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Thursday, November 15, 2012

KLCI Stock - GTRONIC / 7022 - 2012 Quarter 3

GLOBETRONICS TECHNOLOGY BERHAD


Company Description
GLOBETRONICS TECHNOLOGY BERHAD is a Malaysia-based investment holding company. Its subsidiaries are principally engaged in the provision of burn in services, assembly and testing of integrated circuits and optoelectronic product, manufacturing of small outline components, technical plating services, manufacturing and fabricating of electrostatic discharge protective materials and ceramic metallization, provision of computer hardware and software, system solutions and investment holding. The manufacturing and trading, and investment holding segments are managed on a worldwide basis. Manufacturing and trading segment operate principally in Malaysia, Philippines and Peoples’ Republic of China. The services segment is operated solely in Malaysia. The Company's direct wholly owned subsidiaries include Globetronics Sdn. Bhd., Globetronics Industries Sdn. Bhd and ISO Technology Sdn. Bhd. On May 23, 2008, the Company acquired Globetronics (KL) Sdn. Bhd. and Globetronics Distribution Sdn. Bhd.

Company Info 
Listing Date2008-04-28
Market Capital (Capital Size)392,033,721 (Small)
Par ValueRM 0.50
BoardMain
SectorTechnology
Major IndustrySemiconductor Products
Sub IndustryElectronic Products
Websitehttp://www.globetronics.com.my/

My Analysis 
Forecast P/E now(1.44-0.11)/0.1334 = 9.97 (Moderate)
Target Price1.67+0.11 = 1.78 (PE 12.5, EPS 0.1334, DPS 0.11)
DecisionBUY for dividend keep unless stock price slump
Comment
Revenue increased 22.4% and also higher than preceding year corresponding quarter 0.4%, eps increased 56.3% and was second consecutive quarter increasing and also higher than preceding year corresponding quarter 28%, cash generated from operating is more than enough to cover financing expenses but still spent 8.5% of Group cash to cover investing expenses, gross margin maintain at quite satisfactory level, liquidity ratio indicate Group can meet current obligation and pay high dividend, gearing ratio indicate low risk of liabilities and can be optimize further with borrowing to expand the business, all accounting of turnover period is good which can generate free cash flow, all country business got higher profit
First Support Price1.39
Second Support Price1.2
Risk RatingMODERATE

Research House
Jupiter Target Price1.63 (2012-07-25)
MIDF Target Price1.75 (2012-10-31)

Accounting Ratio 
Return on Equity14.30%
Dividend Yield7.64%
Gross Profit Margin26.03%
Operating Profit Margin22.20%
Net Profit Margin22.92%
Tax Rate20.86%
Asset Turnover0.8184
Net Asset Value Per Share0.99
Net Tangible Asset per share0.99
Price/Net Tangible Asset Per Share1.52
Cash Per Share0.39
Liquidity Current Ratio3.6129
Liquidity Quick Ratio3.4003
Liquidity Cash Ratio2.1107
Gearing Debt to Equity Ratio0.1978
Gearing Debt to Asset Ratio0.1651
Working capital per thousand Ringgit sale49.8%
Days to sell the inventory20
Days to collect the receivables90
Days to pay the payables81

Technical Analysis 
SMA 101.447 (Downtrend)
SMA 201.46 (Downtrend 6 days)
SMA 501.432 (Downtrend)
SMA 1001.377 (Uptrend)
SMA 2001.198 (Uptrend)
MACD (26d/12d)-0.005194 ( 0.00045 )
Signal (9)0.003042 ( 0.002059 )
MACD Histogram0.008236 (Bearish trend 7 days)
Bolinger Upper Band1.542
Bolinger Lower Band1.378

My notes based on 2012 quarter 3 report (number in '000):-
- The better net profit achieved was mainly due to higher volume loadings from most of the Group’s customers in the quarter, better product mix and economy of scale coupled with gain on disposal of land and factory building in Jitra

