Company Description CSC STEEL HOLDINGS BERHAD, formerly Ornasteel Holdings Berhad, is engaged in investment holding and provision of management services. The Company is engaged in the manufacturing and marketing of steel products, namely cold rolled steel coils (CRC), galvanized steel coils (GI) and pre-painted galvanized steel coils (PPGI). Its subsidiaries include CSC Steel Sdn Bhd (formerly known as Ornasteel Ent. Corp. (M) Sdn Bhd), which is engaged in manufacturing and marketing of steel pipes and CRC, and Group Steel Corporation (M) Sdn. Bhd., which manufactures and markets GI and PPGI.
Company Info
Listing Date 2004-12-30 Market Capital (Capital Size) 452,200,000 (Small) Par Value RM 1.00 Board Main Sector Industrial Products Major Industry Steel & Iron Sub Industry Investment Holding Website http://www.cscmalaysia.com/
My Analysis
Forecast P/E now (1.19-0.07)/0.0634 = 17.67 (High) Target Price 1.01+0.07 = 1.08 (PE 16.0, EPS 0.0634, DPS 0.07) First Support Price 1.17 Second Support Price 1.1 Risk Rating MODERATE
Research House
OSK Target Price 1.2 (2012-11-12) RHB Target Price 1.66 (2012-11-12) HLG Target Price 1.29 (2013-01-31)
Accounting Ratio
Return on Equity 3.63% Dividend Yield 5.88% Operating Profit Margin 2.04% Net Profit Margin 2.74% Tax Rate 23.95% Asset Turnover 1.2772 Net Asset Value Per Share 2.07 Net Tangible Asset per share 2.07 Price/Net Tangible Asset Per Share 0.57 Cash Per Share 0.64 Liquidity Current Ratio 7.8515 Liquidity Quick Ratio 5.3481 Liquidity Cash Ratio 3.1298 Gearing Debt to Equity Ratio 0.1414 Gearing Debt to Asset Ratio 0.1239 Working capital per thousand Ringgit sale 46.2% Days to sell the inventory 63 Days to collect the receivables 55 Days to pay the payables 25
Technical Analysis
SMA 10 1.188 (Downtrend) SMA 20 1.196 (Downtrend 1 day) SMA 50 1.19 (Same) SMA 100 1.197 (Downtrend) SMA 200 1.227 (Downtrend) MACD (26d/12d) -0.001551 ( 0.000111 ) Signal (9) -0.000413 ( 0.000285 ) MACD Histogram 0.001138 (Bearish trend 8 days)Bolinger Upper Band 1.226 Bolinger Lower Band 1.166
My notes based on 2012 quarter 4 report (number in '000):- CSCSTEL latest news (English) CSCSTEL latest news (Chinese) World Steel News 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 2013-02-05 2012 4 N/A N/A 0.07 0.73% 3.63% 269574 1126994 7391 37511 5621 28006 0.0151 0.0751 882415 596260 109318 75942 - 773097 63129 32787 25849 233191 30342 4493 237684 372922 373123 443777 2012-12-31 2.04% 2.74% 23.95% 1.2772 15.8543 2.07 2.07 0.57 0.64 7.8515 5.3481 3.1298 0.1414 0.1239 46.2% 63 55 25 2012-11-09 2012 3 1.25 1.17 - 0.80% 2.90% 306610 857419 7984 30120 6152 22385 0.0165 0.0600 860393 568990 92501 58570 - 767892 74426 30321 25300 233191 44105 18805 251996 373171 373190 459000 2012-09-30 2.00% 2.60% 22.95% 1.3183 - 2.06 2.06 0.6 0.68 9.7147 6.7298 4.3025 0.1205 0.1075 45.0% 57 46 19 2012-08-17 2012 2 1.26 1.15 - 1.38% 2.10% 308615 550809 14386 22137 10681 16233 0.0286 0.0435 878366 582373 116489 79603 - 761877 24841 27495 1151 233191 2654 1503 231688 373200 373200 447840 2012-06-30 4.09% 4.66% 25.75% 1.3073 - 2.04 2.04 0.59 0.62 7.316 4.8813 2.9105 0.1529 0.1326 43.8% 62 50 25 2012-05-11 2012 1 1.42 1.15 - 0.72% 0.72% 242193 242193 7751 7751 5553 5553 0.0149 0.0149 848500 554918 71188 33368 - 777312 