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Monday, December 10, 2012

KLCI Stock - PHARMA / 7081 - 2012 Quarter 3

PHARMANIAGA BERHAD


Company Description
PHARMANIAGA BERHAD is an investment holding company. Pharmaniaga is an integrated local healthcare company, focused on pharmaceutical industry and its principal activities include research and development and manufacturing of generic pharmaceuticals; logistics and distribution; sales and marketing; supply of medical products and services, and hospital equipping to the public and private sectors. It operates in four business segments: pharmaceutical manufacturing, which is engaged in manufacturing pharmaceutical products; pharmaceutical trading, marketing and distribution, which is engaged in purchasing, storage, distribution and marketing of pharmaceutical and medical products; medical products and services, which is engaged in the supply and installation of medical and hospital equipment, and other operations, which is engaged in investment holding. On July 2, 2008, the Company acquired Pharmaniaga Biovention Sdn Bhd.

Company Info 
Listing Date1999-11-12
Market Capital (Capital Size)877,217,861 (Medium)
Par ValueRM 1.00
BoardMain
SectorTrading/Services
Major IndustryPharmaceutical
Sub IndustryMedical Products & Services
Websitehttp://www.pharmaniaga.com/

My Analysis 
Forecast P/E now(8.2-0.35)/0.728 = 10.78 (Moderate)
Target Price9.32+0.35 = 9.67 (PE 12.8, EPS 0.728, DPS 0.35)
DecisionBUY if stock price sustain and uptrend above SMA50 or wait strong rebound at SMA200
Comment
Revenue decreased 6.6% but higher than preceding year corresponding quarter 14.8%, eps increased 60.7% and also higher than preceding year corresponding quarter 133.5%, negative net cash from operating hence increased borrowings and spent 29.9% of Group cash to cover all other expenses, current assets still high which may further expend the Group in near future, average gross margin keep improving, liquidity ratio indicate tight enough to meet current obligation but luckily still without long term borrowing, gearing ratio indicate high leverage to generate more income but also high liabilities risk, inventory turnover period longer than earlier which need more cash to cover, inventory surged which can indicate better Group products demand, all segment growth
First Support Price8.1
Second Support Price7.0
Risk RatingMODERATE

Accounting Ratio 
Return on Equity17.14%
Dividend Yield4.27%
Gross Profit Margin19.32%
Operating Profit Margin7.50%
Net Profit Margin6.68%
Tax Rate10.38%
Asset Turnover1.2896
Net Asset Value Per Share4.22
Net Tangible Asset per share2.88
Price/Net Tangible Asset Per Share2.86
Cash Per Share0.33
Liquidity Current Ratio1.0138
Liquidity Quick Ratio0.4634
Liquidity Cash Ratio0.0488
Gearing Debt to Equity Ratio1.6266
Gearing Debt to Asset Ratio0.6134
Working capital per thousand Ringgit sale0.6%
Days to sell the inventory115
Days to collect the receivables69
Days to pay the payables107

Technical Analysis 
SMA 108.199 (Downtrend)
SMA 208.349 (Downtrend 2 day)
SMA 508.138 (Uptrend)
SMA 1008.244 (Downtrend)
SMA 2006.995 (Uptrend)
MACD (26d/12d)-0.010706 ( 0.003443 )
Signal (9)0.022348 ( 0.008263 )
MACD Histogram0.033054 (Bearish trend 15 days)
Bolinger Upper Band8.747
Bolinger Lower Band7.951

My notes based on 2012 quarter 3 report (number in '000):-
- Higher revenue than FY11Q3 mainly due to higher sales volume to the Government coupled with improvement in operational efficiencies in both domestic and overseas business

- Higher pbt than FY11Q3 mainly due to improvement in manufacturing productivity and efficiency of the existing plants

- Higher pbt than FY12Q2 due to one-off impact arising from the elimination of unrealised profit on goods supplied by IPMSB to the Group in the immediate preceding quarter

- Estimate next 4Q eps after 2012 Q3 result announced = 81587*1.05/117674 = 0.728, estimate PE on current price 8.2 = 10.78(DPS 0.35)
- Estimate next 4Q eps after 2012 Q2 result announced = 67151*1.25/117674 = 0.7133, estimate highest/lowest PE = 12.41/9.51 (DPS 0.3)
- Estimate next 4Q eps after 2012 Q1 result announced = 65358*1.2/117674 = 0.6665, estimate highest/lowest PE = 16.08/7.04 (DPS 0.3)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.1017*4 = 0.4068, estimate highest/lowest PE = 13.35/12.36 (DPS 0.27)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.1124*4 = 0.4496, estimate highest/lowest PE = 11.99/11.41 (DPS 0.27)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.5139*0.9 = 0.4625, estimate highest/lowest PE = 11.55/10.34 (DPS 0.27)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.5626, estimate highest/lowest PE = 8.85/6.99 (DPS 0.37)

