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Monday, December 10, 2012

KLCI Stock - KGB / 0151 - 2012 Quarter 3

KELINGTON GROUP BERHAD


Company Description
KELINGTON GROUP BERHAD, formerly Kelington Engineering Sdn Bhd, is engaged principally in the business of providing engineering services and general trading services specifically in the provision of ultra-high purity (UHP) gas and chemical delivery system solutions. It comprises products and services, such as system design and installation, gas and chemical delivery equipment, control and instrumentation, quality assurance (OA) and quality control (OC), and maintenance and servicing to various foundries (semiconductor/FPD), as well as clients who require UHP gas or chemical delivery systems in Malaysia, the People’s Republic of China, Taiwan and Singapore. The Company’s subsidiaries include Kelington Technologies Sdn Bhd (KTSB), Kelington Engineering (Shanghai) Co., Ltd (KE Shanghai), Kelington Engineering (S) Pte Ltd (KE Singapore) and Kelington Trading (Shanghai) Co., Ltd (KTS).

Company Info 
Listing Date2009-11-25
Market Capital (Capital Size)91,767,010 (Very Small)
Par ValueRM 0.10
BoardMain
SectorTrading/Services
Major IndustryIndustrial Engineering Services
Sub IndustryUltra-high Purity Gas & Chemical
Websitehttp://www.kelington-group.com/

My Analysis 
Forecast P/E now(0.575-0.02)/0.0503 = 11.03 (Moderate)
Target Price0.58+0.02 = 0.60 (PE 11.5, EPS 0.0503, DPS 0.02)
DecisionBUY if stock price sustain and uptrend above SMA50 or wait rebound around SMA200
Comment
Revenue increased 9.7% but lower than preceding year corresponding quarter 30.8%, eps decreased 42.5% and also lower than preceding year corresponding quarter 37.8%, negative net cash from operating hence increased borrowings and spent 37.3% of Group cash to cover all other expenses, current assets improved which may increase revenue in near future, gross margin improving from around 15% to 21%, liquidity ratio indicate heavily depend on receivables to meet current obligation, gearing ratio indicate increase liabilities risk to cover receivables, receivables turnover period still long term which hold out the cash, Malaysia and China business still high profit
First Support Price0.565
Second Support Price0.53
Risk RatingMODERATE

Research House
OSK Target Price0.75 (2012-06-28)
Kenanga Target Price0.53 (2012-09-13)

Accounting Ratio 
Return on Equity15.52%
Dividend Yield3.48%
Gross Profit Margin21.04%
Operating Profit Margin7.64%
Net Profit Margin7.35%
Tax Rate21.17%
Asset Turnover1.335
Net Asset Value Per Share0.54
Net Tangible Asset per share0.49
Price/Net Tangible Asset Per Share1.15
Cash Per Share0.13
Liquidity Current Ratio1.9572
Liquidity Quick Ratio1.9023
Liquidity Cash Ratio0.4062
Gearing Debt to Equity Ratio0.7797
Gearing Debt to Asset Ratio0.4381
Working capital per thousand Ringgit sale30.3%
Days to sell the inventory8
Days to collect the receivables171
Days to pay the payables91

Technical Analysis 
SMA 100.57 (Same)
SMA 200.574 (Uptrend 6 days)
SMA 500.566 (Uptrend)
SMA 1000.585 (Same)
SMA 2000.414 (Uptrend)
MACD (26d/12d)0.000175 ( 0.000283 )
Signal (9)0.000549 ( 9.3e-005 )
MACD Histogram0.000374 (Bearish trend 27 days)
Bolinger Upper Band0.582
Bolinger Lower Band0.566

My notes based on 2012 quarter 3 report (number in '000):-
- Higher revenue from Malaysia operation due to contribution from the Malaysian subsidiary of a company acquired during the year

- Revenue from China, Taiwan and Singapore operations decreased due to the timing difference of projects that have been completed and commencement of new projects that are still in the preliminary stages

- In Taiwan, the decrease in revenue was due to one key base build project for a touch screen panel application, that was undertaken in the previous year’s corresponding quarter and is almost completed in the current quarter

