Sponsor by Innity

Sponsor by cwyeoh

Sponsor by Nuffnang

Thursday, September 6, 2012

KLCI Stock - NAIM / 5073 - 2012 Quarter 2

Company Info
Market Capital (Capital Size)462,500,000 (Small)
Par ValueRM 1.00

My Analysis
Forecast P/E now(1.85-0.06)/0.2372 = 7.55 (Moderate)
Target Price2.25+0.06 = 2.31 (PE 9.5, EPS 0.2372, DPS 0.06)
DecisionBUY if stock price strong sustain and start uptrend above 1.8
Comment
Revenue increased 28.1% and was second consecutive quarter increasing and also higher than preceding year corresponding quarter 16.5%, eps increased 94.3% and was second consecutive quarter increasing and also higher than preceding year corresponding quarter 63%, cash generated from investing enough to cover financing expenses and got borrowings to cover operating and investing expenses, gross margin increasing to satisfactory level, liquidity ratio indicate firm financial healthy, gearing ratio indicate financial leverage strength is getting weaker, all accounting of collection or repayment period still not satisfactory, all segment business recovered
First Support Price1.8
Second Support Price1.7
Risk RatingMODERATE

Research House
OSK Target Price2.94 (2012-08-01)
Jupiter Target Price2.14 (2012-08-02)
AMMB Target Price2.95 (2012-09-03)
Kenanga Target Price2.94 (2012-09-03)
MIDF Target Price3.01 (2012-09-03)
TA Target Price3.17 (2012-09-03)

Accounting Ratio
Return on Equity8.30%
Dividend Yield3.24%
Gross Profit Margin24.57%
Operating Profit Margin19.35%
Net Profit Margin30.48%
Tax Rate10.64%
Asset Turnover0.2951
Net Asset Value Per Share3.31
Net Tangible Asset per share3.27
Price/Net Tangible Asset Per Share0.57
Cash Per Share0.93
Liquidity Current Ratio5.2435
Liquidity Quick Ratio3.7253
Liquidity Cash Ratio1.4021
Gearing Debt to Equity Ratio0.7045
Gearing Debt to Asset Ratio0.4077
Working capital per thousand Ringgit sale166.8%
Days to sell the inventory271
Days to collect the receivables315
Days to pay the payables172

Technical Analysis
SMA 101.865 (Uptrend)
SMA 201.872 (Uptrend 29 days)
SMA 501.808 (Uptrend)
SMA 1001.82 (Downtrend)
SMA 2001.843 (Same)
MACD (26d/12d)0.014255 ( 0.002496 )
Signal (9)0.017686 ( 0.000858 )
MACD Histogram0.003431 (Bearish trend 13 days)
Bolinger Upper Band1.981
Bolinger Lower Band1.763

My notes based on 2012 quarter 2 report (number in '000):-
- Higher revenue and pbt from Property segment mainly contributed by the higher units of properties sold from existing properties under construction with sales and certain high-margin existing construction projects being substantially completed offset by loss in other segment mainly attributable to the quarry and premix operations in Malaysia and Fiji which reported lower sales and were running below capacity owing to reduced construction activities

- Estimate next 4Q eps after 2012 Q2 result announced = 802882*0.07/236944 = 0.2372, estimate PE on current price 1.85 = 7.55(DPS 0.06)
- Estimate next 4Q eps after 2012 Q1 result announced = 763498*0.065/236944 = 0.2094, estimate highest/lowest PE = 9.12/7.74 (DPS 0.06)
- Estimate next 4Q eps after 2011 Q4 result announced = 763498*0.06/236944 = 0.1933, estimate highest/lowest PE = 11.69/8.33 (DPS 0.06)
- Estimate next 4Q eps after 2011 Q3 result announced = 0.0433*4 = 0.1732, estimate highest/lowest PE = 13.34/8.43 (DPS 0.08)
- Estimate next 4Q eps after 2011 Q2 result announced = (0.0516+0.043)*2 = 0.1892(exclude RM10 million disposal gain), estimate highest/lowest PE = 10.15/7.93 (DPS 0.08)
- Estimate next 4Q eps after 2011 Q1 result announced = 0.4023*0.85 = 0.342(0.4023 from recent fourth quarter eps), estimate highest/lowest PE = 7.19/5.38 (DPS 0.1)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.0921*4*0.9 = 0.3316, estimate highest/lowest PE = 9.77/8.84 (DPS 0.1)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.2587*2*0.9 = 0.4657, estimate highest/lowest PE = 8.16/6.79 (DPS 0.1)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.1619*2*1.1 = 0.3562, estimate highest/lowest PE = 10.47/8.84 (DPS 0.1)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.2988 (10% drop from 0.332, due to profit decreasing), estimate highest/lowest PE = 11.28/8.57 (DPS 0.08)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.0793*4 = 0.3172, estimate highest/lowest PE = 11.41/8.89 (DPS 0.08)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.0902*4 = 0.3608, estimate highest/lowest PE = 9.87/6.59 (DPS 0.08)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.0955*4 = 0.382, estimate highest/lowest PE = 8.04/6.73 (DPS 0.08)
- Estimate next 4Q eps after 2009 Q1 result announced = 0.0668*4 = 0.2672, estimate highest/lowest PE = 10.18/6.4 (DPS 0.13)
- Estimate next 4Q eps after 2008 Q4 result announced = 0.1118*4 = 0.4472, estimate highest/lowest PE = 4.07/2.17 (DPS 0.13)

NAIM latest news (English)

NAIM latest news (Chinese)

No comments:

Post a Comment