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Sunday, December 2, 2012

KLCI Stock - SCIENTX / 4731 - 2012 Quarter 4

SCIENTEX BHD


Company Description
SCIENTEX BERHAD is engaged in investment holding, letting of properties and provision of management services. The Company has two operating segments: property segment, which is in the business of constructing and developing residential and commercial properties, and manufacturing segment, which is mainly in the business of manufacturing various packaging products and manufacturing materials for automotives interior. Included in this segment is also the marketing and sales of laminating polyurethane adhesives. The packaging business unit manufactures various packaging products, which caters for packaging for logistics purposes, general purpose packaging and packaging for bulk handling. The polymer business unit manufactures polyvinyl chloride (PVC) leather cloth, PVC/polypropylene (PP) and PVC/polyethylene (PE) foam and thermoplastic olefin/PP foam sheets for automotive instrument panels, door trims and headlining for car manufacturers in the Asia Pacific region.

Company Info 
Listing Date1990-02-08
Market Capital (Capital Size)683,100,000 (Medium)
Par ValueRM 0.50
BoardMain
SectorIndustrial Products
Major IndustryProperty Development
Sub IndustryPackaging Products Manufacturing
Websitehttp://www.scientex.com.my/

My Analysis 
Forecast P/E now(2.97-0.16)/0.4292 = 6.55 (Moderate)
Target Price3.43+0.16 = 3.59 (PE 8.0, EPS 0.4292, DPS 0.16)
DecisionBUY if stock price rebound around SMA50 or wait rebound around SMA100
Comment
Revenue decreased 0.3% but higher than preceding year corresponding quarter 10.1%, eps increased 18.6% and also higher than preceding year corresponding quarter 12.6%, cash generated from operating enough to cover financing expenses but still increase borrowings and spent 10.9% of Group cash to cover investing expenses, operating margin maintain around 12%, liquidity ratio indicate can meet current obligation but must keep inventory liquid, gearing ratio indicate improve liabilities ratio by reducing borrowings but watch out if current assets continue decrease, all accounting turnover period is good which can generate free cash flow, higher inventory and higher revenue can indicate Group sales is positive trend, higher property development cost can indicate more property sales income in the future, all segment got better profit
First Support Price2.9
Second Support Price2.65
Risk RatingMODERATE

Research House
Maybank Target Price3.54 (2012-10-10)
TA Target Price3.57 (2012-10-30)

Accounting Ratio 
Return on Equity16.58%
Dividend Yield5.39%
Operating Profit Margin12.96%
Net Profit Margin13.07%
Tax Rate14.78%
Asset Turnover1.089
Net Asset Value Per Share2.44
Net Tangible Asset per share2.44
Price/Net Tangible Asset Per Share1.0
Cash Per Share0.17
Liquidity Current Ratio1.3882
Liquidity Quick Ratio0.7682
Liquidity Cash Ratio0.1705
Gearing Debt to Equity Ratio0.4743
Gearing Debt to Asset Ratio0.3082
Working capital per thousand Ringgit sale9.4%
Days to sell the inventory62
Days to collect the receivables53
Days to pay the payables74

Technical Analysis 
SMA 103.044 (Downtrend)
SMA 203.125 (Downtrend 4 days)
SMA 502.899 (Uptrend)
SMA 1002.662 (Uptrend)
SMA 2002.521 (Uptrend)
MACD (26d/12d)-0.001296 ( 0.006087 )
Signal (9)0.045773 ( 0.011767 )
MACD Histogram0.047069 (Bearish trend 16 days)
Bolinger Upper Band3.437
Bolinger Lower Band2.813

My notes based on 2012 quarter 4 report (number in '000):-
- Higher revenue than FY11Q4 mainly due to higher demand for stretch film products mainly in the export markets in the Asia Pacific region but pbt offset by one off costs incurred for the relocation of the woven production from Malaysia to Vietnam to tap on better operational efficiencies and comparative cost advantage as part of the continous efforts to drive costs down and compete in a highly competitive environment

- Higher pbt mainly due to higher margins achieved from the products mix sold by the property division

