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Wednesday, July 18, 2012

KLCI Stock - WASEONG / 5142 - 2012 Quarter 1

WAH SEONG CORPORATION BHD



Company Description
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.

Company Info
Listing Date2002-07-09
Market Capital (Capital Size)1,542,026,710 (Large)
Par ValueRM 0.50
BoardMain
SectorIndustrial Products
Major IndustryOil & Gas Pipe-coating
Sub IndustryManufacturing of Mill & Biomass
Websitehttp://www.wahseong.com/

My Analysis
Forecast P/E now(1.99-0.06)/0.1199 = 16.10 (High)
Target Price1.92+0.06 = 1.98 (PE 16.0, EPS 0.1199, DPS 0.06)
DecisionNot 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 Price1.9
Second Support Price1.79
Risk RatingMODERATE

Research House
MIDF Target Price2.28 (2012-02-23)
HwangDBS Target Price2.05 (2012-07-04)
Kenanga Target Price2.23 (2012-07-04)
Maybank Target Price2.4 (2012-07-04)
OSK Target Price2.06 (2012-07-04)
AMMB Target Price2.35 (2012-07-09)
CIMB Target Price2.52 (2012-07-13)

Accounting Ratio
Return on Equity8.07%
Dividend Yield3.02%
Gross Profit Margin13.50%
Operating Profit Margin6.60%
Net Profit Margin4.91%
Tax Rate-
Asset Turnover0.818
Net Asset Value Per Share1.29
Net Tangible Asset per share1.14
Price/Net Tangible Asset Per Share1.68
Cash Per Share0.75
Liquidity Current Ratio1.782
Liquidity Quick Ratio1.4648
Liquidity Cash Ratio0.6956
Gearing Debt to Equity Ratio1.2173
Gearing Debt to Asset Ratio0.5259
Working capital per thousand Ringgit sale34.7%
Days to sell the inventory63
Days to collect the receivables120
Days to pay the payables83

Technical Analysis
SMA 201.924 (Uptrend 14 days)
SMA 501.922 (Downtrend)
SMA 1001.974 (Same)
SMA 2001.989 (Same)
MACD (26d/12d)0.020952 ( 0.002232 )
Signal (9)0.010014 ( 0.002734 )
MACD Histogram0.010938 (Bullish trend 21 days)
Bolinger Upper Band2.029
Bolinger Lower Band1.819

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)

WASEONG latest news (English)

