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Saturday, December 1, 2012

KLCI Stock - HAIO / 7668 - 2013 Quarter 1

HAI-O ENTERPRISE BERHAD


Company Description
Hai-O Enterprise Berhad is a Malaysia-based company. The principal business of the Company involves wholesaling, retailing, multi-level marketing, pharmaceutical factory and modern Chinese medicinal clinics. The business segments of the Company include wholesale, multi level marketing, retail, manufacturing and others. The wholesale segment includes wholesaling and trading in herbal medicines and healthcare products, herbs and tea. The multi level marketing segment includes operating multi level direct marketing of healthcare and beauty products. The retail segment includes retail chain stores. The manufacturing segment includes manufacturing, producing and distributing pharmaceutical products, alcoholic and non-alcoholic drinks. The others segment includes businesses involving leasing of machinery and equipment, licensed money lender, insurance agent, advertising services, rental income, trading of clocks and investment holding.

Company Info 
Listing Date1996-12-06
Market Capital (Capital Size)408,424,369 (Small)
Par ValueRM 0.50
BoardMain
SectorTrading/Services
Major IndustryWholesaling of Healthcare Products
Sub IndustryMulti-level Marketing of Healthcare Products
Websitehttp://www.hai-o.com.my/

My Analysis 
Forecast P/E now(2.02-0.09)/0.2011 = 9.60 (Moderate)
Target Price2.31+0.09 = 2.40 (PE 11.5, EPS 0.2011, DPS 0.09)
DecisionBUY if sell volume very hard to break RM2 and got higher buy volume or wait MACD turn bullish trend
Comment
Revenue decreased 11.9% but higher than preceding year corresponding quarter 20%, eps increased 12.4% and was fourth consecutive quarter increasing(higher than preceding year corresponding quarter 33.6%), cash generated from operating more than enough to cover all expenses, operating margin improve above 20%, liquidity ratio indicate very firm can meet current obligation and possible of higher dividend, gearing ratio indicate low liabilities risk, most division got higher profit
First Support Price2.0
Second Support Price1.9
Risk RatingMODERATE

Research House
OSK Target Price2.16 (2012-10-04)
JF Apex Target Price2.52 (2012-11-12)

Accounting Ratio 
Return on Equity16.71%
Dividend Yield4.46%
Gross Profit Margin38.37%
Operating Profit Margin22.54%
Net Profit Margin22.65%
Tax Rate25.34%
Asset Turnover0.8542
Net Asset Value Per Share1.16
Net Tangible Asset per share1.16
Price/Net Tangible Asset Per Share1.74
Cash Per Share0.6
Liquidity Current Ratio4.061
Liquidity Quick Ratio3.1365
Liquidity Cash Ratio2.7012
Gearing Debt to Equity Ratio0.2243
Gearing Debt to Asset Ratio0.1768
Working capital per thousand Ringgit sale54.1%
Days to sell the inventory93
Days to collect the receivables28
Days to pay the payables67

Technical Analysis 
SMA 102.058 (Downtrend)
SMA 202.106 (Downtrend 8 days)
SMA 502.059 (Uptrend)
SMA 1002.024 (Downtrend)
SMA 2002.054 (Downtrend)
MACD (26d/12d)-0.016348 ( 0.002733 )
Signal (9)0.001082 ( 0.004357 )
MACD Histogram0.017430 (Bearish trend 15 days)
Bolinger Upper Band2.245
Bolinger Lower Band1.967

My notes based on 2013 quarter 1 report (number in '000):-
- Higher revenue and pbt than FY12Q1 mainly contributed by higher sales from its high-margin foundation garments and its key health food products (MLM division). These two product categories are the main driving force, the division has been working closely with its distributors to launch its sales campaign and implement effective training program which had motivated members to drive higher sales from customers and one-off compensation amounting to RM 570,000 paid to the manufacturing division, arising from the early termination of a sales contract by one of its customers

- Lower revenue than FY12Q4 due to sales in the retail division are traditionally lower in the first quarter after the year-end stock clearance sales held during the fourth quarter of the previous financial year, coupled with slow-down in the domestic consumption and MLM division usually slowdown in the following quarter as the distributors need longer time to plan before they strive for another new challenge

- Higher pbt than FY12Q4 mainly due to lower operating costs incurred in the wholesale division and higher sales of patented medicine products and duty free goods also enhanced to the bottom line

