KLCI Stock - MBSB / 1171 - 2012 Quarter 4

MALAYSIA BUILDING SOCIETY BERHAD


Company Description

The Group together with its subsidiaries, grants loans on the security of freehold and leasehold properties in Malaysia. The company also provides retail financing and related services, such as savings and fixed deposits; personal, property, and corporate loan/financing; bancassurance; will writing; and credit cards. In addition, it engages in the property development, including residential and commercial properties; hospitality services; project management; and letting of real property, such as office buildings. The company was incorporated in 1950 and is headquartered in Kuala Lumpur, Malaysia. Malaysia Building Society Berhad is a subsidiary of Employees Provident Fund Board.

Company Info

Listing Date	1972-03-14
Market Capital (Capital Size)	2,964,862,025 (Large)
Par Value	RM 1.00
Board	Main
Sector	Finance
Major Industry	Banking
Sub Industry	Hotel
Website	http://www.mbsb.com.my

My Analysis

Forecast P/E now	(2.39-0.255)/0.3281 = 6.51 (Moderate)
Target Price	2.46+0.255 = 2.72 (PE 7.5, EPS 0.3281, DPS 0.255)
First Support Price	2.24
Second Support Price	2.17
Risk Rating	MODERATE

Research House

Mercury Target Price	2.66 (2012-11-05)
AMMB Target Price	2.4 (2012-11-06)
RHB Target Price	2.6 (2012-11-06)
Kenanga Target Price	2.7 (2013-02-04)
MIDF Target Price	2.5 (2013-02-04)
OSK Target Price	3.15 (2013-02-04)

Accounting Ratio

Return on Equity	39.52%
Dividend Yield	10.67%
Interest Profit Margin	49.2%
Operating Profit Margin	50.41%
Net Profit Margin	50.41%
Tax Rate	25.29%
Asset Turnover	0.0695
Net Asset Value Per Share	1.0
Net Tangible Asset per share	0.97
Price/Net Tangible Asset Per Share	2.33
Cash Per Share	0.86
Liquidity Current Ratio	1.0683
Liquidity Quick Ratio	1.0577
Liquidity Cash Ratio	0.0523
Gearing Debt to Equity Ratio	16.6112
Gearing Debt to Asset Ratio	0.9432
Working capital per thousand Ringgit sale	91.4%
Days to sell the inventory	81
Days to collect the receivables	4908
Days to pay the payables	7482

Technical Analysis

SMA 10	2.283 (Uptrend)
SMA 20	2.318 (Uptrend 19 days)
SMA 50	2.286 (Uptrend)
SMA 100	2.294 (Uptrend)
SMA 200	2.279 (Uptrend)
MACD (26d/12d)	0.00076 ( 0.009021 )
Signal (9)	0.001946 ( 0.000297 )
MACD Histogram	0.001186 (Bearish trend 8 days)
Bolinger Upper Band	2.463
Bolinger Lower Band	2.173

My notes based on 2012 quarter 4 report (number in '000):-
- Higher pbt mainly due to higher income from Islamic banking operations via the expansion of personal financing and higher net interest income from conventional business

- Estimate next 4Q eps after 2012 Q4 result announced = 0.2983*1.1 = 0.3281, estimate PE on current price 2.39 = 5.96(DPS 0.255)
- Estimate next 4Q eps after 2012 Q3 result announced = 346872*1.1/1500919 = 0.2542, estimate highest/lowest PE = 9.02/8.27 (DPS 0.0975)
- Estimate next 4Q eps after 2012 Q2 result announced = 173068*2*1.05/1324189 = 0.2745, estimate highest/lowest PE = 8.53/7.62 (DPS 0.0975)
- Estimate next 4Q eps after 2012 Q1 result announced = 336567*1.1/1497996 = 0.2471, estimate highest/lowest PE = 9.92/7.69 (DPS 0.09)

MBSB latest news (English)