WASEONG 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
2012-05-3120121N/AN/A-1.62%1.62%481560481560236572365717784177840.02300.023022980751208475968721089600108175673573855857718340818226057944377214377214314747932012-03-3113.50%6.60%4.91%-0.818-1.291.141.680.751.7821.46480.69561.21730.525934.7%6312083
2012-02-22201142.081.910.031.88%10.61%514212188911133504173268195201103740.02520.14482295623119793193658109769213458024087461437278713698821160258438977488476234015497682011-12-3118.60%8.52%6.52%38.63%0.822913.81381.321.171.710.751.89931.54790.72271.19310.521838.5%6912474
2011-11-15201132.181.88-2.05%8.73%47884313748993667313976421293908540.02800.1198220380111245229284210792791262977389936237248813368614304851553675986975814215577312011-09-3021.34%8.69%7.66%19.45%0.8041-1.31.151.780.681.99261.62890.72581.140.510339.8%6712878
2011-08-25201122.21.880.032.52%6.69%4051588960563440910309126193695610.03380.090121415941049511113920109208312858212785072136493512730417802554296077486277232216582042011-06-3018.41%9.94%8.49%14.58%0.7658-1.271.121.910.72.12691.70560.85081.07290.490143.9%7411673
2011-05-11201112.451.95-4.17%4.17%490898490898686826868243368433680.05630.0563223697611443521229071092624114182599511119235797310818721937957735276970076970016779462011-03-3121.89%15.10%13.99%24.66%0.7173-1.261.121.950.752.05681.76040.81331.18010.511646.8%5913982
2011-02-17201042.291.970.0252.39%5.41%3972281523356352608615624768559810.03200.07352009711969473115052104023839586374809276545478621069065936412777488676170717899862010-12-3118.06%10.71%8.88%21.38%0.75831.43111.211.072.160.472.37871.90310.71491.04790.482446.3%7112972
2010-11-30201032.451.93-1.21%3.02%3467641126128188645089612488312130.01640.04121915992885903129628103008961869311101524964579243075912173733618776158075728215383912010-09-3017.66%7.54%5.44%42.66%0.8253-1.191.031.960.442.10231.58570.65670.98380.462436.0%7810668
2010-08-25201022.281.990.020.16%1.81%3697437793646444320321701187250.00220.02442028422966612158436106181045698130001403934624853269810769535479077488576842917822352010-06-3013.95%0.25%1.74%-0.8584-1.181.012.280.492.12691.60180.68941.070.476535.8%7810070
2010-05-31201012.522.05-1.65%1.65%409621409621384763847617024170240.02250.0225214907710962341645331052843391406355335494647213278576446395775617475617416711442010-03-3122.43%11.32%9.39%21.62%0.8949-1.171.012.190.621.95531.52430.70921.23410.510132.6%709769
2010-02-23200942.832.140.033.65%12.72%455070195030870149245782348401213220.04500.15982206735117216314895610345723583101333896071918625422492128564047189477487275920317977032009-12-3129.08%17.59%15.41%28.48%0.883814.5181.170.992.340.611.95471.52240.70241.32360.531232.9%719976
2009-11-19200932.452.29-3.25%9.07%50677914952386533817563331023864820.04000.1145212390910210602304761102849194807583861030221848961364213339921829577488775562118674772009-09-3022.77%14.24%12.89%8.08%0.9765-1.150.972.480.281.58211.16460.28441.17040.480721.6%7211577
2009-08-28200922.482.090.0253.12%5.81%5518389884595526911029529735554590.03840.07242227955118069520414110472606077254790712218933359821310420243777488176624616504962009-06-3020.39%11.78%10.02%14.29%0.9962-1.10.922.320.271.47221.0270.23921.40040.529918.8%8011179
2009-05-29200912.191.7-2.70%2.70%436621436621550265502625724257240.03400.0340224330212144951884241028807709874283110667192060281563882323088375650575650513692742009-03-3121.51%15.06%12.60%11.61%1.0116-1.110.931.950.311.48551.04960.25871.44520.541419.1%7611083
2009-02-26200841.941.090.036.18%19.22%578738234319440895152913371881155960.05040.156821295941175840162588953754115303208909393963116914324212697511866657371527371528256102008-12-3120.19%8.13%7.07%5.45%1.10037.14221.070.91.240.251.48171.11890.21671.48620.552117.7%5811873
2008-11-28200831.190.99-4.50%13.04%65222417644564972711201827046784080.03720.1080211192311791711617469327521276301623724319681085222900021419662504887263187263187771602008-09-3016.33%6.73%7.62%31.57%1.0765-1.060.891.20.351.4361.05530.28011.52940.558317.2%6510974
2008-08-25200821.71.00.033.72%8.54%6017051112232291106229122363513620.03070.070619315561048924156599882632863841460712973621129732324556490717788072767672767611424512008-06-3013.95%5.63%4.84%7.24%1.1161-1.00.821.910.251.36171.0450.22111.44470.54313.8%5211278
2008-05-26200812.371.55-4.82%4.82%510527510527331813318128999289990.04250.0425172963689646113479683317557071235491865181098858062010589821578368232968232916171192008-03-3116.11%7.75%6.50%-1.1615-1.020.852.790.321.60151.27070.33121.28360.518319.9%4811280
2008-02-29200742.532.00.045.21%17.42%50899619501121787011512125715860390.04060.135815601469586341315116015128832380455302837379778683815111194863361063361013939422007-12-3114.91%6.54%3.51%-1.235516.20130.740.554.00.191.38831.11790.16192.03960.614514.6%4412580
2007-11-29200734.082.06-4.93%12.19%5345021418611341929619524344602040.04670.11561582946965795163125617151380014754523500756759544139568963152094452094419066552007-09-3016.85%7.40%6.40%17.22%1.1884-0.870.645.720.21.39181.07480.14842.12720.610115.0%5412783
2007-08-30200723.783.540.023.61%7.26%454953884109263516200317824358600.03390.0681155677096181816027859495245971186694351976580273027082114740152632252632219158122007-06-3015.89%6.78%5.79%25.13%0.865-0.830.596.170.31.3911.03730.22392.21270.617820.5%8315298
2007-05-2520071N/AN/A-3.72%3.72%429156429156359813598118365183650.03520.03521477731925099155704552632212096501788679765205593844511821052243052243014105612007-03-3118.95%9.63%8.38%27.81%0.6034-0.760.525.190.261.39481.03240.20832.33060.62628.7%120213136
2007-02-2620064N/AN/A0.035N/AN/A4625321624495341257274024711387980.04770.0749138663189274512267949388636218829242263910141646706240677734951768051768011026582006-12-3119.95%8.97%7.38%9.78%0.333628.42050.720.474.530.171.33970.96480.14672.4050.643844.4%224375292

