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Saturday, August 18, 2012

KLCI Stock - MAS / 3786 - 2012 Quarter 2

MALAYSIAN AIRLINE SYSTEM BERHAD


Company Description

MALAYSIAN AIRLINE SYSTEM BERHAD is engaged in the business of air transportation and the provision of related services. As of December 31, 2007, it operated over 100 aircrafts, and the fleet dominated by Boeing 737s, 747s and 777s. It operates in two business segments. The Airline operations segment is engaged in the operation of aircraft for passenger. The Cargo services segment is engaged in the operation of aircraft for cargo and mail services. The Company is also engaged in hotel operations, catering, engineering, computerized reservation services, coach transportation, trucking and warehousing services, retailing of goods, terminal charges, and tour and travel-related activities. The Company flies 42,000 passengers to over 100 destinations across six continents everyday. In September 2007, the Company incorporated and purchased Malaysian Aerospace Engineering Sdn. Bhd., MASWings Sdn. Bhd., and FlyFirefly Holiday Sdn. Bhd. In December 2008, it acquired Kelip-kelip Labuan Limited.

Company Info 
Listing Date1985-12-16
Market Capital (Capital Size)3,676,371,864 (Large)
Par ValueRM 1.00
BoardMain
SectorTrading/Services
Major IndustryAir Transportation
Sub IndustryAir Cargo
Websitehttp://www.malaysiaairlines.com

My Analysis 
Forecast P/E nowN/A
Target Price> 1.14 (SMA 100)
DecisionShort term BUY if stock price continue strong sustain above SMA50
Comment
Revenue increased 5.2% but lower than preceding year corresponding quarter 6.2%, eps increased 103.3% loss but decreased 33.7% loss than preceding year corresponding quarter, use disposal cash to cover operating expenses and use got more than enough cash generated from financing to cover investing expenses, operating loss reducing, liquidity ratio still indicate very weak financial strength, although gearing ratio got improved but still indicate weak financial leverage, all collection/repayment perid is good, temporary benefit from oil price below 100 but currently is increasing back
First Support Price1.02
Second Support Price0.9
Risk RatingHIGH

Research House
ECM Target Price1 (2012-04-06)
Jupiter Target Price1.3 (2012-05-31)
AMMB Target Price1.25 (2012-06-13)
HLG Target Price0.92 (2012-08-15)
HwangDBS Target Price0.9 (2012-08-15)
Kenanga Target Price1.02 (2012-08-15)
Maybank Target Price1.2 (2012-08-15)
MIDF Target Price1.16 (2012-08-15)
OSK Target Price1.38 (2012-08-15)
RHB Target Price1 (2012-08-15)
TA Target Price1.23 (2012-08-15)

Accounting Ratio 
Return on Equity-98.94%
Dividend Yield-
Gross Profit Margin0.00%
Operating Profit Margin-3.17%
Net Profit Margin-10.81%
Tax Rate-
Asset Turnover0.8726
Net Asset Value Per Share0.45
Net Tangible Asset per share0.4
Price/Net Tangible Asset Per Share2.67
Cash Per Share0.59
Liquidity Current Ratio0.3893
Liquidity Quick Ratio0.3517
Liquidity Cash Ratio0.2078
Gearing Debt to Equity Ratio9.256
Gearing Debt to Asset Ratio0.9016
Working capital per thousand Ringgit sale-43.5%
Days to sell the inventory8
Days to collect the receivables37
Days to pay the payables109

Technical Analysis 
SMA 101.045 (Uptrend)
SMA 201.052 (Downtrend 39 days)
SMA 501.088 (Downtrend)
SMA 1001.143 (Downtrend)
SMA 2001.284 (Downtrend)
MACD (26d/12d)-0.007573 ( 0.004935 )
Signal (9)-0.014118 ( 0.001636 )
MACD Histogram0.006545 (Bullish trend 4 days)
Bolinger Upper Band1.115
Bolinger Lower Band0.989

