KLCI Stock - JCY / 5161 - 2012 Quarter 2

JCY INTERNATIONAL BERHAD



Company Description

JCY INTERNATIONAL BERHAD is a Malaysia-based company. It is a global manufacturer of hard disk drive (HDD) mechanical components. JCY manufactures base plates, top cover assembly, actuator pivot flex assembly (APFA) and antidiscs, which are the mechanical components of HDDs. The Company’s manufacturing facilities are located in the states of Johor, Penang and Malacca, in Malaysia, and in Saraburi, Thailand. The Company’s subsidiaries include JCY HDD Technology Sdn Bhd (JCY HDD Malaysia), JCY HDD Technology Pte Ltd (JCY HDD Singapore) and Minarex Holdings Limited (Minarex Holdings (Mauritius)).

Company Info 

Listing Date	2010-02-25
IPO Price	1.6
Market Capital (Capital Size)	3,251,327,400 (Large)
Par Value	RM 0.25
Board	Main
Sector	Technology
Major Industry	HDD Components
Website	http://www.jcyinternational.com/

My Analysis 

Forecast P/E now	(1.59-0.1)/0.1643 = 9.07 (Moderate)
Target Price	1.97+0.1 = 2.07 (PE 12.0, EPS 0.1643, DPS 0.1)
Decision	Not interested unless volume increasing with price together support with RSI and Momentum move up from lower
Comment	Revenue increased 3.1% and was third consecutive quarter increasing and also higher than preceding quarter 45.1%, eps increased 0.5% and was third consecutive quarter increasing and also higher than preceding quarter 1208.2%, cash generated from operating more than enough to cover all expenses, margin still very high, stronger liquidity ratio from low to moderate level now, lower gearing ratio at below moderate level now, all collection/repayment period is good, higher inventory can indicate higher Group products demand
First Support Price	1.45
Second Support Price	1.27
Risk Rating	MODERATE

Research House

CIMB Target Price	2.22 (2012-05-18)
HLG Target Price	1.61 (2012-05-18)
OSK Target Price	1.9 (2012-07-03)

Accounting Ratio 

Return on Equity	36.15%
Dividend Yield	6.29%
Gross Profit Margin	29.06%
Operating Profit Margin	28.48%
Net Profit Margin	28.35%
Tax Rate	0.22%
Asset Turnover	1.1889
Net Asset Value Per Share	0.59
Net Tangible Asset per share	0.59
Price/Net Tangible Asset Per Share	2.66
Cash Per Share	0.09
Liquidity Current Ratio	2.1747
Liquidity Quick Ratio	1.4632
Liquidity Cash Ratio	0.4072
Gearing Debt to Equity Ratio	0.3815
Gearing Debt to Asset Ratio	0.2761
Working capital per thousand Ringgit sale	26.0%
Days to sell the inventory	70
Days to collect the receivables	83
Days to pay the payables	72

Technical Analysis 

SMA 20	1.504 (Uptrend 15 days)
SMA 50	1.468 (Uptrend)
SMA 100	1.338 (Uptrend)
SMA 200	1.009 (Uptrend)
MACD (26d/12d)	0.033009 ( 0.002944 )
Signal (9)	0.027883 ( 0.001281 )
MACD Histogram	0.005126 (Bullish trend 14 days)
Bolinger Upper Band	1.618
Bolinger Lower Band	1.39

My notes based on 2012 quarter 2 report (number in '000):-
- Higher revenue and pbt due mainly to better Average Selling Prices ("ASP") as a result of shortages in HDD mechanical components after the October 2011 Thailand floods, favourable exchange rates and higher volumes shipped coupled with effective products mix and continuing efficient cost management

