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Sponsor by cwyeoh

Sponsor by Nuffnang

Tuesday, December 25, 2012

KLCI Stock - SEG / 9792 - 2012 Quarter 3

SEG INTERNATIONAL BHD


Company Description
SEG INTERNATIONAL BERHAD is a Malaysia-based company engaged in investment holding and provision of management consultancy services, property management, rental of premises, business advisory services, educational and training services. SEGi has been recruiting international students from over 40 countries, including those students coming from China, Indonesia, Vietnam, Africa, India and Iran. During the year ended December 31, 2009, SEGi launched SEGi Bachelor of Business Management (Hons), the SEGi Bachelor of Accounting (Hons), SEGi MBA (General Management) and SEGi MBA (Global Business). As of December 31, 2009, SEGi’s subsidiaries were SEGi Holdings Sdn. Bhd., SEGi University College (M) Sdn. Bhd., SEGi College (KL) Sdn. Bhd., SEGi College of Technology (KL) Sdn. Bhd., SEGi College (Subang Jaya) Sdn. Bhd., SEGi College (PG) Sdn. Bhd., SEGi College (Sarawak) Sdn. Bhd., SEGi College (PJ) Sdn. Bhd. and Summit Multimedia Education Sdn. Bhd., among others.

Company Info 
Listing Date1995-05-16
Market Capital (Capital Size)1,263,268,291 (Large)
Par ValueRM 0.25
BoardMain
SectorTrading/Services
Major IndustryEducational Services
Sub IndustryInvestment Holding
Websitehttp://www.segi.edu.my/

My Analysis 
Forecast P/E now(1.9-0.1)/0.1193 = 15.09 (Moderate)
Target Price1.97+0.1 = 2.07 (PE 16.5, EPS 0.1193, DPS 0.1)
DecisionBUY if stock price firm sustain above SMA5 or wait rebound at lower price
Comment
Revenue decreased 7.4% but higher than preceding year corresponding quarter 6.2%, eps decreased 30.2% and also lower than preceding year corresponding quarter 19%, cash generated from operating not enough to cover dividend hence generate cash from new shares, balance sheet assets show Group quick and largely expanding, operating margin dropped some but still at satisfactory level 26%, liquidity ratio indicate very firm can meet current obligation and possible of pay high dividend, gearing ratio indicate quite low liabilities risk
First Support Price1.85
Second Support Price1.65
Risk RatingMODERATE

Research House
Kenanga Target Price2.32 (2012-11-02)
OSK Target Price2.09 (2012-11-02)
RHB Target Price2 (2012-11-02)
TA Target Price1.72 (2012-11-02)

Accounting Ratio 
Return on Equity40.05%
Dividend Yield5.26%
Gross Profit Margin74.22%
Operating Profit Margin26.36%
Net Profit Margin26.23%
Tax Rate19.65%
Asset Turnover0.8604
Net Asset Value Per Share0.45
Net Tangible Asset per share0.41
Price/Net Tangible Asset Per Share4.88
Cash Per Share0.15
Liquidity Current Ratio4.0353
Liquidity Quick Ratio4.0348
Liquidity Cash Ratio2.0411
Gearing Debt to Equity Ratio0.1961
Gearing Debt to Asset Ratio0.1637
Working capital per thousand Ringgit sale51.8%
Days to sell the inventory-
Days to collect the receivables115
Days to pay the payables221

Technical Analysis 
SMA 101.885 (Uptrend)
SMA 201.898 (Downtrend 32 days)
SMA 501.949 (Downtrend)
SMA 1001.949 (Downtrend)
SMA 2001.855 (Same)
MACD (26d/12d)-0.01465 ( 0.002016 )
Signal (9)-0.016342 ( 0.000423 )
MACD Histogram0.001692 (Bullish trend 3 days)
Bolinger Upper Band1.95
Bolinger Lower Band1.846

My notes based on 2012 quarter 3 report (number in '000):-
- Higher revenue than FY11Q3 mainly due to increase in both local and overseas student enrolments and launch of new courses from overseas partner universities as well as SEGi University’s own homegrown programmes

- Lower pbt than FY12Q2 mainly due to the high number of graduating students in this quarter