My notes based on 2012 quarter 2 report (number in '000):-
- Lower revenue than FY11Q2 due to decrease in operating revenue in Cargo Services was due to 15% decline of load tonnage and 16% decline of capacity and lower loss was due to lower non-fuel cost by 9% and a decrease in fuel cost by 8% in which average fuel cost has decreased from USD140 per barrel to USD 132 per barrel

- Higher revenue than FY12Q1 mainly from passenger revenue and fuel surcharge

- No estimate next 4Q eps after 2012 Q2 result announced, mainly use stock price chart technical analysis to trade
- Estimate next 4Q eps after 2011 Q3 result announced = 0.128*0.9 = 0.1152, estimate PE on current price 1.3 = 11.28
- Estimate next 4Q eps after 2011 Q2 result announced = (0.067*3)-0.073 = 0.128, estimate highest/lowest PE = 12.66/9.61
- Estimate next 4Q eps after 2011 Q1 result announced = 0.07, estimate highest/lowest PE = 27.86/19.14

MAS latest news (English)

MAS 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
2012-08-1420122N/AN/A-33.07%49.33%321666662824263477355170653492485210420.10450.1559153332581382501114627150824736426717740323068978958814213829993067918894933342156334215635761062012-06-30-3.17%10.81%-0.8726-0.450.42.670.590.38930.35170.20789.2560.9016-43.5%837109
2012-05-22201211.21.02-16.27%16.27%305879030587901693301693301717931717930.05140.0514137883531285198014057936373202446577711117503195881478015739487413536883342156334215634089992012-03-31-10.03%5.54%-0.9858-0.280.224.640.430.37530.33150.168413.93450.9321-39.0%836107
2012-02-29201141.411.02-36.11%71.35%36115701365389413036832512884127738425239880.38220.7552124994761144332913639105614759234221686321796011192377727609749649639588143342156334215647792832011-12-31-36.57%36.10%-1.094-0.310.275.30.330.38620.33540.156410.97670.9155-32.0%834104
2011-11-21201131.741.25-13.50%35.24%349287310063445461540120920247758512466040.14290.373012333078100107101504623223685164081258478819612192377717748869552749685033342156334215645453322011-09-30-10.06%13.21%-1.1072-0.690.652.090.340.50950.42890.1974.33870.8117-20.6%1235108
2011-08-23201121.621.23-14.89%21.74%342867365705725094117476625266807690190.15760.2301124364379643580144732792857279864514877398914192377779474139582715279503342156334215654811352011-06-30-12.03%14.86%-1.0841-0.830.792.080.510.61660.54140.28633.47090.7754-16.8%1241115
2011-05-25201111.951.34-6.85%6.85%314189931418992382512382512423392423390.07250.0725127306919407853137273322838205661457022446869192377766268321581417079633342156334215652806062011-03-31-8.51%7.58%-1.0379-0.990.951.660.560.65370.58120.32082.8430.739-15.3%1141116
2011-02-23201042.011.58-32.61%32.95%3592010129804472644492820362320662344690.06680.0725124320768894832130783537244147958359435429208112449362344639652558519237773476501323477869530022010-12-31-3.82%7.36%12.05%1.044127.59241.091.051.90.640.73610.65730.40672.5240.7155-11.1%1238122
2010-11-25201032.271.92-33.63%1.20%331918593884372421602373523931985520.06880.002712006591871748313917328910896540297018325424012449362306672352432219250403476501319898571615922010-09-30-3.70%7.30%0.90%1.0501-1.020.992.080.650.72430.65140.40542.66170.7261-12.2%1240126
2010-08-16201022.422.02-75.15%31.58%315983460692515325912123405347292246820.16000.0718119398158785024135523154791287759274319225949812449003303095143597020130333342156312774276201152010-06-30-9.04%16.86%-1.0203-1.00.972.350.750.78690.71280.46272.79670.7358-9.5%1241127
2010-05-17201012.311.83-43.57%43.57%290941729094173202513202513100473100470.10350.103511993740833005012384366369046841919682842527187244936224367039048425398462995623299562361709832010-03-31-9.95%11.01%3.03%0.9588-1.221.181.751.061.00460.92090.62392.28140.69450.2%1348126
