Sponsor by Innity

Sponsor by cwyeoh

Sponsor by Nuffnang

Wednesday, December 26, 2012

KLCI Stock - PETGAS / 6033 - 2012 Quarter 3

PETRONAS GAS BERHAD


Company Description
PETRONAS GAS BERHAD is engaged in separating natural gas into its components and storing, transporting and distributing such components thereof for a fee and the sale of industrial utilities. In addition to gas processing and transmission, its activities includes supply of industrial utilities, such as steam, electricity, nitrogen, compressed air, demineralised water and waste water treatment to the petrochemical complexes in the Kertih and Gebeng industrial zones. It operates six gas-processing plants, which process natural gas from the offshore fields of Terengganu. The plants have a gas production capacity of 2,060 million standard cubic feet per day (mmscfd) in addition to gas derivative products, such as Ethane, Propane, Butane, Condensates and Carbon Dioxide. In addition, it has standby units in Kertih and Paka with a total capacity of 750 mmscfd.

Company Info
Listing Date1995-09-04
Market Capital (Capital Size)38,981,018,725 (Very Large)
Par ValueRM 1.00
BoardMain
SectorIndustrial Products
Major IndustryGas Processing & Transporting
Sub IndustrySales Gas

My Analysis
Forecast P/E now(19.7-0.5)/0.701 = 27.39 (Moderate)
Target Price19.28+0.5 = 19.78 (PE 27.5, EPS 0.701, DPS 0.5)
DecisionNot interested unless stock price strong sustain above SMA20 or wait rebound around SMA200
Comment
Revenue decreased 2.5% and was fourth consecutive quarter decreasing (lower than preceding year corresponding quarter 6.7%), eps decreased 30.8% and also lower than preceding year corresponding quarter 9.3%, cash generated from operating enough for financing expenses but still generated cash from financing and spent 4.4% of Group cash to cover investing expenses, balance sheet assets indicate Group expanding the long term assets, operating margin maintain very satisfactory level ~48%, liquidity ratio indicate very firm can meet current obligation but keep weakening, gearing ratio indicate still low liabilities risk, all accounting turnover period is good which got more cash on hand, gas processing segment got business downtrend but other segments still growth
First Support Price19.0
Second Support Price18.0
Risk RatingMODERATE

Research House
OSK Target Price17 (2012-02-23)
Maybank Target Price20.2 (2012-09-11)
Affin Target Price16.6 (2012-11-26)
AMMB Target Price21.6 (2012-11-26)
CIMB Target Price20.6 (2012-11-26)
HwangDBS Target Price21 (2012-11-26)
MIDF Target Price17.72 (2012-11-26)
RHB Target Price18.47 (2012-11-26)
TA Target Price16.75 (2012-11-26)
Kenanga Target Price19.86 (2012-12-07)

Accounting Ratio
Return on Equity17.33%
Dividend Yield2.54%
Gross Profit Margin47.30%
Operating Profit Margin48.46%
Net Profit Margin48.27%
Tax Rate23.92%
Asset Turnover0.3059
Net Asset Value Per Share4.49
Net Tangible Asset per share4.49
Price/Net Tangible Asset Per Share4.21
Cash Per Share1.24
Liquidity Current Ratio3.3855
Liquidity Quick Ratio3.2634
Liquidity Cash Ratio2.8872
Gearing Debt to Equity Ratio0.3076
Gearing Debt to Asset Ratio0.2327
Working capital per thousand Ringgit sale56.3%
Days to sell the inventory21
Days to collect the receivables32
Days to pay the payables50

Technical Analysis
SMA 1018.806 (Uptrend)
SMA 2018.478 (Uptrend 4 days)
SMA 5019.057 (Downtrend)
SMA 10019.096 (Uptrend)
SMA 20018.04 (Uptrend)
MACD (26d/12d)0.079048 ( 0.073431 )
Signal (9)-0.081961 ( 0.040252 )
MACD Histogram0.161009 (Bullish trend 13 days)
Bolinger Upper Band19.982
Bolinger Lower Band16.974

