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Tuesday, November 20, 2012

KLCI Stock - MAHSING / 8583 - 2012 Quarter 3

MAH SING GROUP BERHAD


Company Description
Mah Sing Group Berhad is an investment holding company engaged in the provision of management services to subsidiary companies. The Company operates in two business segments: Properties, which is engaged in investment, construction, management and development of residential, commercial and industrial properties, and Plastics, which is engaged in the manufacture, assembly and sale of a range of plastic moulded products. The Company's commercial developments include The Icon Jalan Tun Razak, Southgate Commercial Centre and StarParc Point. Its residential developments include Klang Valley, Penang Island and Johor Bahru. In December 2008, the Company disposed of its 70% interest in Ultimate Factor Sdn Bhd. In April 2009, the Company acquired Myvilla Development Sdn Bhd. In September 2009, the Company acquired Grand Pavilion Development Sdn Bhd and Klassik Tropika Development Sdn Bhd. In December 2009, it incorporated a wholly owned subsidiary, Mah Sing International (HK) Limited.

Company Info
Listing Date1992-10-28
Market Capital (Capital Size)1,921,885,957 (Large)
Par ValueRM 0.50
BoardMain
SectorProperties
Major IndustryProperty Development
Sub IndustryPlastic
Websitehttp://www.mahsing.com.my

My Analysis
Forecast P/E now(2.29-0.11)/0.2686 = 8.12 (Moderate)
Target Price2.42+0.11 = 2.53 (PE 9.0, EPS 0.2686, DPS 0.11)
DecisionBUY if stock price sustain and uptrend whenever MACD bullish or wait rebound around SMA100
Comment
Revenue decreased 7.5% and was second consecutive quarter decreasing but still slightly higher than preceding year corresponding quarter, eps decreased 8.8% but higher than preceding year corresponding quarter 30.3%, cash generated from operating not enough to cover financing expenses hence spent 21.3% of Group cash to cover all other expenses, gross margin near to last 3 years high, liquidity ratio indicate can meet current obligation unless property sales lagging, high gearing ratio with high profit indicate great deal of leverage but still concern on lender issue, benefit from shorter receivables collection period than payables repayment period which got more cash on hand but inventory consumes many cash, higher property development cost can indicate more property development projects which can contribute higher income in the future
First Support Price2.2
Second Support Price2.0
Risk RatingMODERATE

Research House
OSK Target Price2.69 (2012-05-29)
HLG Target Price2.53 (2012-09-20)
RHB Target Price2.5 (2012-10-19)
AMMB Target Price3.6 (2012-11-20)
CIMB Target Price2.71 (2012-11-20)
Kenanga Target Price2.45 (2012-11-20)
Maybank Target Price2.45 (2012-11-20)
MIDF Target Price2.85 (2012-11-20)
TA Target Price3.02 (2012-11-20)

Accounting Ratio
Return on Equity20.48%
Dividend Yield4.80%
Gross Profit Margin29.31%
Operating Profit Margin17.89%
Net Profit Margin18.09%
Tax Rate26.06%
Asset Turnover0.5641
Net Asset Value Per Share1.4
Net Tangible Asset per share1.39
Price/Net Tangible Asset Per Share1.65
Cash Per Share0.64
Liquidity Current Ratio2.7935
Liquidity Quick Ratio1.0187
Liquidity Cash Ratio0.5398
Gearing Debt to Equity Ratio1.6143
Gearing Debt to Asset Ratio0.6155
Working capital per thousand Ringgit sale103.2%
Days to sell the inventory521
Days to collect the receivables99
Days to pay the payables268

Technical Analysis
SMA 102.258 (Uptrend)
SMA 202.263 (Downtrend 2 days)
SMA 502.213 (Uptrend)
SMA 1002.169 (Uptrend)
SMA 2002.063 (Uptrend)
MACD (26d/12d)0.014098 ( 0.001416 )
Signal (9)0.012657 ( 0.00036 )
MACD Histogram0.001441 (Bullish trend 2 days)
Bolinger Upper Band2.356
Bolinger Lower Band2.17

