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Monday, September 24, 2012

KLCI Stock - MHB / 5186 - 2012 Quarter 2

MALAYSIA MARINE AND HEAVY ENGINEERING HOLDINGS BERHAD


Company Description
MALAYSIA MARINE AND HEAVY ENGINEERING HOLDINGS BERHAD, formerly MSE Holdings Berhad, is a Malaysia-based company engaged in the provision of heavy engineering and marine services, which focuses on the oil and gas sector. The Company operates in two segments: engineering and construction, and marine conversion and marine repair. Its engineering and construction business offers a full range of oil and gas construction and engineering services, from detailed engineering design and procurement to construction, installation, hook-up and commissioning. The Company's marine conversion business includes converting vessels, such as very large crude carriers (VLCCs), Aframax tanker and offshore oil rigs into floating structures for the offshore and gas industry. The marine repair business offers repair, refit and refurbishment services to a range of vessels, with focuses on energy-related vessels, such as chemical tankers, offshore oil rigs, gas carriers and other offshore support vessels.

Company Info
Listing Date2010-10-29
IPO Price3.8
Market Capital (Capital Size)7,696,000,000 (Very Large)
Par ValueRM 0.50
BoardMain
SectorTrading/Services
Major IndustryOil & Gas Engineering
Sub IndustryMarine conversion & repair
Websitehttp://www.mmhe.com.my/

My Analysis
Forecast P/E now(4.81-0.1)/0.1921 = 24.52 (Moderate)
Target Price5.19+0.1 = 5.29 (PE 27.0, EPS 0.1921, DPS 0.1)
DecisionBUY if stock price keep the strong buy volume above 4.75 or see if can strong rebound around 4.6
Comment
Revenue increased 45.2% and also higher than preceding year corresponding quarter 0.8%, eps decreased 29.2% and also lower than preceding year corresponding quarter 30%, no cash generated from operating due to receivables increased hence spent 39.2% to cover all other expenses, operating margin is very low, weaker liquidity ratio but still indicate financial strength is at acceptable level, very high gearing ratio now but is very well leverage through payables, significant higher receivables most probably to reflect higher revenue in near future
First Support Price4.75
Second Support Price4.6
Risk RatingMODERATE

Research House
Maybank Target Price5.7 (2012-07-05)
BIMB Target Price4.9 (2012-08-03)
CIMB Target Price4.75 (2012-08-03)
ECM Target Price4.44 (2012-08-03)
HwangDBS Target Price4.9 (2012-08-03)
Kenanga Target Price4.22 (2012-08-03)
MIDF Target Price5.06 (2012-08-03)
OSK Target Price5.32 (2012-08-03)
RHB Target Price3.4 (2012-08-03)
TA Target Price5.86 (2012-08-03)
AMMB Target Price4.6 (2012-09-18)

Accounting Ratio
Return on Equity16.23%
Dividend Yield2.08%
Gross Profit Margin-
Operating Profit Margin5.55%
Net Profit Margin6.27%
Tax Rate8.21%
Asset Turnover0.5917
Net Asset Value Per Share1.6
Net Tangible Asset per share1.56
Price/Net Tangible Asset Per Share3.45
Cash Per Share0.79
Liquidity Current Ratio1.2215
Liquidity Quick Ratio1.2176
Liquidity Cash Ratio0.3212
Gearing Debt to Equity Ratio1.5562
Gearing Debt to Asset Ratio0.6085
Working capital per thousand Ringgit sale22.6%
Days to sell the inventory2
Days to collect the receivables334
Days to pay the payables400

Technical Analysis
SMA 104.729 (Uptrend)
SMA 204.751 (Uptrend 2 days)
SMA 505.045 (Downtrend)
SMA 1005.039 (Downtrend)
SMA 2005.195 (Downtrend)
MACD (26d/12d)-0.057482 ( 0.00879 )
Signal (9)-0.087648 ( 0.007542 )
MACD Histogram0.030166 (Bullish trend 13 days)
Bolinger Upper Band5.053
Bolinger Lower Band4.449

My notes based on 2012 quarter 2 report (number in '000):-
- Revenue and operating profit for the quarter from Offshore segment were mainly contributed by existing projects in hand and a newly secured Kebabangan project. In the corresponding quarter, higher revenue and operating profit was mainly attributed to the already completed EPCIC Turkmenistan Block 1, Phase 1 project

- Revenue and operating profit of Marine has improved resulting from the progress achieved for FSU Lekas, and higher LNG vessel repair works secured during the quarter as compared to the corresponding quarter. The FSU Lekas has been completed and delivered to client during the quarter

- Estimate next 4Q eps after 2012 Q2 result announced = 2561456*0.12/1600000 = 0.1921, estimate PE on current price 4.81 = 24.52(DPS 0.1)
- Estimate next 4Q eps after 2012 Q1 result announced = 2505503*0.12/1600000 = 0.1879, estimate highest/lowest PE = 29.54/24.32 (DPS 0.1)
- Estimate next 4Q eps after 2011 Q7 result announced = 2424212*0.12/1600000 = 0.1818, estimate highest/lowest PE = 30.14/25.57 (DPS 0.05)
- Estimate next 4Q eps after 2011 Q6 result announced = 0.05*4*1.05 = 0.21, estimate highest/lowest PE = 27.95/24.71 (DPS 0.05)
- Estimate next 4Q eps after 2011 Q5 result announced = (0.08+0.05)*2 = 0.26, estimate highest/lowest PE = 26.15/19.04 (DPS 0.05)
- Estimate next 4Q eps after 2011 Q4 result announced = (0.08+0.06)*2 = 0.28, estimate highest/lowest PE = 31.32/22.39 (DPS 0.05)

- Yearly revenue, 2008 = 1741922, 2009 = 4021147, 2010 = 6147012
- Yearly PAT, 2008 = 194645, 2009 = 282221, 2010 = 284115

MHB latest news (English)

MHB 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
2012-08-0220122N/AN/A-2.40%5.80%965712163097960503147255553211335880.03460.08356541916398046036472561456348122469462N/A208558581758481758412680011600000160000086080002012-06-30-5.55%6.27%8.21%0.5917-1.61.563.450.791.22151.21760.32121.55620.608522.6%2334400
2012-05-09201215.654.67-3.40%3.40%665267665267867528675278267782670.04890.0489467614921706463434250550326302323824N/A208558528684728684717987381600000160000078080002012-03-31-12.89%13.04%10.00%0.84-1.561.563.131.121.59791.58560.83930.86750.464232.6%3149212
2012-02-21201175.534.880.13.82%16.95%716148213703454081250848463552056010.02900.128544624662038254362824242127418372137483000144812272046363746320855851600000160000088160002011-12-31-7.39%7.55%14.17%0.6858-1.511.513.651.31.61321.60051.03680.84210.456840.3%3135254
2011-11-17201165.975.29-6.61%13.13%4630881420886100366196767802251592460.05010.099544865912105407356723811848686337027N/A144812286160686160623097281600000160000096000002011-09-30-18.34%21.67%20.07%0.8159-1.491.494.031.441.58191.57121.10920.88550.469333.1%296221
2011-08-16201156.855.0-6.51%6.51%957798957798964019640179021790210.04940.049447072052326249357023809565754689563N/A1448122565905565905201402716000001600000106240002011-06-30-6.91%10.06%17.75%0.8966-1.491.494.461.261.5281.51630.8680.97850.494229.0%3130212
2011-05-06201148.826.320.0510.60%37.15%92329444354201140804240261286414507480.08040.3113492725426255623302230169249337114803846363765899164140682223144812216000001447800109280002011-03-31-9.80%12.36%-0.900221.93791.591.594.30.911.44221.43050.55181.14230.532926.2%3190229
2011-02-22201137.156.31-11.06%26.55%131635335121261133293099461341483221070.08840.2304532972931499353430217979474275969431353628765899673328102695617928551517400139800097113602010-12-31-8.54%8.61%-0.9585-1.561.564.11.181.36471.35440.57471.44730.59122.3%3174242
2010-11-22201126.654.41-6.41%15.49%10228752195773101545196617777121879590.05800.140042677663177532389610902347141576008830150076589965406935256911184681339862134256460293792010-09-30-9.88%9.93%23.16%1.2304-0.810.815.560.831.01621.00640.35532.9250.74451.0%2142236
N/A20111N/AN/A-9.09%9.09%1172898117289895072950721102471102470.08200.0820N/AN/A-N/A92482042881300750765899881939581189134708813444761344476N/A2010-06-30-8.16%8.11%-N/A-N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-N/AN/A
N/A20104N/AN/A-N/AN/A159623961470121774513772061151502792030.08600.209047841273570963147851213164124330426004245204423468198326253121876589913389531335900N/A2010-03-31-11.19%11.12%33.83%0.9338-0.90.9N/A0.571.16831.15640.23642.97980.746412.2%3243277
N/A20103N/AN/A-N/AN/A14591174550773107386199755979901640530.07300.1230N/AN/A-N/A1240372233275252100234681100709775499798967813423291333764N/A2009-12-31-7.49%7.36%6.76%N/A-N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-N/AN/A
N/A20102N/AN/A-N/AN/A14119013091656453319236930521660630.26130.9890N/AN/A-N/A82014315990221140023468166024144884168352211680066800N/A2009-09-30-3.23%3.21%32.11%N/A-N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-N/AN/A