7943 16743 17 233191 8800 8783 224408 373200 373200 511284 2012-03-31 2.35% 3.20% 28.36% 1.3435 - 2.08 2.08 0.66 0.6 16.6302 10.833 6.7252 0.0916 0.0839 45.8% 62 44 11 2012-02-10 2011 4 1.45 1.34 0.07 0.26% 3.74% 276850 1206148 349 38564 2062 29550 0.0055 0.0792 848934 564040 77167 40781 - 771767 3358 12462 48774 291069 9104 57878 233191 373200 373200 533676 2011-12-31 0.54% 0.13% 690.83% 1.4208 18.0601 2.07 2.07 0.69 0.62 13.831 9.102 5.7181 0.1 0.0909 43.4% 60 42 13 2011-11-04 2011 3 1.49 1.29 - 0.15% 4.00% 320610 929298 1978 38215 1223 31613 0.0033 0.0847 862574 574071 88744 52292 - 773830 21021 7780 48774 291069 28801 77575 213494 373200 373200 515016 2011-09-30 1.16% 0.62% - 1.3773 - 2.07 2.07 0.67 0.57 10.9782 6.9919 4.0827 0.1147 0.1029 43.9% 66 47 17 2011-08-12 2011 2 1.51 1.13 - 0.80% 3.84% 300288 608688 8293 40193 6363 30390 0.0170 0.0814 896025 602211 123419 85233 - 772606 16649 4728 258 291069 21377 21635 269434 373200 373200 570996 2011-06-30 2.14% 2.76% 23.27% 1.1831 - 2.07 2.07 0.74 0.72 7.0655 4.6865 3.1611 0.1597 0.1377 48.8% 73 45 31 2011-05-13 2011 1 1.78 1.4 - 3.04% 3.04% 308400 308400 31900 31900 24027 24027 0.0644 0.0644 891885 589161 77126 34226 - 814759 63317 5454 258 291069 68771 69029 222040 373200 373200 649368 2011-03-31 9.69% 10.34% 24.68% 1.1902 - 2.18 2.18 0.8 0.59 17.2138 11.2532 6.4875 0.0947 0.0865 52.3% 76 56 13 2011-02-17 2010 4 1.82 1.66 0.13 1.10% 8.89% 258723 1034734 11189 94775 8560 69180 0.0229 0.1854 887883 582177 97151 56246 - 790732 44807 130 65655 312047 44677 20978 291069 373200 373200 656832 2010-12-31 3.43% 4.32% 23.50% 1.1654 9.4945 2.12 2.12 0.83 0.78 10.3505 7.2169 5.1749 0.1229 0.1094 50.8% 68 41 22 2010-11-12 2010 3 1.79 1.69 - 0.20% 7.79% 192670 776011 2388 83586 1586 60620 0.0042 0.1624 861286 548106 79115 38013 - 782171 60431 365 65913 312047 60066 5847 306200 373200 373200 679224 2010-09-30 0.22% 1.24% 166.42% 1.2188 - 2.1 2.1 0.87 0.82 14.4189 10.1711 8.0551 0.1011 0.0919 48.6% 63 28 10 2010-08-09 2010 2 1.93 1.68 - 4.06% 7.99% 301745 583341 42053 81198 31613 62207 0.0847 0.1667 935395 614263 151636 110481 - 783759 20145 411 9000 312047 20556 29556 282491 373200 373200 664296 2010-06-30 13.39% 13.94% 24.83% 1.1958 - 2.1 2.1 0.85 0.76 5.5599 3.7938 2.5569 0.1935 0.1621 45.0% 75 45 35 2010-05-07 2010 1 1.96 1.57 - 3.93% 3.93% 281594 281594 39144 39144 30593 30593 0.0820 0.0820 898036 569149 88977 44709 - 809059 14903 126 4484 312047 14777 19261 292786 373200 373200 690420 2010-03-31 13.32% 13.90% 21.84% 1.0895 - 2.17 2.17 0.85 0.78 12.7301 9.6718 6.5487 0.11 0.0991 53.6% 60 52 14 2010-02-05 2009 4 2.0 1.55 0.2 5.36% 13.15% 273745 869936 42980 116562 37116 91154 0.0995 0.2442 864213 526725 85747 41569 - 778466 166398 3164 34296 183109 163234 128938 312047 373200 373200 570996 2009-12-31 15.16% 15.70% 13.64% 1.0066 6.2641 2.09 2.09 0.73 0.84 12.6711 9.8114 7.5067 0.1101 0.0992 55.8% 57 40 16 2009-11-13 2009 3 1.56 1.2 - 5.61% 7.80% 261482 596190 53605 73581 38893 54036 0.1042 0.1448 848014 502664 106649 66469 - 741365 103080 3107 29574 183109 99973 70399 253508 373212 373212 496371 2009-09-30 19.92% 20.50% 27.45% 0.9449 - 1.99 1.99 0.67 0.68 7.5624 5.4364 3.8139 0.1439 0.1258 54.4% 65 49 24 2009-08-17 2009 2 1.42 1.02 - 1.36% 2.19% 161550 334709 12526 19975 