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Thursday, December 6, 2012

KLCI Stock - IRCB / 2127 - 2013 Quarter 2

INTEGRATED RUBBER CORPORATION BERHAD


Company Description
INTEGRATED RUBBER CORPORATION BERHAD is a Malaysia-based investment holding company. The Company operates in two business segments: manufacturing, which is engaged in the manufacturing and trading of latex gloves, and investment holding, which includes investment of ordinary and quoted shares. The activities of the Company are carried out solely in Malaysia. The United States, Canada, Japan and Europe are the major export markets for the manufacturing division, while the major market for the other divisions is principally in Malaysia. As of January 31, 2009, the Company’s production capacity stands at180 million gloves per month. The Company’s subsidiaries include Comfort Rubber Gloves Industries Sdn Bhd., PBT Sdn. Bhd. and Quality Gallant Sdn. Bhd.

Company Info 
Market Capital (Capital Size)76,963,406 (Very Small)
Par ValueRM 0.20
BoardMain
SectorIndustrial Products
Major IndustryGloves
Sub IndustryInvestment Holding
Websitehttp://www.ircb.com.my/

My Analysis 
Forecast P/E nowN/A
Target Price0.16
DecisionNot interested unless stock price strong sustain and uptrend above 0.14 or wait rebound at lower price
Comment
Revenue increased 16.5% but lower than preceding year corresponding quarter 10.2%, eps reduced 75.9% loss and also reduced 83.2% loss compared to preceding year corresponding quarter, cash generated from operating not enough to cover financing expenses and got negative net cash now, gross margin turn little positive from negative, liquidity ratio indicate can meet current obligation but getting tight, gearing ratio indicate very high risk of borrowings, all accounting turnover period still not much improve as Group still short of cash, Group got increase in operational efficiency
First Support Price0.14
Second Support Price0.125
Risk RatingHIGH

Accounting Ratio 
Return on Equity-18.24%
Dividend Yield-
Gross Profit Margin2.00%
Operating Profit Margin-2.04%
Net Profit Margin-4.71%
Tax Rate-
Asset Turnover0.7222
Net Asset Value Per Share0.09
Net Tangible Asset per share0.09
Price/Net Tangible Asset Per Share1.39
Cash Per Share0.05
Liquidity Current Ratio1.2727
Liquidity Quick Ratio0.8929
Liquidity Cash Ratio0.5947
Gearing Debt to Equity Ratio1.1873
Gearing Debt to Asset Ratio0.5428
Working capital per thousand Ringgit sale17.5%
Days to sell the inventory85
Days to collect the receivables70
Days to pay the payables38

Technical Analysis 
SMA 100.154 (Downtrend)
SMA 200.165 (Downtrend 5 days)
SMA 500.15 (Same)
SMA 1000.14 (Same)
SMA 2000.141 (Same)
MACD (26d/12d)-0.002469 ( 0.000248 )
Signal (9)0.001413 ( 0.00097 )
MACD Histogram0.003882 (Bearish trend 12 days)
Bolinger Upper Band0.201
Bolinger Lower Band0.129

My notes based on 2013 quarter 2 report (number in '000):-
- Lower loss mainly due to the increase in operational efficiency

- No estimate next 4Q eps after 2013 Q2 result announced but is reduce negative
- No estimate next 4Q eps after 2013 Q1 result announced
- No estimate next 4Q eps after 2012 Q4 result announced
- Estimate next 4Q eps after 2012 Q3 result announced = 85631*0.03/741249 = 0.0035(ROE 3%), estimate highest/lowest PE = 51.43/41.43
- No estimate next 4Q eps after 2012 Q2 result announced due to loss, if use eps from FY2010Q3 to FY2011Q2 = 0.0066, estimate highest/lowest PE = 32.58/18.94
- No estimate next 4Q eps after 2012 Q1 result announced due to loss, if use eps from FY2010Q3 to FY2011Q2 = 0.0066, estimate highest/lowest PE = 27.27/17.42
- No estimate next 4Q eps after 2011 Q4 result announced due to loss, if use eps from FY2010Q3 to FY2011Q2 = 0.0066, estimate highest/lowest PE = 40.15/23.48
- No estimate next 4Q eps after 2011 Q3 result announced due to exclude other income will be a loss, if use eps from FY2010Q2 to FY2011Q1 = 0.0079, estimate highest/lowest PE = 32.28/2
- Estimate next 4Q eps after 2011 Q2 result announced = 0.0021*2*1.05 = 0.0044(exclude gain from sale of land), estimate highest/lowest PE = 118.18/51.14
- Estimate next 4Q eps after 2011 Q1 result announced = 0.0079(remain recent last 4Q cumulative eps), estimate highest/lowest PE = 102.53/48.73
- Estimate next 4Q eps after 2010 Q4 result announced = 0.0022*4 = 0.0088, estimate highest/lowest PE = 128.41/67.61

IRCB latest news (English)

IRCB latest news (Chinese)

