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Tuesday, January 1, 2013

KLCI Stock - AHEALTH / 7090 - 2012 Quarter 3

APEX HEALTHCARE BERHAD


Company Description
APEX HEALTHCARE BERHAD is a Malaysia-based investment holding company. The Company and its subsidiaries are engaged in manufacturing, distribution, marketing and retailing of pharmaceutical products. The Company is also engaged in providing management services. The Company’s segments include manufacturing of pharmaceutical products and marketing, distribution, and retailing of pharmaceutical products. On April 30, 2007, the Company completed the acquisition of 20% of Maritzberg Investments Limited (MIL). On April 15, 2008, the Company acquired 35% of Chastal Maketing Pte Ltd (CMPL). In December 2008, the Company divested its entire 35% interest in Chastal Marketing Pte Ltd.

Company Info
Listing Date2000-06-26
Market Capital (Capital Size)344,878,100 (Small)
Par ValueRM 1.00
BoardMain
SectorConsumer Products
Major IndustryDrugs, Cosmetics & Health Care
Sub IndustryPharmaceutical
Websitehttp://www.apexpharmacy.com/

My Analysis
Forecast P/E now(3.68-0.18)/0.3109 = 11.26 (Moderate)
Target Price3.58+0.18 = 3.76 (PE 11.5, EPS 0.3109, DPS 0.18)
DecisionBUY if stock price around SMA50 or wait rebound around SMA100
Comment
Revenue decreased 2.9% but higher than preceding year corresponding quarter 6.5%, eps decreased 23% but higher than preceding year corresponding quarter 39.6%, cash generated from operating enough to cover all expenses, current assests maintain high which can further expand, gross margin lower a bit but still high at 24%, liquidity ratio indicate very firm can meet current obligation and possible higher dividend, gearing ratio indicate lowering liabilities risk especially borrowings, all accounting turnover period is good which can generate cash on hand, all segments growth
First Support Price3.6
Second Support Price3.4
Risk RatingMODERATE

Research House
OSK Target Price3.84 (2012-11-22)

Accounting Ratio
Return on Equity13.97%
Dividend Yield4.89%
Gross Profit Margin24.75%
Operating Profit Margin9.00%
Net Profit Margin8.97%
Tax Rate26.38%
Asset Turnover1.3805
Net Asset Value Per Share2.22
Net Tangible Asset per share2.21
Price/Net Tangible Asset Per Share1.61
Cash Per Share0.63
Liquidity Current Ratio2.7808
Liquidity Quick Ratio2.122
Liquidity Cash Ratio0.8107
Gearing Debt to Equity Ratio0.3747
Gearing Debt to Asset Ratio0.2725
Working capital per thousand Ringgit sale32.7%
Days to sell the inventory60
Days to collect the receivables88
Days to pay the payables86

Technical Analysis
SMA 103.651 (Downtrend)
SMA 203.616 (Uptrend 14 days)
SMA 503.58 (Same)
SMA 1003.394 (Uptrend)
SMA 2003.08 (Uptrend)
MACD (26d/12d)0.028987 ( 0.001815 )
Signal (9)0.030313 ( 0.000331 )
MACD Histogram0.001326 (Bearish trend 5 days)
Bolinger Upper Band3.797
Bolinger Lower Band3.435

My notes based on 2012 quarter 3 report (number in '000):-
- Higher pbt than FY11Q3 due to impairment loss of RM2.2 million which was accounted for in the third quarter of 2011 when the Group decided to divest its equity interest in Xiamen Maidiken Science & Technology Co Ltd, China

- Higher revenue from Manufacturing segment due to its market leading range of cough and cold syrups registered encouraging sales growth, and a new product for the treatment of hypertension, ADROTEN (bisoprolol5mg), was launched further strengthening Xepa's portfolio of cardiovascular products. Construction of the new Administration Block is on track to be commissioned by the 1st quarter of year 2013

- Higher revenue and pbt from Wholesale & Distribution segment than FY11Q3 due to core pharmaceutical wholesaling and distribution businesses performed steadily. AVO Diagnostics products continued to gain market share with sales growing Newly launched AVO products, antibiotic CLAVOMAX (amoxicillin/clavunalic acid 625mg) and AVONAC suppository (sodium diclofenac 12.5 mg suppository) secured excellent market penetration. AGNESIA medicated powder range was extended with the addition of two new fragrances, Lavender and Rose. Apex Pharma Singapore performed well with a 13% growth in revenue with strong margins due to successful execution of its marketing and selling strategies

