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Friday, November 16, 2012

KLCI Stock - ZHULIAN / 5131 - 2012 Quarter 3

ZHULIAN CORPORATION BERHAD


Company Description
ZHULIAN CORPORATION BERHAD is a Malaysia-based investment holding company. The subsidiaries of the Company are Zhulian Jewellery Manufacturing Sdn. Bhd. engaged in manufacturing of costume and fine jewelry; Zhulian Marketing (M) Sdn. Bhd. engaged in direct marketing of costume jewellery and consumer products; Zhulian Industries Sdn. Bhd. engaged in manufacturing of consumer products; Beyond Products Technology Sdn. Bhd. engaged in the manufacturing of water treatment system and its related products; Zhulian Manufacturing Sdn. Bhd. engaged in the manufacturing of bedroom apparels and therapeutic products; Master Square Sdn. Bhd. engaged in trading of consumer products; Zhulian Printing Industries Sdn. Bhd. engaged in the printing of brochures, leaflets, catalogues, name cards and other related documents; Zhulian Management Sdn. Bhd. engaged in providing management services and investment holding, and Zhulian Development Sdn. Bhd. engaged in property development.

Company Info 
Listing Date2007-04-27
Market Capital (Capital Size)1,186,800,000 (Large)
Par ValueRM 0.50
BoardMain
SectorConsumer Products
Major IndustryCostume Jewelry
Sub IndustryPrinting
Websitehttp://www.zhulian.com/

My Analysis 
Forecast P/E now(2.58-0.12)/0.2752 = 8.94 (Moderate)
Target Price2.75+0.12 = 2.87 (PE 10.0, EPS 0.2752, DPS 0.12)
DecisionBUY if stock price sustain and uptrend above SMA100
Comment
Revenue decreased 0.5% and was second consecutive quarter decreasing but still higher than preceding year corresponding quarter 20.2%, eps decreased 3.2% but higher than preceding year corresponding quarter 16.1%, cash generated from operating enough to cover dividend but spent 6.1% of Group cash to cover investing expenses, margin improved above 20%, liquidity ratio indicate very firm position to meet current obligation, gearing ratio indicate low liabilities risk, all accounting turnover period is good which can generate free cash flow, higher inventory can indicate demand of products growth
First Support Price2.5
Second Support Price2.3
Risk RatingMODERATE

Research House
HwangDBS Target Price2.6 (2012-10-25)
ZJ Target Price3 (2012-11-02)

Accounting Ratio 
Return on Equity30.04%
Dividend Yield4.65%
Operating Profit Margin22.05%
Net Profit Margin31.81%
Tax Rate19.62%
Asset Turnover0.8376
Net Asset Value Per Share0.95
Net Tangible Asset per share0.95
Price/Net Tangible Asset Per Share2.91
Cash Per Share0.26
Liquidity Current Ratio4.186
Liquidity Quick Ratio3.2034
Liquidity Cash Ratio1.9961
Gearing Debt to Equity Ratio0.1463
Gearing Debt to Asset Ratio0.1276
Working capital per thousand Ringgit sale45.5%
Days to sell the inventory66
Days to collect the receivables63
Days to pay the payables60

Technical Analysis 
SMA 102.612 (Uptrend)
SMA 202.642 (Downtrend 2 days)
SMA 502.519 (Uptrend)
SMA 1002.342 (Uptrend)
SMA 2002.096 (Uptrend)
MACD (26d/12d)0.016466 ( 0.004371 )
Signal (9)0.030524 ( 0.003515 )
MACD Histogram0.014058 (Bearish trend 13 days)
Bolinger Upper Band2.854
Bolinger Lower Band2.43

My notes based on 2012 quarter 3 report (number in '000):-
- Higher revenue and pbt than FY11Q3 due to export sales increased by 35%, mainly from sales to Thailand whilst the local sales increased by 10%, contributed by high demand for most of its products and strengthening of US Dollar

