This is my analysis to KLSE stock based on each quarter report. Objective of the blog is to provide a platform for easy visualize company previous quarter reports.
6.83+0.109 = 6.94 (PE 15.0, EPS 0.4556, DPS 0.109)
Decision
BUY if stock price strong sustain above 6.86 or wait rebound at lower price as long as continue uptrend above SMA50
Comment
Revenue increased 6.5% and also higher than preceding year corresponding quarter 18.3%, eps decreased 78% but turnover from loss than preceding year corresponding quarter 240.6%, cash generated from operating enough to cover financing expenses and still got more than enough cash generated from financing to cover all other expenses, lower liquidity ratio but still indicate good financial strength, higher gearing ratio but was better financial leverage compared to recent year, all collection/repayment is good, benefit from lower operating expenses due to coal price decreasing and reduced in use of alternative fuels, affecting by strengthening of USD and Yen against Ringgit
First Support Price
6.6
Second Support Price
6.5
Risk Rating
MODERATE
Research House
Jupiter Target Price
6.84 (2012-03-13)
RHB Target Price
7.6 (2012-04-12)
MIDF Target Price
7.5 (2012-04-13)
ZJ Target Price
7.2 (2012-04-23)
Alliance Target Price
8.05 (2012-07-20)
AMMB Target Price
7.98 (2012-07-20)
CIMB Target Price
7.98 (2012-07-20)
HLG Target Price
8.3 (2012-07-20)
HwangDBS Target Price
7 (2012-07-20)
Kenanga Target Price
7.9 (2012-07-20)
Maybank Target Price
7.9 (2012-07-20)
OSK Target Price
7.57 (2012-07-20)
TA Target Price
8.32 (2012-07-20)
Accounting Ratio
Return on Equity
8.30%
Dividend Yield
1.60%
Gross Profit Margin
0.00%
Operating Profit Margin
11.81%
Net Profit Margin
9.89%
Tax Rate
30.54%
Asset Turnover
0.4087
Net Asset Value Per Share
6.48
Net Tangible Asset per share
6.48
Price/Net Tangible Asset Per Share
1.04
Cash Per Share
1.67
Liquidity Current Ratio
2.5121
Liquidity Quick Ratio
2.2056
Liquidity Cash Ratio
1.0257
Gearing Debt to Equity Ratio
1.4586
Gearing Debt to Asset Ratio
0.5922
Working capital per thousand Ringgit sale
37.6%
Days to sell the inventory
32
Days to collect the receivables
107
Days to pay the payables
79
Technical Analysis
SMA 20
6.719 (Uptrend 3 days)
SMA 50
6.604 (Uptrend)
SMA 100
6.51 (Uptrend)
SMA 200
6.138 (Uptrend)
MACD (26d/12d)
0.049083 ( 0.003394 )
Signal (9)
0.044387 ( 0.001174 )
MACD Histogram
0.004696 (Bullish trend 3 days)
Bolinger Upper Band
6.915
Bolinger Lower Band
6.523
My notes based on 2012 quarter 3 report (number in '000):-
- Higher revenue mainly due to an increase in sales of electricity in Peninsular Malaysia and the tariff increase of 7.1% on 1 June 2011
- Higher pbt than FY11Q3 mainly due to the alternate fuel cost differential compensation of RM2,823.8 million offset by strengthening of Japanese Yen and the US Dollar against Ringgit Malaysia resulted in a translation loss of RM533.1 million as compared to a gain of RM60.0 million
- Lower pbt than FY12Q2 mainly due to the weakening Ringgit in Q3 FY2012, compared to the US Dollar and Japanese Yen resulted foreign translation loss of RM533.1 million as compared to RM628.4 million of gain in FY12Q2 although received RM777.8 million compensation compared to RM367.4 million in FY12Q2
- Estimate next 4Q eps after 2012 Q3 result announced = 35554200*0.07/5462133 = 0.4556, estimate PE on current price 6.82 = 14.73(DPS 0.109)
- Estimate next 4Q eps after 2012 Q2 result announced = 35162500*0.1/5457914 = 0.6442, estimate highest/lowest PE = 10.32/9.16 (DPS 0.2)
- Estimate next 4Q eps after 2012 Q1 result announced = 30044200*0.08/5456669 = 0.4405(ROE 8%), estimate highest/lowest PE = 15.15/13.2 (DPS 0.045)
- Price moving after 2011 Q4 result announced mainly base on technical analysis and ad-hos news, however if based on average eps of FY11Q1 & FY11Q2 and higher tariff, 4Q eps = 0.4424*1.2 = 0.5309, estimate highest/lowest PE = 11.97/9.97 (DPS 0.045)
- Price moving after 2011 Q3 result announced mainly base on technical analysis and ad-hos news, however if based on average eps of FY11Q1 & FY11Q2, 4Q eps = 0.1229*4*0.9 = 0.4424, estimate highest/lowest PE = 14.18/10.61 (DPS 0.195)
