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Friday, November 30, 2012

KLCI Stock - NAIM / 5073 - 2012 Quarter 3

NAIM HOLDINGS BERHAD


Company Description
Naim Holdings Berhad, formerly Naim Cendera Holdings Berhad, is principally engaged in investment holding. The Company operates in three segments: property development, which is engaged in the development of residential and commercial properties; construction, which is engaged in the Construction of buildings, roads, bridges and others, and others, engaged in manufacture and sale of construction materials, provision of sand extraction and land filling services, property investment holdings. During the year ended December 31, 2008, the Company sold 629 units of residential and commercial properties. In July 2009, the Company incorporated Naimcendera Engineering & Construction Sendirian Berhad.

Company Info
Listing Date2003-09-12
Market Capital (Capital Size)462,500,000 (Small)
Par ValueRM 1.00
BoardMain
SectorProperties
Major IndustryProperty Development
Sub IndustryInfrastructure Construction
Websitehttp://www.naim.com.my/

My Analysis
Forecast P/E now(1.85-0.06)/0.2631 = 6.80 (Moderate)
Target Price2.37+0.06 = 2.43 (PE 9.0, EPS 0.2631, DPS 0.06)
DecisionBUY if stock price strong sustain and uptrend above 1.85
Comment
Revenue increased 10.6% and was third consecutive quarter increasing and also higher than preceding year corresponding quarter 41.3%, eps decreased 7.1% but higher than preceding year corresponding quarter 183.1%, cash generated from investing enough to cover financing expenses but still need borrowings and spent 7.6% of Group cash to cover operating and investing expenses, gross margin dropped from 24% to 17% but still at average of 21% per quarter, liquidity ratio indicate very firm can meet current obligation, gearing ratio indicate high leverage via long term borrowings to expand the business, all accounting of turnover period still quite long time which require more cash, all segment business growth
First Support Price1.85
Second Support Price1.7
Risk RatingMODERATE

Research House
OSK Target Price2.94 (2012-08-01)
Jupiter Target Price2.14 (2012-08-02)
AMMB Target Price2.95 (2012-09-03)
TA Target Price3.17 (2012-10-03)
Kenanga Target Price2.62 (2012-11-30)
MIDF Target Price3.14 (2012-11-30)

Accounting Ratio
Return on Equity10.71%
Dividend Yield3.24%
Gross Profit Margin17.68%
Operating Profit Margin10.71%
Net Profit Margin22.91%
Tax Rate2.05%
Asset Turnover0.3153
Net Asset Value Per Share3.43
Net Tangible Asset per share3.39
Price/Net Tangible Asset Per Share0.55
Cash Per Share0.83
Liquidity Current Ratio4.9436
Liquidity Quick Ratio3.5112
Liquidity Cash Ratio1.1851
Gearing Debt to Equity Ratio0.6909
Gearing Debt to Asset Ratio0.4029
Working capital per thousand Ringgit sale149.3%
Days to sell the inventory252
Days to collect the receivables305
Days to pay the payables171

Technical Analysis
SMA 101.917 (Downtrend)
SMA 201.94 (Downtrend 4 days)
SMA 501.883 (Uptrend)
SMA 1001.837 (Uptrend)
SMA 2001.868 (Downtrend)
MACD (26d/12d)-0.007184 ( 0.005052 )
Signal (9)0.009816 ( 0.00425 )
MACD Histogram0.017000 (Bearish trend 14 days)
Bolinger Upper Band2.057
Bolinger Lower Band1.823

My notes based on 2012 quarter 3 report (number in '000):-
- Higher revenue and pbt than FY11Q3 mainly due to higher sales of properties and improvement in the margin for the construction segment, especially from the substantially completed projects and also improvement in the performance of associates and joint ventures

