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Saturday, December 22, 2012

KLCI Stock - KNM / 7164 - 2012 Quarter 3

KNM GROUP BERHAD


Company Description
KNM Group Berhad is engaged in investment holding activities and provision of management services. The Company, through its subsidiaries, is engaged in the business of designing and manufacturing process equipment for oil, gas, petrochemicals, minerals processing, desalination, renewable energy, environmental and power industries. The Company's wholly owned subsidiaries include KNM Process Systems Sdn. Bhd. (KNMPS), KNM International Sdn. Bhd. (KNMI), KNM Capital Sdn. Bhd., KNM Management Services Sdn. Bhd., KNM Renewable Energy Sdn. Bhd. and KNM Capital Labuan Limited. In June 2008, KNMPS acquired 100% equity interest in Borsig. In October 2 008, KNMPS and KNMI completed their acquisition of 80% equity interest in HZM Industrial Ltda, HZM Servicos de Manutencao E Montagens Ltda and HZM S.A. Industria e Comercio de Equipamentos (HZM Companies). In November 2009, the Company acquired 100% interest in KNM Services (Singapore) Pte. Ltd. (KNMSS).

Company Info 
Listing Date2003-08-11
Market Capital (Capital Size)677,956,029 (Medium)
Par ValueRM 1.00
BoardMain
SectorIndustrial Products
Major IndustryProcess Equipment for Oil & Gas
Sub IndustryHeat Exchanger
Websitehttp://www.knm-group.com

My Analysis 
Forecast P/E now0.455/0.0929 = 4.90 (Moderate)
Target Price0.0929*5.7 = 0.53 (PE 5.7, EPS 0.0929)
DecisionShort term buy if stock price sustain above 0.44 and got strong buy volume or wait next MACD bullish trend start
Comment
Revenue increased 3.9% and was fourth consecutive quarter increasing (higher than preceding year corresponding quarter 36.9%), eps increased 30.3% and was largely turnaround from loss compared to preceding year corresponding quarter, no cash generated from any of cash flow hence spent 69.6% of Group cash to cover all expenses, assets indicate Group not much expand, operating margin remain low, liquidity ratio indicate getting hard to meet current obligation hence rights issue, gearing ratio indicate very high liabilities risk, all accounting of turnover period still cannot generate much cash flow, asian and europe segments business segment still got good amount of profit but americas still loss
First Support Price0.44
Second Support Price0.42
Risk RatingHIGH

Research House
Jupiter Target Price0.79 (2012-08-17)
AMMB Target Price0.55 (2012-11-21)
Maybank Target Price0.6 (2012-11-21)
OSK Target Price0.49 (2012-11-21)
HwangDBS Target Price0.55 (2012-11-23)
MIDF Target Price0.41 (2012-11-23)
RHB Target Price0.55 (2012-11-23)
TA Target Price0.74 (2012-11-23)
Kenanga Target Price0.53 (2012-12-14)

Accounting Ratio 
Return on Equity7.18%
Dividend Yield-
Operating Profit Margin5.72%
Net Profit Margin3.75%
Tax Rate-
Asset Turnover0.6227
Net Asset Value Per Share1.66
Net Tangible Asset per share0.32
Price/Net Tangible Asset Per Share1.5
Cash Per Share0.13
Liquidity Current Ratio0.8271
Liquidity Quick Ratio0.4867
Liquidity Cash Ratio0.0749
Gearing Debt to Equity Ratio1.33
Gearing Debt to Asset Ratio0.5702
Working capital per thousand Ringgit sale-12.5%
Days to sell the inventory94
Days to collect the receivables187
Days to pay the payables154

Technical Analysis 
SMA 100.462 (Uptrend)
SMA 200.457 (Downtrend 46 days)
SMA 500.504 (Downtrend)
SMA 1000.532 (Same)
SMA 2000.609 (Downtrend)
MACD (26d/12d)-0.011612 ( 0.000378 )
Signal (9)-0.015058 ( 0.000861 )
MACD Histogram0.003446 (Bullish trend 10 days)
Bolinger Upper Band0.524
Bolinger Lower Band0.39

