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Friday, December 7, 2012

KLCI Stock - DIALOG / 7277 - 2013 Quarter 1

DIALOG GROUP BERHAD


Company Description
DIALOG GROUP BERHAD is an investment holding company, which manages various subsidiary companies, which serves a spectrum of the oil, gas and petrochemical industries. The principal activities of the subsidiary companies are provision of specialist technical services and products, provision of engineering, construction and maintenance services, petroleum retailing, fabrication and provision of centralized tankage facilities to the oil, gas and petrochemical industry. Its subsidiaries include Dialog E & C Sdn Bhd, Dialog Plant Services Sdn Bhd, Saga Dialog Sdn Bhd, Dialog Systems Sdn Bhd, Dialog E & I Sdn Bhd, Dialog Fabricators Sdn Bhd, Pacific Advance Composites Sdn Bhd and Dialog Petroleum Sdn Bhd, among others. In January 2008, the Company incorporated a subsidiary, Dialog Services, Inc. In September 2008, it acquired 15% and 51% equity stakes in ePetrol Holding Sdn Bhd and ePetrol Services Sdn Bhd respectively.

Company Info 
Listing Date1996-05-06
Market Capital (Capital Size)5,862,092,822 (Very Large)
Par ValueRM 0.10
BoardMain
SectorTrading/Services
Major IndustryOil & Gas Services
Sub IndustryCatalyst & Process Material Handling Services
Websitehttp://www.dialog.com.my

My Analysis 
Forecast P/E now(2.42-0.031)/0.0851 = 28.07 (Moderate)
Target Price2.55+0.031 = 2.58 (PE 30.0, EPS 0.0851, DPS 0.031)
DecisionBUY if stock price strong sustain and uptrend above 2.4 or wait rebound around SMA50 or SMA200
Comment
Revenue decreased 16.6% but higher than preceding year corresponding quarter 17.4%, eps decreased 3.8% and also lower than preceding year corresponding quarter 10.7%, negative net cash from operating hence increase borrowings and spent 24.9% to cover all other expenses, operating margin improve 1% to 11% but lower than highest of 14%, liquidity ratio indicate current assets is more than enough to meet current obligation, gearing ratio indicate liabilities risk got improve, all accounting of turnover period is short which can generate cash, compared to corresponding period then most segment was growth
First Support Price2.37
Second Support Price2.28
Risk RatingMODERATE

Research House
BIMB Target Price2.7 (2012-08-14)
AMMB Target Price3.14 (2012-11-21)
CIMB Target Price3 (2012-11-21)
HwangDBS Target Price2.85 (2012-11-21)
Kenanga Target Price2.79 (2012-11-21)
Maybank Target Price3.05 (2012-11-21)
MIDF Target Price2.8 (2012-11-21)
OSK Target Price3.45 (2012-11-21)
RHB Target Price2.69 (2012-11-21)

Accounting Ratio 
Return on Equity25.15%
Dividend Yield1.28%
Operating Profit Margin10.98%
Net Profit Margin13.49%
Tax Rate19.58%
Asset Turnover0.8143
Net Asset Value Per Share0.53
Net Tangible Asset per share0.51
Price/Net Tangible Asset Per Share4.73
Cash Per Share0.19
Liquidity Current Ratio2.1727
Liquidity Quick Ratio1.99
Liquidity Cash Ratio0.8664
Gearing Debt to Equity Ratio0.6477
Gearing Debt to Asset Ratio0.3853
Working capital per thousand Ringgit sale34.7%
Days to sell the inventory22
Days to collect the receivables121
Days to pay the payables98

Technical Analysis 
SMA 102.42 (Uptrend)
SMA 202.41 (Downtrend 2 days)
SMA 502.379 (Uptrend)
SMA 1002.373 (Uptrend)
SMA 2002.322 (Same)
MACD (26d/12d)0.011588 ( 0.000512 )
Signal (9)0.011986 ( 0.0001 )
MACD Histogram0.000398 (Bearish trend 1 day)
Bolinger Upper Band2.459
Bolinger Lower Band2.361

My notes based on 2013 quarter 1 report (number in '000):-
- Higher revenue and pbt than FY12Q1 due to EPCC works at Pengerang Independent Deepwater Terminal project in Malaysia and increased sales from Specialist Products & Services to overseas countries. In addition, the Group’s newly completed integrated offshore supply base in Jubail Commercial Port, Kingdom of Saudi Arabia, has commenced its operation offset by Singapore operation due to lesser engineering & construction and plant maintenance works undertaken

- Lower revenue and pbt than FY12Q4 mainly attributable to lower contribution from Plant Maintenance activities in Malaysia and Singapore