- Lower pbt than FY12Q2 mainly due to sales of low margin properties

- Estimate next 4Q eps after 2012 Q3 result announced = 831331*0.075/236944 = 0.2631, estimate PE on current price 1.85 = 6.8(DPS 0.06)
- Estimate next 4Q eps after 2012 Q2 result announced = 802882*0.07/236944 = 0.2372, estimate highest/lowest PE = 8.43/7.04 (DPS 0.06)
- Estimate next 4Q eps after 2012 Q1 result announced = 763498*0.065/236944 = 0.2094, estimate highest/lowest PE = 9.12/7.74 (DPS 0.06)
- Estimate next 4Q eps after 2011 Q4 result announced = 763498*0.06/236944 = 0.1933, estimate highest/lowest PE = 11.69/8.33 (DPS 0.06)
- Estimate next 4Q eps after 2011 Q3 result announced = 0.0433*4 = 0.1732, estimate highest/lowest PE = 13.34/8.43 (DPS 0.08)
- Estimate next 4Q eps after 2011 Q2 result announced = (0.0516+0.043)*2 = 0.1892(exclude RM10 million disposal gain), estimate highest/lowest PE = 10.15/7.93 (DPS 0.08)
- Estimate next 4Q eps after 2011 Q1 result announced = 0.4023*0.85 = 0.342(0.4023 from recent fourth quarter eps), estimate highest/lowest PE = 7.19/5.38 (DPS 0.1)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.0921*4*0.9 = 0.3316, estimate highest/lowest PE = 9.77/8.84 (DPS 0.1)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.2587*2*0.9 = 0.4657, estimate highest/lowest PE = 8.16/6.79 (DPS 0.1)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.1619*2*1.1 = 0.3562, estimate highest/lowest PE = 10.47/8.84 (DPS 0.1)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.2988 (10% drop from 0.332, due to profit decreasing), estimate highest/lowest PE = 11.28/8.57 (DPS 0.08)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.0793*4 = 0.3172, estimate highest/lowest PE = 11.41/8.89 (DPS 0.08)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.0902*4 = 0.3608, estimate highest/lowest PE = 9.87/6.59 (DPS 0.08)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.0955*4 = 0.382, estimate highest/lowest PE = 8.04/6.73 (DPS 0.08)
- Estimate next 4Q eps after 2009 Q1 result announced = 0.0668*4 = 0.2672, estimate highest/lowest PE = 10.18/6.4 (DPS 0.13)
- Estimate next 4Q eps after 2008 Q4 result announced = 0.1118*4 = 0.4472, estimate highest/lowest PE = 4.07/2.17 (DPS 0.13)

NAIM latest news (English)