- Estimate next 4Q eps after 2012 Q3 result announced = 0.0503, estimate PE on current price 0.575 = 11.03(DPS 0.02)
- Estimate next 4Q eps after 2012 Q2 result announced = 53524*0.15/159595 = 0.0503, estimate highest/lowest PE = 11.73/8.65 (DPS 0.02)
- Estimate next 4Q eps after 2012 Q1 result announced = 0.12, estimate highest/lowest PE = 11.75/8.08 (DPS 0.04)
- Estimate next 4Q eps after 2011 Q4 result announced = 0.12, estimate highest/lowest PE = 9/6.67 (DPS 0.04)
- Estimate next 4Q eps after 2011 Q3 result announced = 0.12, estimate highest/lowest PE = 8.92/6.67 (DPS 0.03)
- Estimate next 4Q eps after 2011 Q2 result announced = 0.12, estimate highest/lowest PE = 7.17/6.13 (DPS 0.03)
- Estimate next 4Q eps after 2011 Q1 result announced = 0.12, after private issues eps = 0.108, highest/lowest PE = 7.59/6.94 (DPS 0.03)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.12, estimate highest/lowest PE = 7.5/5.17, after private issues eps = 0.108, highest/lowest PE = 8.33/5.74 (DPS 0.03)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.095, estimate highest/lowest PE = 7.16/6.42 (DPS 0.03)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.095, estimate highest/lowest PE = 8.63/7.05 (DPS 0.03)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.03*3+0.01 = 0.1, estimate highest/lowest PE = 9.6/6.6 (DPS 0.03)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.03*3+0.01 = 0.1, estimate PE on current price 0.77 = 7.4(DPS 0.03)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.1, estimate highest/lowest PE = 7.7/6.65 (DPS 0.03)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.1, estimate highest/lowest PE = 9/5.8

KGB latest news (English)

KGB 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
2012-11-2820123N/AN/A-3.04%7.96%264107719819414750153040110.01220.042391816759394022438799-51592675650222406251311177893721575912563994830709862012-09-3021.04%7.64%7.35%21.17%1.335-0.540.491.150.131.95721.90230.40620.77970.438130.3%817191
2012-08-30201220.610.455-3.33%4.92%240655078818182809167924810.02120.031388943727203541933914-53524457549801123254984051528239707918479184483022012-06-3018.32%7.87%7.55%7.65%1.5103-0.680.611.00.32.14422.07890.70680.66170.398228.9%712589
2012-05-25201211.450.6-1.59%1.59%26723267239919918028020.01010.010192463762904156440008-50899300247229802493577246744181917911079110791102012-03-3114.74%3.90%3.71%19.07%1.59-0.640.581.720.231.90691.87940.45470.81660.449524.7%314091
2012-02-28201141.120.840.047.56%21.66%4537513971034209759304487150.03900.111798872907054847146769-50401423412486332272829862353250817803778037717942011-12-3115.02%7.72%7.54%10.99%1.4138.2380.650.641.440.321.93941.93370.53950.96170.490231.4%1169118
2011-11-17201131.10.83-3.76%14.09%381659433519426339151156710.01960.073790840825094389642508-469449091100718842265880846200288587692876928669272011-09-3014.61%5.13%5.09%22.19%1.3766-0.610.611.430.381.9411.88260.67890.93510.483232.0%9148118
2011-08-04201120.890.765-8.38%10.34%367505617035954397337341600.04260.052681694733753434332870-4735127467595742223019872561247917911079110656612011-06-3015.72%9.86%9.78%6.18%1.364-0.60.61.380.312.23232.18590.75420.72530.420436.4%6154109
2011-05-31201110.850.78-1.96%1.96%19420194208028027877870.00990.009977419694693363332077-4378620561356592204921911532205177911079110648702011-03-3113.99%4.21%4.13%1.87%1.1658-0.550.551.490.262.16572.10510.63960.76810.434441.4%10188120
2011-02-23201040.90.620.039.04%24.81%307168450926658592311085380.04160.114369249614772901027610-40239332919032922766452325524221407471074710508022010-12-3115.76%8.88%8.68%-1.22045.95020.540.541.260.32.22662.18880.80190.72090.418940.1%6164116
2010-11-29201030.710.64-7.05%15.77%245425379326575927242554280.03250.072762265550732540724257-36858656144624082735221024510228427471074710522972010-09-3020.83%10.88%10.83%8.73%1.1718-0.490.491.430.312.27042.23870.94170.68930.40842.2%5157118
2010-08-24201020.850.7-6.92%8.73%155792925125823270238030030.03190.040259901532392290421692-3699724760411127747851962267857471074710571532010-06-3024.78%16.66%16.57%7.82%1.1254-0.50.491.560.362.45432.43071.23480.61910.382446.8%4140100
2010-05-26201010.990.69-1.81%1.81%13672136726886886236230.00830.008359233527512419422918-350396033141552814061746229219117471074710519232010-03-3113.30%5.13%5.03%9.45%1.1622-0.470.471.480.292.30172.30170.95610.69050.408543.3%-16499
2010-02-25200940.80.6950.037.64%37.35%19169638372588645165180730.02500.122156677501462226120751-34416413134661192066275977478281406611766117519012009-12-3117.56%1.64%1.35%-1.13156.42910.520.521.510.432.41662.34971.35610.64680.392845.8%10117115
2009-11-24200930.90.58-13.93%29.71%189954466839778387301164220.04630.098849951433212177519812-28176298611841132079241704283165096500065000N/A2009-09-3034.66%21.00%20.94%24.29%1.2213-0.430.43N/A0.252.18662.18660.83330.77280.435938.5%-16092
2009-11-2020092N/AN/A-10.07%15.78%170052567327784410217634110.03350.052548767422962361721596-2515010958425420780253199209796500065000N/A2009-06-3023.25%16.41%16.34%21.67%1.0825-0.390.38N/A0.321.95851.95850.97140.9390.484339.2%-147100
N/A20091N/AN/A-4.71%4.71%8962896213441344101910190.01570.0157N/AN/AN/AN/A-N/A1907553272054713541327218746500065000N/A2009-03-3121.62%15.16%15.00%24.18%N/A-N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-N/AN/A
N/A20084N/AN/A-N/AN/A160416005821317060226366060.03480.101645209396982359321933-2161611524951203512160105738538206986500065000N/A2008-12-3126.16%13.46%13.28%-0.9544-0.330.33N/A0.321.811.810.94371.09150.521941.2%-161126
N/A20083N/AN/A-N/AN/A10781440171357492994543430.01450.0668N/AN/AN/AN/A-N/A480464819531175641562203139596500065000N/A2008-09-3017.74%12.75%12.59%30.36%N/A-N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-N/AN/A
N/A20082N/AN/A-N/AN/A163273323621493572224833980.03460.0523N/AN/AN/AN/A-N/A20965321984120841564420116646500065000N/A2008-06-3020.97%13.30%13.16%-N/A-N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-N/AN/A