- Estimate next 4Q eps after 2012 Q3 result announced = 75547*1.05/664878 = 0.1193, estimate PE on current price 1.9 = 15.09(DPS 0.1)
- Estimate next 4Q eps after 2012 Q2 result announced = 0.1249, estimate highest/lowest PE = 16.49/14.41 (DPS 0.1)
- Estimate next 4Q eps after 2012 Q1 result announced = 76089*1.1/670329 = 0.1249, estimate highest/lowest PE = 16.49/12.81 (DPS 0.1)
- Estimate next 4Q eps after 2011 Q4 result announced = 72314*1.05/648016 = 0.1172, estimate highest/lowest PE = 15.44/13.57 (DPS 0.1)
- Estimate next 4Q eps after 2011 Q3 result announced = 0.0274*4*1.03 = 0.1129, estimate highest/lowest PE = 17.36/14.79 (DPS 0.1)
- Estimate next 4Q eps after 2011 Q2 result announced = 0.0559*4 = 0.2236, estimate highest/lowest PE = 8.45/7.16 (DPS 0.05)
- Estimate next 4Q eps after 2011 Q1 result announced = 0.0559*4 = 0.2236, estimate highest/lowest PE = 9.12/8.05 (DPS 0.05)

SEG latest news (English)

SEG 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
2012-11-0120123N/AN/A0.058.55%31.33%74258232264194787115215785578080.02220.08903520372084875764251666448294395265595588267287155209711829910545471135064972814227002012-09-3074.22%26.36%26.23%19.65%0.8604-0.450.414.880.154.03534.03482.04110.19610.163751.8%-115221
2012-07-30201222.161.9-10.91%22.77%80187158006247335167420126420230.03180.067832290917570044273363195832786363839395825898715511927088444763301661970912786922012-06-3074.40%31.01%30.84%18.83%0.9247-0.450.45.050.134.83774.8372.32510.15920.137146.7%-102139
2012-05-15201212.161.7-11.87%11.87%7781977819269412694121897218970.03270.032726490111777058391498336322065109676133253724871558344453804177567032967032911462622012-03-3176.94%34.80%34.62%19.20%1.0858-0.310.276.330.062.36332.36280.83830.28360.220423.6%-88223
2012-02-28201141.911.69-8.72%35.54%70635278293198478821817739723140.02680.111629010714188110558696272762184521687681002650418788315874283248715566245464801612586622011-12-3174.24%28.31%28.10%11.99%0.959317.02620.280.247.920.131.47381.47350.90530.57460.36416.4%-62200
2011-11-09201132.061.770.19.00%26.82%69952207658225256837118321545750.02740.0838290990144613749586580710332160328760070385259778831805622796510679666970665095412456532011-09-3073.83%32.42%32.20%19.05%0.9074-0.330.296.410.162.19752.19711.62290.34860.257629.8%-46325
2011-07-28201121.941.65-8.91%17.82%69236137706227224584618132362540.05490.11152480451039194878640881116019925934355283251031788313152319508593233304333252576377352011-06-3076.02%33.01%32.82%19.66%1.0097-0.610.523.710.182.5422.54131.45110.24630.196725.2%-58201
2011-04-28201114.141.91-8.91%8.91%6847068470231242312418122181220.05590.0559262736120393685606179310371941763997033873724878831365836657816632420532420512870932011-03-3176.79%33.95%33.77%21.03%0.8898-0.60.517.780.241.94831.94791.2650.3550.260925.1%-58347
2011-02-21201044.03.070.076.90%25.33%56380217615141085431411735430590.03780.1351263038122153595554623789920348364946146808332368975026641934788313107273187939725752010-12-3173.24%25.84%25.02%18.28%0.827323.17340.640.555.690.252.64192.64121.70490.2940.226434.9%-63249
2010-11-23201033.132.00.146.48%18.43%56369161235132644020611014313240.03410.0971255963118676610664804311051948975888199886493368984889342400792983226153226366678132010-09-3073.12%23.56%23.53%18.39%0.7854-0.60.514.060.252.47022.46961.65060.31510.238635.1%-59284
2010-08-18201022.811.97-6.35%11.95%52571104866137782694210802203100.12120.2292238709104797465333421212941921762388148332643689819048193125621089093886022432232010-06-3074.57%27.62%26.21%21.25%0.8232-2.151.841.480.633.06323.06231.6430.24380.194935.9%-78191
