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Monday, August 27, 2012

KLCI Stock - RSAWIT / 5113 - 2012 Quarter 2

RIMBUNAN SAWIT BERHAD


Company Description
RIMBUNAN SAWIT BERHAD is a Malaysia-based Company. The principal activities of the Company are investment holding and provision of management services. The Company’s wholly owned subsidiaries are R.H. Plantation Sdn Bhd engaged in cultivation of oil palm; Timrest Sdn Bhd, which is engaged in cultivation of oil palm; Rimbunan Sawit Holdings Berhad, engaged in investment holding; Baram Trading Sdn Bhd, which is engaged in cultivation of oil palm, and Nescaya Palma Sdn Bhd, engaged in cultivation of oil palm.

Company Info 
Listing Date2006-06-28
IPO Price1.0
Market Capital (Capital Size)1,360,845,141 (Large)
Par ValueRM 0.50
BoardMain
SectorPlantation
Major IndustryOil Palm & Others Crop
Websitehttp://www.rsb.com.my/

My Analysis 
Forecast P/E now(1.04-0.015)/0.0323 = 31.73 (High)
Target Price1.16
DecisionNot interested unless SMA5 cross SMA10 and continue show strong sustain above SMA200
Comment
Revenue increased 21% but lower than preceding year corresponding quarter 7.3%, eps was same but lower than preceding year corresponding quarter 87.2%, cash generated from operating not enough for financing expenses hence spent 67.4% to cover all other expenses, gross margin decreasing, liquidity ratio still indicate very weak financial ratio, lower gearing ratio indicate financially healthy, payables repayment period improving, all accounting of collection or repayment period is good
First Support Price1.01
Second Support Price0.945
Risk RatingHIGH

Research House
Jupiter Target Price1.16 (2012-07-05)

Accounting Ratio 
Return on Equity34.53%
Dividend Yield1.44%
Gross Profit Margin15.43%
Operating Profit Margin8.88%
Net Profit Margin5.76%
Tax Rate29.01%
Asset Turnover0.2276
Net Asset Value Per Share0.44
Net Tangible Asset per share0.4
Price/Net Tangible Asset Per Share2.6
Cash Per Share0.04
Liquidity Current Ratio0.7687
Liquidity Quick Ratio0.6317
Liquidity Cash Ratio0.4371
Gearing Debt to Equity Ratio0.6341
Gearing Debt to Asset Ratio0.3678
Working capital per thousand Ringgit sale-12.9%
Days to sell the inventory37
Days to collect the receivables36
Days to pay the payables144

Technical Analysis 
SMA 101.047 (Downtrend)
SMA 201.06 (Downtrend 14 days)
SMA 501.067 (Uptrend)
SMA 1001.053 (Uptrend)
SMA 2001.005 (Uptrend)
MACD (26d/12d)-0.010283 ( 0.000132 )
Signal (9)-0.006741 ( 0.000885 )
MACD Histogram0.003542 (Bearish trend 22 days)
Bolinger Upper Band1.115
Bolinger Lower Band1.005

My notes based on 2012 quarter 2 report (number in '000):-
- Lower revenue mainly due to the decrease in average selling prices and sales volume for crude palm oil and palm kernel. Average selling prices of CPO and PK fell by 5.7% and 26.4% respectively for the current quarter as compared to the preceding corresponding quarter. The weakening of CPO and PK prices was attributable to the lower global market prices for oil palm products. Sales volume for CPO and PK decreased by 9.4% and 0.5% respectively for the current quarter as compared to the preceding corresponding quarter, due to the lower fresh fruit bunches (“FFB”) production from estates. Lower pbt in line with the decrease in revenue and the increase in cost of sales