- Estimate next 4Q eps after 2013 Q1 result announced = 36366*1.1/198896 = 0.2011, estimate PE on current price 2.02 = 9.6(DPS 0.09)
- Estimate next 4Q eps after 2012 Q4 result announced = 231342*0.17/199156 = 0.1975, estimate highest/lowest PE = 11.09/9.42 (DPS 0.09)
- Estimate next 4Q eps after 2012 Q3 result announced = 222172*0.16/199318 = 0.1783, estimate highest/lowest PE = 12.03/11.08 (DPS 0.075)
- Estimate next 4Q eps after 2012 Q2 result announced = 0.0394*4*1.1 = 0.1734, estimate highest/lowest PE = 13.52/9.95 (DPS 0.075)
- Estimate next 4Q eps after 2012 Q1 result announced = 0.0387*4*1.05 = 0.1625, estimate highest/lowest PE = 11.72/9.38 (DPS 0.075)
- Estimate next 4Q eps after 2011 Q4 result announced = (0.0428+0.0318)*2*1.05 = 0.1567, estimate highest/lowest PE = 13.37/9.41 (DPS 0.075)
- Estimate next 4Q eps after 2011 Q3 result announced = 0.0318*4*1.05 = 0.1336, estimate highest/lowest PE = 17.33/14.93 (DPS 0.075)
- Estimate next 4Q eps after 2011 Q2 result announced = 0.0307*4*0.95 = 0.1167, estimate highest/lowest PE = 23.91/18.25 (DPS 0.1)
- Estimate next 4Q eps after 2011 Q1 result announced = 0.0391*4 = 0.1564, estimate highest/lowest PE = 20.01/17.46 (DPS 0.12)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.0714*4 = 0.2856*1.1(10% QbQ improvement adjustment) = 0.3142, estimate highest/lowest PE = 12.16/8.78 (DPS 0.2)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.3729, estimate highest/lowest PE = 12.42/9.17 (DPS 0.18)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.2424*4 = 0.9696, estimate highest/lowest PE = 10.78/7.44(DPS 0.42)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.2217*4 = 0.8868, estimate highest/lowest PE = 8.54/6.33 (DPS 0.42)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.1778*4 = 0.7112, estimate highest/lowest PE = 7.44/5.76 (DPS 0.4)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.1463*4 = 0.5852, estimate highest/lowest PE = 6.9/5.06 (DPS 0.4)

HAIO latest news (English)

