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Friday, January 25, 2013

KLCI Stock - BJCORP / 3395 - 2013 Quarter 2

BERJAYA CORPORATION BERHAD


Company Description
The Group's is an investment holding company and is engaged in the provision of management services. The Company’s primary business include financial services, manufacturing, property investment and development, hotel, resort and recreation, restaurants and cafes, marketing of consumer products and services, and investment holding and others. The Company’s subsidiaries include Berjaya Capital Berhad, Cosway Corporation Berhad, Berjaya Land Berhad and Berjaya Land Berhad. On January 2, 2008, established a subsidiary, Berjaya Capital (Cayman) Limited. In April 2008, the Company incorporated a wholly owned subsidiary company, Berjaya Corporation (Labuan) Limited (BCLL). In June 2008, the Company announced the incorporation of a subsidiary, Berjaya Pizza Company Sdn Bhd.

Company Info
Listing Date1969-02-13
Market Capital (Capital Size)2,340,589,301 (Large)
Par ValueRM 1.00
BoardMain
SectorTrading/Services
Major IndustryGaming
Sub IndustryDiversified Business
Websitehttp://www.berjaya.com.my

My Analysis
Forecast P/E now(0.545-0.01)/0.047 = 11.38 (High)
Target Price0.47+0.01 = 0.48 (PE 10.0, EPS 0.047, DPS 0.01)
First Support Price0.53
Second Support Price0.47
Risk RatingHIGH

Research House
CIMB Target Price0.6 (2012-12-28)

Accounting Ratio
Return on Equity0.61%
Dividend Yield1.83%
Operating Profit Margin12.16%
Net Profit Margin9.73%
Tax Rate37.94%
Asset Turnover0.3899
Net Asset Value Per Share1.13
Net Tangible Asset per share-0.06
Price/Net Tangible Asset Per Share-9.25
Cash Per Share0.2
Liquidity Current Ratio1.0964
Liquidity Quick Ratio0.5895
Liquidity Cash Ratio0.2425
Gearing Debt to Equity Ratio1.3582
Gearing Debt to Asset Ratio0.4223
Working capital per thousand Ringgit sale5.7%
Days to sell the inventory123
Days to collect the receivables74
Days to pay the payables112

Technical Analysis
SMA 100.559 (Downtrend)
SMA 200.565 (Uptrend 17 days)
SMA 500.566 (Downtrend)
SMA 1000.603 (Downtrend)
SMA 2000.686 (Downtrend)
MACD (26d/12d)-0.003072 ( 0.001153 )
Signal (9)-0.00199 ( 0.000271 )
MACD Histogram0.001082 (Bearish trend 2 days)
Bolinger Upper Band0.6
Bolinger Lower Band0.53

My notes based on 2013 quarter 2 report (number in '000):-
- Higher revenue and pbt in Toto betting operations due to high jackpot in the Power 6/55 game and the higher number of draws, lower prize pay-out and higher lease rental income from its Philippines operations

- Lower pbt in Marketing of consumer products and services segment due to high operating expenses for expansion in the United States and other developed markets; less favourable sales from the Greater China markets and drop in the gross profit margin as a result of higher promotional expenses in motor distribution business

- Higher revenue and pbt in Hotels and resorts as a result of higher average room rates despite recording lower overall occupancy rates and lower maintenance and operating expenses

- Estimate next 4Q eps after 2013 Q2 result announced = 10648770*0.0225/5093766 = 0.047, estimate PE on current price 0.545 = 11.38(DPS 0.01)
- Estimate next 4Q eps after 2013 Q1 result announced = 10653613*0.025/5089454 = 0.0523, estimate highest/lowest PE = 13/9.85 (DPS 0.01)
- Estimate next 4Q eps after 2012 Q4 result announced = 10569066*0.035/4400184 = 0.0841, estimate highest/lowest PE = 9.33/6.96 (DPS 0.01)
- Estimate next 4Q eps after 2012 Q3 result announced = 11241538*0.04/4384136 = 0.1026, estimate highest/lowest PE = 9.06/6.82 (DPS 0.02)
- Estimate next 4Q eps after 2012 Q2 result announced = 11078723*0.04/4385470 = 0.101, estimate highest/lowest PE = 10.2/8.86 (DPS 0.02)
- Estimate next 4Q eps after 2012 Q1 result announced = 11086601*0.04/4401658 = 0.1007, estimate highest/lowest PE = 10.43/9.29 (DPS 0.02)

