441767600320914
2010234173145-37368975424810896477255544--2785117634490973333552300--134377882469236852420396
2010134143148-37328974374976273228694964--3147117459964515335956009--54834713513225888419480
2009432403653-37335966175177260556954054--3539617802869443344843477--48705178687477719018350
2009331253880-373425549052812332145964541931--425361796127617634913838011294-68955513545588112716167
2009226574038-3736055490522088335180032084--509971641237392934184389911549-79981050634608340914374
2009126224479-3731555385490646577196832054--545971525227429431044735412974-8345605580798022214059
2008427023860-3731655385504374410200726894--558711467997136130655251713101-2577180516158090314064
20083284137261233616255480524445438275612851031--59308155862741073654496201840217266703538288355213873
200822623312112236760554804934415266175810161073--6205312938781012359939999185303078941056568517683214013
20081258228941193691855327476431423237610641052--69146117545815613514395051933229101761715446866986213926
200742590328611937126552555226163824659574845--7663110934493061393333581193323074462040583657573813918
2007332443633119371295038155164512017549991479151-261851637581126673729339801997032173083160711887544115295
200723060377411937153503805554112192103708331887151-261281571111100323940572720270321611424781092887445714917
2007129903808119371155038052552849111547281403151-27582155501115868386455912048032784531971077717527414593
2006429694042119371182152353769602018597291153151-27558157697125953399481582048032127253827740657970514470

Financial Quarter Income Statement
yearqrtRevenueIncome tax expenseFinance/interest costsOther incomeAdministrative/Operating expensesMinority interestShare of profit/ (loss) of associates
201213338612737891506301461501
201146280923755767134899519810
201135835364224957854093428-
2011260717314372892949056189-
2011179373379763396765742310-
20104880304522400972721992120-
2010383362573052772861395518-
201029704661246591128728102491-
20101642853779322574506921130-
2009415595354035264471304522182-
200937762976195511022496601793-
2009257882118746181853689315-
20091348918745812148342875-
200844653672768173345938270
2008345233220342724456832521
20082554218821289268954343273
20081480975628871239474318-
200748024034221016258873989200-
20073757466551261154272348378-
20072815787701272190579972279-
2007173857618158212477276627-
2006413419034897221898126584357-

Financial Quarter Segments Revenue
yearqrtOthersProperty developmentConstructionManufacturing & tradingHealthcare
2012180013196147992374352
2011479620109363312065365
2011381416138361034184882
2011277420688335905245141
2011175537870355754524721
2010464304725032810566109
20103813321854375012975318
20102708543693472415055740
20101708391181813615694754
200941026504209590326905905
20093873453902273037334904
20092822278352132136094295
2009187018685941217884136
20084939134762474526574719
200831839102382595025784628
2008238185302928232564314
20081872140842752515534064
200741343201275187622054689
200731265212984580128894494
200721190129176121516484608
200711277131365412914453870
200641349139521131259144849

Financial Quarter Segments Profit
yearqrtOthersElimination/AdjustmentProperty developmentConstructionManufacturing & tradingHealthcare
2012131154822902131101433
201148245770811107448441485
201137752762267951171121412
201121235407014613182190
201112216179426487617273
2010450636432144793313263119
2010342310114781044220403
20102492241398710882269400
2010119080797035442260241
20094568466205904489205360
2009331218681611514187609362
2009219214829382199589375
2009112421021871347241689
2008451181622651283202157
2008313982019482316748
200821071442257153324619
2008130151020058901716
200741567369835453312686537
20073538156341491631200384
2007274824217621066396575
200712351881708119268272
2006434768237595224580767

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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