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Saturday, October 13, 2012

KLCI Stock - ASIABIO / 0150 - 2013 Quarter 2

ASIA BIOENERGY TECHNOLOGIES BERHAD


Company Description
ASIA BIOENERGY TECHNOLOGIES BERHAD is a Malaysia-based holding company. The principal activity of the Company is a technology incubator. Its wholly owned subsidiary, Asia Bioenergy Research Sdn Bhd (ABR), is engaged in research and stratergy advisory. On August 29, 2008, the Company completed the acquisition of ABR. The subsidiary companies of ABR are ALC Management Sdn Bhd, which is a corporate service provider, and STSB Technology Sdn Bhd, which is engaged in programmable logic controller (PLC), enterprise resource planning (ERP) systems and e-learning products and training provider. ABR’s associated companies are Grand Inizo Sdn Bhd, which is a technology provider for Biodiesel and oleochemical plants, and Eco-Sponge Sdn Bhd, which is a producer of a blend of compound used in Biodiesel plants as absorbent/filtration.

Company Info 
Listing Date2008-12-12
Market Capital (Capital Size)28,650,000 (Very Small)
Par ValueRM 0.10
BoardACE
SectorTrading/Services
Major IndustryTechnology Incubation
Sub IndustryBiotechnology Products
Websitehttp://www.bioenergy.com.my/

My Analysis 
Forecast P/E nowN/A
Target Price0.09
DecisionPurely base on technical analysis, BUY if stock price strong maintain above SMA200 uptrend
Comment
Revenue increased 160.7% but lower than preceding year corresponding quarter 64.5%, eps remained loss, no cash generated from operating hence spent cash from disposal and 73.3% of Group cash to cover investing expenses, remain unstable margin, current liquidity ratio indicate Group financial strength is very weak, higher gearing ratio than earlier year but did not bring in more profit, insufficient working capital to cover payables, benefit from high payables payment period which conserves cash
First Support Price0.07
Second Support Price0.06
Risk RatingHIGH

Accounting Ratio 
Return on Equity-35.77%
Dividend Yield-
Gross Profit Margin26.84%
Operating Profit Margin-228.10%
Net Profit Margin-228.10%
Tax Rate-
Asset Turnover0.1075
Net Asset Value Per Share0.06
Net Tangible Asset per share0.05
Price/Net Tangible Asset Per Share1.5
Cash Per Share0.0
Liquidity Current Ratio0.3391
Liquidity Quick Ratio0.3186
Liquidity Cash Ratio0.0346
Gearing Debt to Equity Ratio0.2129
Gearing Debt to Asset Ratio0.1756
Working capital per thousand Ringgit sale-108.0%
Days to sell the inventory19
Days to collect the receivables163
Days to pay the payables918

Technical Analysis 
SMA 100.074 (Same)
SMA 200.074 (Downtrend 2 days)
SMA 500.074 (Same)
SMA 1000.069 (Same)
SMA 2000.069 (Same)
MACD (26d/12d)-6e-006 ( 6e-005 )
Signal (9)4.8e-005 ( 1.3e-005 )
MACD Histogram0.000054 (Bearish trend 2 days)
Bolinger Upper Band0.08
Bolinger Lower Band0.068

My notes based on 2013 quarter 2 report (number in '000):-
- Loss mainly due to the writing off of certain fixed assets due to the relocation of the Group's incubation centre and some inter company write down as part of its reorganisation programme

- The incubator division is the cost centre of the Group, representing the resources utilised to support the acitivites of its incubatees going forward. Thus, it incurred a loss in the period

- The biofuel industry did not register any sales in the period as the Group currently holds less than 20% in its investment in the biofuel industry, thus it is not consolidated in the accounts. Whilst prospects remain in the long term for this sector, the near term outlook remains challenging

- The Information Technology division has been deconsolidated as the Group now refocus its activities into "green" technologies and thus has decided to divest its investee in this sector

- The biomass/biotechnology division registered sales in the period mainly due to the contract for bio-pelletizing technologies

