KLCI Stock - BHIC / 8133 - 2012 Quarter 2

BOUSTEAD HEAVY INDUSTRIES CORPORATION BERHAD


Company Description

Formerly known as PSC Industries Berhad. Boustead Heavy Industries Corporation Berhad is a Malaysia-based investment holding company. The Company is engaged in heavy engineering segment within Malaysia. The Company's subsidiaries includes Boustead Penang Shipyard Sdn. Bhd., which is engaged in heavy engineering, ship repair and shipbuilding, fabrication of steel structures and platforms, marine engineering, oil and gas fabrication, hook up and commissioning; Sedap Development Sdn. Bhd., which is engaged in investment property, and BHIC Petroleum Sdn. Bhd., which is engaged in provision of engineering services for oil and gas industry. In April 2009, the Company commenced the winding-up of the wholly owned sub-subsidiaries of the Company, which included PSC SriJeluda Sdn Bhd, PSC Welding Sdn Bhd, Marine Technology Industrial Park Sdn Bhd, Alpha Shanghai (M) Sdn Bhd and Johor Riau Ferry Services Sdn Bhd.

Company Info 

Listing Date	1990-10-18
Market Capital (Capital Size)	631,082,339 (Medium)
Par Value	RM 1.00
Board	Main
Sector	Industrial Products
Major Industry	Heavy Engineering
Sub Industry	Shipping Services
Website	http://www.bhic.com.my/

My Analysis 

Forecast P/E now	N/A
Target Price	~ SMA 200
Decision	Not interested unless stock price sustain and uptrend above 2.5 or wait strong rebound at lower price
Comment	Revenue increased 35.7% and also higher than preceding year corresponding quarter 17.8%, eps increased 18.3% loss and also was profit to loss from preceding year corresponding quarter, cash generated from operating, disposal and borrowings more than enough to cover all expenses, liquidity ratio indicate financial strength is weakening to recent year low and this is signal some worry on ability to meet current obligation, gearing ratio is very high hence also significant high risk during business decline, higher receivables and payables but revenue and profit was not in line, Group main segment business still loss
First Support Price	2.5
Second Support Price	2.3
Risk Rating	HIGH

Research House

Kenanga Target Price	2.9 (2012-08-08)
AMMB Target Price	2.9 (2012-10-03)
HwangDBS Target Price	2.6 (2012-10-03)
HLG Target Price	2.1 (2012-10-04)

Accounting Ratio 

Return on Equity	-6.38%
Dividend Yield	-
Gross Profit Margin	-
Operating Profit Margin	-9.60%
Net Profit Margin	-11.55%
Tax Rate	-
Asset Turnover	0.4199
Net Asset Value Per Share	1.53
Net Tangible Asset per share	1.52
Price/Net Tangible Asset Per Share	1.76
Cash Per Share	1.3
Liquidity Current Ratio	1.0475
Liquidity Quick Ratio	1.0132
Liquidity Cash Ratio	0.3816
Gearing Debt to Equity Ratio	2.3445
Gearing Debt to Asset Ratio	0.6763
Working capital per thousand Ringgit sale	7.3%
Days to sell the inventory	18
Days to collect the receivables	346
Days to pay the payables	307

Technical Analysis 

SMA 10	2.417 (Uptrend)
SMA 20	2.231 (Uptrend 11 days)
SMA 50	2.243 (Downtrend)
SMA 100	2.546 (Downtrend)
SMA 200	2.961 (Downtrend)
MACD (26d/12d)	0.091992 ( 0.007551 )
Signal (9)	0.042607 ( 0.012346 )
MACD Histogram	0.049385 (Bullish trend 23 days)
Bolinger Upper Band	2.679
Bolinger Lower Band	1.783

My notes based on 2012 quarter 1 report (number in '000):-
- Higher revenue mainly recognised from the Group’s manufacturing segment arising from a defence related project

