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Friday, February 8, 2013

KLCI Stock - PERISAI / 0047 - 2012 Quarter 4

PERISAI PETROLEUM TEKNOLOGI BERHAD


Company Description
PERISAI PETROLEUM TEKNOLOGI BERHAD is engaged in investment holding and the provision of management, administrative and financial support services to the subsidiaries. The Company provides technology solutions for pipe laying, de-commissioning of un-economic facilities, marginal field development and subsea technologies. It provides specialist services in areas that include manufacture, supply, commission and installation of corrosion control products; inspection and maintenance of pipes, pipelines, risers and heat exchangers; pipe laying services ranging from 6 inches to 60 inches; installation of top sides; decommissioning of facilities ( at the end of their useful life ); small and marginal field development solutions; enhanced oil recovery, and deep water technologies. In September 2008, the Company acquired SJR Marine (L) Ltd. In December 2008, the Company disposed Merit Composites Sdn. Bhd. In March 2008, it sold Corro-Shield (M) Sdn. Bhd. and Orinippon Trading Sdn. Bhd.

Company Info
Listing Date2004-07-05
Market Capital (Capital Size)904,120,948 (Medium)
Par ValueRM 0.10
BoardMain
SectorIndustrial Products
Major IndustryOil & Gas Services
Sub IndustryBareboat Charter
Websitehttp://www.perisai.biz/

My Analysis
Forecast P/E now0.965/0.079 = 12.22 (Moderate)
Target Price0.079*13.0 = 1.03 (PE 13.0, EPS 0.079)
First Support Price0.955
Second Support Price0.9
Risk RatingMODERATE

Research House
Alliance Target Price1.46 (2012-12-04)
HLG Target Price1.55 (2013-02-06)
CIMB Target Price1.63 (2013-02-08)
HwangDBS Target Price1.25 (2013-02-08)
Kenanga Target Price1.39 (2013-02-08)
Maybank Target Price1.4 (2013-02-08)
RHB Target Price1.34 (2013-02-08)
TA Target Price1.39 (2013-02-08)

Accounting Ratio
Return on Equity23.80%
Dividend Yield-
Gross Profit Margin67.74%
Operating Profit Margin24.65%
Net Profit Margin47.98%
Tax Rate-
Asset Turnover0.1542
Net Asset Value Per Share0.57
Net Tangible Asset per share0.57
Price/Net Tangible Asset Per Share1.69
Cash Per Share0.03
Liquidity Current Ratio1.9294
Liquidity Quick Ratio1.9294
Liquidity Cash Ratio0.0832
Gearing Debt to Equity Ratio1.1703
Gearing Debt to Asset Ratio0.5
Working capital per thousand Ringgit sale160.0%
Days to sell the inventory-
Days to collect the receivables364
Days to pay the payables524

Technical Analysis
SMA 101.026 (Downtrend)
SMA 201.06 (Downtrend 11 days)
SMA 501.082 (Downtrend)
SMA 1001.043 (Uptrend)
SMA 2000.968 (Same)
MACD (26d/12d)-0.027531 ( 0.003584 )
Signal (9)-0.016192 ( 0.002835 )
MACD Histogram0.011339 (Bearish trend 16 days)
Bolinger Upper Band1.159
Bolinger Lower Band0.961

My notes based on 2012 quarter 4 report (number in '000):-
- Higher revenue than FY11Q4 mainly due to the revenue contribution from The Mobile Offshore Production Unit (“MOPU”) under Garuda Energy (L) Inc a wholly-owned subsidiary of Perisai; and the offshore support vessels under the Intan Group which is a 51% owned subsidiary of Perisai

- Lower pbt mainly due to the impact from the impairment of investment in associate amounting RM16.98 million and impairment of cold stacked vessels amounting to RM7.89 million

- Higher pat mainly due to reversal of deferred tax liability following the disposal of vessels to a Labuan based entity within the Group