2010-02-22200942.391.83-14.53%11.68%3219520113098555687334619906097044901970.34710.2864854828678367241186971156216475752938418624732940623135373449126124493621756566171158233374752009-12-31-0.12%17.67%-1.3196.63410.410.345.591.680.85110.78190.530911.20020.9168-7.3%1245133
2009-11-25200933.181.8-7.14%2.85%289386080903352970651067432996231195070.17930.0715819590580594361333413646918473656218333466029406231785182145052214901011671078167106151803412009-09-30-2.53%10.27%-1.4421-0.070.01310.01.450.74030.6760.393365.4520.9833-13.6%1254138
2009-08-06200923.352.9-20.85%4.28%247728251651098961461899048749441796980.49650.1075847993980475181261543242114765706371827854929406231412852113430318063201762305167105254631452009-06-30-17.18%36.17%2.28%1.5187-0.250.1916.321.610.73430.67880.429819.16960.949-13.6%1047128
2009-06-12200913.222.88-16.64%16.64%268438726843877095417095416985466985460.41800.41809132138957886311870-446725914165239381189746294062367478448503824555851671042167104254475962009-03-31-5.26%26.43%-1.5395--0.27-0.34-9.592.110.8880.82720.5532-20.88741.0489-5.1%1043119
2009-02-26200843.422.37-1.17%6.19%37641321503530349841264661461802441900.02760.1461100715965874620112784196976623651135971348964944343381983364149371529406231671002167099645117052008-12-31-1.76%1.32%6.46%1.492818.47612.52.441.112.611.36641.28870.89351.40350.583311.9%94790
2008-11-28200833.322.49-0.97%5.02%39522861127117019683214942380931981320.02150.11171034584262035571199941422854335438083413776164434338124188486426835700701774147177417245418162008-09-30-1.12%0.50%-1.4816-2.332.271.132.721.4121.33570.91611.5020.599614.2%1051102
2008-08-18200823.82.5-1.01%4.06%3657738731888560970195259399781600390.02250.09021040654463143861152540921581350837287496443433835936635946240748761774140177414063869042008-06-30-1.68%1.67%34.43%1.4543-2.32.241.612.861.40181.32740.93131.54740.606814.5%1051117
2008-05-20200814.02.94-3.04%3.04%366114736611471342891342891200611200610.06770.06771003294759646701152540682776411412909896443433819321219330842410301774140177414065643182008-03-31-3.58%3.67%10.25%1.4813-2.292.231.662.891.44791.37451.00611.47030.594515.4%1045111
2008-02-25200744.483.220.02512.81%45.08%4056783146302312470328823332419258514180.15410.5424100619816116032110563945949237058650727498632715846991863312284963944343381569861156986168759912007-12-31-6.88%6.09%1.93%1.45818.07592.512.441.83.131.34991.28040.93591.55430.607812.5%945118
2007-11-26200735.14.26-19.27%32.27%3758443106142223736666353013639356094930.26020.43588489381597153415265251784712721844274525223315846991699636164740332321021398620139862064056792007-09-30-2.77%9.94%2.44%1.6804-1.791.722.662.311.07881.00920.59072.38610.70343.0%1057113
2007-08-27200725.44.42-5.97%13.00%338523268557791189422616351128482455580.08070.1756804175559084081481721333477918753559795125315846991147854109660126813001398620139862067133762007-06-30-1.44%3.51%5.17%1.3065-1.511.453.311.921.01670.94050.49582.78890.73470.9%1578174
2007-05-2820071N/AN/A-7.03%7.03%347054734705471426931426931327101327100.09490.0949735796553295641486920284013730966188051102158469931121626011418448131398620139862080420652007-03-31-3.72%4.11%6.70%0.9679-1.441.394.141.310.97550.8950.37912.64690.7243-1.7%21100228
2007-02-2620064N/AN/A-N/AN/A365093613067175143082731191214721364320.08690.0975702588251372111524618886711410855030241049399117940964410940529015846991398620139862065455412006-12-31-2.52%3.92%14.71%0.5196-1.341.283.661.130.74080.66570.30862.74210.7312-36.5%40178381