My notes based on 2012 quarter 3 report (number in '000):-
- Higher revenue and pbt due to higher job progress recognition on stronger order book and stable contribution margin from projects

- Asia & Oceanic Segment has continued to contribute positively and has recorded a marked turned around compared to the previous year. Efforts to strengthen profitability are on-going through various initiatives undertaken during the quarter under review, to improve cost efficiency and productivity

- Europe Segment contribution remains positive as it continues to operate with the strong order book. Profitability improved with higher project revenue recognition and better contribution margin

- Americas Segment continue to be weighed down by South America with further losses arising on the back of delayed realization of new orders

- Estimate next 4Q eps after 2012 Q3 result announced = 0.0885*1.05 = 0.0929, estimate PE on current price 0.455 = 4.9
- Estimate next 4Q eps after 2012 Q2 result announced = 1648151*0.08/977845 = 0.1348 or 1648151*0.08/1490013 = 0.0885, estimate highest/lowest PE = 5.68/5.25
- Estimate next 4Q eps after 2012 Q1 result announced = 1625722*0.08/977848 = 0.133, estimate highest/lowest PE = 5.86/4.21
- No estimate next 4Q eps after 2011 Q4 result announced due to loss
- No estimate next 4Q eps after 2011 Q3 result announced due to loss
- Estimate next 4Q eps after 2011 Q2 result announced = 0.0889*0.9 = 0.08, estimate highest/lowest PE = 18.63/13.75(DPS 0.02)
- Estimate next 4Q eps after 2011 Q1 result announced = (0.0194+0.021)*2*1.1 = 0.0889, estimate highest/lowest PE = 16.65/12.26 (DPS 0.02)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.0655*2*1.1 = 0.1441, estimate highest/lowest PE = 20.12/15.68 (DPS 0.03)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.0089*4*1.2 = 0.0427(use VAT 15%, include incoming new contract), estimate highest/lowest PE = 15.36/10.54
- No estimate for next 4Q eps after 2010 Q2 result announced
- No estimate for next 4Q eps after 2010 Q1 result announced
- No estimate for next 4Q eps after 2009 Q4 result announced
- Estimate next 4Q eps after 2009 Q3 result announced = 0.0081*4 = 0.0324, estimate highest/lowest PE = 11.67/9.39 (DPS 0.015)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.0181*4 = 0.0724, estimate highest/lowest PE = 11.67/9.39 (DPS 0.015)
- Estimate next 4Q eps after 2009 Q1 result announced = 0.0250*4 = 0.1, estimate highest/lowest PE = 10.45/7
- Estimate next 4Q eps after 2008 Q4 result announced = 0.0214*4 = 0.0856, estimate highest/lowest PE = 9.7/3.56 (DPS 0.015)

KNM latest news (English)

