Company Description BRITISH AMERICAN TOBACCO (M) BERHAD provides day-to-day management and administrative services to its subsidiaries, which are principally engaged in the manufacture, importation and sale of cigarettes, pipe tobaccos and cigars. The Company's portfolio includes brands, such as Dunhill, Kent, Pall Mall, Benson & Hedges and Perilly’s. Its subsidiaries include Commercial Importers and Distributors Sdn. Bhd., which is engaged in investment holding; Commercial Marketers and Distributors Sdn. Bhd., which is engaged in the marketing and importation of cigarettes, pipe tobaccos and cigars; Rothmans Brands Sdn. Bhd., which is engaged holding trademarks; The Leaf Tobacco Development Corporation of Malaya Sdn. Bhd., which is engaged in the development and purchase of tobacco leaf; Tobacco Blenders and Manufacturers Sdn. Bhd., which provides warehousing space, and Tobacco Importers and Manufacturers Sdn. Bhd., which manufactures and sells cigarettes and other tobacco related products.
Company Info
Listing Date 1961-10-27 Market Capital (Capital Size) 17,057,562,200 (Very Large) Par Value RM 0.50 Board Main Sector Consumer Products Major Industry Tobacco Website http://www.batmalaysia.com
My Analysis
Forecast P/E now (59.74-2.6)/2.8613 = 19.97 (Moderate) Target Price 58.94+2.6 = 61.54 (PE 20.6, EPS 2.8613, DPS 2.6) Decision Not interested unless Bolinger lower form an uptrend line or wait rebound at lower price Comment Revenue increased 8.6% and was third consecutive quarter increasing and also higher than preceding year corresponding quarter 5%, eps decreased 15.9% but lower than preceding year corresponding quarter 5.3%, cash generated from operating not enough to cover financing expenses hence spent 91.6% of Group cash to cover all other expenses, gross margin in downtrend from 38% to 33%, low liquidity ratio indicate effectively operating but low cash may decrease the dividend, high gearing ratio indicate Group effectively operating, all accounting turnover period is good which can generate free cash flow for dividend, high inventory and higher revenue can indicate products demand still strong
First Support Price 56.48 Second Support Price 49.7 Risk Rating MODERATE
Research House
Affin Target Price 56 (2012-10-22) Alliance Target Price 49.6 (2012-10-24) AMMB Target Price 56.6 (2012-10-24) CIMB Target Price 64.7 (2012-10-24) HwangDBS Target Price 60 (2012-10-24) Kenanga Target Price 66.3 (2012-10-24) Maybank Target Price 54 (2012-10-24) MIDF Target Price 56.52 (2012-10-24) OSK Target Price 56.22 (2012-10-24) RHB Target Price 63.9 (2012-10-24) TA Target Price 59.04 (2012-10-24) HLG Target Price 52.42 (2012-11-09)
Accounting Ratio
Return on Equity 176.04% Dividend Yield 4.35% Gross Profit Margin 33.70% Operating Profit Margin 22.14% Net Profit Margin 21.55% Tax Rate 25.72% Asset Turnover 2.968 Net Asset Value Per Share 1.66 Net Tangible Asset per share 0.22 Price/Net Tangible Asset Per Share 295.45 Cash Per Share 0.09 Liquidity Current Ratio 0.9089 Liquidity Quick Ratio 0.3948 Liquidity Cash Ratio 0.04 Gearing Debt to Equity Ratio 2.0321 Gearing Debt to Asset Ratio 0.6702 Working capital per thousand Ringgit sale -1.4% Days to sell the inventory 44 Days to collect the receivables 19 Days to pay the payables 35