Daily Latex Price


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
2012-09-2720132N/AN/A-1.88%9.81%330666145115578077154780630.00190.0097162146954688801675011-74130336917702N/A3370433243328288368288361036042012-07-312.00%2.04%4.71%-0.7222-0.090.091.390.051.27270.89290.59471.18730.542817.5%857038
2012-06-28201310.150.12-7.93%7.93%283852838565206520651665160.00790.0079166125974469045076035-756751096622654048210901175393078288368288361036042012-04-3012.51%19.77%22.97%-0.7275-0.090.091.390.061.28160.85960.62491.19520.544517.7%915437
2012-03-30201240.1550.115-3.32%20.64%308141178063448214113438213700.00410.02581779961072409580579961-821911715073133184617612446321279404828288368288361284692012-01-314.42%7.86%11.19%-0.6618-0.10.11.550.061.34120.88630.60841.16560.538223.2%1056943
2011-12-29201230.180.145-5.11%17.31%24830869925305179615295179300.00710.02421818991101729626879054-856311750982335124652032574220618445857412497412491223062011-10-3112.82%16.81%21.37%-0.6583-0.120.121.380.071.39360.95020.61991.12420.529226.0%957937
2011-09-29201220.2150.125-6.49%12.20%36832621626730126566719126350.01130.021319328911974110236483220-90925124308053814861761204831233549426592026592026740032011-07-317.19%15.76%18.27%-0.6557-0.150.150.830.091.43881.0360.65851.12580.529628.8%899040
2011-06-29201210.180.115-5.71%5.71%253302533059265926591659160.01000.01001939471225039630378916-976445047403824636176190856622551395920265920261065642011-04-3014.96%19.70%23.40%-0.638-0.160.161.120.11.55231.08140.76670.98630.496535.2%1057342
2011-03-31201140.2650.155-58.62%53.85%32760139998413403800741330379660.06980.06411990581298909549879902-1035601333226957755651581063766919617615920265920261628072011-01-3114.61%123.26%126.19%-0.7033-0.170.171.620.111.62561.15640.8160.92220.479735.7%997050
2010-12-30201130.340.225-4.08%4.77%3181610723828663333287633640.01210.0142167157727879333677512-7382120628602282515729226405797236810236810592022010-10-313.22%11.56%9.01%-0.9187-0.310.171.47N/A0.9390.38330.00491.26440.5584-3.1%1107048
2010-09-27201120.520.225-0.23%0.69%33825754221514671624880.00070.0021161014642609006973730-709458031585140515778292260792368102368101065642010-07-317.12%2.81%0.45%-1.0005-0.30.162.81N/A0.87160.30680.00861.26960.5594-5.9%1035043
2010-06-29201110.810.385-0.46%0.46%41597415973163163263260.00140.0014168558701699777580413-707832521729171751573250153366902368102368101847112010-04-307.10%2.55%0.76%-0.9617-0.30.164.87N/A0.87260.31520.00781.38130.5801-6.3%1115657
2010-03-30201041.130.645-1.10%8.03%46327147087709520172052430.00300.02211725277264410202786289-705004135491367442364778752251582368102368102510182010-01-319.21%3.21%1.53%-0.852547.87690.30.166.620.010.84190.34740.01411.44720.5914-9.3%1177183
2009-12-23201031.870.595-0.54%6.93%39341100760345449235545230.00150.01911701356874810035583626-697803471421549062364744565032862368102368101420862009-10-318.37%2.79%0.88%-0.7936-0.290.154.00.010.82210.32670.04131.43820.5899-11.0%1236579
2009-09-29201020.90.53-0.74%6.39%3483361419472414748341680.00200.0176166338645149691379151-6942534022518308323655920900366382368102368101361652009-07-3110.47%3.50%1.36%-0.8054-0.290.153.83N/A0.81510.33620.01051.39590.5826-10.9%1117062
2009-06-23201010.970.305-5.65%5.65%265862658636753675368536850.01560.0156156660540528771869041-68942277128628572446100938661420236810236810722272009-04-308.38%16.60%13.82%-0.8676-0.290.152.03N/A0.78290.2760.00781.27230.5599-11.0%985049
2009-03-27200940.3750.2-1.12%7.06%34258136418773507378449600.00330.0209158675552129341873779-652577319766126129673426032364236810236810497302009-01-317.11%4.40%2.26%-0.8597-0.280.131.620.010.74830.2890.03691.43150.5887-13.6%935061
2008-12-19200930.380.21-0.09%8.18%382891021607058466057440.00030.02431653626123610089079415-644725410552593029671158153782236810236810876192008-10-313.57%2.26%0.18%-0.7525-0.270.132.850.020.77110.31040.04861.56490.6101-14.6%1066184
2008-09-23200920.3750.205-3.56%8.10%367876387125095776249856840.01050.0240157876538299334471086-64532605739535812967210426855652236810236810888032008-07-310.08%4.29%6.82%-0.7374-0.270.132.880.020.75720.33260.08061.44650.5912-14.8%925668
2008-06-24200910.460.28-4.54%4.54%270842708432673267318631860.01350.0135153666505558663563643-6703133015411488296712112773244236810236810947242008-04-302.54%8.77%12.06%-0.6889-0.280.142.860.010.79440.34710.05221.29250.5638-12.4%976551
2008-03-31200840.450.31-15.54%19.89%22273101393153692019613642174600.05760.0737150080471177986456460-70216923022458102634111475337329682368102368101018282008-01-3112.64%65.28%69.00%-0.6756-0.30.152.870.010.83450.37510.05391.13740.5321-9.2%956537
2007-12-28200830.450.125-3.88%4.35%302817912034204827340438180.01440.0161166592559958262959104-839631018868241886341950653181023236810236810982762008-10-311.01%8.68%11.29%-0.6375-0.350.172.440.010.94740.58050.03260.98410.496-2.9%8011153
2007-09-28200820.460.365-0.62%0.47%26226488396414075424140.00230.0017158494471967112747846-873673532153635206341199655168252368102368101101162007-07-3111.49%3.16%0.24%-0.479-0.370.192.450.010.98640.60390.03880.81410.4488-0.9%9713058
2007-06-2220081N/AN/A-1.09%1.09%2261322613147114719569560.00400.0040159247465107242251206-868253619187912326341549867303892368102368101065642007-04-306.00%3.30%6.51%-0.312-0.370.192.370.010.90830.45380.02360.83410.4548-9.5%18716274
2007-03-2720074N/AN/A-N/AN/A270771049761065748866956310.00280.0238165590526567781055426-87780509487901905211731388451686341236810236810935392007-01-3110.70%1.57%3.93%-0.1635-0.370.192.080.030.950.49820.11580.88640.4699-10.2%378286222