My notes based on 2012 quarter 3 report (number in '000):-
- Lower revenue and pbt due to lower export volume and prices for propane and butane from Gas Processing segment and higher depreciation costs arising from review of property, plant and equipment useful life as well as higher volume of fuel gas utilised in the production of industrial gases to meet higher customers demand

- Lower pbt than FY12Q2 also due to disposal of investment in an associate through initial public offering amounting to RM100.0 million in the preceding quarter

- Estimate next 4Q eps after 2012 Q3 result announced = 1460166*0.95/1978732 = 0.701, estimate PE on current price 19.7 = 27.39(DPS 0.5)
- Estimate next 4Q eps after 2012 Q2 result announced = 0.7863, estimate highest/lowest PE = 25.13/22.64 (DPS 0.5)
- Estimate next 4Q eps after 2012 Q1 result announced = 1414470*1.1/1978732 = 0.7863, estimate highest/lowest PE = 24.75/20.76 (DPS 0.5)
- Estimate next 4Q eps after 2011 Q7 result announced = 8643921*0.165/1978732 = 0.7208, estimate highest/lowest PE = 23.34/21.5 (DPS 0.5)
- Estimate next 4Q eps after 2011 Q6 result announced = (0.1954+0.177)*2 = 0.7448, estimate highest/lowest PE = 22.82/16.68 (DPS 0.5)
- Estimate next 4Q eps after 2011 Q5 result announced = 0.1954*4 = 0.7816, estimate highest/lowest PE = 18.14/15.1 (DPS 0.5)
- Estimate next 4Q eps after 2011 Q4 result announced = 0.1348*4 = 0.5392, estimate highest/lowest PE = 25.04/19.84 (DPS 0.5)
- Estimate next 4Q eps after 2011 Q2 result announced = 0.6266, estimate highest/lowest PE = 17.65/16.41 (DPS 0.5)
- Estimate next 4Q eps after 2011 Q1 result announced = 0.5331*0.95 = 0.5064, estimate highest/lowest PE = 25.63/19.31 (DPS 0.5)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.4612(3% dropped from 0.4755), estimate highest/lowest PE = 21.47/19.8 (DPS 0.5)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.5(0.37+0.13), estimate highest/lowest PE = 19.2/18.12 (DPS 0.5)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.47, estimate highest/lowest PE = 20.21/19.26 (DPS 0.5)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.47, estimate highest/lowest PE = 20.21/19.47 (DPS 0.5)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.47, estimate highest/lowest PE = 21.06/19.15 (DPS 0.5)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.47, estimate highest/lowest PE = 20.21/18.94 (DPS 0.05)

PETGAS latest news (English)