Technical Analysis
SMA 10 59.4 (Downtrend) SMA 20 61.469 (Downtrend 9 days) SMA 50 61.381 (Downtrend) SMA 100 59.833 (Uptrend) SMA 200 55.68 (Uptrend) MACD (26d/12d) -0.903298 ( 0.07086 ) Signal (9) -0.44883 ( 0.113617 ) MACD Histogram 0.454468 (Bearish trend 10 days)Bolinger Upper Band 66.668 Bolinger Lower Band 56.27
My notes based on 2012 quarter 3 report (number in '000):- BAT latest news (English) BAT 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 c_asset liab c_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 2012-10-23 2012 3 N/A N/A 0.65 43.01% 139.21% 1160055 3270804 249980 808263 185673 601031 0.6503 2.1050 1434678 588971 961512 647987 - 473166 425915 20330 686331 306647 405585 280746 25901 285530 285530 18559450 2012-09-30 33.70% 22.14% 21.55% 25.72% 2.968 - 1.66 0.22 295.45 0.09 0.9089 0.3948 0.04 2.0321 0.6702 -1.4% 44 19 35 2012-07-19 2012 2 65.0 57.2 0.65 51.15% 96.21% 1067987 2110749 296720 558283 220848 415358 0.7735 1.4547 1661516 816245 1188006 880603 - 473510 363181 7588 387769 306647 355593 32176 274471 285530 285530 16195261 2012-06-30 34.51% 28.42% 27.78% 25.57% 2.5293 - 1.66 0.22 257.82 0.96 0.9269 0.5436 0.3117 2.5089 0.715 -1.5% 46 18 50 2012-04-23 2012 1 57.88 51.0 0.65 45.05% 45.05% 1042762 1042762 261562 261562 194509 194509 0.6812 0.6812 1548105 697705 1109719 803630 - 438386 187041 932 202173 306647 186109 16064 290583 285530 285530 15846915 2012-03-31 35.22% 25.74% 25.08% 25.64% 2.6987 - 1.54 0.09 616.67 1.02 0.8682 0.5801 0.3616 2.5314 0.7168 -2.5% 32 15 44 2012-02-16 2011 4 56.84 51.64 0.66 36.83% 146.73% 987265 4127245 228832 956268 180648 719615 0.6327 2.5203 1567463 706531 1135728 831278 - 431735 807991 51174 806793 356623 756817 49976 306647 285530 285530 14933219 2011-12-31 38.13% 23.88% 23.18% 21.06% 2.6331 20.7517 1.51 0.07 747.14 1.07 0.8499 0.6178 0.3689 2.6306 0.7246 -3.0% 27 18 50 2011-10-20 2011 3 52.5 43.7 0.6 35.94% 109.90% 1104525 3139980 239310 727436 176269 538967 0.6173 1.8876 1542493 725374 1118558 821703 - 423935 597624 3315 632385 356623 594309 38076 318547 285530 285530 12449108 2011-09-30 35.07% 22.29% 21.67% 26.34% 2.6575 - 1.48 0.04 1090.0 1.12 0.8828 0.6421 0.3877 2.6385 0.7252 -2.3% 27 18 48 2011-07-21 2011 2 46.98 42.7 0.9 37.55% 73.96% 1043306 2035455 247798 488125 184140 362697 0.6449 1.2703 1644147 822517 1140771 445372 - 503376 415456 4649 362990 356623 420105 57115 413738 285530 285530 13191486 2011-06-30 35.68% 24.41% 23.75% 25.69% 2.4257 - 1.76 0.32 144.37 1.45 1.8468 1.3451 0.929 2.2662 0.6938 9.5% 32 17 49 2011-04-21 2011 1 48.5 45.42 0.6 36.41% 36.41% 992149 992149 240327 240327 178557 178557 0.6254 0.6254 1571014 742220 1079721 384684 - 491293 168716 1061 191669 356623 169777 21892 334731 285530 285530 13556964 2011-03-31 35.89% 24.90% 24.22% 25.70% 2.5072 - 1.72 0.28 169.57 1.17 