My notes based on 2012 quarter 3 report (number in '000):-
- Property development margin improved compared to the previous year due mainly to changes in property mix

- Plastics segment profit margin was affected by foreign exchange difference and higher staff costs as a result of minimum wage ruling in Indonesia

- The lower current quarter profit before taxation compared to the immediate preceding quarter was due mainly to fluctuation in percentage of completion of development activities for certain property projects

- Estimate next 4Q eps after 2012 Q3 result announced = 1196873*0.19/846708 = 0.2686, estimate PE on current price 2.29 = 8.12(DPS 0.11)
- Estimate next 4Q eps after 2012 Q2 result announced = 1142523*0.22/842207 = 0.2984, estimate highest/lowest PE = 7.84/6.3 (DPS 0.11)
- Estimate next 4Q eps after 2012 Q1 result announced = 1151402*0.21/844481 = 0.2863, estimate highest/lowest PE = 8.36/6.51 (DPS 0.076)
- Estimate next 4Q eps after 2011 Q4 result announced = 1088489*0.18/853767 = 0.2295, estimate highest/lowest PE = 9.69/7.73 (DPS 0.076)
- Estimate next 4Q eps after 2011 Q3 result announced = 0.0499*4*0.95 = 0.1896, estimate highest/lowest PE = 11.2/8.41 (DPS 0.076)
- Estimate next 4Q eps after 2011 Q2 result announced = 0.0504*4 = 0.2016, estimate highest/lowest PE = 12.12/7.01 (DPS 0.076)
- Estimate next 4Q eps after 2011 Q1 result announced = 0.0485*4 = 0.194, estimate highest/lowest PE = 13.47/10.64 (DPS 0.076)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.0376*4*1.1 = 0.1654, estimate highest/lowest PE = 16.05/13.2 (DPS 0.076)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.0357*4*1.1 = 0.1571, estimate highest/lowest PE = 17.6/10.85 (DPS 0.065)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.0355*4*1.1 = 0.1562, estimate highest/lowest PE = 12.45/10.47 (DPS 0.065)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.034*4*1.1 = 0.1496, estimate highest/lowest PE = 12.13/9.99 (DPS 0.065)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.0388*4 = 0.1552, estimate highest/lowest PE = 12.6/10.53 (DPS 0.065)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.0373*4 = 0.1492, estimate highest/lowest PE = 12.73/10.72 (DPS 0.08)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.0366*4 = 0.1464, estimate highest/lowest PE = 13.66/11.61 (DPS 0.08)
- Estimate next 4Q eps after 2009 Q1 result announced = 0.036*4 = 0.144, estimate highest/lowest PE = 13.68/11.39 (DPS 0.08)
- Estimate next 4Q eps after 2008 Q4 result announced = 0.0271*4 = 0.1084, estimate highest/lowest PE = 16.33/13.28 (DPS 0.08)

MAHSING latest news (English)