PHARMA latest news (English)

PHARMA 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
2012-11-0620123N/AN/A0.15.22%14.41%4264601329942284939906625247696450.21460.5918131646880907880746679805312586509002433091090151357295556015232416595389651176741176749708102012-09-3019.32%7.50%6.68%10.38%1.2896-4.222.882.860.331.01380.46340.04881.62660.61340.6%11569107
2012-08-08201229.157.080.0753.25%9.19%456737903482276187057315713443980.13350.377313320648120858381548290661302549391078795836749995527095049200503522011767411767410390612012-06-3016.82%6.73%6.05%41.79%1.2332-4.092.663.320.30.97950.45460.04251.74290.6292-1.0%11675136
2012-05-032012111.024.990.0755.94%5.94%446745446745429554295528685286850.24380.243813028107842178163538075041257048645738015300177507553065680220705760111176741176745966072012-03-3120.55%10.34%9.62%32.35%1.2146-4.032.621.940.650.97120.47810.09411.72270.6266-1.5%11070138
2012-02-21201145.285.070.212.73%11.92%3677861520981163687288611942521570.10150.44321133475669756650168641254143604833076510113178314898210297719688447902550751176741176746213182011-12-3114.71%4.78%4.45%25.57%1.341911.91253.993.121.690.471.04440.44470.08591.38640.57361.9%10953124
2011-11-01201135.95.280.092.47%9.19%3714321153195156465651810811402150.10110.37599438226140014640214592541601747980185049195842997710263110463374656279751069781069786311702011-09-3014.79%4.42%4.21%29.96%1.6203-4.344.031.460.261.3370.71710.06091.00050.491610.1%8071109
2011-08-10201125.95.9-3.18%6.72%396435781763193804117213920294040.13010.27499578796225854900344855901586946784537464791246351028304537640741620891069781069786311702011-06-3013.92%5.12%4.89%27.53%1.5578-4.223.921.510.581.28210.75230.12791.08420.51169.2%7472127
2011-05-13201116.05.55-3.54%3.54%385328385328217922179215484154840.14470.1447854918530676401495396481157444534235461012614801029775587156351466261069781069785937272011-03-3116.34%5.82%5.66%28.42%1.6915-4.093.791.460.441.33850.79710.11760.91730.46969.3%6467107
2011-02-25201045.785.3-0.51%6.81%37611613783482701435002256303840.02110.284080188047676236440735964315629437473763448652694471047326769217551029771069781069785723322010-12-3113.61%0.35%0.72%-1.718918.83663.943.671.460.961.32570.68610.28630.86380.45448.5%7236101
2010-11-04201035.75.3-1.92%7.31%334337100223215405469638586326400.08030.305181718050031537752337286715325439657173856651511931044082403675229291791069781069785787502010-09-3015.45%4.94%4.61%45.25%1.6228-3.973.71.460.271.34180.71840.07830.88970.4629.6%7663104
2010-08-11201025.665.4-3.30%5.39%350335667895203273275814747240540.13790.224888734656839445498745043115476432359760255134450104408208923611020471069781069785819602010-06-3016.11%6.07%5.80%28.58%1.4896-3.93.631.50.951.26190.76020.22661.09140.51288.9%7464113
2010-05-26201015.615.050.12.09%2.09%3175603175601243112431930793070.08700.08708334305148663781933721571570545523731526166975121044083319540707637011069781069785541462010-03-3114.15%4.46%3.91%25.11%1.5654-4.113.841.350.61.38350.81380.17120.86040.453810.9%7065103
2010-02-19200945.354.30.375.45%14.97%3239061300796274908143621914601910.20480.5626818245498411371909358900157034463367561623692873359243599308119731044081069781069784567962009-12-3116.23%9.02%8.49%19.54%1.58977.58914.033.761.140.981.38870.75330.29090.86360.454510.7%764499
2009-11-13200934.64.12-1.51%9.52%3299629768909427539486059382790.05660.35788688315595244456654339881549942316691662822276001941733738838613555601069781069784728422009-09-3014.00%3.27%2.86%32.16%1.5022-3.813.521.260.521.28930.8340.1281.09320.51299.6%6679123
2009-08-21200924.544.0-4.40%8.01%333212646928243374452117697322190.16540.3012868538564986453546426087151644149926933248053896994173317387231869421069781069784707032009-06-3016.74%7.70%7.30%23.89%1.4846-3.743.451.280.811.3260.91290.2041.13440.522210.8%6080116
2009-05-08200914.63.9-3.61%3.61%313716313716201842018414522145220.13570.13578197865172454028123742471433841697417061515433934941731190745841483321069781069784493072009-03-3115.71%6.71%6.43%27.20%1.5976-3.763.471.210.451.38210.9580.12911.00040.491410.9%5373104
2009-02-27200844.43.50.274.91%16.56%3282431305646244969059917789600310.16630.561279831849541539611636516814167402202182088206101244775717216147837001941731069781069713765622008-12-3118.26%7.66%7.46%26.84%1.63556.27243.633.331.060.881.35670.91250.25791.02080.496210.0%555391
2008-11-24200833.523.52-2.92%11.65%314288977403176416610310590422420.09900.394990660059288351837547157114034388225946021383963362557218076317401731221069781069683765622008-09-3016.97%6.36%5.61%37.37%1.4011-3.53.191.10.681.25730.860.15511.38530.57189.6%6585113
2008-08-14200823.93.18-3.62%8.73%353465663115210884846213107316520.12250.2959944853635335568795515888135763760581872389253989456114979830096260181069631069633743702008-06-3016.33%6.17%5.97%36.19%1.366-3.393.081.140.241.23150.88610.05051.56920.6029.3%62112122
2008-05-28200813.923.38-5.12%5.12%309650309650273742737418545185450.17340.17348833565759465023694449811322638098742470467371998559483779734201217471069631069634064592008-03-3119.66%9.37%8.84%30.66%1.4008-3.443.121.220.21.29430.88720.04891.3660.568710.6%6599121
2008-02-28200743.823.20.184.91%15.30%2928171183983235727789816069500800.15020.468288484957967952238946013612789362460648782670450137680953817411963561321069631069633508382007-12-3116.91%8.87%8.05%30.23%1.33817.00563.272.951.110.521.25980.8640.1221.49390.590410.1%6894108
2007-11-22200733.82.78-6.51%10.39%334700891166319155432621302340110.19920.318092060858489457214349170912411348465414551653146850683622492421926464361069631069633636742007-09-3020.82%10.31%9.54%32.44%1.258-3.142.821.210.431.18950.83860.09451.70250.62158.0%65115125
2007-08-17200723.43.38-2.03%3.88%30023155646612181224116640127090.06210.118885377051765952664844082612152327122241001329041888684191081031078373411069631069633658132007-06-3014.63%4.65%4.06%40.75%0.9644-2.942.621.310.361.17430.79440.08691.67210.61689.3%87137148
2007-05-2520071N/AN/A-1.85%1.85%2562352562351023010230606960690.05670.05678261045042064930004027251157533310426601105128694684043711345807225971069631069634171552007-03-3114.54%5.05%3.99%36.53%0.6333-3.012.681.460.221.2520.87410.05891.53330.596819.4%125226195
2007-02-2620064N/AN/A0.15N/AN/A2669411057868657271953680124810.03440.116782778550877050039440566711151327391274965535944755516812786316892685731069821069654364862006-12-3114.99%0.85%0.25%-0.322534.96652.962.631.550.651.25420.83090.17191.58230.604538.6%276358385