1.9294 1.3528 0.8701 2.1977 0.6873 9.1% 33 17 44 2011-02-22 2010 4 49.44 44.82 0.63 41.60% 166.43% 959163 3965448 228426 959181 182721 731111 0.6399 2.5605 1569146 730572 1078720 382798 - 490426 875924 21741 709728 168686 897665 187937 356623 285530 285530 13225749 2010-12-31 36.51% 24.54% 23.82% 20.01% 2.5271 18.0899 1.72 0.28 165.43 1.25 1.9085 1.4028 0.9316 2.1996 0.6875 8.8% 29 17 47 2010-10-20 2010 3 48.66 44.0 0.64 38.85% 124.84% 993591 3006285 222578 730754 170654 548389 0.5977 1.9206 1558973 733674 1072103 365403 - 486870 694335 764 525096 168686 693571 168475 337161 285530 285530 13705440 2010-09-30 36.49% 23.10% 22.40% 23.33% 2.5833 - 1.71 0.26 184.62 1.18 2.0078 1.4599 0.9227 2.202 0.6877 9.1% 29 16 42 2010-07-22 2010 2 49.94 43.22 1.13 42.31% 85.99% 993874 2012694 250048 508176 185840 377735 0.6509 1.3229 1756556 894501 1119036 415173 - 637520 513498 8368 188772 168686 521866 333094 501780 285530 285530 12557609 2010-06-30 38.38% 25.85% 25.16% 25.68% 2.2503 - 2.23 0.79 55.67 1.76 2.1545 1.6301 1.2086 1.7553 0.6371 12.1% 33 16 44 2010-04-22 2010 1 45.0 42.02 - 43.68% 43.68% 1018820 1018820 258127 258127 191894 191894 0.6721 0.6721 1698880 818744 1070873 367545 - 628007 272829 3635 11743 168686 276464 264721 433407 285530 285530 12214973 2010-03-31 38.74% 26.00% 25.34% 25.66% 2.3172 - 2.2 0.76 56.29 1.52 2.2276 1.6547 1.1792 1.7052 0.6303 11.5% 32 16 43 2010-02-11 2009 4 45.7 41.42 0.62 42.53% 183.72% 1020950 3923421 227896 1005312 172865 746784 0.6054 2.6154 1442130 551944 1002845 300050 - 439285 924240 73635 741306 59387 850605 109299 168686 285530 285530 12020813 2009-12-31 38.20% 23.05% 22.32% 24.15% 2.7206 16.0968 1.54 0.1 421.0 0.59 1.8395 1.1254 0.5622 2.2829 0.6954 6.4% 33 15 34 2009-11-19 2009 3 46.1 41.5 0.61 41.02% 141.19% 919197 2902471 234502 777416 166734 573919 0.5839 2.0100 1602736 721144 1161635 463341 - 441101 689207 18384 413049 59387 670823 257774 317161 285530 285530 12871692 2009-09-30 40.55% 26.29% 25.51% 28.90% 2.4364 - 1.54 0.1 450.8 1.11 1.5564 1.0529 0.6845 2.6335 0.7248 6.6% 36 16 38 2009-07-23 2009 2 49.12 44.0 1.13 49.51% 100.17% 977648 1983274 270131 542914 201244 407185 0.7048 1.4261 1545738 686004 948722 499228 - 597016 520139 16604 330990 59387 536743 205753 265140 285530 285530 12777467 2009-06-30 38.56% 28.30% 27.63% 25.50% 2.6417 - 2.09 0.65 68.85 0.93 1.3741 0.9025 0.5311 1.5891 0.6138 4.6% 35 15 34 2009-04-23 2009 1 45.75 41.0 - 50.66% 50.66% 1005626 1005626 272783 272783 205941 205941 0.7213 0.7213 1706490 831014 1093745 644663 - 612745 233848 18554 8078 59387 252402 244324 303711 285530 285530 12848850 2009-03-31 40.24% 27.79% 27.13% 24.50% 2.414 - 2.15 0.7 64.29 1.06 1.2891 0.8418 0.4711 1.785 0.6409 4.5% 43 19 43 2009-02-19 2008 4 47.0 43.75 0.76 49.98% 234.65% 1002447 4135220 215796 1081166 172874 811683 0.6054 2.8427 1487312 596405 1080833 632249 - 406479 954750 86954 879075 70666 867796 11279 59387 285530 285530 12563320 2008-12-31 39.55% 22.27% 21.53% 19.89% 2.7803 15.4781 1.42 -0.02 -2200.0 0.21 0.9433 0.5875 0.0939 2.659 0.7267 -0.9% 33 23 42 2008-10-23 2008 3 46.0 40.5 0.76 67.13% 184.67% 1097716 3132773 315625 865370 232217 638809 0.8133 2.2373 1540030 667783 1089160 474319 - 450870 792725 49901 656139 70666 742824 86685 157351 285530 285530 11778112 2008-09-30 41.48% 29.37% 28.75% 26.43% 2.65 - 1.58 0.14 294.64 0.55 1.4079 0.8662 0.3317 2.4157 0.7072 4.7% 39 18 40 2008-07-17 2008 2 42.5 38.75 1.13 56.43% 117.54% 1013647 2035057 264603 549745 195188 406592 0.6836 1.4240 1667235 788854 1125963 511166 - 541272 532188 15091 325279 70666 517097 191818 262484 285530 285530 11778112 2008-06-30 40.20% 26.79% 26.10% 26.23% 2.3942 - 1.9 0.45 91.67 0.92 1.5432 1.0328 0.5135 2.0802 0.6753 7.0% 40 20 45 2008-04-22 2008 1 45.25 40.75 - 61.11% 61.11% 1021410 1021410 285142 285142 211404 211404 0.7404 0.7404 1613397 730621 1056051 341682 - 557346 288739 2465 108077 70666 286274 178197 248863 285530 285530 12420555 2008-03-31 40.18% 28.60% 27.92% 25.86% 2.4266 - 1.95 0.51 85.29 0.87 2.1383 1.45 0.7283 1.8948 0.6546 9.9% 37 19 38 2008-02-21 2007 4 44.0 41.0 0.74 27.50% 132.64% 948236 3830869 208127 1002901 151746 731931 0.5315 2.5634 1447008 548536 1101096 387529 - 345912 837331 17987 935967 187289 819344 116623 70666 285530 285530 12063642 2007-12-31 39.39% 23.07% 21.95% 27.09% 2.6474 16.4819 1.21 -0.23 -183.7 0.25 1.4155 0.7859 0.1824 3.1832 0.7609 4.2% 39 18 37 2007-10-24 2007 3 44.75 39.25 1.0 37.12% 105.14% 1008411 2882633 280607 794774 204843 580185 0.7174 2.0320 1864335 956660 1461766 750442 - 402569 640148 4842 353164 187289 644990 291826 479115 285530 285530 11349817 2007-09-30 40.42% 29.05% 27.83% 27.00% 1.9738 - 1.41 -0.03 -1325.0 1.68 1.2748 0.9365 0.6384 3.6311 0.7841 5.6% 43 17 34 2007-07-19 2007 2 N/A N/A 1.5 32.34% 68.02% 937036 1874222 244487 514167 178476 375342 0.6251 1.3145 1614303 686178 1103952 790477 - 510351 422531 23789 440510 187289 446320 5810 193099 285530 285530 11563965 2007-06-30 42.07% 27.35% 26.09% 27.00% 1.6548 - 1.79 0.35 115.71 0.68 0.8681 0.5277 0.2443 2.1631 0.6839 -3.9% 63 27 53 2007-04-24 2007 1 N/A N/A - 35.68% 35.68% 937186 937186 269680 269680 196866 196866 0.6895 0.6895 1845296 912299 1096576 785106 - 748720 209605 9216 N/A 187289 218821 218821 406110 285530 285530 13134380 2007-03-31 41.91% 30.03% 28.78% 27.00% 0.9399 - 2.62 1.18 38.98 1.42 1.162 0.8214 0.5173 1.4646 0.5943 7.3% 96 39 84 2007-02-15 2006 4 N/A N/A 2.0 N/A N/A 797145 3612482 170403 1001947 122630 719678 0.4295 2.5205 1620211 669175 1068387 757697 - 551824 835886 49279 833376 234058 786607 46769 187289 285530 285530 12349172 2006-12-31 41.10% 22.88% 21.38% 28.04% 0.492 17.1593 1.93 0.49 88.27 0.66 0.8832 0.5341 0.2472 1.9361 0.6594 -11.1% 206 75 170
Financial Quarter Balance Sheet