- Estimate next 4Q eps after 2012 Q4 result announced = 0.3902*1.1 = 0.4292, estimate PE on current price 2.97 = 6.55(DPS 0.16)
- Estimate next 4Q eps after 2012 Q3 result announced = 0.3986, estimate highest/lowest PE = 6.07/5.54 (DPS 0.14)
- Estimate next 4Q eps after 2012 Q2 result announced = 40817*2*1.05/215040 = 0.3986, estimate highest/lowest PE = 6.05/5.32 (DPS 0.13)
- Estimate next 4Q eps after 2012 Q1 result announced = 0.0959*4 = 0.3836, estimate highest/lowest PE = 6.75/5.97 (DPS 0.13)
- Estimate next 4Q eps after 2011 Q4 result announced = 0.0948*4*0.95 = 0.3602, estimate highest/lowest PE = 6.69/5.55 (DPS 0.12)
- Estimate next 4Q eps after 2011 Q3 result announced = 0.0948*4*1.05 = 0.3982, estimate highest/lowest PE = 6.76/4.9 (DPS 0.05)

SCIENTX latest news (English)

SCIENTX 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
2012-09-1820124N/AN/A0.084.62%16.58%2260148810252953110716923389839170.10880.390280904229581024933821309333988559704108689911012201840765175884430363352150402150405268482012-07-3112.96%13.07%14.78%1.0896.27822.442.441.00.171.38820.76820.17050.47430.30829.4%625374
2012-06-26201232.562.350.063.89%11.96%226760655011255147763819711605280.09170.281580885229268426230122342932338546551830338533766414076523044337451022150402150405160962012-04-3011.37%11.25%19.44%1.0635-2.392.391.00.211.310.77750.20190.51010.32438.1%575573
2012-03-21201222.542.25-3.99%8.06%214489428251258395212420184408170.09390.1898751915307594225070190698317355268455117442430603340765874414777555422150402150405397502012-01-3112.12%12.05%19.66%1.1315-2.32.31.090.261.6130.97150.29130.45460.299313.7%605657
2011-12-15201212.722.42-4.08%4.08%213762213762262852628520633206330.09590.09597805073165212518442161193969052866324380256183723940765123836001767662150402151515397502011-10-3112.42%12.30%18.62%1.0649-2.272.271.110.361.46460.92380.35610.5150.322712.1%595466
2011-09-28201142.532.120.074.61%17.14%205200804023259509664120777772460.09660.3590725076281005218955182176387785061211105343927553667231737125917592407652150402151984537342011-07-3112.86%12.65%16.04%1.10895.87822.172.170.970.191.54250.81420.22480.46850.30212.3%694971
2011-06-21201132.742.00.054.52%12.53%217312598823258857069120388564690.09480.262373579728329423993819456437920495859714933309224079231733840114322374952150402152515806082011-04-3012.03%11.91%18.34%1.0744-2.132.131.270.181.4560.84530.19360.5240.326111.2%625873
2011-03-15201122.762.44-4.23%8.00%194886381511237654480619076360810.08860.1675705051272938230330183031371704747213962895932079023173300359245324182153032153535705522011-01-3112.28%12.19%16.95%1.0676-2.032.031.310.151.49120.80670.17810.52640.326711.9%695570
2010-12-15201112.941.88-3.77%3.77%186625186625210412104117005170050.07890.0789683581248968214135163294366544694462322744361328423173187915507286802154042154044071132010-10-3111.24%11.27%17.03%1.0482-2.012.010.940.131.52470.8470.17670.49480.313312.0%635569
2010-09-28201041.931.750.064.34%14.67%191686694816217107075417829603180.08280.28006750632393862242661711443644945079776832905662146815439137347734231732154042154044071132010-07-3111.40%11.33%16.08%1.02936.74951.921.920.980.111.39870.71060.13650.54130.33229.8%695274
2010-06-23201031.961.440.034.09%10.33%179502503130192904904416823424890.07810.197367019522030422752517465037269442670405507531446493154393476411729271682154042154043123352010-04-3010.79%10.75%10.61%0.9518-1.881.80.810.131.26140.7710.15660.56120.33957.2%546168