- Estimate next 4Q eps after 2011 Q2 result announced = (0.1415+0.163)*2*1.05 = 0.6395, estimate highest/lowest PE = 10.96/9.01 (DPS 0.2)
- Estimate next 4Q eps after 2011 Q1 result announced = 0.7355*0.8 = 0.5884, estimate highest/lowest PE = 10.74/9.74 (DPS 0.21)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.089*4 = 0.356, estimate highest/lowest PE = 24.21/21.88 (DPS 0.26)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.71*1.05 = 0.7455 (5% increase adjustment), estimate highest/lowest PE = 12.22/11.21 (DPS 0.183)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.2066+0.1859+0.1673+0.1506 = 0.71 (average 10% drop each quarter, coal price increasing but strong Ringgit offset some impact), estimate highest/lowest PE = 12.14/11.01 (DPS 0.183)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.6484, estimate highest/lowest PE = 13.38/11.67 (DPS 0.163)
INGRESS CORPORATION BERHAD is a Malaysia-based company engaged in investment holding and the provision of management services. The Company operates in two segments: automotive components manufacturing, and power engineering and railway electrification. Some of the activities of its subsidiaries include the manufacture and supply of automotive door assemblies (door-in-white), and manufactures and assembles medium to high tonnage press parts; manufacture of automotive components; manufacture and supply of roll-formed plastic moldings and weather-strips, wire-harness and provision of management services; provision of engineering services for the power and utility industry, and the provision of engineering services in the field of computer aided design, manufactures tools, jigs and dies and undertakes comprehensive product development work. In July 2008, the Company subscribed for additional shares in Ingress CES Sdn Bhd (ICES), which increased its holding in ICES to 70%.
BUY if stock price continue strong sustain above SMA20
Comment
Revenue increased 25% and also higher than preceding year corresponding quarter 9.3%, eps increased 7.4% but lower than preceding year corresponding quarter 7.3%, cash generated from operating enough to cover financing expenses and together with cash from borrowings enough to cover all investing expenses, gross margin still good at above 15%, slightly weaker liquidity ratio but is almost all strong time, lower gearing ratio but still at high level now, lower debt ratio at recent year low, all collection/repayment period is good, automotive division still very high profit
First Support Price
1.22
Second Support Price
1.1
Risk Rating
MODERATE
Research House
Jupiter Target Price
1.2 (2012-04-27)
Accounting Ratio
Return on Equity
10.24%
Dividend Yield
2.88%
Gross Profit Margin
15.13%
Operating Profit Margin
7.53%
Net Profit Margin
5.37%
Tax Rate
12.44%
Asset Turnover
1.1157
Net Asset Value Per Share
2.37
Net Tangible Asset per share
2.34
Price/Net Tangible Asset Per Share
0.52
Cash Per Share
1.06
Liquidity Current Ratio
1.2224
Liquidity Quick Ratio
1.0148
Liquidity Cash Ratio
0.3576
Gearing Debt to Equity Ratio
1.6979
Gearing Debt to Asset Ratio
0.5564
Working capital per thousand Ringgit sale
8.2%
Days to sell the inventory
32
Days to collect the receivables
87
Days to pay the payables
73
Technical Analysis
SMA 20
1.228 (Uptrend 28 days)
SMA 50
1.092 (Uptrend)
SMA 100
1.027 (Uptrend)
SMA 200
0.893 (Uptrend)
MACD (26d/12d)
0.076477 ( 0.004088 )
Signal (9)
0.061249 ( 0.003807 )
MACD Histogram
0.015228 (Bullish trend 32 days)
Bolinger Upper Band
1.477
Bolinger Lower Band
0.979
My notes based on 2013 quarter 1 report (number in '000):-
- Higher revenue and pbt mainly due to recovery on volumes for Thailand operation subsequent to the floodd saster apart from impairment made in the immediate preceeding quarter in respect of inventories and construction costs on certain projects
- Estimate next 4Q eps after 2013 Q1 result announced = 271277*0.1/84400 = 0.3214, estimate PE on current price 1.39 = 4.2 (DPS 0.04)