Financial Quarter Balance Sheet
yearqrtDeferred tax assets (A-0)Goodwill on consolidation (A-0)Investment in jointly controlled entity (A-0)Other investments (A-0)Prepaid lease payments (A-0)Property, plant and equipment (A-0)Cash and cash equivalents (A-1)Current tax assets (A-1)Derivative assets (A-1)Inventories (A-1)Trade receivables (A-1)Deferred income (L-0)Deferred tax liabilities (L-0)Loans & borrowings (L-0)Derivative liabilities (L-1)Loans & borrowings (L-1)Provision for taxation (L-1)Provisions (L-1)Trade and other payables (L-1)Minority interest (M-1)
20122-62783698781523814113495451268001789305152123537247-33195---281375532138638073647
2012157-62780156505411237451798738787152263821598439-27529---254066162520560863434
2011757-610371565569109061920855852724-255931131267-26675-2328-211226162519265043628
20116--80624156608310459502309728--222989618939623066---198706454619978293567
20115155-651991566598102989220140272453-2729315015736505385---243876162522342023570
201149686-350191567114103025614481222453-306322303957991----283026132725349423302
20113--10435156762899434217928551891-323372430226123729192--65098144949430595483430
20112--12057156814398902211184681891-308812047289171328172--1400149214968930816373896
20104253-17915691739288517658991893-385232979341232625693302631-29004881650399313819814785

Financial Quarter Income Statement
yearqrtRevenueIncome tax expenseFinance/interest costsOther incomeAdministrative/Operating expensesMinority interestShare of net profit of jointly controlled entity
201229657124969876349229469922137737
201216652678679738222116017311941743
201177161487665-36281699495611147
2011646308820144-19859398006315425
2011595779817112-735789893426830180
201149232941443341948585227512823580
2011313163532035311113281215322466981
2011210228752352121724922589312556
2011111728981518573325215110243610128
20104159623960029115512064142969622721
20103145911772641887292413527682132-
2010214119011455521622951368649255-

Financial Quarter Segments Revenue
yearqrtOthersElimination/AdjustmentEngineering & ConstructionMarine conversion & repair
20121203228516637151838
201178310097594073132089
201163761448537954997648
2011561127387866689117885
201143241276388488350850
20113591265126919446303
20112981486962002811240677

Financial Quarter Segments Profit
yearqrtOthersElimination/AdjustmentEngineering & ConstructionMarine conversion & repair
201219705-6578610256
2011726712230243318816058
201165894608719996440
201158259390518185754
2011454879189824614147
20113707619051048642324
201121057117103375611297960347

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


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Monday, September 17, 2012

KLCI Stock - NESTLE / 4707 - 2012 Quarter 2


Company Info 
Market Capital (Capital Size)15,008,000,000 (Very Large)
Par ValueRM 1.00

My Analysis 
Forecast P/E now(64.0-1.9)/2.1316 = 29.13 (High)
Target Price49.03+1.9 = 50.93 (PE 23.0, EPS 2.1316, DPS 1.9)
DecisionNot interested unless profit manage to cover high dividend ratio
Comment
Revenue decreased 1.3% and was second consecutive quarter decreasing but still higher than preceding year corresponding quarter 10.5%, eps decreased 23.8% but higher than preceding year correspnding quarter 22.4%, cash generated from operating enough to cover all expenses, gross margin maintain very high, weaker liquidity ratio but still indicate financial strength is good, higher gearing ratio indicate well leverage to generate more income, all accounting of turnover period is good, all segment business still good
First Support Price61.0
Second Support Price54.5
Risk RatingHIGH

Research House
BIMB Target Price68.7 (2012-09-03)
CIMB Target Price55.2 (2012-09-03)
Kenanga Target Price67.5 (2012-09-03)
Maybank Target Price54.2 (2012-09-03)
OSK Target Price61.38 (2012-09-03)
MIDF Target Price59.52 (2012-09-04)
TA Target Price59.73 (2012-09-04)

Accounting Ratio 
Return on Equity75.60%
Dividend Yield2.97%
Gross Profit Margin33.75%
Operating Profit Margin12.96%
Net Profit Margin12.53%
Tax Rate16.33%
Asset Turnover2.3856
Net Asset Value Per Share2.81
Net Tangible Asset per share2.55
Price/Net Tangible Asset Per Share25.11
Cash Per Share0.34
Liquidity Current Ratio1.0068
Liquidity Quick Ratio0.5425
Liquidity Cash Ratio0.0824
Gearing Debt to Equity Ratio1.9707
Gearing Debt to Asset Ratio0.6634
Working capital per thousand Ringgit sale0.1%
Days to sell the inventory53
Days to collect the receivables35
Days to pay the payables93

Technical Analysis 
SMA 1063.212 (Downtrend)
SMA 2063.101 (Uptrend 67 days)
SMA 5060.868 (Uptrend)
SMA 10057.925 (Uptrend)
SMA 20055.962 (Uptrend)
MACD (26d/12d)0.588259 ( 0.053887 )
Signal (9)0.818617 ( 0.05759 )
MACD Histogram0.230358 (Bearish trend 6 days)
Bolinger Upper Band66.694
Bolinger Lower Band59.508

My notes based on 2012 quarter 2 report (number in '000):-
- Higher revenue and pbt than FY11Q2 mainly due to higher domestic sales but the export sales were flat for the quarter due to the lower demand experienced in some export markets

- The strong domestic sales were driven by the performance of the fast growing categories within the Group's portfolio, in particular Confectionery, Nestlé Liquid Drinks, Chilled Dairy and Ice Cream, which registered a robust double digit growth. The good sales results were due to the continuous investments in consumer communication

- Lower pbt than FY12Q1 largely due to the marketing and promotional activities which were typically more concentrated in the second quarter