- Estimate next 4Q eps after 2012 Q3 result announced = 0.2752, estimate PE on current price 2.58 = 8.94(DPS 0.12)
- Estimate next 4Q eps after 2012 Q2 result announced = 57545*2.2/460000 = 0.2752, estimate highest/lowest PE = 9.74/7.23 (DPS 0.12)
- Estimate next 4Q eps after 2012 Q1 result announced = 406438*0.28/460000 = 0.2474, estimate highest/lowest PE = 8.29/7.11 (DPS 0.12)
- Estimate next 4Q eps after 2011 Q4 result announced = 392351*0.24/460000 = 0.2047, estimate highest/lowest PE = 9.23/8.4 (DPS 0.12)
- Estimate next 4Q eps after 2011 Q3 result announced = (0.0529+0.0457)*2*1.1 = 0.2169, estimate highest/lowest PE = 8.25/7.05 (DPS 0.12)
- Estimate next 4Q eps after 2011 Q2 result announced = (0.0457+0.0478)*2*1.05 = 0.1964, estimate highest/lowest PE = 8.55/7.03 (DPS 0.12)
- Estimate next 4Q eps after 2011 Q1 result announced = 0.0478*4 = 0.1912, estimate highest/lowest PE = 8.73/8.16 (DPS 0.12)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.0959*2*1.05 = 0.2014, estimate highest/lowest PE = 8.44/7.6 (DPS 0.12)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.0431*4*1.1 = 0.1896, estimate highest/lowest PE = 9.39/8.33 (DPS 0.12)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.0522*4*1.1 = 0.2297, estimate highest/lowest PE = 8.66/7.23 (DPS 0.14)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.072*4 = 0.288, estimate highest/lowest PE = 9.76/7.47 (DPS 0.14)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.0715*4 = 0.286, estimate highest/lowest PE = 7.66/5.84 (DPS 0.14)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.069*4 = 0.276, estimate highest/lowest PE = 6.38/5.04 (DPS 0.12)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.0484*4 = 0.1936, estimate highest/lowest PE = 9.35/6.56 (DPS 0.12)

ZHULIAN latest news (English)