- Estimate next 4Q eps after 2012 Q3 result announced = 208142*0.14/93717 = 0.3109, estimate PE on current price 3.68 = 11.26(DPS 0.18)
- Estimate next 4Q eps after 2012 Q2 result announced = 205900*0.135/93717 = 0.2966, estimate highest/lowest PE = 12.47/10.01 (DPS 0.16)
- Estimate next 4Q eps after 2012 Q1 result announced = 0.2717, estimate highest/lowest PE = 11.02/9.59 (DPS 0.155)
- Estimate next 4Q eps after 2011 Q4 result announced = 212212*0.12/93717 = 0.2717, estimate highest/lowest PE = 10.25/9.59 (DPS 0.155)
- Estimate next 4Q eps after 2011 Q3 result announced = 0.07*4*1.05 = 0.294, estimate highest/lowest PE = 9.3/8.52 (DPS 0.145)
- Estimate next 4Q eps after 2011 Q2 result announced = 0.38, estimate highest/lowest PE = 7.33/6.14 (DPS 0.145)
- Estimate next 4Q eps after 2011 Q1 result announced = 0.095*4 = 0.38, estimate highest/lowest PE = 8.21/7.05 (DPS 0.13)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.08*4*1.05 = 0.336(exclude non-recurring income RM10.1 million), estimate highest/lowest PE = 8.54/7.44 (DPS 0.13)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.0771*4*1.05 = 0.3238, estimate highest/lowest PE = 8.18/7.38 (DPS 0.08)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.1334*2*1.1 = 0.2935 (0.1334 is recent 2Q cum_eps, 10% increase), estimate highest/lowest PE = 8.7/7.85 (DPS 0.076)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.32 (add 5% adjustment from 0.3048 due to profit boosted), estimate highest/lowest PE = 10.48/8.41 (DPS 0.0975)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.3048 (10% grow from 0.2771(after deducted 3.4 mil)), estimate highest/lowest PE = 10.74/6.18 (DPS 0.1975)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.2385, estimate highest/lowest PE = 8.82/7.26 (DPS 0.0975)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.2365, estimate highest/lowest PE = 7.83/6.44 (DPS 0.0975)
- Estimate next 4Q eps after 2009 Q1 result announced = 0.2312, estimate highest/lowest PE = 6.64/5.47 (DPS 0.095)
- Estimate next 4Q eps after 2008 Q4 result announced = 0.2168, estimate highest/lowest PE = 6.11/4.59 (DPS 0.095)

AHEALTH latest news (English)