- No estimate next 4Q eps after 2013 Q2 result announced
- No estimate next 4Q eps after 2013 Q1 result announced
- No estimate next 4Q eps after 2012 Q4 result announced
- Estimate next 4Q eps after 2012 Q3 result announced = 46532*0.01/360681 = 0.0013(if can achieve ROE of 1%), estimate highest/lowest PE = 80.77/38.46
- Estimate next 4Q eps after 2012 Q2 result announced = 0.0012*4 = 0.0048, estimate highest/lowest PE = 13.54/8.33
- Estimate next 4Q eps after 2012 Q1 result announced = 0.0004*4*1.05 = 0.0017, estimate highest/lowest PE = 44.12/23.53
- Estimate next 4Q eps after 2011 Q4 result announced = (0.001+0.0023)/2 = 0.0017, estimate highest/lowest PE = 47.06/32.35
- Estimate next 4Q eps after 2011 Q3 result announced = 0.0042, estimate highest/lowest PE = 20.24/13.1
- Estimate next 4Q eps after 2011 Q2 result announced = 0.0042, estimate highest/lowest PE = 19.05/14.29
- Estimate next 4Q eps after 2011 Q1 result announced = 0.0036+0.0006(average of eps per quarter in year 2009)*4 = 0.006, estimate highest/lowest PE = 14.17/10.08

ASIABIO latest news (English)

ASIABIO 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
2012-09-2720132N/AN/A-6.65%6.60%790109318021793178717750.00470.0046277984881-92291731662702N/A633464464169382000382000286502012-07-3126.84%228.10%228.10%-0.1075-0.060.051.5N/A0.33910.31860.03460.21290.1756-108.0%19163918
2012-06-20201310.0950.055-0.04%0.04%3033039912120.00000.00003159662297312536758126027N/A633215215418382000382000248302012-04-3090.43%3.63%2.97%-0.1401-0.060.032.17N/A0.42530.4110.06710.25280.1971-80.9%171651196
2012-03-29201240.080.055-26.98%30.20%3985517113651105011301126500.03090.034631069419122662687817025176307010373474404633366055366055274542012-01-3160.05%2832.41%2855.53%-0.1776-0.070.032.5N/A2.48192.38760.63550.17030.134926.8%17100141
2011-12-05201230.1050.05-2.19%3.22%1497511968631591613490.00250.0037508064274329246532105048954172103738453271364360681360681198372011-10-3121.51%26.39%45.82%-0.1159-0.120.090.61N/A3.58813.48551.04440.09880.084157.4%23184190
2011-09-30201220.0650.04-0.72%1.03%2228362248610013024330.00090.001351801438833054741312055857446610374652186851334597334597150562011-07-3176.71%23.16%21.81%7.20%0.1009-0.130.10.45N/A2.86952.15050.51640.09950.084759.0%337173412
2011-06-23201210.0750.04-0.31%0.31%139413945155151311310.00040.000451029436947504666061429672843103723534901527337112337112185412011-04-3091.10%39.38%36.94%-0.0598-0.120.080.69N/A3.9913.32530.85790.10420.0856174.6%552499723
2011-03-29201140.080.055-1.33%0.83%77162581511664282680.00160.0010459864102281241884176110118756253541187943171037267178267178160302011-01-3161.48%2.72%1.95%-0.136359.8160.150.110.55N/A3.47413.40650.71570.1050.089257.2%42227525
2010-12-13201130.0850.055-0.51%2.16%832549811511811636960.00060.0027364976751495358221084341724305354450120713283257875257875180512010-10-3158.53%16.35%13.82%-0.1781-0.130.120.580.018.47568.33044.86370.01970.018577.6%40131278
2010-09-27201120.080.06-0.10%2.67%524666401066338590.00010.00343588417812163570647524852429535429605314823252948252948189712010-07-3165.38%136.54%76.92%-0.197-0.140.120.620.0235.994435.994427.09550.00520.005088.1%-8237
2010-06-24201110.0850.065-2.77%2.77%46144614102610268928920.00360.00363331215311383315951544272535495710294325250000250000175002010-04-3095.88%22.87%22.24%-0.2195-0.130.110.640.0240.189540.189528.2680.00480.004682.0%-9132
2010-03-29201040.090.06-0.85%1.85%100234766089362605660.00100.0023323781721047322061109669016511100558157465354250000250000225002010-01-3166.87%35.43%60.68%-0.107439.75270.120.10.90.0237.930237.930231.12210.00550.0053182.7%-12330
2009-12-23201030.120.085-0.02%1.00%140124742632863060.00000.001231057134213092392955044511101457546206481250000250000262502009-10-3113.70%1.64%1.86%76.92%0.0875-0.120.110.950.03116.7258116.7258104.53230.00430.0043264.2%-10213
2009-09-25201020.1250.095-0.24%0.98%294107373302732990.00030.001231089172223091771113663011101207721078994250000250000300002009-07-3190.48%25.51%24.83%1.37%0.0456-0.120.111.090.04106.64106.0589.940.00560.0055745.5%3741563
2009-06-23201010.150.105-0.74%0.74%7797792292292262260.00090.000931068223-3084510507311511101178117969305250000250000287502009-04-3036.07%2.70%29.40%0.44%0.0361-0.120.111.050.0469.775869.418256.39390.00720.00721010.5%39698109
2009-03-23200940.170.07-N/AN/A242344528559650855990.00330.03693089728021306171422102711496N/A3951110111101151721151721212402009-01-3189.26%112.40%218.18%3.41%0.01113.79370.20.180.780.0758.538558.533753.37020.00920.00913479.1%711401380
2008-12-09200930.410.1-N/AN/A10210250545054503850380.22920.229217543407-171369443691663N/A274720842084219782197861532008-10-3171.57%19.61%4954.90%0.32%0.0058-0.780.780.360.0910.529810.52986.90070.02380.02322821.6%-39223801