ZHULIAN 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
2012-10-2420123N/AN/A0.037.19%21.86%1103793332443511610384728225857700.06140.186550152325138664014600543243750944424107984140012759833626777411982446000046000012696002012-08-3122.05%31.81%19.62%0.8376-0.950.952.910.264.1863.20341.99610.14630.127645.5%666360
2012-07-11201222.82.110.037.43%14.67%110985222865341456873129150575450.06340.1251483336246744614295727432421907314137786276001276252362739731236524600004600009660002012-05-3119.97%30.77%14.63%0.8307-0.920.912.310.274.30813.30292.15980.14560.127147.2%675859
2012-04-12201212.171.880.037.24%7.24%111880111880345863458628395283950.06170.0617467783245363613455705932406438232535504138001275951774939491315444600004600008740002012-02-2921.17%30.91%17.90%0.8192-0.880.882.160.294.30023.43382.30630.15090.131149.1%605961
2012-01-19201142.011.840.038.18%27.08%868373575423495011507228794953200.06260.20724462192281905386850157323923517355022184552001314885136638341276544600004600008694002011-11-3027.66%40.25%17.61%0.80139.12090.850.852.220.284.54953.57662.54610.13730.120749.8%645060
2011-10-14201131.911.650.036.91%19.12%91795270705297688090624321673100.05290.146344426024415967691646383237656932177736276001315083144138411353494600004600007636002011-08-3121.79%32.43%18.30%0.8004-0.820.822.020.293.77733.06522.09470.17980.152450.5%606180
2011-07-13201121.81.50.035.97%12.21%92687178910236625113821012429890.04570.0935419717228663530645005132366653171224222760013151116700109001206114600004600008050002011-05-3118.17%25.53%11.20%0.8036-0.80.792.220.264.56863.65832.41070.14470.126453.0%636465
2011-04-18201111.791.680.036.24%6.24%8622386223274762747621977219770.04780.047842468524189365127617433235955819203537N/A131475161716171330924600004600008188002011-02-2822.63%31.87%20.01%0.7594-0.780.782.280.293.91773.22522.15640.18110.153455.9%627384
2011-01-26201041.821.650.037.58%27.16%848963226112982210589724289870650.05280.18934056122254845359350658323520198075919062552001250026169764971314994600004600008004002010-11-3024.65%35.13%18.71%0.79549.19310.770.762.290.294.45113.57562.59680.15230.132154.2%665570
2010-10-19201031.91.70.036.19%19.58%73468237715239627607519834627760.04310.13653909362264964934447614793415925073832104140012496753948125481375154600004600008648002010-08-3121.56%32.62%17.73%0.8311-0.740.742.540.34.75693.78452.88910.14450.126255.1%694667
2010-07-14201022.781.80.035.62%13.40%77920164247205895211318013429420.05220.1245381522220393458334418320033568930361678276001250102968320831270933450003450009418502010-05-3117.79%26.42%12.98%0.8778-0.970.972.810.374.98823.94342.87760.13660.120152.6%685061
2010-04-14201012.952.290.037.78%7.78%8632786327315243152424929249290.07230.07233978022458616967967845297328123118823043N/A12511314925149251400383450003450007900502010-02-2828.81%36.52%21.33%0.8309-0.950.952.410.413.62392.94222.06480.21250.175253.9%716665
2010-01-20200942.331.810.058.82%29.33%872103152753115110270424670820050.07150.237737333422963352798514384253205366839617005171610665570096183801250353450003450006244502009-11-3030.06%35.72%20.71%0.84457.61480.930.921.970.364.46433.53362.43170.16490.141456.5%766074
2009-10-14200931.881.510.038.51%20.51%83426228065294867155323801573350.06900.166235054020298044480435012883060605793432524140010654854682132821198303450003450006451502009-08-3128.55%35.34%19.21%0.8839-0.890.882.120.354.66613.60062.75580.14550.126951.5%744364
2009-07-15200921.931.390.035.97%11.99%73554144639197414206716690335340.04840.09723355161935264292641724-292590284442277310501064842616748831016013450003450005002502009-05-3122.16%26.84%15.46%0.9386-0.850.841.730.294.63823.36052.43620.14670.127948.2%844462
2009-04-15200911.531.130.036.02%6.02%7108571085223262232616844168440.04880.0488340761203724546905264776286071673432351035010648134996851996303450003450003795002009-02-2827.30%31.41%24.55%0.9201-0.830.831.330.293.86962.89011.89330.19120.160548.2%826160
2009-01-21200841.110.930.037.65%29.91%81788303577256559499319102746900.05540.216534245721078262881607127627957650470295853454812014420885136631064813450003450003243002008-11-3027.48%31.37%25.54%0.88694.34190.810.811.160.313.47182.62781.75470.2250.183649.4%826375
2008-10-15200830.950.850.039.65%22.26%88495221789306886933824103555880.06990.16113280951987895727057270762708253668628877241501201447809163411038033450003450003122252008-08-3129.44%34.68%21.46%0.8573-0.780.781.160.33.47112.61421.81340.21150.174650.3%866075
2008-07-16200820.990.880.036.47%12.61%72156133294201153865016170314850.04690.0913299625179996425504235476257075296292633824150120141329120859992823450003450003294752008-05-3121.18%27.88%19.61%0.8262-0.740.741.290.294.24983.18292.34520.16560.14255.6%875279
2008-04-17200811.10.950.026.13%6.13%6127961279185351853515315153150.04440.04442826561760323482534321762478311669913745172501201272954142961058313450003450003622502008-02-2921.20%30.25%17.37%0.8101-0.720.721.460.315.1293.90463.08360.14060.123261.9%884470
2008-01-17200741.161.00.059.27%28.47%59352220546237517434819193589270.05560.18052835001957963374533733762497553745416066209048751753520326161201333450003264213864002007-11-3030.86%40.02%19.19%0.77796.20410.760.761.470.355.80434.55333.56130.13520.11973.5%955573
2007-10-17200731.151.050.0356.10%19.20%54756161194160205059712629397340.03660.124127271117044133330331427623938122876458087598751418296953797051345000320250N/A2007-08-3121.71%29.26%21.17%0.7911-0.750.75N/A0.285.14273.80192.94950.13930.122263.6%1024375
2007-07-1720072N/AN/A0.075.72%13.09%53590106438145463457611846271050.03910.092327444519394630052295977624439314536128589255875062739436649124155302694293673N/A2007-05-3121.45%27.14%18.56%0.5866-0.830.83N/A0.416.55295.03184.23370.1230.1095102.1%1425091
2007-04-2320071N/AN/A-7.37%7.37%5284852848200302003015259152590.05360.053626114717362038884377887622226310779298973875131376813695101208284451284451N/A2007-02-2833.01%37.90%23.82%0.4113-0.780.78N/A0.364.59463.45332.70860.1750.1489126.5%21491174
N/A20064N/AN/A-N/AN/A54550126007212377305814620647720.05140.227724926016055642265416387620699527195928933257891200888751087519284451284451N/A2006-11-3029.81%38.93%31.16%0.2188-0.730.73N/A0.313.8562.7542.12880.20430.1696218.0%437163370

