KLCI Stock - HUAYANG / 5062 - 2013 Quarter 3

HUA YANG BERHAD


Company Description

Hua Yang's principal activities consist of investment holding, property development and provision of management services. Its subsidiary companies currently are involved in investment holding, provision of management services, property development and building construction. The property development activities of the Hua Yang Group are currently being undertaken on their land bank which are located mainly in Klang Valley, Perak and Johor.

Company Info

Listing Date	2002-11-29
IPO Price	1.75
Market Capital (Capital Size)	310,860,000 (Small)
Par Value	RM 1.00
Board	Main
Sector	Properties
Major Industry	Property Development
Website	http://www.huayang.com.my/

My Analysis

Forecast P/E now	(1.57-0.0825)/0.396 = 3.76 (Moderate)
Target Price	1.78+0.0825 = 1.86 (PE 4.5, EPS 0.396, DPS 0.0825)
First Support Price	1.54
Second Support Price	1.48
Risk Rating	MODERATE

Research House

TA Target Price

2.2 (2013-01-29)

Accounting Ratio

Return on Equity	25.85%
Dividend Yield	5.25%
Gross Profit Margin	40.64%
Operating Profit Margin	25.84%
Net Profit Margin	25.80%
Tax Rate	26.15%
Asset Turnover	0.7902
Net Asset Value Per Share	1.71
Net Tangible Asset per share	1.66
Price/Net Tangible Asset Per Share	0.95
Cash Per Share	0.25
Liquidity Current Ratio	3.3631
Liquidity Quick Ratio	2.8039
Liquidity Cash Ratio	0.6987
Gearing Debt to Equity Ratio	0.5101
Gearing Debt to Asset Ratio	0.3378
Working capital per thousand Ringgit sale	42.0%
Days to sell the inventory	58
Days to collect the receivables	66
Days to pay the payables	79

Technical Analysis

SMA 10	1.564 (Uptrend)
SMA 20	1.568 (Downtrend 11 days)
SMA 50	1.55 (Uptrend)
SMA 100	1.536 (Uptrend)
SMA 200	1.364 (Uptrend)
MACD (26d/12d)	0.000916 ( 0.000227 )
Signal (9)	0.000714 ( 5.1e-05 )
MACD Histogram	0.000202 (Bullish trend 2 days)
Bolinger Upper Band	1.636
Bolinger Lower Band	1.5

My notes based on 2013 quarter 3 report (number in '000):-
- Higher revenue and pbt mainly due to steady construction progress recognition especially service apartments projects in Klang Valley, namely One South and others on-going projects at Taman Pulai Indah and Taman Pulai Hijauan in Johor Bahru and Bandar Universiti Seri Iskandar in Perak

- Estimate next 4Q eps after 2013 Q3 result announced = 17821*4*1.1/198000 = 0.396, estimate PE on current price 1.57 = 3.76(DPS 0.0825)
- Estimate next 4Q eps after 2013 Q2 result announced = 16765*4*1.1/198000 = 0.3726, estimate highest/lowest PE = 4.39/3.8 (DPS 0.0825)

HUAYANG latest news (English)

HUAYANG 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	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
2013-01-23	2013	3	N/A	N/A	0.0375	7.43%	19.93%	104604	306272	26993	72023	19934	53464	0.1044	0.2800	494219	233325	166934	69377	-	327285	68553	34430	13286	25162	34123	20837	45999	190931	190931	301670	2012-12-31	40.64%	25.84%	25.80%	26.15%	0.7902	-	1.71	1.66	0.95	0.25	3.3631	2.8039	0.6987	0.5101	0.3378	42.0%	58	66	79
2012-10-17	2013	2	1.72	1.5	-	6.36%	12.50%	103704	201668	22630	45030	17060	33530	0.1154	0.2269	485090	224504	177689	75433	-	307401	63674	28671	2488	25162	35003	37491	62653	147777	147777	237920	2012-09-30	35.58%	21.83%	21.82%	24.61%	0.7632	-	2.08	2.02	0.8	0.42	2.9762	2.3445	0.8306	0.578	0.3663	40.3%	73	42	84
2012-07-18	2013	1	2.19	1.53	-	6.14%	6.14%	97964	97964	22400	22400	16470	16470	0.1144	0.1144	452139	210100	169113	67466	481	283026	21573	1736	7221	25162	19837	12616	37778	144000	144000	283680	2012-06-30	37.32%	22.95%	22.87%	26.47%	0.7578	-	1.96	1.9	1.04	0.26	3.1142	2.2416	0.56	0.5985	0.374	41.6%	98	47	88
2012-05-23	2012	4	2.02	1.55	0.1125	5.92%	24.00%	84282	306412	18583	72511	13090	53036	0.0909	0.3683	447123	204158	178866	69917	2182	268257	54978	54185	21797	2573	793	22590	25163	144000	144000	220320	2012-03-31	35.14%	22.06%	22.05%	27.28%	0.6853	4.1542	1.85	1.78	0.86	0.17	2.92	2.1314	0.3599	0.6722	0.4	43.8%	101	68	104
2012-01-18	2012	3	1.57	1.32	-	6.59%	18.08%	84251	222130	19781	53928	14569	39946	0.1012	0.2774	427995	191050	173169	68254	1758	254826	39581	50638	20157	2573	11057	9100	11673	144000	144000	187200	2011-12-31	35.19%	23.80%	23.48%	26.29%	0.6749	-	1.76	1.69	0.77	0.08	2.7991	1.9332	0.171	0.6843	0.4046	42.5%	113	67	95
2011-10-19	2012	2	1.67	1.09	-	6.29%	11.48%	76128	137879	18888	34147	13897	25377	0.0965	0.1762	413165	176194	172841	72737	1747	240324	28981	50711	26943	2572	21730	5213	7785	144000	144000	230400	2011-09-30	34.80%	25.05%	24.81%	26.34%	0.4952	-	1.66	1.59	1.01	0.07	2.4223	1.6981	0.1309	0.7245	0.4183	50.6%	141	120	119
2011-07-14	2012	1	1.82	1.26	-	5.20%	5.20%	61751	61751	15259	15259	11480	11480	0.0797	0.0797	365114	166355	132625	72132	1732	232489	12699	13186	4080	2573	487	3593	6166	144000	144000	253440	2011-06-30	35.85%	25.15%	24.71%	24.56%	0.3519	-	1.6	1.54	1.14	0.04	2.3063	1.5026	0.0855	0.5747	0.3632	73.3%	244	290	214
2011-05-20	2011	4	1.81	1.43	0.05625	N/A	N/A	66716	188865	11504	34257	8244	25148	0.0573	0.1746	355665	167998	134688	73163	1700	220977	14210	25748	15852	1741	11538	4314	2573	144000	144000	239040	2011-03-31	29.57%	17.73%	17.24%	28.19%	0.1876	9.5053	1.52	1.46	1.14	0.04	2.2962	1.4097	0.0855	0.6142	0.3787	142.1%	504	148	372