year qrt Computer software (A-0) Deferred tax assets (A-0) Goodwill on consolidation (A-0) Investment properties (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) Derivative financial assets (A-1) Inventories (A-1) Other receivables (A-1) Deferred income (L-0) Deferred tax liabilities (L-0) Loans & borrowings (L-0) Post-employment benefit obligations (L-0) Current tax liabilities (L-1) Deferred income (L-1) Derivative financial liabilities (L-1) Loans & borrowings (L-1) Other payables (L-1) 2012 3 3960 20102 411618 138 409889 25901 - - 2567 333158 227345 9628 48483 250000 5414 81796 3304 3706 300000 259181 2012 2 3979 20102 411618 138 409434 274471 - - 292 337537 203945 6635 45747 250000 5021 110952 2095 - 400000 367556 2012 1 4548 20102 411618 138 413994 290583 - - 467 231486 175169 7159 44121 250000 4809 81741 2095 - 400000 319794 2011 4 4742 20102 411618 138 424332 306647 - - - 192959 206925 7683 42256 250000 4511 67566 2095 322 400000 361295 2011 3 2394 5529 411618 1636 395942 318547 888 - 1796 197759 206384 - 41764 250000 5091 74304 - - 400000 347399 2011 2 2667 15158 411618 1636 390551 413738 888 - 109 223447 184335 - 40630 650000 4769 106393 - - - 338979 2011 1 3354 15158 411618 1631 397033 334731 888 - 1093 221816 183692 - 40876 650000 4161 83647 - - - 301037 2010 4 4336 15158 411618 1636 405826 356623 888 - - 193572 179489 - 41805 650000 4117 66758 - 1832 - 314208 2010 3 3222 19701 411618 1654 389104 337161 21386 - - 200228 174899 - 49729 650000 6971 75806 - 1622 - 287975 2010 2 3718 20139 411618 1654 424926 501779 887 - - 217714 174121 - 47201 650000 6662 123212 - 3375 - 288586 2010 1 5501 20362 411618 1654 441001 433407 2837 - - 210583 171917 - 46976 650000 6352 87677 - 4269 - 275599 2009 4 6550 19295 411618 1654 451069 168686 4288 - - 214258 164712 - 46752 650000 6043 80962 - - - 219088 2009 3 8932 4978 411618 - 456064 317161 1950 - - 233279 168754 - 42630 650000 5664 66092 - - 150000 247249 2009 2 11259 4978 411618 - 431879 265140 1950 19982 - 235459 163473 - 44056 400000 5438 122722 - - 150000 226506 2009 1 13203 4978 411618 - 445677 303711 - 19982 - 288341 218980 - 44041 400000 5041 103453 - - 250000 291210 2008 4 15232 4978 411618 - 459079 59387 20638 33604 - 224958 257818 - 43287 400000 5297 96512 - - 250000 285737 2008 3 16976 4978 411618 - 438675 157351 21190 26754 - 256922 205566 - 59048 550000 5793 107253 - - 100000 267066 2008 2 18505 4978 411618 - 443280 262484 20638 26754 - 260915 218063 - 59274 550000 5523 116514 - - 100000 294652 2008 1 20163 4978 411618 - 446017 248863 20638 26754 - 235198 199168 - 59117 650000 5252 96624 - - - 245058 2007 4 21091 4978 411618 - 460785 70666 20638 26754 - 243988 186490 - 58585 650000 4982 56493 - - 100000 231036 2007 3 10873 2957 411618 - 482227 479115 22055 27715 - 253874 173901 - 55960 650000 5364 101173 - - 450000 199269 2007 2 14232 2957 411618 19851 479467 193099 1962 27715 - 269038 194364 - 58382 250000 5093 116213 - - 450000 224264 2007 1 14226 4020 411618 19957 483176 406110 25479 27715 - 267392 185603 - 56647 250000 4823 101873 - - 450000 233233 2006 4 14100 4020 411618 20010 501288 187289 25579 27715 - 264507 164085 - 56138 250000 4552 88819 - - 450000 218878
Financial Quarter Income Statement