AHEALTH 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
2012-11-2120123N/AN/A-3.03%9.93%978073026118771324316440211220.06870.225428608820170977946725371372081422287129262161312280252133360025880493717937173336322012-09-3024.75%9.00%8.97%26.38%1.3805-2.222.211.610.632.78082.1220.81070.37470.272532.7%608886
2012-08-15201223.863.130.063.93%6.90%10067820480411333236608362146820.08920.15672889932043668309377594120205900149913065994062280245650362445904693717937172914592012-06-3025.54%11.29%11.26%26.11%1.3461-2.22.181.430.632.63382.01280.7610.40380.287532.6%619190
2012-05-23201213.152.76-2.97%2.97%1041261041261232712327632063200.06740.067428801920393882293763651082057267826322726042280240098394946229693717937172605332012-03-3127.18%11.87%11.84%48.59%1.31-2.192.181.280.662.67062.08620.81580.40020.285733.8%589493
2012-02-23201142.942.760.14.04%14.15%923303660029331358498017280750.08550.299628804920252575415671711333621263432650158661697922997167841952280293717937172652192011-12-3126.06%10.15%10.11%14.17%1.27069.44682.132.111.340.243.01512.37340.33950.37840.261837.0%588686
2011-11-15201132.882.65-2.32%10.08%918672736726125264644607200040.04920.213528342420234979454704971333720397021027972816367228641129950681779693717937172661562011-09-3025.07%6.75%6.67%24.52%1.2389-2.032.021.410.192.87032.18180.25240.41680.280337.6%689193
2011-08-19201122.932.480.0553.29%7.76%889831818058738203396523153970.06960.1643283237153595802546803713319202983115996558885622738504138151892393717937172736532011-06-3025.56%9.41%9.82%23.71%1.2035-2.022.011.450.22.25751.56760.27810.42310.283325.1%689492
2011-05-19201113.252.81-4.47%4.47%92822928221160111601887488740.09470.09472861731568448212669641134362040478424509670922738332826192535793717937172811512011-03-3127.19%11.69%12.50%21.42%1.1497-2.032.021.490.272.25221.63860.36410.43090.28726.5%659899
2011-02-24201043.02.630.097.67%19.11%77454313718193274509413215329410.14100.351526598813778967617548301530819837126634847615140197211815830182273993717937172511612010-12-3126.63%8.04%24.95%8.46%1.17947.62461.951.941.380.252.5131.80330.4240.36940.254226.4%628881
2010-11-23201032.732.47-4.19%11.44%816132362649092257677222197260.07710.210525749314459076835649341083218065821615647710675197311513844632419493717937172361662010-09-3026.59%9.55%11.14%15.51%1.1899-1.811.81.40.262.22671.5980.37260.45240.298426.0%669591
2010-08-18201022.632.380.043.36%7.25%771171546517827166755800125040.06190.133424957113908772491601731029817708013533389899451995096353101964093717937172399152010-06-3026.05%9.31%10.15%22.72%1.1907-1.781.771.450.212.31151.6130.32640.43460.290526.6%709590
2010-05-19201013.242.4-3.89%3.89%775347753488488848670467040.08940.08942511171423567184959071100491792688062165895019950640454542540474974749742399162010-03-3127.21%10.69%11.41%21.81%1.1547-2.262.241.430.342.40991.69620.43010.42460.286128.7%719491
2010-02-23200943.472.080.1455.82%14.75%7011828271912258300938733221440.11650.29542369801292166459751706983617238332820225116302568330569142671995074974749741484482009-12-3126.64%10.12%17.48%14.17%1.1936.70382.172.150.920.272.49911.69520.38580.39740.272627.4%728781
2009-11-18200932.21.83-3.31%8.93%724032126016313178354966134110.06620.1789232690132070740236019380481586672182516339507571120192106851639674974749741379522009-09-3024.89%7.99%8.72%17.76%1.1948-2.011.990.920.222.19411.47790.27240.49150.318125.9%759588
2009-08-19200921.951.620.05252.81%5.63%69920140198559111522421684450.05620.11262273911266277096457092782215642713785883621157111290266911240274974749741199582009-06-3023.73%6.97%8.00%18.40%1.2007-1.981.960.820.182.21791.47010.23050.47750.312125.5%759583
2009-05-20200911.631.36-2.82%2.82%702787027859315931422942290.05640.05642324921309597809663610747615439610774103816865711973680501376174974749741034642009-03-3124.71%8.47%8.44%27.92%1.1427-1.961.940.710.212.05881.40410.25070.53160.335925.4%7610193
2009-02-27200841.421.090.0452.67%10.88%654122592394701190193633147760.04850.1971218248116518681285380874301501201469210012654175724680186157117497474974862202008-12-3124.33%6.44%7.19%18.27%1.18785.83511.91.880.610.092.16541.38690.12860.47750.312224.2%789577
2008-11-19200831.350.9-2.91%8.20%674251938275080143183954111430.05270.1486225064123911805996520855001444651955599475112755496084496120507497474974974662008-09-3023.84%6.69%7.53%19.74%1.116-1.851.830.710.161.90021.25120.18480.580.358123.4%81101104
2008-08-20200821.71.30.052.38%5.29%6254712640242299238323271890.04310.09592079501182706828452717-139666117051196637775241050941321165674974749741274552008-06-3024.38%6.44%6.76%23.58%1.1613-1.861.840.920.162.24351.50630.22110.48890.328427.1%7710293
2008-05-21200811.751.54-2.91%2.91%638556385550095009395739570.05280.05282108821210247339455194-137488736931716347524705254181294274974749741297052008-03-3124.02%7.77%7.84%21.00%1.1378-1.831.810.960.192.19271.55440.26190.53380.34827.4%7010994
2008-02-27200741.751.560.0455.55%15.72%573412359374673194056795192330.09060.25652055211148356967053050-1358511808521202961968131172156752574974749741259562007-12-3124.68%7.89%8.15%-1.1486.5491.811.790.940.162.16471.39980.22010.51280.33926.2%829785
2007-11-21200731.771.65-3.20%10.16%577421785964254147323921124380.05230.16591992061113227015951952-1290471677818417127896811639361932074974749741289552007-09-3023.51%6.81%7.37%7.83%1.1771-1.721.71.010.142.14281.38710.20210.54370.352225.3%809686
2007-08-22200721.761.710.044.10%6.96%61014120854607810478502385170.06700.11361999331143297181753786-12811610117154616723967353441379110527497474974N/A2007-06-3023.52%6.73%9.96%17.36%0.884-1.711.69N/A0.172.12561.46420.23220.56060.359234.3%96137110
2007-05-2320071N/AN/A-2.86%2.86%598405984044004400349434940.04660.04661895721172276371754413-12585535602664241996988961523817574974749741312042007-03-3123.35%7.35%7.35%20.59%0.6105-1.681.661.050.162.15441.44470.22350.50630.336154.3%159210176
2007-02-2820064N/AN/A0.05N/AN/A558872242884340182152979133820.04340.19491877061170556533455941-1223721037672654456214231117567970968656686561208342006-12-3123.93%7.83%7.77%31.36%0.29779.02961.781.761.00.212.09251.40590.25350.53390.3481109.4%330421360