Financial Quarter Balance Sheet   Open in New Window

year	qrt	Amount due from associated companies (A-0)	Amount due from jointly controlled entities (A-0)	Bank balances (A-0)	Concession assets (A-0)	Deferred tax assets (A-0)	Fixed deposits (A-0)	Goodwill on consolidation (A-0)	Intangible assets (A-0)	Investment properties (A-0)	Land held for property development (A-0)	Prepaid lease payments (A-0)	Property, plant and equipment (A-0)	Receivables (A-0)	Cash and cash equivalents (A-1)	Current asset classified as held for sales (A-1)	Current tax assets (A-1)	Inventories (A-1)	Other assets (A-1)	Property development costs (A-1)	Trade receivables (A-1)	Deferred tax liabilities (L-0)	Hire purchase liabilities (L-0)	Loans & borrowings (L-0)	Trade payables (L-0)	Current tax liabilities (L-1)	Liabilities directly associated with assets classified as held for sale (L-1)	Loans & borrowings (L-1)	Other liabilities (L-1)	Trade and other payables (L-1)	Minority interest (M-1)
2013	3	-	-	-	13377	1707	700	-	10174	1604	222966	-	6870	3496	48477	-	-	3597	75956	35204	70091	2833	-	74080	20644	10289	-	5624	671	52793	-
2013	2	-	-	-	13530	1733	698	-	9074	1566	223577	-	6857	3551	62653	-	-	4512	71195	43141	43003	3062	-	80610	18584	8159	-	12338	-	54936	-
2013	1	-	-	-	13684	958	696	-	9074	1576	205839	-	6566	3646	37779	543	-	6195	68470	52671	44442	2603	-	82290	16754	6108	190	7770	-	53398	481
2012	4	-	-	-	13839	1539	695	-	9074	1585	205821	-	6638	3774	25162	502	-	4945	65886	50192	57471	3498	-	90840	14611	5800	-	6439	1183	56495	2182
2012	3	-	-	-	14120	860	828	-	9074	2094	202617	-	6350	1002	11673	-	-	4214	67093	54888	53182	3013	-	88369	13533	10327	-	7403	660	49864	1758
2012	2	-	5038	-	14276	735	826	-	9074	2113	197921	-	6057	931	9523	-	-	4587	46465	48089	67530	3231	37	84922	11914	8385	-	19174	695	44483	1747
2012	1	-	5037	-	14431	765	810	-	9074	2118	160423	-	6101	-	6166	-	-	4184	-	53786	102219	3459	51	56983	-	4955	-	16405	-	50772	1732
2011	4	-	5024	-	14569	809	809	-	9074	2129	147970	-	5447	1836	6259	-	-	4184	69764	60676	27115	3645	-	53514	4366	3666	-	19529	2079	47889	1700

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	Minority interest	Selling and distribution costs
2013	3	104604	7059	62095	36	761	4611	-	11630
2013	2	103704	5570	66809	10	1670	5062	-	10863
2013	1	97964	5930	61401	78	1000	4527	-	10558
2012	4	84282	5069	54665	7	376	5594	424	5809
2012	3	84251	5201	54604	273	978	3919	11	6652
2012	2	76128	4976	49637	182	253	4063	15	3611
2012	1	61751	3747	39612	273	240	3314	32	3533
2011	4	66716	3243	46988	324	394	4338	17	3956

Financial Quarter Segments Revenue

year	qrt	Others	Property development
2013	3	485	104119
2013	2	499	103205
2013	1	486	97478
2012	4	611	83671
2012	3	434	83817
2012	2	273	75855
2012	1	431	61320
2011	4	452	66264

Financial Quarter Segments Profit

year	qrt	Others	Property development
2013	3	158	26835
2013	2	708	21922
2013	1	49	22449
2012	4	103	18686
2012	3	29	19752
2012	2	162	19050
2012	1	44	15303
2011	4	35	11469

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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