PETGAS 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
2012-11-2320123N/AN/A-3.73%13.04%8655992667765417854144260431766211099830.16050.56101173261928682002729995847211126728900262415260211699712703782368834173691103313226552119787321978732373980342012-09-3047.30%48.46%48.27%23.92%0.3059-4.494.494.211.243.38553.26342.88720.30760.232756.3%213250
2012-08-152012220.2618.30.155.39%9.30%887363180216557782210247514588667923220.23190.400411025302259846720437585519581265008981544108344512239533260562368835140508466564190227119787321978732394163412012-06-3052.96%64.89%65.12%20.65%0.3311-4.484.484.451.084.70774.52283.85490.23080.185456.1%213747
2012-05-092012119.9616.82-3.92%3.92%9148029148024469294469293334563334560.16850.1685110087413095754199100548545412687590177365649875145211262823688345046663094243192819787321978732335988692012-03-3149.02%48.70%48.86%25.35%0.3343-4.494.493.781.356.3776.17455.49480.22390.180970.9%203368
2012-02-222011717.3216.00.254.29%13.48%9212472765124464604143299134409510810140.17390.5463107464693103216210254859412186516864392115027419428209471662756079559921387245236883419787321978732326490782011-12-3148.42%50.17%50.43%25.96%0.3402-4.324.323.821.325.22325.05084.40040.24570.195768.6%203986
2011-11-242011617.512.920.154.37%9.19%92732418438774577879683863501837369190.17700.372410481476322912618917253622797963285897519996056366466671282756079362959304169245191019787321978732262379862011-09-3051.32%49.52%49.37%23.53%0.3461-4.34.33.081.378.91348.62757.47240.22230.180579.0%214240
2011-08-172011514.6812.3-4.82%4.82%9165539165535106015106013867373867370.19540.19541081871036377551916815390037494028901895552004390467286402756079161537190177294625619787321978732267920312011-06-3054.11%54.47%55.71%24.26%0.3299-4.474.473.031.639.32679.07138.27240.21650.177291.0%203255
2011-05-112011414.011.20.353.33%17.95%8911903524952350759190025526665814392510.13480.72741050985935015571994688452171494158515171223273568974896841021815021542987574577275607919787321978732222013732011-03-3137.24%37.80%39.36%24.00%0.335415.42564.284.282.621.537.74397.52186.70360.23560.189886.5%213871
2011-02-222011311.9411.1-5.00%14.63%8926872633762530810154949640073711725930.20250.5926101343623247949193424036880910248200122177489945372698015121815021321173341022252252419787321978732222013732010-12-3155.66%58.40%59.46%24.51%0.339-4.144.142.711.48.80668.45137.51860.23590.190983.8%283732
2010-11-302011211.5610.780.154.85%9.63%868430174107550547310186863890697718560.19660.39019921404304562618251922631521042809621211134862972726997772181502816214116437229793919787321978732220430742010-09-3052.80%57.16%58.21%23.04%0.3381-4.094.092.721.2811.573611.01329.62620.22550.18483.0%304023
2010-08-272011113.4810.28-4.77%4.77%8726458726455132135132133827873827870.19350.193510226131325400318263912374181083839974057668113360018002181502443081444881262638319787321978732205788122010-06-3057.28%57.75%58.81%25.42%0.3236-4.244.242.451.413.705813.064211.63140.21750.178691.2%283827
2010-05-112010410.49.630.352.51%11.71%802211322184327749812438032013929408960.10180.475598347242747999181772323444411318017001153778632523497618619451361212552236366218150219787321978732195498722010-03-3133.67%33.90%34.59%27.17%0.327620.77794.054.052.441.1511.721311.10719.73260.22680.184878.0%263736
2010-02-182010310.19.56-3.32%9.20%81088624196323432739662872664747395040.13470.3737956440324007191749490173294435781491311804453235159723261945136856930115396182974019787321978732193519982009-12-3138.40%41.02%42.33%22.54%0.3508-3.953.952.480.9813.853413.004411.19650.22390.182966.4%253420
2009-11-202010210.09.60.152.54%5.88%82318816087472687166230142040904730310.10310.2391959192023537331746098150223100878458227497182488596755171945136500859174658177047819787321978732193915732009-09-3033.18%31.68%32.64%24.08%0.3521-3.963.962.470.9515.668314.650812.45750.22260.18265.2%253618
2009-08-242010110.09.65-3.35%3.35%7855597855593542983542982689402689400.13590.13591005607327693901749084158140-9148306989399199149041N/A1945136250158250158219529419787321978732193717862009-06-3041.21%44.10%45.10%24.16%0.3385-4.24.22.331.1617.512316.554314.52060.21050.173976.7%253420
2009-05-212009410.49.50.353.30%11.72%935871341514134687612314452618159286920.13230.4693986705024822221828749217793-6628038301142074332653985687317078051094204237331194513619787321978732187979542009-03-3136.41%36.04%37.06%24.71%0.346120.24134.064.062.341.0211.397210.72499.25650.22750.185366.3%243432
2009-02-192009310.09.4-2.07%8.42%83287124792702222018845691640566668770.08290.3370951889121035681741742153612-77771491108336280813849250170780582752321727168607819787321978732193915732008-12-3129.27%25.65%26.68%26.17%0.3445-3.933.932.490.8813.69412.689611.30640.2240.18359.5%272416
2008-11-192009210.19.350.152.62%6.35%84970016463992735956623232072425028260.10470.2541959667120994971760967180412-78357046518961797256266441707805472171154473155333219787321978732193915732008-09-3029.72%31.07%32.20%24.25%0.3351-3.963.962.470.7911.637210.78568.66530.22470.183559.7%294319
2008-08-142009110.19.2-3.73%3.73%7966997966993887283887282955842955840.14940.14941010784725281431861031190238-824681640057986882N/A1707805313697313697202150219787321978732196883832008-06-3048.16%47.74%48.79%23.96%0.3113-4.174.172.391.0513.289412.496410.97080.22570.184174.3%313424
2008-05-212008410.39.350.353.96%14.41%7999453125745335264139413330056410929490.15190.5523979330321191981870908234370-7922395158453317723677287610733841407297634421170780519787321978732197873202008-03-3140.09%41.04%41.91%10.35%0.319218.10454.04.02.50.869.04218.4047.28680.23620.19160.3%313130
2008-02-142008310.69.05-3.33%10.44%769781232580034546410588692529807923850.12780.4005959787918572061976048283485-7621831129213813450576456510733841157633393068146645219787321978732207766862007-12-3143.50%43.86%44.88%26.77%0.3218-3.853.852.730.746.55136.03315.17290.25930.205950.9%312920
2007-11-142008211.310.00.153.25%7.11%78012915560193231317134052466315394050.12460.2726950117316609801915651214060-7585522876416996695478941073384776747228853130223719787321978732217660522007-09-3040.61%40.28%41.42%23.67%0.3233-3.833.832.870.667.75947.09286.08350.25250.201647.1%302620
2007-08-152008111.310.6-3.86%3.86%7758907758903902743902742927742927740.14800.1480978002218355571900937193319-787908537482141387N/A1073384333434333434140681819787321978732N/A2007-06-3048.12%49.30%50.30%24.98%0.2343-3.983.98N/A0.719.4958.79877.27720.24130.194471.7%394735
2007-05-2320074N/AN/A0.3N/AN/A7631082982347362378128117933827812469790.17100.6302949312214500951906811191166-7586311174077849992010471888797141240858193670107338419787321978732177096512007-03-3144.19%46.64%47.49%6.65%0.159714.2023.833.832.340.547.58556.85825.61490.25130.200983.0%595765
2007-02-1220073N/AN/A-N/AN/A75285522192393338149188013574149087010.18060.4592950023813806062252205482756-72480331334164465289722113879714868875146762102647619787321978732177096512006-12-3143.13%43.42%44.34%-0.0792-3.663.662.450.522.85982.59132.12630.31070.2371119.3%111109130