NAIM 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
2012-11-2920123N/AN/A-3.81%10.00%133411348158305669030429055763750.12260.32231392390821752561059166226192168313312295419063123482127423891162391965032369442369444383462012-09-3017.68%10.71%22.91%2.05%0.3153-3.433.390.550.834.94363.51121.18510.69090.4029149.3%252305171
2012-08-30201222.061.730.034.09%6.20%120592214747367555973831242473200.13190.1997135558182456855269915725518331802882131982408535922127701088772952200652369442369444430852012-06-3024.57%19.35%30.48%10.64%0.2951-3.313.270.570.935.24353.72531.40210.70450.4077166.8%271315172
2012-05-25201211.971.68-2.11%2.11%9415594155229832298316078160780.06790.0679131905579447854924315242616728769812158710098465121275211685163362290882369442369444075432012-03-3123.84%12.62%24.41%26.65%0.2903-3.183.140.550.975.21223.63391.50630.72930.4164167.7%275290167
2012-02-29201142.321.670.030.71%6.35%908634096496300573465283469260.02230.1980128906076179252556214020716316763498360065201819020538680160121741932128732369442369445236462011-12-3119.80%0.77%6.93%-0.317811.1593.153.120.710.95.43333.70031.52240.70340.4077151.7%256255138
2011-11-24201132.391.54-1.39%5.63%94390318786125565104610253416430.04330.1758128993078665253336415074915390756566169954321720010038688262221738782125662369442369444170212011-09-308.65%0.67%13.30%21.42%0.3963-3.133.090.570.95.21833.6031.41680.71960.4135124.4%215223127
2011-08-25201122.01.580.052.59%4.24%103492224396215463849019164313900.08090.132511835036903404251322042951577675837149434285091060386883790753153918412369442369444667792011-06-3014.39%13.04%20.82%11.42%0.4713-3.133.090.640.393.37912.19990.45660.57250.359287.1%211225129
2011-05-26201112.561.94-1.65%1.65%120904120904169441694412222122220.05160.0516119787869028945832238081615807739556832957010103959386884868155278939662369442369445947292011-03-3118.64%6.72%14.01%23.58%0.5094-3.053.010.830.41.81271.18840.24820.63330.382650.7%194208144
2011-02-28201043.342.50.053.33%14.50%1924016126913242113204322454977500.09480.412510546246083963151602459531544973946449476506244986489700114851012386882369442369447771762010-12-3127.54%13.97%16.85%30.63%0.5817.95073.063.011.090.172.47361.45760.15940.43530.298859.2%203186112
2010-11-24201033.93.26-5.48%11.17%140992420290501079962236941752960.15590.3178105348662114333545526170515642718031743653974154532897003462419908697922369442369448198262010-09-3036.58%28.80%35.54%21.41%0.582-2.962.921.180.32.37341.41690.26940.47760.318458.6%198175124
2010-08-25201023.833.250.053.61%5.69%155945279298302964951524362383550.10280.16191048651624850351853277791199616967987890434136309498970044768138191035192369442369447724372010-06-3023.41%17.11%19.43%20.96%0.588-2.862.811.160.442.24941.40690.37410.51980.335556.3%178164126
2010-05-25201013.452.64-2.08%2.08%123353123353192191921913993139930.05910.059110905836864474059463448132037868463712212384394489808970037729867091764092369442369446871372010-03-3118.95%12.33%15.58%26.68%0.5455-2.82.81.040.751.99081.28420.51280.61110.372257.4%191158122
2010-02-24200943.72.90.054.10%13.89%1928115669203027211553225083849810.10580.358510571626700273828383211142196167432415641383347976571211539732579897002370512370517822682009-12-3121.07%15.12%15.70%22.77%0.53639.20522.752.751.20.382.08661.25050.28060.58680.362161.5%224195153
2009-11-17200933.72.4-3.50%9.79%144460374109334838526021396598980.09020.25269790756231353283802692092337465069534077203141115257127137632611545162370872370876994062009-09-3025.79%20.37%23.18%36.18%0.5283-2.652.641.120.232.31471.45390.20250.52350.335468.4%210231156
2009-08-26200923.252.60.033.70%6.29%134342229649302275177722654385020.09550.1623960624610848324195264952234026364294109115693252595712125398139569822371592371596498152009-02-2820.86%17.58%22.50%22.41%0.5237-2.582.581.060.242.30551.38430.21510.52880.337568.8%223216154
2009-05-26200912.871.79-2.59%2.59%9530795307215502155015848158480.06680.066893050659239330533824859622948625168217751988338485712118925740513812373732373734343922009-03-3124.78%16.64%22.61%22.10%0.5403-2.542.530.720.222.3831.35980.20670.5070.328168.4%232198177
2009-02-25200841.991.080.054.85%14.46%1431265237172969610430427089807470.11180.3332955920615663344041286857242286118798879145592857491375568034254571212423212423212980542008-12-3118.39%19.48%20.75%8.70%0.54793.69122.432.420.510.242.14621.22450.19910.58550.359962.8%232196204
2008-10-31200832.351.22-2.67%9.61%130333380591214977460814883536580.06110.22049239625189423338102743302421959015218245172303956591375101538550528252434642434645721402008-09-3019.04%13.06%16.49%26.98%0.6113-2.322.321.010.221.89171.26640.19640.58980.361343.3%138178190
2008-08-06200822.932.070.083.16%6.95%133943250258239735311117651387750.07220.15878930845425202952652391922042559781913933219821227291375804920321710542443412443416963712008-06-3020.29%13.97%17.90%23.89%0.6455-2.362.361.210.32.26811.51020.30420.51140.330652.6%146175161
2008-04-24200814.02.81-3.78%3.78%116315116315291382913821124211240.08640.086410166306894384308283465811961658580213524107122096791424281218155732692444362444369826322008-03-3125.69%18.73%25.05%24.46%0.6176-2.322.311.740.311.98931.40870.21620.76090.423854.6%148234254
2008-02-28200744.13.08-2.11%14.40%1842336460243089012632511178762740.04570.312090691858658634865729100218943558261637118882538681203572511428982913752444912444919095062007-12-3116.34%13.56%16.77%59.29%0.712311.92422.212.21.690.382.01571.3310.31990.64650.384445.8%144162167
2007-11-14200735.353.60.083.82%12.29%142012461791307849543520217650960.08270.2663100164468941142297128650936254578673569519220159564120357352502431414467124449124449113080262007-09-3024.83%20.05%21.68%32.47%0.6574-2.222.212.420.62.40621.66140.51070.77980.422361.2%152183203
2007-08-23200725.75.1-4.19%8.47%185354319779319116465122205448790.09080.1836822256629307264372205936356825578844812238190751203572719217949856324449124449112713532007-06-3020.11%16.61%17.22%27.07%0.6281-2.142.132.440.413.05582.01590.48660.50630.321582.0%193223183
2007-04-2720071N/AN/A0.074.28%4.28%134425134425327403274022674226740.09270.0927811135617851257929198401407165532062045980164120357302531891171682444912444919779642007-03-3127.62%23.85%24.36%28.22%0.4082-2.12.091.910.493.11422.06390.59890.50330.318126.7%296320279
2007-02-2620064N/AN/A-N/AN/A1967135259973444210484922171662290.09070.27097938415977432641352039993989052970642201116964196513181730505114601203572444912444917628112006-12-3118.74%16.72%17.51%27.77%0.247811.51782.01.991.570.52.93011.91730.59810.53930.3327200.2%472480464