2010-05-27201014.751.6-5.59%5.59%52295522951316413164950895080.10790.1079232817992475163138368136818118615823164217963689814181159775287588105881052651962010-03-3175.31%24.15%25.17%23.76%0.7715-2.041.731.740.62.58672.58671.37810.28710.221833.9%-80232
2010-02-24200943.191.50.0350.03%6.31%398011663729081460654100230.00070.12092193388452449344346968391699942902611504279214729717522103993689883010829251336462009-12-3170.95%4.55%2.28%122.47%0.76613.32032.041.70.950.442.43612.43611.06350.29170.22529.7%-87210
2009-11-25200931.650.89-1.87%6.27%51844126571383213698297499690.03590.120322759184254600654144110971675262174926635992947376488614815325618289582896770922009-09-3072.38%7.57%7.39%20.20%0.7275-2.011.640.570.422.03312.03310.84520.36090.263925.9%-78248
2009-08-24200920.9750.83-0.19%4.40%35682747271103986630269950.00360.084421252561914463202799310131662054025249766144473762095127095202818289782897746072009-06-3068.51%2.85%3.09%61.11%0.699-1.991.630.550.252.21182.21150.73010.28040.21822.8%-85145
2009-05-29200910.950.8-4.21%4.21%406804068087638763669366930.08070.0807224949975145904650640886165903166621736648473761839819046283308289782897663172009-03-3171.48%22.01%21.54%20.62%0.6295-1.991.630.490.341.92561.92550.56330.35780.262533.1%-160224
2009-02-27200840.80.70.030.18%4.71%373571274071427988428272660.00330.086821391088239549634523262315894726507690584502831619556550537473768487283684653512008-12-3168.51%4.11%3.82%97.20%0.59098.86821.891.530.50.561.95081.95061.05110.34720.256934.0%-102229
2008-11-28200830.7850.6-0.55%4.53%34832900501173845785269840.01000.08352143958785655292485201045159103389101292134211331319030348190450598485483684551552008-09-3075.92%5.14%3.37%27.28%0.5386-1.891.530.420.551.81071.80680.95580.34980.257934.1%2110247
2008-08-28200820.780.57-0.22%3.97%2874055218501728434461320.00410.07292135408604554063268811044159477513161315864567881808027034592264128431984075649252008-06-3068.71%4.37%1.74%26.55%0.4804-1.881.530.50.513.2013.1941.60570.34120.253257.7%2133198
2008-05-23200810.770.52-3.75%3.75%254782547867836783578857880.06850.06852151058950055176276511019159929591921360554540181807686331462232828450384503536592008-03-3175.49%28.76%26.62%10.67%0.4262-1.881.520.420.493.23683.231.50230.34720.256567.5%3171216
2008-02-27200740.70.60.021.13%3.41%264208626316092479171551560.02000.06033098961862051555581275287491543386552423614521922102419101028281808564485459586662007-12-3160.26%2.72%6.09%-0.278411.35361.81.440.480.111.46011.45860.07291.01280.50268.0%31691078
2007-11-30200730.750.6-0.28%2.27%2193759843862408842934410.00500.04023066071990711538037042882715280473152290111107210215586447923778600085642602002007-09-3078.54%12.58%3.93%19.61%0.2785-1.771.420.490.112.82662.82450.13811.0120.5016150.7%2228274
2007-08-29200720.750.66-0.49%1.99%1785237906176322674830120.00870.035130355660292149943663375631536138513216401373721021312761027128588485923N/A2007-06-3073.05%7.49%0.99%-0.209-1.781.43N/A0.140.90890.90690.17810.97970.494-9.5%3262324
2007-05-3020071N/AN/A-1.50%1.50%200542005430503050226422640.02630.02632988296721414534466885557153485875914062427521025303102810748610086100710322007-03-3176.46%20.20%15.21%25.93%0.1526-1.781.420.580.141.00491.00260.17730.95040.48640.7%5372545
2007-02-2720064N/AN/A0.02N/AN/A2553774230547286871020730.00810.02362842516992513291563720562151336269285525420015101214031720321028745287705647142006-12-3169.78%2.90%2.14%-0.089831.30811.721.370.540.071.09741.09550.0990.88160.467624.3%6698799

