Company Info
My Analysis
Research House
Accounting Ratio
Technical Analysis
My notes based on 2012 quarter 2 report (number in '000):-
- Lower revenue and pbt from Property Development segment than FY11Q2 mainly due to lower sales achieved in Malaysia and China. However, the lower property development profit was partly mitigated by the higher profit contribution from the Singapore property projects
- Lower pbt from Property Investment segment than FY11Q2 due to the higher interest cost although got higher pbt by approximately RM6.6 million at operation level
- Lower pbt from Quarry segment than FY11Q2 due to the lower contribution from its overseas operation in Trinidad & Tobago and higher operating losses in Vietnam
- Higher revenue and pbt from Other segment mainly due to the contribution in the healthcare unit which continued to show improved performance and better profit contribution from the building materials unit
- Higher revenue from Property Development segment than FY12Q1 mainly due to the higher progressive billings from the integrated development in Sunway Nexis and Sunway Velocity and the condominium projects in Sunway South Quay however lower pbt due to lower contribution from Singapore was due to timing difference which resulted in lower progress billing in one of the projects
- Higher revenue and pbt from Property Investment segment than FY12Q1 was largely due to seasonality factors as the leisure and hospitality businesses under the property investment segment achieved higher visitorship and occupancy rates
- Higher revenue from Construction segment than FY12Q1 was largely due to improved progress billings from the local projects undertaken in Malaysia
- Higher revenue and pbt from Quarry segment than FY12Q1 was higher due to the improved performance from its local operation
- Higher pbt from 36.9% associate of the Group following Sunway REIT's fair value gain amounting to RM230.2 million
- Estimate next 4Q eps after 2012 Q2 result announced = 3553909*0.11/1292505 = 0.3025, estimate PE on current price 2.4 = 7.93
- Estimate next 4Q eps after 2012 Q1 result announced = 3406537*0.105/1292505 = 0.2767, estimate highest/lowest PE = 8.93/7.88
- Estimate next 4Q eps after 2011 Q4 result announced = 3352934*0.11/1292505 = 0.2854, estimate highest/lowest PE = 9.64/7.43
- Estimate next 4Q eps after 2011 Q3 result announced = (0.0715+0.044)*2*1.05 = 0.2426, estimate highest/lowest PE = 11.34/9.15
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| Market Capital (Capital Size) | 3,102,012,009 (Large) |
| Par Value | RM 1.00 |
My Analysis
| Forecast P/E now | 2.4/0.3025 = 7.93 (Moderate) |
| Target Price | 0.3025*9.5 = 2.87 (PE 9.5, EPS 0.3025) |
| Decision | BUY if stock price sustain and rebound at short term moving average price |
| Comment | Revenue increased 22.3% but lower than preceding year corresponding quarter 0.6%, eps increased 139.3% and also higher than preceding year corresponding quarter 70.8%, cash generated from operating not enough to cover financing expenses hence increased borrowings and spent 7.9% of Group cash to cover all other expenses, operating margin improved to above 10%, liquidity ratio indicate the ratio right enough which not sitting too much cash and enough to meet current obligation, although higher gearing ratio is high risk but as long as business still good performance then is utilize higher leverage to return more profit, all accounting of turnover period stiil acceptable range, higher inventory and property development cost can indicate still good prospect in near future |
| First Support Price | 2.35 |
| Second Support Price | 2.25 |
| Risk Rating | MODERATE |
Research House
| Affin Target Price | 2.9 (2012-05-10) |
| OSK Target Price | 3.31 (2012-05-30) |
| CIMB Target Price | 2.79 (2012-08-29) |
| Maybank Target Price | 2.68 (2012-08-29) |