Financial Quarter Balance Sheet
yearqrtDeferred tax assets (A-0)Intangible assets (A-0)Investment in associated companies (A-0)Investment properties (A-0)Join venture (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)Inventories (A-1)Other receivables, deposits and prepayments (A-1)Property development costs (A-1)Trade receivables (A-1)Deferred tax liabilities (L-0)Loans & borrowings (L-0)Current tax liabilities (L-1)Deferred income (L-1)Loans & borrowings (L-1)Trade and other payables (L-1)Minority interest (M-1)
201239658844823369255185191781276934824891142471970011989128664568320943636107744978349855953-328116199219216
2012242498619221842513311343511223148249511676322048820080294926854209260338394453803500641652-406815153518331
2012143848789211649515851373811154948250212033322960020096320225889208562298309457943510231386-505014599016728
2011451308959215950518401384011056348250811843021345619212268476032216133280112462683390871020-791113127616316
20113214591292095024603993841104714825131140472135801763726751685121674530508846240336375403-717814316815390
20112257192992068853789772171104434824871163169327411567242881173821662433284947081173756279116375657613580315776
2011123309469218741281551070411044348247912522094521971626721513621099634319947579299272641520120172517124915807
2010422829639168080208718669110443482506123690392147181327144011217182308094484952071243521190610440112529415449
2010325169809161357-1041411052248491098856870498718420994-22933029313749890238607327193089776513730515642
2010232379979158322-116591105223435052579214103915929022167-2118502776285027423788113082001210183514463619961
201011866-154145-112791104923515078975214176805890122561-22107225710851298983562442874218293212689520378
2009414142149363-10957110492476510346339790096856227136-241336302897516461007870702505313092115807021961
2009383225515439945410817105313458477403567254516891219978-2117463279835211770543605-9335917224523374
20092832397150266457106191022964644794936496569821161222100-221963298191524506793218-9602116871323402
2009183273114434146096771022964504818831138513811378022003-232360272869534073335--5396219463422948
2008483289814689746478821022964504842732111571211251624350-240066281610537483436764-5405423203924228
200831193947128228467116491860724354873327296538851845219770-15175627507958865615--3838923594124219
200821193110213287247086041339124354889723079727661180620434-16084927666555704369197-3862820036720425
20081588125911408247392991282004354910423752749211107423847-17736040223654859293881560-87034415119616
20074119313639789047710885133912434493472483193087798224102-175149286266571265299054-4996323198518943
2007358815519381348077151332404615124523140146323-14565-1988353296885681179651446-85428520936254
200725881780441248394801335854611846923691100215-15778-198379314935576148221793-59920354435682
200715882037417646182811341464611856024574118820-15363-193011290657585619671382-59719642240716
2006458821333994490763813661444918650255421220091024714837-19178825886259012112420-55720342239890