KNM 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
2012-11-2020123N/AN/A-2.74%7.01%60949717820242287960588441171130110.04510.11563793007140824921627151702549419916302921541045861216668399167612712779391212289778449778444693652012-09-305.72%3.75%-0.6227-1.660.321.50.130.82710.48670.07491.330.5702-12.5%94187154
2012-08-16201220.7650.465-2.10%4.27%5866981172527217443770933842688940.03460.070538217291393627217357816502877526164815174811342821302323991671090932393251598429778459778456893802012-06-305.92%3.71%-0.575-1.680.32.350.180.84450.42120.1071.32480.5687-11.7%113190140
2012-05-22201210.780.56-2.17%2.17%585829585829159651596535052350520.03580.0358382335213978402197630161943172281625722826001513495089399167977341928232063449778489778486991612012-03-314.83%2.73%-0.5637-1.660.242.980.230.86320.49040.1381.35780.5748-10.3%98186141
2012-02-28201140.9650.705-0.17%4.82%5798171982302106811475482992834320.00310.085339318691493960231979316922937021161207616903150469112592865321185621298214163539785809785809198652011-12-310.56%1.84%-0.5042-1.640.224.270.430.88280.5740.24611.44530.59-10.0%92185159
2011-11-22201131.180.83-6.72%4.99%4451851402485144941136867116295864240.11880.08833787178130064520836811429889102311703497224369461835925128653217818611893540546797882597882512039542011-09-3029.93%32.56%-0.4718-1.730.245.120.420.90960.59190.28871.23060.5502-7.2%88167143
2011-08-23201121.511.12-0.63%1.73%5443009573001808807510855298720.01110.03053964175147855121222681360026117891841907287222330737070628653225414918344346997597924497924414101112011-06-302.72%0.33%-0.4439-1.870.334.360.481.08710.66960.34561.15960.53546.7%125195174
2011-05-26201112.451.42-1.10%1.10%4130004130006267626719017190170.01940.01943771631133743519633211193077125371808310249226153884894428653223383818489447142698039998039924804092011-03-314.07%1.52%-0.4239-1.830.337.670.491.1210.7290.40191.09330.52059.0%114180158
2011-02-23201042.932.290.030.38%5.88%384233155910330924651076291182010.00780.120235241521155261179338311194991232817307695364762210258688553783856326725128653298340998340927830472010-12-312.75%0.80%-0.442423.5451.750.39.430.31.03190.58920.26461.04360.50892.3%124185112
2010-11-24201033.280.45-2.79%5.50%41835911748704103249602560941105720.01420.02813615431120777518528671049390657817625641961756897230802553783372802680822857013936489393648917320552010-09-3012.83%9.81%-0.4402-0.450.076.290.081.15090.64590.28231.05520.512510.0%123192110
2010-08-30201020.510.39-0.70%2.71%3832107565118321857014144544780.00360.0139350000011798321867767990412276216322331870540551202834553783592562620902916933928281392828119052162010-06-305.63%2.17%-0.4661-0.410.068.080.081.19130.71720.30841.14620.533611.6%105174115
2010-05-25201010.540.47-2.00%2.00%37330137330124924940334403340.01020.0102378712713079161984916108371526071802211535761906510723555378334511727244810593946288394628818942182010-03-313.03%0.07%-0.4456-0.460.068.00.131.20690.76190.45831.1030.524113.3%108154116
2010-02-25200940.8050.48-3.15%14.32%416516183957580900138114573012605560.01450.066141338121448550212208011554913046201173243397889569306779516153344409376305537833941322394132231727642009-12-3116.40%19.42%-0.44512.17690.510.0711.50.151.25360.82850.49481.05650.513315.9%110153111
2009-11-26200930.850.7-1.75%11.09%458348142305828762219014319232017930.00810.051242412561607928225268110891278732198857529846149709228543516153248752202095363623939647393964729941312009-09-309.23%6.28%-0.5364-0.50.0515.20.141.47630.94780.49671.13780.531122.8%115158101
2009-08-27200920.8750.69-3.92%9.33%43925796471065304190252714201698720.01810.043242513551662752231118811362054794194016721489431116223884516153183778401064760473935820393582030305812009-06-3017.97%14.87%-0.6028-0.490.0419.250.121.46340.88830.42021.19420.543620.5%119157103
2009-05-28200911.090.705-5.41%5.41%52545352545312494612494698449984490.02500.02504407456186938625977891397761593318096677173916731457305161535500892785254313934694393469431674282009-03-3128.76%23.78%22.13%0.6178-0.460.0240.250.131.33740.86220.3761.44020.589417.3%114169116
2009-02-24200840.8550.320.01514.86%60.54%8519312528750154953453721825533363830.02140.0871443257118646372612454185318562241820117174336176646520100499823315921294179205161533861444386144415445772008-12-3119.80%18.19%46.74%0.57054.59170.470.0140.00.131.00620.62110.27861.44020.58940.5%129181127
2008-11-26200830.5650.39-18.61%45.68%74620416768191278182987691034162538310.02700.066338782361618179208961416557622477178862298384166008418631859823315617003014853997183827497382749720859852008-09-3021.21%17.13%19.19%0.5146-0.470.069.080.110.97730.59750.24341.16990.5388-1.9%145207144
2008-08-26200821.710.39-17.33%27.07%599401930616109509170951962911504150.02590.0405379606815564002057663162932926461738405360827174729918292949823313864724428225410553713069371306959780412008-06-3020.04%18.27%12.07%0.4309-0.470.0440.250.150.95520.73820.33491.18550.5421-4.5%99207192
2008-05-27200817.01.38-9.74%9.74%331215331215614436144354125541250.01460.014613775888406637802935549502215972951743361766465201004998233159212941792051615337045323704532235237782008-03-3119.45%18.55%11.91%0.943-0.160.1639.690.031.51480.76550.21971.30690.566422.0%144181112
2008-02-26200747.354.840.0412.77%46.45%318767123011664890215358517361881330.01390.0505124704971544069138055634119955566980266116843767615804936577401849823337228983722898236404022007-12-3121.10%20.36%20.27%0.9864125.65790.150.1542.330.031.2860.57030.18931.24470.554412.9%145163113
2007-11-22200738.155.7-15.06%33.68%38633091134972011150467610051363960.01640.0366117590767478165361752583919752229074387521032920858049222845149210954137218093721809221447632007-09-3019.24%18.64%16.82%0.9859-0.140.1442.50.031.28320.72390.23411.25190.555812.8%109162116
2007-08-29200726.255.65-9.15%18.61%262796525019335967845637075753910.03470.070710998476211976327825031581764670651307044308567235804931238254858353410670491067049147252762007-06-3014.15%12.78%-0.9317-0.440.4332.090.111.23460.65640.23091.35530.575311.5%121165112
2007-05-2520071N/AN/A-9.46%9.46%262223262223448614486138318383180.03590.03591104897638599661863538103159514430342311445920360580491469056706371910672861067286120603312007-03-3117.62%17.11%11.96%0.9022-0.40.428.250.091.18680.52940.18541.54970.59910.1%152187142
2007-02-2620064N/AN/A0.05N/AN/A24800990898712912147545250201325060.02380.1260101569555447761066348013814702405032343181893495652156495325242400580491051890105189092566322006-12-318.01%5.21%-0.894969.85820.370.3723.780.091.15480.66380.191.56450.60128.2%110176138
2006-11-2320063N/AN/A-N/AN/A25174566097841257134633282621074860.02700.1028951975542437568740460931180963832353967515870104676156495554549131647801045292104529263240162006-09-3017.70%16.39%17.66%0.6943-0.350.3517.290.071.17681.12690.1591.55760.597412.3%15246202
2006-08-2320062N/AN/A-N/AN/A234893409233649029337659417792240.24480.3264940858530370687996612817123412528621225122281758171564934532412855693424268424268414561042006-06-3015.38%27.63%9.38%0.435-0.990.996.060.260.86550.82950.10472.86040.7312-20.1%-396N/A
2006-05-2520061N/AN/A-N/AN/A174340174340284732847319806198060.08190.08195650083435683749013308041239919010759131225952441156496346460956174424173124173112086552006-03-3116.30%16.33%27.03%0.3086-0.740.746.760.271.03861.01710.19872.10960.66357.3%-567N/A