Financial Quarter Balance Sheet
yearqrtGoodwill on consolidation (A-0)Other investments (A-0)Property, plant and equipment (A-0)Cash and cash equivalents (A-1)Derivative assets (A-1)Fixed deposits with licensed banks (A-1)Inventories (A-1)Trade receivables (A-1)Deferred tax liabilities (L-0)Hire purchase liabilities (L-0)Loans & borrowings (L-0)Bank overdraf (L-1)Hire purchase liabilities (L-1)Loans & borrowings (L-1)Trade and other payables (L-1)
20132--6667816064343000284872233231372126208455195396312574
20131--686791518346000320871784432477140148210195490212904
20124--707562646-46000363682222633481154298164475703014720
20123--717272997785200035058260333258816801-1026555413398
20122--735482801191520003352731222355418785-2486834514627
20121--714445550387500037161247523666616955-2486410314565
20114--6916865203226-374932696837612815092-2486109418560
201133372817860464296-84430752933242819015206-2485884218422
201123372817862848550-83416402198743925215648-2485617217310
201113372817864483541-83448262471944931416599-2485732222843
2010433728178659771132-82426712875941825715063-2295596730093
2010333728178674813368-82414272387142831415987-2295688526512
201023372817867918834--379002578043937116952-2295810720815
201013372817868702541--349971851444942917799-2295158917223
2009433728178695572645-81338871859946048618693-2295132822222
2009333728178702203862--365882078647054320462-2295031228874
2009233728178701415730--301861791348060021178-2294883222025
2009133728178692053325--284671876349165821843-2294862714787
2008433728178690573045--259391813357271522117-229464309801
2008342728178676911928--2168432383229977220454-2294457914296
2008242728178683921855--1830127040230983020142-2293689610721
2008142728889691201207--2327222031279388717536-229419579020
20074427281245689616417--2504021199330794418133-2294070614491

Financial Quarter Income Statement
yearqrtRevenueIncome tax expenseCost of salesFinance/interest costsOther incomeAdministrative/Operating expensesSelling and distribution costs
201323306610324068818401808368
2013128385431936908611836286
2012430814102945210259064368323
2012324830102801211309781698273
201223683211394829254273196386
201212533010291209378311552478
2011432760103754696154035806327
2011331816103079081154733360538
201123382511314167987961662594
201114159710386457463171554653
201044632711420607774941999288
201033934110360477512931930561
201023483311311867471021741585
2010126586102435873840501539326
2009434258113182173315631724770
2009338289103692393714561259696
200923678711367569294191427603
20091270848127772893661331421
200842227317272508882941111344792
2008330281163058779191571743
2008226226478232127641631397626
2008122613515212567251781549376
2007427077396241796406243327620

Financial Quarter Segments Revenue
yearqrtOthersInvestment holdingManufacturing
20132--33066
20131--28385
20124--30814
201231145-25975
20122892-35687
20121253-25330
2011494045731363
201131278-30538
20112313633509
201111358-40236
201042995-43332
201031303-38038
201022348-32485
201011797-24789
200944191033829
200932378-35911
200922460-34327
200913598-23486
2008427558019439
200831641-28640
200821474234222410
200811153105120409
200741053-26024

Financial Quarter Segments Profit
yearqrtOthersInvestment holdingManufacturing
2013254591783
2013173053217
20124212849826
20123152689671
20122103995534
2012142934925
2011436339326516
201131073007774
20112212621232
20111711451264
201041081701761
20103291991320
20102992082009
2010183522416
200941491261230
2009322152988
2009243871200
200911832411960
2008446490584999
200832922792645
20082321111284
20081347481473
2007433173608

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




CHANGES IN SHAREHOLDING

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