- Estimate next 4Q eps after 2012 Q2 result announced = 640860*0.78/234500 = 2.1316, estimate PE on current price 64 = 29.13(DPS 1.9)
- Estimate next 4Q eps after 2012 Q1 result announced = 640860*0.75/234500 = 2.0497, estimate highest/lowest PE = 31.3/24.25 (DPS 1.8)
- Estimate next 4Q eps after 2011 Q4 result announced = 640860*0.64/234500 = 1.749, estimate highest/lowest PE = 31.56/30.3 (DPS 1.8)
- Estimate next 4Q eps after 2011 Q3 result announced = 0.4691*4 = 1.8764, estimate highest/lowest PE = 29.63/24.98 (DPS 1.75)
- Estimate next 4Q eps after 2011 Q1 result announced = 1.7283*1.2 = 2.074, estimate highest/lowest PE = 22.44/21.82 (DPS 1.65)
- Estimate next 4Q eps after 2010 Q4 result announced = 1.6691*0.8 = 1.3353, estimate highest/lowest PE = 36.21/31.94 (DPS 1.65)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.4827*4 = 1.9308, estimate highest/lowest PE = 23.05/20.99 (DPS 1.5)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.4271*4*1.1 = 1.8792, estimate highest/lowest PE = 23.15/20.22 (DPS 1.5)
- Estimate next 4Q eps after 2010 Q1 result announced = 1.56+0.1491+0.0357 = 1.7448(0.1491 from adjustment between 2009 Q1 eps and 2010 Q1 eps, 0.0357 from QbQ improvement adjustment), estimate highest/lowest PE = 23.21/18.52 (DPS 1.5)
- Estimate next 4Q eps after 2009 Q4 result announced = 1.56(around 4% from 1.5002), estimate highest/lowest PE = 22.12/20.54 (DPS 1.5)
- Estimate next 4Q eps after 2009 Q3 result announced = 1.4537, estimate highest/lowest PE = 23.06/21.12 (DPS 1.3)
- Estimate next 4Q eps after 2009 Q2 result announced = 1.4537, estimate highest/lowest PE = 23.65/21.78 (DPS 1.3)
- Estimate next 4Q eps after 2009 Q1 result announced = 1.5264, estimate highest/lowest PE = 21.42/17.82 (DPS 1.3)

NESTLE latest news (English)

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Cocoa price chart


KLCI Stock - F&N / 3689 - 2012 Quarter 3


Company Info 
Market Capital (Capital Size)7,070,721,469 (Very Large)
Par ValueRM 1.00

My Analysis 
Forecast P/E now(19.5-0.47)/0.5234 = 36.36 (High)
Target Price10.99+0.47 = 11.46 (PE 21.0, EPS 0.5234, DPS 0.47)
DecisionNot interested unless pbt increase more which can enough to cover good dividend rate or base on technical analysis which stock price continue strong sustain above SMA50
Comment
Revenue increased 22.8% and also higher than preceding year corresponding period 1.6%, eps decreased 51.8% and also lower than preceding year corresponding quarter 33.9%, cash generated from operating not enough to cover financing expenses hence increased borrowings and spent 33.2% of Group cash to cover other expenses, margin decreasing to low level, liquidity ratio indicate financial strength is weakeaning but still acceptable level, higher gearing ratio indicate more leverage to generate more income in the future by more investment and the current ratio still not worry by lender, all accounting of turnover period is good, higher inventory can indicate Group products demand still strong
First Support Price19.2
Second Support Price17.8
Risk RatingHIGH

Research House
MIDF Target Price14 (2012-02-08)
AMMB Target Price18.1 (2012-08-08)
CIMB Target Price13.4 (2012-08-08)
Maybank Target Price20.79 (2012-08-08)
TA Target Price18.22 (2012-08-08)

Accounting Ratio 
Return on Equity16.54%
Dividend Yield2.41%
Gross Profit Margin-
Operating Profit Margin6.23%
Net Profit Margin6.08%
Tax Rate5.26%
Asset Turnover1.2787
Net Asset Value Per Share4.03
Net Tangible Asset per share3.66
Price/Net Tangible Asset Per Share5.56
Cash Per Share0.53
Liquidity Current Ratio1.3253
Liquidity Quick Ratio0.8356
Liquidity Cash Ratio0.1995
Gearing Debt to Equity Ratio0.8001
Gearing Debt to Asset Ratio0.4444
Working capital per thousand Ringgit sale9.4%
Days to sell the inventory55
Days to collect the receivables61
Days to pay the payables86

Technical Analysis 
SMA 1019.56 (Downtrend)
SMA 2019.843 (Downtrend 8 days)
SMA 5019.283 (Uptrend)
SMA 10018.735 (Uptrend)
SMA 20018.199 (Uptrend)
MACD (26d/12d)-0.025559 ( 0.006648 )
Signal (9)0.086048 ( 0.027902 )
MACD Histogram0.111607 (Bearish trend 20 days)
Bolinger Upper Band20.719
Bolinger Lower Band18.967

My notes based on 2012 quarter 3 report (number in '000):-
- Higher revenue mainly due to Dairies Thailand well executed marketing activities in conjunction with the resumption of production in Rojana pent-up demand from the consumer and trade

- Lower pbt mainly attributable to the absense of Coca-Cola contribution, a restructuring charge of RM8.3 million incurred by the soft drinks division as part of its on-going rationalisation exercise to improve productivity, accelerated depreciation on PJ factory building and higher marketing expenses in Thailand offset by reversal of provision for compensation of RM5 million

- Estimate next 4Q eps after 2012 Q3 result announced = 1462367*0.13/363226 = 0.5234, estimate PE on current price 19.5 = 36.36(DPS 0.47)
- Estimate next 4Q eps after 2012 Q2 result announced = 1478221*0.12/362737 = 0.489, estimate highest/lowest PE = 43.07/33.46 (DPS 0.44)
- Estimate next 4Q eps after 2012 Q1 result announced = 1597694*0.11/362592 = 0.4847, estimate highest/lowest PE = 38.72/33.36 (DPS 0.43)
- Estimate next 4Q eps after 2011 Q4 result announced = 0.2151*4*0.95 = 0.8174, estimate highest/lowest PE = 22.18/19.78 (DPS 0.97)
- Estimate next 4Q eps after 2011 Q3 result announced = (0.3+0.2151)*2*0.7 = 0.7211, estimate highest/lowest PE = 25.64/21.43 (DPS 0.41)
- Estimate next 4Q eps after 2011 Q2 result announced = 0.3*4 = 1.2(exclude RM53 million from sale of property income), estimate highest/lowest PE = 16.02/14.52 (DPS 0.58)
- Estimate next 4Q eps after 2011 Q1 result announced = 0.2*4 = 0.8(around 5% ROE), estimate highest/lowest PE = 22.09/18.07 (DPS 0.545)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.875*0.95 = 0.8313, estimate highest/lowest PE = 17.58/15.82 (DPS 1.645)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.8236(correction), estimate highest/lowest PE = 17.53/15.85 (DPS 0.465)
- Estimate next 4Q eps after 2010 Q2 result announced = 1.0072(10% grow from 0.4578*2), estimate highest/lowest PE = 14.43/10.18 (DPS 0.465)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.961(10% grow from 0.2184*4), estimate highest/lowest PE = 11.06/10.44 (DPS 0.47)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.8195, estimate highest/lowest PE = 13.58/12.04 (DPS 0.47)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.8, estimate highest/lowest PE = 12.79/11.29 (DPS 0.47)

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Material price


Sunday, September 16, 2012

KLCI Stock - HOMERIZ / 5160 - 2012 Quarter 3

Company Info 
Market Capital (Capital Size)59,000,000 (Very Small)
Par ValueRM 0.20

My Analysis 
Forecast P/E now(0.295-0.0255)/0.0578 = 4.66 (Moderate)
Target Price0.32+0.0255 = 0.34 (PE 5.5, EPS 0.0578, DPS 0.0255)
DecisionBUY for dividend as long as still above SMA100
Comment
Revenue decreased 5.6% and was second consecutive quarter decreasing but still higher than preceding year corresponding quarter 15%, eps increased 4.2% and also higher than preceding year corresponding quarter 69.3%, cash generated from operating more than enough to cover all expenses, margin is maintain good, liquidity ratio indicate financial strength is very strong now, lower gearing ratio can indicate not able to generate more return with leverage but is free of lender issue, all accounting of collection or repayment perid is good
First Support Price0.28
Second Support Price0.26
Risk RatingMODERATE

Accounting Ratio 
Return on Equity20.71%
Dividend Yield8.64%
Gross Profit Margin-
Operating Profit Margin16.62%
Net Profit Margin16.45%
Tax Rate5.13%
Asset Turnover1.174
Net Asset Value Per Share0.34
Net Tangible Asset per share0.34
Price/Net Tangible Asset Per Share0.91
Cash Per Share0.1
Liquidity Current Ratio6.1666
Liquidity Quick Ratio3.5419
Liquidity Cash Ratio2.4926
Gearing Debt to Equity Ratio0.1922
Gearing Debt to Asset Ratio0.1544
Working capital per thousand Ringgit sale41.5%
Days to sell the inventory91
Days to collect the receivables30
Days to pay the payables33