Financial Quarter Balance Sheet
yearqrtDeferred tax assets (A-0)Intangible assets (A-0)Investment in associated companies (A-0)Investment properties (A-0)Other investments (A-0)Property, plant and equipment (A-0)Receivables (A-0)Cash and cash equivalents (A-1)Current asset classified as held for sales (A-1)Current tax assets (A-1)Inventories (A-1)Other investments (A-1)Other receivables (A-1)Prepaid lease payments (A-1)Deferred tax liabilities (L-0)Loans & borrowings (L-0)Bank overdraf (L-1)Current tax liabilities (L-1)Dividend payable (L-1)Loans & borrowings (L-1)Other payables (L-1)Minority interest (M-1)
20123275227965--3940108585308105454-735426-95653-43521624-2771-307745818448
20122275227990--458711127061084447-760125-83627-43723582-4277-352328519583
20121275328015--459711084891841775-701026-68959-40914467-2860-356143412632
20114277128041--4567111614123387155-755228-47146-43224992-142253263373737850762
20113298127624--38801103711521106796-446929-33319-28116340-3620-3478587091033
201123010275354944-1174105647181659323-488630-39680-24085497-2940-3413345281160
201113090276614944-2708101823211778166-525429-36944-25784189-1397-3806565901037
201043174276794760-2734100113242578831-572030-37572-248710831-460-717038607899
201033274277024984-204996601267779298-668030-32668-299510028-465-6311412671105
201023424278414695-180993208293556210-670428-41855-25369785-1020-5891273011294
20101387027806561991154091445319952875-6974--39398-218211081-548-6006318141368
20094387027808477791245991409440036898-7561--40065-218212466-636-608927971839
20093337430255513092295290176113583502580015991--35237-189116733246415-5753332091097
2009233743010949091543247974601135820438-64448-347722521891164361572766-7970171001013
2009133743023744491563837736141176828524-69698-62013-189165151942079-2338624981886
200843374302374511563837758481176847545-54628-35224-18917840169184-2270922170623
200833007301037061574430699711816546226-635318814734942-18744898-1836-23616230681045
200823007300997064195830692691816543016-521718814737477-187425308-1548-8802165311044
200813007300487064215830674281816541393-475418814743018-187425651-1425-10705155211019
20074300730165706522583065296181659152132654400518814740059-187426156-129-5435973040749
20073109830228170652492206076040009549132804263314817453431332207981296-1129-5284116458827
2007210983026017065299220192351810011642-230613017445534506207981527-1019-5000615312563
20071109830292170652992201806708100116866210196515717446516506207976380-826-4748218577557
200641098303231745532897016205896006137128651807119174488176207067125-1050-4577516895562

Financial Quarter Income Statement
yearqrtRevenueIncome tax expenseCost of salesFinance/interest costsOther incomeAdministrative/Operating expensesMinority interestFinance/interest incomeShare of profit/ (loss) of associatesSelling and distribution costsOther expenses
201237425838281914794405914742135--735817498
201228018746562052513441421398549--863716315
2012177819517417944143444313915130--734915970
2011470635237918199150570414090271-0720116852
201136995242921830615353331199888-0719815105
2011269236446716606136574712238123-0804815233
2011168470486415894307581514465138-186555715124
2010456380257915088238702712982206-222523815531
2010356369243915153318418012401189-302462215093
20102525712928133673255160930948-418560414930
2010152295312812914352194813238528-885325012210
2009439801111211561551397314489258-351321912695
20093518447741431836829141740584-273344315665
20092356826741123738426029924127-471434311764
2009140680180711601391163910038263-20226939035
200843735713871176210821539520242--281413879
200833483232083876171530122591--389910027
200822874013389937561260837424--23778999
2008125478724624554456437003271--28267720
200742642032461050023582834180367831---
200732193716947071903599150692645---
200721785257848121248103712740687---
200712005479147211267392116745266---
2006425537202771713121971190503924---

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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