- Estimate next 4Q eps after 2012 Q3 result announced = 36000/269867 = 0.1334, estimate PE on current price 1.44 = 9.97(DPS 0.09)
- Estimate next 4Q eps after 2012 Q2 result announced = 258877*0.12/268760 = 0.1156, estimate highest/lowest PE = 13.24/10.99 (DPS 0.11)
- Estimate next 4Q eps after 2012 Q1 result announced = 247348*0.11/268761 = 0.1012, estimate highest/lowest PE = 14.23/9.88 (DPS 0.09)
- Estimate next 4Q eps after 2011 Q4 result announced = 246430*0.1/266508 = 0.0925, estimate highest/lowest PE = 11.89/8.92 (DPS 0.09)
- Estimate next 4Q eps after 2011 Q3 result announced = 0.029*4*1.05 = 0.1218, estimate highest/lowest PE = 8.09/6.03 (DPS 0.065)
- Estimate next 4Q eps after 2011 Q2 result announced = 0.0282*3*1.05+0.0241*1.05 = 0.1141, estimate highest/lowest PE = 8.46/6.88 (DPS 0.045)
- Estimate next 4Q eps after 2011 Q1 result announced = 0.1139*1.1 = 0.1253, estimate highest/lowest PE = 7.53/7.05 (DPS 0.0965)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.0326*4 = 0.1304(no decrease due to high tax expenses), estimate highest/lowest PE = 8.46/6.85 (DPS 0.0965)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.0326*4 = 0.1304, estimate highest/lowest PE = 8.97/7.67 (DPS 0.09)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.026*4 = 0.104(0.026 is average of latest recent quarter), estimate highest/lowest PE = 13.94/8.94 (DPS 0.09)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.0904+0.0007+(0.0911*0.05) = 0.0957(adjustment from 0.0233-0.0226 and 5% grow adjustment), estimate highest/lowest PE = 16.61/12.85 (DPS 0.08)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.0226*4 = 0.0904, estimate highest/lowest PE = 18.36/9.07 (DPS 0.07)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.0183*4 = 0.0732, estimate highest/lowest PE = 15.64/8.74 (DPS 0.055)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.0137*4 = 0.0548, estimate highest/lowest PE = 15.78/13.05 (DPS 0.025)

GTRONIC latest news (English)