- Estimate next 4Q eps after 2012 Q4 result announced = 17000*4/858302 = 0.079(>30% revenue drop), estimate PE on current price 0.965 = 12.22
- Estimate next 4Q eps after 2012 Q3 result announced = 0.0249*4 = 0.0996(higher income tax), estimate highest/lowest PE = 11.65/9.59
- Estimate next 4Q eps after 2012 Q2 result announced = 0.0276*4 = 0.1049, estimate highest/lowest PE = 11.15/8.39
- Estimate next 4Q eps after 2012 Q1 result announced = 0.0277*4*0.9 = 0.0997, estimate highest/lowest PE = 9.63/8.38
- Estimate next 4Q eps after 2011 Q4 result announced = 372924*0.14/753483 = 0.0693, estimate highest/lowest PE = 13.92/11.54
- Estimate next 4Q eps after 2011 Q3 result announced = 0.0115*4*1.05 = 0.0483, estimate highest/lowest PE = 21.53/12.84
- Estimate next 4Q eps after 2011 Q2 result announced = 0.0432*0.98 = 0.0423, estimate highest/lowest PE = 17.02/10.76
- Estimate next 4Q eps after 2011 Q1 result announced = 0.0108*4 = 0.0432, estimate highest/lowest PE = 19.44/13.66
- Estimate next 4Q eps after 2010 Q3 result announced = 0.008*4*0.9 = 0.0288 (10% drop), estimate highest/lowest PE = 23.61/17.19
- Estimate next 4Q eps after 2010 Q2 result announced = 0.0087*4*0.9 = 0.0313 (10% drop), estimate highest/lowest PE = 19.49/15.5
- Estimate next 4Q eps after 2010 Q1 result announced = 0.0093*4*0.9 = 0.0335 (10% drop), estimate highest/lowest PE = 17.76/14.63
- Estimate next 4Q eps after 2009 Q4 result announced = 0.0589*0.85 = 0.0501, estimate highest/lowest PE = 13.77/8.38
- Estimate next 4Q eps after 2009 Q3 result announced = 0.0125*4 = 0.05, estimate highest/lowest PE = 12/9.4

PERISAI latest news (English)