- Higher loss due to a lower profit contribution from the heavy engineering segment in subsidiaries involved in maintenance, repair and overhaul(MRO), as well as commercial shipbuilding losses. The chartering segment continued to experience tough economic conditions and also contributed to the current year losses

- No estimate next 4Q eps after 2012 Q2 result announced
- No estimate next 4Q eps after 2011 Q1 result announced
- Estimate next 4Q eps after 2011 Q4 result announced = 475517*0.05/248458 = 0.0957(very low operating profit margin, estimate highest/lowest PE = 38.66/28.94 (DPS 0.06)
- No estimate next 4Q eps after 2011 Q3 result announced, but if based on ROE of 2.14% per quarter then eps = 0.0405*4 = 0.162, estimate highest/lowest PE = 25.06/15.74 (DPS 0.065)
- Estimate next 4Q eps after 2011 Q2 result announced = 0.0405*4 = 0.162, estimate highest/lowest PE = 20.15/14.41 (DPS 0.065)
- Estimate next 4Q eps after 2011 Q1 result announced = (0.0405+0.046)*2*1.1 = 0.1903, estimate highest/lowest PE = 21.97/16.5 (DPS 0.065)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.3098*1.2 = 0.3718, estimate highest/lowest PE = 11.57/10.46 (DPS 0.06)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.0636*1.1*4 = 0.2798 (10% increase due to many new contract received), estimate highest/lowest PE = 16.69/14.44 (DPS 0.06)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.0631*4 = 0.2524*0.9 = 0.2272 (10% drop from 0.2524), estimate highest/lowest PE = 21.13/15.58 (DPS 0.06)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.0749*4 = 0.2996, estimate highest/lowest PE = 15.75/12.65 (DPS 0.06)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.0996*4 = 0.3984, estimate highest/lowest PE = 12.66/11.16 (DPS 0.055)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.0709*4 = 0.2836, estimate highest/lowest PE = 18.67/16.24 (DPS 0.055)
- Estimate next 4Q eps after 2009 Q1 result announced = 0.0616*4 = 0.2464, estimate highest/lowest PE = 19.99/12.68 (DPS 0.055)
- Estimate next 4Q eps after 2008 Q4 result announced = 0.0602*4 = 0.2408, estimate highest/lowest PE = 13.89/9.7 (DPS 0.055)

BHIC latest news (English)

BHIC latest news (Chinese)

