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Friday, November 30, 2012

KLCI Stock - YTL / 4677 - 2013 Quarter 1

YTL CORPORATION BERHAD


Company Description
YTL CORPORATION BERHAD is an investment holding and management company. The principal activities of the Company and its subsidiaries are that of an integrated infrastructure development comprising construction contracting, power generation, property development, manufacturing of industrial products and supplies, hotel development and management, incubating and advisory services for Internet businesses, supply of water and the treatment and disposal of waste water. It has seven business segments: construction, information technology and e-commerce related business, hotel and restaurant operations, cement manufacturing and trading, management services and others, property investment and development, and utilities. In March 2008, it acquired Trend Acres Sdn Bhd. As of July 8, 2008, it held a 61.14% interest in CCK Consolidated Holdings Berhad. In December 2008, it acquired a 26% interest in Macquarie Prime Real Estate Investment Trust.

Company Info
Listing Date1985-04-03
Market Capital (Capital Size)18,766,144,608 (Very Large)
Par ValueRM 0.10
BoardMain
SectorConstruction
Major IndustryUtilities
Sub IndustryDiversified Business
Websitehttp://www.ytl.com.my

My Analysis
Forecast P/E now(1.76-0.02)/0.1388 = 12.54 (Moderate)
Target Price1.94+0.02 = 1.96 (PE 14.0, EPS 0.1388, DPS 0.02)
DecisionBUY if stock price sustain and uptrend above 1.74 or wait strong rebound at lower price
Comment
Revenue decreased 4.8% but higher than preceding year corresponding quarter 11.6%, eps increased 38% and also higher than preceding year corresponding quarter 44.4%, cash generated from operating not enough to cover financing expenses hence generated more cash from financing to cover all other expenses, gross margin decreasing below 20% compared earlier above 20% to 50%, liquidity ratio indicate just enough current assets to meet current obligation, gearing ratio indicate very high liabilities risk but is good if bring more income, all accounting of turnover period is good, Cement division benefit from higher selling price of cement
First Support Price1.7
Second Support Price1.6
Risk RatingMODERATE

Research House
Jupiter Target Price2 (2012-03-16)
ECM Target Price2.44 (2012-08-17)
Kenanga Target Price1.8 (2012-08-17)
Maybank Target Price2.2 (2012-11-23)

Accounting Ratio
Return on Equity9.78%
Dividend Yield1.14%
Gross Profit Margin16.65%
Operating Profit Margin15.59%
Net Profit Margin12.82%
Tax Rate17.88%
Asset Turnover0.4042
Net Asset Value Per Share1.3
Net Tangible Asset per share0.82
Price/Net Tangible Asset Per Share2.12
Cash Per Share1.46
Liquidity Current Ratio1.3624
Liquidity Quick Ratio1.2205
Liquidity Cash Ratio0.9151
Gearing Debt to Equity Ratio2.9044
Gearing Debt to Asset Ratio0.7089
Working capital per thousand Ringgit sale26.8%
Days to sell the inventory47
Days to collect the receivables80
Days to pay the payables77

Technical Analysis
SMA 101.75 (Uptrend)
SMA 201.746 (Uptrend 5 days)
SMA 501.75 (Same)
SMA 1001.803 (Downtrend)
SMA 2001.709 (Uptrend)
MACD (26d/12d)0.002996 ( 0.000232 )
Signal (9)-0.00221 ( 0.001302 )
MACD Histogram0.005206 (Bullish trend 5 days)
Bolinger Upper Band1.797
Bolinger Lower Band1.695

My notes based on 2013 quarter 1 report (number in '000):-
- Higher revenue mainly contributed by higher sales recorded in the multi utilities, water & sewerage and mobile broadband networks division, commencement operations of two new resorts and improvement in revenue from Niseko Village K. K, substantially contributed by the Capers project under the Sentul Raya development and higher selling price of cement and better performance of concrete sales

- Higher pbt mainly due to higher selling price of cement and better performance of concrete sales and unrealised foreign exchange gain and derivative gain recorded in an offshore subsidiary

- Estimate next 4Q eps after 2013 Q1 result announced = 1275786*1.1/10662582 = 0.1316, estimate PE on current price 1.76 = 12.54(DPS 0.02)
- Estimate next 4Q eps after 2012 Q4 result announced = 14117244*0.095/9665438 = 0.1388, estimate highest/lowest PE = 13.76/11.89 (DPS 0.02)
- Estimate next 4Q eps after 2012 Q3 result announced = 14202427*0.095/9262896 = 0.1457, estimate highest/lowest PE = 14.48/11.46 (DPS 0.04)
- Estimate next 4Q eps after 2012 Q2 result announced = (13853126+2355502)*0.08/10401630 = 0.1247, estimate highest/lowest PEhighest/lowest = 14.27/11.15 (DPS 0.04)
- Estimate next 4Q eps after 2012 Q1 result announced = 0.0279*4 = 0.1116, estimate highest/lowest PE = 13.44/11.83 (DPS 0.04)
- Estimate next 4Q eps after 2011 Q4 result announced = 0.1172*1.05 = 0.1231, estimate highest/lowest PE = 12.27/10.15 (DPS 0.04)
- Estimate next 4Q eps after 2011 Q3 result announced = 0.2632*2 = 0.5264, estimate highest/lowest PE = 15.29/11.11 (DPS 0.04)
- Estimate next 4Q eps after 2011 Q1 result announced = 0.1304*4*1.05 = 0.5477(average eps 0.1304; 5% increase), estimate highest/lowest PE = 15.41/12.69 (DPS 0.1)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.1162*1.15*4 = 0.5345, estimate highest/lowest PE = 15.9/13.55 (DPS 0.1)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.1178*4 = 0.4712, estimate highest/lowest PE = 15.93/14.85 (DPS 0.075)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.1178*4 = 0.4712, estimate highest/lowest PE = 16.16/14.44 (DPS 0.075)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.1162*4 = 0.4648, estimate highest/lowest PE = 16.13/15.01 (DPS 0.075)