- Estimate next 4Q eps after 2012 Q4 result announced = 251808*0.1/76800 = 0.3279, estimate highest/lowest PE = 3.69/2.85
- Estimate next 4Q eps after 2012 Q3 result announced = 247826*1.025*0.09/76800 = 0.2977(ROE 9%), estimate highest/lowest PE = 3.8/3.14
- Estimate next 4Q eps after 2012 Q2 result announced = 0.0228*4*1.05 = 0.0958(if deduct additional RM2 million MI), estimate highest/lowest PE = 8.72/7.36
- Estimate next 4Q eps after 2012 Q1 result announced = 0.1151*1.05 = 0.1209(exclude RM4.7 million other income), estimate highest/lowest PE = 8.6/5.75
- Estimate next 4Q eps after 2011 Q4 result announced = 0.0274*4*1.05 = 0.1151, estimate highest/lowest PE = 7.86/6.47
- Estimate next 4Q eps after 2011 Q3 result announced = 0.0272*4*1.05 = 0.1142, estimate highest/lowest PE = 7.36/5.95
- Estimate next 4Q eps after 2011 Q2 result announced = 0.1288*1.05 = 0.1352, estimate highest/lowest PE = 6.62/5.18
- Estimate next 4Q eps after 2011 Q1 result announced = 0.0322*4 = 0.1288(0.0322 is eps after exclude 8 million from other income), estimate highest/lowest PE = 7.41/4.81
- Estimate next 4Q eps after 2010 Q4 result announced = 0.0346*4 = 0.1384, estimate highest/lowest PE = 4.99/3.76
- Estimate next 4Q eps after 2010 Q3 result announced = 0.0357*4 = 0.1428, estimate highest/lowest PE = 5.67/4.1
- Estimate next 4Q eps after 2010 Q2 result announced = 0.023*4 = 0.092, estimate highest/lowest PE = 9.24/3.53
Liabilities directly associated with assets classified as held for sale (L-1)
Loans & borrowings (L-1)
Other payables (L-1)
Trade and other payables (L-1)
Minority interest (M-1)
2013
1
26190
3306
7281
100
-
-
259877
8651
89554
-
1235
2201
51995
44265
116842
433
89386
-
-
-
132889
59236
58276
70897
2012
4
26472
3175
5115
100
-
-
239432
9933
80860
-
1750
6447
52388
62327
100081
433
95401
-
-
-
137791
42683
59964
69314
2012
3
26982
3527
5091
100
-
-
271483
-
76270
-
1171
-
59864
29078
118430
5006
103107
111
-
-
130680
33170
72096
73631
2012
2
27025
3591
5362
100
-
-
278086
-
64615
-
1208
-
57809
27406
126943
5006
110140
111
-
-
133478
36051
68883
70422
2012
1
27278
3119
4144
100
-
-
271737
-
64320
-
2281
-
53425
26244
126797
5006
114693
819
-
-
113748
27359
83611
71493
2011
4
26789
3544
2820
100
-
-
281172
-
73016
7239
1312
-
44979
26759
125506
5006
119861
819
-
6426
111262
38996
89311
67792
2011
3
22612
3138
644
-
100
15755
277162
-
82205
-
1492
-
58615
24738
125635
5027
127884
141
-
-
128707
32689
95109
66313
2011
2
22786
3745
-
-
100
15856
280771
-
63909
-
1265
-
67087
39607
130937
5027
132301
1670
-
-
148075
40897
92395
53921
2011
1
23205
4031
1543
-
100
17543
283224
-
70155
9599
2156
-
78515
27743
126845
5446
32836
1338
-
-
278262
31306
90928
53510
2010
4
23497
4237
11124
-
100
16264
314306
-
45246
9599
2144
-
67580
30379
136225
5027
12678
450
-
-
298171
51774
96399
51403
2010
3
22274
6273
9880
-
100
25616
246532
-
34421
-
-
-
73604
98574
123730
-
12059
885
-
-
309171
63245
86483
46007
2010
2
23300
6399
9630
-
100
25910
251204
-
28551
-
-
-
65664
109870
118427
-
16314
1280
-
-
310124
38293
111365
43924
2010
1
23265
4919
10577
-
100
25858
283474
-
27937
-
-
-
81287
86111
114921
-
21091
825
-
-
328328
44444
107350
42106
2009
4
23676
5052
10630
-
100
25940
271580
-
30599
-
-
-
81967
98579
112016
-
28794
1814
-
-
299331
67436
106998
41854
2009
3
19646
6149
10838
-
100
26197
367351
-
32673
-
-
-
78023
27926
136778
313
37862
1931
-
-
296855
64342
85024
50750
2009
2
20423
6101
10901
-
100
26453
358800
-
43573
-
-
-
55153
29827
133673
313
38798
1855
-
-
297412
62969
70974
48380
2009
1
21143
6210
11110
-
100
22357
360854
-
36305
-
-
-
47165
34306
112611
313
33138
967
-
-
295151
42449
71882
47194
2008
4
21508
6088
8131
-
100
22450
357695
-
35621
-
-
-
29882
25070
128173
313
39128
954
-
-
294304
43613
51559
45780
2008
3
24977
1901
7024
-
100
22279
346189
-
61458
-
-
-
38665
34274
132853
554
204365
1455
-
-
161902
33910
50793
48353
2008
2
27979
2563
4385
-
100
13481
372791
-
59460
-
-
-
33629
33312
114520
4605
213487
1211
3072
-
135563
29670
50367
49888
2008
1
10571
3108
8644
-
100
19535
360110
-
30432
-
-
-
29778
33972
110915
8213
213826