GTRONIC 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
2012-10-3020123N/AN/A-5.77%12.22%78344204678179573745014212301220.05270.11163208711808995298950070-267882398232276810455990851705566001056852698672698674048002012-09-3026.03%22.20%22.92%20.86%0.8184-0.990.991.520.393.61293.40032.11070.19780.165149.8%209081
2012-07-24201221.641.380.053.94%6.46%6954012633412097194939714159100.03610.05923206821711546180558104-258877181992096456779925727658442908152687602687603735762012-06-3026.90%16.51%17.40%19.70%0.7951-0.960.961.450.342.94562.72911.5630.23870.192744.3%249794
2012-04-24201211.531.090.022.51%2.51%567945679473957395619661960.02310.02312909571480244360937140-24734852794309540198835958814989838462687612687613144502012-03-3125.08%12.34%13.02%16.21%0.8755-0.920.921.270.313.98563.69642.25760.17630.149943.5%207757
2012-02-22201141.190.9150.022.08%11.06%579352650195699302495021266930.01880.10022984061513545197646547-24643069302510224524492807440449880991602665082665082558472011-12-3122.00%8.79%9.84%11.90%0.88819.58480.920.921.040.373.25162.9922.13030.21090.174239.5%215568
2011-10-25201131.090.8-3.21%8.98%707192070848630245507733216720.02900.08113109351513725642750765-2545084822241539375491805237543000921802671042671042417292011-09-3022.19%11.50%12.20%10.39%0.9022-0.950.950.950.352.98182.75831.81580.22170.181535.9%196269
2011-07-26201121.010.830.053.11%5.78%692801363658441159207514139390.02820.05223110731423415911453303-2519593070437442545491643444831903810672668652668652655302011-06-3022.56%11.76%12.18%10.98%0.92-0.940.941.060.32.67042.43851.52090.23460.1931.1%206270
2011-05-26201111.040.980.0152.66%2.66%670856708574797479642564250.02410.02413015831206945345447446-248129686780025554788960678622565112665732665732719042011-03-3120.79%10.91%11.15%14.09%0.9484-0.930.931.10.212.54382.28321.19110.21540.177225.6%216658
2011-02-22201041.20.990.023.24%13.12%7345027915011319374267336297270.02760.11203060561141896477958453-24127767394913837965811962398931954492422653792653792945702010-12-3123.65%14.60%15.41%35.19%0.91219.90920.910.911.220.191.95351.69470.84240.26850.211720.0%266585
2010-10-26201031.261.090.02653.82%9.89%7638320570010540261078654223910.03260.08443267402096148623180841-2405091406466316829812007433604818042652262652263129662010-09-3024.79%13.45%13.80%17.89%0.8286-0.910.911.30.312.59292.42281.01190.35850.263947.6%25150142
2010-07-27201021.541.020.033.35%6.07%691131293178561155677587137370.02860.05182826541572175069945932-231955207344353744182932163818940918722650072650073869102010-06-3024.05%11.97%12.39%11.38%0.9062-0.880.881.660.353.42283.15072.00020.21860.179443.4%247184
2010-04-27201011.671.310.032.72%2.72%602036020370057005615061500.02330.02332741611402514647342157-22768810970267853348393682922958868942638692638694353832010-03-3123.79%11.08%11.64%12.21%0.874-0.860.861.920.333.32693.0972.06120.20410.169540.9%206183
2010-02-23200941.730.890.022.73%7.24%650452174975076192286010159210.02260.05982774451377125095246440-22649342636211777225712022145914234854362663432663432476982009-12-3128.36%7.74%7.80%-0.783915.5580.850.851.090.322.96542.77691.83970.2250.183642.0%206697
2009-10-27200931.20.695-2.76%4.51%61775152452735514153606899110.02280.03722778121231965118043931-226632360142964419607113363704410755432662742662742303272009-09-3029.09%11.96%11.91%17.50%0.768-0.850.851.020.282.80432.59731.71960.22580.184237.1%216696
2009-07-28200920.890.740.0251.65%1.75%526069067749426798363938430.01370.01442691861109994868140786-2205051217120730208071870855910639612312661702661702089432009-06-3024.51%9.04%9.39%26.37%0.8156-0.830.830.950.232.72152.51521.50130.22080.180832.0%186984
2009-04-28200910.850.640.020.09%0.09%3807138071185618562042040.00080.00082646571033864363835092-2210193056152921735733721223610501628712620592620591768892009-03-3120.47%4.73%4.88%89.01%0.9095-0.840.840.80.242.94612.68371.79160.19740.164928.4%184765
2009-02-24200840.780.115-0.74%9.65%609162754523660295641668217680.00130.01662913491262577136365313-2199867674462037241288054114707942171120131037013103701900032008-12-3129.81%5.96%6.01%54.43%0.9478.72860.170.170.850.051.93311.78081.08890.32440.244922.1%1756107
2008-10-28200830.180.14-2.49%8.91%679472150037192259045612201000.00430.01533027631476716823561218-23452831958253738544822746585195980315131033913103391899992008-09-3020.87%10.61%10.58%21.97%0.9976-0.180.180.810.062.41222.20161.3120.29090.225428.6%206589
2008-07-29200820.220.140.00503.26%6.42%737731470569774187127350144880.00560.01112941081524226587858764-228230887154588048802423413463575607131036113103612686242008-06-3022.20%13.21%13.25%24.80%1.078-0.170.171.210.062.59382.36761.28660.28860.22429.5%197281
2008-04-29200810.2450.19-3.16%3.16%732837328389388938713871380.00540.00542941261514256562659805-22850015253912324079123143411110190224131029713102972948162008-03-3123.22%12.21%12.20%20.14%1.0871-0.170.171.320.072.5322.24971.50860.28720.223128.7%244983
2008-02-26200740.230.1950.00803.83%14.05%870293136848141387718208301280.00630.02303083771615598278076993-2255975046326012263488252324451189780626131083013110723014902007-12-3118.34%9.43%9.35%-1.017210.00880.170.171.350.062.09841.85711.04720.36690.268427.0%2871111
2007-10-30200730.30.220.00403.87%10.23%8296122665211027306418296219320.00630.01672997401624366695260312-2327883375513332927983314204231114494458131124713112473671492007-09-3022.38%13.33%13.29%24.77%1.017-0.180.181.560.072.69332.3871.56620.28760.223433.5%295987
2007-07-3120072N/AN/A0.00303.27%6.36%764841436919481196147003136360.00530.01042869631454526281256163-22415119608123459238837247263197581749131235513123553937062007-06-3021.46%12.41%12.40%26.14%0.7732-0.170.171.760.062.58982.20981.45560.28020.218940.2%4670106
2007-04-2420071N/AN/A-3.09%3.09%67207672071013310133663366330.00510.00512808341377605992653270-220908118567206526583773465061583158131292413129244267002007-03-3125.58%15.08%15.08%34.54%0.5177-0.170.171.910.062.58612.14621.56110.27130.213458.1%7878157
2007-02-2620064N/AN/A0.0030N/AN/A7819432767912220396637054305620.00540.02332956011549458113374468-21446857382239632244673896334191097384869131146813114683803252006-12-3123.57%15.74%15.63%42.27%0.264512.44440.160.161.810.062.08071.78081.13970.37830.2745102.9%136223398

