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Saturday, February 23, 2013

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


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