1424
-
-
111310
27447
40877
44531
2007
4
29893
3290
6431
-
100
19589
357310
-
48618
-
-
-
27399
40262
105677
8213
218235
1336
-
-
111155
40685
33759
47303
Financial Quarter Income Statement
year
qrt
Revenue
Income tax expense
Cost of sales
Finance/interest costs
Other income
Administrative/Operating expenses
Minority interest
Share of profit/ (loss) of associates
2013
1
191414
1279
162459
3811
3068
17601
1928
329
2012
4
153093
5064
146192
3820
39249
41448
109
64
2012
3
159672
535
127983
3603
1636
19309
2885
259
2012
2
178073
628
150834
3436
285
18932
983
206
2012
1
175067
168
142947
3507
5972
23896
3465
115
2011
4
160602
2360
139106
3890
4103
20592
3838
815
2011
3
196115
764
168143
4118
182
18149
3253
584
2011
2
195566
1414
167025
4072
6616
24217
1862
1122
2011
1
180414
1454
152388
4459
9219
15770
3354
1738
2010
4
164028
426
137036
5273
350
17913
4071
2146
2010
3
158469
1662
133269
3758
1280
14858
1752
250
2010
2
177689
754
152656
4229
1055
15433
1774
947
2010
1
151676
656
134067
4222
1569
13376
284
53
2009
4
146354
3485
174130
6648
4369
31838
8115
208
2009
3
155858
1503
126516
4954
1150
18565
1884
62
2009
2
155408
1630
126808
4722
1406
16613
1938
209
2009
1
111905
1152
92218
5001
3125
14227
1867
2978
2008
4
107967
2361
92956
6336
114
17074
737
1108
2008
3
119214
54
101652
5091
745
16279
292
2638
2008
2
103699
1381
86436
5617
629
17892
989
641
2008
1
67982
686
58430
5475
374
13286
490
7223
2007
4
82564
935
78008
6580
19028
36129
1748
6759
Financial Quarter Segments Revenue
year
qrt
Others
Elimination/Adjustment
Automotive
Power Engineering & Projects
2013
1
2904
9655
181869
16296
2012
4
6166
12400
150005
9323
2012
3
2666
7807
156540
8273
2012
2
6166
10991
153344
29554
2012
1
2666
7440
158402
21439
2011
4
5985
10459
145570
19506
2011
3
3617
14052
181009
25541
2011
2
3328
14798
189575
17461
2011
1
879
11972
172372
19136
2010
4
980
38424
173616
27856
2010
3
623
5365
140995
17474
2010
2
2313
10694
165407
20663
2010
1
315
5201
131016
25546
2009
4
2645
5723
134878
14554
2009
3
2645
19970
150811
22372
2009
2
2645
5338
129408
28693
2009
1
2645
6179
98010
17429
2008
4
10562
6409
88014
15800
2008
3
5985
6364
85152
34441
2008
2
1715
3814
92072
13726
2008
1
667
3814
68715
2414
2007
4
800
5677
77726
9715
Financial Quarter Segments Profit
year
qrt
Others
Elimination/Adjustment
Automotive
Power Engineering & Projects
2013
1
1043
-
14315
935
2012
4
2436
3500
9220
3455
2012
3
1303
-
14994
325
2012
2
3227
3500
8968
103
2012
1
647
-
15002
1453
2011
4
5057
1512
6740
5278
2011
3
754
13
9072
172
2011
2
1018
2153
12553
478
2011
1
174
459
14315
7793
2010
4
405
-
8707
317
2010
3
707
-
12189
140
2010
2
998
2000
11272
385
2010
1
1210
-
6202
810
2009
4
12949
2608
42534
2370
2009
3
134
1841
10362
1240
2009
2
591
1894
12202
2494
2009
1
1707
2791
10266
597
2008
4
1901
2374
1836
490
2008
3
1072
810
2332
1578
2008
2
1491
1799
3046
244
2008
1
1615
7855
318
6428
2007
4
3103
1071
7367
7584
Financial Quarter Segments Associate
year
qrt
Power Engineering & Projects
2013
1
329
2012
4
64
2012
3
259
2012
2
206
2012
1
115
2011
4
815
2011
3
584
2011
2
1122
2011
1
1738
2010
4
2146
2010
3
250
2010
2
947
2010
1
53
2009
4
208
2009
3
62
2009
2
209
2009
1
2978
2008
4
1108
2008
3
2638
2008
2
641
2008
1
7223
2007
4
6759
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
BUY if stock price continue strong sustain and uptrend above SMA20 while still bullish trend
Comment
Revenue increased 28.8% and also higher than preceding year corresponding quarter 29.8%, eps decreased 1.4% but higher than preceding year corresponding quarter 29.1%, cash generated from operating more than enough to cover all expenses, margin still maintaining above 20%, slightly weaker liquidity ratio but still at strong level now, higher gearing ratio but still at low level now, debt ratio still below 15%, all collection/repayment period is good, higher inventory can indicate demand of products still good, benefit from strengthening of USD dollar against Ringgit
First Support Price
2.1
Second Support Price
2.0
Risk Rating
MODERATE
Research House
HwangDBS Target Price
2.3 (2012-07-12)