Financial Quarter Summary

a_date	year	qrt	h_price	l_price	div	roe	c_roe	rev	c_rev	pbt	c_pbt	prof	c_prof	eps	c_eps	asset	liab	mino	equi	cfo	cfi	cff	cash	fcf	net	final	share	c_share	m_cap	date	gros_m	oper_m	prof_m	vat	asset_t	pe	navps	ntaps	p/ntaps	cps	l_cur	l_qui	l_cash	g_de	g_da	avg_w	inv_d	rec_d	pay_d
2012-08-07	2012	2	N/A	N/A	-	3.61%	6.66%	142217	247014	16430	28521	17157	31666	0.0691	0.1275	1318672	891753	46556	426919	32365	12059	11807	289614	44424	32617	322231	248458	248458	663382	2012-06-30	-	9.60%	11.55%	-	0.4199	-	1.53	1.52	1.76	1.3	1.0475	1.0132	0.3816	2.3445	0.6763	7.3%	18	346	307
2012-05-15	2012	1	3.09	2.67	-	3.05%	3.05%	104797	104797	12091	12091	14509	14509	0.0584	0.0584	1087693	640022	49867	447671	75022	840	20250	289301	75862	96112	193189	248458	248458	705620	2012-03-31	-	8.18%	11.54%	-	0.4893	-	1.6	1.59	1.79	0.78	1.0909	1.0221	0.329	1.6089	0.5884	10.1%	27	272	171
2012-02-23	2011	4	3.76	2.83	0.06	0.79%	2.70%	156667	544133	14389	1700	3747	12782	0.0151	0.0514	1158449	682932	48460	475517	195105	142757	137458	99819	52348	189806	289625	248458	248458	914325	2011-12-31	-	2.49%	9.18%	-	0.4697	71.5323	1.72	1.7	2.16	1.17	1.1272	1.0622	0.4592	1.5992	0.5895	14.8%	28	249	208
2011-11-15	2011	3	4.12	2.61	-	0.51%	1.91%	150015	387466	5264	16089	2434	9035	0.0098	0.0364	1195597	716783	55620	478814	41424	135639	158827	99810	94215	64612	164422	248458	248458	705620	2011-09-30	-	4.78%	3.51%	-	0.5158	-	1.7	1.69	1.68	0.67	1.1576	1.1063	0.2495	1.6937	0.5995	16.9%	21	336	204
2011-08-12	2011	2	3.33	2.4	-	0.29%	2.42%	120760	237451	2737	21353	1397	11469	0.0056	0.0462	1212898	735195	52023	477703	37495	110552	154715	99819	148047	6668	106487	248458	248458	809973	2011-06-30	-	4.87%	2.27%	-	0.5725	-	1.71	1.7	1.92	0.43	1.1984	1.1494	0.1591	1.7271	0.6061	19.4%	20	353	203
2011-05-26	2011	1	4.24	3.2	-	2.13%	2.13%	116691	116691	18616	18616	10072	10072	0.0405	0.0405	1214323	742766	47244	471557	65630	104836	148327	99819	170466	22139	77680	248458	248458	1050977	2011-03-31	-	17.79%	15.95%	27.06%	0.5584	-	1.71	1.69	2.5	0.32	1.1469	1.1044	0.111	1.7505	0.6117	15.4%	19	380	219
2011-02-21	2010	4	4.9	3.76	0.065	2.97%	18.10%	229205	649797	19977	95054	11434	69806	0.0460	0.2810	1012236	538649	43283	473587	78437	27469	153343	52382	105906	47437	99819	248458	248458	993832	2010-12-31	-	5.34%	8.72%	11.63%	0.6419	14.2371	1.73	1.72	2.33	0.41	1.4209	1.3537	0.2004	1.2518	0.5321	32.6%	22	326	207
2010-11-22	2010	3	4.36	3.95	-	6.98%	15.14%	227709	420592	37021	75077	26900	58372	0.1083	0.2349	892177	436345	37023	455832	143011	29367	145873	52336	172378	26505	25831	248458	248458	1046008	2010-09-30	-	15.24%	16.26%	18.07%	0.6548	-	1.69	1.67	2.52	0.1	1.4554	1.3898	0.0621	1.0419	0.4891	32.5%	20	345	170
2010-08-17	2010	2	4.73	4.1	-	4.10%	8.16%	104475	192883	18536	38056	15804	31472	0.0636	0.1267	658784	254928	11980	403856	100450	2896	80202	52493	103346	23144	29349	248458	248458	1142906	2010-06-30	-	15.04%	17.74%	11.94%	0.76	-	1.58	1.58	2.91	0.12	1.692	1.6892	0.1254	0.6505	0.387	32.4%	1	267	101
2010-05-18	2010	1	4.86	3.6	-	4.06%	4.06%	88408	88408	19520	19520	15668	15668	0.0631	0.0631	590269	187629	11698	402640	70701	1710	39881	52571	72411	32530	20041	248458	248458	986378	2010-03-31	-	18.48%	22.08%	21.37%	0.875	-	1.57	1.57	2.53	0.08	1.9957	1.991	0.1209	0.4799	0.3179	32.0%	1	219	90
2010-02-22	2009	4	4.78	3.85	0.06	5.81%	23.83%	163582	543851	21998	94876	18601	76280	0.0749	0.3070	579871	194250	10390	385621	33789	18005	9602	94763	51794	42192	52571	248458	248458	1145391	2009-12-31	-	9.68%	13.45%	17.58%	0.9379	15.0156	1.51	1.51	3.05	0.21	1.7907	1.7861	0.2891	0.5177	0.335	26.4%	1	183	121
