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Sunday, December 23, 2012

KLCI Stock - AJIYA / 7609 - 2012 Quarter 3

AJIYA BERHAD


Company Description
AJIYA BERHAD is a Malaysia-based investment holding company. The principal activities of the Company’s subsidiaries are manufacturing and trading of roofing materials, manufacturing and trading of all kinds of glass, trading of building materials and investment holding. The Company, through its subsidiaries, operates in three divisions: manufacturing, which includes glass base and metal base; marketing and trading, which includes glass base and metal base, and investment holding. Its major subsidiaries include Asia Roofing Industries Sdn. Bhd., Ajiya Marketing Sdn. Bhd., ARI Utara Sdn. Bhd., ABM Industries Sdn. Bhd., Ajiya Metal Industries Sdn Bhd, ASG Marketing Sdn. Bhd. and ASG Project Services Sdn. Bhd. In April 2007, Ajiya Safety Glass Sdn Bhd acquired the remaining 45% interest in Ajiya Glass Industries Sdn Bhd. During the fiscal year ended November 30, 2007, the Company acquired additional 45% equity interest in Ajiya Glass Industries Sdn. Bhd.

Company Info 
Listing Date1996-12-20
Market Capital (Capital Size)116,988,257 (Small)
Par ValueRM 1.00
BoardMain
SectorIndustrial Products
Major IndustryBuilding Materials
Sub IndustryInvestment Holding
Websitehttp://www.ajiya.com/

My Analysis 
Forecast P/E now(1.69-0.06)/0.2323 = 7.02 (Moderate)
Target Price1.86+0.06 = 1.92 (PE 8.0, EPS 0.2323, DPS 0.06)
DecisionBUY if stock price sustain above SMA200 and SMA50 turn uptrend
Comment
Revenue decreased 5.5% but higher than preceding year corresponding quarter 6.8%, eps decreased 32.4% but higher than preceding year corresponding quarter 27.8%, cash generated from operating more than enough to cover all expenses, current assets indicate Group slowly expanding, operating margin remain low, liquidity ratio indicate very firm can meet current obligation, gearing ratio indicate low liabilities risk especially borrowings, all accounting turnover period is good which can generate free cash
First Support Price1.65
Second Support Price1.55
Risk RatingMODERATE

Research House
OSK Target Price1.94 (2012-01-19)

Accounting Ratio 
Return on Equity6.58%
Dividend Yield3.55%
Operating Profit Margin7.56%
Net Profit Margin7.53%
Tax Rate27.47%
Asset Turnover1.0594
Net Asset Value Per Share3.21
Net Tangible Asset per share3.2
Price/Net Tangible Asset Per Share0.56
Cash Per Share0.54
Liquidity Current Ratio3.3294
Liquidity Quick Ratio2.2697
Liquidity Cash Ratio0.6219
Gearing Debt to Equity Ratio0.3324
Gearing Debt to Asset Ratio0.2091
Working capital per thousand Ringgit sale37.8%
Days to sell the inventory68
Days to collect the receivables98
Days to pay the payables56

Technical Analysis 
SMA 101.668 (Uptrend)
SMA 201.67 (Downtrend 32 days)
SMA 501.722 (Downtrend)
SMA 1001.727 (Same)
SMA 2001.676 (Same)
MACD (26d/12d)-0.009242 ( 0.002111 )
Signal (9)-0.016261 ( 0.001755 )
MACD Histogram0.007019 (Bullish trend 6 days)
Bolinger Upper Band1.741
Bolinger Lower Band1.599

My notes based on 2012 quarter 3 report (number in '000):-
- Higher revenue and pbt than FY11Q3 mainly due to the deliveries of orders outstanding since previous quarters

- Lower revenue and pbt than FY12Q2 mainly due to stiff market competition which eroded the profit margin of certain products