PERISAI 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/A-6.21%23.80%31830143540152719323424057921750.02800.1081112924857859356459529987982230564653587911455097990737245867186811304348583028525308282612012-12-3167.74%24.65%47.98%-0.15428.92530.570.571.690.031.92941.92940.08321.17030.5160.0%-364524
2012-11-21201231.160.955-5.53%17.59%47907142339255237798221420681180.02490.080110570321466365556922721905465050134010784914452419066372453667517609196368585278505619958912012-09-3070.31%60.16%53.28%10.65%0.1613-0.530.25.80.040.53870.53870.12171.2440.5257-73.6%-243859
2012-08-15201221.170.88-6.04%12.06%4791594432262705245923384466980.02750.0552108108113634259168828344256086489393515651445115730637245929463564016058513758465358045492012-06-3071.84%62.66%54.83%1.60%0.1323-0.510.194.970.020.4810.4810.05611.36550.5473-102.8%-3071106
2012-05-23201210.960.835-6.02%6.02%4651746517261892618923314233140.02770.027710456581103915927024485915147445295610896414451066164372453554630618678638416948416947448992012-03-3172.08%62.40%56.30%1.60%0.1071-0.480.155.90.090.24610.24610.16361.47630.5668-301.9%-1211584
2012-02-22201140.9650.8-7.88%12.19%2814737771233673524918431284970.02450.0397792032133354404738240744580893872945181046675628425826513511419372457534837170986894362011-12-3190.93%101.51%83.02%9.03%0.104423.0250.460.293.160.050.55390.55390.16981.22940.511-129.9%-4082478
2011-11-23201131.040.62-2.14%4.31%20453545083509119024997100660.00700.01467367048100237594320317649528360761202596172811225826208767236185907127636887834454762011-09-3071.54%11.73%17.16%-0.1014-0.450.282.230.030.39870.39870.10341.20790.5103-163.5%-2932193
2011-08-23201120.720.455-3.36%6.44%16907340558171154117843150630.01150.02234222277047016310146621-25912620822572818525826207657420184066828006765944813742011-06-3075.53%55.05%48.33%4.01%0.1704-0.380.272.610.031.51161.51160.46740.62940.386333.1%-108138
2011-05-26201110.840.59-3.09%3.09%171481714872407240722072200.01080.01084265856895917444448239-2521416228451711025826618310927148996703206703204993882011-03-3174.19%51.45%42.22%0.28%0.172-0.380.272.760.031.42951.42950.40990.69190.408928.2%-108116
2011-02-25201040.930.51-2.88%4.26%2021675213639998626929102520.01050.01554336936678919994161913-2337528250966515738373517585818475258266620006620003707202010-12-3169.81%39.01%31.65%-0.173436.16080.350.242.330.041.07881.07880.42350.85540.4616.5%-60115
2010-11-25201030.680.495-3.59%1.38%176965499785303463863033230.01300.005043915176163212293120141-2268587117480537116373516312180426916620006620003475502010-09-3072.56%35.86%48.20%-0.1559-0.340.232.280.030.63390.63390.14120.93580.4834-64.2%-160188
2010-08-27201020.610.485-2.40%4.97%18299373015766119935766119530.00870.01814694257653322431587387-245110503867562562777351428241345361026620006620003376202010-06-3060.20%46.71%31.51%-0.1524-0.370.261.960.020.87580.87470.14590.91520.4779-15.2%1167159
2010-05-27201010.5950.49-2.57%2.57%190021900262276227618761870.00930.00934921419639325334190365-23880020295122185735120294189154606620006620003442402010-03-3160.78%47.17%32.77%0.64%0.176-0.360.252.080.031.06671.06560.23151.06090.51487.0%1142158
2010-02-25200940.690.42-3.62%15.27%134681011817494324957947334780.01110.058952741711379728674493041-240673909092836657101190962543544273517142275681653392572009-12-3122.46%31.80%55.64%-0.19218.06140.420.291.640.021.22311.2220.19111.19140.543720.5%1189328
2009-11-25200930.60.47-3.77%18.89%20749877138069399898272414250.01250.088752415245034270782107013-253370811202095467979190960166781359046624004669423775682009-09-3060.05%48.30%38.89%-0.2227-0.540.381.50.010.42080.41990.04261.06870.5166-53.1%1123305
2009-08-27200920.640.56-7.81%15.12%3339666964170363192017123331530.03890.090253441554396282030904145846252385582361822445712190940012570037914399823675932661892009-06-3070.03%59.70%51.01%0.11%0.2089-0.670.461.320.010.60160.60050.02521.1440.5277-32.3%1107223
2009-05-26200910.730.545-7.31%7.31%3367933679148841488416030160300.05440.0544553906668313141535929759512397531422861489066190980809869232944002944001663362009-03-3169.59%62.24%44.19%1.14%0.1618-0.790.531.070.021.12711.11940.12381.34370.56728.4%4168215
2009-02-26200841.20.48-10.11%20.86%28908722056570129237398152620.02510.0655538918715613196421085407266219276193963934214544731119946540219092944002328551619202008-12-3168.35%53.31%22.73%-0.13418.39140.910.580.950.010.65930.65630.03381.50770.5931-51.2%3237251
2008-11-28200830.70.5-5.64%10.75%156604329735376353412578640.01870.0371520601919353078388222080292127631451625806157657311112904475117862202092121001497422008-09-3030.46%14.39%22.59%-0.1008-0.970.551.240.061.11821.10360.15641.50360.591318.5%11388415
2008-08-28200821.020.61-2.35%5.11%113852763712902816171737390.00830.0180146560769626939053412723877170440114452295273111005170992122080002080002100802008-06-3031.20%3.03%11.33%-0.3598-0.340.313.260.041.44091.41320.16220.99220.473544.7%15315375
2008-05-30200811.360.99-2.76%2.76%163091630915261526202220220.00970.009711829463052436134350467807468166501391131373106511480225082080002080002787202008-03-3129.61%14.16%9.36%-0.4149-0.330.34.470.051.44931.40830.25320.64230.368739.8%21191308
2008-02-27200741.370.99-0.99%15.55%913037698110418525749117580.00360.0565103766405593059625370684273170185212341237945332341933398873112080002080002516802007-12-310.70%3.53%12.09%-0.738421.4050.320.294.170.051.59871.48630.43140.46130.294919.8%2112780
2007-11-28200731.671.17-5.53%16.54%15911299235858174104183125070.02010.0601190803113589982549667725497925491006817629309933237561446211392080002080002537602007-09-3047.78%27.11%36.82%6.88%0.5477-0.320.215.810.021.17491.14120.03871.46530.514916.2%1611249
2007-08-29200721.331.11-5.71%11.01%772514012563911552431883240.02080.040019524211891810814810672524225870941076114765694533234004294162642080002080002600002007-06-3077.72%41.55%73.00%-0.4538-0.30.196.580.021.11421.08390.04011.72020.553913.8%189940
2007-05-2920071N/AN/A-5.30%5.30%438564385683388338400640060.01930.019318726784049105923100380227938134450051248219549156253844835332080002080001924002007-03-3128.61%20.27%19.01%31.37%0.4319-0.280.175.440.030.83730.79760.06681.80910.5656-20.2%23321205
2007-02-2720064N/AN/A-N/AN/A370181169051453545940150040.00190.02411721326570596510861102107775622187492831598133076956624733232080002080002184002006-12-3111.16%1.13%3.93%-0.215143.64510.260.157.00.050.7630.72610.11821.76940.5607-55.1%35516364