BJCORP latest news (English)

BJCORP latest news (Chinese)



Financial Quarter Summary   Open in New Window
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
2012-12-2720132N/AN/A-0.22%0.53%1767061357117217198134140723441556800.00460.0109184342614685109778549142733204916669106487702235243586556643117953264135139799448153825098076509376628294322012-10-3112.16%9.73%37.94%0.3899-1.13-0.06-9.250.21.09640.58950.24251.35820.42235.7%12374112
2012-09-26201310.690.525-0.31%0.31%1804111180411116938416938432197321970.00630.00631821274646792277559133393053748860331065361342967187926647552179918114495979251110066705089454508945432572502012-07-3110.27%9.39%40.40%0.3909-1.13-0.05-12.80.251.19050.67850.3231.31060.41510.5%11570112
2012-06-28201240.7950.5950.010.06%2.80%1809936706183716179685442665363022880.00150.068718467108512148979133613783298483141210553747424579939354699184160614451477518440917905534449389440018434705232012-04-3011.70%8.94%56.55%0.384611.35391.3-0.07-11.140.441.35370.87540.51261.38290.428518.8%10468107
2012-03-29201230.950.72-0.14%2.86%18070135292933135263692546152803087400.00350.07041773955944938646498021422755649803061124153826745625092553091511556745183811253411431404396557438413640887982012-01-318.95%7.49%34.09%0.4039-1.430.0713.290.31.0630.63230.30691.03780.36633.7%10466115
2011-12-29201221.050.915-0.21%2.72%16981633485920167570557367229592935440.00520.066917712832449248066341094246459483081911078723278803302958408009115056458176117375213243164393044438547041953572011-10-3111.03%9.87%50.22%0.4029-1.420.0713.640.341.05790.65530.3471.06180.37453.4%9962114
2011-09-29201211.070.955-2.51%2.51%178775717877573896673896672704552704550.06140.0614182198365248181713323547939984807367110866011643474552304882371126115619577110781422339294401658440165842255912011-07-3110.84%21.80%11.99%0.3929-1.430.0910.670.541.09470.76880.49761.1360.39156.3%9061104
2011-06-29201141.250.880.020.96%3.23%187277271144862563448629231033163472630.02350.079017875530521261370923864919517476232010783144687247141476101786114448354577144398515884684387638439464452651652011-04-3012.37%13.69%29.03%0.39815.18611.370.0340.00.291.05960.7420.26081.1780.39684.1%9057108
2011-03-30201131.261.05-0.30%2.27%17772385241714186451606578323582439460.00740.0556179105444926802725274046186164641467106578043408992540459005911500308685417691313269434394279439033147897642011-01-3111.81%10.49%34.73%0.3981-1.37-0.03-36.330.361.06670.73440.34121.20550.40494.3%8889116
2010-12-30201121.290.99-0.80%1.97%17199093464476184767420068862342115290.01960.048217723459472897770287903687828467747710694669233174138713194801150262944617498112252434398503438725148823382010-10-3111.00%10.74%25.79%0.3957-1.37-0.03-37.00.341.28230.88290.40251.16810.396614.8%8688119
2010-09-29201111.151.02-1.17%1.17%174456717445672353352353351253291253290.02860.02861782274346939486848259356483147875441097448417210591932079115447218129817921913336914376548437654847266712010-07-319.59%13.49%20.43%0.3878-1.410.01108.00.361.31670.9330.44371.10690.384216.3%8288117
2010-06-30201041.30.9250.011.42%0.78%18877056757534303092589740141698777250.03240.0185178278595043108708212341212404814806107457366437176824641981699955653874715942211549874377145420498355589742010-04-3011.68%16.06%17.35%0.380268.7081.41-0.04-31.750.321.22370.91280.34481.19410.397313.6%7998118
