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Sunday, December 9, 2012

KLCI Stock - HARTA / 5168 - 2013 Quarter 2

HARTALEGA HOLDINGS BERHAD


Company Description
HARTALEGA HOLDINGS BERHAD is an investment holding company. The Company operates through its subsidiaries, Hartalega Sdn Berhad (HSB), Sentinel Engineering (M) Sdn Bhd (SEMSB), Pharmatex (USA) Inc. (PUI) and Pharmatex (Australia) Pty Ltd (PAPL). HSB manufactures latex gloves. SEMSB is engaged in automation systems research and development (R&D) and leasing of property. PUI is engaged in the marketing of latex gloves. PAPL marketes latex gloves and trades vinyl gloves. The Company is an original equipment manufacturer and its major part of the revenue is generated from third party or principals' brands under inter-alia, the brand names of Sensicare, Evolution One, Diamond Grip, Synetron, Verte and Freeform. It also operates as an original brand manufacturer of latex examination gloves, marketed under its own brand names, including Pharmatex, Innova, CRAFT and Elastik. Gloves manufactured by the Company cater for medical centers and hospitals, dental clinics, and technology industries.

Company Info 
Listing Date2008-04-17
IPO Price1.8
Market Capital (Capital Size)1,763,756,293 (Large)
Par ValueRM 0.50
BoardMain
SectorIndustrial Products
Major IndustryGloves
Sub IndustryGloves Manufacturing & Sales
Websitehttp://www.hartalega.com.my/

My Analysis 
Forecast P/E now(4.81-0.105)/0.3487 = 13.49 (Moderate)
Target Price5.06+0.105 = 5.16 (PE 14.5, EPS 0.3487, DPS 0.105)
DecisionBUY if stock price strong uptrend above SMA20 or wait rebound around SMA50 or SMA100
Comment
Revenue increased 3% and was second consecutive quarter increasing and also higher than preceding year corresponding quarter 11.1%, eps increased 9.1% and was second consecutive quarter increasing and also higher than preceding year corresponding quarter 25.5%, cash generated from operating is more than enough to cover all expenses, current assets still maintain high but still not yet increase much, operating margin keep increasing from 26% to 30%, liquidity ratio indicate very firm can meet current obligation, gearing ratio indicate good effort to maintain liabilities and expanding the Group with very low liabilities risk now, all accounting turnover period is good which can generate cash on hand, benefit from decrease in Nitrile material price
First Support Price4.7
Second Support Price4.5
Risk RatingMODERATE

Research House
JF Apex Target Price5.12 (2012-10-29)
Alliance Target Price5.26 (2012-11-07)
BIMB Target Price5.08 (2012-11-07)
CIMB Target Price5.66 (2012-11-07)
ECM Target Price4.34 (2012-11-07)
HLG Target Price5.16 (2012-11-07)
HwangDBS Target Price4.7 (2012-11-07)
Kenanga Target Price5.12 (2012-11-07)
Maybank Target Price5.4 (2012-11-07)
MIDF Target Price5.1 (2012-11-07)
OSK Target Price5.2 (2012-11-07)
RHB Target Price5.07 (2012-11-07)
AMMB Target Price5.1 (2012-11-22)

Accounting Ratio 
Return on Equity38.41%
Dividend Yield2.18%
Operating Profit Margin30.00%
Net Profit Margin29.91%
Tax Rate23.21%
Asset Turnover1.1688
Net Asset Value Per Share0.93
Net Tangible Asset per share0.93
Price/Net Tangible Asset Per Share5.26
Cash Per Share0.22
Liquidity Current Ratio3.601
Liquidity Quick Ratio2.8498
Liquidity Cash Ratio1.6419
Gearing Debt to Equity Ratio0.222
Gearing Debt to Asset Ratio0.1815
Working capital per thousand Ringgit sale26.6%
Days to sell the inventory39
Days to collect the receivables45
Days to pay the payables37