MAHSING 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
2012-11-1920123N/AN/A-5.07%16.10%420843133381876117243239552321752180.06500.20693112583282184719157101010145101501196873115594833471670766341043224713482949927584912784670819445002012-09-3029.31%17.89%18.09%26.06%0.5641-1.41.391.650.642.79351.01870.53981.61430.6155103.2%52199268
2012-08-16201222.451.99-5.52%11.02%45520091297582938167122600661199860.07130.142531042872828908196176410676521264711425236161180030974356341151841911585451826184276884220720057872012-06-3028.57%17.62%18.22%27.47%0.5656-1.341.331.790.662.64971.01730.51981.73630.632100.3%502109264
2012-05-28201212.471.94-5.50%5.50%457775457775841848418459920599200.07100.071030471242786268189572294205815047115140247566900318522633956642478276955118784448184448116720722012-03-3128.91%18.22%18.39%28.75%0.5634-1.351.331.490.692.95761.19010.61691.66820.6221107.4%489113256
2012-02-28201142.31.850.114.38%18.00%422126157069657228238628410321685560.04770.197428503812606694176189280783415338108848937365481284651842545248549337969163421585989985376718487822011-12-3126.81%12.33%13.56%29.10%0.55110.89011.261.261.710.773.22681.27110.82411.64180.6181114.5%50683236
2011-11-21201132.21.67-4.62%13.62%420696114857061226181400432241275240.04990.14912651096245411716043476322911581710467491633981419531318525367717759313559238926986650485526416810172011-09-3026.84%14.09%14.55%28.97%0.5461-1.211.211.60.693.88131.43990.94541.55620.6052125.8%54078191
2011-08-17201122.521.49-4.61%9.00%4161197278746198512017443132843000.05040.09892864999268962218714041002805179699935952290365015652512451752940453584778102285538585242220956932011-06-3027.68%14.86%14.90%31.16%0.4575-1.141.142.150.942.68211.10950.80111.91820.6532128.7%61584297
2011-05-25201112.692.14-4.40%4.40%311755311755581895818941168411680.04850.04852299988212946613203399115791841997964910897315291365202455201105022601827153884838784838722058062011-03-3129.11%18.71%18.66%27.99%0.5146-1.131.132.30.322.3360.76430.30221.37360.5741102.9%619128305
2011-02-25201042.732.260.0763.67%13.83%299284111010839212177865313501180710.03760.141921377431968092120128782672717590936456305605162002225083457763218059929724647983340383207220918412010-12-3128.72%12.19%13.10%17.60%0.519317.68851.11.12.280.372.38060.89580.37331.30740.5619102.8%566140309
2010-11-29201032.831.77-3.48%10.16%2834628108244897513865329678867210.03570.104317720861654210871491488384167609005952994142364017799734671632305414505720165983160483161715384672010-09-3029.30%17.44%17.28%34.91%0.598-1.061.061.750.283.38711.26970.47490.9860.4918110.0%481130185
2010-08-24201022.011.7-3.42%6.68%289050527362479658967829159570430.03550.07521630036151464475710844195614896872928191202414561583003565642223366403629252882106175811215353842010-06-3027.26%16.73%16.59%32.06%0.5591-1.131.131.650.363.42711.46220.66430.88240.4645117.7%472139188
2010-05-26201011.881.56-3.27%3.27%238312238312417134171327884278840.04020.0402137148112554314901742992531150888130721474036253346035179121836518490516688669303869303810811392010-03-3129.60%17.67%17.50%24.17%0.5757-1.261.261.240.244.19521.40760.5650.56350.3574121.1%526114160
2010-02-22200942.021.470.0653.60%13.53%2488717015624846914424325090942820.03880.148715465481434762693080530580777485346817482766282804416032116819919624335656464647363387211636512009-12-3117.43%19.57%19.48%45.55%0.453612.10171.331.331.350.612.70411.09950.74750.81950.4481128.9%60494311
2009-10-28200931.981.68-3.38%9.93%135143452691323659577423523691920.03730.10991206783109922047668727190065887300963723358801961160352431134507411527863003862962211214672009-09-3035.16%24.25%23.95%26.61%0.5008-1.151.151.550.194.04271.66740.44280.65890.395136.9%571198187
2009-08-19200922.091.77-3.31%6.56%167233317548322906340923038456690.03660.07261204071109352449734828321364677067234335051334529116038348483319215719162958862937512591762009-06-3029.24%19.73%19.31%27.14%0.5258-1.111.111.80.253.86111.70570.56180.71020.4131128.0%508182156
2009-05-28200912.061.72-3.25%3.25%150315150315311193111922631226310.03600.036012057231093389485339282199617172038439713409423104160439438072070313973662942962942911329722009-03-3131.53%21.25%20.70%28.75%0.5485-1.131.131.590.253.87451.63450.54690.67950.4025122.7%523164184
2009-02-24200841.921.50.082.69%14.65%1516606516392679313600617076931680.02710.148311995131086913502903317580633569661074175497022372200367623874001516035262917062822510003802008-12-3131.50%17.83%17.67%38.60%0.543310.72131.11.11.450.273.42251.35560.54230.72860.4193118.1%551140222
2008-11-28200831.621.5-2.60%11.97%1638934999792543710921316536760920.02630.121211383381025238458784254242693667955444646550343449820036599680651821351836286236278889806512008-09-3031.01%15.58%15.52%33.77%0.545-1.071.071.460.234.03251.59050.56460.68210.403124.3%565153194
2008-07-30200821.641.2-5.86%9.37%195421336086528618377637247595560.05940.0949117140010696484748522478186303696548970514383983292200356140890575981427586274526276329349032008-06-3037.81%27.52%27.05%29.38%0.5321-1.11.11.350.234.31631.67980.58820.68790.4054131.8%592158201
2008-05-29200811.521.18-3.51%3.51%140665140665309153091522309223090.03550.0355107166210102434137662292295293657896670262176396320035269202731651271876277626277629416432008-03-3131.29%22.91%21.98%27.81%0.5342-1.041.041.440.214.40711.76990.57020.6340.3861136.4%578175194
2008-02-28200741.851.270.086.36%25.33%1204045733652946111770520367811260.03240.140911101241050628474352278785545563577210265449202656144231810757415804020035862835257583211561672007-12-3142.18%25.91%24.47%30.46%0.516513.06031.091.091.690.323.76861.57210.73080.75260.4273134.6%576143243
2007-11-27200732.171.75-7.00%18.97%166863452961341838824422424607590.03570.10881050776989931435088211904548161568811168776452942164229811933217488421718262765655839211799932007-09-3031.19%21.43%20.49%33.52%0.5589-1.091.091.720.354.67162.14611.03410.7130.4141132.5%473146167
2007-08-27200721.921.69-6.38%11.97%144537286098290655406120421383350.03750.073010684521010068452015230825523861643712867533683276644230113204319562123792254485452539213784802007-06-3030.30%20.60%20.11%28.15%0.3934-1.161.162.180.444.37592.02741.04520.73960.4231185.4%664197226
2007-05-3020071N/AN/A-5.59%5.59%141561141561249962499617914179140.03540.03548227297654574203391899754684402390100819108014452242301101899426238492450633950633912607842007-03-3127.33%18.55%17.66%27.34%0.3353-0.790.793.150.184.02931.40140.47171.05690.5109208.6%925233260
2007-02-2820064N/AN/A0.12N/AN/A134271495625257599328417257653700.03680.1442746742688461426443292186452232029962203482253523384475738138584230546884545336115753192006-12-3129.83%20.08%19.18%32.14%0.179823.30260.70.74.80.092.35620.6230.14721.35050.5711295.1%1962378903