9434 15142 0.0253 0.0406 802179 448838 99708 72120 - 702471 108749 3486 19624 183109 105263 85639 268748 373216 373218 388144 2009-06-30 7.17% 7.75% 24.68% 1.1581 - 1.88 1.88 0.55 0.72 6.2235 4.8442 3.7264 0.1419 0.1243 40.6% 39 32 21 2009-05-18 2009 1 1.12 0.945 0.02 0.82% 0.82% 173159 173159 7450 7450 5709 5709 0.0153 0.0153 783516 424146 84874 45033 - 698642 54168 1188 4456 183109 52980 48524 231633 373220 373220 362023 2009-03-31 3.80% 4.30% 23.37% 1.5355 - 1.87 1.87 0.52 0.62 9.4186 7.5395 5.1436 0.1215 0.1083 31.5% 26 33 8 2009-02-13 2008 4 1.1 0.75 - 6.10% 8.52% 205082 1372850 58521 51974 42086 58768 0.1127 0.1566 786558 420016 93625 50876 - 692933 173295 26345 77041 113200 146950 69909 183109 373317 375283 343451 2008-12-31 28.59% 28.54% - 1.7454 5.875 1.85 1.85 0.5 0.49 8.2557 5.3106 3.5991 0.1351 0.119 26.9% 41 23 9 2008-11-14 2008 3 0.95 0.81 - 3.96% 14.63% 389174 1167768 28478 110495 27322 100855 0.0729 0.2683 915511 537034 180190 115236 - 735321 2026 21316 15661 113200 23342 39003 74197 374974 375943 333726 2008-09-30 7.24% 7.32% 4.06% 1.6022 - 1.96 1.96 0.45 0.2 4.6603 1.9799 0.6439 0.245 0.1968 28.8% 84 38 10 2008-08-15 2008 2 1.4 0.7 0.065 7.18% 10.66% 435652 778594 54954 82017 49529 73533 0.1316 0.1953 948031 565763 218417 142624 - 729614 68646 14597 13094 113200 54049 67143 180343 376432 376432 511947 2008-06-30 12.49% 12.61% 9.87% 1.4559 - 1.94 1.94 0.7 0.48 3.9668 2.4844 1.2645 0.2994 0.2304 30.7% 61 46 28 2008-05-15 2008 1 1.63 1.19 - 3.48% 3.48% 342942 342942 27064 27064 24004 24004 0.0638 0.0638 863847 474107 150334 67597 - 713513 30771 9151 9741 113200 21620 11879 125079 376433 376433 617350 2008-03-31 7.81% 7.89% 11.31% 1.5253 - 1.9 1.9 0.86 0.33 7.0137 3.9073 1.8504 0.2107 0.174 30.9% 63 39 15 2008-02-15 2007 4 1.69 1.22 0.12 2.34% 12.46% 299089 1302009 16333 93089 14969 79655 0.0398 0.2115 833082 442720 143573 54588 - 689509 118307 38685 49179 82757 79622 30443 113200 376433 376699 534534 2007-12-31 5.41% 5.46% 8.35% 1.5629 6.7154 1.83 1.83 0.78 0.3 8.1102 4.316 2.0737 0.2082 0.1723 29.8% 63 34 10 2007-11-07 2007 3 1.62 1.34 - 2.98% 10.12% 302595 1002920 23411 76756 19016 64686 0.0505 0.1717 854644 464583 180104 89033 - 674540 104584 28889 45134 82757 75695 30561 113318 376554 376738 576127 2007-09-30 7.70% 7.74% 18.77% 1.5045 - 1.79 1.79 0.85 0.3 5.2181 2.8183 1.2728 0.267 0.2107 29.2% 65 39 19 2007-08-15 2007 2 1.59 1.52 - 3.59% 7.15% 373021 700325 29454 53345 22971 45670 0.0610 0.1212 877800 489115 222277 131185 - 655523 95597 17680 3953 82757 77917 73964 156721 376433 376970 557120 2007-06-30 7.92% 7.90% 22.01% 1.1201 - 1.74 1.74 0.85 0.42 3.7284 2.3879 1.1947 0.3391 0.2532 36.4% 70 58 37 2007-05-08 2007 1 N/A N/A - 3.55% 3.55% 327304 327304 23891 23891 22699 22699 0.0601 0.0601 817773 429511 157741 68418 - 660032 293 7392 6460 82757 7685 14145 68612 377514 377514 475667 2007-03-31 7.25% 7.30% 4.99% 0.7462 - 1.75 1.75 0.72 0.18 6.2777 3.0357 1.0028 0.239 0.1929 59.2% 142 83 20 2007-02-09 2006 4 N/A N/A 0.1 N/A N/A 282883 1024627 17836 81356 15486 71966 0.0409 0.1897 811248 421963 172196 80516 - 639052 98859 106488 5989 54008 7629 1640 52368 378210 379334 404684 2006-12-31 6.25% 6.31% 13.18% 0.3487 5.64 1.68 1.68 0.64 0.22 5.2407 2.5042 1.0278 0.2695 0.2123 120.7% 303 153 53