Financial Quarter Balance Sheet
yearqrtAvailable-for-sale financial assets (A-0)Deferred tax assets (A-0)Goodwill on consolidation (A-0)Investment in associated companies (A-0)Investment properties (A-0)Land held for property development (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)Deferred tax liabilities (L-0)Loans & borrowings (L-0)Current tax liabilities (L-1)Dividend payable (L-1)Loans & borrowings (L-1)Payables and accruals (L-1)Minority interest (M-1)
20123703483511689670016770-127630119874-51359008719913960-6451--5360332
20122667085711688512016833-125944123701-147357573639974155-6870--5040432
20121683884211687254016895-124137131593-223049434621064286-7201--4985832
20114645188311687226516958-120304127703-243848799492503711-4884--4527332
2011364335451168655173566092119990135397-336346033593663053-3514--6112432
2011270575481168556673586092120164120659-353645561589073013-2664--4738732
2011167955381168486123616092119226133140-148242761645103384-3803--5794032
2010465355471168512793636092114144131547-132744350482602935-3168--4749032
2010362351791168423853666092108015137561-125846303413741730-3038--4457679
2010261851821168441333696092103000127141-91346161461781650-2862--41321200
2010160741881168374093726092100638140086-14346247593851834-815917250-42436297
200946074226116830752373609299016125084460415847873519141360-4681--46757425
200934673-1276307743771069699764119878-1174635036635979-3455--40046288
200924660-1276301643801069694814101649-30553311382611202-2741--38983-
200914453--26721382106959478699678-13951567523402043-448910350-3780876
200844453--238013841069692341106529-27951245527292169-354710350-4681576
200835653235-256323871069586704103851-104907545853--423910350-4268176
200827602--20994390106957994899330-5214518734958196-1175--4117976
200817474--210583931069967000105831-3714202327807504-980--3334176
200747401--155123951067153725120133-487422013297512-1343--3239076
2007323000--14947-106715365297751-27914444025459188-440--3270276
20072---15784-1058154134125304-15854502022037455-755--2884276
20071---12710-1058164236102353-127943125268635475492340-3053514376
20064-168-14874406105816267588639-16284588524404-6272534-3003880476

Financial Quarter Income Statement
yearqrtRevenueIncome tax expenseFinance/interest costsAdministrative/Operating expensesMinority interestShare of profit/ (loss) of associates
201231103796891-86041-10778
201221109854995-88826-11986
201211118806191-88190-10896
20114868376156-62822-10935
20113917955447-71797-9770
20112926872650-75847-6822
20111862235499-66712-7965
20104848965580-63968478894
20103734684249-576291218123
20102779202673-64055976724
20101863276723-614601286657
20094872106450-60999314940
20093834265664-59604215664
20092735543051-57256-3443
20091710855482-51679-2920
20084817886553-59311-3178
20083884956585-62445-4638
20082721563945-56872-4831
20081612793220-48290-5546
20074593524558041036-5435
20073547563391042871-4135
200725359027002542093-3074
200715284847711535405-2602
200645455066171638288-4991

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


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