YTL latest news (English)

YTL latest news (Chinese)

Financial Quarter Summary
a_dateyearqrth_pricel_pricedivroec_roerevc_revpbtc_pbtprofc_profepsc_epsassetc_assetliabc_liabminoequicfocficffcashfcfnetfinalsharec_sharem_capdategros_moper_mprof_mvatasset_tpenavpsntapsp/ntapscpsl_curl_quil_cashg_deg_daavg_winv_drec_dpay_d
2012-11-2220131N/AN/A0.012.73%2.73%507213050721306504036504033919303919300.04030.04035186880721143812367712251551965724371831509758240262033414933034813222695684713988191362151497232909723290169185242012-09-3016.65%15.59%12.82%17.88%0.4042-1.30.822.121.461.36241.22050.91512.90440.708926.8%478077
2012-08-16201241.931.67-2.25%9.06%533058120438587523173235778528165011356890.02920.117551623313207841793724405715932809220058214379256328601521047922249021230985911812239563211326618096412319665438184147512012-06-3018.24%11.82%9.81%7.13%0.395916.25531.260.772.481.441.30451.16930.8743.05810.721523.7%488287
2012-05-22201232.151.710.022.91%6.81%52397631510800669436618346123648248540390.03850.092251165960212286733696353315842580280613914202427260222817219058799031213831688032317602261389854294755189262896165821562012-03-3120.88%16.73%13.25%23.95%0.3971-1.230.742.361.531.341.19840.91673.24350.722426.5%517690
2012-02-23201221.821.43-1.89%3.90%5325194986824361010311402462373824892150.02630.0544494465711984213035593445152661522858997138531261539260982644290251121289685566168468671297583590174848992923128048272011-12-3119.82%15.07%11.46%27.21%0.3907-1.220.721.971.51.29971.15320.88753.23750.719823.7%547484
2011-11-17201211.541.36-2.01%2.01%454304945430495301435301432518332518330.02790.027948912718196382153550863213655751264983313404086723252325245334340121898443980077323471292219190310079031007129143402011-09-3022.12%16.08%11.67%26.46%0.3781-1.190.692.071.51.43811.26690.99073.30180.72632.4%597186
2011-08-25201141.551.29-2.46%9.09%520834318354770620653235194927942610345690.03090.114448266185191954713572925014598133217108212536935356709218105538338751126718017565399226641218984490407719040771120242252011-06-3018.84%13.25%11.92%11.00%0.380311.62241.150.642.081.421.31491.15590.87643.44680.740325.0%597897
2011-05-26201131.651.21-2.74%6.64%42417481314642762658817312963120557551430.17250.4174476083901826914735370735124222762019427122376552750550180347374275110460299470771021352120673811809061180906129306782011-03-3127.64%19.62%14.77%23.03%0.3752-5.653.140.527.261.47071.35011.05673.46150.74332.7%407194
2011-02-24201128.051.550.021.44%3.89%4499630890467948089211047081641824430880.09070.244847383649184158293571631585623312017308116673342239241123527745796211046029100396414619261250795518102381810238127802802010-12-3121.10%14.93%10.69%30.39%0.3704-5.332.842.497.482.15081.98121.58183.70120.753856.1%397093
2010-11-25201118.547.05-2.45%2.45%440504944050496238166238162789062789060.15420.15424698519918331434353965478431773198396811588652973061972894758831104602987577213516551239768418086301808630154095272010-09-3022.45%18.27%14.16%25.22%0.3614-5.312.882.967.422.17412.00691.59153.68530.753458.3%397489
2010-08-19201048.67.340.10.98%8.24%47185381650503359067823065801024348567640.05660.47354610476117449063347284778621853171703311376284344792225843861111274907121986353619748101104602918093361809336135700202010-06-3020.89%14.92%12.52%37.06%0.35815.83875.342.942.556.682.02381.87421.40163.59540.753353.5%379088
2010-05-27201037.587.07-3.18%7.25%39291451178649569803317159023305927543300.18250.4165457723861677210934566675793401310652801120571111709611246180212931190712197521920540921112531118114371811116128974312010-03-3127.88%22.65%17.77%25.29%0.3349-5.63.392.16.472.1141.94521.47653.40880.755257.7%438685