HAIO 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
2012-09-1920131N/AN/A-4.44%4.44%6114561145138471384710273102730.05170.0517292167179029516514408510281240516914273913015418184037102612831988961988964017692012-07-3138.37%22.54%22.65%25.34%0.8542-1.161.161.740.64.0613.13652.70120.22430.176854.1%932867
2012-06-28201242.281.950.074.31%15.90%6943623940013270485949163338270.04600.16992896441772675823850110972723140650171214822054646054286898143541971991561991564142442012-04-30-18.94%19.11%27.84%0.826512.2461.111.111.870.563.53762.78332.22520.26270.201153.1%46443399
2012-03-29201232.222.05-4.26%11.60%6279216996413010353249063246640.04550.12372773271676395515546392932622217229287123141435246054169732621486751993181993184245472012-01-31-20.65%20.72%26.93%0.8226-1.071.071.990.493.61352.68512.0930.25910.198953.2%52844417
2011-12-21201222.421.80.023.70%7.34%5619910717211250223147868156010.03940.078027334616368145322359019048228024200871248435264605476034077501311999451999453599012011-10-31-19.95%20.02%25.28%0.8156-1.11.091.650.494.55923.40362.73840.2070.165857.3%1013960
2011-09-28201211.981.6-3.64%3.64%50973509731106411064773477340.03870.0387266163156394460243599885942201396135642814146054293434456201996081996083313492011-07-3141.63%21.65%21.71%27.35%0.8242-1.061.061.570.444.34453.01232.42820.21760.172954.9%1183559
2011-06-23201142.171.550.0554.06%13.70%5815622315012492413888547288290.04280.14442569531467904426833389829021268513678171736818709111196124857460541996521996524312482011-04-30-21.37%21.48%28.09%0.868414.95881.021.022.120.414.39643.07042.44360.21660.172350.8%893445
2011-03-23201132.392.07-3.02%9.64%576211649949026288966347202830.03180.1016259940147956552434393578722046971114523833519270911876226430444811996541996544532142011-01-31-15.67%15.66%25.80%1.015-0.990.992.290.43.36762.34581.81580.28070.212539.4%753250
2010-12-17201122.892.23-2.91%6.62%526221073749085198716132139350.03070.069827439217954148049361037947226343536118686832709111240419236516751996541996545849862010-10-31-17.27%17.26%26.97%1.23-1.091.092.690.574.9733.81793.15280.220.175142.5%552631
2010-09-29201113.252.850.023.71%3.71%54751547511078510785780478040.03910.039127321917756053701411587444219518266119166205709111218218387525241996541996546508722010-07-31-19.74%19.70%26.99%1.5271-1.061.063.080.574.31413.21222.77520.25320.196532.7%491628
2010-06-25201044.02.960.1458.10%41.04%98837511064154609562713939705970.06980.353627906418413768590553607374210474689481984428918507254910420186709111996591996598225952010-04-30-15.63%15.64%5.01%1.831411.6521.021.024.040.63.32622.53212.17040.33770.245825.2%391434
2010-03-19201034.813.60.0410.47%32.93%131281412227252358016818009566590.21640.680829452819955286099721086561208429440872810422600507251598366174410883227832273895022010-01-31-19.20%19.22%27.84%1.8508-2.432.421.931.212.76741.95231.40190.42650.292323.4%492742
2009-12-222010210.864.360.111.73%22.47%132374280946286445493220186386500.24240.463829540720052685222705876626210185360741084711495072525227240787480383273833276245472009-10-31-21.69%21.64%28.61%1.7466-2.442.443.071.392.84082.13681.63710.41870.288525.2%432542
2009-09-29201018.055.75-10.73%10.73%148572148572262872628718463184630.22170.2217275194181320849146966863621902801967115826475072521253206067133183273832734738232009-07-31-17.72%17.69%29.55%1.7111-2.212.212.571.22.60261.99911.43430.46170.308623.7%403049
2009-06-26200945.744.420.3210.82%35.80%132885435216233057588715810522900.19160.6337248207154023761686035663061720395342741766342707333411661226095072582521825213663932009-04-30-17.59%17.54%31.90%1.75347.00692.012.012.210.982.55191.95171.34540.45960.306921.5%373148
2009-03-27200934.443.32-8.21%24.97%102129302331185625258211989364800.14630.4451236513143542739725737359681625412450935930262367326611421376573560981968819682737732009-01-31-18.25%18.18%33.15%1.8429-1.911.911.750.82.50191.69721.14870.47240.312819.8%472639
2008-12-18200923.343.060.17.45%16.77%87292200202153383402010889244910.13350.300324921315462078592614545741170621192844220624947326622922254164785081552815522495492008-10-31-17.77%17.57%27.29%1.7424-2.022.021.511.022.5161.77421.35760.47670.315421.5%472237
2008-09-19200913.562.86-9.31%9.31%112910112910186821868213602136020.16650.166523767014294676553586125478161117945822363357326612905129406032681706817062728982008-07-31-16.44%16.55%27.31%1.7985-1.91.91.760.932.43891.67811.29320.49190.322119.7%461937
2008-06-26200844.023.00.3217.12%43.77%133549373823264276771618984485350.23580.602820411015395758038579745500146072537659244174152767263009455947326680519805193091922008-04-30-19.59%19.79%27.19%1.83156.37051.751.742.211.082.65561.9421.49530.41290.284325.7%492547
2008-03-26200833.843.0-12.08%26.65%100481240274184614128913391295510.18120.39981915141400105989959886524413161529973268770862767227286202004787273917739172217512008-01-31-18.30%18.37%26.80%1.5508-1.711.711.750.962.33791.55431.18090.4740.312827.0%702754
2007-12-19200823.42.710.088.20%14.57%8051713979312985228289096161590.13530.2403178013126091520275193154181259862090134931072767217408173014497367240672402057542007-10-31-16.00%16.13%27.80%1.3927-1.791.791.711.022.4281.61751.32670.43150.292329.9%742249
2007-09-28200813.322.95-6.37%6.37%592765927698439843706370630.10500.105015912610657541395412205139117731526049559276723053142798667235672352124622007-07-31-16.55%16.61%29.01%1.052-1.671.671.890.782.58551.60251.27630.36770.260139.0%1062954
2007-06-1520074N/AN/A0.13N/AN/A5671818934610188306087499213840.11370.32411489649520938084380265214110880278031105027221364116753140312767265977659771464682007-04-30-17.61%17.96%23.72%0.72586.84951.61.61.390.72.50381.61161.21740.36040.255752.9%1375187
2007-03-2020073N/AN/A-N/AN/A514011326287504204204967134430.07530.20381491219317943660436155417105461149408794813640614661541979465964659641253312007-01-31-14.59%14.60%30.18%0.3447-1.521.511.260.512.13641.38830.76430.43640.292896.4%271193239