- Estimate next 4Q eps after 2012 Q3 result announced = 0.23*1.01 = 0.2323, estimate PE on current price 1.69 = 7.02
- Estimate next 4Q eps after 2012 Q2 result announced = 0.23, estimate highest/lowest PE = 7.87/6.91 (DPS 0.06)
- Estimate next 4Q eps after 2012 Q1 result announced = 265402*0.06/69224 = 0.23, estimate highest/lowest PE = 7.26/6.43 (DPS 0.06)
- Estimate next 4Q eps after 2011 Q4 result announced = 265072*0.06/69224 = 0.2298, estimate highest/lowest PE = 7.44/6.88 (DPS 0.06)
- Estimate next 4Q eps after 2011 Q3 result announced = 0.0395*4*1.05 = 0.1659, estimate highest/lowest PE = 10.19/9.4 (DPS 0.06)
- Estimate next 4Q eps after 2011 Q2 result announced = 0.157*2*0.9 = 0.2826, estimate highest/lowest PE = 6.26/5.1 (DPS 0.06)
- Estimate next 4Q eps after 2011 Q1 result announced = 0.0529*4*1.05 = 0.2222, estimate highest/lowest PE = 8.46/7.11 (DPS 0.06)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.07(average eps from recent 3 quarter)*4 = 0.28, estimate highest/lowest PE = 7.46/6.25 (DPS 0.06)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.08(average eps)*4*0.95 = 0.304, estimate highest/lowest PE = 6.84/6.38 (DPS 0.06)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.3427, estimate highest/lowest PE = 6.19/5.46 (DPS 0.06)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.0816*4 = 0.3264+0.0163 = 0.3427 (5% grow from 0.3264 due to recovery from previous weak market), estimate highest/lowest PE = 6.16/4.99 (DPS 0.06)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.312(2% drop from 0.3184), estimate PE on current price 2.14 = 6.67(DPS 0.06)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.28, estimate highest/lowest PE = 6.39/5.18 (DPS 0.06)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.23, estimate highest/lowest PE = 6.52/5.22 (DPS 0.06)
- Estimate next 4Q eps after 2009 Q1 result announced = 0.26, estimate highest/lowest PE = 5.15/4.46 (DPS 0.06)
- Estimate next 4Q eps after 2008 Q4 result announced = 0.26, estimate highest/lowest PE = 4.69/3.65 (DPS 0.06)

AJIYA latest news (English)

