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Friday, June 8, 2012

KLCI Stock - MRCB / 1651 - 2012 Quarter 1

MALAYSIAN RESOURCES CORPORATION BERHAD



Company Description
MALAYSIAN RESOURCES CORPORATION BERHAD, an investment holding company, engages in the property development and investment businesses. It focuses on residential, commercial, and industrial properties. The company’s engineering and construction projects include buildings and high rise, roads, civil and infrastructural works, residential development, and energy-power network transmission; and infrastructure projects include environmental rehabilitation and infrastructure toll highways. In addition, the company develops transit hubs; corporate office towers and business suites, hotels, luxury condominiums, and shopping malls; and multi-level residential development, high-rise condominium, medium-cost apartments, and low-cost landed properties. Further, it offers building services, such as building management, building maintenance, security, and parking services; IT, telecommunications, ICT infrastructure, and strategic systems products and services; and operates, manages, and maintains Kuala Lumpur central railway station. Additionally, the company operates, manages, and maintains retail and fitness centers; offers engineering, construction, and commissioning services to power transmission systems; manufactures and sells pre-stressed spun concrete poles; provides security guard services; manufactures, distributes, and sells ceramic tiles; offers planning and management services; trades in building materials; involves in quarry operations; and provides system maintenance and application services, and other technological applications and services. It principally operates in Malaysia and the United Arab Emirates. Malaysian Resources Corporation Berhad was formerly known as Perak Carbide Sdn. Bhd. The company was founded in 1969 and is based in Kuala Lumpur, Malaysia.

Company Info
Listing Date1971-03-22
Market Capital (Capital Size)2,176,753,257 (Large)
Par ValueRM 1.00
BoardMain
SectorConstruction
Major IndustryProperty Development
Sub IndustryConstruction & Project Management
Websitehttp://www.mrcb.com.my

My Analysis
Forecast P/E now(1.57-0.02)/0.0604 = 25.66 (Moderate)
Target Price1.93+0.02 = 1.95 (PE 32.0, EPS 0.0604, DPS 0.02)
DecisionBUY if stock price sustain above SMA20 or wait MACD start move up
Comment
Revenue decreased 30.1% but higher than preceding year corresponding quarter 48.4%, eps decreased 14.9% but higher than preceding year corresponding quarter 2.6%, over spent in operating hence mainly used the cash generated from financing activities and 9.9% of Group cash to cover all other expenses, operating margin improving, slightly weaker liquidity ratio at low level now, higher gearing ratio at very high level now, higher debt ratio and left 4.7% to historical high, all repayment period still as usual, cash decreasing, higher property development cost can indicate many property development still on-going
First Support Price1.55
Second Support Price1.4
Risk RatingMODERATE

Research House
RHB Target Price2.55 (2011-12-07)
MIDF Target Price2.43 (2012-02-10)
Jupiter Target Price1.82 (2012-05-21)
AMMB Target Price2.3 (2012-05-23)
CIMB Target Price1.9 (2012-05-23)
HLG Target Price2.5 (2012-05-23)
HwangDBS Target Price2.7 (2012-05-23)
Kenanga Target Price2.71 (2012-05-23)
OSK Target Price2.38 (2012-05-23)

Accounting Ratio
Return on Equity5.81%
Dividend Yield1.27%
Gross Profit Margin0.00%
Operating Profit Margin14.84%
Net Profit Margin10.83%
Tax Rate19.67%
Asset Turnover0.2374
Net Asset Value Per Share1.0
Net Tangible Asset per share0.93
Price/Net Tangible Asset Per Share1.72
Cash Per Share0.38
Liquidity Current Ratio1.4572
Liquidity Quick Ratio1.1748
Liquidity Cash Ratio0.3494
Gearing Debt to Equity Ratio2.9911
Gearing Debt to Asset Ratio0.7435
Working capital per thousand Ringgit sale52.8%
Days to sell the inventory135
Days to collect the receivables345
Days to pay the payables342

