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Saturday, November 17, 2012

KLCI Stock - KAF / 5096 - 2013 Quarter 1

KAF-SEAGROATT & CAMPBELL BERHAD


Company Description
KAF-SEAGROATT & CAMPBELL BERHAD is a Malaysia-based investment holding company. The Company, along with its subsidiaries, is engaged in stockbroking and related services in Malaysia. The Company’s subsidiaries include KAF-Refco Futures Sdn. Bhd., which is engaged in financial and commodity futures broking on behalf of customers, KAF Research Sdn. Bhd., which is engaged in providing research and analysis services of securities and capital market, and KAF-Seagroatt & Campbell Securities Sdn. Bhd., which is engaged in stock broking. KAF-Seagroatt & Campbell Securities Sdn. Bhd.’s subsidiaries include KAF Nominees (Tempatan) Sdn. Bhd. and KAF Nominees (Asing) Sdn. Bhd., both engaged in providing nominee services and the safe custody and management of securities.

Company Info 
Listing Date1991-08-02
Market Capital (Capital Size)192,000,000 (Small)
Par ValueRM 1.00
BoardMain
SectorFinance
Major IndustryStockbroking & Related Services
Sub IndustryNominee Services
Websitehttp://www.kaf.com.my/

My Analysis 
Forecast P/E now(1.6-0.075)/0.1374 = 11.10 (Moderate)
Target Price1.65+0.075 = 1.72 (PE 12.0, EPS 0.1374, DPS 0.075)
DecisionNot interested unless Bolinger lower band and most short-term moving average form an uptrend line
Comment
Revenue increased 23.6% and was third consecutive quarter increasing but still lower than preceding year corresponding quarter 16.9%, eps increased 6.5% and also higher than preceding year corresponding quarter 119.4%, cash generated from operating more than enough to cover all expenses, operating margin maintain very high above 50%, liquidity ratio indicate got sufficient cash to meet current obligation, gearing ratio indicate higher leverage to generate more income, stockbroking segment growth
First Support Price1.6
Second Support Price1.48
Risk RatingMODERATE

Accounting Ratio 
Return on Equity7.80%
Dividend Yield4.69%
Operating Profit Margin53.03%
Net Profit Margin52.03%
Tax Rate27.51%
Asset Turnover0.0532
Net Asset Value Per Share1.96
Net Tangible Asset per share1.94
Price/Net Tangible Asset Per Share0.84
Cash Per Share1.88
Liquidity Current Ratio1.6841
Liquidity Quick Ratio0.0
Liquidity Cash Ratio0.7009
Gearing Debt to Equity Ratio1.3696
Gearing Debt to Asset Ratio0.5777
Working capital per thousand Ringgit sale743.5%
Days to sell the inventory-
Days to collect the receivables10
Days to pay the payables456

Technical Analysis 
SMA 101.629 (Downtrend)
SMA 201.637 (Downtrend 2 days)
SMA 501.683 (Downtrend)
SMA 1001.697 (Downtrend)
SMA 2001.732 (Same)
MACD (26d/12d)-0.014835 ( 0.001837 )
Signal (9)-0.015434 ( 0.00015 )
MACD Histogram0.000599 (Bullish trend 4 days)
Bolinger Upper Band1.714
Bolinger Lower Band1.56

My notes based on 2013 quarter 1 report (number in '000):-
- Higher pbt due to lower operating expenses