- Estimate next 4Q eps after 2013 Q1 result announced = 0.0851, estimate PE on current price 2.42 = 28.07(DPS 0.031)
- Estimate next 4Q eps after 2012 Q4 result announced = 1238028*0.16/2328586 = 0.0851, estimate highest/lowest PE = 29.37/26.19 (DPS 0.031)
- Estimate next 4Q eps after 2012 Q3 result announced = 1215186*0.15/2243624 = 0.0812, estimate highest/lowest PE = 30.92/26.49 (DPS 0.029)
- Estimate next 4Q eps after 2012 Q2 result announced = 693386*0.24/1993555 = 0.0835, estimate highest/lowest PE = 29.57/25.5 (DPS 0.031)
- Estimate next 4Q eps after 2012 Q1 result announced = 0.1085, estimate highest/lowest PE = 24.32/21.37 (DPS 0.031)
- Estimate next 4Q eps after 2011 Q4 result announced = 0.0226*4*1.2 = 0.1085, estimate highest/lowest PE = 25.43/16.21 (DPS 0.031)
- Estimate next 4Q eps after 2011 Q3 result announced = (0.0183+0.0193)*2*1.2 = 0.0902, estimate highest/lowest PE = 31.59/24.05 (DPS 0.031)
- Estimate next 4Q eps after 2011 Q2 result announced = (0.0183+0.0146)*2*1.05 = 0.0691, estimate highest/lowest PE = 38.77/30.38 (DPS 0.031)
- Estimate next 4Q eps after 2011 Q1 result announced = 0.0169*4*1.05 = 0.071(ROE 6% per quarter), estimate highest/lowest PE = 31.82/19.14 (DPS 0.031)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.0146*4*1.05 = 0.0613, estimate highest/lowest PE = 23.8/16.95 (DPS 0.031)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.0162*4*1.05 = 0.068(5% increase), estimate highest/lowest PE = 15.93/14.16 (DPS 0.037)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.04*2 = 0.08, estimate highest/lowest PE = 14.3/11.5 (DPS 0.036)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.0193*4 = 0.0772, estimate highest/lowest PE = 18.83/15.73 (DPS 0.036)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.0659*1.1 = 0.0725, estimate highest/lowest PE = 18.4/15.64 (DPS 0.036)

DIALOG latest news (English)

