KLCI Stock - DAYANG / 5141 - 2012 Quarter 3

DAYANG ENTERPRISE HOLDINGS BERHAD


Company Description

DAYANG ENTERPRISE HOLDINGS BERHAD is a Malaysia-based investment holding company. The Company is engaged in providing maintenance services, fabrication operations, hook-up and commissioning and chartering of marine vessels. The wholly owned subsidiaries of the Company are Dayang Enterprise Sdn Bhd (DESB), DESB Marine Services Sdn Bhd (DMSSB) and Fortune Triumph Sdn Bhd (FTSB). DESB is involved in providing maintenance services for topside structures, pipes and valves, electrical and instrumentation, fabrication operations, and hook-up and commissioning services for the oil and gas industry. DMSSB is involved in the chartering of marine vessels, including floating accommodation and catering. FTSB provides rental equipment and machinery to the various players in the oil and gas industry.

Company Info

Listing Date	2008-04-28
Market Capital (Capital Size)	1,292,500,000 (Large)
Par Value	RM 0.50
Board	Main
Sector	Trading/Services
Major Industry	Offshore Maintenance Services
Sub Industry	Charter of Marine Vessels
Website	http://www.desb.net/

My Analysis

Forecast P/E now	(2.35-0.1)/0.2251 = 10.00 (Moderate)
Target Price	2.48+0.1 = 2.58 (PE 11.0, EPS 0.2251, DPS 0.1)
Decision	BUY if stock price sustain and uptrend follow with SMA20 or rebound near around 2.2
Comment	Revenue increased 10.9% and also higher than preceding year corresponding quarter 25.7%, eps increased 31.7% and was second consecutive quarter increasing and also higher than preceding year corresponding quarter 36.2%, cash generated from operating enough to cover financing expenses but still spent 17.2% of Group cash to cover investing expenses, operating margin is keep improving from 16% to 40%, liquidity ratio indicate very firm can meet current obligation, gearing ratio indicate low liabilities risk and better leverage through payables, higher ratio of receivables than payables will require more cash, most segment business growth
First Support Price	2.2
Second Support Price	2.0
Risk Rating	MODERATE

Research House

MIDF Target Price	2.32 (2012-07-26)
BIMB Target Price	2.88 (2012-09-03)
HLG Target Price	2.65 (2012-11-19)
OSK Target Price	2.9 (2012-11-20)
Public Target Price	2.88 (2012-11-20)
RHB Target Price	2.64 (2012-11-20)
HwangDBS Target Price	2.95 (2012-11-21)

Accounting Ratio

Return on Equity	20.29%
Dividend Yield	4.26%
Gross Profit Margin	53.77%
Operating Profit Margin	40.47%
Net Profit Margin	40.79%
Tax Rate	20.29%
Asset Turnover	0.5553
Net Asset Value Per Share	1.03
Net Tangible Asset per share	1.03
Price/Net Tangible Asset Per Share	2.2
Cash Per Share	0.38
Liquidity Current Ratio	3.1667
Liquidity Quick Ratio	3.1547
Liquidity Cash Ratio	1.6727
Gearing Debt to Equity Ratio	0.3272
Gearing Debt to Asset Ratio	0.2465
Working capital per thousand Ringgit sale	65.6%
Days to sell the inventory	2
Days to collect the receivables	163
Days to pay the payables	166

Technical Analysis

SMA 10	2.241 (Uptrend)
SMA 20	2.239 (Uptrend 36 days)
SMA 50	2.128 (Uptrend)
SMA 100	2.036 (Uptrend)
SMA 200	2.006 (Uptrend)
MACD (26d/12d)	0.037979 ( 0.006536 )
Signal (9)	0.036746 ( 0.000308 )
MACD Histogram	0.001233 (Bullish trend 1 day)
Bolinger Upper Band	2.378
Bolinger Lower Band	2.1

My notes based on 2012 quarter 3 report (number in '000):-
- Higher revenue and pbt mainly due to higher fleet utilisation and additional revenue from the charter of a new workboat, Dayang Topaz and marine charter business got higher profit margin contribution

