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):- 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 = 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 
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