Financial Quarter Balance Sheet
yearqrtDevelopment Expenditure (A-0)Goodwill on consolidation (A-0)Intangible assets (A-0)Property, plant and equipment (A-0)Receivables (A-0)Amount due from customers (A-1)Cash and cash equivalents (A-1)Current tax assets (A-1)Inventories (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 customers (L-1)Loans & borrowings (L-1)Payables and accruals (L-1)Provision for taxation (L-1)Trade and other payables (L-1)
2012318948871757487313918469157597892131944629345523902541570055821111619442
20122255488717577593147206162397066322162524227315319745245317473663722979
2012125348871697796306816071181915311100233738060521103555592718339053627805
20114285199-7683-26312252333832701714367935241178557516044386104834156
20113316199-7816-2118228858509248415512792520311857400287291059331318
20112329199-7791-13813247911021523327229874203127048442872296-25443
20111268199-7483-1224720517416194544852985920113557479287316315020998
20104184199-7389-11551221404111044151324818203119732222341320714718693
20103201199-6792-857922842-769978219051659854553172193251317087
20102201199-6262-928126785-51217681489317110416938172216445111967
20101201199-6082-1080221911--12661877217910977951173213541412245
20094201199-6131-778128140-13877511208735511554461170257189712652
20093201199-6230-1107516509--21121362580611576536175270919558437
20092153199-6119-960320979--13561035880612159214175144210579708
2008494199-5218-774920698--117610075812848100496327382318852

Financial Quarter Income Statement
yearqrtRevenueIncome tax expenseCost of salesFinance/interest costsOther incomeAdministrative/Operating expensesSelling and distribution costsOther expenses
20123264104112085376162983260313
201222406513919657762623821679
201212672318922784511272413212399
20114453753763855984912721276406
20113381654313258915393268182208
201123675022230973271031869208181
2011119420151670416901601264123
201043071644525874621831848206244
20103245422321943014742092183240
201021557920211719141191121130132
2010113672651185413118980153102
20094191691393158025626019491301234
20093189959661241212382289139204
200921700560213052131181591245
2009189623257024152607395050
20084160411321184428369227811811
20083107814128868184990173226
20082163279912904221641382331

Financial Quarter Segments Revenue
yearqrtOthersElimination/AdjustmentMalaysiaChinaVietnamSingaporeTaiwan
20123--159195942-19902559
20122--99884609-21476745
20121-576631121532297509063
2011417031031130327356117978114652
20113-911017066341413806611738
20112-1558132319307162089665184
20111-37877655017153621973283
20104-294185343849-33055322
20103-247128084927-22504804
20102-3867133157-30062741
20101--32574759-26163040
200944196849137936-28253144
20093--115132052-38391591
20092171-91672903-25481922
20091--49791706--2277
20084426-56953858--6062
20083297-55273314--1643
20082--1126213127--8847

Financial Quarter Segments Profit
yearqrtOthersElimination/AdjustmentMalaysiaChinaVietnamSingaporeTaiwan
20123--21011176-973363
20122--15797184741233
20121--199412337519
20114624-79685557314925
20113--61347214468788
20112--21777341397755
20111--711154639940
20104--2348168-138299
20103--1944217-249185
20102--1651161-67152
20101--40279-40063
2009423014996201747-29764
20093--3458255-929195
2009243-2321195-342119
20091--894128-18275
20084120-771145--699
2008364-1100219--16
20082--11941784--572

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


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