Financial Quarter Balance Sheet
yearqrtAmount due from associated companies (A-0)Deferred tax assets (A-0)Intangible assets (A-0)Investment in associated companies (A-0)Investment in jointly controlled entity (A-0)Negotiable instruments of deposit (A-0)Other assets (A-0)Other investments (A-0)Prepaid lease payments (A-0)Property, plant and equipment (A-0)Receivables (A-0)Amount due from associated companies (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)Inventories (A-1)Negotiable instruments of deposit (A-1)Other receivables (A-1)Trade receivables (A-1)Deferred income (L-0)Deferred tax liabilities (L-0)Derivative financial liabilities (L-0)Loans & borrowings (L-0)Amount due to associated companies (L-1)Current tax liabilities (L-1)Deferred income (L-1)Derivative financial liabilities (L-1)Dividend payable (L-1)Loans & borrowings (L-1)Other payables (L-1)Provisions (L-1)Sales in advance of carriage (L-1)Trade and other payables (L-1)Minority interest (M-1)
20122-850168679123264---54599-10990858286318-1979797-89551311358332--1360295-172288214268690-89723422662680-3767899-11472061752261256215914627
20121-765171254126355---54599-9938533316134-1427399-762018679370981--1356034-198172504359543-1917220500--2634155-11334651557473292747914057
20114-765151757120043---54599-9073907343582-1014464-8865-362267101073-1268154-198185664290583-14372053079820-1379411-11881651705943264389913639
20113-12191331401060062791--54599-8699413415321-1024091-10962-462173105272-1318091-29187274274221859-157828112834474-557631-8803291807806216929115046
20112-12191277641053568647--54604-8052271449275-1583500-7682-443440105260-149741925409419985493481724-16182-19189-643583-8742352178609216721614473
20111-247513231310757711582--54604-8160766453667-1763471-1274614499422362105272-1489357-291473573813-4049247079--577479-9430821844178220902413727
20104-34951377321018042360--54604-7663357442575-2085451-19436-430849139206-1351207-2101553414913-3614232823108080-293867-9349671677346221906513078
20103-3383811561194737429-232167539532735587165488--2120760---406494138766-1370790-2771753066885-3581-343104-229686-10493851946620200104513917
20102-3376012056185987--241214539522916786843282--2270323---402018240242-1356798--1778443181666-3622-426995-227602-9294741852930198489113552
20101-3284712698382756--238284539523257695997690--2796778---427830392376-1518475--2050433013227-3000-323586-249762-8030341752047198035112384
20094-34026110041789761798-223797539521799833132584--2664859---384916287466-1395888--2717782004062-3696-584787-315518-9022951676536207805211869
20093-265810409569953--224838565201801032983008--1725435---397357705070-1746868-16956497181228455-11066-938317-544478-9375621442911230523413334
20092-265710527776253-100000243132552101984382850447--2133076---366357704846-1644246-1693769901672722-11278-832990-1042297-8781991446514239192412615
20091-1981110742976930-250000210426590962088922546479--2941530--83097386987579909-1661552--2544601668318-11475-866335-945844-8198621137341258508711870
20084-134810625373268-250000213092649462198542464823--3571743---379730795000-1931539-1693-985577-5001---433411-8177031222410240882511278
20083210406377110745769527---6494617478236022075276189784825069107663996-401781-9801771145684---936650-13412---36334210034257421501508821163575711999
20082226973377111157165337---6632517519217939089228-5079876111260142-405815-8842031215282---85967253934526--41774-10591867131811787123181838511525
20081235153351610351663403---6632517566207986872328-5136030163660159-374980-7121781106289-315-8596725227716387----11167437291601462723172739311525
20074243377400710316258447-340000-6632517613206087972878-44343382740--365266485000-1807949-315-859672-4432-----6818281563394300639111056
200732551102260110277564997---699733418791729444--323210268352049-381239-11719541064575-315-5000005494919757---5000009258176626671395152191287715265
20072268826300849130357923---689033457501680478--26813009965650340-412049-10313011223842-315-5000004641819568---5000001338882-1551419195180614817
20071288687341557208568306---103850-2080434--183053648910846717-388710-9429201012457-1053-5000002960120593---5000001227524-1210664184012914869
20064295860418288036267461---102701918242411537129410-15846991064745608-385769-7535961024580-1277--7203120458---10500007194663477141202060172420515246