ZJ Target Price
2.7 (2012-07-13)
Accounting Ratio
Return on Equity
28.30%
Dividend Yield
5.61%
Gross Profit Margin
0.00%
Operating Profit Margin
21.17%
Net Profit Margin
30.91%
Tax Rate
17.90%
Asset Turnover
0.8192
Net Asset Value Per Share
0.88
Net Tangible Asset per share
0.88
Price/Net Tangible Asset Per Share
2.16
Cash Per Share
0.29
Liquidity Current Ratio
4.3002
Liquidity Quick Ratio
3.4338
Liquidity Cash Ratio
2.3063
Gearing Debt to Equity Ratio
0.1509
Gearing Debt to Asset Ratio
0.1311
Working capital per thousand Ringgit sale
49.1%
Days to sell the inventory
60
Days to collect the receivables
59
Days to pay the payables
61
Technical Analysis
SMA 20
2.075 (Uptrend 36 days)
SMA 50
2.01 (Uptrend)
SMA 100
1.956 (Uptrend)
SMA 200
1.826 (Uptrend)
MACD (26d/12d)
0.043039 ( 0.001338 )
Signal (9)
0.038827 ( 0.001053 )
MACD Histogram
0.004212 (Bullish trend 13 days)
Bolinger Upper Band
2.225
Bolinger Lower Band
1.925
My notes based on 2012 quarter 1 report (number in '000):-
- Higher revenue due to increased export sales mainly to Thailand whilst the local sales also increased, mainly contributed by high demand for the food & beverage and nutritional products
- The increase in profit before tax than FY11Q1 was mainly contributed by the increase in revenue and share of profit of equity accounted investee, offset by the increase in exchange loss with the weakening of US Dollar and higher distribution expenses that were in line with the increase in sales
- Lower pbt than FY11Q4 mainly due to the change in sales mix, coupled with weakening of US Dollar
- Estimate next 4Q eps after 2012 Q1 result announced = 406438*0.28/460000 = 0.2474, estimate PE on current price 2.14 = 8.16(DPS 0.12)
- Estimate next 4Q eps after 2011 Q4 result announced = 392351*0.24/460000 = 0.2047, estimate highest/lowest PE = 9.23/8.4 (DPS 0.12)
- Estimate next 4Q eps after 2011 Q3 result announced = (0.0529+0.0457)*2*1.1 = 0.2169, estimate highest/lowest PE = 8.25/7.05 (DPS 0.12)
- Estimate next 4Q eps after 2011 Q2 result announced = (0.0457+0.0478)*2*1.05 = 0.1964, estimate highest/lowest PE = 8.55/7.03 (DPS 0.12)
- Estimate next 4Q eps after 2011 Q1 result announced = 0.0478*4 = 0.1912, estimate highest/lowest PE = 8.73/8.16 (DPS 0.12)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.0959*2*1.05 = 0.2014, estimate highest/lowest PE = 8.44/7.6 (DPS 0.12)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.0431*4*1.1 = 0.1896, estimate highest/lowest PE = 9.39/8.33 (DPS 0.12)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.0522*4*1.1 = 0.2297, estimate highest/lowest PE = 8.66/7.23 (DPS 0.14)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.072*4 = 0.288, estimate highest/lowest PE = 9.76/7.47 (DPS 0.14)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.0715*4 = 0.286, estimate highest/lowest PE = 7.66/5.84 (DPS 0.14)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.069*4 = 0.276, estimate highest/lowest PE = 6.38/5.04 (DPS 0.12)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.0484*4 = 0.1936, estimate highest/lowest PE = 9.35/6.56 (DPS 0.12)
Wah Seong Corporation Berhad is engaged in investment holding and the provision of management services to subsidiaries. It operates in three segments: oil and gas; industrial services, and others. Its oil and gas segment include pipe-coating services for the oil and gas industry; fabrication and rental of gas compressors and process equipment; design, installation and commissioning of special tanks, pressure vessels and piping; manufacturing, supply and installation of sacrificial anodes; provision of cathode and corrosion protection services and marketing, and provision related services. Its industrial services segment include the marketing and distribution of building materials, installation services of metal roofing and manufacturing of spiral welded steel pipes for civil and water works. It is also engaged in processing equipment, manufacturing and distribution of replacement parts for palm oil mills and refineries, and the sale and services of turbines and equipment.