Financial Quarter Balance Sheet Open in New Window
year qrt Other investments (A-0) Prepaid operating lease (A-0) Property, plant and equipment (A-0) Cash and cash equivalents (A-1) Inventories (A-1) Other receivables (A-1) Deferred tax liabilities (L-0) Loans & borrowings (L-0) Current tax liabilities (L-1) Loans & borrowings (L-1) Other payables (L-1) 2012 4 3207 18740 264208 237684 190118 168458 33376 - - 851 75091 2012 3 3161 18800 269442 251996 174823 142171 33931 - - 1025 57545 2012 2 2912 18859 274222 231688 193807 156878 36886 - - 1151 78452 2012 1 2725 18918 271939 224408 193444 137066 37820 - - 17 33351 2011 4 2311 19016 263567 233191 192853 137996 36386 - - - 40781 2011 3 2311 19076 267116 213494 208449 152128 36452 - - - 52292 2011 2 2311 19135 272368 269434 202763 130014 38186 - - - 85233 2011 1 2311 19194 281219 222040 204010 163111 42900 - - - 34226 2010 4 2311 19254 284141 291069 176254 114854 40905 - - 258 55988 2010 3 2311 19313 291556 306200 161471 80435 41102 - 11792 - 26221 2010 2 2311 19329 299492 282491 195120 136652 41155 - 20276 - 90205 2010 1 2311 19253 307323 292786 136732 139631 44268 - 7591 4516 32602 2009 4 2311 19312 315865 312047 118876 95802 44178 - - 9000 32569 2009 3 2311 19371 323668 253508 141309 107847 40180 - - 13705 52764 2009 2 2311 19430 331600 268748 99475 80615 27588 - - 18058 54062 2009 1 2311 19499 337560 231633 84619 107894 24675 15166 - 18053 26980 2008 4 2311 19539 344692 183109 149834 87073 23083 19666 - 18009 32867 2008 3 2311 19598 356568 74197 308883 153954 40788 24166 5081 74587 35568 2008 2 2311 19657 360300 180343 211425 173995 47127 28666 1672 43800 97152 2008 1 2311 19716 367713 125079 209984 139044 49571 33166 108 16465 51024 2007 4 - 19774 370588 113200 207116 122404 51319 37666 - 21706 32882 2007 3 - 19598 370463 113318 213659 137606 53405 37666 - 25751 63282 2007 2 - 19657 369028 156721 175863 156531 53426 37666 - 39452 91733 2007 1 - 19716 368546 68612 221815 139084 51657 37666 - 36945 31473 2006 4 - 20009 369276 82757 220333 118873 54015 37665 - 41686 38830
Financial Quarter Income Statement Open in New Window
year qrt Revenue Income tax expense Finance/interest costs Administrative/Operating expenses Finance/interest income Depreciation & amortisation 2012 4 269574 1770 - 254742 1903 9344 2012 3 306610 1832 - 291135 1866 9357 2012 2 308615 3705 - 286120 1776 9885 2012 1 242193 2198 - 226400 2063 10105 2011 4 276850 2411 0 268223 1852 10130 2011 3 320610 3201 0 314249 1755 10094 2011 2 300288 1930 1 283760 1865 10099 2011 1 308400 7873 1 268490 2029 10038 2010 4 258723 2629 0 239864 2324 9994 2010 3 192670 3974 0 182326 1973 9929 2010 2 301745 10440 10 251389 1672 9965 2010 1 281594 8551 34 233951 1659 10124 2009 4 273745 5864 66 223039 1557 9217 2009 3 261482 14712 96 200171 1610 9220 2009 2 161550 3092 194 140565 1138 9403 2009 1 173159 1741 331 157019 1202 9561 2008 4 205082 16435 621 253647 734 10069 2008 3 389174 1156 616 350409 910 10581 2008 2 435652 5425 458 370735 1018 10523 2008 1 342942 3060 489 305624 786 10551 2007 4 299089 1364 562 272546 700 10348 2007 3 302595 4395 658 269171 763 10118 2007 2 373021 6483 644 333589 567 9901 2007 1 327304 1192 297 295839 454 7731 2006 4 282883 2350 310 257874 473 7336
Financial Quarter Segments Revenue