2009-11-12	2009	3	5.1	4.5	-	7.73%	18.02%	144206	380269	28031	72878	24750	57679	0.0996	0.2321	507546	134104	9061	373442	55312	9095	2168	95471	64407	62239	33232	248458	248458	1180175	2009-09-30	-	14.37%	19.44%	11.16%	1.0829	-	1.47	1.47	3.23	0.13	2.2386	2.2301	0.276	0.368	0.2642	27.1%	1	156	76
2009-08-06	2009	2	5.35	4.66	-	5.50%	10.29%	120294	236063	22745	44847	17617	32929	0.0709	0.1325	499518	151574	8311	347944	9383	6218	18777	94961	15601	34378	60583	248458	248458	1207505	2009-06-30	-	15.07%	18.91%	19.43%	1.0409	-	1.37	1.37	3.55	0.24	1.7919	1.7867	0.4012	0.4463	0.3034	23.0%	1	147	114
2009-05-15	2009	1	4.98	3.18	-	4.78%	4.78%	115769	115769	22102	22102	15312	15312	0.0616	0.0616	459524	116322	7569	343202	13318	4337	5050	95076	17655	22705	72371	248458	248458	819911	2009-03-31	-	15.40%	19.09%	30.80%	1.1121	-	1.35	1.35	2.44	0.29	2.0398	2.0348	0.6258	0.3466	0.2531	23.5%	-	116	89
2009-02-17	2008	4	3.4	2.39	0.055	6.99%	53.75%	169343	496259	26099	134699	14961	115109	0.0602	0.4633	464917	144834	7554	320083	271	12449	861	106779	12720	11859	94920	248458	248458	668352	2008-12-31	-	10.54%	15.41%	44.13%	1.0674	5.8063	1.26	1.26	2.13	0.38	1.7265	1.7233	0.6586	0.4634	0.3115	21.1%	-	113	120
2008-11-11	2008	3	3.04	2.59	-	16.14%	46.76%	114536	326916	38527	108600	34560	100148	0.1391	0.4031	426642	113668	7805	312974	41612	5064	4142	106713	46676	50818	55895	248458	248458	737920	2008-09-30	-	22.17%	33.64%	7.85%	0.8734	-	1.23	1.23	2.41	0.22	1.8679	1.8633	0.4964	0.3725	0.2664	26.2%	1	151	140
2008-08-12	2008	2	4.2	2.3	-	16.08%	30.63%	111399	212380	38300	70073	34446	65588	0.1386	0.2640	364743	87261	6866	277482	54624	2072	3927	106608	56696	60623	45985	248458	248458	1068369	2008-06-30	-	22.50%	34.38%	7.56%	0.7877	-	1.09	1.09	3.94	0.19	1.8809	1.8716	0.534	0.3225	0.2392	26.4%	1	146	137
2008-05-05	2008	1	5.0	3.9	-	14.54%	14.54%	100981	100981	31773	31773	31142	31142	0.1253	0.1253	335633	89824	5910	245809	54667	1200	45	106608	55867	55912	50696	248458	248458	1192598	2008-03-31	-	19.89%	31.46%	1.04%	0.6062	-	0.97	0.97	4.95	0.2	1.6244	1.6158	0.5719	0.3744	0.2676	27.2%	2	166	195
2008-02-27	2007	4	6.15	4.2	0.015	9.96%	100.20%	45700	117153	36687	474890	48253	485469	0.3222	3.2419	341067	126915	5524	214152	60314	3029	69268	19840	57285	126553	106713	149749	149749	905981	2007-12-31	-	43.43%	80.28%	-	0.3435	1.8662	1.39	1.39	4.35	0.71	1.2842	1.2786	0.8494	0.6083	0.3721	30.5%	3	168	483
2007-10-30	2007	3	7.75	5.9	-	90.00%	90.24%	29215	71453	436026	438203	436031	437216	2.3382	2.3446	298506	132946	5202	165560	29007	1908	108226	19861	30915	77311	57450	186479	186479	682513	2007-09-30	-	8.97%	1492.47%	-	0.3334	-	0.86	0.86	4.26	0.31	1.1322	1.1215	0.4358	0.8291	0.4454	17.5%	5	332	445
2007-08-20	2007	2	N/A	N/A	-	0.31%	0.24%	27548	42238	1711	2177	1502	1185	0.0086	0.0068	140097	676612	6421	-536515	8961	842	2113	19858	8119	10232	9626	174083	174083	583178	2007-06-30	-	6.21%	6.21%	7.95%	0.5019	-	-3.12	-3.12	-1.07	0.16	0.1258	0.1235	0.0407	-1.2462	4.8296	-840.0%	7	274	610
2007-05-30	2007	1	N/A	N/A	-	0.07%	0.07%	14690	14690	466	466	317	317	0.0018	0.0018	175628	713680	6364	-538052	4637	1485	79	22154	3152	3073	19081	174083	174083	391686	2007-03-31	-	5.61%	3.17%	112.02%	0.2435	-	-3.13	-3.13	-0.72	0.13	0.1687	0.1658	0.0314	-1.3109	4.0636	-1385.2%	15	330	848
2007-02-26	2006	4	N/A	N/A	-	N/A	N/A	28082	80476	16614	89914	19993	94218	0.1148	0.5412	255892	740379	6074	-484487	4425	3586	3129	19875	839	2290	22165	174083	174083	45261	2006-12-31	-	31.79%	59.16%	-	0.1097	-	-2.82	-2.82	-0.09	0.1	0.1977	0.1948	0.0239	-1.5092	2.8933	-2112.3%	21	900	3154