- Reduction in the ASP compares with the first quarter

- Estimate next 4Q eps after 2012 Q2 result announced = 1199900*0.28/2044760 = 0.1643, estimate PE on current price 1.59 = 9.07(DPS 0.1)
- Estimate next 4Q eps after 2012 Q1 result announced = 1047414*0.25/2044760 = 0.1281, estimate highest/lowest PE = 12.72/8.2 (DPS 0.02)
- Estimate next 4Q eps after 2011 Q4 result announced = 0.0103*1.2*4 = 0.0494, estimate highest/lowest PE = 30.21/14.22 (DPS 0.0075)
- Estimate next 4Q eps after 2011 Q3 result announced = 0.0061*1.1*4 = 0.0268, estimate highest/lowest PE = 29.38/14.09 (DPS 0.0075)

JCY latest news (English)

JCY latest news (Chinese)

Financial Quarter Summary

a_date	year	qrt	h_price	l_price	div	roe	c_roe	rev	c_rev	pbt	c_pbt	prof	c_prof	eps	c_eps	asset	liab	mino	equi	cfo	cfi	cff	cash	fcf	net	final	share	c_share	m_cap	date	gros_m	oper_m	prof_m	vat	asset_t	pe	navps	ntaps	p/ntaps	cps	l_cur	l_qui	l_cash	g_de	g_da	avg_w	inv_d	rec_d	pay_d
2012-05-17	2012	2	N/A	N/A	0.03	18.42%	36.77%	576584	1135618	163458	326042	163092	325544	0.0798	0.1592	1657613	457713	-	1199900	231784	28705	109083	83640	203079	93996	177636	2044760	2044760	3210273	2012-03-31	29.06%	28.48%	28.35%	0.22%	1.1889	-	0.59	0.59	2.66	0.09	2.1747	1.4632	0.4072	0.3815	0.2761	26.0%	70	83	72
2012-02-08	2012	1	1.65	1.07	0.02	18.35%	18.35%	559034	559034	162584	162584	162452	162452	0.0794	0.0794	1532514	485100	-	1047414	51556	14024	60226	91437	37532	22694	68743	2044760	2044760	2883111	2011-12-31	30.65%	29.27%	29.08%	0.08%	1.169	-	0.51	0.51	2.76	0.03	1.7476	1.1498	0.1483	0.4631	0.3165	19.3%	63	93	68
2011-11-29	2011	4	1.5	0.71	-	3.03%	1.67%	439917	1671420	26439	14723	26439	14553	0.0129	0.0071	1389784	504477	-	885307	130230	38842	130701	132876	91388	39313	93563	2044822	2044822	1554064	2011-09-30	6.45%	6.18%	6.01%	-	1.2026	106.7866	0.43	0.43	1.77	0.05	1.3643	0.8988	0.1935	0.5698	0.363	10.5%	50	74	58
2011-08-22	2011	3	0.795	0.385	-	3.65%	1.36%	395167	1231503	31792	11716	31856	11886	0.0156	0.0058	1326307	476488	-	849819	106537	32826	125230	130077	73711	51519	78558	2044860	2044860	961084	2011-06-30	6.54%	7.79%	8.05%	-	1.2949	-	0.42	0.42	1.12	0.04	1.2947	0.8474	0.1691	0.5607	0.3593	8.0%	45	67	50
2011-05-18	2011	2	0.645	0.415	-	1.43%	2.29%	397432	836336	12521	20076	12458	19970	0.0061	0.0098	1329813	448864	-	880949	90711	15968	133826	131927	74743	59083	72844	2044860	2044860	1329159	2011-03-31	5.56%	3.34%	3.15%	0.50%	1.3559	-	0.43	0.43	1.51	0.04	1.3682	0.8631	0.1667	0.5095	0.3375	8.9%	47	62	46