Technical Analysis
SMA 201.597 (Downtrend 53 days)
SMA 501.681 (Downtrend)
SMA 1001.854 (Downtrend)
SMA 2001.901 (Downtrend)
MACD (26d/12d)-0.030663 ( 0.000263 )
Signal (9)-0.031701 ( 0.000259 )
MACD Histogram0.001038 (Bullish trend 14 days)
Bolinger Upper Band1.71
Bolinger Lower Band1.484

My notes based on 2012 quarter 1 report (number in '000):-
- Higher revenue and pbt than FY11Q1 mainly contributed by recognition of progress profit of the ongoing property development projects at Kuala Lumpur Sentral and recurring rental income from the newly completed KL Sentral Park office

- Estimate next 4Q eps after 2012 Q1 result announced = 1426930*0.06/1387293 = 0.0617, estimate PE on current price 1.57 = 25.66(DPS 0.02)
- Estimate next 4Q eps after 2011 Q4 result announced = 1398254*0.06/1388264 = 0.0604(ROE 6%), estimate highest/lowest PE = 36.75/25.17 (DPS 0.02)
- Estimate next 4Q eps after 2011 Q3 result announced = 0.0811, estimate highest/lowest PE = 27.81/23.37 (DPS 0.015)
- Estimate next 4Q eps after 2011 Q2 result announced = 0.0811, estimate highest/lowest PE = 28.91/18.06 (DPS 0.015)
- Estimate next 4Q eps after 2011 Q1 result announced = 0.0156*4*1.3 = 0.0811, estimate highest/lowest PE = 31.87/24.11 (DPS 0.015)
- Estimate next 4Q eps after 2010 Q4 result announced = 1067579*1.3*0.09/1380582 = 0.0905(profit margin per 9%, revenue yearly increase rate 30%), estimate highest/lowest PE = 26.02/21.49 (DPS 0.015)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.0188*4*1.1 = 0.0827(profit margin 8%, revenue increase rate 20%), estimate highest/lowest PE = 29.02/22.61 (DPS 0.01)
- Estimate next 5Q eps after 2010 Q2 result announced = 0.0129,0.0175,0.0202,0.0237,0.0313(calculation is based on receivables, revenue, 8% profit margin and 27% tax rate), exclude 0.0129 then cum_eps is 0.0927, estimate highest/lowest PE = 24.49/17.26 (DPS 0.01)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.0743, estimate highest/lowest PE = 23.96/18.03 (DPS 0.01)

MRCB latest news (English)