Financial Quarter Balance Sheet
yearqrtDeferred tax assets (A-0)Intangible assets (A-0)Investment in associated companies (A-0)Investment properties (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)Derivative financial assets (A-1)Inventories (A-1)Prepaid lease payments (A-1)Property development costs (A-1)Trade receivables (A-1)Deferred tax liabilities (L-0)Guaranteed redeemable convertible exchangeable bonds (L-0)Long term payables (L-0)Term loans (L-0)Bank overdraf (L-1)Current tax liabilities (L-1)Dividend payable (L-1)Loans & borrowings (L-1)Term loans (L-1)Trade and other payables (L-1)Minority interest (M-1)
201235196512829-5945071869-7375872485453025598-38315-1754519478113223722764748030598689-63716-81001674592158410150
201223310212968-5945471869-7757902295550147521-37843-1704931523599221082719329764590308272539886879256222291291606612647
201212826612968-5917071869-2745858385811567317-36829-16282515327152195627273910722648247-35408-48223046487136415047
201142745770-5607671869-2890853256657175529-43781-153609735557068882682981236466650815032444-40223498173623715338
201132308270-3060962889-2970773595977892679-29181-151449430997476212690434943690449-50409-22603274654687615817
201121158270-3060962889-2951672768033686204-30355-154664530305076212659994913590066-4021747399627549181976061617969
20111908470-3060962889-3033648372754686743-33654-13990764145251838-3805403117-26124-6378011500170667418419
20104686470-3060962889-3149660703086475853-33183-11943264260831838-41913685317421056-616707301967090817590
20103---701249103-3230585312319169630-32277-10018343785531807-1684379616-40668-7304859039839616760
20102----47099-10451578422935796682-30855-8375393459891807-3725309620-30666405397602497034502114896
20101-2--47099-105735837616906658671130454-8037512462821807-4045185069201318730-3002446525374511508
20094-4--47099-3701609823966265899-29947-8214471808431807-1922714146670517618-7350663584385497774
200937006--47099-3827559311203915833-29119-6167303271471268-32902002292812518-2267456992113886588
200927008--47099-5198575421591119038-32531-577930314914818-271021060758214777377971940411351869826467
2009170010--47099-5369591561543359376-31746-600378297554618-276819975443813655-2338428202229486171
2008470012--4709915330594581722368720-31769-624626249562618-27761819292915234-2117350122651886335
2008346514--470991539460127143546--31292-5895782608228-3163201371-13819-4308228072133086936
20082-16--377761534058619145764--32691-6206762705178-30042240221513177-355088592222176303
20081-18---1536856032130709--33983-5705492750027-522761322545389190-875875782031655293
20074-2026--15542539072037279380-43018-5693252251787-525761429843855593-783261252588505455
20073-2226--1537255424219138--182003395169642352901325-5278816907118917864-1214111711888375481
20072-2426--1548252851241248--158263495262632263821691-53016166483326117756-2371019911841075238
20071-2626--155695165089620--165293494827021762571691-58398170275463113796-2835928121403774684
20064-2826--160675215943013--16254-4901681390261543-593187339664311114-22540248902329994522