2010-02-25201027.696.88-2.08%4.07%3927270785735051471810178692162244237380.11940.234046910365162385593584611080359921323730110642559527287284801739041907121922424819632891103450818113191810846130777232009-12-3119.31%17.08%13.11%27.28%0.2853-5.383.022.396.422.02071.8371.44693.68010.764161.3%548493
2009-11-19201017.577.05-2.00%2.00%393008039300805031515031512075142075140.11620.116245316366145774533462423377400321153872106921334632886730423462689071219209754136514920773317861641786164132890602009-09-3020.88%18.13%12.80%24.53%0.2446-5.343.052.445.491.88341.67871.26613.630.764161.7%75101125
2009-08-20200947.67.110.0750.41%7.17%354315188921256837582288197473228344720.02880.536645413832146581343501344874369849532191040038414867221048233963938621167297489956172601755907121916423441555110116934892009-06-3033.54%26.55%19.30%83.28%0.195813.26876.073.492.045.651.9711.75731.24853.70620.77181.2%102151181
2009-05-21200937.486.45-4.16%6.76%1985145534897475000416044394843617871500.29680.4866451870731248855533130332719497140719701205674111371048330659190941167297447193553800261787271316318071617653115042392009-03-3134.84%27.47%37.78%16.55%0.1586-4.940.2133.574.881.73571.56761.10624.14920.733273.9%106166222
2009-02-19200927.456.8-0.43%2.60%16246173363829284688854435504223027890.03160.189936956854142372262546938573278644086336114874691105092216453732030511672974105944513797501029322415945681594466114011612008-12-3138.88%30.69%17.52%32.20%0.1844-4.643.921.826.511.94291.86081.41643.44130.6892101.4%58171155
2008-11-20200917.256.25-2.17%2.17%173921217392125697475697472523672523670.15840.1584401955401562104428123156824216343557601207238459636310379711386661116729744416089450531261802715933421593342101177212008-09-3038.67%46.87%32.76%17.79%0.1668-4.844.121.547.971.89531.82181.54133.64450.6997110.0%60122178
2008-08-19200846.855.20.0251.40%7.05%1818165654986042638418298421533247697860.09430.4742384585611486126626812724833491339314171164583718499202273877325914488377874239572835187116729741625711162333699168372008-06-3055.80%33.97%23.45%29.25%0.170312.86384.754.061.57.391.7831.7171.44083.47570.697299.6%57125189
2008-05-22200837.556.10.0751.86%5.65%1633666473169548451314034582025276164620.12380.3767355319451293564924382521553580438588781114942478177174976600832883778770679513076271014541416362771636480121902632008-03-3144.09%40.33%29.66%20.24%0.1818-4.463.861.936.252.33672.23411.84623.34440.6862114.5%59115173
2008-02-22200827.86.50.0751.73%3.79%151516030980294458819189451893274139350.11620.2540356547221302225924356083547925038014801129863973998860382901711883778767960615813171041910416299571629665125506682007-12-3142.06%40.25%29.43%26.33%0.1768-4.63.951.956.422.37662.2771.91083.24870.6831119.6%57110166
2007-11-22200818.77.050.0752.06%2.06%158286915828694730644730642246082246080.13690.136935770760131638832456114048286463656186112096205153212397901522427879059727553117979581058855516408291640829120600932007-09-3042.94%41.31%29.89%23.92%0.1735-4.64.011.836.562.72622.62062.23013.25170.6866134.3%54108150
2007-08-23200747.67.20.025N/AN/A1729576601530946433415557443594537624440.22210.482533912520114740842299601652085633615151109165042404675544568850102612757818601072710209883778716182881580195118944162007-06-3053.95%40.37%26.85%-0.136315.23324.624.021.835.582.20292.10841.73433.14960.6781135.5%71150195
2007-05-2420073N/AN/A0.075N/AN/A147764542857333667751091410958834029910.05820.25333302470211271585225720634140760360734710452639530281231671177550760295867619522537459856704516476831590963112866282007-03-3139.64%36.60%24.82%29.08%0.0876-4.33.781.815.232.72212.59482.08083.29750.6835246.5%111248308
2007-02-0820072N/AN/A0.075N/AN/A141526728080883604957246351529823071080.09890.20263236932510499105215282413920244395343810841084994777670289137732860295863244881701816773140215464551515834101292802006-12-3140.02%35.32%25.47%23.13%0.0437-4.543.961.655.032.67822.54011.98493.12560.6651464.8%-541N/A