2010-03-31201031.871.21-1.56%0.65%1660792489087050263309556156269645000.03690.015817812788511908571275823952964494867010685206457726445654455891017681120725766110753424233534408470474086842010-01-3110.16%3.03%-0.3593-1.4-0.16-10.940.311.2950.90070.33441.24250.400118.2%101120122
2009-12-23201021.771.15-0.52%0.91%1618013323007817674635899451607909450.01300.02291735659250524837085765384282045344721027082734318929768910779410194424550015329411727363981668397780848178182009-10-3115.57%10.92%33.21%0.3728-1.44-0.1-12.10.351.31480.90760.35981.23520.408218.7%101110115
2009-09-29201011.290.92-0.39%0.39%1612065161206518213718213739227392270.00980.0098169521754981640686633537188514456634100858402067534924939679101982525600221632312361484004271400427139041642009-07-3115.06%11.30%39.16%0.3811-1.41-0.13-7.50.371.33960.92840.39381.21980.40519.5%98104110
2009-06-29200940.990.8150.011.13%0.53%1509617633901237944274223114329537210.02890.0137166053204691575661702137215844395623998829955559661701325367113281286141731508810130403955796391205836591112009-04-308.46%2.51%-0.3817-1.43-0.15-6.170.321.26060.8480.3361.18320.398515.3%100101108
2009-03-30200931.070.52-0.18%0.60%1730949482872011699033210717892608910.00460.015616836543484403866765633289916448038610159980468417587230171844132959911881329065710389423903270389795420492162009-01-3111.39%6.76%44.97%0.3714-1.46-0.18-2.920.321.47240.94250.37981.17550.396624.9%115101113
2008-12-23200920.6150.46-0.10%0.43%160861730977717885121507310554429550.00270.01101684484948813396695709331234444987491014914033078552169360159134199919090825106710909323895566389591622399502008-10-3111.91%4.90%62.78%0.318-1.45-0.2-2.870.321.47370.9750.3791.1850.397529.3%126124136
2008-09-25200910.6650.46-0.32%0.32%1489154148915413657013657032749327490.00840.00841673227248004756489043300920445485841024322911986336543626070132552824557321950311060253896271389627125715382008-07-3113.70%9.17%37.15%0.2622-1.46-0.18-3.670.331.59531.15110.42971.13950.387840.8%128161165
2008-06-30200840.940.6250.02N/AN/A1423548346583746565011422862063745658620.05450.1664162698114618263618696928843884470443100828423826743256396604626042685703571749713217653788469339960934853912008-04-309.78%32.71%-0.21295.52721.65-0.17-5.410.41.60111.17740.52971.10240.380350.1%148181187
2008-03-27200831.190.81-N/AN/A83490420403342048686798641166223572010.03240.109111510019436555561284772464631141997153815423117766311434560596078273193671366927445193593955327281039533502008-01-313.27%24.54%12.63%0.1773-1.210.941.170.261.77131.31650.38311.5470.532493.2%236392272
2007-12-28200821.560.920.04N/AN/A63991012054302757984728781023352384610.02940.0692111283024133428599876224927321405667512954017857779003180521608910995742800958890053485516344817551585632008-10-3132.18%43.10%8.41%0.1083-1.080.851.740.321.65821.18490.44711.61090.5391136.1%-426N/A
2007-09-27200811.490.9650.03N/AN/A5655205655201939121939121329581329580.03520.035210916022387288065065862697416103421544094366458314183421924615019772519917551584437806983780698N/A2007-07-3112.59%34.29%14.42%0.0518-0.890.67N/A0.21.43580.99780.27971.92780.5961207.9%-919N/A

