KLCI Stock - AMFIRST / 5120 - 2013 Quarter 3

AMFIRST REAL ESTATE INVESTMENT TRUST


Company Description

AmFIRST is one of the largest Malaysia-based commercial REIT with exposure to the office, retail and hotel sector in the Klang Valley, Cyberjaya and Melaka. AmFIRST currently manages nine (9) properties, of which three are located within the Kuala Lumpur Golden Triangle area, one each in Petaling Jaya, Kelana Jaya, Subang Jaya and Melaka and two (2) properties in Cyberjaya. It also manages a 332-room four-star rated hotel and a retail mall located in Subang Jaya. AmFIRST currently manages over 2.7 million sq ft of real estate space.

Company Info

Listing Date	2006-12-21
IPO Price	1.0
Market Capital (Capital Size)	727,585,696 (Medium)
Par Value	0
Board	Main
Sector	Reits
Major Industry	Property Trust
Website	http://www.amfirstreit.com.my/

My Analysis

Forecast P/E now	(1.06-0.0662)/0.096 = 10.35 (Moderate)
Target Price	1.10+0.0662 = 1.17 (PE 11.5, EPS 0.096, DPS 0.0662)
First Support Price	1.05
Second Support Price	1.0
Risk Rating	LOW

Accounting Ratio

Return on Equity	9.35%
Dividend Yield	6.25%
Operating Profit Margin	43.72%
Net Profit Margin	44.05%
Tax Rate	-
Asset Turnover	0.0844
Net Asset Value Per Share	1.45
Net Tangible Asset per share	1.45
Price/Net Tangible Asset Per Share	0.72
Cash Per Share	0.0
Liquidity Current Ratio	0.1396
Liquidity Quick Ratio	0.1396
Liquidity Cash Ratio	0.0334
Gearing Debt to Equity Ratio	0.5656
Gearing Debt to Asset Ratio	0.3613
Working capital per thousand Ringgit sale	-68.9%
Days to sell the inventory	-
Days to collect the receivables	31
Days to pay the payables	50

Technical Analysis

SMA 10	1.055 (Uptrend)
SMA 20	1.055 (Downtrend 7 days)
SMA 50	1.055 (Same)
SMA 100	1.067 (Same)
SMA 200	1.04 (Uptrend)
MACD (26d/12d)	-0.000871 ( 0.000532 )
Signal (9)	-0.001196 ( 8.1e-005 )
MACD Histogram	0.000325 (Bullish trend 1 day)
Bolinger Upper Band	1.067
Bolinger Lower Band	1.043

My notes based on 2013 quarter 3 report (number in '000):-
- Higher revenue and pbt mainly due to the full period contribution from Prima 9 and Prima 10 which was acquired on 30 November 2011 as well as the additional contribution from the newly acquired Kompleks Tun Sri Lanang (also known as Jaya 99) which the acquisition was completed on 1 November 2012 and interest saving arising from the repayment of bank borrowings via proceeds raised from the rights issue

- Estimate next 4Q eps after 2013 Q3 result announced = 57290*1.15/686402 = 0.096, estimate PE on current price 1.06 = 10.35(DPS 0.0662)
- Estimate next 4Q eps after 2013 Q2 result announced = 55145*1.15/686402 = 0.0924, estimate highest/lowest PE = 11.51/10.54 (DPS 0.0662)

AMFIRST latest news (English)

AMFIRST Latest news (Chinese)