Financial Quarter Balance Sheet
yearqrtDeferred tax assets (A-0)Goodwill on consolidation (A-0)Intangible assets (A-0)Investment in associated companies (A-0)Prepaid lease payments (A-0)Property, plant and equipment (A-0)Amount due from associated companies (A-1)Amount due from holding company (A-1)Amounts due from related companies (A-1)Cash and cash equivalents (A-1)Current asset classified as held for sales (A-1)Current tax assets (A-1)Fixed deposits with licensed banks (A-1)Inventories (A-1)Other receivables (A-1)Deferred tax liabilities (L-0)Loans & borrowings (L-0)Provision for defined benefit plan (L-0)Amount due to associated companies (L-1)Amount due to holding company (L-1)Amounts due to Group Companies (L-1)Amounts due to related companies (L-1)Current portion of long-term borrowings (L-1)Current tax liabilities (L-1)Dividend payable (L-1)Loans & borrowings (L-1)Other payables (L-1)Minority interest (M-1)
201239163-156987192806338415---38965-11978-4392753188605137-4276-459---8810-38111440767012586
201228857-167877192827340399---35220-3346-4351963383234810-4278-26---11357-30849350919013025
201216261-165755192848343710---76011-4885-3981463051754862-3987-26---3125-30119750315612570
2011412307-102186192867346340---55075-8495-3846142215725051-3863-223---4842722118819744077114360
201131285028820374419288928149942--27975-4685-284678296621717484002-78-24-4269-6522338966016017
201121228528820379531412909284344726-26208919505193-25726329536271751367631----4823-3855344218315869
201111254328820391252723022270673659-843846626-5326-21463425499315305534293197---5318-3306935796615744
201041094528820-54272950276976559-9614102977-6304-23001312729515305931753197---1428-3306732502015629
20103342128820-562129712760321298-961929179-9491-2324452182831530-3126133523022--2022-5112331813515325
20102458928820-570729922768441225-9289102047-9233-2259642206361530-3026273115222-150002781377094634334569315476
20101520728820-582130132757031225-1408063701-7403-2120112164463131-29055812045-149681909-4331831173915705
20094390428820-656230332775151789-15699104408-8030-2280671404183131742924494571428100-185373964-3953929176115703
20093470530620261714830542635191542-20898197601459392453580019759526009131318546-1552176210-225583571-4048536543615499
20092355930620419744330742584372570-215112379214593424263150176017259111323624223-3150194190-26700685216633680733669815164
20091346230620577769330952570942700-229331763247282247230700158727234799323625329-3159319520-30750-63268230681114338
20084324630620735738231162578043091-19752358734728216075830016221016730032362623814742112212244-5418598164172226389714167
2008331323162089364412136825026344142018108731223272831197187341274024584740957-2575-1600-51830466569134231955314034
200822910316201052711421378245444-205767240493383819161980178188389577378449123-1837-2398-458679831192598813334856313576
20081269631620221066622139924282392542015384217473396528628181168311538376253626-337-1766-43238771975732333459113226
2007422973162023686441319725924710871813698561323396527968182130289845376758486-716-2561-330003842713344928656112789
2007325223162025266158231272697613979201281113983-182032461172571347249283277602-312643548-32550107043511764732684912411
2007236283162026856474232892684156150201385137341-3302970167483288542376782055--642617-3210046331604410256228280612152
2007121203162028436011233372559677142201578622597-39431136152166301416376786508--642131-316502659-12990423631711575
2006422073162030016283233512525537830201619868573-52861161171704237998376790960--2104932-312001526-13341623438311151

