KLCI Stock - HEKTAR / 5121 - 2012 Quarter 4

MALAYSIA BUILDING SOCIETY BERHAD


Company Description

Hektar Real Estate Investment Trust is Malaysia's first retail-focused REIT. Hektar REIT's principal objective is to provide its Unitholders with a defensible income distribution and to enhance the long-term value of the trust. It invests in income-producing real estate primarily used for retail purposes. With the completion of its latest acquisitions in October 2012, Hektar REIT's portfolio currently consists of quality shopping centres situated in Subang Jaya, Melaka, Muar, Sungai Petani and Kulim with a combined value of RM1.003 billion as of 3 October 2012.

Company Info

Listing Date	2006-12-04
IPO Price	1.05
Market Capital (Capital Size)	588,932,151 (Medium)
Par Value	0
Board	Main
Sector	Reits
Major Industry	Property Trust
Website	www.hektarreit.com

My Analysis

Forecast P/E now	(1.47-0.105)/0.108 = 12.64 (Moderate)
Target Price	1.46+0.105 = 1.56 (PE 13.5, EPS 0.108, DPS 0.105)
First Support Price	1.46
Second Support Price	1.4
Risk Rating	LOW

Research House

CIMB Target Price	1.65 (2013-02-06)
RHB Target Price	1.56 (2013-02-06)

Accounting Ratio

Return on Equity	8.37%
Dividend Yield	7.14%
Operating Profit Margin	62.77%
Net Profit Margin	37.19%
Tax Rate	-
Asset Turnover	0.0968
Net Asset Value Per Share	1.75
Net Tangible Asset per share	1.75
Price/Net Tangible Asset Per Share	0.84
Cash Per Share	0.07
Liquidity Current Ratio	0.1782
Liquidity Quick Ratio	0.1782
Liquidity Cash Ratio	0.1424
Gearing Debt to Equity Ratio	0.787
Gearing Debt to Asset Ratio	0.4404
Working capital per thousand Ringgit sale	-146.1%
Days to sell the inventory	-
Days to collect the receivables	23
Days to pay the payables	60

Technical Analysis

SMA 10	1.481 (Downtrend)
SMA 20	1.491 (Downtrend 1 day)
SMA 50	1.475 (Uptrend)
SMA 100	1.45 (Uptrend)
SMA 200	1.377 (Uptrend)
MACD (26d/12d)	-0.000614 ( 0.001035 )
Signal (9)	0.004096 ( 0.001178 )
MACD Histogram	0.004710 (Bearish trend 8 days)
Bolinger Upper Band	1.539
Bolinger Lower Band	1.443

My notes based on 2012 quarter 4 report (number in '000):-
- Higher revenue and pbt arising from the two new shopping malls recently acquired by Hektar REIT in Kedah

- Estimate next 4Q eps after 2012 Q4 result announced = 0.0270*4 = 0.108, estimate PE on current price 1.47 = 12.64(DPS 0.105)
- Estimate next 4Q eps after 2012 Q3 result announced = 9650*4*1.05/400634 = 0.1012, estimate highest/lowest PE = 14.28/13.19 (DPS 0.105)
- Estimate next 4Q eps after 2012 Q2 result announced = 19003*2*1.05/400634 = 0.0996, estimate highest/lowest PE = 14.21/12.8 (DPS 0.105)
- Estimate next 4Q eps after 2012 Q1 result announced = 9725*4*1.05/400634 = 0.102, estimate highest/lowest PE = 13.48/12.5 (DPS 0.105)

HEKTAR latest news (English)