Not interested unless stock price strong sustain above 2
Comment
Revenue decreased 6.3% and also lower than preceding year corresponding quarter 1.9%, eps decreased 8.7% and was fourth consecutive quarter decreasing (lower than preceding year corresponding quarter 59.1%), cash generated from operating enough to cover financing expenses and got borrowings to cover investing expenses, gross margin dropped below 15%, slightly weaker liquidity ratio at low level now, higher gearing ratio at high level now, debt ratio still as usual around 50%, all collection/repayment period is good
First Support Price
1.9
Second Support Price
1.79
Risk Rating
MODERATE
Research House
MIDF Target Price
2.28 (2012-02-23)
HwangDBS Target Price
2.05 (2012-07-04)
Kenanga Target Price
2.23 (2012-07-04)
Maybank Target Price
2.4 (2012-07-04)
OSK Target Price
2.06 (2012-07-04)
AMMB Target Price
2.35 (2012-07-09)
CIMB Target Price
2.52 (2012-07-13)
Accounting Ratio
Return on Equity
8.07%
Dividend Yield
3.02%
Gross Profit Margin
13.50%
Operating Profit Margin
6.60%
Net Profit Margin
4.91%
Tax Rate
-
Asset Turnover
0.818
Net Asset Value Per Share
1.29
Net Tangible Asset per share
1.14
Price/Net Tangible Asset Per Share
1.68
Cash Per Share
0.75
Liquidity Current Ratio
1.782
Liquidity Quick Ratio
1.4648
Liquidity Cash Ratio
0.6956
Gearing Debt to Equity Ratio
1.2173
Gearing Debt to Asset Ratio
0.5259
Working capital per thousand Ringgit sale
34.7%
Days to sell the inventory
63
Days to collect the receivables
120
Days to pay the payables
83
Technical Analysis
SMA 20
1.924 (Uptrend 14 days)
SMA 50
1.922 (Downtrend)
SMA 100
1.974 (Same)
SMA 200
1.989 (Same)
MACD (26d/12d)
0.020952 ( 0.002232 )
Signal (9)
0.010014 ( 0.002734 )
MACD Histogram
0.010938 (Bullish trend 21 days)
Bolinger Upper Band
2.029
Bolinger Lower Band
1.819
My notes based on 2012 quarter 1 report (number in '000):-
- Lower revenue and pbt from Oil & Gas Segment than FY11Q1 was the result of lower margin projects
- Higher revenue and pbt from Renewable Energy Segment than FY11Q1 due to improving margins on new projects secured/executed
- Higher revenue and pbt from Industrial Trading & Services Segment than FY11Q1 due to the continued demand from the construction and infrastructure sectors in the country for services provided by this segment
- Estimate next 4Q eps after 2012 Q1 result announced = 1089600*0.085/772143 = 0.1199, estimate PE on current price 1.99 = 16.1(DPS 0.06)
- Estimate next 4Q eps after 2011 Q4 result announced = 1097692*0.09/774884 = 0.1275, estimate highest/lowest PE = 15.84/14.51 (DPS 0.06)
- Estimate next 4Q eps after 2011 Q3 result announced = 0.028*4*1.1 = 0.1232, estimate highest/lowest PE = 17.25/14.81 (DPS 0.055)
- Estimate next 4Q eps after 2011 Q2 result announced = 0.0338*4*1.05 = 0.142, estimate highest/lowest PE = 15.11/12.85 (DPS 0.055)
- Estimate next 4Q eps after 2011 Q1 result announced = (0.0563+0.032)*2 = 0.1766, estimate highest/lowest PE = 13.59/10.76 (DPS 0.05)
Liabilities directly associated with assets classified as held for sale (L-1)
Loans & borrowings (L-1)
Provision for warranty costs (L-1)
Term loans (L-1)
Trade and other payables (L-1)
Minority interest (M-1)
2012
1
1174
10161
717
109847
504
13868
79653
4895
99201
493591
1507
97206
4934
233843
8298
13575
633
345600
264255
514613
6779
-
25
-
-
8236
360400
-
45724
3179
4747
110
22717
8
2991
-
360595
12226
31321
349417
96872
2011
4
1173
8693
1580
112552
544
17941
22107
4930
78546
511628
3815
69702
463
184896
8576
14478
-
399493
284159
570347
13712
-
27
-
-
2201
373318
-
35831
1331
12961