Financial Quarter Income Statement
yearqrtRevenueIncome tax expenseCost of salesFinance/interest costsOther incomeAdministrative/Operating expensesMinority interestFinance/interest incomeShare of profit/ (loss) of associatesZakat
2012342646029573440803580215040628978--
2012245673711541379899331597947066364182--
2012144674513894354919335659046238376133--
20114367786418631368313722123675024017500
201133714324387316485101728384971482410300
20112396435533534126491512334987125169181-
201113853286193322381860126941771115363156-
2010437611615113249201208157054065304-194762
201033343375770282670101825835416151-861200
201023503355809293891825127736456229-113-
2010131756031222726219921074318482-742-
2009432390653722713411146858531928204-586-
200933299623032283779106217235572336-294-
2009233321258142774221078433134456826-250-
200913137165491264420118120428445171-310-
2008432824365742683131590208536870133-941-
200833142886593260955166120133560458-672-
200823534657631295744116054736471350-451-
200813096508392248767185628732161437-221-
2007429281771252432992674130424860378-284-
2007333470010354265001235347435654259-251-
200723002314964256315222411530075577-449-
200712562353737218975244145524772424-272-
2006426694126552269262924855646304368---

Financial Quarter Segments Revenue
yearqrtElimination/AdjustmentManufacturingLogistics & Distribution
201238383281445428847
201225674991459422027
201218221081507447448
201143488735237367436
201134343243500371364
201122774927401396783
201113000129809385520
201041968628556367246
201034511338831340619
201023412233553350904
201013533832103320795
200945535029534349722
200935714032406354696
200924954046084336668
200913321832492314442
200842493519070334108
200836071562097312906
200828924863373387955
200815609459051298078
2007410953439498362853
200734613844661336177
200724321741677301771
200712824626917257564
200644416538925272181

Financial Quarter Segments Profit
yearqrtElimination/AdjustmentManufacturingLogistics & Distribution
2012330382350111532
20122195222565724616
20121-1706629112
20114292464521134
20113655593312724
20112357932614822
20111-360718838
20104-63751546
20103-78527577
20102-75517681
20101-87813244
2009470501289213989
2009318931122634335
200923537968216085
200916180192016377
200843321296216615
2008315531006214828
2008219791809436806
2008132861295616796
20074720281142286884
200734252895529721
20072104898905425
20071137750496487
2006415954101228174

Financial Quarter Segments Associate
yearqrtLogistics & Distribution
20123-
20122-
20121-
20114-
20113-
20112181
20111156
20104194
2010386
20102113
20101742
20094586
20093294
20092250
20091310
20084941
20083672
20082451
20081221
20074284
20073251
20072449
20071272
20064-

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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