Technical Analysis 
SMA 104.807 (Downtrend)
SMA 204.863 (Downtrend 2 days)
SMA 504.685 (Uptrend)
SMA 1004.545 (Uptrend)
SMA 2004.21 (Uptrend)
MACD (26d/12d)0.028941 ( 0.003602 )
Signal (9)0.045466 ( 0.004131 )
MACD Histogram0.016525 (Bearish trend 12 days)
Bolinger Upper Band5.157
Bolinger Lower Band4.569

My notes based on 2013 quarter 2 report (number in '000):
- Higher revenue and pbt due to continuous expansion in production capacity and increase in demand and easing in raw material prices of nitrile and natural latex but also offset by more competitive sales pricing

- Estimate next 4Q eps after 2013 Q2 result announced = 0.1516*2*1.15 = 0.3487, estimate PE on current price 4.81 = 13.49(DPS 0.105)
- Estimate next 4Q eps after 2013 Q1 result announced = 0.0727*4*1.15 = 0.3344, estimate highest/lowest PE = 14.35/12.16 (DPS 0.1425)
- Estimate next 4Q eps after 2012 Q4 result announced = 0.5512*1.1 = 0.6063, estimate highest/lowest PE = 14.64/11.27 (DPS 0.285)
- Estimate next 4Q eps after 2012 Q3 result announced = 587720*0.34/365340 = 0.547, estimate highest/lowest PE = 15.28/13.86 (DPS 0.18)
- Estimate next 4Q eps after 2012 Q2 result announced = 0.1263*4 = 0.5052, estimate highest/lowest PE = 16.17/10.41 (DPS 0.18)
- Estimate next 4Q eps after 2012 Q1 result announced = 0.1501*4 = 0.6004, estimate highest/lowest PE = 9.31/8.69 (DPS 0.15)
- Estimate next 4Q eps after 2011 Q4 result announced = 0.1438*4*1.05 = 0.604, estimate highest/lowest PE = 9.4/8.05 (DPS 0.14)
- Estimate next 4Q eps after 2011 Q3 result announced = 0.1351*4*1.1 = 0.5944, estimate highest/lowest PE = 9.99/8.77 (DPS 0.14)
- Estimate next 4Q eps after 2011 Q2 result announced = 0.1293*4*1.1 = 0.5689, estimate highest/lowest PE = 9.86/8.28 (DPS 0.14)
- Estimate next 4Q eps after 2012 Q1 result announced = 0.1708*4*1.05 = 0.7174, estimate highest/lowest PE = 11.15/8.24 (DPS 0.15)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.1915*4 = 0.766, estimate highest/lowest PE = 10.91/9.43 (DPS 0.19)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.1535*4 = 0.614, estimate highest/lowest PE = 13.65/10.78 (DPS 0.15)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.1366*4 = 0.5464, estimate highest/lowest PE = 13.95/9.9 (DPS 0.15)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.1088*4 = 0.4352, estimate highest/lowest PE = 12.59/10.78 (DPS 0.15)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.512, estimate highest/lowest PE = 10.55/6.01 (DPS 0.12)

HARTA latest news (English)