- Estimate next 4Q eps after 2012 Q2 result announced = 0.0323, estimate PE on current price 1.03 = 31.73(DPS 0.015)
- Estimate next 4Q eps after 2012 Q1 result announced = 65975/2041722 = 0.0323, estimate highest/lowest PE = 35.45/30.5 (DPS 0.015)
- Estimate next 4Q eps after 2011 Q4 result announced = 65975*1.1/2041722 = 0.0355, estimate highest/lowest PE = 32.25/27.46 (DPS 0.015)
- Estimate next 4Q eps after 2011 Q3 result announced = 17855/1308505*4*1.1 = 0.06, estimate highest/lowest PE = 20.08/16.25 (DPS 0.015)
- Estimate next 4Q eps after 2011 Q2 result announced = 0.113/4*2*1.1 = 0.0622, estimate highest/lowest PE = 16.4/7.15 (DPS 0.02)

RSAWIT latest news (English)

RSAWIT 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
2012-08-1720122N/AN/A-0.49%0.98%87324159489502611332472794850.00230.004615395975663368019697326114565608728594319635246307132250641022041722204172221233902012-06-3015.43%8.88%5.76%29.01%0.2276-0.440.42.60.040.76870.63170.43710.63410.3678-12.9%3736144
2012-05-29201211.161.0-0.49%0.49%721657216563066306475947590.00230.00231551683581990813549696936120276786899619635233798102794935582041722204172221233902012-03-3119.23%13.61%8.74%22.63%0.2303-0.440.42.60.060.84870.72260.57410.65510.3751-9.1%4130150
2012-02-28201141.160.990.01510.71%84.39%9237335957814728936688373659750.00630.071016124086468798123496552987038281098291981191231940609792178798131999892969314783972011-12-3128.93%23.76%15.94%39.45%0.22315.78260.950.871.290.161.0570.95520.84210.73150.40123.9%4127192
2011-11-21201131.220.83-22.84%73.68%98613267205234537894017855576020.04990.1629128500171858985797566412725851020083298919124294233566155583575363536673039052011-09-3031.04%27.08%23.78%23.16%0.2423-1.361.140.750.010.21030.14960.01121.49510.5592-100.9%4665304
2011-08-26201122.330.74-30.79%50.84%94196168592328315548724073397460.06820.11301375894796283113150579611604645785166201912426134007231313528933517327446042011-06-3045.13%38.84%34.85%22.24%0.185-1.331.111.90.010.16950.10920.00891.70710.5787-162.0%7171493
2011-05-25201112.682.0-20.05%20.05%7439674396226552265515673156730.04470.044713356877751091175895605781731523101123281912357866542125813505713505717502212011-03-3144.73%35.81%30.45%25.55%0.156-1.261.042.060.010.14720.08610.01081.74970.5803-193.5%7962532
2011-02-24201062.242.00.023.88%46.07%275782910508827755164394522250.01250.3073130438676094911635454343714560217521832929434222961662545191233505711699497642442010-12-3146.78%36.49%32.01%42.49%0.1497-2.512.061.060.010.11420.06730.01111.78170.5834-212.3%6949606
2011-01-24201052.422.18-18.79%42.20%81849263472305656668921294478310.07700.3029130299076684211567453614814277916685829890434212407953969105482764701579076303512010-11-3048.77%42.03%37.34%22.48%0.1656-2.662.181.050.020.20750.13070.01861.82380.5885-108.5%6256579
2010-10-25201042.491.63-4.33%23.42%441371816236925361354907265470.03830.20702842652060872437817853249799381870040506266894538948831282671282672437072010-08-3128.03%20.36%15.69%25.63%0.63899.18020.610.385.00.050.37540.26680.06622.64430.725-30.1%293596
2010-07-26201031.91.4-4.81%19.09%417521374867305292095450216390.04250.1687277025203998-7302748049732161249540505251673766228431282671282671872692010-05-3131.42%22.65%17.50%25.39%0.6437-0.570.344.290.090.45760.36640.17562.79350.7364-19.2%172485
2010-04-26201021.551.34-6.35%14.28%48077957349723219047193161890.05610.1262271766204189-675773684767307108184050530460412787731282671282671924002010-02-2834.25%24.54%20.22%26.02%0.6349-0.530.35.00.060.38980.31890.11893.02160.7513-23.4%152897
2010-01-27201011.571.21-7.93%7.93%47657476571216912169898489840.07000.0700299029202229-96800117623151248143421861111092545131282671282671898352009-11-3038.04%30.30%25.53%26.17%0.5244-0.750.732.030.481.44241.30680.97742.08910.676317.8%294874
2009-10-23200941.531.280.0353.62%17.23%408231518903951183722858136120.02230.1061319486206137-11334930471213961063220799907519707405061282671282671782912009-08-3125.14%15.54%9.68%27.66%0.475313.09810.880.662.110.41.12811.04290.77771.81860.64525.5%184289
2009-07-24200931.491.28-7.33%13.56%359871117127786143825789107150.04510.0835277870192947-849231742170591274220798188016059147391282671282671744432009-05-3137.84%28.25%21.64%25.65%0.6168-0.660.642.120.21.63041.47480.58442.2720.694416.4%218246
2009-04-29200921.441.18-2.45%6.24%323537505226016596193849260.01510.0384272703193544-791591741142311994520798159723973247711282671282671500722009-02-2824.85%15.13%8.04%25.49%0.6871-0.620.591.980.291.48711.33130.82982.4450.709711.6%193944
2009-01-15200911.30.94-3.82%3.82%426994269940264026301930190.02350.0235261470179456-820144694803821712081833441173196451282671282671257012008-11-3021.51%14.72%9.43%25.01%0.7734-0.640.611.610.281.94211.5331.19612.18810.686313.9%321546
2008-10-24200841.270.870.058.60%38.77%6034421198612730540698654389990.06750.3040265025186030-78995581837255735574707661437449948208181282671282671218532008-08-3131.90%24.87%21.10%32.02%0.79993.12450.620.591.610.321.77681.31461.11882.3550.701913.6%471264
2008-07-28200831.780.95-8.54%30.17%5198115164211220413408588303460.06700.23663450872118736664133214543436670125975707661235838333324331282671282672283152008-05-3133.08%25.84%21.58%23.46%0.5682-0.990.892.00.411.60411.33841.13481.67420.61414.4%381795
2008-04-22200822.281.71-8.90%21.63%471979966112651301208949217580.06980.1696253089134563-118526376295809518964707662046639430313361282671282672796222008-02-2939.02%31.39%26.80%29.26%0.7044-0.920.922.370.414.18593.78441.59561.13530.531758.3%4414682
2008-01-25200812.542.01-12.74%12.74%5246452464174691746912809128090.09990.0999239164125762-113402156365447279570766101897394781601282671282673078402007-11-3043.77%37.53%33.30%26.68%0.6867-0.880.882.730.774.95294.48743.99461.1090.525859.3%402761
2007-10-26200742.982.010.05N/AN/A4443014739411593268788302194700.06470.1518220618120038-10058047399790862191937223949122700710221282671282672308802007-08-3138.80%30.24%26.09%28.39%0.506711.85830.780.782.310.714.61364.25734.04081.19350.544172.7%391678
2007-07-3020073N/AN/A-N/AN/A341911029645566152864136111690.03220.0871258954166676-92278310632184810466937229215125192471128267128267N/A2007-05-3129.22%22.45%16.28%25.69%0.2601-0.720.72N/A0.992.13982.08131.94091.80620.6437111.1%2950112
2007-04-2720072N/AN/A-N/AN/A331566877346169719339970320.02650.0548258312170171-8814122950193324339937223618721930011282671282672244672007-02-2827.05%20.22%13.92%26.36%N/A-0.690.692.541.02.01631.95571.86011.93070.6588N/A-N/AN/A