year qrt Revenue Income tax expense Cost of sales Finance/interest costs Other income Administrative/Operating expenses 2012 3 1160055 64307 769169 6819 1305 135392 2012 2 1067987 75872 699397 6831 7415 72454 2012 1 1042762 67053 675466 6831 2617 101520 2011 4 987265 48184 610821 6906 5716 146422 2011 3 1104525 63041 717145 6907 2634 143797 2011 2 1043306 63658 671101 6831 2778 120354 2011 1 992149 61770 636037 6756 3115 112144 2010 4 959163 45705 609001 6906 20113 134943 2010 3 993591 51924 631013 6907 2822 135915 2010 2 993874 64208 612461 6831 3589 128123 2010 1 1018820 66233 624168 6756 1596 131365 2009 4 1020950 55031 630898 7479 1545 156222 2009 3 919197 67768 546471 7181 1764 132807 2009 2 977648 68887 600675 6524 1416 101734 2009 1 1005626 66842 600990 6639 1014 126228 2008 4 1002447 42922 605933 7432 3841 177127 2008 3 1097716 83408 642362 6728 3954 136955 2008 2 1013647 69415 606168 6994 1839 137721 2008 1 1021410 73738 611009 6977 3281 121563 2007 4 948236 56381 574748 10656 2886 157591 2007 3 1008411 75764 600761 12320 1391 116114 2007 2 937036 66011 542841 11818 3451 141341 2007 1 937186 72814 544431 11721 3038 114392 2006 4 797145 47773 469496 12013 1131 146364
Short form reference a_date = announcement date, yr = financial year end, qrt = quarterh_price = stock highest price during the quarter, l_price = stock lowest price during the quarterdiv = dividend recommend or declare in the quarter, roe = return on equityc_roe = cumulative of return on equity during the financial yearrev = revenue in the current quarter, c_rev = cumulative of revenue during the financial yearpbt = profit before tax in the current quarter, c_pbt = cumulative of profit before tax during the financial yeareps = earnings per share in the current quarter, c_eps = cumulative of earnings per share during the financial yearasset = total asset, liab = total liability, mino = minority interest, equi = total equitycfo = net cash flow from operating activities, cfi = net cash flow from investing activitiescff = net cash flow from financing activities, cash = cash and cash equivalents as at beginning of financial yearfinal = cash and cash equivalents as at current financial period endedshare = diluted/basic weighted average number of ordinary sharesc_share = cumulative of diluted/basic weighted average number of ordinary shares during the financial yearm_cap = market capital at announcement date of quarterly report, date = current financial period ended dateprof_m = profit margin, vat = income tax rate, pe = price earning per share ratio of recent four quarternavps = net asset value per share, ntaps = net tangible asset per share, cps = cash per sharel_cur = liquidity current ratio, l_qui = liquidity quick ratio, l_cash = liquidity cash ratiog_de = gearing debt to equity ratio, g_da = gearing debt to assets ratioavg_w = working capital per thousand Ringgit saleinv_d = days to sell the inventory, rec_d = days to collect the receivablespay_d = days to pay the payablesCURRENT ● CHANGES IN SHAREHOLDING ● ANNUAL REPORTS HISTORICAL ● CHANGES IN SHAREHOLDING ARCHIVES ● CHANGES IN SHAREHOLDING ARCHIVES ● CHANGES IN SHAREHOLDING 
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