HARTA 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
2012-11-0620132N/AN/A0.0359.44%18.05%25501950269776282146196585421119000.07930.15168425983623661529601006296666896381677141146565105316321753058200516522273822273822236099052012-09-3030.00%29.91%23.21%1.1688-0.930.935.260.223.6012.84981.64190.2220.181526.6%394537
2012-08-07201314.944.21-8.61%8.61%247678247678699146991453358533580.07270.072777913335854712475771994630654376582704766323224163217106071261715060073417673417633037922012-06-3028.35%28.23%23.57%1.2314-0.890.895.060.214.98023.8582.09180.19080.160129.9%424823
2012-05-08201247.93.560.09510.11%40.75%24021793108164460258583500122016160.13670.55127581393779411380838549755362005620115460122947981169831410324623416321736579436579428678242012-03-3127.00%26.83%22.33%1.228114.22421.691.694.640.454.42053.27981.9090.22290.182131.4%534633
2012-02-22201238.547.760.0610.25%30.64%24195169086463902194123507031516040.13880.41507274713603871397518571847758772015958939773718901169831198164792616490936534036534029117592011-12-3126.58%26.41%20.72%1.2143-1.611.614.950.454.20433.05261.92390.2380.192131.1%584029
2011-11-08201228.355.440.069.32%20.39%22954244891359551130221461271009010.12630.27647138033515851581001025165035557031037842770248286116983760822779614477936507936507919933312011-09-3026.14%25.94%22.47%1.1622-1.521.523.590.43.42962.31231.41230.28480.221530.0%744142
2011-08-09201215.745.37-11.07%11.07%219371219371706707067054774547740.15010.150167529631627714588187824336529415607331737024618116983433631874513572836488836488819667462011-06-3032.44%32.21%22.53%1.1615-1.451.453.720.373.60132.71751.54550.27570.21629.1%544744
2011-05-10201145.825.00.0614.79%53.70%19252473492166290242834523981902970.14380.5222634963286070140169788503504947941824838107559048746231014084236011698336441436441420771592011-03-3134.72%34.43%20.90%1.157410.91541.361.364.190.323.6282.80781.48360.28350.220828.2%485043
2011-02-07201136.085.350.0613.88%38.87%18812354239362206176988492031377630.13510.378261106726770315273590348329458332161043678613736574623931825581713044036424736424720507102010-12-3133.40%33.07%20.89%1.155-1.261.264.470.362.9632.36511.44380.33350.249925.1%424347
2010-11-09201125.754.850.0513.29%24.99%1843123542706101811478247099885600.12930.243257028824508614776384862302422525121662433111877674623783515957513419836414636414620137272010-09-3033.44%33.11%22.79%1.1683-1.161.164.770.372.88812.39851.58140.350.259124.0%343743
2010-08-10201118.154.040.0411.70%11.70%169958169958537645376441461414610.17080.1708508459194272121401674092613870585850426677158927462331827159359055824280124280119181272010-06-3032.02%31.63%22.90%1.2125-1.591.594.970.372.8822.43891.3450.31390.238820.6%264438
2010-05-11201048.557.410.0518.24%56.15%16338557189356562177775464091429090.19150.58984788611858491244796901029335438216275566749595343815196006364727462324231224231219021492010-03-3135.11%34.62%17.87%1.194313.31021.461.465.380.312.69312.28621.08290.35150.259920.4%265342
2010-01-28201038.536.770.0514.62%37.99%1485994085074747712137637200966810.15350.39904492271759701291736991324832005413819142612437373815195579518428999324231224231217713002009-12-3132.48%31.95%21.54%1.1872-1.321.325.540.372.5172.17011.28880.40390.287519.9%244236
2009-11-10201027.95.470.0513.01%23.37%134572259908411967389933106594810.13660.2455436183178104141315797781862948689882821668170263815177160601349828524231224231213593702009-09-3031.25%30.61%19.52%1.155-1.221.224.60.412.23251.93761.23330.47960.32419.5%234143
2009-08-14201015.74.760.0410.36%10.36%125336125336327033270326375263750.10880.10884013981546641300806568312127131854498527036533815149228455758372624231224231212600222009-06-3026.82%26.09%19.31%1.1976-1.121.124.640.352.35472.06131.27640.47970.324118.5%193935
2009-05-15200945.523.160.0417.27%47.06%124816443204340109548331008845110.12800.348837484312844612034352845852545008329061737828683122155329839381512423122423128480922009-03-3128.14%27.25%8.91%1.182410.03531.051.053.330.162.43061.96520.7240.4730.32117.1%265438
2009-02-13200933.741.9-12.38%29.78%119056318388252796153822228534840.09170.22073623971206041295255898911923287241931522403181083121030921501298132423122423124458542008-12-3121.86%21.23%12.13%1.0794-0.960.961.920.122.04451.60790.5060.55650.357415.8%376146
2008-11-14200921.861.460.0410.23%17.40%111495199332214553625918367312560.07580.12903412111001391304588837915221075335093475227126831212429530330092423122423123489292008-09-3019.73%19.24%14.24%1.0086-0.870.871.660.041.13310.83950.10990.61950.38233.4%5868109
2008-08-18200911.591.3-7.18%7.18%8783787837148041480412889128890.05320.053229946177925106905668011581925561744624315465583126869221460982423122423123513522008-06-3017.38%16.85%12.75%0.7768-0.790.791.840.031.16650.82280.09180.55560.3574.8%11477203
2008-05-29200841.731.3-N/AN/A7279625758210504760248916695540.03680.3194269395691798980549430122179590608846881616244N/A7932831283122423122177494191992008-03-3114.84%14.43%14.92%0.53755.4160.820.822.110.031.39950.95340.16880.50040.333413.6%669789
2008-04-15200832.021.64-N/AN/A72002184785119296559110127613340.04180.29122572538205872092272289018516144369405621879990380722606226962423122105914361612007-12-3116.99%16.57%15.09%0.2799-0.880.882.050.093.01372.36570.83470.38950.280276.2%108211133