MRCB 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
2012-05-2220121N/AN/A-1.58%1.58%328624328624356023560222155221550.01600.0160556202441350944444614269301944042213160001371076196617366163344601387293138729322196682012-03-31-14.84%10.83%19.67%0.2374-1.00.931.720.381.45721.17480.34942.99110.743552.8%135345342
2012-02-08201142.241.540.021.98%5.86%47038712130774254510725126116774620.01880.055854111724012918381311398254551224190664159604872745321581161983710761388264138710731097112011-12-31-11.52%9.04%24.89%0.224240.11150.980.912.460.451.49781.20550.42662.95040.741659.7%146338377
2011-11-25201132.271.91-0.81%3.89%286352742690164776470610719513460.00770.037049686863597050408961371636449314552511532024872743940632408612464131388175138706126236502011-09-30-8.89%5.75%6.74%0.2366-0.960.922.050.52.48042.0020.79932.7030.7239108.5%147317296
2011-08-11201122.361.48-1.44%3.07%234841456338241934822919026406270.01370.0293464380032882353650513555653336071560372436894872744896442459552413191388419138786030961742011-06-30-13.88%10.30%15.61%0.2499-0.950.912.450.452.34761.85410.75892.49290.708195.9%148282295
2011-05-26201112.61.97-1.63%1.63%221497221497240362403621602216020.01560.01564569550322345336475134609720545679689743624872742851452107832764911387301138730129965702011-03-31-15.58%10.85%-0.2406-0.940.92.40.572.1651.7330.84672.46140.705499.3%156274303
2011-02-09201042.371.960.0156.01%9.74%4331181067579492899757541502672680.03010.0518438834030668633525213214776165575077873634732325711087702547034872741380582129787730510862010-12-31-13.79%11.38%20.48%0.243342.640.990.952.330.581.59761.29280.63322.38440.698970.7%152284355
2010-11-22201032.411.88-0.53%3.73%27090963446115005482863676257660.00270.02023788460255462825476123383249110049464120279223257135412063334389041379759127402429664812010-09-30-10.27%5.54%30.79%0.2418-0.950.952.260.632.83162.58111.02822.11410.6743168.1%98519326
2010-08-24201022.281.61-1.77%3.20%173875363552183033328012244220900.00890.0181361079523834481970012273473625845147701535562325711521863057425383131373959121839922945112010-06-30-16.13%10.53%27.98%0.2499-0.990.991.690.73.20612.87961.34551.97360.6601175.1%109443270
2010-05-18201011.791.35-1.43%1.43%1896771896771497814978984798470.00930.009336060782396931192101209147114682511468260012325713967864227876553581063228106322816480032010-03-31-13.18%7.90%26.35%0.2659-1.121.121.381.13.32332.99641.6842.01430.6647168.7%98347272
2010-02-23200941.721.370.011.90%5.31%281669921616233654649212412346240.01360.03803118752242844018393690312242886571723363281963013000583627023257191014991011412469042009-12-31-16.98%8.30%42.43%0.295536.01130.740.741.850.892.6422.32721.15993.61420.7787124.2%98321281
2009-11-17200931.81.26-1.54%3.40%257108639947119822312710017222120.01100.0244307549023982041785367728619528143042125621963011995851297720927890996290996212375482009-09-30-7.86%4.66%3.93%0.2743-0.720.721.890.971.64421.42180.76693.63680.779887.7%116324286
2009-08-27200921.461.22-1.85%1.87%23024438283991371114512042121950.01320.0134291668722497581754066692919168736671759541963011880201206618423590931390931311730132009-06-30-8.40%3.97%-0.2625-0.710.711.820.991.73551.52060.90173.46440.771396.0%103294225
2009-05-15200911.511.06-0.02%0.02%152595152595200820081531530.00020.0002282209521692331752765286214363297391183771963011533713499416130790753790753710890442009-03-31-9.30%1.32%76.79%0.2707-0.70.71.711.051.83321.57671.02443.41430.7687101.4%114244178
2009-02-24200841.360.78-5.07%7.31%203554788552254994215539298566380.04330.06242916011226363017214652381167334375345131800272512208011762111963019075379075377804812008-12-31-5.10%12.53%-0.2704-0.70.71.231.191.78531.55631.04343.56380.7763103.5%117246240
2008-11-25200830.940.665-3.46%2.24%179380584998259891665626807173400.02950.01912848522215008817961698434285806391530511032725121057241568271156859075379075376171252008-09-30-9.43%14.49%-0.3112-0.750.750.911.22.05421.80721.17863.15970.7548110.0%106238219
2008-08-26200820.8950.48-0.68%1.22%22853140561891519333523994670.00580.0104278422620510491786573317734589434856415684227251226701595121130009075379075377033412008-06-30-6.55%4.00%-0.3362-0.790.780.991.32.26641.94511.42932.86730.7367111.9%122166177
2008-05-20200811.550.74-1.90%1.90%177087177087184841848414706147060.01620.01622572152178138370462790769788966336881301272512155289682936934190753790753713794562008-03-31-32.40%10.44%22.59%0.3126-0.790.791.921.022.18791.85231.1732.47310.6926116.3%152241237
2008-02-26200742.11.130.0121.08%8.05%30148190370212862698315487407450.00600.047421062641331875688587743891734234040903669896198857751321052427251290753785971418604502007-12-31-14.24%4.27%146.95%0.429143.25470.820.822.50.472.22641.65380.73831.88780.632378.2%159211220
2007-11-27200733.22.0-2.79%9.13%228831602221154605696914110462320.01560.054820193861244592697637747941205304286082636906198854913828544834743690222484359922736042007-09-30-10.26%6.76%2.14%0.376-0.840.843.00.452.43941.7080.81981.76530.616394.5%208211210
2007-08-20200722.932.39-3.81%6.35%96587373390288824150919276321220.02260.0392193599512023816874473361413283242729739914161988560129160988222976854001819992N/A2007-06-30-47.19%29.90%21.43%0.274-0.810.81N/A0.492.44611.7060.93021.80840.6211122.6%279237275
2007-05-2220071N/AN/A-2.54%2.54%276803276803126271262712846128460.01620.0162198370414289286532755477681211108523433161988920635773211972079500679500617808132007-03-31-12.08%4.56%4.22%0.2188-0.620.623.610.291.77431.41440.38262.91950.7203107.2%205291262
2007-02-2720064N/AN/A-N/AN/A15713352792983373026619293337840.02510.04401992934148674866079506186148173455265300779194936915931619887681867681867989132006-12-31-10.31%5.31%-0.078823.64770.570.571.820.241.47691.11240.28193.37820.746198.7%618627756

