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Tuesday, December 11, 2012

KLCI Stock - SUNWAY / 5211 - 2012 Quarter 3

SUNWAY BERHAD


Company Description
Sunway Berhad, formerly Alpha Sunrise Sdn Bhd, is engaged in two businesses: property and construction. Its other business divisions include quarry and building materials, trading and manufacturing, hospitality, leisure, and healthcare. It is a special purpose company formed for the acquisition of SunCity Business and the SunH Business. In its construction business, it offers designing and building services in the fields of building construction, civil engineering, infrastructure, mechanical and electrical engineering, machinery and site equipment rental, precast, foundation and piling, and stone materials. It owns 36.7% in Sunway real estate investment trust (REIT), which is managed by its subsidiary Sunway REIT Management Sdn Bhd. Sunway REIT owns a portfolio of retail and commercial properties. On November 3, 2011, it acquired Avenue Wisdom Sdn Bhd. On November 16, 2011, the Company announced that its wholly owned subsidiary, Sunway City Sdn Bhd, acquired Sunway Mall Sdn Bhd.

Company Info 
Listing Date2011-08-23
IPO Price2.8
Market Capital (Capital Size)3,024,461,709 (Large)
Par ValueRM 1.00
BoardMain
SectorProperties
Major IndustryCivil Engineering
Sub IndustryTrading of Pharmaceutical & Construction Related Products
Websitehttp://www.sunway.com.my

My Analysis 
Forecast P/E now2.34/0.3083 = 7.59 (Moderate)
Target Price0.3083*9.5 = 2.93 (PE 9.5, EPS 0.3083)
DecisionBUY if stock price sustain and uptrend above SMA20 with maintain MACD bullish trend or wait rebound at lower price
Comment
Revenue decreased 13% and also lower than preceding year corresponding quarter 7.2%, eps decreased 38.9% but higher than preceding year corresponding quarter 36%, cash generated from operating enough to cover financing expenses but still increase borrowings and spent 17.6% of Group cash to cover investing expenses, current assets maintain very high which can indicate good prospect in near future, operating margin improving to above 10%, liquidity ratio indicate enough to meet current obligation but cash level decreasing, gearing ratio indicate very high liabilities risk hence have to maintain high profit to mitigate the risk, all accounting of turnover period stiil acceptable range, higher inventory and property development cost normally bring higher income in future, most segment business still good
First Support Price2.26
Second Support Price2.17
Risk RatingMODERATE

Research House
Affin Target Price2.9 (2012-05-10)
OSK Target Price3.31 (2012-05-30)
Kenanga Target Price2.6 (2012-10-04)
HwangDBS Target Price2.55 (2012-10-10)
CIMB Target Price2.7 (2012-12-05)
ECM Target Price2.7 (2012-12-05)
RHB Target Price3.08 (2012-12-05)
TA Target Price3.47 (2012-12-05)
AMMB Target Price2.6 (2012-12-06)
HLG Target Price2.93 (2012-12-10)
Maybank Target Price2.54 (2012-12-10)
MIDF Target Price2.7 (2012-12-10)

Accounting Ratio 
Return on Equity9.34%
Dividend Yield-
Operating Profit Margin12.24%
Net Profit Margin16.43%
Tax Rate22.75%
Asset Turnover0.4263
Net Asset Value Per Share2.57
Net Tangible Asset per share2.31
Price/Net Tangible Asset Per Share1.0
Cash Per Share0.55
Liquidity Current Ratio1.3943
Liquidity Quick Ratio0.8637
Liquidity Cash Ratio0.2685
Gearing Debt to Equity Ratio1.4866
Gearing Debt to Asset Ratio0.5765
Working capital per thousand Ringgit sale28.7%
Days to sell the inventory162
Days to collect the receivables150
Days to pay the payables233

Technical Analysis 
SMA 102.308 (Uptrend)
SMA 202.305 (Uptrend 2 days)
SMA 502.317 (Uptrend)
SMA 1002.283 (Same)
SMA 2002.359 (Downtrend)
MACD (26d/12d)0.001504 ( 0.002287 )
Signal (9)-0.003767 ( 0.001318 )
MACD Histogram0.005271 (Bullish trend 4 days)
Bolinger Upper Band2.388
Bolinger Lower Band2.222

My notes based on 2012 quarter 3 report (number in '000):-
- Lower revenue due to lower property sales and lower construction turnover after the elimination of intra-group construction billings due to in-house construction services deployed for some of the Group's property development projects

- Higher pbt than FY11Q3 mainly contributed by the stronger profit recognition from the property development in Malaysia and higher profit contribution from Australia and Singapore

- Lower pbt from property investment segment mainly due to higher interest costs incurred and provision of doubtful debts

- Lower revenue from construction segment mainly due to the higher elimination of intragroup construction billings but higher pbt due to better operating margin and writeback of previous provisions

- Estimate next 4Q eps after 2012 Q3 result announced = 3622814*0.11/1292505 = 0.3083, estimate PE on current price 2.34 = 7.59
- Estimate next 4Q eps after 2012 Q2 result announced = 3553909*0.11/1292505 = 0.3025, estimate highest/lowest PE = 8.86/7.17
- Estimate next 4Q eps after 2012 Q1 result announced = 3406537*0.105/1292505 = 0.2767, estimate highest/lowest PE = 8.93/7.88
- Estimate next 4Q eps after 2011 Q4 result announced = 3352934*0.11/1292505 = 0.2854, estimate highest/lowest PE = 9.64/7.43
- Estimate next 4Q eps after 2011 Q3 result announced = (0.0715+0.044)*2*1.05 = 0.2426, estimate highest/lowest PE = 11.34/9.15