Financial Quarter Summary Open in New Window

a_date	year	qrt	h_price	l_price	div	roe	c_roe	rev	c_rev	pbt	c_pbt	prof	c_prof	eps	c_eps	asset	c_asset	liab	c_liab	mino	equi	cfo	cfi	cff	cash	fcf	net	final	share	c_share	m_cap	date	oper_m	prof_m	vat	asset_t	pe	navps	ntaps	p/ntaps	cps	l_cur	l_qui	l_cash	g_de	g_da	avg_w	inv_d	rec_d	pay_d
2013-02-18	2013	3	N/A	N/A	-	1.98%	5.52%	27715	81155	12208	34111	12208	34111	0.0178	0.0602	1282619	12107	463383	86715	-	819236	53307	90362	29679	10270	37055	7376	2894	686402	566593	720722	2012-12-31	43.72%	44.05%	-	0.0844	-	1.45	1.45	0.72	N/A	0.1396	0.1396	0.0334	0.5656	0.3613	-68.9%	-	31	50
2012-11-06	2013	2	1.13	1.04	0.0316	1.96%	3.55%	26830	53440	12087	21904	12087	21904	0.0207	0.0433	1203139	20463	374300	82629	-	828839	21139	2562	25907	10270	18577	7330	2940	582882	506362	658656	2012-09-30	43.95%	45.05%	-	0.0875	-	1.64	1.64	0.69	0.01	0.2476	0.2476	0.0356	0.4516	0.3111	-59.1%	-	61	26
2012-08-17	2013	1	1.14	1.05	-	1.59%	1.59%	26610	26610	9817	9817	9817	9817	0.0229	0.0229	1193313	11215	586452	273023	-	606861	14510	2150	19866	10270	12360	7506	2764	429001	429001	454741	2012-06-30	37.13%	36.89%	-	0.0853	-	1.41	1.41	0.75	0.01	0.0411	0.0411	0.0101	0.9664	0.4914	-257.1%	-	30	24
2012-04-26	2012	4	1.24	1.02	0.0483	3.83%	8.61%	27153	97980	23179	52192	23179	52192	0.0540	0.1217	1198542	18698	580777	408285	-	617765	57472	143499	82474	13823	86027	3553	10270	429001	429001	514801	2012-03-31	40.16%	85.36%	-	0.0817	9.8636	1.44	1.44	0.83	0.02	0.0458	0.0458	0.0252	0.9401	0.4846	-397.6%	-	31	34
2012-02-22	2012	3	1.22	1.18	-	1.66%	4.79%	24649	70827	10062	29013	10062	29013	0.0235	0.0676	1175762	11154	581177	263287	-	594585	41675	140525	89088	13823	98850	9762	4061	429001	429001	510511	2011-12-31	39.40%	40.82%	-	0.0765	-	1.39	1.39	0.86	0.01	0.0424	0.0424	0.0154	0.9774	0.4943	-280.3%	-	29	42
2011-10-18	2012	2	1.2	1.14	0.0448	1.57%	3.13%	23429	46178	9512	18951	9512	18951	0.0222	0.0442	1053378	25363	449635	207221	-	603743	10319	3937	17274	13823	6382	10892	2931	429001	429001	497641	2011-09-30	41.32%	40.60%	-	0.062	-	1.41	1.41	0.82	0.01	0.1224	0.1224	0.0141	0.7447	0.4269	-278.5%	-	125	61
2011-08-10	2012	1	1.17	1.1	-	1.56%	1.56%	22748	22748	9438	9438	9438	9438	0.0220	0.0220	1048216	22744	453986	201238	-	594230	1882	1424	9035	13823	3306	12341	1482	429001	429001	501931	2011-06-30	42.21%	41.49%	-	0.0399	-	1.39	1.39	0.84	N/A	0.113	0.113	0.0074	0.764	0.4331	-426.4%	-	185	119
2011-05-09	2011	4	1.23	1.14	0.0494	N/A	N/A	19115	88539	14419	45362	14419	45362	0.0336	0.1057	1045262	21262	439277	130557	-	605985	63058	12479	62002	25244	50579	11423	13821	429001	429001	519091	2011-03-31	47.12%	75.43%	-	0.0183	11.4433	1.41	1.41	0.86	0.03	0.1629	0.1629	0.1059	0.7249	0.4203	-571.8%	-	142	362

Financial Quarter Balance Sheet Open in New Window

year	qrt	Investment properties (A-0)	Cash and cash equivalents (A-1)	Fixed deposits with licensed banks (A-1)	Other receivables, deposits and prepayments (A-1)	Trade receivables (A-1)	Loans & borrowings (L-0)	Tenants deposits (L-0)	Loans & borrowings (L-1)	Other payables (L-1)	Payables and accruals (L-1)	Provision for income distribution (L-1)	Rental deposits (L-1)	Trade and other payables (L-1)
2013	3	1270512	405	2489	9213	-	365400	11268	62537	8715	-	-	15463	-
2013	2	1182676	469	2471	17523	-	279400	12271	65755	4477	-	-	12397	-
2013	1	1182098	311	2453	8451	-	303000	10429	254200	4115	-	-	14708	-
2012	4	1179844	1035	9235	8428	-	163000	9492	387000	5357	-	-	15928	-
2012	3	1164608	1644	2417	7093	-	303000	14890	247000	6033	-	-	10254	-
2012	2	1028015	532	2399	22432	-	231000	11414	188623	6206	-	-	12392	-
2012	1	1025472	352	1130	21262	-	242000	10748	181248	7604	-	-	12386	-
2011	4	1024000	865	12958	7439	-	298000	10720	109000	10024	-	-	11533	-

Financial Quarter Income Statement Open in New Window

year	qrt	Revenue	Cost of sales	Other income	Administrative/Operating expenses	Finance/interest income	Associates fees	Net appreciation on fair values of investment properties	Other expenses	Gain arising from measuring non-current financial liabilities measured at amortized cost	Compensation from land acquisition
2013	3	27715	-	37	6532	-	-	-	9102	90	-
2013	2	26830	-	220	6626	-	-	-	8633	296	-
2013	1	26610	-	49	7806	-	-	-	8974	62	-
2012	4	27153	-	21	7236	-	-	12241	9032	59	91
2012	3	24649	-	21	6798	-	-	-	8160	350	-
2012	2	23429	-	30	6309	-	-	-	7469	169	-
2012	1	22748	-	49	5756	-	-	-	7438	165	-
2011	4	19115	-	69	2549	-	-	3248	7628	273	1891

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

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●CHANGES IN SHAREHOLDING
●ANNUAL REPORTS

HISTORICAL

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●CHANGES IN SHAREHOLDING

ARCHIVES

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