Technical Analysis 
SMA 100.29 (Same)
SMA 200.294 (Downtrend 20 days)
SMA 500.298 (Same)
SMA 1000.281 (Same)
SMA 2000.276 (Same)
MACD (26d/12d)-0.002413 ( 0.000505 )
Signal (9)-0.002425 ( 3e-006 )
MACD Histogram0.000012 (Bullish trend 1 day)
Bolinger Upper Band0.315
Bolinger Lower Band0.273

My notes based on 2012 quarter 3 report (number in '000):-
- Higher revenue and pbt than FY11Q3 was attributed to better selling price of certain product and an increase in volume of product sold and higher profit margin

- Higher pbt than FY12Q2 mainly attributable to the one off expenses, bonus payout to employees expenses incurred in the preceding quarter Q2FY2012

- Estimate next 4Q eps after 2012 Q3 result announced = 72215*0.16/200000 = 0.0578, estimate PE on current price 0.295 = 4.66(DPS 0.0255)
- Estimate next 4Q eps after 2012 Q2 result announced = 68607*0.18/200000 = 0.0617, estimate highest/lowest PE = 5.23/3.69 (DPS 0.0225)
- Estimate next 4Q eps after 2012 Q1 result announced = 68514*0.15/200000 = 0.0514, estimate highest/lowest PE = 6.08/4.72 (DPS 0.0225)
- Estimate next 4Q eps after 2011 Q4 result announced = 0.0196*4 = 0.0784, estimate highest/lowest PE = 3.83/2.93 (DPS 0.02)
- Estimate next 4Q eps after 2011 Q3 result announced = 0.0088*4*1.05 = 0.037, estimate highest/lowest PE = 7.57/4.86 (DPS 0.02)
- Estimate next 4Q eps after 2011 Q2 result announced = (0.0172+0.0085)*2 = 0.0514, estimate highest/lowest PE = 7.2/4.67 (DPS 0.02)
- Estimate next 4Q eps after 2011 Q1 result announced = 0.0172*4*1.05 = 0.0722(revenue incrreased, improved balance sheet), estimate highest/lowest PE = 6.09/4.57 (DPS 0.04)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.0207*4 = 0.0828, estimate highest/lowest PE = 7/4.29 (DPS 0.04)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.0242*4*0.95 = 0.092, estimate highest/lowest PE = 6.47/4.35 (DPS 0.04)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.0268*4*0.95 = 0.1018, estimate highest/lowest PE = 6.04/4.91 (DPS 0.04)

- In FY2010, revenue recorded RM110 million and profit RM21.7 million
- In FY2009, revenue recorded RM108.4 million and profit RM22.7 million
- In FY2008, revenue recorded RM92.6 million and profit RM12.4 million
- In FY2007, revenue recorded RM73.8 million and profit RM10.5 million

- Revenue regions percentage: Europe-60%, Australasia-26%, North & South America-8%, Others-6%

- Revenue products percentage: Upholstered Sofas-55%, Upholstered Dining Chairs-30%, Upholstered Bed Frames-13%, Others-2%

- Dividend policy envisage not less than 40% of net profit, intends to recommend and distribute at least 50% of net profits

HOMERIZ latest news (English)

HOMERIZ latest news (Chinese)


KLCI Stock - PWROOT / 7237 - 2013 Quarter 1


Company Info 
Market Capital (Capital Size)318,000,000 (Small)
Par ValueRM 0.20

My Analysis 
Forecast P/E now(1.06-0.05)/0.0708 = 14.27 (Moderate)
Target Price1.17+0.05 = 1.22 (PE 16.5, EPS 0.0708, DPS 0.05)
DecisionBUY for dividend
Comment
Revenue increased 5.9% and was fourth consecutive quarter increasing(higher than preceding year corresponding quarter 43.6%), eps increased 81.2% and also higher than preceding year corresponding quarter 305.3%, cash generated from operating more than enough to cover all expenses, maintain very high margin, liquidity ratio indicate financial strength still very strong although is weakening in recent year, higher gearing ratio with higher profit in current quarter indicate if this consistent can bring more income in the future and still no concern on lender issue
First Support Price0.98
Second Support Price0.84
Risk RatingMODERATE

Research House
Kenanga Target Price1 (2012-08-14)
Jupiter Target Price1.22 (2012-08-29)

Accounting Ratio 
Return on Equity10.56%
Dividend Yield4.72%
Gross Profit Margin-
Operating Profit Margin57.24%
Net Profit Margin10.58%
Tax Rate-
Asset Turnover0.938
Net Asset Value Per Share0.64
Net Tangible Asset per share0.62
Price/Net Tangible Asset Per Share1.07
Cash Per Share0.14
Liquidity Current Ratio3.0317
Liquidity Quick Ratio2.5321
Liquidity Cash Ratio0.735
Gearing Debt to Equity Ratio0.3118
Gearing Debt to Asset Ratio0.2368
Working capital per thousand Ringgit sale48.0%
Days to sell the inventory101
Days to collect the receivables146
Days to pay the payables175

Technical Analysis 
SMA 101.016 (Uptrend)
SMA 201.003 (Uptrend 65 days)
SMA 500.839 (Uptrend)
SMA 1000.676 (Uptrend)
SMA 2000.578 (Uptrend)
MACD (26d/12d)0.051304 ( 0.000562 )
Signal (9)0.059368 ( 0.002016 )
MACD Histogram0.008064 (Bearish trend 8 days)
Bolinger Upper Band1.2
Bolinger Lower Band0.806

My notes based on 2013 quarter 1 report (number in '000):-
- Higher revenue and pbt mainly attributable to the increase in the local and export sales from the Group’s Fast Moving Consumer Goods (“FMCG”) business

- Estimate next 4Q eps after 2013 Q1 result announced = 193137*0.11/300000 = 0.0708, estimate PE on current price 1.06 = 14.27(DPS 0.05)
- Estimate next 4Q eps after 2012 Q4 result announced = 186059*0.1/300000 = 0.062, estimate highest/lowest PE = 11.29/7.5 (DPS 0.05)
- Estimate next 4Q eps after 2012 Q3 result announced = 185972*0.08/300000 = 0.0496(ROE 8%), estimate highest/lowest PE = 10.28/9.17 (DPS 0.04)
- Estimate next 4Q eps after 2012 Q2 result announced = 0.0085*4 = 0.034, estimate highest/lowest PE = 15/12.79 (DPS 0.04)
- Estimate next 4Q eps after 2012 Q1 result announced = 0.0407*1.05 = 0.0427, estimate highest/lowest PE = 12.76/10.19 (DPS 0.04)
- Estimate next 4Q eps after 2011 Q4 result announced = 0.0407*1.05 = 0.0427, estimate highest/lowest PE = 13.47/11.83 (DPS 0.02)
- Estimate next 4Q eps after 2011 Q3 result announced = (0.0323+0.0038)*1.1 = 0.0397, estimate highest/lowest PE = 14.74/11.08 (DPS 0.08)
- Estimate next 4Q eps after 2011 Q2 result announced = 0.0285*2*0.95 = 0.0542, estimate highest/lowest PE = 13.56/8.67 (DPS 0.08)
- Estimate next 4Q eps after 2011 Q1 result announced = 0.0338*1.1 = 0.0372(10% increase from 0.0338), estimate highest/lowest PE = 18.55/13.98 (DPS 0.04)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.0338(follow 2010 cumulative eps), estimate highest/lowest PE = 16.57/13.46 (DPS 0.04)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.04, estimate highest/lowest PE = 14.25/11.13 (DPS 0.04)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.0395, estimate highest/lowest PE = 14.68/12.03 (DPS 0.04)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.034, estimate highest/lowest PE = 17.94/12.35 (DPS 0.03)