Financial Quarter Balance Sheet
yearqrtInvestment in associated companies (A-0)Investment in jointly controlled entity (A-0)Property, plant and equipment (A-0)Cash and cash equivalents (A-1)Inventories (A-1)Other investments (A-1)Trade receivables (A-1)Deferred income (L-0)Deferred tax liabilities (L-0)Loans & borrowings (L-0)Current tax liabilities (L-1)Loans & borrowings (L-1)Trade and other payables (L-1)Minority interest (M-1)
2012312234064728735607226552110339318054831873899241021000851860151075445640250496126728
20122128058675582920221902271102068225481368647101601030000451640162111156000233847126500
2012118549958087721680243192898324235538329964103971046000449154146780-338674126875
20117179567541474582722368834102449245562386371106921053000444735146489-44763286516
20116194942344870539602451910103565255170418481111071061000457339160499-20178079632
2011519109631816986678294625699597280288311614115231090000425255119428-27060949402
20114175087260668306092756079100399275082369997119371107000423580112141-34003049415
20113216708214366675622522524131044250393343988123521127000426079220979-1478301024
20112202110194766717212297939147485235218364984127671128000421273147519-1156331042
2011118798917396782400262638315233513512934015613182112800044779195078-1423401083
2010417403644816908208218150214401710025232222813597113200043768232214-2022301131
2010321051040426949132182974014713911055231328814011113000043218557283-116011435
2010219531635607039311177047915284810092332948314786112800045308942828-1073951008
2010118212433627101197219529415148810099132161715561114200043338333825-124315914
200941693413162721232519451361464137086331981015331114600044962522531-195262662
200931983632554721440616860781542935072621247116356111950145227364400-89212-
20092184099222473108511553332153654999538251617383115031041286279425-100987-
200911705811934740718920215021508446555229024518409116375748862774850-115388-
20084178291153074942841707805149550-26184319438116300045410087395-146975-
20083167004138375722861466452146911-243843204631218000454100190881-92604-
20082155379103076837841302237142698-216045214911226000454100119724-94336-
2008114284662778009921406818134610-29412922518123100045410074381-118938-
2007415148010378914441073384139039-23767223545123800045410039399-151767-
20073122519-79971131026476129642-22448824349129100045410017559312195153002-