Financial Quarter Balance Sheet

year	qrt	Deferred tax assets (A-0)	Goodwill on consolidation (A-0)	Investment in associated companies (A-0)	Other investments (A-0)	Property, plant and equipment (A-0)	Cash and cash equivalents (A-1)	Current asset classified as held for sales (A-1)	Current tax assets (A-1)	Inventories (A-1)	Other receivables (A-1)	Deferred tax liabilities (L-0)	Loans & borrowings (L-0)	Trade payables (L-0)	Current tax liabilities (L-1)	Loans & borrowings (L-1)	Trade and other payables (L-1)	Minority interest (M-1)
2012	2	15703	3849	197399	-	214907	323068	-	10541	28987	524218	845	39792	4477	2871	349991	493777	46556
2012	1	15703	3849	197515	-	226252	194322	-	12184	40688	397180	1367	43139	4859	2815	332712	255130	49867
2011	4	15703	3849	196780	-	228119	290883	-	11448	41150	370517	1409	48071	-	2423	329670	301359	48460
2011	3	3311	3849	198160	-	222647	165484	-	-	34016	568130	1359	52284	-	5794	341219	327715	55620
2011	2	1600	3849	194144	-	199829	107975	-	-	33321	672180	1355	55065	-	7582	326663	344530	52023
2011	1	3311	3849	195594	-	197013	78806	-	-	30200	705550	1302	31242	-	13563	339877	356782	47244
2010	4	2536	3849	196289	-	93553	100996	-	-	33888	581125	1299	33449	-	10212	170342	323347	43283
2010	3	-	3467	187905	-	94946	25831	-	-	27308	552720	739	19320	-	9525	173552	233209	37023
2010	2	-	-	184493	-	78143	29349	-	-	657	366142	25	20770	-	9706	104910	119517	11980
2010	1	-	-	180838	-	78654	20041	-	-	784	309952	25	21860	-	9205	47265	109274	11698
2009	4	-	-	177344	-	76886	52571	-	-	829	272241	-	12394	-	8742	16792	156322	10390
2009	3	-	-	171071	1	66972	33232	-	-	1026	235244	447	13268	-	12773	8233	99383	9061
2009	2	-	-	163761	1	65198	60583	-	-	773	209202	445	136	-	12860	96	138037	8311
2009	1	-	-	159304	9	64320	72371	-	-	579	162941	499	178	-	12189	80	103376	7569
2008	4	-	-	155226	9	60860	94920	-	-	462	153440	528	187	-	5486	5094	133539	7554
2008	3	9480	-	147130	16	59672	55895	-	-	514	153935	847	211	-	3959	94	108557	7805
2008	2	11000	-	134180	16	57575	45985	-	-	800	115187	910	236	-	3269	97	82749	6866
2008	1	13000	-	121336	16	57278	50696	-	-	764	92543	965	211	-	3258	129	85261	5910
2007	4	13000	-	110203	16	56508	106713	-	-	702	53925	1048	236	-	3635	149	121847	5524
2007	3	-	-	93628	26	55382	57532	-	-	1411	90527	717	209	-	3538	2643	125839	5202
2007	2	-	-	-	26	55098	27511	3100	-	1500	52862	817	139	-	4435	543055	128166	6421
2007	1	-	-	-	26	55371	22367	57100	-	2062	38702	804	175	-	4372	590107	118222	6364
2006	4	-	-	-	53606	56101	17670	57100	-	2135	69280	823	201	-	4030	415541	319784	6074