- Estimate next 4Q eps after 2012 Q3 result announced = 0.0536*4*1.05 = 0.2251, estimate PE on current price 2.35 = 10(DPS 0.1)
- Estimate next 4Q eps after 2012 Q2 result announced = 0.0857*2*1.1 = 0.1885, estimate highest/lowest PE = 11.67/9.92 (DPS 0.1)
- Estimate next 4Q eps after 2012 Q1 result announced = 502299*0.145/549700 = 0.1325, estimate highest/lowest PE = 15.25/13.28 (DPS 0.1)
- Estimate next 4Q eps after 2011 Q4 result announced = 523694*0.15/530333 = 0.1481, estimate highest/lowest PE = 14.52/12.15 (DPS 0.1)
- Estimate next 4Q eps after 2011 Q3 result announced = 0.187, estimate highest/lowest PE = 11.07/8.88 (DPS 0.1)
- Estimate next 4Q eps after 2011 Q2 result announced = (0.0442+0.0354)*2*1.1 = 0.1751, estimate highest/lowest PE = 10.57/7.48 (DPS 0.1)
- Estimate next 4Q eps after 2011 Q1 result announced = 0.0354*4*1.2 = 0.1699, estimate highest/lowest PE = 11.89/9.3 (DPS 0.05)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.0326(17927/550000)*4*1.1 = 0.1434, estimate highest/lowest PE = 15.06/12.9 (DPS 0.05)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.0526*4*1.1 = 0.2314, estimate highest/lowest PE = 13.22/12.14 (DPS 0.05)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.1239*1.1 = 0.1363 (0.1239 is recent 4Q cum_eps), estimate highest/lowest PE = 21.94/14.16 (DPS 0.05)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.129/4(average eps from recent 4Q)*0.9 = 0.1161 (10% drop year-to-year), estimate highest/lowest PE = 16.67/12.79 (DPS 0.05)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.1237*0.9 = 0.1113(10% drop year-to-year), estimate highest/lowest PE = 19.14/14.82 (DPS 0.05, correction to last Q estimated)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.1246, estimate highest/lowest PE = 16.21/9.71 (DPS 0.05)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.1548, estimate highest/lowest PE = 8.98/6.91 (DPS 0.07)
- Estimate next 4Q eps after 2009 Q1 result announced = 0.1338, estimate highest/lowest PE = 8.67/3.73 (DPS 0.14)
- Estimate next 4Q eps after 2008 Q4 result announced = 0.15, estimate highest/lowest PE = 7.87/ (DPS 0.14)

DAYANG latest news (English)