Financial Quarter Balance Sheet
yearqrtBiological assets (A-0)Derivative financial assets (A-0)Development Expenditure (A-0)Fixed deposits (A-0)Intangible assets (A-0)Investment in associated companies (A-0)Investment properties (A-0)Other investments (A-0)Property, plant and equipment (A-0)Receivables (A-0)Amount due from associated companies (A-1)Cash and cash equivalents (A-1)Current tax assets (A-1)Derivative financial assets (A-1)Fixed deposits with licensed banks (A-1)Inventories (A-1)Other investments (A-1)Property development costs (A-1)Trade receivables (A-1)Deferred tax liabilities (L-0)Derivative financial liabilities (L-0)Grant and contribution (L-0)Loans & borrowings (L-0)Long term payables (L-0)Provisions (L-0)Amount due to associated companies (L-1)Current tax liabilities (L-1)Derivative financial liabilities (L-1)Loans & borrowings (L-1)Provisions (L-1)Trade and other payables (L-1)Minority interest (M-1)
2013114845449960078-4710741317010962508115854420584476509033251706769634917870122129482749596485770821243057459431826580341173612856111768051338044612960324284047889388511522232619834901262437183
2012413163797955625-47171263225964627851168010206201115193342530378306847480758561256930792865457288112246284557002269688123971928001117584590382149127898980640291828464811618783936636072882200582
201231316123851052760-4522151276262934215068112720463838989314137789575046627157622130595057814095684001461808421617527843762112825006617828306137830992471395342229523514611418937514037471092806139
20122112842751034759-4534372284253910178470709420293787847035661958044138128104375124043038738905639151363910385654928005032085225256216986091126032141253751640799717616611386856511832824992858997
201211128-1005623-456155928224621249116634662001215383201281976559044364213696612313817841445559319149678935621362837586-267771184932861150311392071368538567621619398476832575431667602649833
2011411282611960717-4569986285440513748469660619774461733162179876136250233959041147814683580255492514857003911601278536519989256834178106201255401327693501359329248648104405362726935188502171082
201131057-831140-453716920013471389591890754196438204436569400568365-170601115526791041715100518745672634044742816832-23126719637130101278161952428627055411442785815902410134273182019427
201121012-786021-450330420257011376361841582193856024823768194690812438060839118521731004220100091844765832866352807855-2319302382384597291193063225452462299978848290062701933377442017308
201111088-762355-439876919680751346308777289193476865219574324529781250903372811888701978282100056943132333696362831828-228695236164399685919095316587199305-50125402971431736271983968
201041024-769315-4347670231003513337206666701916278364481519245845201828419491050672081074899341347948240020232816360-218140227918269443218586644961846862374953159123275730602531717033
20103--843846-40005462504583298337080378917802104620398405759449590306-1053485391002458505342881335445082700510-19083723455169886751974719720256509-49634824398926603131065280
20102--86536445442761922665816301107477972418982140910425015255140765632-1049375997363958216250250430193042894950-203443243610339856625212618292253166-52008794832025153351323730
20101--82764345140830852834297301177377283119122717861169840505018100438154388715321101955757918456450530681522789404-1967312355274697254248066178052779526577147507044720425805961153872
20094--849190449401672625115332986901673371196597155781329906409448105115-8667515105611020823953315336486482916707-198257241047761035792531456572222555-4339794497522818311953219
20093--227285943776405522639532186617367688417602081-8390122021163902-769172110248784692218509731719232156339-17504423244890-35908850839224479-43759096327124804734071970
20092--226217143711460302228850186726565672014558155-8015120604367539-101264004274904659417419831088111862644-10028815849678-32891151357204396-55079671429315498514086336
20091--223505443711460501646944186364872633016956033-7660117080978282-124864374527284622715275921572012201202-12657217142800-41041945546183544-62575971950117359754355760
20084--112429643711308131560056161216879816217371363-2928031127264399-1141608537481728180017555322080602280857-13391715638687-4243504696207983-62776793443818101173931417
20083--11118154249745891531470143954468944316849011-76050131815104172-100425913830314552318503419674332247088-13226516040599-4267658176260852-3615695334016477413858878
20082--107475642410524501597941144001160867616858205-58581128843107236-102957223780624518216778018408532314248-13895915963592-4600342410267622-3630698551215730083801480
20081--10635684249773131502827137928062682417056641-297609882257514-1049312836576117639114400017985072380728-14608516710572-4951092144165142-3245161689214093073656186
20074--10415334249422831510530137936661135816952942-1362710383254342-875395135404917528313812218808782343748-14736314802865-4934772934120951-36874644733713498773615151
20073--757492-8304011485439147553760085416603394-2623497758160773-84742213458584415818147719411062549574-14607815272394-4632575188187963-24543903036014628593607347
20072--750004-8802691494933148833063349516623189-552807492178281-76626473286394381321275620427682547783-14932114442720-4681731646155065-23903853503413381143953438

Financial Quarter Income Statement
yearqrtRevenueIncome tax expenseCost of salesFinance/interest costsOther incomeAdministrative/Operating expensesMinority interestShare of profit/ (loss) of associates
201315072130116272422777124025725057130413714220199867
201245330581372974358182250275225162567715204226143602
20123523976316632941456142404184415326165116321358133
20122532519416599742694842499042818828129320672457402
20121454304914029835380392709608128735574413801270550
20114520834368275422732628300166706357384272952213315
20113424174814429530693642755705948539943617023869725
20112449963014614735501572534167404935163417056362420
201114405049157312341621123952614146932555118759858586
2010447185382188953732777241163134552416445269349127973
20103392914517656128335362565978375628949519088064760
20102392727014040931689772255816409615156015808569470
20101393008012344731095522781207563318368117219068791
2009435431515694262354621245269572923049946701011801
200931985145124095129360925788718876165101141548462580
200921624617916819929662574745769319068914258543507
200911739212101380106662827817830559516307821600032824
2008418181651247268036282399204802044498514833448732
2008316336669805391332923190113319219464918393357534
2008215151601174098779422231509349712079513914559111
2008115828691131679031352306778912711503413528949914
20074172957618675379653025175217662441141929163417835
2007314776451066608919022243638456312952216423250354
200721415267833678488961887453626410271212414649317