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Saturday, September 15, 2012

KLCI Stock - MAHSING / 8583 - 2012 Quarter 2

Company Info 
Market Capital (Capital Size)1,861,123,924 (Large)
Par ValueRM 0.50

My Analysis 
Forecast P/E now(2.22-0.11)/0.2984 = 7.07 (Moderate)
Target Price2.54+0.11 = 2.65 (PE 8.5, EPS 0.2984, DPS 0.11)
DecisionBUY if stock price strong sustain above SMA20 or wait next uptrend above SMA100
Comment
Revenue decreased 0.6% but higher than preceding year corresponding quarter 9.4%, eps increased 0.4% and was second consecutive quarter increasing and also higher than preceding year corresponding quarter 41.5%, cash generated from operating not enough to cover financing expenses hence spent 18.3% of Group cash to cover all other expenses, maintaine high margin, liquidity ratio indicate financial strength still good although is weakening recently, high gearing ratio with high profit indicate great deal of leverage but increase concern on lender, all accounting of collection or repayment period is still manageable , higher property development cost can indicate property business still good prospects
First Support Price2.15
Second Support Price2.0
Risk RatingMODERATE

Research House
HLG Target Price2.37 (2012-05-29)
OSK Target Price2.69 (2012-05-29)
AMMB Target Price3.6 (2012-08-17)
CIMB Target Price2.71 (2012-08-17)
Maybank Target Price2.38 (2012-08-17)
MIDF Target Price2.85 (2012-08-17)
TA Target Price2.77 (2012-08-17)
Kenanga Target Price2.4 (2012-09-13)

Accounting Ratio 
Return on Equity20.02%
Dividend Yield4.95%
Gross Profit Margin28.57%
Operating Profit Margin17.62%
Net Profit Margin18.22%
Tax Rate27.47%
Asset Turnover0.5656
Net Asset Value Per Share1.34
Net Tangible Asset per share1.33
Price/Net Tangible Asset Per Share1.79
Cash Per Share0.66
Liquidity Current Ratio2.6497
Liquidity Quick Ratio1.0173
Liquidity Cash Ratio0.5198
Gearing Debt to Equity Ratio1.7363
Gearing Debt to Asset Ratio0.632
Working capital per thousand Ringgit sale100.3%
Days to sell the inventory502
Days to collect the receivables109
Days to pay the payables264

Technical Analysis 
SMA 102.214 (Downtrend)
SMA 202.256 (Downtrend 9 days)
SMA 502.157 (Uptrend)
SMA 1002.024 (Uptrend)
SMA 2001.969 (Uptrend)
MACD (26d/12d)-0.00224 ( 0.000659 )
Signal (9)0.017797 ( 0.005009 )
MACD Histogram0.020037 (Bearish trend 19 days)
Bolinger Upper Band2.411
Bolinger Lower Band2.101

My notes based on 2012 quarter 2 report (number in '000):-
- As at 30 June 2012, the Group’s remaining undeveloped land was 1,495 acres and approximately RM18.0 billion in total remaining GDV and unbilled sales

- Plastics segment continued to contribute positively to group revenue and profit. Whilst revenue grew marginally by 1%, profit margin was affected by foreign exchange difference and higher staff costs as a result of minimum wage ruling in Indonesia

- Estimate next 4Q eps after 2012 Q2 result announced = 1142523*0.22/842207 = 0.2984, estimate PE on current price 2.22 = 7.07(DPS 0.11)
- Estimate next 4Q eps after 2012 Q1 result announced = 1151402*0.21/844481 = 0.2863, estimate highest/lowest PE = 8.36/6.51 (DPS 0.076)
- Estimate next 4Q eps after 2011 Q4 result announced = 1088489*0.18/853767 = 0.2295, estimate highest/lowest PE = 9.69/7.73 (DPS 0.076)
- Estimate next 4Q eps after 2011 Q3 result announced = 0.0499*4*0.95 = 0.1896, estimate highest/lowest PE = 11.2/8.41 (DPS 0.076)
- Estimate next 4Q eps after 2011 Q2 result announced = 0.0504*4 = 0.2016, estimate highest/lowest PE = 12.12/7.01 (DPS 0.076)
- Estimate next 4Q eps after 2011 Q1 result announced = 0.0485*4 = 0.194, estimate highest/lowest PE = 13.47/10.64 (DPS 0.076)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.0376*4*1.1 = 0.1654, estimate highest/lowest PE = 16.05/13.2 (DPS 0.076)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.0357*4*1.1 = 0.1571, estimate highest/lowest PE = 17.6/10.85 (DPS 0.065)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.0355*4*1.1 = 0.1562, estimate highest/lowest PE = 12.45/10.47 (DPS 0.065)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.034*4*1.1 = 0.1496, estimate highest/lowest PE = 12.13/9.99 (DPS 0.065)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.0388*4 = 0.1552, estimate highest/lowest PE = 12.6/10.53 (DPS 0.065)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.0373*4 = 0.1492, estimate highest/lowest PE = 12.73/10.72 (DPS 0.08)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.0366*4 = 0.1464, estimate highest/lowest PE = 13.66/11.61 (DPS 0.08)
- Estimate next 4Q eps after 2009 Q1 result announced = 0.036*4 = 0.144, estimate highest/lowest PE = 13.68/11.39 (DPS 0.08)
- Estimate next 4Q eps after 2008 Q4 result announced = 0.0271*4 = 0.1084, estimate highest/lowest PE = 16.33/13.28 (DPS 0.08)

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MAHSING latest news (Chinese)


Sunday, September 9, 2012

KLCI Stock - SIME / 4197 - 2012 Quarter 4

SIME DARBY BERHAD


Company Description
SIME DARBY BERHAD, formerly Synergy Drive Bhd, is an investment holding company engaged in the trading and marketing of commodities. The Company operates in six segments: plantations, which is engaged in palm oil refining and fractionation, and oil palm cultivation; property, which is engaged in property development, management and investment, as well as the provision of golf and other recreational services; industrial, which is engaged construction of highways and railways, buildings, international airports and dams, powering marine engines for police launchers and fishing trawlers at sea; motor vehicles, which is engaged in the assembly and distribution of vehicles, provision of after-sale services, and hire purchase and lease financing; energy and utilities, which is engaged in engineering design and fabrication, system integration, power generation, treatment and supply of treated water, and general trading, services and others.

Company Info
Listing Date1979-12-28
Market Capital (Capital Size)58,832,650,905 (Very Large)
Par ValueRM 0.50
BoardMain
SectorTrading/Services
Major IndustryOil Palm & Others Crop
Sub IndustryIndustrial Engineering Services
Websitehttp://www.simedarby.com/

My Analysis
Forecast P/E now(9.79-0.35)/0.7383 = 12.79 (Moderate)
Target Price10.11+0.35 = 10.46 (PE 13.7, EPS 0.7383, DPS 0.35)
DecisionNot interested unless CPO price can stay strong above 3k and back to uptrend or stock price strong stay above Bolinger upper band
Comment
Revenue increased 28.1% and also higher than preceding year corresponding quarter 8.1%, eps increased 25.4% but lower than preceding year corresponding quarter 16.3%, cash generated from operating enough to cover financing expenses but still incresed borrowings and spent 7.1% of Group cash to cover all other expenses, margin decreasing, liquidity ratio indicate financial strength is getting weaker but still good for the Group, slightly better gearing ratio but still indicate the financial leverage strength is weaker than earlier, all accounting of repayment and collection period is good, higher inventory can indicate better demand of Group products, CPO price in downtrend, most segment still growth
First Support Price9.7
Second Support Price9.5
Risk RatingMODERATE