Financial Quarter Balance Sheet
yearqrtBiological assets (A-0)Deferred tax assets (A-0)Goodwill on consolidation (A-0)Intangible assets (A-0)Investment in associated companies (A-0)Prepaid lease payments (A-0)Property, plant and equipment (A-0)Cash and cash equivalents (A-1)Current tax assets (A-1)Deposits with licensed banks (A-1)Fixed deposits with licensed banks (A-1)Inventories (A-1)Other investments (A-1)Other receivables, deposits and prepayments (A-1)Trade receivables (A-1)Deferred tax liabilities (L-0)Loans & borrowings (L-0)Amount due to associated companies (L-1)Bank overdraf (L-1)Current tax liabilities (L-1)Loans & borrowings (L-1)Payables and accruals (L-1)Provision for taxation (L-1)Trade and other payables (L-1)Minority interest (M-1)
201226923555075540452302625880-58946816293106-172926686817951539019413145334226190-19320-687064814315955704880196
201216825114732540452312625599-5783168022446-4165272421190621580813829144584221367-26306-875584574020205441581354
201146727854748540452326225790-5697294101772-9014125233118214927817001144480254488-7533-1189535878224626018181234
201135983215746539952339024316-495613378-4091-24133--55018140889180065-15935-220051-145916019085797
2011270585360295399523525--502366338-4091-29951--49746151022148950-23468-258904-7171206768113150
2011169371856565391323660--489167222674868-28842--35574146405155906-12802-260193-5758194045117589
2010668324846555391323809--485294313584868-21975--26253142983149920-19435-249231-4979194401116354
201056797861740-76222-136095347860701-4807-22662--33117136432334989-11248-65850-6009212314115674
201041140911928-29048-2255283769990974807-9512--174712027098236-5872-48565-119931945243
201031133471928-29046-22652812393663997396-5744--1191120049120980-819-32460-181227878-
201021118681928-29064-22753803704661017396-4692--1312819699118350-1238322931250--30423-
201011087182468-3320-131438018012059707273424708572--2075619650119350-15223939350--21625-
200941093322868-29103-229548139317330717273263005575--1728718835121850-3123-34100-117927050-
20093107119--3360-1325481373282132810800150006943-32251616017968130350-342-288629019-6406-
20092106634--3380-13309827707239254010800191306979-13078684417651131100-629-2812511968-4071-
20091106823--3400-1336479828621720158941980012230-5422292717613131950---1250110281-7111-
20084105270--3420-1341976796168121203482111917200-2984418016866131950350468-123131230177911003-
20083140370--12803-3236984468202208203493256012434-4720460427869137200---12391147212985167076664
2008255127----1088350438279173203483145813107-6686044161392088000---500014093313210418-
2008154695691---1092650762142123201767814811475-694050861311288000---5000950620008144-
2007455023--199-10968506813534719785707278013-17473075955188000---5000713012829075-
2007356098107---1101151251427124150001081573846-32365953802393000---5000070487617844-
2007270591887----483154302-150001084864167-31543410847293000---50000867816088413-