2010-03-25201021.581.34-3.15%6.24%158714323628150642975412938256660.06010.119266914521842523218817658236967436957472047138446282154392418022102375412154042154043080272010-01-319.37%9.49%10.63%0.855-1.861.780.80.181.2370.73570.21360.58050.3477.3%635987
2009-12-16201011.51.26-3.10%3.10%164914164914146901469012728127280.05910.05916083222177911839411398823655942438111100104964609154396045213206522154042154042972572009-10-318.46%8.91%10.04%0.8568-1.81.80.770.11.5570.91620.14890.47430.302414.9%697590
2009-09-30200941.41.250.053.77%9.83%134756509731158134205114374374580.06670.173958461119845717338112752736136411230719552621859617293194573713880154392154042154042757172009-07-3111.57%11.73%6.27%0.87197.36071.741.740.740.071.55620.76930.12250.46220.296613.9%785987
2009-06-16200931.361.12-2.62%6.06%11374237497511139262399989230850.04640.107255230118590815584510313835732396456326461021933326293192242710899184202154042154042498682009-04-309.72%9.79%7.90%0.9824-1.671.670.690.091.80251.04870.18030.4320.282215.3%586056
2009-03-18200921.170.85-1.46%3.44%1077862612336301151005544130960.02570.0608555034188635169413115441353473856218409726092482931911498099212202154042154041852472009-01-316.21%5.85%10.30%1.071-1.631.620.530.11.6340.92020.19010.48370.305212.3%555248
2008-12-17200911.050.815-1.98%1.98%15344715344787998799755275520.03510.0351597527230579209024153742350003885033092121517822931943072525267942154042154042197122008-10-315.96%5.73%10.84%1.0947-1.641.630.630.131.49980.85240.17530.59130.349811.7%615868
2008-09-24200841.190.950.055.64%12.33%167597656596224315741421799476980.10100.2414621372248178240452183858349693809206328643096193792850820190811293192159251975842439952008-07-3113.32%13.38%1.34%1.05674.68091.751.740.650.141.34980.76990.16030.6950.3879.8%656288
2008-06-24200831.31.050.032.67%6.75%165589488980132263518410314260930.05220.13636224872430512563972024453501636609018767401951201728508214289411190971974961914262448952008-04-308.36%7.99%9.83%1.024-1.731.720.720.11.20060.67130.09890.77440.41196.4%666683
2008-03-25200821.351.17-2.41%4.08%16748932339113003219589323157790.04960.083762330024364222744417162610333439585615564349536188285081938913201153071879971884562331162008-01-318.02%7.76%12.33%0.998-1.551.540.810.081.41960.75080.09040.77750.364911.6%726773
2007-12-18200811.41.02-1.67%1.67%15590215590289558955645664560.03420.034261910722558322748816974710280839161915334335471454728508182133666248421889161889162588142008-10-316.21%5.74%13.23%0.9893-1.531.520.90.141.32890.78710.15050.78770.36749.1%596473
2007-09-19200741.421.30.03N/AN/A1484196130917050402189361351840.04890.182959074422902220396916925110217338677560005218293425924591381763917285081915761923892950272007-07-315.29%4.75%-0.77298.42081.481.471.050.151.35320.80130.17350.71670.345313.1%808592
2007-06-2720073N/AN/A-N/AN/A1502554646328488332907010259790.03660.13486036212425712376331836439687636598828435108172173024591176184112204791916021926632720742007-04-306.25%5.65%4.76%0.5105-1.41.391.020.121.32090.76970.12450.8830.393719.1%129140143
2007-03-2020072N/AN/A-N/AN/A157921314377124202480210765189690.05450.0982603141246367240963184250956203621781211869365739245915182557240341975741931764484922007-01-318.39%7.86%-0.2618-1.381.371.660.131.33710.81240.14010.9040.399539.3%-286N/A