Research House
Alliance Target Price11.7 (2012-08-30)
AMMB Target Price12.06 (2012-08-30)
ECM Target Price9.71 (2012-08-30)
HLG Target Price10.48 (2012-08-30)
HwangDBS Target Price10.6 (2012-08-30)
Kenanga Target Price10.3 (2012-08-30)
Maybank Target Price11 (2012-08-30)
MIDF Target Price11.8 (2012-08-30)
OSK Target Price11.18 (2012-08-30)
RHB Target Price11.65 (2012-08-30)
TA Target Price11.62 (2012-08-30)
CIMB Target Price11 (2012-09-06)
Public Target Price11.21 (2012-09-06)

Accounting Ratio
Return on Equity16.72%
Dividend Yield3.58%
Gross Profit Margin0.00%
Operating Profit Margin10.35%
Net Profit Margin10.19%
Tax Rate19.23%
Asset Turnover0.9881
Net Asset Value Per Share4.33
Net Tangible Asset per share4.18
Price/Net Tangible Asset Per Share2.34
Cash Per Share0.85
Liquidity Current Ratio1.5518
Liquidity Quick Ratio0.8581
Liquidity Cash Ratio0.3116
Gearing Debt to Equity Ratio0.8183
Gearing Debt to Asset Ratio0.4418
Working capital per thousand Ringgit sale19.0%
Days to sell the inventory99
Days to collect the receivables65
Days to pay the payables84

Technical Analysis
SMA 109.795 (Same)
SMA 209.798 (Downtrend 3 days)
SMA 509.855 (Downtrend)
SMA 1009.78 (Same)
SMA 2009.511 (Uptrend)
MACD (26d/12d)-0.013895 ( 0.000712 )
Signal (9)-0.014406 ( 0.000128 )
MACD Histogram0.000511 (Bullish trend 1 day)
Bolinger Upper Band9.869
Bolinger Lower Band9.727

My notes based on 2012 quarter 4 report (number in '000):-
- Lower pbt from Plantation segment than FY11Q4 largely due to the lower fresh fruit bunches (FFB) production in spite of the higher average crude palm oil(CPO) price realised of RM2,925 per tonne against RM2,906 per tonne in the previous year

- Group FFB production was lower by 3.4% at 9.8 million tonnes (2011: 10.1 million tonnes) as both Malaysia and Indonesia recorded lower production by 1.6% and 6.6% respectively, attributable to the effects of weather and tree stress. Oil extraction rate (OER) was however higher at 21.8% as compared to 21.4% a year ago

- Midstream and downstream results were adversely affected largely due to the loss incurred by an overseas refinery whilst the Malaysian operations was impacted by lower utilisation and tight margins following the latest Indonesia’s export tax structure. It reported a loss of RM62.3 million for the current financial year from the loss of RM74.6 million the previous year which included an impairment of RM114.0 million

- Industrial segment experienced robust demand especially from the mining, logging and construction sectors in Australasia, Malaysia and Singapore except for China/Hong Kong, which was affected by the local government policy of tightening credit to address inflation

- Contribution from Motors division continued to grow due mainly to the strong demand in Malaysia, Singapore and New Zealand despite the weaker sales from China

- Lower pbt from Energy & Utilities mainly due to the run-off costs on the on-going projects in the oil and gas operations which was partially offset by higher profits from the Utilities operations in China. The Port operations have recorded higher cargo handling throughput at Weifang Port following the completion of the 3 x 10,000 tonnes berth in December 2011

- The results from Healthcare was about the same as last year’s level as the impact from higher inpatient and outpatient volume was moderated by the slower nursing education sector and the start-up expenses for the new Ara Damansara hospital

- Other businesses achieved a turnaround by registering a profit of RM68.8 million as compared against last year’s loss of RM42.0 million. This was a result of the higher contribution from Tesco and the insurance brokerage business including a profit of RM29.7 million from the disposal of an investment as against the impairment of an available for sale investment of RM54.3 million in the previous year

- Estimate next 4Q eps after 2012 Q4 result announced = 26889500*0.165/6009500 = 0.7383, estimate PE on current price 9.79 = 12.79(DPS 0.35)
- Estimate next 4Q eps after 2012 Q3 result announced = 25795200*0.165/6009500 = 0.7082, estimate highest/lowest PE = 13.67/12.95 (DPS 0.32)
- Estimate next 4Q eps after 2012 Q2 result announced = 25639100*0.17/6009500 = 0.7253, estimate highest/lowest PE = 13.7/12.26 (DPS 0.32)
- Estimate next 4Q eps after 2012 Q1 result announced = 0.1787*4*1.1 = 0.7863, estimate highest/lowest PE = 12.34/10.76 (DPS 0.3)
- Estimate next 4Q eps after 2011 Q4 result announced = 0.6098*1.1 = 0.6708, estimate highest/lowest PE = 13.27/9.99 (DPS 0.3)
- Estimate next 4Q eps after 2011 Q3 result announced = (0.146+0.1365)*2 = 0.565, estimate highest/lowest PE = 16.27/14.94 (DPS 0.11)
- Estimate next 4Q eps after 2011 Q2 result announced = (0.146+0.1089)*2 = 0.5098(cpo price decreasing but offset by contracts awarded), estimate highest/lowest PE = 18.22/17.01 (DPS 0.11)
- Estimate next 4Q eps after 2011 Q1 result announced = 0.1271*4*1.1 = 0.5592(ROE 3.5% per quarter with condition CPO price continue maintain high), estimate highest/lowest PE = 16.79/15.22 (DPS 0.1)
- No estimate next 4Q eps after 2010 Q4 result announced
- No estimate next 4Q eps after 2010 Q3 result announced
- Estimate next 4Q eps after 2010 Q2 result announced = 0.37, estimate highest/lowest PE = 22.22/19.59 (DPS 0.22)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.34, estimate highest/lowest PE = 26.44/23.76(DPS 0.2)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.37, estimate highest/lowest PE = 24.43/21.59 (DPS 0.2)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.34, estimate highest/lowest PE = 24.35/18.91 (DPS 0.27)