3808
-
8
3630
-
398169
12231
38262
302442
93658
2011
3
1137
7131
1646
112811
469
18770
28371
5964
78837
533240
4231
79490
470
129276
8183
14082
-
386260
258367
535066
17255
-
27
3630
-
2908
390359
-
19538
5391
16896
5800
22605
-
-
-
297377
14034
38263
290439
92842
2011
2
1151
4559
882
109251
503
18411
25986
6016
79130
538293
4235
71182
1772
203945
7820
13468
2387
339013
268858
444732
17471
-
27
6457
-
2262
385086
187
39920
4292
14565
79
-
8
-
-
243318
17767
57996
260076
113920
2011
1
1167
4948
1948
108888
516
18143
26069
6070
79413
529530
4217
54023
8931
386871
46789
12551
2662
190535
210476
543229
16637
-
28
6464
-
2428
408824
-
49012
1974
17189
209
1343
14
-
13342
244087
18373
70231
294197
122907
2010
4
1137
9581
10
110469
549
17091
27625
6172
79719
541463
4079
46000
7044
189891
54753
12217
2187
175531
243115
481078
18831
-
31
8678
-
2415
428365
68
32992
279
9183
414
1343
24
-
10331
116042
18604
75635
246238
115052
2010
3
1135
8280
5
117195
3170
21154
31735
2335
79454
566628
4554
83184
6988
185614
-
18485
199
153256
266581
366040
21277
-
39
8677
-
1801
338061
14
22345
-
8720
651
14478
30
-
-
123659
20333
93333
232485
129628
2010
2
1153
7591
37
121552
3481
21423
34579
2375
79740
581474
3611
84004
11675
214390
-
27776
145
166484
290115
376817
24658
949
41
11182
-
2744
374585
-
32387
-
10818
-
-
47
-
-
102875
21954
124019
260353
158436
2010
1
1150
7744
129
122062
3855
20930
37156
2414
80026
590939
3667
84727
9621
271487
-
23802
-
193765
282722
412881
24638
1341
64
11182
-
2800
400223
15
33404
-
20377
-
36982
49
-
-
109939
21579
153819
279822
164533
2009
4
1096
7458
-
126284
4187
22403
36366
2823
80847
612036
3606
160164
6183
222397
-
24466
-
249497
290414
356508
26405
-
53
35259
-
2740
435873
-
36014
-
18778
-
3419
56
-
-
92997
22585
187203
310781
148956
2009
3
1192
7052
-
133205
4085
19153
38894
3858
80980
618989
2333
186436
8011
152700
-
23768
-
65942
321064
456247
19904
-
-
35259
-
2625
194369
-
54526
-
15975
-
-
-
-
-
351791
-
-
346611
230476
2009
2
1176
7043
-
134698
4343
19230
41060
3961
80874
634710
2319
214829
5536
102005
-
21072
-
109345
393418
452336
19093
-
-
39655
-
2531
235804
-
45253
-
17606
-
-
-
-
-
434668
-
-
386085
204141
2009
1
14133
8148
-
129032
4392
20298
43113
4383
81076
612221
2325
203525
6511
163983
-
20295
-
67067
389176
473624
18871
-
-
39655
-
-
262973
-
53716
-
17230
-
-
-
-
-
399335
-
-
422715
188424
2008
4
1176
6580
-
125625
4547
20577
39991
4528
80816
569241
2268
181464
6623
108384
-
18717
-
78281
312570
568206
18275
-
-
47155
-
557
248352
-
43214
3590
19327
-
-
-
-
-
382505
23470
-
389395
162588
2008
3
1221
6651
-
121787
4962
20437
39166
4909
59732
564854
2040
104050
9523
154007
-
15116
-
97261
341513
564694
12648
-
-
47158
-
-
222262
20
40060
-
23081
-
-
-
-
-
445219
-
-
388723
161746
2008
2
1292
17465
-
120740
5386
20252
36359
4925
59958
543490
2367
89406
9285
109602
-
15168
-
72548
260884
562429
11980
-
-
54018
-
-
159168
20
56028
-
22673
-
-
-
-
-
356094
-
-
388943
156599
2008
1
1503
16699
-
115384
5690
21502
33993
4973
47662
415718
2611
104996
7581
188994
-
10491
-
31582
220281
499976
11090
-
-
54041
165372
-
-
20
55006
-
26350
-
-
-
-
-
213118
-
-
371464
134796
2007
4
1503
7463
-
114002
6004
21592
34918
5150
47695
315792
39172
60073
5762
89579
24401
10168
-
27730
195930
553212
8696
-
-
54041
-
3099
168166
20
100656
444
22313
-
-
-
-
-
248314
-
-
352885
131511
2007
3
2098
5804
-
117594
3957
30584
260
3397
62464
356398
6060
63248
10
91943
2360
10777
-
14686
227858
583448
11065
-
-
54042
-
249
181687
635
110729
-
30138
-
-
-
-
-
225113
-
-
352137
163125
2007
2
1736
5484
-
118870