DAYANG 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
2012-11-19	2012	3	N/A	N/A	-	7.91%	16.91%	127168	316677	51872	109432	41348	88449	0.0752	0.1609	748794	398411	184597	125811	-	564197	70326	73510	33287	211487	3184	36471	175016	549700	549700	1247819	2012-09-30	53.77%	40.47%	40.79%	20.29%	0.5553	-	1.03	1.03	2.2	0.38	3.1667	3.1547	1.6727	0.3272	0.2465	65.6%	2	163	166
2012-08-28	2012	2	2.3	1.97	0.05	6.00%	9.01%	114669	189509	37389	57560	31374	47101	0.0571	0.0857	695592	380950	161678	90856	-	533914	37440	48934	19751	211487	11494	31245	180242	549700	549700	1104897	2012-06-30	45.06%	32.27%	32.61%	16.09%	0.5603	-	0.97	0.97	2.07	0.39	4.1929	4.175	2.3708	0.3028	0.2324	74.4%	3	153	117
2012-05-22	2012	1	2.12	1.86	-	3.01%	3.01%	74840	74840	20171	20171	15727	15727	0.0286	0.0286	685837	391838	183538	111702	-	502299	15694	36034	10748	211487	20340	9592	201895	549700	549700	1099400	2012-03-31	38.51%	26.02%	26.95%	22.03%	0.545	-	0.91	0.91	2.2	0.45	3.5079	3.4928	2.2313	0.3654	0.2676	74.9%	3	137	153
2012-02-27	2011	4	2.25	1.9	0.05	3.38%	22.52%	99113	382306	15904	106596	12604	83916	0.0229	0.1582	690644	399268	167738	108650	-	522906	93551	20184	28790	68962	113735	142525	211487	549700	530333	1126885	2011-12-31	34.22%	16.79%	16.05%	20.75%	0.5535	12.9556	0.99	0.99	2.07	0.45	3.6748	3.6566	2.2552	0.3208	0.2429	76.0%	3	144	129
2011-11-22	2011	3	2.17	1.76	-	8.14%	19.13%	101139	283193	38314	90692	30346	71312	0.0552	0.1361	674034	367226	165473	120358	-	508561	59461	32695	35488	68961	92156	127644	196605	550000	523809	995500	2011-09-30	47.98%	38.64%	37.88%	20.80%	0.5439	-	0.97	0.97	1.87	0.36	3.0511	3.0404	1.6335	0.3254	0.2455	67.3%	2	168	174
2011-08-23	2011	2	1.95	1.41	0.05	6.53%	10.99%	98696	182054	30177	52378	24323	40966	0.0442	0.0802	641665	347205	135490	88375	-	506175	31951	49195	38105	68961	81146	119251	188212	550000	510497	1006500	2011-06-30	42.01%	32.79%	30.58%	19.40%	0.5266	-	0.99	0.99	1.85	0.34	3.9288	3.9142	2.1297	0.2677	0.2112	76.6%	3	170	132
2011-05-24	2011	1	2.07	1.63	-	4.47%	4.47%	83357	83357	22200	22200	16642	16642	0.0354	0.0354	697172	466783	187792	102677	-	509380	23764	17951	116045	68961	5813	121858	190819	470556	470556	941112	2011-03-31	40.15%	28.42%	26.63%	25.04%	0.4241	-	1.08	1.08	1.85	0.69	4.5461	4.5338	3.1723	0.3687	0.2694	123.1%	3	172	172
2011-02-23	2010	4	2.21	1.9	0.05	5.46%	20.92%	83415	255385	22081	83059	17668	67731	0.0502	0.1924	547086	331070	174381	89266	-	372705	64478	34067	18675	57226	30411	11736	68962	352000	352000	735680	2010-12-31	45.45%	27.82%	26.47%	19.99%	0.4668	10.8618	1.06	1.06	1.97	0.58	3.7088	3.6943	2.2838	0.4679	0.3187	94.7%	4	179	167
2010-11-08	2010	3	3.11	2.04	-	6.99%	15.46%	72427	171970	26488	60978	22629	50063	0.0643	0.1422	513572	174997	158535	56489	-	355037	42582	18985	17662	57226	23597	5935	63161	352000	352000	1070080	2010-09-30	53.29%	36.14%	36.57%	14.57%	0.4114	-	1.01	1.01	3.01	0.18	3.0979	3.067	1.1181	0.4465	0.3087	56.1%	6	187	145
2010-08-23	2010	2	3.04	1.98	0.05	4.45%	8.47%	56495	99543	18261	34490	14410	27434	0.0409	0.0779	508565	181039	157388	55342	-	351177	41102	6418	46	57226	34684	34638	91864	352000	352000	735680	2010-06-30	55.02%	35.43%	32.32%	21.09%	0.3701	-	1.0	1.0	2.09	0.26	3.2713	3.2334	1.6599	0.4482	0.3095	66.8%	8	166	155
2010-05-26	2010	1	2.2	1.7	-	4.02%	4.02%	43048	43048	16229	16229	13024	13024	0.0370	0.0370	478376	149764	141609	39563	-	336767	34179	4045	22	57226	30134	30112	87338	352000	352000	605440	2010-03-31	51.20%	36.28%	37.70%	19.75%	0.4074	-	0.96	0.96	1.79	0.25	3.7855	3.7309	2.2076	0.4205	0.296	56.6%	7	110	94
2010-02-25	2009	4	2.18	1.7	-	2.04%	14.16%	39325	196954	5905	52401	6440	44785	0.0183	0.1272	462592	137101	138849	36803	-	323743	50208	163976	73834	97156	113768	39934	57222	352000	352000	633600	2009-12-31	44.10%	15.80%	15.02%	-	0.4258	14.1476	0.92	0.92	1.96	0.16	3.7253	3.6815	1.5551	0.4289	0.3002	50.9%	5	142	85
2009-10-26	2009	3	2.07	1.26	0.05	3.49%	12.12%	49329	157665	11636	46496	11026	38345	0.0313	0.1089	372039	169186	37136	33356	-	334903	46107	37971	18544	97156	8136	10408	86748	352000	352000	450560	2009-09-30	41.58%	23.59%	23.59%	5.24%	0.5966	-	0.95	0.95	1.35	0.25	5.0721	5.02	2.6007	0.1109	0.0998	61.2%	5	133	96
2009-08-28	2009	2	1.46	1.14	-	5.11%	8.64%	63169	108336	21251	34860	16175	27320	0.0460	0.0776	368348	174411	43232	39452	-	325116	33969	26330	18523	97156	7639	10884	86272	352000	352000	422400	2009-06-30	45.08%	33.65%	33.64%	23.89%	0.6193	-	0.92	0.92	1.3	0.25	4.4208	4.3614	2.1868	0.133	0.1174	59.2%	7	137	91
2009-05-27	2009	1	1.3	0.98	-	3.52%	3.52%	45167	45167	13609	13609	11144	11144	0.0317	0.0317	356074	183957	47134	43354	-	308940	3812	1790	18501	97156	2022	16479	80677	352000	352000	440000	2009-03-31	43.07%	30.14%	30.13%	18.11%	0.572	-	0.88	0.88	1.42	0.23	4.2431	4.1778	1.8609	0.1526	0.1324	69.0%	10	180	132
2009-02-27	2008	4	1.32	0.7	0.07	N/A	N/A	64279	180169	18858	88760	13484	71445	0.0383	0.3148	377587	205393	61311	57529	-	316276	36116	19183	41857	N/A	55299	97156	97156	352000	226948	264000	2008-12-31	43.12%	29.38%	29.34%	28.50%	0.4772	2.3824	1.39	1.39	0.54	0.28	3.5703	3.5387	1.6889	0.1939	0.1624	82.1%	7	216	207
2008-10-30	2008	3	0.875	0.695	-	N/A	N/A	55520	115890	18968	69901	13681	57960	0.0389	0.2990	368401	199631	66569	55083	-	301832	15871	24704	51928	N/A	40575	92503	92503	352000	193871	272800	2008-09-30	46.01%	37.79%	34.16%	27.87%	0.3146	-	1.56	1.56	0.5	0.26	3.6242	3.5916	1.6793	0.2205	0.1807	124.7%	12	332	318
2008-07-30	2008	2	1.33	0.6	0.07	N/A	N/A	38704	60370	19803	50934	15241	44280	0.0461	0.3145	428151	272582	121758	60252	-	306393	16431	39757	140190	N/A	56188	196378	196378	330296	140777	379840	2008-06-30	68.86%	54.26%	51.17%	23.04%	0.141	-	2.18	2.18	0.53	0.59	4.524	4.4973	3.2593	0.3974	0.2844	351.7%	-	451	N/A
2008-04-22	2008	1	1.73	0.9	-	N/A	N/A	21665	21665	31131	31131	29039	29039	0.3103	0.6240	329345	199536	158110	96604	-	171235	31883	66982	20294	N/A	98865	119159	119159	93583	46536	N/A	2008-03-31	50.04%	145.53%	143.69%	6.72%	0.0658	-	3.68	3.68	N/A	1.24	2.0655	2.045	1.2061	0.9234	0.4801	475.1%	-	1365	N/A