MBSB 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	inte_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
2013-01-31	2012	4	N/A	N/A	-	16.25%	39.52%	487525	1831560	245747	653491	183606	446651	0.1226	0.2983	26357730	26169883	24861084	24495906	-	1496646	542046	15692	482924	1355599	557738	74814	1280785	1497525	1497525	3384406	2012-12-31	49.2%	50.41%	50.41%	25.29%	0.0695	7.5773	1.0	0.97	2.33	0.86	1.0683	1.0577	0.0523	16.6112	0.9432	91.4%	81	4908	7482
2012-11-05	2012	3	2.39	2.2	-	7.96%	23.28%	520680	1344035	177381	408812	89977	263045	0.0599	0.1753	24911292	24724897	23551570	23153654	-	1359722	796017	64990	332371	1355599	861007	528636	826963	1500919	1500919	3422095	2012-09-30	52.7%	34.07%	34.07%	49.27%	0.0679	-	0.91	0.89	2.56	0.55	1.0679	1.0486	0.0357	17.3209	0.9454	92.9%	138	5061	7000
2012-08-30	2012	2	2.44	2.19	0.045	8.29%	15.31%	444476	823355	122629	231431	93653	173068	0.0707	0.1307	23053427	22891330	21793550	21370460	-	1259877	935573	36614	135219	1355599	972187	1107406	248193	1324189	1324189	3045634	2012-06-30	63.3%	27.59%	27.59%	23.63%	0.0655	-	0.95	0.94	2.45	0.19	1.0712	1.0503	0.0116	17.2982	0.9453	100.7%	156	5363	7115
2012-05-11	2012	1	2.54	1.99	-	7.03%	7.03%	378879	378879	110470	110470	79415	79415	0.0530	0.0530	19346471	19215807	18120036	17671750	-	1226435	421398	1794	31725	1355599	423192	454917	900682	1497996	1497996	3385470	2012-03-31	61.0%	29.16%	29.16%	28.11%	0.07	-	0.82	0.82	2.76	0.6	1.0874	1.0621	0.051	14.7746	0.9366	114.1%	180	4818	7002
2012-02-02	2011	4	2.49	2.11	0.0525	21.99%	85.39%	347142	1269438	101198	427738	83827	325432	0.0699	0.2715	17364807	17233486	16234658	15761245	-	1130149	1268616	8703	1744089	888829	1277319	466770	1355599	1198474	1198474	2672597	2011-12-31	52.1%	29.15%	29.15%	17.17%	0.0731	8.2125	0.94	0.94	2.37	1.13	1.0934	1.0648	0.086	14.3651	0.9349	116.0%	196	4436	6762
2011-10-31	2011	3	2.3	1.62	-	24.95%	63.39%	340078	922296	130105	326540	95078	241605	0.0890	0.2261	16315867	16209588	15269543	14775322	-	1046324	636249	10780	870465	888829	625469	244996	1133825	1068586	1068586	1891397	2011-09-30	57.4%	38.26%	38.26%	26.92%	0.0693	-	0.98	0.98	1.81	1.06	1.0971	1.0748	0.0767	14.5935	0.9359	126.8%	164	4758	7293
2011-08-02	2011	2	1.79	1.17	0.0375	20.53%	38.45%	287719	582218	105933	196435	78247	146527	0.0806	0.1510	14963777	14856645	13968965	13790817	-	994812	533093	11954	660908	888829	521139	139769	1028598	970604	970604	1514142	2011-06-30	56.3%	36.82%	36.82%	26.14%	0.0529	-	1.02	1.02	1.53	1.06	1.0773	1.0536	0.0746	14.0418	0.9335	134.7%	229	6229	9339
2011-05-11	2011	1	1.72	1.32	-	17.92%	17.92%	294499	294499	91026	90502	68280	68280	0.0968	0.0968	13579979	13460866	13128010	13110398	-	451969	47730	1075	6992	888829	48805	55797	833032	705549	705549	1015990	2011-03-31	58.3%	30.91%	30.91%	24.99%	0.0371	-	0.64	0.64	2.25	1.18	1.0267	1.002	0.0635	29.0463	0.9667	69.6%	349	8920	13962
2011-02-14	2010	4	2.7	1.39	0.0675	N/A	N/A	208915	769940	72435	206873	12814	146025	0.0183	0.2086	12225944	12105957	11844822	11825566	-	381122	235557	2659	107344	763275	232898	125554	888829	700172	700172	1036254	2010-12-31	57.9%	34.67%	34.67%	82.31%	0.0171	7.0964	0.54	0.54	2.74	1.27	1.0237	0.9965	0.0752	31.0788	0.9688	134.2%	861	19036	30867