SUNWAY latest news (English)

SUNWAY 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
2012-11-2820123N/AN/A-2.81%9.34%8669792677833142413420459942733130550.07290.2422855345336966864930639265122330613336228141648254828681824087725933180431356356369581292505129250529727612012-09-3012.24%16.43%22.75%0.4263-2.572.311.00.551.39430.86370.26851.48660.576528.7%162150233
2012-08-28201222.682.17-4.60%6.53%99608918108541931472780461543352187820.11940.16938386658371590948327492592901315792355390946233259227151923775723212994610717146521292505129250529081362012-06-3010.46%19.39%15.71%0.4428-2.512.251.00.611.43310.90480.30621.49250.576230.2%152146231
2012-05-29201212.472.18-1.92%1.92%814765814765848998489964447644470.04990.04997900579321867044940422388231324443340653754925135119832037718878019430097748961292505129250529598362012-03-317.41%10.42%21.79%0.4708-2.382.131.080.611.34770.89690.33161.45810.568822.3%118126206
2012-02-29201142.752.12-N/AN/A96860637389131900845070461237863697140.09580.28607843628328461244906942353440327963335293432319129060411600586356132587834187801431292505129250533734382011-12-3121.25%19.62%31.10%0.47679.12452.342.091.250.61.39570.91930.331.48450.572524.9%122129217
2011-11-24201132.752.22-N/AN/A934031277030790736316962692242459280.05360.19037658293331014044154352242251425224324285827619291099112115864253185093729789372311292505129250528693612011-09-306.87%9.71%20.63%0.3617-2.181.921.160.741.47631.06180.42531.56710.576638.5%130180258
2011-08-25201122.471.67-N/AN/A100256518362761470072262261084151767040.06990.1139745447432094784237714229333641852932167601561191904234088549321370771404859954171551006155100635518032011-06-305.76%14.66%20.88%0.2463-1.81.591.440.651.39951.01430.44031.51440.568549.9%-247N/A
2011-08-16201112.662.25-N/AN/A833711833711792197921968289682890.04400.0440722885231578494150200219616539733630786527279146125768585059111891611123196182215510061551006N/A2011-03-315.20%9.50%-0.1153-1.731.52N/A0.631.43791.0160.44461.54780.5741115.3%-522N/A

Financial Quarter Balance Sheet
yearqrtBiological assets (A-0)Deferred tax assets (A-0)Derivative 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)Investment properties (A-0)Land held for property development (A-0)Other investments (A-0)Property, plant and equipment (A-0)Receivables (A-0)Rock reserves (A-0)Cash and cash equivalents (A-1)Current tax assets (A-1)Derivative assets (A-1)Inventories (A-1)Other receivables, deposits and prepayments (A-1)Property development costs (A-1)Deferred tax liabilities (L-0)Derivative liabilities (L-0)Loans & borrowings (L-0)Other liabilities (L-0)Current tax liabilities (L-1)Derivative liabilities (L-1)Loans & borrowings (L-1)Payables and accruals (L-1)Minority interest (M-1)
2012352934153127423264913046109545452608110461488476811761954367636767871193080378-6191081497592787678514075092001919225581253072166023962023304306133
2012252639742460773264913209109365140586710071057952071810942805347791279381971078-5863531481185783474466333292054288138598319798214876192072482315792
201214713308110455326497288710174173816729259799936161798979449441814679183667277-4362451282785640527483723041904757152378288148594742821884276324443
201144163330833600326497-1015303265896888896101729218499605677013837977670567588-45184013191456693344791418219344721546862709815543192222005566327963
201132914166230652330095-1009343493243785573661315177397213713456861395373956462218035504313684015743158316710211886652202344259802773727651843229425224
2011227042429-330105-1008606478974768352629724179795788118011884710098306434972753218651244642561517838696621662981196866433281786220631627767418529
2011143539833-330095-9782804572337522945357151765948639176349080976327523371042530194911922006246118076612041678295193770632382196499211482787397336

Financial Quarter Income Statement
yearqrtRevenueIncome tax expenseFinance/interest costsOther incomeAdministrative/Operating expensesMinority interestFinance/interest incomeShare of profit/ (loss) of associatesDerivative (loss)/gainShare of net profit of jointly controlled entity
2012386697932399299112510878599515741104641891930037149
201229960893033429745259439178328478698010151616210034
20121814765185012413716117770477195155331887524823975
201149686065912327668104754867572717598551902651517432
2011393403118723255672798289785927897352167511185939905
201121002565306901589722291967069790290715695438538707
201118337119702164921735280767020632380817112317328225

Financial Quarter Segments Revenue
yearqrtOthersProperty developmentConstructionInvestment holdingProperty investmentManufacturing & tradingQuarry
201237731617662426727642914823914328953806
201228172818862838833114414367614504148541
201218003816010925895511313052614767037354
201148513924391129278953516116313642348646
201137374222965330510524413433614345647495
201127431223657138656512311718314016947642
2011168742203122277051200710897513310640708

Financial Quarter Segments Profit
yearqrtOthersProperty developmentConstructionInvestment holdingProperty investmentManufacturing & tradingQuarry
2012363515297018315592019310116603406
201226811278133828113637534126712870
201215323181272117348542117312352920
20114134626545223706191186432136631162
20113486729947164242093228722113963464
2011236969341104193222326804128153457
201111051238881449117391604712387310

Financial Quarter Segments Associate
yearqrtOthersProperty developmentConstructionProperty investment
201231033690424519053
20122-9515521101483
20121-2363134618873
2011434896402707318679
2011371037462244416040
20112-247741393356954
20111985128301538516137

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


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