Financial Quarter Balance Sheet

year	qrt	Deferred tax assets (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 tax assets (A-1)	Inventories (A-1)	Other investments (A-1)	Other receivables (A-1)	Trade receivables (A-1)	Deferred tax liabilities (L-0)	Loans & borrowings (L-0)	Current tax liabilities (L-1)	Loans & borrowings (L-1)	Other payables (L-1)	Trade and other payables (L-1)
2012	3	-	-	81752	268631	175016	998	1515	35425	-	185457	1836	56950	7151	12500	-	106160
2012	2	-	-	46780	267862	180242	998	1628	35156	-	162926	1836	68986	3972	14000	-	72884
2012	1	-	-	35968	258031	201895	998	1680	47349	-	139916	1836	70000	2794	16000	-	92908
2011	4	-	-	44818	246558	217927	998	1981	27105	-	151257	1836	57252	4526	24440	-	79684
2011	3	-	-	72297	234511	196605	728	1290	-	-	168603	1115	44000	12177	10161	-	98020
2011	2	-	-	71797	222663	188212	728	1289	-	-	156976	1115	46000	10542	10318	-	67515
2011	1	-	-	13543	216846	190819	728	1261	134900	-	139075	1115	84000	7272	22730	-	72675
2010	4	-	-	-	216016	68964	728	1298	134900	-	125180	1115	84000	5136	26720	-	57410
2010	3	34	134956	-	203585	63161	1553	1745	-	-	108538	2046	100000	5739	10000	-	40750
2010	2	34	137142	-	190350	91864	1553	2094	-	-	85528	2046	100000	3982	10016	-	41344
2010	1	34	137414	-	191164	87338	1553	2157	-	-	58716	2046	100000	2046	10039	-	27478
2009	4	34	135008	-	190449	57231	1553	1611	-	-	76706	2046	100000	842	10066	-	25895
2009	3	34	10506	-	192313	86748	-	1739	-	6844	73855	3717	63	152	21	10495	22688
2009	2	34	10283	-	183620	86272	-	2346	-	1829	83964	3717	63	7701	42	8314	23395
2009	1	34	10243	-	161840	80677	-	2832	-	2225	98223	3717	63	5586	64	10137	27567
2008	4	34	10177	-	161983	97158	-	1818	-	1893	104524	3717	65	6698	85	6013	44733
2008	3	32	10096	-	158642	92503	-	1797	-	6332	98999	1486	10000	8553	431	15181	30918
2008	2	25	10000	-	145544	196378	-	1609	-	1361	73234	1506	60000	8712	20951	6759	23830
2008	1	25	-	-	129784	116510	-	1979	-	2389	78658	1506	60000	6774	21920	35734	32176