Financial Quarter Balance Sheet
yearqrtAvailable-for-sale financial assets (A-0)Deferred tax assets (A-0)Derivative financial assets (A-0)Goodwill on consolidation (A-0)Intangible assets (A-0)Investment in associated companies (A-0)Investment in jointly controlled entity (A-0)Investment properties (A-0)Prepaid lease payments (A-0)Property, plant and equipment (A-0)Amount due from associated companies (A-1)Amount due from customers (A-1)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)Derivative financial assets (A-1)Fixed and time deposits (A-1)Inventories (A-1)Trade receivables (A-1)Deferred tax liabilities (L-0)Derivative financial liabilities (L-0)Hire purchase liabilities (L-0)ICULS (L-0)Loans & borrowings (L-0)Other liabilities (L-0)Term loans (L-0)Amount due to associated companies (L-1)Amount due to customers (L-1)Amounts due to Jointly Controlled Entities (L-1)Current tax liabilities (L-1)Derivative financial liabilities (L-1)Dividend payable (L-1)Hire purchase liabilities (L-1)ICULS (L-1)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)
20121117410161717109847504138687965348959920149359115079720649342338438298135756333456002642555146136779-25--8236360400-45724317947471102271782991-360595122263132134941796872
201141173869315801125525441794122107493078546511628381569702463184896857614478-39949328415957034713712-27--2201373318-358311331129613808-83630-398169122313826230244293658
201131137713116461128114691877028371596478837533240423179490470129276818314082-38626025836753506617255-273630-2908390359-19538539116896580022605---297377140343826329043992842
201121151455988210925150318411259866016791305382934235711821772203945782013468238733901326885844473217471-276457-22623850861873992042921456579-8--2433181776757996260076113920
20111116749481948108888516181432606960707941352953042175402389313868714678912551266219053521047654322916637-286464-2428408824-49012197417189209134314-133422440871837370231294197122907
201041137958110110469549170912762561727971954146340794600070441898915475312217218717553124311548107818831-318678-241542836568329922799183414134324-103311160421860475635246238115052
20103113582805117195317021154317352335794545666284554831846988185614-1848519915325626658136604021277-398677-18013380611422345-87206511447830--1236592033393333232485129628
2010211537591371215523481214233457923757974058147436118400411675214390-27776145166484290115376817246589494111182-2744374585-32387-10818--47--10287521954124019260353158436
2010111507744129122062385520930371562414800265909393667847279621271487-23802-1937652827224128812463813416411182-28004002231533404-20377-3698249--10993921579153819279822164533
2009410967458-1262844187224033636628238084761203636061601646183222397-24466-24949729041435650826405-5335259-2740435873-36014-18778-341956--9299722585187203310781148956
2009311927052-1332054085191533889438588098061898923331864368011152700-23768-6594232106445624719904--35259-2625194369-54526-15975-----351791--346611230476
2009211767043-1346984343192304106039618087463471023192148295536102005-21072-10934539341845233619093--39655-2531235804-45253-17606-----434668--386085204141
20091141338148-1290324392202984311343838107661222123252035256511163983-20295-6706738917647362418871--39655--262973-53716-17230-----399335--422715188424
2008411766580-1256254547205773999145288081656924122681814646623108384-18717-7828131257056820618275--47155-557248352-43214359019327-----38250523470-389395162588
2008312216651-1217874962204373916649095973256485420401040509523154007-15116-9726134151356469412648--47158--2222622040060-23081-----445219--388723161746
20082129217465-120740538620252363594925599585434902367894069285109602-15168-7254826088456242911980--54018--1591682056028-22673-----356094--388943156599
20081150316699-1153845690215023399349734766241571826111049967581188994-10491-3158222028149997611090--54041165372--2055006-26350-----213118--371464134796
2007415037463-1140026004215923491851504769531579239172600735762895792440110168-277301959305532128696--54041-30991681662010065644422313-----248314--352885131511
2007320985804-1175943957305842603397624643563986060632481091943236010777-1468622785858344811065--54042-249181687635110729-30138-----225113--352137163125
2007217365484-118870405229242282211562730349604618846493561136216236010139-2197124982250890510630--56631-422118388831114714925829163-----234338--295229160278
2007125475890-119499392127406305212567169343479669945377840108743236011835-2648823523146781710826--60119-1632718872254512856125823568-----230133--266040155704
2006427675895-12185740672561435269339039205337989292732421160869622108289198-1912222683743801511925--64061-19911191797445792271395519862-----209575--281987122679