2011-02-25	2011	1	0.83	0.575	-	0.86%	0.86%	438904	438904	7555	7555	7512	7512	0.0037	0.0037	1409733	527135	-	882598	74896	11437	64230	129780	63459	771	129009	2044860	2044860	1339383	2010-12-31	3.83%	2.16%	1.72%	0.57%	1.387	-	0.43	0.43	1.52	0.06	1.2634	0.8632	0.2504	0.5973	0.3739	6.9%	42	59	48
2010-11-30	2010	4	0.865	0.63	0.0075	2.81%	21.97%	485970	2044648	15674	184292	22557	176387	0.0110	0.0863	1469550	596327	-	873223	184337	189222	99239	232958	4885	104124	128834	2044860	2044860	1830149	2010-09-30	0.24%	2.70%	3.23%	-	1.3913	10.3758	0.43	0.43	2.08	0.06	1.3729	0.9524	0.254	0.6829	0.4058	9.3%	43	63	49
2010-08-20	2010	3	1.2	0.875	-	6.93%	24.78%	480789	1558678	55949	199966	55599	198944	0.0272	0.0973	1516426	608341	-	908085	168803	175857	78409	230365	7054	85463	144902	2044860	2044860	2392486	2010-06-30	13.77%	11.94%	11.64%	0.63%	1.3584	-	0.44	0.44	2.66	0.07	1.3879	0.9248	0.2781	0.6699	0.4012	9.8%	50	60	50
2010-05-20	2010	2	1.6	1.1	-	8.21%	17.86%	549687	1077889	66229	144017	65879	143345	0.0322	0.0701	1575253	638934	-	936319	103532	86906	3856	234762	16626	20482	255244	2044860	2044860	3333121	2010-03-31	13.84%	12.50%	12.05%	0.53%	1.3076	-	0.46	0.46	3.54	0.12	1.63	1.2089	0.4921	0.6824	0.4056	15.9%	45	66	56
2010-02-23	2010	1	1.98	1.44	-	9.65%	9.65%	528202	528202	77788	77788	77466	77466	0.0379	0.0379	1585214	707671	-	877543	71658	11669	76203	238396	59989	136192	374588	2044860	2044860	N/A	2009-12-31	16.01%	14.96%	14.73%	0.41%	1.1711	-	0.43	0.43	N/A	0.18	1.5601	1.2289	0.6437	0.8064	0.4464	17.6%	45	66	83
N/A	2009	4	N/A	N/A	-	N/A	N/A	501216	1758077	72031	205911	73499	207279	0.0359	0.1014	1461099	658413	-	802686	275011	140558	41254	145471	134453	93199	238670	2044860	2044860	N/A	2009-09-30	17.00%	14.79%	14.37%	-	1.2033	-	0.39	0.39	N/A	0.12	1.2224	0.9385	0.3656	0.8203	0.4506	8.3%	45	72	112
N/A	2009	3	N/A	N/A	-	N/A	N/A	480669	1256861	55415	133880	55378	133780	0.0271	0.0654	N/A	N/A	-	N/A	92850	108649	20732	141594	15799	4933	146527	2044860	2044860	N/A	2009-06-30	12.46%	11.96%	11.53%	0.07%	N/A	-	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	-	N/A	N/A
N/A	2009	2	N/A	N/A	-	N/A	N/A	346400	776192	54440	78465	54402	78402	0.0266	0.0383	N/A	N/A	-	N/A	63729	51490	9503	149017	12239	21742	170759	2044860	2044860	N/A	2009-03-31	14.25%	16.23%	15.72%	0.07%	N/A	-	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	-	N/A	N/A
N/A	2009	1	N/A	N/A	-	N/A	N/A	429792	429792	24025	24025	24000	24000	0.0117	0.0117	N/A	N/A	-	N/A	5809	39253	42730	145734	33444	9286	155020	2044860	2044860	N/A	2008-12-31	11.76%	5.93%	5.59%	0.10%	N/A	-	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	-	N/A	N/A