Financial Quarter Income Statement

year	qrt	Revenue	Income tax expense	Cost of sales	Finance/interest costs	Other income	Administrative/Operating expenses	Finance/interest income	Share of profit/ (loss) of associates
2012	3	127168	10524	58795	1077	282	17187	1481	-
2012	2	114669	6015	62994	1126	213	14885	1512	-
2012	1	74840	4444	46016	840	440	9791	1538	-
2011	4	99113	3300	65197	740	1169	18441	-	-
2011	3	101139	7968	52609	768	2452	11900	-	-
2011	2	98696	5854	57237	2190	1594	10686	-	-
2011	1	83357	5558	49885	1488	2814	12598	-	-
2010	4	83415	4413	45507	1608	323	15028	-	486
2010	3	72427	3859	33834	1504	639	13054	-	1814
2010	2	56495	3851	25409	1485	447	11515	-	272
2010	1	43048	3205	21008	1452	1260	7681	-	2062
2009	4	39325	535	21982	308	404	11534	-	-
2009	3	49329	610	28819	2	348	9220	-	-
2009	2	63169	5076	34691	3	372	7596	-	-
2009	1	45167	2465	25714	4	667	6507	-	-
2008	4	64279	5374	36560	29	801	9633	-	-
2008	3	55520	5287	29977	2015	1503	6063	-	-
2008	2	38704	4562	12053	1199	1328	6977	-	-
2008	1	21665	2092	10824	399	22738	2049	-	-

Financial Quarter Segments Revenue

year	qrt	Elimination/Adjustment	Investment holding	Offshore Topside Maintenance Services	Marine Charter	Equipment Rental
2012	3	53041	28250	111205	38671	2083
2012	2	20856	690	99352	33735	1748
2012	1	39418	28250	70849	13540	1619
2011	4	20620	1181	96169	20757	1626
2011	3	42179	24110	94401	22872	1935
2011	2	54993	37090	92349	22251	2000
2011	1	10584	690	81422	10424	1405
2010	4	26483	6023	81212	20567	1820
2010	3	43958	25340	66011	24141	893
2010	2	7623	540	50162	12718	698
2010	1	9011	540	40906	10031	582
2009	4	36724	25240	39296	10960	552
2009	3	14889	540	49329	13413	936
2009	2	22142	540	63121	20644	1005
2009	1	43760	25240	44599	17531	1558
2008	4	21290	-	84277	19976	1314
2008	3	13682	-	71138	11645	2037
2008	2	12183	-	63275	10602	1581

Financial Quarter Segments Profit

year	qrt	Elimination/Adjustment	Investment holding	Offshore Topside Maintenance Services	Marine Charter	Equipment Rental
2012	3	27560	27845	33276	17431	476
2012	2	-	222	20364	15879	538
2012	1	27560	27917	14002	4353	761
2011	4	-	237	10767	4388	94
2011	3	23155	20500	27582	11257	937
2011	2	36400	36958	20910	8277	1035
2011	1	-	1434	21452	331	519
2010	4	5425	4803	14309	8561	624
2010	3	24700	24792	13294	12508	346
2010	2	-	119	14854	4624	185
2010	1	-	90	12136	2837	404
2009	4	24700	24551	4307	1679	38
2009	3	53	10	5311	5233	647
2009	2	53	51	13366	6857	756
2009	1	24700	24638	6232	5489	1315
2008	4	-	73	12537	4898	713
2008	3	-	771	15668	1364	1680
2008	2	-	686	23782	4170	1200

Financial Quarter Segments Associate

year	qrt	Investment holding
2012	3	-
2012	2	-
2012	1	-
2011	4	-
2011	3	-
2011	2	-
2011	1	-
2010	4	486
2010	3	1815
2010	2	272
2010	1	2062
2009	4	-
2009	3	-
2009	2	-
2009	1	-
2008	4	-
2008	3	-
2008	2	-

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