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Daily Palm Oil Prices

Crude Palm Oil Future

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
2012-08-2920124N/AN/A0.254.43%16.72%141221004760230014397005654600109910041502000.18290.6906481759002128640087530026889500281910033489001852004881500529800344600453690060095006009500588931002012-06-30-10.35%10.19%19.23%0.988114.19044.334.182.340.851.55180.85810.31160.81830.441819.0%996584
2012-05-302012310.09.49-3.53%12.29%11027300334802001189200421490087600030511000.14580.50774632170020526500831800257952001114700272580076430048638001611100846800401700060095006009500579315802012-03-31-11.11%10.78%21.93%1.0047-4.154.012.40.771.61650.90120.30790.82230.443120.0%986675
2012-02-292012210.269.210.14.44%8.76%113893002245290015752003025700110140021751000.18330.3619466386002099950082380025639100882500239860014814004887500151610034700485280060095006009500582320552011-12-31-14.46%13.83%26.30%0.9887-4.133.992.430.951.60790.94170.36460.84620.450320.5%966178
2011-11-252012110.08.76-4.33%4.33%110636001106360014505001450500107370010737000.17870.17874383410017928800829900259053007044001122900551004930800418500363400456740060095006009500533643602011-09-30-13.38%13.11%24.56%1.0267-4.174.162.130.871.75861.0190.39870.7150.40922.2%915677
2011-08-25201149.27.00.226.21%17.34%130590004185880020231005450600131260036645000.21840.609842856500180389007873002481760037026001798500147170044678001904100432400490020060095006009500528836002011-06-30-15.73%15.49%31.79%0.996914.43134.03.982.210.921.75981.04880.41910.75070.420923.5%925986
2011-05-27201139.38.55-3.88%11.13%10598600296640001266300344790082010023519000.13650.3914408332001763490072650023198300189910014123007732004408900486800286400412250060095006009500548667352011-03-31-11.95%11.95%32.31%0.9521-3.743.722.450.791.62910.93030.36840.78480.431920.8%936184
2011-02-24201129.48.78-4.15%7.25%10282500190654001241000218160087710015318000.14600.254940097500173594007169002273810015874001219600237004411800367800391500480330060095006009500542056902010-12-31-12.25%12.07%25.63%0.894-3.663.652.470.921.65790.98150.44490.78830.432922.7%926284
2010-11-26201119.498.610.083.10%3.10%878290087829009406009406006547006547000.10890.108938150200163284006853002182180069850062490054500438880073600128100451690060095006009500525230302010-09-30-11.16%10.71%26.87%0.8912-3.523.52.50.841.65321.0060.44230.77250.42822.0%856279
2010-08-26201049.167.780.030.35%3.30%921180032951600250001741500774007268000.01290.12093757760016446700680800211309003654300288470053920031319007696001308800444070060095006009500473548602010-06-30-0.38%0.27%313.20%0.876965.15533.43.382.330.841.64190.99340.44380.80420.437722.1%886386
2010-05-27201038.27.47-1.40%3.65%7570700237398004890017165003086008042000.05140.133837456000157904006888002166560023595001193400618000318480011661001784100496890060095006009500470543852010-03-31-5.50%0.65%-0.835-3.493.472.260.911.79711.13720.51230.75280.421627.2%927281
2010-02-25201028.937.470.071.95%5.06%843270016169100783200176540042820011128000.07130.1852367759001439580066020022380100145590068540037140032820007705001141900442390060095006009500507802752009-12-31-9.87%9.29%40.65%0.8478-3.613.592.350.811.89841.19440.49410.66280.391428.5%917579
2009-11-25201019.198.28-3.11%3.11%773640077364009822009822006846006846000.11390.113936042900130732006620002296970087990036410052003303200515800521000382420060095006009500539653102009-09-30-12.83%12.70%26.61%0.8336-3.713.692.430.711.72561.04230.4050.5860.362725.5%977580
2009-08-27200949.248.190.1534.43%10.27%7535000310139001107700307160098400022801000.16370.37943543990013434100621000220058009373001582300185780057675006450002502800326470060095006009500495182802009-06-30-14.44%14.70%8.88%0.875121.71763.563.542.330.611.70090.99690.34290.62820.379124.0%987484
2009-05-25200938.556.7-0.68%5.84%747400023478900315500196390015060012961000.02510.215734082000135295005338002055250034700010514001365400572800013984002763800296420060094006009400417653302009-03-31-5.71%4.22%47.48%0.9565-3.333.312.10.561.78270.99540.34040.67580.39723.7%976874
2009-02-26200927.055.30.051.25%5.16%729990016004900395500164840027850011455000.04630.19063446050013904300533100205562009800008055001275700568390017855003061200262270060094006009400345540502008-12-31-5.41%5.42%27.64%0.9799-3.333.311.740.571.93381.10310.36260.69440.403525.9%977181
2008-11-28200915.954.94-3.90%3.90%87050008705000125290012529008670008670000.14430.14433692390013878800582800230451002001003296001521005740600529700681800505880060094006009400351549902008-09-30-14.27%14.39%29.79%0.9362-3.743.721.570.952.10461.33570.59810.61790.375930.5%927288
2008-08-26200846.855.450.445.22%17.96%91217003404470014537005206700102130035124000.16990.59513653750014332600536300222049003847200118550025666005714100266170095100580920060095005902200387612752008-06-30-15.25%15.94%24.48%0.931810.83853.673.661.761.082.00391.30130.64390.66140.392329.6%896896
2008-05-28200839.556.25-5.57%12.74%86411002492300015753003753000108960024911000.18130.42493397530013416200474900205591001901200457600184280055800001443600399200518080060094005862200555869502008-03-31-17.85%18.23%29.56%0.9642-3.433.412.710.942.12521.43360.66130.6680.394929.2%777285
2008-02-272008211.98.50.054.09%7.17%8101300162819001159500217770080000014016000.13270.242433290700130882004824002020250099300010740014810005603000885600595400500760060305005782400723660002007-12-31-14.49%14.31%27.23%0.9373-3.413.43.530.922.1481.43930.68390.66370.393129.8%777081
N/A20081N/AN/A-3.08%3.08%81806008180600101820010182006016006016000.10890.1089N/AN/A-N/A5696001108005465005632000680400133900576590055219005521900574277602007-09-30-12.40%12.45%31.11%N/A-N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-N/AN/A
2007-08-2820074N/AN/A0.252N/AN/A7836500282302001087800357290063670023864000.11500.4388332138001365970021998001955410028698001627001262400385510030325001770100562520055346005438000531321602007-06-30-13.46%13.88%30.72%0.653321.8763.193.183.021.12.01631.38230.69420.78710.411341.1%10886109
2007-05-3020073N/AN/A-N/AN/A708630020393700738400248510047770017497000.08800.32731892950083336009815001059590016984007780089200038439001776200884200472810054307005346300439886702007-03-31-10.29%10.42%27.59%0.7323-1.81.784.550.681.90681.27480.55790.86680.440243.4%12799133
2007-02-2820072N/AN/A0.05N/AN/A6775700133074001115400174670086010012720000.16070.2388182373007949800974300102875007031001930006655003882200896100230600411280053524005327700385372802006-12-31-16.55%16.46%15.64%N/A-1.751.734.160.621.80741.09690.51570.85360.4359N/A-N/AN/A

Financial Quarter Balance Sheet
yearqrtAvailable-for-sale investment (A-0)Biological assets (A-0)Deferred tax assets (A-0)Derivative 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)Land held for property development (A-0)Prepaid lease payments (A-0)Property, plant and equipment (A-0)Trade receivables (A-0)Cash and cash equivalents (A-1)Cash held under housing development act (A-1)Current asset classified as held for sales (A-1)Current tax assets (A-1)Derivative assets (A-1)Inventories (A-1)Other receivables, deposits and prepayments (A-1)Property development costs (A-1)Trade receivables (A-1)Deferred income (L-0)Deferred tax liabilities (L-0)Derivative liabilities (L-0)Loans & borrowings (L-0)Provisions (L-0)Retirement benefits obligations (L-0)Current tax liabilities (L-1)Deferred income (L-1)Derivative liabilities (L-1)Dividend payable (L-1)Liabilities directly associated with assets classified as held for sale (L-1)Loans & borrowings (L-1)Progress billings (L-1)Provisions (L-1)Trade and other payables (L-1)Minority interest (M-1)
2012411180024171008174003200-87170014944002841003096008562001104200140267004527004564700540900402004605002860094451001476400192100069494001837005354005270039308008360011500043080051200112700--5872600469003600009511000875300
201231035002392600754800300-8588001494800301700313800849000108860013334600400300405150060160031500495000859008768700208110020414006272200181000483900615004460300690001588005929005210090600601000-4972500637006619008077300831800
20122957002411700668300200-860200147120029420032290084380010524001316610039060049018007811007664004753006630082828002709400210120049770001787004917004360045157007230011090059290053900102400-2100056896001039006619008361000823800
201211503002439900669500--84200147290030270040230084200010697001286200038110046007006498007614004136009860076310002070700210880048229001763004865001390039110006640010660071920055900145400-188003383900458006473008151800829900
201141255002429700622400--860007010002803003824008937001206500125168003992004911300616400786000390000175900735540020493002022500490620017350048240022100400750069000934006945007760077200-223003054900-6170008647500787300
2011318590024067005979003600-1356007236002369004684008258001228200127260003271004165300576700140005360001785006567900723100242670057793001650004714003480039395003880011490054350066500109000480700-3154300-4752008041300726500
20112182300239670063370010400-10080071270023110046860084340012133001249150032050048386006611009000460600111400584990069760025113005353000162800470800514004161300346001182004392006940063600--3706700-4846007596800716900
20111210800239170061650022800-10770069080021980047960080220012255001212240031640045796004888008100525800138600508680058860023297005198000168500491200610003997400347001165003733006940091000--3604700-4928006827900685300
201041551002417500613700--108900625500215900412100674100129000012130200314700449120054210010500552600-521650058160021383005087100159700495100-42873005120011310033140063400---3302300-5198007123400680800
201032263002409200547700--12210064150043010039930058590024376001018020030450050128004520003200518400-496090055970020794005585200156900512700-4318000384009660042500072500-420700-2877600-7605006111500688800
201022306002391500533300--1209005948005142004079006378002445600988410022780044504004390005200529300-496950036760019979006028500156900497400-36895004590010970039830070500---3297900-1906005939100660200
201012313002369700573200--12450062520052170030660060480024250009799700223700387790040210019500520600-532580042550018964005769700150900496000-17003004480011250043460072400--40003964700-1882005904800662000
200942200002323300576000--12940060710053090031640060520024227009439600227100331000032750058500593000-562670037680018409005908800155000488600-20128005790011250038820076400---3594200-2043006344200621000
200932231002125300725000--11210065630050140029900047450023559008784900200200301200035310098400268100-583900035090019440005758800152800802100-250820027300152600313200--225400171003209400-1772005944200533800
200922430002153300755200--11120064450057460030060045880023180008546600216800297980042110026800340500-593890033670018529006241200153100774100-342390057600116200305200----2443500-1471006483600533100
200912816002277900617600--10350011072003980024020054670024517008942500242400532240038170027200203400-552380029760018096006507100151900755100-33137002890091600685600----1600800-1862007065000582800
200843168002245000712000--810001109000210020950062400025174008382700191900599420047950020600264400-506570019760019981006126000139000750700-318910074700125700646800----1639900-1632007603500536300
200832760003169900680500-7100609009241002700216900690200148220081136002872005205900414700-136900-450400028100013751006146400142400855100-38122001840088300571600--222300-1002300-2178006485800474900
200822774003222500717300-3900650009184007800177700647000147710080759002818005098100447700-140500-437370025420013733005731400139700815500-39313003960052900422800----1421700-2436006021100482400
200743892002238800637900--865001021200770015910065210026004007626700994005666000425900785500148000-451980013710010441004968400140300921600-37068002360091600330300--987001787002399300-16340056054002199800
20073343200258300366300-65006900031990063001993002992005191003896400-3699700-833900157300-33207001279008711003635400-207700-1493900--228700--917004445001317500-1644004385200981500
20072347200256800359100-660070500304800440020210029530051970037987004704003310500-24900151000-37026001427008583003411700-212800-1318100--225600----1992200-1583004042800974300

