KLCI Stock - OSKPROP / 6661 - 2012 Quarter 4

OSK PROPERTY HOLDINGS BERHAD


Company Description

OSK Property Holdings Berhad, an investment holding company, engages in the property development and management, as well as the management and sale of oil palm fruit bunches in Malaysia. It develops various residential, commercial, and industrial properties, as well as offers property management services.

Company Info

Market Capital (Capital Size)	237,594,576 (Small)
Par Value	RM 1.00
Board	Main
Sector	Properties
Major Industry	Property Development
Sub Industry	Property Investment & Management
Website	http://www.oskproperty.com.my/

My Analysis

Forecast P/E now	(0.975-0.05625)/0.1358 = 6.77 (Moderate)
Target Price	1.02+0.05625 = 1.07 (PE 7.5, EPS 0.1358, DPS 0.05625)
First Support Price	0.96
Second Support Price	0.92
Risk Rating	MODERATE

Accounting Ratio

Return on Equity	8.54%
Dividend Yield	5.77%
Gross Profit Margin	28.46%
Operating Profit Margin	15.72%
Net Profit Margin	14.49%
Tax Rate	23.64%
Asset Turnover	0.2423
Net Asset Value Per Share	1.69
Net Tangible Asset per share	1.69
Price/Net Tangible Asset Per Share	0.57
Cash Per Share	0.54
Liquidity Current Ratio	1.846
Liquidity Quick Ratio	0.9067
Liquidity Cash Ratio	0.5105
Gearing Debt to Equity Ratio	1.3519
Gearing Debt to Asset Ratio	0.5641
Working capital per thousand Ringgit sale	101.6%
Days to sell the inventory	633
Days to collect the receivables	169
Days to pay the payables	589

Technical Analysis

SMA 10	0.979 (Downtrend)
SMA 20	0.998 (Downtrend 9 days)
SMA 50	0.983 (Uptrend)
SMA 100	0.96 (Uptrend)
SMA 200	0.941 (Same)
MACD (26d/12d)	-0.007984 ( 3.3e-05 )
Signal (9)	-0.002071 ( 0.001478 )
MACD Histogram	0.005913 (Bearish trend 18 days)
Bolinger Upper Band	1.057
Bolinger Lower Band	0.939

My notes based on 2012 quarter 4 report (number in '000):-
- Lower pbt mainly due to the recognition of losses arising from the proposed development of affordable homes in Sutera Damansara pursuant to adoption of FRSIC Consensus 17 and higher selling and marketing expenses incurred for the launching of new projects

- Estimate next 4Q eps after 2012 Q4 result announced = 31521*1.05/243687 = 0.1358(revenue drop>20%), estimate PE on current price 0.965 = 12.22 (DPS 0.05625)
- Estimate next 4Q eps after 2012 Q3 result announced = 30980*1.05/243687 = 0.1335, estimate highest/lowest PE = 7.44/6.32 (DPS 0.05625)
- Estimate next 4Q eps after 2012 Q2 result announced = 27156*1.05/243687 = 0.117, estimate highest/lowest PE = 8.24/7.13 (DPS 0.05625)

OSKPROP latest news (English)