Financial Quarter Balance Sheet
yearqrtAvailable-for-sale investment (A-0)Deferred tax assets (A-0)Financial assets at fair value through profit and loss (A-0)Goodwill on consolidation (A-0)Investment properties (A-0)Prepaid lease payments (A-0)Property, plant and equipment (A-0)Trade receivables (A-0)Cash and cash equivalents (A-1)Financial assets at fair value through profit and loss (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)Provisions (L-1)Trade and other payables (L-1)Minority interest (M-1)
20131226295114648544868-632053396128357800407551919117073963966665040882938110281
20124226292714648545202-6207639754181573253779527966318097815951854278324889727
20123226256914398533831-7084869048675484234307127470-8763192062194294339599326
20122226258213298533960-7103844550131481814148823881-9421306448813522244349048
20121226228412698534083-7131251045620417924795621026-10026241570252477240818594
20114226255012568533250-721816154605435537442742092514510734178756793371225528290
2011322633281341853188616577295450744481352984489323284-11308198863715565300117872
2011222632811316852649316656156222351675621494170324014-11946184656165088235537947
20111-31071427852660916746184391452524616994535117986-12543395154265944258377444
201044503299-8526842168261739830709114924343959200244313187703547925070384637374
20103-25281113852692116916164099844108569795877339692-139911260836895590502216561
20102-216210538527703169960559162074803407574969435272-146351331144044689481836626
20101-182511978528004170859807124871331285964205039343-15246913739804215523366362
20094-2158115685284141716594401215507253048036228365907915733676737282780470816306
20093-1851106485284951725583431408356093029646171314667316526561342139656378915968
20092-1813222685289681733582451523478503558345587256006817070978471308523360175741
20091-16842570853301517425423513936032615470445912255915417787860759628571354725478
20084-16842741852092217512159713737326613424413742589364-779152145617393525500
20083-98340672742134517592168613904787222850469282236013-655697767134364205244
20082-98345462742136517682148215044497323925420911510296-618389969005277475418
20081-983471327421565177621803143727986246224052113446175-395476428716209085139
20074-108055342742158017852200514972767218622339271498858-320673965821216035214
20073-416780730521715174622133182019794135403262727218-45286276454327287815417

Financial Quarter Income Statement
yearqrtRevenueIncome tax expenseCost of salesFinance/interest costsOther incomeAdministrative/Operating expensesMinority interestFinance/interest incomeSelling and distribution costsDepreciation & amortisationOther expenses
20131611453509376841771750430865241628377067
20124694363695-152246258745412269---
20123627923503-196164651470444238---
20122561992844-200133446321538238---
2012150973302629752196117145263042235803684342
20114581563509-190138147107436252---
20113576212329-23284949439350227---
20112526222450-22089044422503215---
20111547512911-20615864553170185---
2010498837774-18820483597747204---
201031312817026-1261646107718200152---
201021323748194-3122297105957264242---
201011485727768-206133812358956172---
200941328857435-208119311070260137---
200931021296153-262125984752420188---
20092872924186-478125173027263300---
200911129105102-2078309518022329---
200841335497186-531384108775257322---
200831004814947-14267982773123216---
20082805173610-96119468828279198---
20081592762855-1018305029675134---
20074567182417-34168748416272233---
20073514012265-10661444515272110---

Financial Quarter Segments Revenue
yearqrtOthersElimination/AdjustmentWholesaleRetailsManufacturingMulti-Level Marketing
20131413115579245187951-40124
201244557222373113510336-45645
201234548253933585413126-34657
201223464135662357110740-31990
20121361913934238458658-28785
201142258226243167011224144934179
201133022325474390213107109929037
201122879132752366811260136026731
20111314815706219448158196635241
201044309316803863513594139672583
201032964614117247795791431106241
2010235166261570577107871201108908
201012714398414627879061196130319
200942817415674802793941672112502
200933064472575429911784130578934
200922208247873278510042114665898
20091180534297446867966120291548
2008422294128353137110291144107292
20083262345989578341054276074711
20082230223677316191002970759538
20081174417080254917892118240046
20074211125534347511181176332816
2007318681834530246810094828584

Financial Quarter Segments Profit
yearqrtOthersElimination/AdjustmentWholesaleRetailsManufacturingMulti-Level Marketing
2013117455503802288-7398
20124145118429801416-7122
20123151719034911219-6932
20122140922928991646-5486
2012111454944351651-4396
2011410171409157312121578076
20113106540730311281394351
201121205754361117832143540
20111108779025903072416361
2010414321500744188722411811
20103164014329516313820468
2010214366155450126724121801
20101265205412830520921209
20094460116440266133820810
2009359382934112517813814
2009295934038987997910121
20091139309360627626714241
20084191204292442459415421237
2008335839573891718010784
2008233625620721074559091
2008170113732361601655685
20074971597210373702733904
2007340630716033174484258

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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