| RHB Target Price | 2.94 (2012-08-29) |
| Kenanga Target Price | 2.6 (2012-10-04) |
| AMMB Target Price | 2.6 (2012-10-10) |
| ECM Target Price | 2.7 (2012-10-10) |
| HLG Target Price | 2.93 (2012-10-10) |
| HwangDBS Target Price | 2.55 (2012-10-10) |
| MIDF Target Price | 2.6 (2012-10-10) |
| TA Target Price | 3.47 (2012-10-10) |
Accounting Ratio
| Return on Equity | 6.53% |
| Dividend Yield | - |
| Gross Profit Margin | - |
| Operating Profit Margin | 10.46% |
| Net Profit Margin | 19.39% |
| Tax Rate | 15.71% |
| Asset Turnover | 0.4428 |
| Net Asset Value Per Share | 2.51 |
| Net Tangible Asset per share | 2.25 |
| Price/Net Tangible Asset Per Share | 1.0 |
| Cash Per Share | 0.61 |
| Liquidity Current Ratio | 1.4331 |
| Liquidity Quick Ratio | 0.9048 |
| Liquidity Cash Ratio | 0.3062 |
| Gearing Debt to Equity Ratio | 1.4925 |
| Gearing Debt to Asset Ratio | 0.5762 |
| Working capital per thousand Ringgit sale | 30.2% |
| Days to sell the inventory | 152 |
| Days to collect the receivables | 146 |
| Days to pay the payables | 231 |
Technical Analysis
| SMA 10 | 2.34 (Uptrend) |
| SMA 20 | 2.314 (Uptrend 30 days) |
| SMA 50 | 2.267 (Uptrend) |
| SMA 100 | 2.279 (Uptrend) |
| SMA 200 | 2.394 (Same) |
| MACD (26d/12d) | 0.031901 ( 0.002805 ) |
| Signal (9) | 0.020836 ( 0.002766 ) |
| MACD Histogram | 0.011065 (Bullish trend 30 days) |
| Bolinger Upper Band | 2.424 |
| Bolinger Lower Band | 2.204 |
My notes based on 2012 quarter 2 report (number in '000):-
- Lower revenue and pbt from Property Development segment than FY11Q2 mainly due to lower sales achieved in Malaysia and China. However, the lower property development profit was partly mitigated by the higher profit contribution from the Singapore property projects
- Lower pbt from Property Investment segment than FY11Q2 due to the higher interest cost although got higher pbt by approximately RM6.6 million at operation level
- Lower pbt from Quarry segment than FY11Q2 due to the lower contribution from its overseas operation in Trinidad & Tobago and higher operating losses in Vietnam
- Higher revenue and pbt from Other segment mainly due to the contribution in the healthcare unit which continued to show improved performance and better profit contribution from the building materials unit
- Higher revenue from Property Development segment than FY12Q1 mainly due to the higher progressive billings from the integrated development in Sunway Nexis and Sunway Velocity and the condominium projects in Sunway South Quay however lower pbt due to lower contribution from Singapore was due to timing difference which resulted in lower progress billing in one of the projects
- Higher revenue and pbt from Property Investment segment than FY12Q1 was largely due to seasonality factors as the leisure and hospitality businesses under the property investment segment achieved higher visitorship and occupancy rates
- Higher revenue from Construction segment than FY12Q1 was largely due to improved progress billings from the local projects undertaken in Malaysia
- Higher revenue and pbt from Quarry segment than FY12Q1 was higher due to the improved performance from its local operation
- Higher pbt from 36.9% associate of the Group following Sunway REIT's fair value gain amounting to RM230.2 million
- Estimate next 4Q eps after 2012 Q2 result announced = 3553909*0.11/1292505 = 0.3025, estimate PE on current price 2.4 = 7.93
- Estimate next 4Q eps after 2012 Q1 result announced = 3406537*0.105/1292505 = 0.2767, estimate highest/lowest PE = 8.93/7.88
- Estimate next 4Q eps after 2011 Q4 result announced = 3352934*0.11/1292505 = 0.2854, estimate highest/lowest PE = 9.64/7.43
- Estimate next 4Q eps after 2011 Q3 result announced = (0.0715+0.044)*2*1.05 = 0.2426, estimate highest/lowest PE = 11.34/9.15
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