Sponsor by Innity

Sponsor by cwyeoh

Sponsor by Nuffnang

Tuesday, June 12, 2012

KLCI Stock - SUNWAY / 5211 - 2012 Quarter 1

Company Info
Market Capital (Capital Size)3,102,012,009 (Large)
Par ValueRM 1.00

My Analysis
Forecast P/E now2.4/0.2767 = 8.67 (Moderate)
Target Price0.2767*10.0 = 2.77 (PE 10.0, EPS 0.2767)
DecisionBUY if stock price can follow uptrend with Bolinger upper band or wait rebound when near to SMA20
Revenue decreased 15.9% and also lower than preceding year corresponding quarter 2.3%, eps decreased 47.9% but higher than preceding year corresponding quarter 13.4%, cash generated from operating enough to cover financing expenses and got enough borrowings to cover investing expenses, operating margin back to below 10%, weaker liquidity ratio at low level now, lower gearing ratio but still at high level now, lower debt ratio but still consider high, all repayment period is acceptable, inventory and property development cost still high which can indicate still got satisfactory of works amount
First Support Price2.25
Second Support Price2.1

Research House
MIDF Target Price2.55 (2011-12-20)
TA Target Price3.16 (2011-12-20)
Maybank Target Price2.62 (2012-03-01)
Affin Target Price2.9 (2012-05-10)
AMMB Target Price2.7 (2012-05-30)
CIMB Target Price2.7 (2012-05-30)
ECM Target Price2.65 (2012-05-30)
HLG Target Price3.2 (2012-05-30)
OSK Target Price3.31 (2012-05-30)

Accounting Ratio
Return on Equity1.92%
Dividend Yield-
Gross Profit Margin0.00%
Operating Profit Margin7.41%
Net Profit Margin10.42%
Tax Rate21.79%
Asset Turnover0.4708
Net Asset Value Per Share2.38
Net Tangible Asset per share2.13
Price/Net Tangible Asset Per Share1.08
Cash Per Share0.61
Liquidity Current Ratio1.3477
Liquidity Quick Ratio0.8969
Liquidity Cash Ratio0.3316
Gearing Debt to Equity Ratio1.4581
Gearing Debt to Asset Ratio0.5688
Working capital per thousand Ringgit sale22.3%
Days to sell the inventory118
Days to collect the receivables126
Days to pay the payables206

Technical Analysis
SMA 202.259 (Uptrend 3 days)
SMA 502.386 (Downtrend)
SMA 1002.499 (Downtrend)
SMA 200Not Available
MACD (26d/12d)0.004121 ( 0.007207 )
Signal (9)-0.025667 ( 0.007447 )
MACD Histogram0.029788 (Bullish trend 11 days)
Bolinger Upper Band2.482
Bolinger Lower Band2.036

My notes based on 2012 quarter 1 report (number in '000):-
- The higher profit from property development segment than FY11Q1 was mainly due to the stronger profit contribution from the Group's property projects in Singapore which more than offset the lower billings and profits recorded from the local property developments

- The stronger financial results from construction segment than FY11Q1 was due to the strong contribution from the Abu Dhabi project which achieved practical completion at the end of 2011. In addition, the current quarter performance was also partly
dampened by the slower progress billings of some of the local projects and delay in the commencement work of the Light Rail Transit project

- Better profit from quarry segment than FY11Q1 due to the lower forex loss incurred from its Vietnam operation

- Higher profit from construction segment than FY11Q4 due to the RM23 million provision for impairment losses of plant and machinery and doubtful debts in FY11Q4

- Estimate next 4Q eps after 2012 Q1 result announced = 3406537*0.105/1292505 = 0.2767, estimate PE on current price 2.4 = 8.67
- Estimate next 4Q eps after 2011 Q4 result announced = 3352934*0.11/1292505 = 0.2854, estimate highest/lowest PE = 9.64/7.43
- Estimate next 4Q eps after 2011 Q3 result announced = (0.0715+0.044)*2*1.05 = 0.2426, estimate highest/lowest PE = 11.34/9.15

SUNWAY latest news (English)

SUNWAY latest news (Chinese)

No comments:

Post a Comment