Financial Quarter Balance Sheet
yearqrtInvestment in associated companies (A-0)Investment properties (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, deposits and prepayments (A-1)Trade receivables (A-1)Deferred income (L-0)Deferred tax liabilities (L-0)Current tax liabilities (L-1)Dividend payable (L-1)Loans & borrowings (L-1)Payables and accruals (L-1)Trade and other payables (L-1)
20123486784535498121154105685--1064469655760564022796335--2988513850
2012248528518613313002590815--12584156625209392227797980-4603439315271
2012148088582681812272583846--107381365039790121452554148-21561921711619
2011448398646643012713799160--1208628133729517452554110-40042607612357
2011348238710730513872592180--1134634784436830753554006-57732691014076
2011248078774786414728781067--1236222034670945653553970-72642615115918
2011147848839664516062156511--1236778764394065353553854-89082021114473
2010447618903638117182249242--1513045004531797153552891-63653214817049
201034712896757889765981804297511137496845342622181635742057--6130717477
2010246969031599410571691872285811124971264937330197427932316--2796715649
20101463490956738113443868943887119692384935918152327932271--2490314983
200944608916075161184498543640211858755238236933171927933605--2552517310
2009345699224782813299575543-1489092345734956236248872807--3042610698
2009245999288763513666561231-14884141141429792300848872303--290719412
2009145089352762413978762871-1489210636724790365948872357--254417294
200844447941672691439607112021753269950768435002116348872415-10424173420122
2008343949480967013154880315-749128921242541290123057871172-15884200616452
2008243739545985011791875607-1225132922256239736132757871233-20443827617211
2008143049609832312046590224-1590168806121366103457871141-13613736419939
20074430196731116312168180626-1188185781296948198-57871088-9055064724353
20073430597461133811191594458-8818473245046967366372023-26073324222440
20072429798111200311540081749-39213412204401191166384090-26073332516141
20071426398661062711831883158-39234342890282391966373405-26072851718741
20064422499301415611234684869-46223305000427002866371499524126074253322588

Financial Quarter Income Statement
yearqrtRevenueIncome tax expenseCost of salesFinance/interest costsOther incomeAdministrative/Operating expensesFinance/interest incomeShare of profit/ (loss) of associates
201237834437455795414856785555215
20122695402383508335480770757943
201215679411994255012704793842831
20114579356784518919495814960917
20113707198975502928398795250814
20112692809275365228553803630024
2011167085105453138301256788516823
2010473450398356080-1173781754449
2010376383188657451-631929125117
201026911397452493-459880522562
201016020385545881-582823531026
2009465045934466010269516102-39
2009361775128743804455111133-30
2009252606130339712062787689891
200913807116523027858006793-61
20084609161992427542364015172-53
20083679471580537673910297999-21
20082737732424573993717638395-69
20081732831800562661611899255-3
200748702967710646212228979-5
20073829612731643944113548862-9
20072764842478600724210958018-34
20071672073500500184014248479-39
20064781945166597655813367459-28

Financial Quarter Segments Revenue
yearqrtOthersMalaysiaChinaSingaporeUnited States
2012323579491494146534225
20122335387858391965850
2012129449509750956623
201132552753294162308770
201121652188421656847176
2011161491791333607310439

Financial Quarter Segments Profit
yearqrtOthersMalaysiaChinaSingaporeUnited States
20123111403110233301570
2012259564261189740
20121275682899191216
2011316766010340312
20112276949193481959
20111370895138398

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

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