Financial Quarter Balance Sheet   Open in New Window
yearqrtBiological assets (A-0)Deferred tax assets (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)Prepaid lease payments (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)Deposits with licensed banks (A-1)Derivative assets (A-1)Development properties (A-1)Inventories (A-1)Other investments (A-1)Trade receivables (A-1)Deferred tax liabilities (L-0)Exchangeable bonds (L-0)ICULS (L-0)Loans & borrowings (L-0)Other liabilities (L-0)Provisions (L-0)Current tax liabilities (L-1)Derivative liabilities (L-1)Dividend payable (L-1)Exchangeable bonds (L-1)Insurance funds (L-1)Liabilities directly associated with assets classified as held for sale (L-1)Loans & borrowings (L-1)Provisions (L-1)Trade and other payables (L-1)Minority interest (M-1)
2013221734462986035517930558121875644230232703520016310662876549544127388193-22630611849-10776631088382360661460326379372-24299824619354157791208779354-----2213733325519769784916669
2013119479496036037166913589127257644182215802219593310762874378512834479571-23618760774-9825801029652290441373988383364-25627925556974189401431673806-----1899352357819538014886033
20124185314719860196249289099795363839521384829705910762859689498703570044478141078133991053892287917352293681326616384374-25364230418984376621248764029-----1848924267118676744831412
20123178854095759469969328711007296227952150907102297111829344923946485535053532551734727456-908935911756162671288886354146-150011473653417678998782246-----2122691329320193264980306
2012217484422495942120933764103075625623214507975857111829539083800755326803532559153925148-797300912309158781214687356724-150311585680420849936696823-----2180864288219658904830819
20121156123959058828659541901081036074142097784682071118284495435181866471336225762571705951-750927811623149211187564353322-144191543193419384891975572--695400--2216346286718038134807367
201141398933454589307166209011558560906020744868010010972827892352093579423120428743162688956-716392845822148681119703355044-143811350319442641104843527124388-702000-564176173168296418610364762320
20113137463779861483348405581328145932162041656341175-2834445-537242564570900972366-716857817892662841739616337027-158891855982416444878268849--7020001770392481149289034444418309134641467
20112134634174861362928526451378815916472031135347053-2842618-489024653467680927823-706281766825673431697467335805702000210321855314417825898662037-41963-1769702481119054434514818686854677477
20111132353665961262449839461478065868382007644392379-2834044-589262814873006937321-694150673950551011663010334317702000366601866776335762791377974---1661562481117817534393317961124787544
20104127763560361127917391281554825867892024097286364-2831721-50940045090272837855631-670963610299561141816962337944702000283641473831410794795081217---156073293120149421334075317558644814806
201031106444705637738259853316874960343918800243579001363672515540-49426614006125510813275-8470397114861434320991603712947110003874316548453884351030180918---151973-167090332953217196384948670
201021110741726614609762401617623956953818724583365581264932399877-48994114324138727882699-86023970436910188195199637113571100011304917234843158348443107791---150662-163561732121516275354534472
201011034241444614870160831418234756897016434793132341269332326771-386039247741201551055045-8434516856022333218432423686457831001452981573395269614743283007---150693-159265632185815706374456634
20094979741419619192256160819046854379916433552843281276492319400-42654624774120012797046-10526054830082680217607823680458820001747991174507288822726467755---142641-167325231353915243974395623
20093927422814639488061810918728160262814807902502101453852281134-44125714006108320791365-12935274498611696517287373597428820001748331675980289977411591573---146365-118394630441815636144480386
20092916019266641151957177919405455398315248532532901460542279552-52561324641137235712689-12065864452221692318124303636308820001757771684137273793402885839---15567513533115510427707716251164498749
20091897819541640355948432820064955413015744963255121428282217776-409620109751131867851522-9574393791573176919293503674719000001760911759571272569413770783---1514701353395061824862815741724548584
20084871419134619226757840314126055158815736873079241464502132121-50798925412121840980467-8831643389203931617211553623879000001769481578076280295487568032---13232913658102602522986414144804470443
2008382551334887574413515662467657160716085255166201603732013750-372224-107412566902-82295229784550142193206355813900000822652066116253881577196947-117738-116226-74140321437211779451419971
2008275341376978374513298272467657086116190124545741621602028716-23171737290059880877750-846388333373505714063633678839000002393101699376293671579015210-72528-11099413353669623321258312516481405667
2008173701573185837112812512467660885416373093539711630042092605-25373241359399117495742-826699354756509914241423708119000007366751502671293258575536557---10384214717386764421023513319651034215

