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Wednesday, February 13, 2013

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 ValueRM 1.00
BoardMain
SectorProperties
Major IndustryProperty Development
Sub IndustryProperty Investment & Management
Websitehttp://www.oskproperty.com.my/

My Analysis
Forecast P/E now(0.975-0.05625)/0.1358 = 6.77 (Moderate)
Target Price1.02+0.05625 = 1.07 (PE 7.5, EPS 0.1358, DPS 0.05625)
First Support Price0.96
Second Support Price0.92
Risk RatingMODERATE

Accounting Ratio
Return on Equity8.54%
Dividend Yield5.77%
Gross Profit Margin28.46%
Operating Profit Margin15.72%
Net Profit Margin14.49%
Tax Rate23.64%
Asset Turnover0.2423
Net Asset Value Per Share1.69
Net Tangible Asset per share1.69
Price/Net Tangible Asset Per Share0.57
Cash Per Share0.54
Liquidity Current Ratio1.846
Liquidity Quick Ratio0.9067
Liquidity Cash Ratio0.5105
Gearing Debt to Equity Ratio1.3519
Gearing Debt to Asset Ratio0.5641
Working capital per thousand Ringgit sale101.6%
Days to sell the inventory633
Days to collect the receivables169
Days to pay the payables589

Technical Analysis
SMA 100.979 (Downtrend)
SMA 200.998 (Downtrend 9 days)
SMA 500.983 (Uptrend)
SMA 1000.96 (Uptrend)
SMA 2000.941 (Same)
MACD (26d/12d)-0.007984 ( 3.3e-05 )
Signal (9)-0.002071 ( 0.001478 )
MACD Histogram0.005913 (Bearish trend 18 days)
Bolinger Upper Band1.057
Bolinger Lower Band0.939

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_dateyearqrth_pricel_pricedivroec_roerevc_revpbtc_pbtprofc_profepsc_epsassetc_assetliabc_liabminoequicfocficffcashfcfnetfinalsharec_sharem_capdategros_moper_mprof_mvatasset_tpenavpsntapsp/ntapscpsl_curl_quil_cashg_deg_daavg_winv_drec_dpay_d
2013-02-0720124N/AN/A0.018751.30%8.54%547032156057928503684797315210.01970.1436889726478148501925259022165283878017283435424594310076637410314671322332435192194992337782012-12-3128.46%15.72%14.49%23.64%0.24236.6851.691.690.570.541.8460.90670.51051.35190.5641101.6%633169589
2012-11-08201231.050.9-2.22%7.24%5714916090212350424408215267240.03920.13358561574503144516802116222687140447744413234901061710076620923315401323062096832001911991982012-09-3033.19%21.72%21.61%33.17%0.2545-1.891.880.510.632.12791.15540.62521.19620.5276109.5%540179493
2012-08-16201221.020.890.03751.75%5.01%5271010375310734300906458185090.03450.0988780728380623403318159592268323774107941700516401007661779919439813271873751873751892482012-06-3033.13%21.36%20.36%23.93%0.3049-1.871.870.540.432.3851.40340.50961.15040.516692.9%365215312
2012-05-16201211.340.96-3.26%3.26%5104351043193561935612051120510.06430.06437234763330223471881359482512537628827122585227362100766212706092946741873771873772342212012-03-3145.51%37.98%37.92%26.36%0.363-1.871.870.670.512.44961.41540.69640.98870.479975.0%304134237
2012-02-22201141.41.10.03751.28%7.41%5703127271210530668574256246220.02270.131473247333316436319715378530082369276334726393873455328639865474801007661873771873772323472011-12-3133.65%19.47%18.46%24.61%0.37239.43661.811.810.690.542.16641.22770.65521.07080.495965.8%281117212
2011-11-15201131.350.84-1.32%6.13%7723521568115867563274391203660.02340.10876922182888153229571083473079936926134478252474306532863700237304905901873771873771573962011-09-3027.64%20.53%20.54%31.98%0.3728-1.811.80.470.482.66561.61660.83610.95420.466669.9%229118148
2011-08-16201120.870.670.018753.48%4.81%77289138446284144046011578159750.06180.085368538428699932291217627824888362472159095899340532861532024660779461873771873771508382011-06-3038.85%37.29%36.76%24.88%0.2638-1.81.80.450.421.62810.85880.44220.95650.471161.2%396147424
2011-05-20201110.920.7-1.32%1.32%61157611571204612046439743970.02350.023555919120974121806282205151223411294291133592253286415810080633661873771873771395952011-03-3123.51%19.73%19.70%27.54%0.1851-1.741.740.430.342.55141.52630.77080.66890.39123.2%395215267
2011-02-23201040.8450.650.01875N/AN/A423451448727742267122770118700.01480.063355355520257922115477666107913324012123918111086844726194288560532861873791873791246072010-12-3126.64%20.87%18.28%23.24%0.076510.49761.721.720.390.282.60831.14430.68610.68760.3995295.0%1336296698

Financial Quarter Balance Sheet   Open in New Window
yearqrtDeferred 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)
2012411424601114009278847-285424451398234901322333032162309124312973011-32452-1308919093964232446-3021933336148116-4490516528
201238560524102525288095-265417391746245621323065605162540220563976638-32782-451019762451426461-1736332788121002-3400826871
20122844651296160288789-271317391746244798132725261624915115648766491-33290-451020078451424751-207603384665257-3497826832
20121877452185209287020-26721716454218815946741437162920114044068293-33787-415016827950245722-205004210740511-2710825125
20114854953379767304504-25191716172136827100766287162209314420348826-34249-4150165989502420144410385005574627421-2569430082
20113711851772713317437-2299142018992718890590897284271511337453767-34825-11333164736371611857-232002196619908-3141630799
20112711950770873314196-2371142018992729877946790284225413531943108-35656-113339592937167759-230389809618607-2877824888
2011165661568624329808-421086-8375633661136162121058410940488-36190-41519294425722634-227002097711721-2417315122
201046566898645328063-4291142318993344532861234162168711354629320-36810-11333916763669298-179501538525103-1893010791

Financial Quarter Income Statement   Open in New Window
yearqrtRevenueIncome tax expenseCost of salesFinance/interest costsOther incomeAdministrative/Operating expensesMinority interestSelling and distribution costs
20124547031874391376733007376412576208
2012357149409638181607013265393994
20122527102569352495261527292217074806
2012151043510227812321073222722032689
2011457031259137840574986266336836410
2011377235507555888121058357864012972
20112772897070472624102630218197661652
2011161157331846780232518296143311865
201044234517993106310952622319831731869

Financial Quarter Segments Revenue
yearqrtElimination/AdjustmentProperty developmentProperty investmentHolding Entities
20124132055428979612823
2012359556827595322
201221573524041573306
201211819150967102528015
20114123425699632712040
201131336771813361054
2011289877231388568
2011169061107218522
201046887422261366870

Financial Quarter Segments Profit
yearqrtElimination/AdjustmentProperty developmentProperty investmentHolding Entities
201241262086525212621
201233712478217187
201221201046798876
2012176508346108667826
20114123601113559211737
20113134916211441552
2011292328853544350
2011170312067363342
20104690788092206715

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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