DIALOG 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
2012-11-2020131N/AN/A-3.78%3.78%416950416950562355623546791467910.02000.02002082276109116980224450220841481128003218268171235455935778791895031439104339692336042233604256298612012-09-3010.98%13.49%19.58%0.8143-0.530.514.730.192.17271.990.86640.64770.385334.7%2212198
2012-08-13201242.532.260.028.00%28.55%499912163380863834224918496141770010.02080.0760204982011765518117925542104442712380281293544635296369272756323341753027525783842382136232858657885902012-06-309.99%12.77%19.66%0.79731.96850.510.54.860.242.12291.94641.04570.68010.39638.1%24110116
2012-05-10201232.542.180.0116.68%20.55%420038113389656002161084413931273870.01740.056818430701089206627884413006443341215186747553291476001682731242543923457766189002378908224362452811752012-03-3110.30%13.33%19.52%0.8186-0.520.514.350.262.63732.43591.50690.53630.340744.8%239295
2012-02-14201222.52.16-6.69%13.87%3586207138585167610508241452859940.02080.04311251474700625558088380608396486933864721013624989556274272890395172747891993555199355548642742011-12-3111.04%14.41%18.70%1.1106-0.330.317.870.141.84081.74490.73690.85370.445923.0%119993
2011-11-16201212.672.35-7.19%7.19%355238355238534065340644542445420.02240.022410831055998874046843164903947967842125534521161328027474177650643702103711990970199097047783282011-09-3011.54%15.03%18.61%1.2001-0.320.38.00.111.89541.77780.67930.63340.373621.8%129785
2011-08-12201142.791.790.0188.76%29.74%374882120837860483200507448701522980.02260.07701081504659892461592439240368006199121681461302712707726352837875107982743261985398197810950032022011-06-3013.76%16.13%21.94%1.117332.73080.290.289.00.141.50231.35420.6340.79160.426818.3%2395115
2011-05-11201132.882.20.0137.49%20.97%30116183349651503140024383391074280.01930.0543973094654713373519345443407665995751469932241731679261163124576928973540601986477197996253634872011-03-3114.29%17.10%20.13%1.136-0.280.289.640.181.89531.79791.03270.66840.383828.0%1386103
2011-02-16201122.712.13-7.03%13.49%268532532336469858852135995690890.01830.0350926080610461372642346069379345534386059332993961826026057294176762779361971293197129341988542010-12-3114.17%17.50%19.66%1.1738-0.260.268.190.141.7641.62190.81080.72290.402424.3%1992105
2010-11-22201112.291.39-6.46%6.46%263804263804415364153633094330940.01690.016990737860037836432933618335935543049109532850285258804810383882671921960191196019128226752010-09-3012.25%15.75%18.07%1.2058-0.260.255.760.141.78591.6980.80380.71840.401524.1%119999
2010-08-19201041.491.070.0186.55%25.09%271950113914637777150014308951182970.01570.0601893714577189381533309535346885121812019005630756756169238145593888372580751969522196952221664742010-06-3010.34%13.89%13.78%1.274618.31390.240.244.580.131.86471.79790.84340.7990.426923.5%793103
2010-05-12201031.121.00.0136.75%18.54%2827748671964110311223731840874020.01610.044490782860573639123233179015395165961630284183626846171827121192943462661731977640196753021160742010-03-3111.70%14.54%17.82%1.3496-0.260.264.120.141.82571.77140.81120.75960.43122.4%693100
2010-02-09201021.180.96-6.07%11.79%275570584422367837113428628555620.02050.03998563085415103671533030383229948915587377327052348217463354672311902058231393975139397518679262009-12-3110.43%13.35%17.65%1.4155-0.330.324.190.151.78691.72720.69330.80370.428819.7%69292
2009-11-17201011.491.25-5.71%5.71%308852308852343513435126935269350.01930.0193826700532654332872276305319644938283537211583198317490323789257722006751396944139694418858742009-09-309.26%11.12%18.43%1.4235-0.330.324.220.151.92781.86050.74190.72070.402721.8%69486
2009-08-19200941.371.170.0247.53%22.90%35796711045214152812345630242919360.02160.06577566824765072852702361404319471412151321424321248278161108889964071745681398635139863516224162009-06-309.75%11.60%20.26%1.462117.64720.330.333.520.132.01791.92840.75680.61070.37721.7%89079
2009-05-14200931.310.9950.0125.18%15.37%269729746554303618192820801616940.01490.0441697835408330249565203494314554482701124763354186757679878935876101644081398724139872416085322009-03-318.98%11.26%17.52%1.3311-0.30.293.970.122.00661.88870.82350.59870.357622.1%108378
2009-02-17200921.230.765-5.50%10.19%240282476825276975156722078408930.01580.0292785387450188357011330061261204283765435017007130957659637343504381270341398750139875011889372008-12-318.83%11.53%16.39%1.1151-0.290.283.040.11.3641.25450.40490.88750.454613.7%16114125
2008-11-18200910.8950.725-4.69%4.69%238376238376239172391718815188150.01350.013571705538599129097626849525041426079126823639844176942904317484944261398528139852812237122008-09-306.94%10.03%15.67%1.1824-0.290.283.120.071.43761.37790.3730.72560.405813.9%7114112
2008-08-21200841.130.530.024.80%22.20%180492790507204849718616357755770.01170.054059332032072319192217370222149401398733882858925100569014479919699766001400255140025515402802008-06-305.97%11.35%15.00%1.336420.38030.270.274.070.061.84641.7160.45510.50610.323518.5%119981
2008-05-21200831.581.080.0116.54%17.39%216619610015278197670222260592200.01590.04236343583376872424282243562109539193022508265623058256017405426528825451400536140053621288142008-03-319.85%12.84%17.01%1.2293-0.260.265.850.061.50511.40680.39590.65370.382214.5%1110693
2008-02-19200821.641.27-5.88%10.86%212364395773265094899020012369600.01430.0264586462321569217245199434200173692179501347022185056828252013351534771400973140097321574982007-12-319.12%12.48%16.85%1.1458-0.250.246.420.041.61241.51120.28660.62210.370418.2%1213399
2007-11-20200811.911.47-4.98%4.98%183409183409224812248116948169480.01210.012156087528181520021218343118001360663208584303453398567186389210494462241400661140066123671172007-09-308.50%12.26%15.40%0.9969-0.240.247.040.041.53641.46060.27630.58430.35717.6%1014296
2007-08-21200741.81.610.012N/AN/A167452476633155845897012778492800.00920.035347979823565113934813738315931340450203432644335750450154678611036560511395845139584522054352007-06-305.29%9.31%15.11%0.78344.75310.230.236.870.041.71531.55030.43960.42940.290426.2%23148138
2007-05-1520073N/AN/A0.01N/AN/A108745309181142004338612537365020.00900.0262422179212261849978373015062337182701311272477544884304265651505351393321139332121596472007-03-315.50%13.06%9.83%0.4933-0.230.236.740.052.53512.17260.8180.26390.201361.7%57199149
2007-02-2620072N/AN/A-N/AN/A99506200436141012918611174239650.00800.01734139002221008571284761168983281884827265422377645228313697593528211388094138809412354032006-12-317.34%14.17%11.77%0.2404-0.220.224.050.062.62032.2391.03910.27530.2071138.0%-373N/A