Financial Quarter Income Statement
yearqrtRevenueIncome tax expenseCost of salesFinance/interest costsOther incomeAdministrative/Operating expensesMinority interestShare of profit/ (loss) of associatesSelling and distribution costs
201228732414587384730061317405811592802984
20121721651427582903328255140601201912541
20114923735810656537703247843005454852952
20113986135432680063441419745561661863540
20112941967303516883753102036311455-3313
2011174396578841119398830144431194-2492
201062757837511467812361262026682-937
2010581849687041929383476736922401-2596
201044413717753176520615021819243-2069
201034175218552863321501391727--2076
201024807725303161020771922356--2503
201014765731852952622732551411--2533
200944082310933056223923122047--2183
200933598719972237023811151519--2046
20092323536632431322934071468--2085
2009142699100733516226011251410--2612
200846034440764109322775501542--3252
200835198126323478722134291603--2587
200824719737022877921657812173--2210
200815246446602950022236981492--2478
200744443032912718918446001877--2527
200733419114302420121098731254--1934
2007233156121724188208711091247--2127

Monthly Business Data
yearmthCrude Palm OilPalm kernel
201276065.31340.8
201265229.871169.37
201255412.851168.97
201244357.52978.68
201234432.1983.86
201224044.48839.54
201214549.91022.39
2011124792.321089.9
2011115533.781268.92
2011105899.61291.13
201196002.911342.75
201185371.461222
201175796.391385.5
201165339.741114.84
201155736.491161.94
201145707.451248.01
201135335.61218.13
201123970.11892.01
201113509.62784.36
2010124581.53996.42
2010115049.21956.75
2010105155.021260.33
201095214.941209.6
201085760.151312.07



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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