Financial Quarter Income Statement

year	qrt	Revenue	Income tax expense	Finance/interest costs	Administrative/Operating expenses	Minority interest	Finance/interest income	Share of profit/ (loss) of associates	Investment gain/loss	Waiver by financial institutions pursuant to restructuring scheme	Restructuring expenses
2012	2	142217	928	4285	155863	201	1617	116	-	-	-
2012	1	104797	1122	5203	113374	1296	954	735	-	-	-
2011	4	156667	11873	4174	160571	6263	598	6909	-	-	-
2011	3	150015	6464	4589	157179	3634	497	5992	-	-	-
2011	2	120760	3458	3748	114883	4798	373	235	-	-	-
2011	1	116691	5037	3779	95931	3507	462	1173	-	-	-
2010	4	229205	2324	3763	216963	6219	414	11084	-	-	-
2010	3	227709	6690	1146	193009	3431	55	3412	-	-	-
2010	2	104475	2213	890	88757	519	53	3655	-	-	-
2010	1	88408	4172	399	72066	320	83	3494	-	-	-
2009	4	163582	3868	251	147747	471	141	6273	-	-	-
2009	3	144206	3127	324	123479	154	318	7310	-	-	-
2009	2	120294	4419	36	102170	709	200	4457	-	-	-
2009	1	115769	6807	27	97936	17	218	4078	-	-	-
2008	4	169343	11517	162	151493	379	315	8096	-	-	-
2008	3	114536	3023	3	89145	944	189	12950	-	-	-
2008	2	111399	2897	4	86334	957	395	12844	-	-	-
2008	1	100981	331	8	80898	300	565	11133	-	-	-
2007	4	45700	11877	13	25854	311	289	16575	10	-	0
2007	3	29215	208	17	26594	203	555	40048	-	392819	-
2007	2	27548	136	99	25837	73	99	-	-	-	-
2007	1	14690	522	594	13866	261	236	-	-	-	-
2006	4	28082	2886	3317	37008	493	2040	10	6401	-	-

Financial Quarter Segments Revenue

year	qrt	Manufacturing	Heavy Engineering	Chartering
2012	2	45806	93337	3074
2012	1	13008	88936	2853
2011	2	20856	99904	-
2011	1	23306	93385	-

Financial Quarter Segments Profit

year	qrt	Manufacturing	Heavy Engineering	Chartering
2012	2	132	16172	5333
2012	1	609	8510	676
2011	2	533	5344	-
2011	1	1654	19106	-

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

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●CHANGES IN SHAREHOLDING
●ANNUAL REPORTS

HISTORICAL

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●CHANGES IN SHAREHOLDING

ARCHIVES

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●CHANGES IN SHAREHOLDING

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●CHANGES IN SHAREHOLDING