Financial Quarter Segments Revenue
yearqrtProperty investment & developmentConstructionInformation technology & e-commerce related businessCement Manufacturing & tradingManagement services & othersHotelsUtilities
20131123564358941725561549119953750084154437
201242809621394321473630842102111427914132970
20123426700824541480596974718091011663959180
2012232138568416528643720138816864594065870
20121112082771362064550631142080477163611340
2011474579512901667646211173572475364213488
2011324084119079387951340667293812123316038
2011219684139725247756703579183686583545711
20111246708617083910468457106161597723458333
201041993611051393805397869142280473933726075
2010321775951609547037415029081336573320637
201028787272151184657617339378402883109562
2010151245895245308463375106242366023177784
200941137632975713105088609341639042816216
200934430125980844449548557850310081322077
200923515210730575505519327275938029811890
200913045879324788650529011157841062963614
2008424871197143939468813120379568701050937
200838597380897274205109922538275980764
20082623085956451503596606227036576929633
200817648744898629733756110043541381975809
20074113201371545642338750215643277181065776
20073896097688062452913967098433249909282
20072357376796749002781837002133857924602

Financial Quarter Segments Profit
yearqrtProperty investment & developmentConstructionInformation technology & e-commerce related businessCement Manufacturing & tradingManagement services & othersHotelsUtilities
20131194641363018671532631222441605478720
2012450257198208341234471447679921195637
2012388416387685801775423254514482524318
2012258326145681361132611286592622564458
201212397825496909112470675091165501356
201142068923695929121405360595035470301
20113500042924211471339474261010516567261
20112545112532982129850327381800514951
20111636067890951114029776711195539414
201048484354918871057921781634321796767
2010377334436179115627131758431565335
2010219556197641179112869306376107483075
20101257175250603116503794382588482381
2009411555127045401229331352891919635888
200931733013615349440871652083441151
2009221267122483498545136543912386527
20091203739973353126178120352717395088
200849717786817589941681935521580227
2008322143547123479044878723359459389
20082289932464186377768584522793437587
200812380610335148794064840576181433897
200742687610358130094451114753405450918
2007325195974513507529765801307421310
2007224486859318076404562856398130

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


ARCHIVES


CHANGES IN SHAREHOLDING


Image


KLCI Stock - NAIM / 5073 - 2012 Quarter 3

NAIM HOLDINGS BERHAD


Company Description
Naim Holdings Berhad, formerly Naim Cendera Holdings Berhad, is principally engaged in investment holding. The Company operates in three segments: property development, which is engaged in the development of residential and commercial properties; construction, which is engaged in the Construction of buildings, roads, bridges and others, and others, engaged in manufacture and sale of construction materials, provision of sand extraction and land filling services, property investment holdings. During the year ended December 31, 2008, the Company sold 629 units of residential and commercial properties. In July 2009, the Company incorporated Naimcendera Engineering & Construction Sendirian Berhad.

Company Info
Listing Date2003-09-12
Market Capital (Capital Size)462,500,000 (Small)
Par ValueRM 1.00
BoardMain
SectorProperties
Major IndustryProperty Development
Sub IndustryInfrastructure Construction
Websitehttp://www.naim.com.my/

My Analysis
Forecast P/E now(1.85-0.06)/0.2631 = 6.80 (Moderate)
Target Price2.37+0.06 = 2.43 (PE 9.0, EPS 0.2631, DPS 0.06)
DecisionBUY if stock price strong sustain and uptrend above 1.85
Comment
Revenue increased 10.6% and was third consecutive quarter increasing and also higher than preceding year corresponding quarter 41.3%, eps decreased 7.1% but higher than preceding year corresponding quarter 183.1%, cash generated from investing enough to cover financing expenses but still need borrowings and spent 7.6% of Group cash to cover operating and investing expenses, gross margin dropped from 24% to 17% but still at average of 21% per quarter, liquidity ratio indicate very firm can meet current obligation, gearing ratio indicate high leverage via long term borrowings to expand the business, all accounting of turnover period still quite long time which require more cash, all segment business growth
First Support Price1.85
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)
TA Target Price3.17 (2012-10-03)
Kenanga Target Price2.62 (2012-11-30)
MIDF Target Price3.14 (2012-11-30)

Accounting Ratio
Return on Equity10.71%
Dividend Yield3.24%
Gross Profit Margin17.68%
Operating Profit Margin10.71%
Net Profit Margin22.91%
Tax Rate2.05%
Asset Turnover0.3153
Net Asset Value Per Share3.43
Net Tangible Asset per share3.39
Price/Net Tangible Asset Per Share0.55
Cash Per Share0.83
Liquidity Current Ratio4.9436
Liquidity Quick Ratio3.5112
Liquidity Cash Ratio1.1851
Gearing Debt to Equity Ratio0.6909
Gearing Debt to Asset Ratio0.4029
Working capital per thousand Ringgit sale149.3%
Days to sell the inventory252
Days to collect the receivables305
Days to pay the payables171