- Estimate next 4Q eps after 2013 Q1 result announced = 235563*0.07/120000 = 0.1374, estimate PE on current price 1.6 = 11.1(DPS 0.075)
- Estimate next 4Q eps after 2012 Q4 result announced = 232035*0.07/120000 = 0.1354, estimate highest/lowest PE = 12.59/11.26 (DPS 0.075)
- Estimate next 4Q eps after 2012 Q3 result announced = 231352*0.07/120000 = 0.135, estimate highest/lowest PE = 13.22/11.3 (DPS 0.075)
- Estimate next 4Q eps after 2012 Q2 result announced = 229485*0.07/120000 = 0.1339(ROE 7%), estimate highest/lowest PE = 14.82/11.46 (DPS 0.075)
- Estimate next 4Q eps after 2012 Q1 result announced = 0.1584*0.8 = 0.1267, estimate highest/lowest PE = 12.55/9.67 (DPS 0.15)
- Estimate next 4Q eps after 2011 Q4 result announced = 0.1584*0.9 = 0.1426, estimate highest/lowest PE = 10.13/7.89 (DPS 0.075)
- Estimate next 4Q eps after 2011 Q3 result announced = 0.1953*0.85 = 0.166, estimate highest/lowest PE = 8.58/7.74 (DPS 0.075)
- Estimate next 4Q eps after 2011 Q2 result announced = 0.1819*1.05 = 0.191, estimate highest/lowest PE = 7.72/6.73 (DPS 0.075)
- Estimate next 4Q eps after 2011 Q1 result announced = 0.1806*1.05 = 0.1896, estimate highest/lowest PE = 7.94/6.99 (DPS 0.075)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.1729*0.9 = 0.1556(10% drop due to assets decreased), estimate highest/lowest PE = 9.03/7.49 (DPS 0.075)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.0443(average from recent 3 quarter)*4 = 0.1772, estimate highest/lowest PE = 7.93/6.35 (DPS 0.075)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.2262, estimate highest/lowest PE = 6.26/5.11 (DPS 0.075)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.2184, estimate highest/lowest PE = 6.8/4.97 (DPS 0.075)

KAF latest news (English)

KAF latest news (Chinese)