4052
29242
282
2115
62730
349604
6188
46493
561
136216
2360
10139
-
21971
249822
508905
10630
-
-
56631
-
4221
183888
311
147149
258
29163
-
-
-
-
-
234338
-
-
295229
160278
2007
1
2547
5890
-
119499
3921
27406
305
2125
67169
343479
6699
45377
840
108743
2360
11835
-
26488
235231
467817
10826
-
-
60119
-
16327
188722
545
128561
258
23568
-
-
-
-
-
230133
-
-
266040
155704
2006
4
2767
5895
-
121857
4067
25614
35269
3390
39205
337989
2927
32421
1608
69622
10828
9198
-
19122
226837
438015
11925
-
-
64061
-
19911
191797
445
79227
13955
19862
-
-
-
-
-
209575
-
-
281987
122679
Financial Quarter Income Statement
year
qrt
Revenue
Income tax expense
Cost of sales
Finance/interest costs
Other income
Administrative/Operating expenses
Minority interest
Share of profit/ (loss) of associates
Selling and distribution costs
Gain/loss on disposal of subsidiaries
Investment gain/loss
Elimination of interest expense on ICULS
Impairment loss in respect of goodwill
Other expenses
2012
1
481560
575
416571
5424
10324
40745
6448
2684
6251
-
-
-
-
3448
2011
4
514212
12942
418567
4809
17819
63614
1042
5485
6052
-
-
-
-
-
2011
3
478843
7133
376665
6082
5189
46192
8247
1133
9020
-
-
-
-
10533
2011
2
405158
5017
330582
5581
10350
33623
3199
267
9687
-
-
-
-
1359
2011
1
490898
16937
383463
5480
9020
34698
8377
13
7938
-
-
-
-
330
2010
4
397228
7538
325480
5473
25110
48533
2954
1798
7810
-
-
-
-
2016
2010
3
346764
8048
285534
5918
13019
41116
1672
1363
7015
-
-
-
-
27
2010
2
369743
2701
318163
6065
2400
42285
5444
1287
10844
-
-
-
-
57
2010
1
409621
8319
317748
6635
6027
38260
13133
1256
13337
-
-
-
-
64
2009
4
455070
19980
322752
10698
38559
85233
15329
799
5596
-
-
-
-
-
2009
3
506779
5277
391409
7633
6658
39816
29038
796
10037
-
-
-
-
-
2009
2
551838
7897
439291
8921
18370
55854
17637
835
10038
-
-
-
-
-
2009
1
436621
6389
342688
11404
11828
30966
22913
678
9043
-
-
-
-
-
2008
4
578738
2229
461884
9414
48654
110347
1478
3255
9678
-
-
-
-
1571
2008
3
652224
15700
545717
8164
10580
63342
6981
648
10182
13323
-
-
-
357
2008
2
601705
2107
517777
6032
6092
44168
4640
1456
11856
210
-
-
-
100
2008
1
510527
172
428289
6735
21473
42717
4354
364
8013
-
-
-
-
13429
2007
4
508996
4281
433088
6462
28630
56191
3564
8944
8440
-
-
-
-
6631
2007
3
534502
5887
444434
6293
6563
45402
3961
907
11418
-
29
-
-
262
2007
2
454953
6621
382668
6373
5317
38406
1906
1866
8168
-
0
-
-
170
2007
1
429156
10005
347816
6733
4437
36674
7611
1067
7279
-
5
329
-
501
2006
4
462532
3339
370278
6925
4618
45042
6075
788
7921
-
0
347
0
2418
Financial Quarter Segments Revenue
year
qrt
Others
Elimination/Adjustment
Engineering
Pipeline Services
Renewable Energy
Trading & E&P
2011
2
203
1703
71262
114621
51674
169101
2011
1
182
3082
92889
191731
47089
162089
2010
4
222
2678
62162
134571
58425
139170
2010
3
221
5573
47894
117226
51634
135362
2010
2
227
50960
51037
151836
40622
176981
2010
1
252
1935
51792
178462
33888
147162
2009
4
3566
58328
58374
261746
69822
127826
2009
3
3288
26086
86164
258258
190300
126563
2009
2
784
25476
88735
251661
58351
177783
2009
1
5949
27358
86645
187959
48790
134636
Financial Quarter Segments Profit
year
qrt
Others
Engineering
Pipeline Services
Renewable Energy
Trading & E&P
2011
2
3741
1258
23498
7557
5837
2011
1
4194
2332
59204
5146
6194
2010
4
82
19166
43399
9625
1320
2010
3
3679
192
8335
11133
2883
2010
2
6330
120
14865
7352
7519
2010
1
7440
383
37659
3451
5189
2009
4
12966
8110
75630
32053
3664
2009
3
5167
7041
62527
6787
1684
2009
2
5192
1297
33310
8802
6668
2009
1
3530
8973
36667
7360
5556
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