Financial Quarter Income Statement
yearqrtRevenueIncome tax expenseFinance/interest costsOther incomeAdministrative/Operating expensesMinority interestFinance/interest incomeShare of profit/ (loss) of associatesDiscontinued operationInterest on series B redeemable convertible preference sharesShare of net profit of jointly controlled entity
2012414122100276900124500407600130683006370055500109000-36400
2012311027300260800108700363500101656005240034500457002700-4800
2012211389300414300820003656001010840059500481002320048300-12300
201211106360035620070300193300977710020600407002060015200-5100
2011413059000643100958003471001135140067400478001980021500-18100
2011310598600409200838002888009620400370003690040500--5700
2011210282500318100842002013009224000458003730017600--10500
20111878290025270080100269800807280033200346006600--400
20104921180078300725002455009422600241003270023300--6800
201037570700228600711002058007360100311002710026800--448100
20102843270031840077900240200784100036600272007600--5600
201017736400261400569001764006920000362002130021300--3700
20094753500098400570003886006835900253003660041200--800
200937474000149800678002029007250100151002300010500--77000
20092729990010930064800284400718960077004650014300--4800
200918705000373300630001382007601400126005260018200--3300
200849121700355800508002434007974000766006360049100-0700
200838641100465600527001770007275600201006420020700-0600
200828101300315700912002099007137700438005680019600-0800
200818180600316800727001199007286100998005770018500-300-
2007478365003342007330046530072472001169007440030700-3001100
200737086300203700783001171006474000570005490031900-300200
200726775700174400775006458006299900809005270018300-100200

Financial Quarter Segments Revenue
yearqrtOthersElimination/AdjustmentPlantationHealthcarePropertyIndustrialMotorsEnergy & UtilitiesHealthcare & Others
20124208005390046631009390066790036194004888100222800-
20123157004520030435008760050520031965003882700341300-
20122670004410032078009010050420032274003975800361100-
20121471003900032128008670042760031739003894100260400-
201145140003290040248008650075570032963004590100287100-
20113486003650033905008100049230023158003545300293900-
20112676003810032157008130043720023431003623700263200-
20111505003320025384007800032900023682003091900252400-
20104--2876200-58820022710002998800353300124300
20103--2524000-52000018731002374900160100118600
20102--2737200-40550020861002527400542100134400
20101--2720300-27080020011002167100454600122500
20094--2162700-51440019512002188400613500104800
20093--2430200-32670018575001889700799100170800
20092--2573800-33540018981001475200844300173100
20091--3491200-23100021633001957000682500180000
20084--3722400-54400017901001935300863800266100
20083--3666300-34710016868001935500836400169000
20082--3015400-23490018301002057800788900174200
20081--2758200-29400019156001997700675800539300
20074--2526100-48220015006001942300787700597600
20073--1886200-42720018930001718800565900595200
20072--3752400-784200327530033560009469001192600

Financial Quarter Segments Profit
yearqrtOthersElimination/AdjustmentPlantationHealthcarePropertyIndustrialMotorsEnergy & UtilitiesHealthcare & Others
2012435200153800800000800015210035990023800022000-
2012366001310056550043009990035030015160060100-
2012210200177009111007000125800291300150500168300-
2012110004210093830068005320032420015360046800-
2011451600411001249900690023570036270018870073700-
2011350002670067410062006440023800016140073600-
2011212000780082740056006680021750012370044100-
2011174001020049270073005430022730014880049100-
20104--390900-11150021650015010073050046500
20103--433800-1833001565008130045930042000
20102--642000-1148001891008130017600013500
20101--631100-41900185800622006550016100
20094--544700-222700225800424006050010500
20093--143200-83200187300232003520010500
20092--139700-46400189100757001930020800
20091--968200-581002473003680029300800
20084--1023800-195200201500171008180015200
20083--1266000-93900129300489001790023600
20082--847500-33500175600601006380083200
20081--695100-8330017820030300611001400
20074--410700-190800153300417003935006500
20073--379900-116700186100237006270024900
20072--830000-1975003055002300552300800

Financial Quarter Segments Associate
yearqrtOthersPlantationPropertyIndustrialMotorsEnergy & UtilitiesHealthcare & Others
20124130073004005700260032600-
201238900290021400780018003900-
201224100108007100640029001200-
2012161005300730058001100500-
201142500202001030060003100800-
2011313400850013500550032002100-
20112440081006600600019001100-
2011161007004400500024001200-
20104-168006700480036001900100
20103-200012500320034004504008000
20102-590052003002800200-
20101-25001710024001600700700
20094-1600180002300300520016200
20093-818002100290010046005600
20092-800263003800-380015600
20091-580051003600-39003100
20084-373003600320037009001100
20083-370093003000160010005900
20082-700160002100100015002500
20081-4600790031003006002000
20074-24000----17000
20073-------
20072-------

Monthly Business Data
yearmthCrude Palm OilFresh Fruit BunchesPalm Kernel
2012722674795437852229
2012620449883621144394
2012519218376023243233
2012417832369893440739
2012317379768332939900
2012216559865466238293
2012118192571809841269
20111220240781676545842
20111121154486131647745
20111023398994986852602
20119251613102925156988
2011821134184119747786
2011723087591276151352
2011622825491264450729
2011523213691646151715
2011421493186677647617
2011320860686266946595
2011216594967896935898
2011116746870165838574
20101219726080085642687
20101120652286406147287
20101022100793490550774
2010920278287329646576
2010820297086644147501
2010719433883230644062
2010623441981394052208
2010517648873897338958
2010416650969369039130
2010317133072230239348
2010214272559577231624
2010117168071624538169
20091220240084063745413
20091121184990136649401
200910253563108022457962
2009920288184936744059
2009821747589948647750
2009720863098912545863
2009622778791789449983
2009520249781710444251
2009417914474519241673
2009317222072744842223
2009215669464655735085
2009118167176166042697

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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