Financial Quarter Income Statement
yearqrtRevenueIncome tax expenseCost of salesFinance/interest costsOther incomeAdministrative/Operating expensesMinority interestShare of profit/ (loss) of associatesOther expenses
20123865599999644561835113606344392022834996662
20122887363119331417384586218777835198375790746782
2012191480211330646635548739130835688167632658591
2011792124712062647514154697673644332117790316340
201169273241076964514655541828823231192411467216
2011591655312387742064552535326836394131658413512
201148911908419655929845865746729395951849323112
2011389268713009139579953066540920230181479520746
2011286843011644540990352157305422537411432812684
2011187264513047437277949893642321289481423511033
2010480221175410532092460563707223326961016039551
201038108867737349951650185021620619574156768352
201028231886470455007354944281923639781339031475
201017855598561046180351183683912509252129821652
2009493587185723595144513041996134726621467731922
200938328715814558908460058310613022-14549100214
200928497006635359717442465578318827-1380725448
200917966999314441300240214795215571-1238035709
200847999453470047923544512113513494-1143369
200837697819248443490741521624013477-11979-
200827801297650046332840771370216231-12936-
20081775890975004025283664179238798-11451-
200747631082410042592243482922610518-10832-
20073752855236004281276287113599205-13219-

Financial Quarter Segments Revenue
yearqrtUtilitiesGas ProcessingGas TransportationThroughput Services
20123229317355094281189-
20122228733380374278256-
20121232852403682278268-
20117229043423423268781-
20116228865429403269056-
20115203882447047265624-
20114198274418031274885-
20113206207405975280505-
20112201822385627280981-
20111194672399778278195-
20104176792--625419
20103201613--609272
20102202122--621066
20101166274--619285
20094264438--671433
20093155372--677499
20092178057--671643
20091159284--637415
20084155365--644580
20083146473--623308
20082151424--628705
20081158962--616928
20074149212--613896
20073148092--604763

Financial Quarter Segments Profit
yearqrtUtilitiesGas ProcessingGas TransportationThroughput Services
2012331067171913206436-
2012242965207467219547-
2012134386194475219586-
2011742852222221181033-
2011643811237581194467-
2011538146261047196715-
2011420678209335101879-
2011349746231997215145-
2011247520198084212923-
2011150672231070218124-
2010419244--250875
2010356991--254378
2010243618--229498
2010132970--290786
2009485534--255193
2009311220--255007
200921653--250874
2009152213--331484
2008434310--286400
2008336853--298021
2008242125--274676
2008154399--318963
2007440162--297024
2007339645--285083

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

No comments:

Post a Comment

Post a Comment