Technical Analysis
SMA 101.917 (Downtrend)
SMA 201.94 (Downtrend 4 days)
SMA 501.883 (Uptrend)
SMA 1001.837 (Uptrend)
SMA 2001.868 (Downtrend)
MACD (26d/12d)-0.007184 ( 0.005052 )
Signal (9)0.009816 ( 0.00425 )
MACD Histogram0.017000 (Bearish trend 14 days)
Bolinger Upper Band2.057
Bolinger Lower Band1.823

My notes based on 2012 quarter 3 report (number in '000):-
- Higher revenue and pbt than FY11Q3 mainly due to higher sales of properties and improvement in the margin for the construction segment, especially from the substantially completed projects and also improvement in the performance of associates and joint ventures

- Lower pbt than FY12Q2 mainly due to sales of low margin properties

- Estimate next 4Q eps after 2012 Q3 result announced = 831331*0.075/236944 = 0.2631, estimate PE on current price 1.85 = 6.8(DPS 0.06)
- Estimate next 4Q eps after 2012 Q2 result announced = 802882*0.07/236944 = 0.2372, estimate highest/lowest PE = 8.43/7.04 (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)

Financial Quarter Summary
a_dateyearqrth_pricel_pricedivroec_roerevc_revpbtc_pbtprofc_profepsc_epsassetc_assetliabc_liabminoequicfocficffcashfcfnetfinalsharec_sharem_capdategros_moper_mprof_mvatasset_tpenavpsntapsp/ntapscpsl_curl_quil_cashg_deg_daavg_winv_drec_dpay_d
2012-11-2920123N/AN/A-3.81%10.00%133411348158305669030429055763750.12260.32231392390821752561059166226192168313312295419063123482127423891162391965032369442369444383462012-09-3017.68%10.71%22.91%2.05%0.3153-3.433.390.550.834.94363.51121.18510.69090.4029149.3%252305171
2012-08-30201222.061.730.034.09%6.20%120592214747367555973831242473200.13190.1997135558182456855269915725518331802882131982408535922127701088772952200652369442369444430852012-06-3024.57%19.35%30.48%10.64%0.2951-3.313.270.570.935.24353.72531.40210.70450.4077166.8%271315172
2012-05-25201211.971.68-2.11%2.11%9415594155229832298316078160780.06790.0679131905579447854924315242616728769812158710098465121275211685163362290882369442369444075432012-03-3123.84%12.62%24.41%26.65%0.2903-3.183.140.550.975.21223.63391.50630.72930.4164167.7%275290167
2012-02-29201142.321.670.030.71%6.35%908634096496300573465283469260.02230.1980128906076179252556214020716316763498360065201819020538680160121741932128732369442369445236462011-12-3119.80%0.77%6.93%-0.317811.1593.153.120.710.95.43333.70031.52240.70340.4077151.7%256255138
2011-11-24201132.391.54-1.39%5.63%94390318786125565104610253416430.04330.1758128993078665253336415074915390756566169954321720010038688262221738782125662369442369444170212011-09-308.65%0.67%13.30%21.42%0.3963-3.133.090.570.95.21833.6031.41680.71960.4135124.4%215223127
2011-08-25201122.01.580.052.59%4.24%103492224396215463849019164313900.08090.132511835036903404251322042951577675837149434285091060386883790753153918412369442369444667792011-06-3014.39%13.04%20.82%11.42%0.4713-3.133.090.640.393.37912.19990.45660.57250.359287.1%211225129
2011-05-26201112.561.94-1.65%1.65%120904120904169441694412222122220.05160.0516119787869028945832238081615807739556832957010103959386884868155278939662369442369445947292011-03-3118.64%6.72%14.01%23.58%0.5094-3.053.010.830.41.81271.18840.24820.63330.382650.7%194208144
2011-02-28201043.342.50.053.33%14.50%1924016126913242113204322454977500.09480.412510546246083963151602459531544973946449476506244986489700114851012386882369442369447771762010-12-3127.54%13.97%16.85%30.63%0.5817.95073.063.011.090.172.47361.45760.15940.43530.298859.2%203186112
2010-11-24201033.93.26-5.48%11.17%140992420290501079962236941752960.15590.3178105348662114333545526170515642718031743653974154532897003462419908697922369442369448198262010-09-3036.58%28.80%35.54%21.41%0.582-2.962.921.180.32.37341.41690.26940.47760.318458.6%198175124
2010-08-25201023.833.250.053.61%5.69%155945279298302964951524362383550.10280.16191048651624850351853277791199616967987890434136309498970044768138191035192369442369447724372010-06-3023.41%17.11%19.43%20.96%0.588-2.862.811.160.442.24941.40690.37410.51980.335556.3%178164126