Financial Quarter Summary
a_dateyearqrth_pricel_pricedivroec_roerevc_revpbtc_pbtprofc_profepsc_epsassetc_assetliabc_liabminoequicfocficffcashfcfnetfinalsharec_sharem_capdateoper_mprof_mvatasset_tpenavpsntapsp/ntapscpsl_curl_quil_cashg_deg_daavg_winv_drec_dpay_d
2012-10-2420131N/AN/A-1.52%1.52%9354935448674867352935290.02940.0294557815542705322252322252281235563118382496N/A100350934293421096921200001200001944002012-08-3153.03%52.03%27.51%0.0532-1.961.940.841.881.6841N/A0.70091.36960.5777743.5%-10456
2012-07-25201241.781.6-1.43%6.98%7570289084220213973311161830.02760.1349447856432516215821215821282232035713219416135008730226548130481003501200001200002004002012-05-3156.83%55.75%21.61%0.070512.38341.931.910.871.782.004N/A0.98810.93130.4819686.7%-8298
2012-04-23201231.861.6-3.71%5.55%71832133710918171778618128720.07180.10733922533764731609011609012852313521144184221350087302195666066933681200001200002136002012-02-29153.10%152.00%21.08%0.0802-1.931.910.931.712.3398N/A1.27160.69630.4102684.9%-13131
2012-01-16201222.061.610.0751.14%1.83%55431415433156259264142540.02200.0355398761382713169276169276286229485190715125675087302132186468937701200001200001932002011-11-3061.27%59.81%20.36%0.0821-1.911.890.851.682.2609N/A1.19090.73860.4245651.9%-1286
2011-10-20201211.741.3-0.70%0.70%112611126129442944161316130.01340.0134532402516114305557305557287226845537014653675087302928316033712691200001200001584002011-08-3127.00%26.14%45.24%0.0648-1.891.870.711.731.6891N/A0.68051.34870.5739610.2%-12192
2011-07-28201141.521.20.0750.38%8.89%74883050291826167842194830.00700.1624449541432986217558217558288231983406316551675081564124885738873021200001200001740002011-05-3113.47%12.26%8.61%0.06798.93091.931.910.761.761.9902N/A0.97050.9390.484706.3%-13956
2011-04-25201131.51.36-1.83%8.50%8448230145478252484004186400.03340.15535041574875072730132724792912311443585163846750815641996926719548451200001200001680002011-02-2865.89%64.84%26.93%0.0597-1.921.910.731.741.7892N/A0.76781.18260.5415714.5%-3368-91049
2011-01-19201121.551.360.0753.26%6.67%7312145669691197707158146360.05970.12204795274570642456372451032922338902445631024N/A8156465686568749961200001200001776002010-11-30133.70%132.54%26.15%0.059-1.951.880.791.981.8648N/A0.96911.05150.5122749.6%-2834-46946
2010-10-28201111.581.4-3.41%3.41%725472541007710077747674760.06230.0623361480338774134749134215293226731106031683N/A815643062330623509411200001200001716002010-08-31141.19%138.92%25.82%0.0764-1.891.820.791.742.5241N/A1.55150.59510.3728740.9%-1725-24059
2010-07-20201041.481.24-2.26%9.79%7079256435506259094795207480.04000.17292972412743697796877434294219273129631605813500660432902115521815641200001200001512002010-05-3178.98%77.78%12.95%0.10257.28741.821.760.721.663.5433N/A2.57220.35610.2623646.6%-15446
2010-04-20201031.481.20.0751.13%7.52%6632233803276204032387159530.01990.13293758723525931546421534082962212307213402675054651681161547121200001200001548002010-02-2842.55%49.40%27.26%0.0803-1.841.780.721.622.2984N/A1.26720.69990.4114660.2%-18896597
2010-01-20201021.491.23-3.31%6.40%6643167488896171277018135660.05850.11313249993089619940298168300225597681916658N/A546512347723477781281200001200001536002009-11-30112.69%133.92%21.12%0.0815-1.881.880.681.723.1473N/A2.0970.44120.3059795.4%-13574724
2009-10-28201011.561.16-3.09%3.09%101051010582328232654965490.05460.0546435913419493217332216098301218581116571484N/A546511314113141677921200001200001404002009-08-3162.83%81.46%20.46%0.0561-1.821.820.641.731.9412N/A0.95810.99570.4986831.6%-310311620
2009-07-23200941.251.10.0755.62%1.38%6789197351357315431212129690.10100.02473788153621281667821655483022120331715561333306187938987228546511200001200001416002009-05-31148.43%199.93%10.71%0.0521-1.761.760.671.592.1875N/A1.15160.78770.4403996.1%-309011053
2009-04-23200931.220.9-0.02%7.00%296512946381511637150900.00030.125832323530628512332212332230319991320611343330618799284258576211200001200001092002009-02-2822.26%1.28%-0.069-1.661.660.551.472.4836N/A1.4270.61780.3815820.5%-20526804
2009-01-15200921.130.8-4.80%6.98%45999981103421507810341150530.08620.1254280527263295805778057730419995042243969333061879819311523503561200001200001056002008-11-30293.91%224.87%-0.0964-1.661.660.531.433.2676N/A2.1250.40360.2872675.4%-11773445
2008-09-23200911.180.835-2.18%2.18%5382538247364736471247120.03930.039327888626137368594685943052102922276273233306187950088338535411200001200001404002008-08-3198.18%88.00%-0.1145-1.751.750.671.563.8104N/A2.72610.32670.246603.6%-8132296
2008-05-20200841.451.090.03750.47%7.14%935236678143019337971148120.00810.1234285151207432694956949530721565610479520661557927105673952618791200001200001656002008-03-314.44%15.29%32.17%0.128611.18011.791.790.771.152.9848N/A1.99060.32270.2437376.1%-6721978
2008-02-25200831.61.37-2.64%6.67%7722273266406179075478138410.04570.1153472848394863258162258162308214686361740414338557927424429611008881200001200001776002007-12-3165.32%82.96%14.53%0.086-1.791.790.831.61.5295N/A0.74341.20420.546336.3%-18224940
2007-10-23200821.71.480.03751.85%4.03%948019604528311501384083630.03200.0697356135307649143594143594311212541987327132855792722841001569261200001200001932002007-09-3035.18%55.73%27.33%0.1111-1.771.770.911.432.1425N/A1.19120.67660.4032414.7%-12603352
2007-08-1520081N/AN/A-2.15%2.15%101241012462186218445944590.03720.03723714903228211595671595673122119239570105592N/A5792796022960221539491200001200002040002007-06-3040.61%61.42%28.30%0.0914-1.761.760.971.422.0231N/A1.0710.75410.4295481.1%-16344313
2007-05-2820074N/AN/A0.0375N/AN/A13318277458636250097036189850.05860.1582386497338037179032179032313207465260301051703610517317279140115245579271200001200002052002007-03-3139.02%64.84%18.56%0.071810.80851.731.730.991.491.8881N/A0.99640.86430.4632573.1%-21005729
2007-02-1220073N/AN/A-N/AN/A66381442713418163739995119500.08330.0996354896304762121598121598316233298214671466803240173172125213128453447191200001200001548002006-12-31169.83%202.14%25.52%0.0407-1.941.940.661.652.5063N/A1.62370.52190.34261269.6%-27157789
2006-11-2020072N/AN/A-N/AN/A3856778915542955102819550.00860.0163336769292522113465113465317223304147141408593240173172126145129385437871200001200001656002006-09-3027.93%40.30%33.91%0.0231-1.861.860.741.532.5781N/A1.6160.50880.33692298.8%-5116N/A
2006-08-2920071N/AN/A-N/AN/A39333933140114019099090.00760.00763016262641347612776127318225499341136611N/A173172136270136270369021200001200001560002006-06-306.33%35.62%35.19%0.013-1.881.870.71.53.4696N/A2.37220.33810.25244780.2%-7753N/A