Financial Quarter Balance Sheet
yearqrtAvailable-for-sale financial assets (A-0)Concession assets (A-0)Deferred tax assets (A-0)Intangible assets (A-0)Investment in associated companies (A-0)Investment in jointly controlled entity (A-0)Investment properties (A-0)Land held for property development (A-0)Property, plant and equipment (A-0)Amount due from jointly controlled entity (A-1)Cash and cash equivalents (A-1)Current asset classified as held for sales (A-1)Current tax assets (A-1)Financial assets at fair value through profit and loss (A-1)Inventories (A-1)Property development costs (A-1)Trade receivables (A-1)Deferred tax liabilities (L-0)Loan stock (L-0)Loans & borrowings (L-0)Other liabilities (L-0)Sukuk (L-0)Current tax liabilities (L-1)Loans & borrowings (L-1)Other payables (L-1)Sukuk (L-1)Trade and other payables (L-1)Minority interest (M-1)
2012157713113212918395636113833954907223047679862058482298527659-93274687169174131901245768495527000137194812471310584813274434955363197-72197444446
2011457712656582945295736117603967256529767664002067312841616188-100184545167534084971120472506197000131768812409410584852665352231322261-77787538131
20113626117537829577577541070639790858952457275220119122564684878-13578373416913395232100001426842959015178711230141058201534527047238759-59038140896
20112583109808029679577541062539276251588960484819967028339621533-8766507317311390145867115288679590147338712159782915645618047178350-63468036505
20111616101149729763577541060199317443647560655019911231340788801-598145501774538702779314628894959012986141204828288944207145047212564-57516136475
2010448292504729790585541056059339835920859994919870521699795004-36734608178653671398076143291295908136241192228286336931354631255203-64611735252
2010351125954629790-155907939642239815797926471220909860326-235340041901419157512820763297995907252901177738283897015130682208176-49473425476
2010259225882929790-1610903641413878657668611277973649959546-2514391818956214845102240132979959068029011637282814511645126128197653-38064619700
2010163825678429790-1626323655513964456921697730657621168201-2377391619194208362845277329799590715290115156827902918355047226598-40518619210
2009444422536229790-1628533690414050356945111180050943806232-2429229119075200368760307329799590746615113800828388792558416212681-41804618393
2009347624249529572-155590-1438695651695066048313878137-3763229119833235537699785344029590255508122582828042413520836234878-39195317853
2009241721213629572-149556-1447505629618210426503899523-19551968200211948855903363440295902555081227428276971528530539145275-32247717540
2009135420317224646-149374-1456315345986047650221950567-20361590215392168584610333440295902454511229948273521296556872196603-17467317527
2008437913152024646-162472-14651253396561327502491082438-19821807214612165174807363440295902350931184078270073673545623202264-28757117214
200833791809314432-168390-12071355070675132-1088167-35562305238602047375780521928295902321971187768450001518450984169233-30350817961
2008237918171113414444174704-10537250547689671-1179964-21912305206492451454244141928295902321971178358450001591439615154294-23164517865
20081378182494110-133710-10603150688180972-920735-4838237029315234788529775192829590227050118473620000184627348719517910000021647670462
20074379183271386-110708-10668950580279821-423157-4434237132290297755523145192829590-1143336123452991833023150410000022619268858
200737884184282118-87984-10732551926560400-406286-452523713410233047743822119019590-11461562000032971315742510000021134569763
200728039185062118-60887-10798360803530429-41580026845412502374912953063440901900959071001140926200003822095114544010000018292668744
200718039185844852-59182-10864269489723230-22699626426792802957374921788033464831900959018692611360651595038212453814213620000013390065327
200648039186634852-56591-10930080521323403-18129726426796363278954331431792697831900959019533310954451569766716230210501620000018669966079