AJIYA 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
2012-10-2320123N/AN/A-1.32%4.76%922482790496949221403498126440.05050.182735260020194573743606555697427885727042875814944343831828433403772369224692241232182012-08-317.56%7.53%27.47%1.0594-3.213.20.560.543.32942.26970.62190.33240.209137.8%689856
2012-07-24201221.871.65-1.95%3.45%97665186801899315191517291460.07470.132134809020055074187610995542927390320456368313282343831677334913787469224692241149112012-05-318.99%9.21%24.39%1.0561-3.163.150.530.553.28242.16980.61990.33960.213137.9%739457
2012-04-20201211.731.54-1.50%1.50%891368913661986198397439740.05740.0574337400190060671825409453797270218108151737801334383907810653544869224692241162962012-02-297.14%6.95%17.73%1.0993-3.133.120.540.513.51352.29920.65530.31040.199136.7%708848
2012-01-18201141.771.640.061.82%7.27%944963625517450301254527181280.06540.2619350343202700849417185352709265402357664084444683513250786103452269224692241149112011-11-307.96%7.88%26.94%1.03486.33893.073.070.540.52.8211.86960.47850.39940.242536.1%7510160
2011-10-20201131.751.62-1.10%5.46%863372680555132226752732136010.03950.19653253721889636097752933575492643951911222354553335132324287752635769224692241162962011-08-316.08%5.94%30.87%1.0697-2.992.990.560.383.56992.26050.49790.29480.187439.1%799847
2011-07-19201121.831.5-2.89%4.36%10094918171811001175437204108690.10410.15703169271901385610348559567292608248472109079413351322435118482328469224692241218342011-05-3110.77%10.90%12.71%1.0964-2.952.950.60.343.91562.54080.47950.27490.17740.7%7710548
2011-04-22201111.941.64-1.47%1.47%807698076965426542366536650.05290.052930960218353755335477915429125426717405232329535132349267872834569224692241336022011-02-288.27%8.10%18.02%1.0786-2.892.890.670.413.84042.47350.59310.27670.178740.7%799842
2011-01-14201042.151.810.061.85%8.48%800053296905665337594161190760.06010.2756313991191279646825713852645249309169291923239337285230326963458969224692241453702010-11-307.20%7.08%7.26%1.05047.62062.842.840.740.513.34772.22350.61490.32890.20640.7%7910249
2010-10-19201032.142.0-2.06%7.40%857662498108677284104637166570.06700.24063050461897075914852927515002458981195410208677337285174650273225869224692241419092010-08-3110.20%10.12%24.64%1.0776-2.812.810.730.473.58432.33590.60950.30430.193941.6%8310149
2010-07-14201022.181.93-2.83%5.34%873941640449806197336371120200.09200.1736295156184095565215030048804238635109784886385737285609222353952069224692241384482010-05-3111.47%11.22%13.21%1.1047-2.742.740.730.573.65992.4120.78570.29770.191541.0%819246
2010-04-23201012.171.77-2.51%2.51%766507665099279927564956490.08160.081628860917878155352491314667123325732471346101037285190129114019669224692241488312010-02-2813.10%12.95%17.16%1.1049-2.72.70.80.583.63892.44720.81810.29670.191840.7%779243
2010-01-07200942.321.650.063.00%10.90%7891831239910103370585939216020.08580.312128603917603161011547904409522502838226212408619289171698683673728469224692241169882009-11-3013.01%12.80%20.80%1.09465.41562.612.610.650.543.21282.21010.68050.33720.213338.7%739852
2009-10-07200931.851.51-3.78%8.12%8309123418211827272037500161030.10830.232627422517052856459511744233621776628039135459814289171449446803359769224692241010672009-08-3114.38%14.23%18.58%1.1546-2.532.530.580.493.33232.34780.65650.32180.205937.7%6510048
2009-07-07200921.561.26-2.53%4.34%80217151091881815376501986030.07250.12432604351600205231647031401992081192143987661074528917126731928308456922469224872222009-05-3111.10%10.99%16.47%1.2306-2.432.430.520.453.40242.48170.65580.31160.200935.3%559845
2009-04-24200911.41.22-1.81%1.81%708747087465586558358435840.05180.05182595061625005562450339378572038821110439682152891771366921358386922469224837612009-02-289.69%9.25%13.89%1.2367-2.42.40.50.523.22812.33810.71190.3350.214334.9%579339
2009-01-22200841.281.010.062.25%13.17%824353185936748375373828223630.05530.3231266466171526682286092235792198238307352477327702018559628732289176922469224768382008-11-309.63%8.19%12.20%1.19543.4362.352.350.470.422.81551.8630.47470.420.25634.7%759655
2008-10-23200831.150.98-4.15%10.49%8697623611111541296307047178090.10180.25732664921785917518466623334791913082635815234278201851112411402315876922469224699162008-08-3112.93%13.27%18.17%1.1514-2.282.280.440.462.68061.78650.47410.47640.282136.5%8110469
2008-07-10200821.31.01-3.80%6.34%8065614913510388180896455107620.09320.15552441421649835914050495311071850021211450343062018570807386275716922469224796072008-05-3112.83%12.88%17.77%1.2-2.222.220.520.43.26732.32010.5460.38430.242239.1%6711254
2008-04-25200811.51.05-2.54%2.54%684796847977017701430743070.06220.0622230150152516543364548728218175814115332414141920185911977002788569224692241010672008-02-2911.23%11.25%22.57%1.2408-2.132.130.690.43.3532.41270.6130.36810.236137.5%6110552
2008-01-24200741.51.20.06N/AN/A707322744907668292204693174420.06780.2520223268146640534174434226562169851136641044645921267932187810204896922469224934522008-11-3010.58%10.84%10.92%1.22945.35792.072.070.650.33.3072.39850.46210.37280.239337.3%6011450
2007-10-18200731.571.3-N/AN/A731032037587607217584475124570.06460.18002149531387285078445603258651641694669821929321267935506181206169224692241128352007-08-3110.18%10.41%20.68%0.9479-2.02.00.810.173.04212.09030.26450.36720.236345.7%8714963
2007-07-2420072N/AN/A-N/AN/A73259130655878614151488479810.07060.115321339213662455258500772430615813442997312179612679301312171146269224692241079892007-05-3111.80%11.99%21.22%0.6123-1.931.930.810.172.72831.78630.22890.41290.25966.2%-218N/A
2007-04-2720071N/AN/A-N/AN/A573965739653655365309730970.04470.04471938481214923925634075226161545924546102617501267935205270179496922469224775302007-02-289.19%9.35%14.28%0.2961-1.911.910.590.263.56542.38780.52670.29740.2025152.3%-403N/A

