KLCI Stock - GASMSIA / 5209 - 2012 Quarter 4

GAS MALAYSIA BERHAD


Company Description

GAS MALAYSIA BERHAD provides clean, efficient and uninterrupted supply of Natural Gas and Liquefied Petroleum Gas to homes, commercial businesses and industries. Our energy solutions include new power generation techniques such as cogeneration and distributed generation.

Company Info

Listing Date	2012-06-11
IPO Price	4.55
Market Capital (Capital Size)	3,479,640,000 (Large)
Par Value	RM 0.50
Board	Main
Sector	Trading/Services
Major Industry	Energy Supply
Sub Industry	Innovative Energy
Website	http://www.gasmalaysia.com/

My Analysis

Forecast P/E now	(2.71-0.1269)/0.1395 = 18.52 (Moderate)
Target Price	2.72+0.1269 = 2.85 (PE 19.5, EPS 0.1395, DPS 0.1269)
First Support Price	2.6
Second Support Price	2.45
Risk Rating	MODERATE

Research House

CIMB Target Price	3.07 (2013-02-20)
HwangDBS Target Price	2.95 (2013-02-20)
Kenanga Target Price	2.94 (2013-02-20)
Maybank Target Price	2.76 (2013-02-20)
MIDF Target Price	3.11 (2013-02-20)

Accounting Ratio

Return on Equity	16.13%
Dividend Yield	4.68%
Gross Profit Margin	12.33%
Operating Profit Margin	10.45%
Net Profit Margin	10.78%
Tax Rate	23.60%
Asset Turnover	1.4042
Net Asset Value Per Share	0.79
Net Tangible Asset per share	0.79
Price/Net Tangible Asset Per Share	3.32
Cash Per Share	0.27
Liquidity Current Ratio	1.7274
Liquidity Quick Ratio	1.7274
Liquidity Cash Ratio	1.0483
Gearing Debt to Equity Ratio	0.5009
Gearing Debt to Asset Ratio	0.3337
Working capital per thousand Ringgit sale	11.3%
Days to sell the inventory	-
Days to collect the receivables	38
Days to pay the payables	62

Technical Analysis

SMA 10	2.662 (Uptrend)
SMA 20	2.642 (Uptrend 3 days)
SMA 50	2.616 (Uptrend)
SMA 100	2.621 (Uptrend)
SMA 200	N/A
MACD (26d/12d)	0.01682 ( 0.003318 )
Signal (9)	0.012325 ( 0.001124 )
MACD Histogram	0.004495 (Bullish trend 3 days)
Bolinger Upper Band	2.724
Bolinger Lower Band	2.56

My notes based on 2012 quarter 4 report (number in '000):-
- Higher revenue mainly due to the increase in volume of gas sold and the upward revision in Natural Gas tariff which was effective beginning 1 June 2011

- Lower pbt than FY11Q4 mainly due to the reversal for an accrual of liability in relation to supply of gas to a new location made in fourth quarter 2011 and margin compression resulting from the revision in gas tariff

- Estimate next 4Q eps after 2012 Q4 result announced = 0.1268*1.1 = 0.1395, estimate PE on current price 2.71 = 18.52(DPS 0.1269)
- Estimate next 4Q eps after 2012 Q3 result announced = 0.0327*4*1.05 = 0.1373, estimate highest/lowest PE = 19.3/17.41 (DPS 0.1)
- Estimate next 4Q eps after 2012 Q2 result announced = 0.0318*4*1.05 = 0.1336, estimate highest/lowest PE = 19.91/18.64 (DPS 0.1)