Financial Quarter Income Statement
yearqrtRevenueIncome tax expenseCost of salesFinance/interest costsOther incomeAdministrative/Operating expensesMinority interestFinance/interest incomeSelling and distribution costsOther expenses
201234208431983329748645177552832310521282184609043
2012245520022785325155547781029757873301192408674
2012145777524207325429472495927437571253169239542
2011442212616652308966151652812904645666881537421965
2011342069617738307788658298237952642602229927137
201124161191931630094357944025817463727221015861
20111311755162852210032864191882073614981015924
201042992846902213338842795279209603573193612979
201032834621709820039477142817398219930080848568
201022890501537821026250462713612342810588778562
201012383121008416776951435913748374512564908562
20094248871220802055035604347323473129933514674-
200931351438611876226073313123372312005725-
200921672338765118337711102611403487115529-
20091150315894610292273820511166458854490-
20084151660103411038849511313148186246997226-
20083163893858911306510301861019531293115283-
2008219542115530121529108723514295841606044-
200811406658598966491242112699508722963-
200741204048973696191573297138621211626024-
20073166863114571148211693441125343021164189-
20072144537818210074319751261028146212663865-
20071141561683510287013545779680247863324-
200641342718279942201449787104472232513434-

Financial Quarter Segments Revenue
yearqrtElimination/AdjustmentInvestment holding and othersPropertyPlastics
20123208752431736467552726
20122533835546040220650917
20121103301249540575949851
20114340043436237013351635
20113141891586836744451573
20112696687164936373950399
20111160801643726239549003
20104348943521624851050452
20103268523814044639
201025515824188246675
20101558114719590341820
200948290854021282835793
20093450451079896435576
20092769813050436038
20091782412169527803
2008492581025111906631601
200834736572512264840256
200822683915685837750
2008128104210353536116
200742771292787908664932094
2007344156913397931359
200725133511104133212
200715124611171329653
20064421144213610463329616

Financial Quarter Segments Profit
yearqrtElimination/AdjustmentInvestment holding and othersPropertyPlastics
201232083522999697723350
201225305854533746874022
20121102452281879773390
201142870023709547652282
201131944315795592373693
201127032258325690064828
20111138259348572755528
201043259024897395014673
201039749463536184317
201025883712463495139
2010147997446413763373
2009482903464513182202
2009345032627316013047
2009281450312313217
20091128108232368784
200849203750329006261
2008353473847237113325
200825381447525913182
200815882167321681640
20074277436277382290622188
20073497132344491696
20072913808282343241
20071260901254102015
20064422914206026473715


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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