Financial Quarter Balance Sheet
yearqrtDeferred tax assets (A-0)Financial assets at fair value through profit and loss (A-0)Intangible assets (A-0)Investment properties (A-0)Property, plant and equipment (A-0)Cash and cash equivalents (A-1)Clients' and brokers' balances (A-1)Current tax assets (A-1)Financial assets at fair value through profit and loss (A-1)Other receivables, deposits and prepayments (A-1)Deferred tax liabilities (L-0)Clients' and brokers' balances (L-1)Current tax liabilities (L-1)Loans & borrowings (L-1)Payables and accruals (L-1)Provision for taxation (L-1)Minority interest (M-1)
20131511972000883240301096923114694557116171816-314419348-7485-281
20124512182000883242391003502129345642112904686-207453348-8020-282
201232291972000883245229336816556451561112331152-155550658-4693-285
201222291692000883248189377017325467851078131091-164604--4672-286
201212291242000883251037126930176553121366541114-297587--7970-287
201142291392000883253558730221755831761238381112-207317--10241-288
20113-19720008832562154845-620154361277681534---2699042575291
20112-22475008832590774996-8162533219527534---2420623041292
20111-17675008832619850941-55157296130482534---1326881527293
20104-6997500883258418156473215763117612121553468366--76951373294
20103-83675008832611164409-20751299941561151234---1514701938296
20102-836-8832637086465-4561119391985441234---946063562300
20101-1286-8832630279319-45161277142079441234---2144141684301
20094-1286-8832656966043-44241245991670621234---1655462302
20093-1286-8832683264831-4956111151125347----123322-303
20092-1286-8832711457489-484611373887222----80577-304
20091-1286-8832739560929-322612606371155----68594-305
20084-61287-88327600108019-16113032067482----69495-307
20083-61287-88327866111203-1380721202926---500002070241138308
20082-31589-8832806570502-13100544136590----1415352059311
20081-31589-88328248170896-13-151912----1577551812312
20074-31589-8832803974336-13104056159632----1777571275313
20073-334471398832771654388--143045107329----1200721526316
20072-272342788832790350149--133209109164----113465-317
20071-271284168832111644193--13639983542----75864263318

Financial Quarter Income Statement
yearqrtRevenueIncome tax expenseCost of salesFinance/interest costsOther incomeAdministrative/Operating expensesMinority interestFinance/interest incomeDepreciation & amortisationMaintenance costCommission expenseStaff costsMarketing expensesEstablishment expensesRental of PremisesLevy Charges
2013193541339-9310837541-28131515481951--300328
201247570912-8211424303----21051351740--
2012371832301-79901016641----19331741425--
201225543675-81496735471----19121531502--
20121112611332-97175839081-29926022662581--292372
20114748879-9130548733----70281921440--
2011384481475-8815285831----19781681681--
2011273122534-8562655281----18011521320--
2011172542602-16586785491----3771591311--
201047079713-8548494662----42301081533--
2010366328931728-10132894454---2806----
20102664318791752-700450211410---3907----
201011010516842822-5191109111883---5034----
20094678914532078-217845613496---3307----
2009329650657-572971622---2728----
20092459901178-2291409113175---3076----
200915382231554-43969191548---2632----
2008493524603227-58028311015---6007----
2008377229312578-281427131362---2643----
20082948014443546-30833811948---2569----
200811012417603473-44330312107---2680----
200741331816035699-117668033439---2918----
20073663834242696-1063737512145---2931----
2007238565271484-35686012631---2945----
2007139334931447-15539411650---2496----

Financial Quarter Segments Revenue
yearqrtInvestment holdingStockbroking
201318709567
201246228090
2012329207740
2012244556055
2012112709503

Financial Quarter Segments Profit
yearqrtInvestment holdingStockbroking
201317964071
201242104010
2012381322786
201229762339
2012120204964



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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