Financial Quarter Income Statement
yearqrtRevenueIncome tax expenseFinance/interest costsOther incomeAdministrative/Operating expensesMinority interestShare of profit/ (loss) of associatesShare of net profit of jointly controlled entity
20121328624700211851119822918456445731235
20114470387105909345817542435258398031517
2011328635211108099139532748394648378512
2011223484137777788127102149621390196412
20111221497151998118927205904258592411
201044331181009374601003138340923064862505
20103270909462096261401525710367093190-
2010217387551227164157401615719372577-
20101189677394671991478617946811852818-
2009428166999141336718773252627103910497586
20093257108471825716430253320149421-
200922302442918585815595226497134347-
20091152595154211088143201527303131089-
20084203554145455928112602251957469190-
200831793804336815116472079413852260-
20082228531406211372419823775643182987-
2008117708741753821727313147022397677-
20074301481189013636480042665665526307-
2007322883133112602799921335810194590-
200729658761891784554895649434171145-
200712768035332268861172494937521888-
200641571334133175023966218059068239634-

Financial Quarter Segments Revenue
yearqrtElimination/AdjustmentEngineering & ConstructionProperty developmentInfrastructure and environmentalBuilding servicesInvestment holding and others
20121-145185166410514411784101
20114-2535381858471381417472284
20113-142730125134138116923184
20112-110197109013216513358108
20111-144495537151125911922106
201041977384970046969264322718330545
20103-138010743594712711197216
20102-107376310042474310609143
20101-123966297142517410687136
2009412223025600061286284381629141884
200931299622986615233366441284424483
2009236397199415236952792216157548
200914343311925115232234101246225673
200843859611808632139475992115723169
200831687415231620130145389084186
200828617156934540811389411945294
20081519757912937152080498530
200744296714555712316743856825723611
2007310356132144906439553683512
20072210067845725965758855830
20071770672706202899364052640
20064583161001875993028329484722156

Financial Quarter Segments Profit
yearqrtElimination/AdjustmentEngineering & ConstructionProperty developmentInfrastructure and environmentalBuilding servicesInvestment holding and others
20121-761445284736617220
20114-50654892497047081655
20113-413430816232189110544
20112-68803115348455818163
20111-144861379022531362590
20104-390141685015428225513965
20103-42180201078699710047
20102-17278540239519068114
20101-87018281375018734219
200943176914018217235981642968
2009322464125619754776211822676
2009212391623232702484630775
2009128618785613463769165528177
200841082214797253655138331132154
2008330741342483626005694421
20082307626382339614262664401
20081162730235199243913321536
20074109893864358827791181115910
200737842498308594495675121
20072746503870108233102229607
2007172111903590829111383797
2006412713614816614210710316242

Financial Quarter Segments Associate
yearqrtEngineering & ConstructionProperty developmentInfrastructure and environmental
20121-1308-
201143341986-
201133341224-
20112-608-
20111186317-
20104131681162144
201039072283-
201021482429-
20101646092145
200945082103610380
200935226980791
20092---
20091---
20084---
20083---
20082---
20081---
20074---
20073---
20072---
20071---
20064---

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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