Financial Quarter Balance Sheet

year	qrt	Deferred tax assets (A-0)	Leasehold land use rights (A-0)	Property, plant and equipment (A-0)	Cash and cash equivalents (A-1)	Current asset classified as held for sales (A-1)	Inventories (A-1)	Other assets (A-1)	Trade receivables (A-1)	Deferred tax liabilities (L-0)	Term loans (L-0)	Amount due to associated companies (L-1)	Current tax liabilities (L-1)	Loans & borrowings (L-1)	Trade and other payables (L-1)
2012	2	9458	18922	680480	177636	-	310397	14573	446147	21447	-	-	680	115625	319961
2012	1	9458	18920	693878	68743	-	277172	7028	457315	21447	-	-	660	164482	298511
2011	4	9458	19005	702311	93468	-	224864	3669	337009	21447	-	-	582	224708	257740
2011	3	-	18977	705814	78558	-	207810	-	315148	11890	-	-	575	230179	233844
2011	2	-	19273	712690	72844	-	220715	-	304291	11890	-	-	956	221583	214435
2011	1	-	19288	739496	129009	-	206194	-	315746	11891	-	-	956	275843	238445
2010	4	-	19239	753846	128834	-	213321	-	354310	11890	77138	-	956	262935	243408
2010	3	-	19336	773883	144903	-	241297	-	337007	6352	80913	-	654	279991	240431
2010	2	-	19585	710251	255244	-	218411	-	371762	6080	114188	-	728	249027	268911
2010	1	-	19652	657678	374588	4335	192715	-	336246	5808	119928	93237	618	222397	265683
2009	4	-	19593	643428	238670	28801	185339	-	345268	5536	-	173236	1364	186122	292155

Financial Quarter Income Statement

year	qrt	Revenue	Income tax expense	Cost of sales	Finance/interest costs	Other income	Administrative/Operating expenses	Foreign exchange (loss)/gain
2012	2	576584	366	409022	775	675	7349	3345
2012	1	559034	132	387663	1050	889	6143	2483
2011	4	439917	0	411546	746	573	7207	5448
2011	3	395167	64	420997	1008	678	5386	246
2011	2	397432	63	375324	771	1182	6617	3381
2011	1	438904	43	422104	1932	964	5931	2346
2010	4	485970	6883	484809	2553	734	8102	6914
2010	3	480789	350	414565	1450	724	5890	3659
2010	2	549687	350	473628	2458	841	5849	2364
2010	1	528202	322	443624	1225	1353	5610	1308
2009	4	501216	1468	416023	2074	5443	8663	7868
2009	3	480669	37	420754	2054	902	3058	290
2009	2	346400	38	297034	1794	781	4583	10670
2009	1	429792	25	379260	1475	666	6507	19191

Financial Quarter Segments Revenue

year	qrt	Others	Elimination/Adjustment	Malaysia	Thailand
2012	2	78287	203545	584122	117720
2012	1	36179	137940	537589	123206
2011	4	104430	114686	450173	-
2011	3	100021	80428	375574	-
2011	2	17196	89363	384920	84679
2011	1	16960	83040	413837	91147
2010	4	108619	81634	458983	-
2010	3	92137	73217	461869	-
2010	2	121573	107873	535987	-
2010	1	127301	131448	532349	-
2009	4	118828	347050	729438	-
2009	3	108819	59748	431598	-
2009	2	66105	79569	359865	-
2009	1	67866	69687	431612	-

Financial Quarter Segments Profit

year	qrt	Others	Elimination/Adjustment	Malaysia	Thailand
2012	2	2983	8680	148929	8466
2012	1	18	2913	160226	705
2011	4	48250	25027	3216	-
2011	3	4895	1224	28185	-
2011	2	2130	1251	13081	256
2011	1	224	3254	5430	5112
2010	4	11263	84428	52610	-
2010	3	9426	918	62107	-
2010	2	2839	9035	59682	-
2010	1	5986	3795	75275	-
2009	4	3531	215325	292356	-
2009	3	15065	491	39821	-
2009	2	3149	6282	63833	-
2009	1	3083	3629	24546	-

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

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