KLCI Stock - BJCORP / 3395 - 2012 Quarter 4

Company Info

Market Capital (Capital Size)	3,259,288,746 (Large)
Par Value	RM 1.00

My Analysis

Forecast P/E now	(0.76-0.01)/0.0841 = 8.92 (Moderate)
Target Price	0.84+0.01 = 0.85 (PE 10.0, EPS 0.0841, DPS 0.01)
Decision	BUY if stock price strong sustain above 0.75
Comment	Revenue increased 0.2% and was second consecutive quarter increasing but still lower than preceding year corresponding quarter 3.4%, eps decreased 142.9% and was third consecutive quarter decreasing and also lower than preceding year corresponding quarter 106.4%, cash generated from operating not enough to cover all financing expenses but cash generated from disposal and financing activities enough to cover all other expenses, operating margin recovered back to normal, stronger liquidity ratio but still at low level now, higher gearing ratio at high level now, debt ratio at recent high, all collection/repayment period is good, high inventory and development properties can indicate still strong in business operation
First Support Price	0.75
Second Support Price	0.72
Risk Rating	MODERATE

Research House

Jupiter Target Price	0.75 (2012-05-15)
CIMB Target Price	0.79 (2012-06-29)

Accounting Ratio

Return on Equity	2.80%
Dividend Yield	1.32%
Gross Profit Margin	0.00%
Operating Profit Margin	11.70%
Net Profit Margin	8.94%
Tax Rate	56.55%
Asset Turnover	0.3847
Net Asset Value Per Share	1.3
Net Tangible Asset per share	-0.06
Price/Net Tangible Asset Per Share	-13.0
Cash Per Share	0.43
Liquidity Current Ratio	1.3522
Liquidity Quick Ratio	0.8501
Liquidity Cash Ratio	0.5126
Gearing Debt to Equity Ratio	1.3816
Gearing Debt to Asset Ratio	0.4276
Working capital per thousand Ringgit sale	18.7%
Days to sell the inventory	109
Days to collect the receivables	63
Days to pay the payables	106

Technical Analysis

SMA 20	0.774 (Uptrend 10 days)
SMA 50	0.769 (Same)
SMA 100	0.851 (Downtrend)
SMA 200	0.91 (Downtrend)
MACD (26d/12d)	-0.005543 ( 0.00013 )
Signal (9)	-0.003773 ( 0.000442 )
MACD Histogram	0.001770 (Bearish trend 5 days)
Bolinger Upper Band	0.814
Bolinger Lower Band	0.734

My notes based on 2012 quarter 4 report (number in '000):-
- Lower pbt mainly due to exceptionally high losses, particularly from the investment in Silver Bird Group Berhad, where the Group equity accounted for its share of losses amounting to about RM44 million

- Lower profit from Toto betting operations mainly due to higher prize payout

- Higher revenue and profit from hotels and resorts business particularly from higher occupancy rates and room rates

- Lower profit from Marketing of consumer products and services due to expansion of the retail distribution division into new markets involved high initial expenses in terms of pre-operating, setting up and operating overheads

- Estimate next 4Q eps after 2012 Q4 result announced = 10569066*0.035/4400184 = 0.0841, estimate PE on current price 0.76 = 8.92(DPS 0.02)
- Estimate next 4Q eps after 2012 Q3 result announced = 11241538*0.04/4384136 = 0.1026, estimate highest/lowest PE = 9.06/6.82 (DPS 0.02)
- Estimate next 4Q eps after 2012 Q2 result announced = 11078723*0.04/4385470 = 0.101, estimate highest/lowest PE = 10.2/8.86 (DPS 0.02)
- Estimate next 4Q eps after 2012 Q1 result announced = 11086601*0.04/4401658 = 0.1007, estimate highest/lowest PE = 10.43/9.29 (DPS 0.02)

BJCORP latest news (English)

BJCORP latest news (Chinese)