Financial Quarter Income Statement
yearqrtRevenueIncome tax expenseCost of salesFinance/interest costsOther incomeAdministrative/Operating expensesMinority interestShare of profit/ (loss) of associatesSelling and distribution costsGain/loss on disposal of subsidiariesInvestment gain/lossElimination of interest expense on ICULSImpairment loss in respect of goodwillOther expenses
2012148156057541657154241032440745644826846251----3448
201145142121294241856748091781963614104254856052-----
2011347884371333766656082518946192824711339020----10533
2011240515850173305825581103503362331992679687----1359
201114908981693738346354809020346988377137938----330
20104397228753832548054732511048533295417987810----2016
20103346764804828553459181301941116167213637015----27
20102369743270131816360652400422855444128710844----57
201014096218319317748663560273826013133125613337----64
2009445507019980322752106983855985233153297995596-----
20093506779527739140976336658398162903879610037-----
200925518387897439291892118370558541763783510038-----
200914366216389342688114041182830966229136789043-----
200845787382229461884941448654110347147832559678----1571
20083652224157005457178164105806334269816481018213323---357
20082601705210751777760326092441684640145611856210---100
200815105271724282896735214734271743543648013----13429
20074508996428143308864622863056191356489448440----6631
2007353450258874444346293656345402396190711418-29--262
2007245495366213826686373531738406190618668168-0--170
20071429156100053478166733443736674761110677279-5329-501
200644625323339370278692546184504260757887921-034702418

Financial Quarter Segments Revenue
yearqrtOthersElimination/AdjustmentEngineeringPipeline ServicesRenewable EnergyTrading & E&P
2011220317037126211462151674169101
2011118230829288919173147089162089
2010422226786216213457158425139170
2010322155734789411722651634135362
20102227509605103715183640622176981
2010125219355179217846233888147162
200943566583285837426174669822127826
2009332882608686164258258190300126563
20092784254768873525166158351177783
200915949273588664518795948790134636

Financial Quarter Segments Profit
yearqrtOthersEngineeringPipeline ServicesRenewable EnergyTrading & E&P
20112374112582349875575837
20111419423325920451466194
2010482191664339996251320
2010336791928335111332883
2010263301201486573527519
2010174403833765934515189
2009412966811075630320533664
20093516770416252767871684
20092519212973331088026668
20091353089733666773605556

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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