2010-05-25201013.452.64-2.08%2.08%123353123353192191921913993139930.05910.059110905836864474059463448132037868463712212384394489808970037729867091764092369442369446871372010-03-3118.95%12.33%15.58%26.68%0.5455-2.82.81.040.751.99081.28420.51280.61110.372257.4%191158122
2010-02-24200943.72.90.054.10%13.89%1928115669203027211553225083849810.10580.358510571626700273828383211142196167432415641383347976571211539732579897002370512370517822682009-12-3121.07%15.12%15.70%22.77%0.53639.20522.752.751.20.382.08661.25050.28060.58680.362161.5%224195153
2009-11-17200933.72.4-3.50%9.79%144460374109334838526021396598980.09020.25269790756231353283802692092337465069534077203141115257127137632611545162370872370876994062009-09-3025.79%20.37%23.18%36.18%0.5283-2.652.641.120.232.31471.45390.20250.52350.335468.4%210231156
2009-08-26200923.252.60.033.70%6.29%134342229649302275177722654385020.09550.1623960624610848324195264952234026364294109115693252595712125398139569822371592371596498152009-02-2820.86%17.58%22.50%22.41%0.5237-2.582.581.060.242.30551.38430.21510.52880.337568.8%223216154
2009-05-26200912.871.79-2.59%2.59%9530795307215502155015848158480.06680.066893050659239330533824859622948625168217751988338485712118925740513812373732373734343922009-03-3124.78%16.64%22.61%22.10%0.5403-2.542.530.720.222.3831.35980.20670.5070.328168.4%232198177
2009-02-25200841.991.080.054.85%14.46%1431265237172969610430427089807470.11180.3332955920615663344041286857242286118798879145592857491375568034254571212423212423212980542008-12-3118.39%19.48%20.75%8.70%0.54793.69122.432.420.510.242.14621.22450.19910.58550.359962.8%232196204
2008-10-31200832.351.22-2.67%9.61%130333380591214977460814883536580.06110.22049239625189423338102743302421959015218245172303956591375101538550528252434642434645721402008-09-3019.04%13.06%16.49%26.98%0.6113-2.322.321.010.221.89171.26640.19640.58980.361343.3%138178190
2008-08-06200822.932.070.083.16%6.95%133943250258239735311117651387750.07220.15878930845425202952652391922042559781913933219821227291375804920321710542443412443416963712008-06-3020.29%13.97%17.90%23.89%0.6455-2.362.361.210.32.26811.51020.30420.51140.330652.6%146175161
2008-04-24200814.02.81-3.78%3.78%116315116315291382913821124211240.08640.086410166306894384308283465811961658580213524107122096791424281218155732692444362444369826322008-03-3125.69%18.73%25.05%24.46%0.6176-2.322.311.740.311.98931.40870.21620.76090.423854.6%148234254
2008-02-28200744.13.08-2.11%14.40%1842336460243089012632511178762740.04570.312090691858658634865729100218943558261637118882538681203572511428982913752444912444919095062007-12-3116.34%13.56%16.77%59.29%0.712311.92422.212.21.690.382.01571.3310.31990.64650.384445.8%144162167
2007-11-14200735.353.60.083.82%12.29%142012461791307849543520217650960.08270.2663100164468941142297128650936254578673569519220159564120357352502431414467124449124449113080262007-09-3024.83%20.05%21.68%32.47%0.6574-2.222.212.420.62.40621.66140.51070.77980.422361.2%152183203
2007-08-23200725.75.1-4.19%8.47%185354319779319116465122205448790.09080.1836822256629307264372205936356825578844812238190751203572719217949856324449124449112713532007-06-3020.11%16.61%17.22%27.07%0.6281-2.142.132.440.413.05582.01590.48660.50630.321582.0%193223183
2007-04-2720071N/AN/A0.074.28%4.28%134425134425327403274022674226740.09270.0927811135617851257929198401407165532062045980164120357302531891171682444912444919779642007-03-3127.62%23.85%24.36%28.22%0.4082-2.12.091.910.493.11422.06390.59890.50330.318126.7%296320279
2007-02-2620064N/AN/A-N/AN/A1967135259973444210484922171662290.09070.27097938415977432641352039993989052970642201116964196513181730505114601203572444912444917628112006-12-3118.74%16.72%17.51%27.77%0.247811.51782.01.991.570.52.93011.91730.59810.53930.3327200.2%472480464