HEKTAR 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
2013-02-05	2012	4	N/A	N/A	0.027	2.27%	8.37%	29058	103232	10807	39758	10807	39758	0.0270	0.1169	1066266	32691	469602	183502	-	596664	62984	103253	47130	19266	40269	6861	26127	400634	340159	588931	2012-12-31	62.77%	37.19%	-	0.0968	12.5769	1.75	1.75	0.84	0.07	0.1782	0.1782	0.1424	0.787	0.4404	-146.1%	-	23	60
2012-11-20	2012	3	1.55	1.44	-	2.09%	6.09%	25409	74174	9947	28950	9947	28950	0.0311	0.0905	900692	74523	431150	187049	-	469542	7126	1705	6673	19266	5421	1252	18014	320001	320001	460801	2012-09-30	62.82%	39.15%	-	0.1093	-	1.47	1.47	0.98	0.06	0.3984	0.3984	0.0963	0.9182	0.4787	-114.3%	-	210	52
2012-08-10	2012	2	1.52	1.38	0.052	1.95%	4.00%	24309	48764	9277	19003	9277	19003	0.0290	0.0594	867965	42259	391729	178249	-	476236	25111	1282	25030	19266	23829	1201	18065	320001	320001	470401	2012-06-30	61.12%	38.16%	-	0.1118	-	1.49	1.49	0.99	0.06	0.2371	0.2371	0.1013	0.8226	0.4513	-140.1%	-	91	50
2012-05-25	2012	1	1.48	1.38	0.026	2.05%	2.05%	24456	24456	9725	9725	9725	9725	0.0304	0.0304	867343	42511	392064	28584	-	475279	11866	458	13055	19266	11408	1647	17619	320001	320001	448001	2012-03-31	61.36%	39.77%	-	0.1107	-	1.49	1.49	0.94	0.06	1.4872	1.4872	0.6164	0.8249	0.452	14.5%	-	95	58
2012-02-13	2011	4	1.49	1.34	0.03	2.36%	9.23%	24255	94881	9954	38914	9954	38914	0.0311	0.1216	867060	42721	391906	28426	-	475154	32463	21616	16252	24671	10847	5405	19266	320001	320001	432001	2011-12-31	62.72%	41.04%	-	0.1094	11.1014	1.48	1.48	0.91	0.06	1.5029	1.5029	0.6778	0.8248	0.452	15.1%	-	90	60
2011-11-04	2011	3	1.37	1.28	0.025	2.28%	6.87%	24028	70626	9615	28960	9615	28960	0.0300	0.0905	799479	29380	374017	210919	-	425462	32570	15172	20765	24671	17398	3367	21304	320001	320001	416001	2011-09-30	60.97%	40.02%	-	0.1184	-	1.33	1.33	0.98	0.07	0.1393	0.1393	0.101	0.8791	0.4678	-191.8%	-	31	41
2011-08-17	2011	2	1.32	1.21	0.025	2.23%	4.59%	23258	46598	9402	19344	9402	19344	0.0294	0.0604	792371	27320	368523	368523	-	423848	23908	10145	14779	24671	13763	1016	23655	320001	320001	419201	2011-06-30	61.00%	40.42%	-	0.0891	-	1.32	1.32	0.99	0.07	0.0741	0.0741	0.0642	0.8695	0.4651	-483.1%	-	19	55
2011-05-11	2011	1	1.38	1.27	0.025	2.36%	2.36%	23340	23340	9943	9943	9943	9943	0.0311	0.0311	783716	26078	361271	361271	-	422445	10262	2790	10214	24671	7472	2742	21929	320001	320001	438401	2011-03-31	61.80%	42.60%	-	0.0605	-	1.32	1.32	1.04	0.07	0.0722	0.0722	0.0607	0.8552	0.461	-707.5%	-	32	80
2011-02-17	2010	4	1.37	1.27	0.028	N/A	N/A	24036	90873	10329	38172	10329	38172	0.0323	0.1193	782440	27618	360977	210977	-	421463	49473	17307	44069	36574	32166	11903	24671	320001	320001	422401	2010-12-31	63.94%	42.97%	-	0.0307	11.0657	1.32	1.32	1.0	0.08	0.1309	0.1309	0.1169	0.8565	0.4613	-762.9%	-	45	230

Financial Quarter Balance Sheet   Open in New Window

year	qrt	Fixed deposits (A-0)	Investment properties (A-0)	Work in progress (A-0)	Cash and cash equivalents (A-1)	Inventories (A-1)	Other receivables, deposits and prepayments (A-1)	Trade receivables (A-1)	Work in progress (A-1)	Loans & borrowings (L-0)	Loans & borrowings (L-1)	Payables and accruals (L-1)	Provision for income distribution (L-1)	Tenancy deposits (L-1)	Trade and other payables (L-1)
2012	4	4072	1028970	533	26127	-	3231	3333	-	286100	150000	5084	-	27099	1319
2012	3	2594	822000	1575	18013	-	53522	2988	-	244101	150000	5111	8320	23386	232
2012	2	2582	822000	1124	18064	-	21432	2763	-	213480	150000	4812	-	23165	272
2012	1	2356	822000	476	17619	-	21971	2921	-	363480	-	4844	-	22762	978
2011	4	2339	822000	-	19266	-	20452	3003	-	363480	-	5709	-	22450	267
2011	3	2322	752000	15777	21304	-	5246	2830	-	163098	184000	3821	-	22834	264
2011	2	2306	752000	10745	23654	-	1161	2505	-	-	342155	3607	-	22367	394
2011	1	2283	752000	3355	21928	-	1749	2401	-	-	335562	3419	-	21836	454
2010	4	2269	752000	553	24671	-	1016	1931	-	150000	184000	4896	-	21516	565

Financial Quarter Income Statement   Open in New Window

year	qrt	Revenue	Cost of sales	Finance/interest costs	Other income	Finance/interest income	Borrowing costs	Trust expenses	Other expenses	Interest income
2012	4	29058	-	4857	23	-	-	2577	10887	47
2012	3	25409	-	3944	4	-	-	2070	9492	40
2012	2	24309	-	3656	86	-	-	1925	9588	51
2012	1	24456	-	3455	34	-	-	1826	9518	34
2011	4	24255	-	3444	2	-	-	1815	9102	58
2011	3	24028	-	3354	5	-	-	1680	9406	22
2011	2	23258	-	3157	2	-	-	1628	9130	57
2011	1	23340	-	2816	4	-	-	1664	8948	27
2010	4	24036	-	2686	4	-	-	2353	8731	59

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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