Financial Quarter Income Statement   Open in New Window
yearqrtRevenueIncome tax expenseFinance/interest costsAdministrative/Operating expensesMinority interestShare of profit/ (loss) of associatesInvestment gain/lossDiscontinued operationElimination of interest expense on ICULSAfter tax effect of interest on exercise of warrantsManagement expenses for investmentShare of net profit of jointly controlled entity
20132176706165257742771552169832831230719982-416191616252543
20131180411168424782911618768687632017144323-4201262866051
201241809936915008101215981877683235687798290--66286455
20123180701346111630951645330738729115293950-021833
201221698163841516187115108366046020453505190--224676391
2012117877574672077384159394772492121893562881799-130900396866
20114187277274424669431641033786043466411255412697-2965124616825
201131777238647626829015672818933176953251212824-10744883652
201121719909476476552415307215088616494787423296-307314915631
2011117445674807982213157728961927201361495175816-134176237442
20104188770552592770071667284108802765921540807183-2153705815443
2010316607924792866574149207058078105036687--641620487489
20102161801358705785731366162664341084521859--220229076109
2010116120657133273152136930771578941594990--674830798121
2009415096173571463641138186940671266018571--4238828134578
2009317309495260779261153387246491285929880--50210236774
2009216086174950569023141700318792629328779--078812-
200911489154507396831912852035308251526383--25424676-
200841423548311856272612843492904615587647570--295182232880
2008383490425876490738076336237038772239887--65251337-
200826399102318315730343401215028049728409668--3923228270-
2008156552027955686824943253299951028162404--351518518-

Financial Quarter Segments Revenue
yearqrtMarketing, distribution and manufacturing of consumer productsProperty investment & developmentOthersToto betting and leasing of lottery equipmentFinancial ServicesHotels & resorts
201326251376031692583902231944477350
201316841263657698535898683987776314
20124612648941331119249122162850266485
20123591511526971014759790911079871441
2012263741038417776898587901489070967
2012165218580987841228419125187176680
201145706021264256884290018713147175245
20113594188148433118871671355134600109791
2011250932927644417910226731373823582
20111572549488567555983412913972773747
201045287002348597615285687312779962947
20103464080802548308084949412329360216
20102454181518927035785584111728568082
20101421897749888411082490013845067345
20094368640491576460386786310859650758
200933722646659955072105651711433566162
20092364014336588602194088511294971090
200913117923251610651682546713767975184
200842407946879617570186683112302251596
2008344489213586271976-9799884176
200822848708852967711-10726391537
200812302315723566133-111879100042

Financial Quarter Segments Profit
yearqrtMarketing, distribution and manufacturing of consumer productsProperty investment & developmentOthersToto betting and leasing of lottery equipmentFinancial ServicesHotels & resorts
201324152744075207172351638379
20131667679669495915298120514646
20124369485046852031115796996050
2012327184127291267817457538826729
20122476906330274416140919563347
2012155844173122517140869112197062
20114420593585694921708621593510700
20113374696520430417267716394442
201124419825838993612380283582881
201115028511212400106866158778013
2010445615785241722381934101681681
20103423148331777815212147822268
2010249027121212264180863191096274
20101497062143715851242403001710667
2009427397116374038119477668817610
200933514650039421472071228511803
200923262810276716183760228929348
200913940742196579132598423011821
2008434952372559959824784135312398
20083280122299713298-399914460
20082288632367713220-1502345680
2008120738838612569-288513876

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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