Financial Quarter Balance Sheet
yearqrtDeferred tax assets (A-0)Development of tank terminals (A-0)Intangible assets (A-0)Investment in associated companies (A-0)Other investments (A-0)Property, plant and equipment (A-0)Cash and cash equivalents (A-1)Current tax assets (A-1)Inventories (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)
201311721011560235829448970375793359174351362550917905616932561297475200957340340871041481
20124167068423436178371939311053331075795504932978164942532794254788203266910546477944427
20123159265299135883322826286502975886223693634831653800383223211655171075055034534944334
2012213368-3622722517254472706352804614818364853788613373174107172895501330830639648
2012112661-367421860612442245312214985247237236345194316685028168173836026131339479
2011413887-336311479622414223718278463325865091313080393118421197699162932784236800
2011314905-84971347862417157776356727340233638260946774920327204235432327069740766
2011213989-84331428702412147915280591597449183274713448722086229504802327509637934
201119981-84511352772402150889270239457929546296014410324043177425526626317535935
201048819-8436143129243015371126106250542066729040661346586412919953928707734688
2010312733-525812825524331534132691637840179953107381539579032191987973010741539
201029945-5691142418246215428221009989631809030435826836143219547794627554532299
201018443-8602121485243515308120498455011859430357536505291714818889825258931964
200947878-865010585524341553581787143946211322727154319448111055872072183754319
200937161-5892118772329615438416758152882399221146924684360392521150318273931455
200925585-594393295328822708813365772823611427313545292242183634568027601826120
200914872-6685107124329420908910015852771602226453426721980984492114623890025041
200844760-62651188712076140625790533440226462155842032161888700325416174822149
200837785-6277102635193617803888820-22074226793235715715151872617818299121095
200825647-627895656193815537457150-20181244238270315108101942133816790220017
200814200-6477101948194216449350675-1388821725218011498068243962513698218001
200743546-6443108408190212384860388-226701525931601364331935213371215931
200734994-54281013123639782168487-3034711342781645137986067932615062
200724792-2102930411909167588075-3232310170241753457183647867916898

Financial Quarter Income Statement
yearqrtRevenueIncome tax expenseFinance/interest costsOther incomeAdministrative/Operating expensesMinority interestShare of profit/ (loss) of associates
201314169501101017084697375879156612175
201244999121255110134546454510166914899
201234200381093111644769381538367813897
2012235862096621021309332213856213122
2012135523899389723313317552107413379
2011437488213268924300832630123459818
2011330116110370785395726207727949247
201122685329239691322823370017519616
20111263804750565322902337729379867
20104271950520565449243887167710319
201032827747324544224925193019398554
201022755706494509178424860816618546
201013088526330475212828237010866216
20094357967841236920632285628746992
200932697295318287186024736142426420
200922402824540265182722089010796743
20091238376374820781722265913547590
20084180492307223572717045110559951
2008321661947331473521956338266628
20082212364446670136719436020317208
20081183409346395143716925520706985
2007416745223543721011564944526764
2007310874513965326471054092678270
200729950616596029029510412686857

Financial Quarter Segments Revenue
yearqrtMalaysiaAsia Pacific CountriesOthers CountriesSingaporeAustralia & New Zealand
2013120985811207918592578867366
2012425829212242543143854176340
201232264198892241762486475657
201221676799302313392326273317
2012114923910064624863397468893
201141716271969936262--
201131564421407723946--
20112128756139346430--
2011114193511049311376--
20104137521-134429--
20103165819-116955--
20102157689-117881--
20101173306-135546--
20094183850-173854--
2009390790-176243--
2009274865-166280--
20091113922-124454--
2008443847-138798--
20083134374-84480--
20082142486-69878--
2008199525-83884--
2007489483-77330--
2007358087-50658--

Financial Quarter Segments Profit
yearqrtMalaysiaAsia Pacific CountriesOthers CountriesSingaporeAustralia & New Zealand
20131488084690130812262819
20124489155739298874367
2012343476104243429193363
2012244800801189362593311
20121453913169236850382176
201144490515276302--
2011341394111211012--
201123232215237574--
20111344426494600--
2010425838-2004--
2010319319-9540--
2010224334-4981--
2010117138-13609--
2009421917-12689--
2009311993-12319--
200922658-18040--
200918995-7332--
200842528-7750--
2008316901-3857--
2008214978-4323--
2008110786-4710--
200747900-1357--
200733678-2252--

Financial Quarter Segments Associate
yearqrtMalaysiaAsia Pacific CountriesOthers CountriesSingaporeAustralia & New Zealand
2013112024--19170
2012414637--12274
2012313689--17191
2012213036--1298
2012113290--13102
201149557261---
2011392481---
2011296171---
2011198616---
2010434258-28--
20103-----
20102-----
20101-----
20094-----
20093-----
20092-----
20091-----
20084-----
20083-----
20082-----
20081-----
20074-----
20073-----

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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