Financial Quarter Balance Sheet
yearqrtAvailable-for-sale financial assets (A-0)Deferred tax assets (A-0)Intangible assets (A-0)Investment in associated companies (A-0)Investment properties (A-0)Property, plant and equipment (A-0)Cash and cash equivalents (A-1)Current asset classified as held for sales (A-1)Derivative financial assets (A-1)Inventories (A-1)Trade receivables (A-1)Deferred tax liabilities (L-0)Loans & borrowings (L-0)Current tax liabilities (L-1)Derivative liabilities (L-1)Dividend payable (L-1)Loans & borrowings (L-1)Trade and other payables (L-1)Minority interest (M-1)
2012339289011166-34647492058803-2547784950975409-3858---68679137
2012239289051181-34827513159046-85481819705452872124167--226771160120
2012139288111199-35007464362295-18446239700251507782724--226771374108
2011439287481218-3518761122280250245-430988638068991345100512-22676388713336
2011339286141235-3810714881779648154-48540878597045191219516-22676627313337
20112392858512535035538106971118923-384693987695673854792360--22676341013319
20111392847312745051638106932825357-364272888723644060451808--22676556613436
20104392835912854959438106922323250-473891475578617566121144--28405084615308
20103392828813013483441066844624194-334082879535472271793037-374923895575910832
20102392824312913338941286750519640--4202577422450978093958--23955382010298
20101392816513443257537796697025404--421617479144028376269843-24985383210049
20094-5814053579138006671019950--4156267704394889431572--2798473369836
20093-22213283053337876475016396--431087256639759855918-29525628506958048
20092-25213782986838086545813162--42696707693450104221176--8983469337822
20091-16714282949238296661715950--4164373366318511301990--11371512497476
20084-1671479292963850669386919--4189367706270211618647--11541416207430
20083--15292724576906468912050--4232369538247712914965-27747431540385500
20082--15301657838716770111656--3886467750210913458923--537046424-
20081--15781565538856874014455--3523271337423513965648--751447032-
20074--16261533539006982511676--4057562584198714633270--1084841932-
20073--16301503528696835010499--3925861565463913568532-2999610742314-
20072--16971458728846643612489--35578662624463135681397--1168440705-
20071--17661041628995726412164--3861566448410851961196--1057742640-
20064--18351022729135567614182--384076446639095484988--1300241951-

Financial Quarter Income Statement
yearqrtRevenueIncome tax expenseCost of salesFinance/interest costsOther incomeAdministrative/Operating expensesMinority interestShare of profit/ (loss) of associatesSelling and distribution costsNegative goodwillGain/loss on disposal of subsidiariesImpairment lossOther expenses
201239780723147360030375401117-11549---221
20122100678295974969351610401412-11831---106
2012110412659907582437331434217-11914---13
20114923301322682684461743038012456--1870415
201139186715026883979404385216010961--2200215
201128898320726623583462375814344910951---129
201119282224856758481268351924283111053---83
20104774541636568298825948204476131889813---24
2010381613141059914941763606460139610295---184
20102771171778570258842333882497339933---12
20101775341930564398326334932146409433---141
20094701181737514421009873632178852597999---933
200937240311215438513430630602266659337---145
200926992010295332915722729823468768786---178
20091702781656529132173552910461968682---176
20084654128594950026257033132097488102---852
200836742510035135225128031371238218547---159
2008262547997473002322583022-4328338---116
20081638551052485162701952725-3207781---69
200745734121224319015213953125-3007787-0-109
2007357742333441691283362897-4486973-0-105
20072610141055466641524092684-3017847-1825-124
2007159840906458671902442850-1896867---99
20064558871361425132323603001-19460130--342

Financial Quarter Segments Revenue
yearqrtElimination/AdjustmentManufacturingWholesale, marketing & distributionCorporate & Others
2012328765222348919315145
201221536421772919322338
201212120027011960252290
2011424660209468550510539
2011310446149895343810887
2011226489256111099632897
201111007523172779941731
20104-13070633281056
20103-1494666312355
20102-1283063563724
20101-1304164362131
20094-1038859512218
20093-1183660417150
20092-1206157703156
20091-1208558054139
20084-1037154849192
20083-915358124148
20082-902253378147
20081-834155369145
20074-809749047197
20073-831749266159
20072-867152186157
20071-821551472153
20064-858447031180

Financial Quarter Segments Profit
yearqrtElimination/AdjustmentManufacturingWholesale, marketing & distributionCorporate & Others
2012342260063878661
2012240577144401342
20121385997144211643
201141600578933211280
20113238361103126649
201123366186303867
2011137674924167399
20104-525623661070
20103-55283338338
20102-47253284451
20101-57533359482
20094-31764525304
20093-40852303352
20092-39571556336
20091-45052639892
20084-29071865184
20083-30832102439
20082-29931800411
20081-33822265378
20074-27621384734
20073-24801950158
20072-30851541255
20071-28012263264
20064-37911374756

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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