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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	gros_m	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
2013-02-19	2012	4	N/A	N/A	0.0769	4.51%	16.13%	551951	2125294	59527	210554	45479	162828	0.0354	0.1268	1513480	568731	505068	329238	-	1008412	213482	31478	163870	327004	182004	18134	345138	1284000	1284000	3364080	2012-12-31	12.33%	10.45%	10.78%	23.60%	1.4042	20.6603	0.79	0.79	3.32	0.27	1.7274	1.7274	1.0483	0.5009	0.3337	11.3%	-	38	62
2012-11-07	2012	3	2.75	2.49	-	4.16%	11.63%	542448	1573343	54338	152195	41977	117350	0.0327	0.0914	1463775	520138	500841	322339	-	962934	168080	27016	163870	327004	141064	22806	304198	1284000	1284000	3364080	2012-09-30	11.20%	9.66%	10.02%	22.75%	1.4382	-	0.75	0.75	3.49	0.24	1.6136	1.6136	0.9437	0.5201	0.3422	9.4%	-	37	63
2012-08-07	2012	2	2.76	2.56	0.05	4.05%	7.47%	524314	1030895	54120	99023	40833	75373	0.0318	0.0587	1473569	530456	488412	310943	-	985157	134015	14859	122175	327004	119156	3019	323985	1284000	1284000	3389760	2012-06-30	11.06%	9.96%	10.32%	24.55%	1.4114	-	0.77	0.77	3.43	0.25	1.706	1.706	1.0419	0.4958	0.3314	10.6%	-	36	59
2012-06-07	2012	1	2.69	2.38	-	3.42%	3.42%	506581	506581	46069	46069	34539	34539	0.0538	0.0538	1505525	557870	461531	284983	-	1043994	45597	7839	10923	327004	37758	26835	353839	642000	642000	N/A	2012-03-31	10.19%	8.66%	9.09%	25.03%	1.3568	-	1.63	1.63	N/A	0.55	1.9576	1.9576	1.2416	0.4421	0.3066	13.4%	-	36	56
N/A	2011	4	N/A	N/A	-	N/A	N/A	531814	2000170	72899	294730	63183	229154	0.0984	0.3569	1474426	523154	464972	288925	-	1009454	261654	25396	387250	477996	236258	150992	327004	642000	642000	N/A	2011-12-31	15.27%	13.30%	13.71%	13.33%	1.3566	-	1.57	1.57	N/A	0.51	1.8107	1.8107	1.1318	0.4606	0.3154	11.7%	-	36	60
N/A	2011	3	N/A	N/A	-	N/A	N/A	517115	1468356	40657	221831	30470	165971	0.0475	0.2585	N/A	N/A	N/A	N/A	-	N/A	229125	26388	387250	477996	202737	184513	293483	642000	642000	N/A	2011-09-30	9.34%	7.36%	7.86%	25.06%	N/A	-	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	-	N/A	N/A
N/A	2011	2	N/A	N/A	-	N/A	N/A	487177	951241	81998	181173	61086	135500	0.0951	0.2111	N/A	N/A	N/A	N/A	-	N/A	236483	18164	316721	477996	218319	98402	379594	642000	642000	N/A	2011-06-30	18.09%	16.41%	16.83%	25.50%	N/A	-	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	-	N/A	N/A
N/A	2011	1	N/A	N/A	-	N/A	N/A	464064	464064	99177	99177	74416	74416	0.1159	0.1159	N/A	N/A	N/A	N/A	-	N/A	116836	9058	301087	477996	107778	193309	284687	642000	642000	N/A	2011-03-31	22.57%	20.74%	21.37%	24.97%	N/A	-	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	-	N/A	N/A

Financial Quarter Balance Sheet Open in New Window

year	qrt	Deferred tax assets (A-0)	Prepaid lease payments (A-0)	Property, plant and equipment (A-0)	Work in progress (A-0)	Cash and cash equivalents (A-1)	Trade receivables (A-1)	Deferred tax liabilities (L-0)	Current tax liabilities (L-1)	Payables and accruals (L-1)	Trade and other payables (L-1)
2012	4	3081	18433	861691	61544	345138	223593	175830	7447	81200	240591
2012	3	3358	18534	871396	50349	304198	215940	178502	3752	87018	231569
2012	2	3358	18634	877500	43621	323985	206471	177469	13192	67715	230036
2012	1	3358	18735	879519	46043	353839	204031	176548	13574	63533	207876
2011	4	3358	18836	886775	42303	327004	196150	176047	13468	71553	203904

Financial Quarter Income Statement Open in New Window

year	qrt	Revenue	Income tax expense	Cost of sales	Finance/interest costs	Other income	Administrative/Operating expenses	Finance/interest income	Zakat
2012	4	551951	12882	483870	103	211	10623	1961	1166
2012	3	542448	11194	481714	68	139	8447	1980	1167
2012	2	524314	12120	466336	91	92	5840	1981	1167
2012	1	506581	11530	454945	61	166	7948	2276	-
2011	4	531814	9716	450581	18	331	10842	2195	-
2011	3	517115	10187	468813	98	70	10287	2670	-
2011	2	487177	20912	399034	81	57	8243	2122	-
2011	1	464064	24761	359321	55	165	8677	3001	-

Financial Quarter Segments Revenue

year	qrt	Energy
2012	4	551951
2012	3	542448
2012	2	524314
2012	1	506581
2011	3	517115
2011	2	487177
2011	1	464064

Financial Quarter Segments Profit

year	qrt	Others	Energy
2012	4	43	59483
2012	3	32	54370
2012	2	33	54153
2012	1	32	46102
2011	3	33	40691
2011	2	32	82029
2011	1	33	99209

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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ARCHIVES

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