Financial Quarter Income Statement
yearqrtRevenueIncome tax expenseFinance/interest costsOther incomeAdministrative/Operating expensesMinority interestShare of profit/ (loss) of associatesDiscontinued operationForeign exchange (loss)/gainAfter tax effect of finance cost on RCPSDerivative (loss)/gainShare of net profit of jointly controlled entityGains on sale of propertiesResidual value sharing on sale of aircraft by Penerbangan Malaysia BerhadDomestic rationalisation expenses and redundancy expensesCompensation for domestic rationalisation
201223216666943627728440834029925705206--17297415277-----
2012130587902045446025589934215744186313--19962223778-----
201143611570268184393866606499876651914216--21730276912792----
20113349287315472416637216837213705737565-195075-701835855----
20112342867316347354525655238977389222221---560853140----
2011131418993439383725220134615056495773---645702817----
20104359201031854324398112835358075297704--61481437741931----
20103331918521764502980384327691366513013--608615571410280----
2010231598349703304453101349855411683231---2171590----
20101290941796892789039255030124635153780---566551798----
20094321952041824247918927033050168539798---5816931741----
2009328938601839199986711230342767191704---202059-----
2009224772822045718045696602972574745677---1340500-----
20091268438711587174403855928640115925965---557001-----
20084376413232192005810230438001974423647-----13---
200833952286188843028216699240750014745566122----0---
200823657738209926864115921371208305805-----453---
2008136611471375935658729336174864694956-----1944---
20074405678347791110580722385842232826270----119819517--
200733758443910596058398637383266267140258----51729220557--
20072338523261451314454379339095451353837317----342828292--
20071347054795601303257247339867742345204362----17726---
20064365093621044120776474036236485667537961----209263562900

Financial Quarter Segments Revenue
yearqrtOthersElimination/AdjustmentAirlines OperationsCargo ServicesCatering services
20122536793623243066082466199-
20121160403414642952961431253-
20114260383731803414312523279-
20113381393392073304318489623-
20112183142765103156860530009-
20111220822662832875886510214-
20104289112781943225041616252-
20103250082841642999506578836-
20102289193200722825450625537-
20101253222513812599371536105-
20094275412320452868732634571-
20093240812124952614822450594-
20092227371959472273810380122-
20091234121950262496766359235-
200841512728095334086966183002962
200832351637729136368466684072601
200822472427589732220536789402529
200812278424840432615606253362405
200741538329269735571597270702727
200732732826293734022777015462528
200722583125942630796246479332546
200712215922580031713566105032506
200643712026229131570067734842859

Financial Quarter Segments Profit
yearqrtOthersElimination/AdjustmentAirlines OperationsCargo ServicesCatering services
2012229625520526298760328-
20121151263131729164239-
201146697676121396298065-
2011314801962350695524312-
2011254544688650242834449-
2011128511894728057120522-
2010435638467914310026959-
201032757272019585640182-
2010276481063557885849254-
201014963300929298325314-
20094214233888156026221430-
200931186353725793936932-
2009226711323195834848343-
200911526595362015684958-
20084350136759381514148610
200832483272111932775397585
200823447861777548403603
200814365-6479963533201
2007488943909522545964771735
2007350836034818827715338
20072417811426615461615079476
200713676534211212418617108
20064661347786369365456963

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

1 comment:

bamboo investment said...

MAS looks like an interesting option, but I also think if will have a very high beta to the overall economy.

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