Financial Quarter Balance Sheet
yearqrtIntangible assets (A-0)Investment in associated companies (A-0)Investment in jointly controlled entity (A-0)Investment properties (A-0)Land held for property development (A-0)Other investments (A-0)Property, plant and equipment (A-0)Cash and cash equivalents (A-1)Derivative financial assets (A-1)Inventories (A-1)Property development costs (A-1)Trade receivables (A-1)Deferred tax liabilities (L-0)Loans & borrowings (L-0)Retirement benefits obligations (L-0)Current tax liabilities (L-1)Loans & borrowings (L-1)Retirement benefit obligations (L-1)Trade and other payables (L-1)Minority interest (M-1)
20124-10056224644621260198503721085636335-6098171138127356235635000768264915072126715561433988
20123-9911222194639264875503720948745102-5689362066128623253976250722581936465228615029832338
20122-9730224134657191246503721123855542-52528698051297191968275007190113576241831211661131735
20121-9574224764674208855503721337076966-5439062481122684196838750729288647635536113053939690
20114-9614224994692209275503719295440953-67763649121073771968210000709775833751036113672238778
20113-973022462-21644650371988283767534053642651931264442063918421631478914737544813885037920
20112-9552--21432250372032023259886461124641561141962063920346631463194813953012804337170
20111-9391--216234503720395128860154254519561411079062063923888631452053793061311954636654
20104-8882--216675503720508323353-6337554404982542063926169631432834201965912518336449
20103167188557--222085521719731427347-52130335231073041698429953593828036476610910697237269
20102167188139--220897521719974937721-5120337314921871698532682593924835058210912340836967
20101-7749--172898528020460420832-52766368611073321772320397593915902099020811709436559
20094-6915--170512532920339815619-6168238664824921772322163596814051445125511141636136
20093164016775--137729532920492018600-5092626824895581891128262553426326710917607435732
20092164016378--136312532920674021940-51985304208429018909295285535408436011377129535347
20091164016251--13829278120998426944-6771331817104105189073084055356394197913711098735000
20084164015958--14029878121451729469-77233293841120921890732152553510993862224914388834969
20083203715374--140782335821788520018-79022281201158912021433463275139065894-13516135016
20082191815181--136501335822270015521-78042367351133442021535412191190853854-115864103334
20081164014775--146619339022710025540-67507244631080732021537285241176553782-114200102808
20074164014499--112409339022978429365-69967234321062582021514157346191060107-107234102173
20073158714486--112911443522763122855-74574266391185033692516745320127470535-11183496876
20072164014188--107669443522884225821-65769309081238693692419496293147478981-10379595620

Financial Quarter Income Statement
yearqrtRevenueIncome tax expenseFinance/interest costsAdministrative/Operating expensesMinority interestInvestment gain/loss
2012422601443652001967201777437
20123226760496125220098084214
20122214489507925318849057693
20121213762489519218722275763
201142052004162399178817101134
201132173124747399191168750140
201121948864029323170959660161
201111866253584452165641452509
201041916863491460169840390324
201031795022046496160134421418
201021587141601205143835525390
20101164914147599150960487835
20094134756992424119168447649
20093113742880313102687270397
20092107786649520101092108127
20091153447954647144294293293
20084167597301677145279331790
2008316558913008071517491612193
2008216748916038341540582077406
20081155902118510091462141314276
20074148419282486414056351358
2007315025540411991408651074297
2007215792163010731446772285249

Financial Quarter Segments Revenue
yearqrtProperty developmentManufacturing
2012459187166827
2012359494167266
2012266181148308
2012159652154110
2011459593145607
2011358142159170
2011252615142271
2011148212138413
2010451713139973
2010337961141541
2010231608127106
2010128514136400
2009422761111995
200931716396579
200921907488712
2009122330131117
2008422303145294
2008322887142702
2008221213139617
2008120655126565
2007419248119877
2007318820121803
2007221703126317

Financial Quarter Segments Profit
yearqrtProperty developmentManufacturing
20124193859909
20123169158865
20122185277472
20121170679473
201141415312230
20113180158129
20112162987629
20111135317453
201041088110965
2010393999969
2010265068373
2010162187736
2009484787110
2009340177038
2009231293565
2009143174836
2008445395947
2008357988042
2008252407252
2008147994468
2007470391455
2007348334216
2007255807452

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


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