Financial Quarter Balance Sheet   Open in New Window

year	qrt	Deferred tax assets (A-0)	Intangible assets (A-0)	Investment properties (A-0)	Leasehold land use rights (A-0)	Other investments (A-0)	Property, plant and equipment (A-0)	Cash and cash equivalents (A-1)	Financial investments held-to-maturity (A-1)	Inventories (A-1)	Loans, advances & financing (A-1)	Other investments (A-1)	Other receivables (A-1)	Other receivables, deposits and prepayments (A-1)	Property development costs (A-1)	Short term funds (A-1)	Trade receivables (A-1)	Deferred tax liabilities (L-0)	Loans & borrowings (L-0)	Deposits from customers (L-1)	Loans & borrowings (L-1)	Other payables (L-1)	Payables and accruals (L-1)	Provision for taxation (L-1)	Recourse obligations on loans sold to Cagamas Berhad (L-1)	Trade and other payables (L-1)
2012	4	-	47392	467	9456	-	130532	1280785	200000	60908	24265570	-	362213	-	-	-	407	13975	351203	21494099	350217	235975	-	53423	2361997	195
2012	3	-	29786	473	9498	-	146638	826963	200000	121921	23160749	-	290155	-	124548	-	561	21726	376190	20049770	350237	188296	-	181691	2383474	186
2012	2	-	9180	478	9539	-	142900	248193	200000	121901	21940368	-	255953	-	124548	-	367	21744	401346	17922346	860647	572998	-	117336	1896930	203
2012	1	-	2841	872	9580	-	117371	900682	200000	121853	17622525	-	246018	-	124548	-	181	21763	426523	15151300	200126	317009	-	88466	1914723	126
2011	4	-	2568	880	9621	-	118252	1355599	204354	121839	15184631	-	242121	-	124548	-	394	21781	451632	13511948	100044	138489	-	77202	1933384	178
2011	3	-	2153	1388	9663	-	93075	1133825	207728	121858	14462814	-	283022	-	-	-	341	17575	476646	13505238	-	173673	-	156106	935896	4409
2011	2	-	2274	1399	9704	-	93755	1028598	205316	121814	13228352	-	272122	-	-	-	443	17593	160555	12135321	300092	264992	-	140681	945357	4374
2011	1	-	2318	1413	9746	-	105636	833032	202941	121822	12077858	-	224313	-	-	-	900	17612	-	11799048	-	246200	-	106224	954534	4392
2010	4	-	1962	1425	9786	-	106814	888829	200000	121780	10706530	-	187636	-	-	-	1182	19256	-	10483743	200119	89588	-	83581	964093	4442

Financial Quarter Income Statement   Open in New Window

year	qrt	Revenue	Income tax expense	Cost of sales	Other income	Administrative/Operating expenses	Finance/interest income	Net income from Islamic banking business	Write back/(Allowances) for losses on loans, advance & financing	Zakat	Cost of completed properties sold	Provision on losses on loans & financing	After tax effect of finance cost on ESOS	After tax effect of finance cost on RCPS	Interest income	Interest expense
2012	4	487525	61073	-	39361	67990	-	236778	11446	1068	-	-	-	-	99697	50653
2012	3	520680	87404	-	34233	58174	-	205503	58134	0	-	-	-	-	102421	48468
2012	2	444476	27308	-	24100	52892	-	174900	84502	1668	-	-	-	-	96465	35442
2012	1	378879	31055	-	27966	45015	-	129689	61129	-	-	-	-	-	96638	37679
2011	4	347142	17371	-	29975	42798	-	113175	46817	0	-	-	-	-	91439	43776
2011	3	340078	35027	-	40012	42977	-	113527	37093	0	-	-	-	-	98679	42043
2011	2	287719	27686	-	25352	37244	-	96772	29378	0	-	-	-	-	89618	39187
2011	1	294499	22222	-	64996	37795	-	74383	61385	524	-	-	-	-	87141	36314
2010	4	208915	59621	-	15288	34515	-	52922	8647	0	0	-	-	-	81806	34419

Financial Quarter Segments Revenue

year	qrt	Elimination/Adjustment	Hotels	Loans & Financing
2012	4	5849	3699	489675
2012	3	5883	2984	523579
2012	2	6898	3275	448099
2012	1	7375	2148	384106
2011	4	2371	3633	341138
2011	3	1463	2795	335820
2011	2	2113	3000	282606
2011	1	795	2778	292516
2010	4	1019	3426	204470

Financial Quarter Segments Profit

year	qrt	Elimination/Adjustment	Hotels	Loans & Financing
2012	4	32557	2152	280456
2012	3	16327	2129	163183
2012	2	12909	1565	111285
2012	1	14210	2196	98456
2011	4	4373	459	97284
2011	3	8801	1050	122354
2011	2	8942	788	97779
2011	1	9532	1254	82748
2010	4	6381	513	79329

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

---

●CHANGES IN SHAREHOLDING
●ANNUAL REPORTS

HISTORICAL

---

●CHANGES IN SHAREHOLDING

ARCHIVES

---

●CHANGES IN SHAREHOLDING