Financial Quarter Income Statement
yearqrtRevenueIncome tax expenseCost of salesFinance/interest costsOther incomeAdministrative/Operating expensesMinority interestFinance/interest incomeShare of profit/ (loss) of associatesSelling and distribution costsOther expensesShare of results of joint ventures
201231334116261098204590104570898851808155741238713484
20122120592391090966478958599922160315581329212499803360
201219415561257171242127431027978018558119963575334
201149086315872869510411141528411758466085208110465468
2011394390268986225322075085553861423121698061882818
20112103492246188598321694668752791603733414566582331
20111120904399698367247664414058726161974607672342219
201041924019929139412189832026755386166721610287105
201031409921072989417178719781167524372362967012647745
2010215594563501194462427942955741643252271074127381
20101123353512899977148416548611983914782886324321
20094192811689215218610731091046517032741744470425171
20093144460121151072038847887842281034133931161698
2009213434267731063163893931684580012859251255236942
20091953074762716904723336595940274409511083891795
200841431262583116812464155791360824-47347173152457
20083130333580010552348713417159814-42921526445671
20082133943572810677238410487731594-54801486290165
200811163157126864353858957259888-69201234495816
2007418423318315154129656123165211397-5935804968633
20073142012999510674944725917711572-120515041721559
20072185354863714807451225168611069-2361068817941
200711344259240972934715475850826-182771-547
20064196713956415985465461977492707-21211883461408

Financial Quarter Segments Revenue
yearqrtOthersElimination/AdjustmentProperty developmentConstruction
2012319695113025782467194
201221822976825514054905
201211606172194211743196
2011426056181213308349845
2011319617119052461762061
2011219129101742442170116
201111973991883260977744
20104239121567232250154592
20103192791415630605105264
201021899272515027193933
201011001241694959167919
20094122031196659308133266
200932188062484613582693
200922072171904889671915
200911401554452664860089
200844227141505880774396
200831537489945035973594
2008220274104635903965093
2008118884108004156966662
20074528576247855492770
2007325140153945339478872
2007219533779348756124858
200711423745474852076215
20064214421075464844121181

Financial Quarter Segments Profit
yearqrtOthersElimination/AdjustmentProperty developmentConstruction
201232120362169376463
201225731061138364165
20121307864661017088
201146144355260864
20113251149812572457
20112231440983666159
2011115256577002363
20104168822621057414415
20103149225102433414564
2010218717281292816289
2010144999197263660
2009451765601437020818
2009322811200856118481
200922464838127149963
200912728106185376178
200848224810011439681
2008327373027122345704
2008253043836124815210
2008131822672114619674
2007435561767333688391
20073330427421543912590
20072371938771274016910
2007113224601701514397
2006413259791770112996

Financial Quarter Segments Associate
yearqrtOthersConstructionOil & Gas
201231671348413903
201222737336010555
20121266353345456
20114163356134307
201131786283110370
2011297823318312
20111147022195990
20104--6452
20103--8144
20102--5187
20101603564687
20094--2318
20093--3968
20092--5822
20091--4011
20084--4811
20083--4705
20082--5822
20081--6702
20074--5710
20073--921
20072---
20071---
20064---


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




CHANGES IN SHAREHOLDING

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