Financial Quarter Balance Sheet
yearqrtDeferred tax assets (A-0)Goodwill on consolidation (A-0)Intangible assets (A-0)Investment in associated companies (A-0)Investment in jointly controlled entity (A-0)Other investments (A-0)Property, plant and equipment (A-0)Cash and cash equivalents (A-1)Inventories (A-1)Trade receivables (A-1)Work in progress (A-1)Deferred tax liabilities (L-0)Loans & borrowings (L-0)Long service leave liability (L-0)Long term payables (L-0)Current tax liabilities (L-1)Deferred income (L-1)Dividend payable (L-1)Loans & borrowings (L-1)Payables and accruals (L-1)Progress billings (L-1)Minority interest (M-1)
2012334194276263954805641794014007710133127445728507012495067052258742109671711216146090310981-740590644888-4199
2012232769477967356735142728414092731966176573755605185046229902366132634781783214176272328596-773576541843-7526
2012129589779489958490735525414070730450223468743845707335292552411263128201678225756100--7482644595594055087228
2011427992279850759464145588214088744824416429721205550214503902380423663902366207026075--7778945181643901607021
2011326168682908162604232961564244762028412791724964335033818552591793720381481210946688--68657641865831796710231
2011220720785456564812210692164366770079469975703154407644974972703354657771384247467270--56098448760030417211789
201112016138323136400406553074256755012479472708873903233967532668634764031502254768365--53772436337828361012537
201041959467989746208584553163620748722296237690633634204265412659283804931911255527938--6646413895745734612328
201031792488204276458212230-2300757630296289731753814974568142886264900623403213861581--5756273495321226506578
201021627767771596175041891-21907586483054489580340492137366028160256963632992281836274--5131133661251474482762
201011421628569746929012048-240278272449667010003832899438221430291057266232852234415316--5845593801001343722607
200941071199551737826701652-26328360165717231065713856243846323384405920373302328103252--6631853876571079013046
2009339116953655831183--49238044515409438478549138649081436775176533932012726339586--541628413663942508732
2009229877945537826705--55847809004774618150853186857191537381576562630743246851147--519620466858985804794
2009134467914055815315--53487688855255378077467958858348739439777256726863037837342--6842545201821559835933
2008436351928168845806--49327526775163039716663462061654842936129672225143067216907--11336675405091621026224
2008344102-1568744--44776427344029908525258626554367213685126559230772833252637--97624361800888742477
2008245675-1595876--46425934755457238156265703527208013101126473033972919619663--921408668127201312646
2008136728-6672--2553490972121934736533029043421725590013529430003114922399--20721527444850888221
2007437664-6672--247448479910533062185211970335955538554500728323334525055--22090728605724322199
2007342905-6670--247344907812310338585257555255538548534705127862308819804--19471326709544227197
2007248328-5522--237342242711617243117214100247808568084646326652368823369--21049925192317367176
2007148536-4233--23494111809975929247185118324475570164131925702285525535--181580328339264915951
2006449087-4233--23744055249122524756227467211029563654294825352867727929--15657529525737714702
20063-----23134072257327323017446147-101306556343452777137525--118206305200-18096
20062-----23214081676416722028444175-10130617493300-40989-5523177833388472-12341
20061---62713--158727657387103270727-10130319931974-16626--132778181400-12399