Financial Quarter Balance Sheet
yearqrtDeferred tax assets (A-0)Intangible assets (A-0)Other investments (A-0)Prepaid lease payments (A-0)Property, plant and equipment (A-0)Work in progress (A-0)Cash and cash equivalents (A-1)Current tax assets (A-1)Derivative assets (A-1)Inventories (A-1)Other receivables (A-1)Other receivables, deposits and prepayments (A-1)Trade receivables (A-1)Deferred tax liabilities (L-0)Loans & borrowings (L-0)Amount due to directors (L-1)Current tax liabilities (L-1)Derivative financial liabilities (L-1)Derivative liabilities (L-1)Dividend payable (L-1)Loans & borrowings (L-1)Other payables (L-1)Payables and accruals (L-1)Trade and other payables (L-1)Minority interest (M-1)
201325355360-36264311712116522268107375592-4980115431455286803-17612---10708-3139240917666
201315445360-3666445348315060068-80794-11838115247429169847-12851-3972-11398-1899224781630
201245346360-370285945416321768-97532-94661076584051512071-11727-765-12578-3092529502553
201233046180-358936789216490968-987253487-931983967814355-15994-5124-1443119463-30706477
201222948180-3589902971144779146-114534-4068880583741718167-14210-8435-14431-1811947321503
201213049180-3587362413572869249277613-4821955543719620861-10159---14526-2340039739336
201142950180-3486231111698369334064673-5259957463686824451-7158---14526-2278034386350
201132151175-33869144261304406990754019-1650806183374128646-15727---14214-2389936508329
201122052175-315841911413419875158741547-2357653223050632395-17611---14581-1691935751302
201111953175-282025319159066675-29869-3808698542910424888311638148--12817-1836224441261
201042053175-28436583997473175-28078-4559784062778227687310877---13723-2059123816293
20103--175149243306296279010339-24254-4087574872759831662318128---15068-1387622838248
20102--175149245569121869839488-23528-2975531192618535352311808--969215068-2383319374186
20101--17515024528411258383588-19270-289848573253623903535822--969215068-1971015388121
20094--175150246072-3826088-24595-792457579248214267731559---15078-184231778285
20093--175151234805666229846--25758-268162319237464679031658---24802-1250620020119
20092--175151175368653789714--25949-22806219621996200833887---38676-3220116612152
20091--175152177361438486131--22959-24134642220290198143204---25806-2792812860158
20084--175153179700201888345164-22052-55033311519243211323139---19833-1737512080122
20083--1751531296154525222728--17646-43363734817584272803157---5330-13854788490

Financial Quarter Income Statement
yearqrtRevenueIncome tax expenseCost of salesFinance/interest costsOther incomeAdministrative/Operating expensesMinority interest
2013225501917707-234163118013433
2013124767816479-3019617755977
2012424021714394-391219617756254
2012324195113239-40087117852040
2012222954213380-448550016404344
2012121937115924-498462115282428
2011419252413856-560432713000136
2011318812312995-62017271270248
2011218431213907-623216512483612
2011116995812314-66250311603511
2010416338510107-81027210628546
2010314859910225-79368810101752
201021345728041-85311929371549
201011253366315-91612809299713
200941248163030-110970239672028
200931190563067-74648019783216
200921114953056-53811248837832
20091878371888-46216387420927
20084727961567613803001832244421
20083720021800596593072263332

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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