year qrt Others Elimination/Adjustment Steel coils 2012 4 1229 1229 269575 2012 3 1229 1229 306610 2012 2 1230 1230 308616 2012 1 1230 1230 242193 2011 4 1246 1246 276850 2011 3 1183 1183 320610 2011 2 1297 1243 300234 2011 1 1213 1213 308400 2010 4 111212 111212 258723 2010 3 1206 1206 192670 2010 2 1200 1200 301747 2010 1 59200 59200 281594 2009 4 1200 1200 273746 2009 3 1200 1200 261481 2009 2 1200 1200 161550 2009 1 1200 1200 173159 2008 4 1350 48851 252583 2008 3 1350 128622 516446 2008 2 1350 129053 563355 2008 1 1350 97688 439280 2007 4 134650 221865 386304 2007 3 1350 107070 408315 2007 2 39050 139237 473208 2007 1 1350 70956 396910 2006 4 1350 84078 365611
Financial Quarter Segments Profit
year qrt Others Elimination/Adjustment Steel coils 2012 4 43 84 5615 2012 3 135 64 6046 2012 2 77 - 12682 2012 1 517 129 5300 2011 4 373 - 1875 2011 3 428 - 4162 2011 2 372 - 6057 2011 1 418 - 29454 2010 4 110502 110000 8364 2010 3 443 - 28 2010 2 333 - 40058 2010 1 58429 58000 37090 2009 4 204 - 41285 2009 3 376 - 51717 2009 2 484 - 11098 2009 1 514 - 6065 2008 4 261 3355 62250 2008 3 358 5938 21888 2008 2 437 3402 57358 2008 1 626 2000 28141 2007 4 133981 133719 15933 2007 3 609 1075 23772 2007 2 38394 36505 27642 2007 1 728 4026 18980 2006 4 676 2302 18904
Short form reference a_date = announcement date, yr = financial year end, qrt = quarterh_price = stock highest price during the quarter, l_price = stock lowest price during the quarterdiv = dividend recommend or declare in the quarter, roe = return on equityc_roe = cumulative of return on equity during the financial yearrev = revenue in the current quarter, c_rev = cumulative of revenue during the financial yearpbt = profit before tax in the current quarter, c_pbt = cumulative of profit before tax during the financial yeareps = earnings per share in the current quarter, c_eps = cumulative of earnings per share during the financial yearasset = total asset, liab = total liability, mino = minority interest, equi = total equitycfo = net cash flow from operating activities, cfi = net cash flow from investing activitiescff = net cash flow from financing activities, cash = cash and cash equivalents as at beginning of financial yearfinal = cash and cash equivalents as at current financial period endedshare = diluted/basic weighted average number of ordinary sharesc_share = cumulative of diluted/basic weighted average number of ordinary shares during the financial yearm_cap = market capital at announcement date of quarterly report, date = current financial period ended dateprof_m = profit margin, vat = income tax rate, pe = price earning per share ratio of recent four quarternavps = net asset value per share, ntaps = net tangible asset per share, cps = cash per sharel_cur = liquidity current ratio, l_qui = liquidity quick ratio, l_cash = liquidity cash ratiog_de = gearing debt to equity ratio, g_da = gearing debt to assets ratioavg_w = working capital per thousand Ringgit saleinv_d = days to sell the inventory, rec_d = days to collect the receivablespay_d = days to pay the payablesCURRENT ● CHANGES IN SHAREHOLDING ● ANNUAL REPORTS HISTORICAL ● CHANGES IN SHAREHOLDING ARCHIVES ● CHANGES IN SHAREHOLDING ● CHANGES IN SHAREHOLDING 
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