Financial Quarter Income Statement
yearqrtRevenueIncome tax expenseFinance/interest costsAdministrative/Operating expensesMinority interestFinance/interest incomeShare of profit/ (loss) of associatesNegative goodwillShare of net profit of jointly controlled entity
2012360949718859130805746622379320--804
20122586698123981313055195630014210--
201215858291936412892557546277972398--
20114579817122681322257655514058021523--
201134451852894213056578444296947--427
201125443008140144025295069071123--293
201114130001275011510396183-760--200
201043842331095014022373654229115236--
2010341835919539136113646674477940--11
201023832105680140413616201437808--
20101373301397941251936197829114472--
2009441651613893212996484819731798399--
200934583483907135544160317465455--
2009243925745501381136032015661868--
2009152545327655316773743291158551314--
200848519317242915407683265291694---
200837462042452431024587910122548---
200825994011321813593479260-2961---
2008133121573184619266782-1629---
200743187671315325332515211177-0-
200733863301210930103119881103679-0-
20072262796174628492256141733313-1050-
20071262223536514822160121178132---
2006424800911716134622814539222210336861-
20063251745728833952071935707716-616-
200622348936087429519877360215681733738-
200611743407697102414592097081817179-

Financial Quarter Segments Revenue
yearqrtAsia Pacific CountriesRest of EuropeAmericas
2012322782236919912476
2012220705034845031198
2012124077432826716788
2011415258841559411635
201131854541138815252
2011222579229830320205
2011117118322240619411
201049449726213627600
2010311729427253828527
201029452427522213464
201018661525561131075

Financial Quarter Segments Profit
yearqrtAsia Pacific CountriesRest of EuropeAmericas
2012345114626862563
2012234769719704430
201212910159727269
20114258938291714662
20113477346659321732
2011217164523273266
201113001844405694
20104358631618889002
20103122364147721
201022879154623249
2010136901503623

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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