Financial Quarter Balance Sheet
yearqrtDeferred tax assets (A-0)Intangible assets (A-0)Investment in associated companies (A-0)Investment properties (A-0)Join venture (A-0)Land held for property development (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)Inventories (A-1)Other receivables, deposits and prepayments (A-1)Property development costs (A-1)Trade receivables (A-1)Deferred tax liabilities (L-0)Loans & borrowings (L-0)Current tax liabilities (L-1)Deferred income (L-1)Loans & borrowings (L-1)Trade and other payables (L-1)Minority interest (M-1)
201239658844823369255185191781276934824891142471970011989128664568320943636107744978349855953-328116199219216
2012242498619221842513311343511223148249511676322048820080294926854209260338394453803500641652-406815153518331
2012143848789211649515851373811154948250212033322960020096320225889208562298309457943510231386-505014599016728
2011451308959215950518401384011056348250811843021345619212268476032216133280112462683390871020-791113127616316
20113214591292095024603993841104714825131140472135801763726751685121674530508846240336375403-717814316815390
20112257192992068853789772171104434824871163169327411567242881173821662433284947081173756279116375657613580315776
2011123309469218741281551070411044348247912522094521971626721513621099634319947579299272641520120172517124915807
2010422829639168080208718669110443482506123690392147181327144011217182308094484952071243521190610440112529415449
2010325169809161357-1041411052248491098856870498718420994-22933029313749890238607327193089776513730515642
2010232379979158322-116591105223435052579214103915929022167-2118502776285027423788113082001210183514463619961
201011866-154145-112791104923515078975214176805890122561-22107225710851298983562442874218293212689520378
2009414142149363-10957110492476510346339790096856227136-241336302897516461007870702505313092115807021961
2009383225515439945410817105313458477403567254516891219978-2117463279835211770543605-9335917224523374
20092832397150266457106191022964644794936496569821161222100-221963298191524506793218-9602116871323402
2009183273114434146096771022964504818831138513811378022003-232360272869534073335--5396219463422948
2008483289814689746478821022964504842732111571211251624350-240066281610537483436764-5405423203924228
200831193947128228467116491860724354873327296538851845219770-15175627507958865615--3838923594124219
200821193110213287247086041339124354889723079727661180620434-16084927666555704369197-3862820036720425
20081588125911408247392991282004354910423752749211107423847-17736040223654859293881560-87034415119616
20074119313639789047710885133912434493472483193087798224102-175149286266571265299054-4996323198518943
2007358815519381348077151332404615124523140146323-14565-1988353296885681179651446-85428520936254
200725881780441248394801335854611846923691100215-15778-198379314935576148221793-59920354435682
200715882037417646182811341464611856024574118820-15363-193011290657585619671382-59719642240716
2006458821333994490763813661444918650255421220091024714837-19178825886259012112420-55720342239890

Financial Quarter Income Statement
yearqrtRevenueIncome tax expenseCost of salesFinance/interest costsOther incomeAdministrative/Operating expensesMinority interestFinance/interest incomeShare of profit/ (loss) of associatesSelling and distribution costsOther expensesShare of results of joint ventures
201231334116261098204590104570898851808155741238713484
20122120592391090966478958599922160315581329212499803360
201219415561257171242127431027978018558119963575334
201149086315872869510411141528411758466085208110465468
2011394390268986225322075085553861423121698061882818
20112103492246188598321694668752791603733414566582331
20111120904399698367247664414058726161974607672342219
201041924019929139412189832026755386166721610287105
201031409921072989417178719781167524372362967012647745
2010215594563501194462427942955741643252271074127381
20101123353512899977148416548611983914782886324321
20094192811689215218610731091046517032741744470425171
20093144460121151072038847887842281034133931161698
2009213434267731063163893931684580012859251255236942
20091953074762716904723336595940274409511083891795
200841431262583116812464155791360824-47347173152457
20083130333580010552348713417159814-42921526445671
20082133943572810677238410487731594-54801486290165
200811163157126864353858957259888-69201234495816
2007418423318315154129656123165211397-5935804968633
20073142012999510674944725917711572-120515041721559
20072185354863714807451225168611069-2361068817941
200711344259240972934715475850826-182771-547
20064196713956415985465461977492707-21211883461408

Financial Quarter Segments Revenue
yearqrtOthersElimination/AdjustmentProperty developmentConstruction
2012319695113025782467194
201221822976825514054905
201211606172194211743196
2011426056181213308349845
2011319617119052461762061
2011219129101742442170116
201111973991883260977744
20104239121567232250154592
20103192791415630605105264
201021899272515027193933
201011001241694959167919
20094122031196659308133266
200932188062484613582693
200922072171904889671915
200911401554452664860089
200844227141505880774396
200831537489945035973594
2008220274104635903965093
2008118884108004156966662
20074528576247855492770
2007325140153945339478872
2007219533779348756124858
200711423745474852076215
20064214421075464844121181

Financial Quarter Segments Profit
yearqrtOthersElimination/AdjustmentProperty developmentConstruction
201232120362169376463
201225731061138364165
20121307864661017088
201146144355260864
20113251149812572457
20112231440983666159
2011115256577002363
20104168822621057414415
20103149225102433414564
2010218717281292816289
2010144999197263660
2009451765601437020818
2009322811200856118481
200922464838127149963
200912728106185376178
200848224810011439681
2008327373027122345704
2008253043836124815210
2008131822672114619674
2007435561767333688391
20073330427421543912590
20072371938771274016910
2007113224601701514397
2006413259791770112996

Financial Quarter Segments Associate
yearqrtOthersConstructionOil & Gas
201231671348413903
201222737336010555
20121266353345456
20114163356134307
201131786283110370
2011297823318312
20111147022195990
20104--6452
20103--8144
20102--5187
20101603564687
20094--2318
20093--3968
20092--5822
20091--4011
20084--4811
20083--4705
20082--5822
20081--6702
20074--5710
20073--921
20072---
20071---
20064---


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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