Financial Quarter Balance Sheet
yearqrtAvailable-for-sale investment (A-0)Intangible assets (A-0)Investment in associated companies (A-0)Property, plant and equipment (A-0)Amount due from customers (A-1)Cash and cash equivalents (A-1)Current tax assets (A-1)Inventories (A-1)Other receivables, deposits and prepayments (A-1)Trade receivables (A-1)Deferred tax liabilities (L-0)Hire purchase liabilities (L-0)Lease payables (L-0)Term loans (L-0)Amount due to customers (L-1)Current tax liabilities (L-1)Hire purchase liabilities (L-1)Lease payables (L-1)Term loans (L-1)Trade and other payables (L-1)Minority interest (M-1)
20132191465603-139458016951100755----------48819
201311514612243-1558-418142892000-----60----6169731
2012464141232834196436-633231941514-983382345-39187911045752266
20123230851246342526320-13642231342965-9561312367-1910989959943292
20122211851147944849924-85122011852473-9287542390-1867879413823305
201211868515337-99031925152722511852242-992762412-4822859315324750
20114186851007718741031619811037-981918-997982449-5721848512022812
201131868536211912655820633283-98277----------6751495
201121868535491933531013334823--251----------1781216
201111868535491963296612784325--546----------1531138
20104146316139199230928075353--364----------1721047
2010318230259216791319-6481--756-2349----14--4821
20102167672829-829-8994-5913802312349----29--7122
20101161672829-559-9305-5919911582335----56--109-
20094550427509921546-11101-11037372349----56--15221
200935504268378455-2084--1096-2382----37--265-

Financial Quarter Income Statement
yearqrtRevenueIncome tax expenseCost of salesFinance/interest costsOther incomeAdministrative/Operating expensesMinority interestShare of profit/ (loss) of associatesImpairment lossListing expensesExcess of fair value of net assets acquired over the consideration
20132790-578-5352124150425--
20131303-29-1127432---
20124398351595401350993810162--
201231497221175344901207208257---
20122222835519301812117530---
201211394-12422772864612---
201147714729719149436625---
201138320345-1736827821---
2011252518-14237831---
201114614-190-85345413429---
201041002033258323348221--37
201031401201209078293-49---
2010229412823622710---
2010177914981293312251---
20094242182615053821527-7260
2009310216291295-932-4504593

Financial Quarter Segments Revenue
yearqrtTechnology incubationBiofuel related productsBiotechnology productsInformation technology training & related services & equipmentManagement & corporate services
20132150--640-
20131---303-
20124--466864-
20123--500997-
20122505-11722-
20121--251369-
20114--11771-
20113--832--
20112--52--
201114074-540--
2010460-9424-
20103133665--352
2010260--2313
20101160493-1251
200943922-1801
2009322--791

Financial Quarter Segments Profit
yearqrtTechnology incubationBiofuel related productsBiotechnology productsInformation technology training & related services & equipmentManagement & corporate services
2013244--367-
2013144--156-
201242645838343-
20123406-794774-
20122333-2891274-
201212255441000-
201142582348634-
20113195155488--
2011210114933--
201113765373348--
2010472216041818
20103737-6319
20102295-200303
201016012-1012
2009442313-1371
2009366--482

Financial Quarter Segments Associate
yearqrtTechnology incubation
20132-
20131-
20124-
20123-
20122-
20121-
20114-
20113-
20112-
20111-
20104-
20103-
20102-
20101-
200941527
20093932

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


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