Financial Quarter Balance Sheet
yearqrtIntangible assets (A-0)Investment in associated companies (A-0)Investment properties (A-0)Land held for property development (A-0)Leasehold land use rights (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)Inventories (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)Loans & borrowings (L-1)Trade and other payables (L-1)Minority interest (M-1)
20123165-5505-4406654513403437723-64279-9994386164472124763655304356974
20122165-5524-4432684513057437874-67976-947008616447219779035299955429
20121165-5543-4459734512982835448-65689-8892386164472826100784484253797
20114165-5562-4672734512989934383-68367-9995086164472616177865468352709
20113--6417--534512464726357-69310-932968044-900122574157657549
20112--8316--534511312823284-66760-1000947544-172183784190256729
20111--7683--534511303728345-65328-898647544-1576147143465354291
20104--7704-4781534510488235132-64233-919147544-689177914003652645
20103--7724-343353459883732258-66073-913766221-1824121243897951500
20102--7744-339853459457439520-62772-818036221-1086137813543348804
20101--7764-291153459380840196-58549-800366221-1090155323250946671
20094--7784-292953459395037285-54940-838066221-720145223954844095
20093--7922-227153458815933597-49913468865505180105660133023721242336
20092--7022-228453458576430845193411682136856785180105319123703498040199
20091--7038-229753458232635838438431161686814225180105216197863076937857
20084--7054-2310334582231289174385685511728414449932313645177934248435792
20083-355310268-23223457141331587-5917139987434449840632071135515100133479
20082-308910286-23353456310427571-4766616589581429843471794102213848031107
20081-429110305-23473456034627885-4146912998186341634686121581573611528218
20074-264410324-23123456100320489-39559725858674214486180597043383326562
20073-21611030870623253456038012061-43406-8326144607211992118803173125865
20072-19011032670627533826070011462-47171-7799144607211141107443819224306
20071-16821034570627673825647417949-40127-63416446072114376672626522616

Financial Quarter Income Statement
yearqrtRevenueIncome tax expenseFinance/interest costsOther incomeAdministrative/Operating expensesMinority interestFinance/interest incomeShare of profit/ (loss) of associatesDepreciation & amortisationInvestment gain/loss
20123922481909124318836181542101-1976-
201229766521932098870441628191-1937-
20121891361099304345812221125134-1891-
201149449620077353087503916----
201138633715841756047990681660-1788-
20112100949139866474889222399196-1630-
20111807691179218189274427169879-1553-
2010480005411921202754501093----
2010385766213872313773301902----
20102873941295216296776682140----
20101766501703111577671892575----
200947891821011621642702952063----
200938309121971251755728942130----
2009280217145287556718682347----
2009170874911311633646382063----
20084824358232792512770102097-910--
20083869762097171170758992397---465
20082806561846118518708252087---157
20081684791738274585613771656---288
2007470732837216543637892138---398
20073731031573102390660521559---268
20072732591864147566651772038---285
200715739676699403525271502---192

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


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ARCHIVES


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