OSKPROP 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
2013-02-07	2012	4	N/A	N/A	0.01875	1.30%	8.54%	54703	215605	7928	50368	4797	31521	0.0197	0.1436	889726	478148	501925	259022	16528	387801	72834	35424	5943	100766	37410	31467	132233	243519	219499	233778	2012-12-31	28.46%	15.72%	14.49%	23.64%	0.2423	6.685	1.69	1.69	0.57	0.54	1.846	0.9067	0.5105	1.3519	0.5641	101.6%	633	169	589
2012-11-08	2012	3	1.05	0.9	-	2.22%	7.24%	57149	160902	12350	42440	8215	26724	0.0392	0.1335	856157	450314	451680	211622	26871	404477	44413	23490	10617	100766	20923	31540	132306	209683	200191	199198	2012-09-30	33.19%	21.72%	21.61%	33.17%	0.2545	-	1.89	1.88	0.51	0.63	2.1279	1.1554	0.6252	1.1962	0.5276	109.5%	540	179	493
2012-08-16	2012	2	1.02	0.89	0.0375	1.75%	5.01%	52710	103753	10734	30090	6458	18509	0.0345	0.0988	780728	380623	403318	159592	26832	377410	794	17005	1640	100766	17799	19439	81327	187375	187375	189248	2012-06-30	33.13%	21.36%	20.36%	23.93%	0.3049	-	1.87	1.87	0.54	0.43	2.385	1.4034	0.5096	1.1504	0.5166	92.9%	365	215	312
2012-05-16	2012	1	1.34	0.96	-	3.26%	3.26%	51043	51043	19356	19356	12051	12051	0.0643	0.0643	723476	333022	347188	135948	25125	376288	27122	5852	27362	100766	21270	6092	94674	187377	187377	234221	2012-03-31	45.51%	37.98%	37.92%	26.36%	0.363	-	1.87	1.87	0.67	0.51	2.4496	1.4154	0.6964	0.9887	0.4799	75.0%	304	134	237
2012-02-22	2011	4	1.4	1.1	0.0375	1.28%	7.41%	57031	272712	10530	66857	4256	24622	0.0227	0.1314	732473	333164	363197	153785	30082	369276	33472	6393	87345	53286	39865	47480	100766	187377	187377	232347	2011-12-31	33.65%	19.47%	18.46%	24.61%	0.3723	9.4366	1.81	1.81	0.69	0.54	2.1664	1.2277	0.6552	1.0708	0.4959	65.8%	281	117	212
2011-11-15	2011	3	1.35	0.84	-	1.32%	6.13%	77235	215681	15867	56327	4391	20366	0.0234	0.1087	692218	288815	322957	108347	30799	369261	34478	2524	74306	53286	37002	37304	90590	187377	187377	157396	2011-09-30	27.64%	20.53%	20.54%	31.98%	0.3728	-	1.81	1.8	0.47	0.48	2.6656	1.6166	0.8361	0.9542	0.4666	69.9%	229	118	148
2011-08-16	2011	2	0.87	0.67	0.01875	3.48%	4.81%	77289	138446	28414	40460	11578	15975	0.0618	0.0853	685384	286999	322912	176278	24888	362472	15909	589	9340	53286	15320	24660	77946	187377	187377	150838	2011-06-30	38.85%	37.29%	36.76%	24.88%	0.2638	-	1.8	1.8	0.45	0.42	1.6281	0.8588	0.4422	0.9565	0.4711	61.2%	396	147	424
2011-05-20	2011	1	0.92	0.7	-	1.32%	1.32%	61157	61157	12046	12046	4397	4397	0.0235	0.0235	559191	209741	218062	82205	15122	341129	4291	133	5922	53286	4158	10080	63366	187377	187377	139595	2011-03-31	23.51%	19.73%	19.70%	27.54%	0.1851	-	1.74	1.74	0.43	0.34	2.5514	1.5263	0.7708	0.6689	0.39	123.2%	395	215	267
2011-02-23	2010	4	0.845	0.65	0.01875	N/A	N/A	42345	144872	7742	26712	2770	11870	0.0148	0.0633	553555	202579	221154	77666	10791	332401	21239	1811	10868	44726	19428	8560	53286	187379	187379	124607	2010-12-31	26.64%	20.87%	18.28%	23.24%	0.0765	10.4976	1.72	1.72	0.39	0.28	2.6083	1.1443	0.6861	0.6876	0.3995	295.0%	1336	296	698

Financial Quarter Balance Sheet   Open in New Window

year	qrt	Deferred tax assets (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, deposits and prepayments (A-0)	Trade receivables (A-0)	Accrued billings (A-1)	Cash and cash equivalents (A-1)	Current tax assets (A-1)	Inventories (A-1)	Other receivables, deposits and prepayments (A-1)	Property development costs (A-1)	Trade receivables (A-1)	BaIDS (L-0)	Deferred tax liabilities (L-0)	Loans & borrowings (L-0)	Payables and accruals (L-0)	Term loans (L-0)	Trade payables (L-0)	Current tax liabilities (L-1)	Dividend payable (L-1)	Loans & borrowings (L-1)	Payables and accruals (L-1)	Progress billings (L-1)	Right issue application account (L-1)	Trade and other payables (L-1)	Minority interest (M-1)
2012	4	11424	601	114009	278847	-	2854	2445	1398	23490	132233	3032	162	3091	243129	73011	-	32452	-	13089	190939	6423	2446	-	30219	33336	148116	-	44905	16528
2012	3	8560	524	102525	288095	-	2654	1739	1746	24562	132306	5605	162	5402	205639	76638	-	32782	-	4510	197624	5142	6461	-	17363	32788	121002	-	34008	26871
2012	2	8446	512	96160	288789	-	2713	1739	1746	24479	81327	2526	162	49151	156487	66491	-	33290	-	4510	200784	5142	4751	-	20760	33846	65257	-	34978	26832
2012	1	8774	521	85209	287020	-	2672	1716	4542	18815	94674	1437	162	9201	140440	68293	-	33787	-	4150	168279	5024	5722	-	20500	42107	40511	-	27108	25125
2011	4	8549	533	79767	304504	-	2519	1716	1721	36827	100766	287	162	2093	144203	48826	-	34249	-	4150	165989	5024	2014	4410	38500	55746	27421	-	25694	30082
2011	3	7118	517	72713	317437	-	2299	1420	1899	27188	90590	897	284	2715	113374	53767	-	34825	-	11333	164736	3716	11857	-	23200	21966	19908	-	31416	30799
2011	2	7119	507	70873	314196	-	2371	1420	1899	27298	77946	790	284	2254	135319	43108	-	35656	-	11333	95929	3716	7759	-	23038	98096	18607	-	28778	24888
2011	1	6566	156	8624	329808	-	4210	86	-	8375	63366	1136	162	12105	84109	40488	-	36190	-	4151	92944	2572	2634	-	22700	20977	11721	-	24173	15122
2010	4	6566	89	8645	328063	-	4291	1423	1899	3344	53286	1234	162	1687	113546	29320	-	36810	-	11333	91676	3669	298	-	17950	15385	25103	-	18930	10791

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
2012	4	54703	1874	39137	673	3007	3764	1257	6208
2012	3	57149	4096	38181	60	701	3265	39	3994
2012	2	52710	2569	35249	526	1527	2922	1707	4806
2012	1	51043	5102	27812	32	1073	2227	2203	2689
2011	4	57031	2591	37840	574	986	2663	3683	6410
2011	3	77235	5075	55888	12	1058	3578	6401	2972
2011	2	77289	7070	47262	410	2630	2181	9766	1652
2011	1	61157	3318	46780	23	2518	2961	4331	1865
2010	4	42345	1799	31063	1095	2622	3198	3173	1869

Financial Quarter Segments Revenue

year	qrt	Elimination/Adjustment	Property development	Property investment	Holding Entities
2012	4	13205	54289	796	12823
2012	3	595	56827	595	322
2012	2	1573	52404	1573	306
2012	1	18191	50967	10252	8015
2011	4	12342	56996	327	12040
2011	3	1336	77181	336	1054
2011	2	898	77231	388	568
2011	1	690	61107	218	522
2010	4	6887	42226	136	6870

Financial Quarter Segments Profit

year	qrt	Elimination/Adjustment	Property development	Property investment	Holding Entities
2012	4	12620	8652	52	12621
2012	3	37	12478	217	187
2012	2	120	10467	988	76
2012	1	7650	8346	10866	7826
2011	4	12360	11135	592	11737
2011	3	1349	16211	441	552
2011	2	923	28853	544	350
2011	1	703	12067	363	342
2010	4	6907	8809	220	6715

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

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