Financial Quarter Balance Sheet   Open in New Window
yearqrtDeferred tax assets (A-0)Development Expenditure (A-0)Dry docking expenses (A-0)Goodwill on consolidation (A-0)Intangible assets (A-0)Investment in associated companies (A-0)Other investments (A-0)Property, plant and equipment (A-0)Cash and cash equivalents (A-1)Current asset classified as held for sales (A-1)Inventories (A-1)Other receivables (A-1)Trade receivables (A-1)Deferred tax liabilities (L-0)Loans & borrowings (L-0)Current tax liabilities (L-1)Liabilities directly associated with assets classified as held for sale (L-1)Loans & borrowings (L-1)Other payables (L-1)Trade and other payables (L-1)Minority interest (M-1)
20124-----315-55034024940379996-13253941118-26471620148840778997233079082230
20123---274440-17339-61861733125--69773437382521125829140-17040196084566554650
20122---274440-17336-65296315913--72881475482158728665940-177791100007560456086
20121---274440-17364-64346373403--7954290342116712294439-337866105447523951474
20114---121666-17361-51965140880--65886265882518713880720-125735111860312958089
201134397--121666-17367-51227221016--18263417232307514969288-79998118977411349528
201125097--74386-17331-2549432179227379-170174282-11648087-3917928204535-
201115665--74386-17340-2602351977527549-173224313-126205122-4089021895038-
201045665--74386-17365-2694882622028134-55186917-138028103-5374812036859-
201035650-347574787-5966-2731101696929251-237166227-921527097610389595765885-
2010256508440408076127-5456-293139127473095999233839345-136928311837241453349245-
20101565084404475761273835325-295348209204166099290834631-162976401817417483977312-
20094565084405091761273835005-3129241778243498992443727981-19370336680575772209112927-
200936522138855657761263834528-37201745641163991058828620-1637691657775243238587670-
20092622213075316177066383--38011222811918499357629256-1916161663885617011832163415846
20091622612968204777066383--388385734317798453401137226-2548562604007325991646859635951
20084622612866143477066383--369382366920691326909337782-211102633571778392129157767266
20083525611714-88203383--3231101285622068120116903389071225617-3313342913533292848029
2008239689558-5031383--5065886612132714791173033765-15978544411112113376339737238
2008137548885-5031383--371891101724615178611374142601108-4522131412056952726780
2007427478981-5031587-30004286110944-2852577420989181504520-14256632347716842
2007311788410-22467587-3000415723743746553261397527955338123939130331559433498651425497
200729358380-22467587-3000409554275874843241344720471162126174241565571042430488424225
2007117608373-22467587-3000670316710212539871040960818420713363980-6039855923041022793
2006423518179-22467587-30006984310176-3177684345509377266281957-5138584042436421077

Financial Quarter Income Statement   Open in New Window
yearqrtRevenueIncome tax expenseCost of salesFinance/interest costsOther incomeAdministrative/Operating expensesMinority interestShare of profit/ (loss) of associatesGain/loss on disposal of subsidiariesDiscontinued operationAfter tax effect
20124318302913310268269819066327812034745-10167-
2012347907271914222330260492213842---
20122479154211349237282104608246527---
201214651742012988284082458424552---
2011428147211025533706906392928263-4831-
20113204537005820114645512158378836---
2011216907328413711282423704-9---
201111714820442615582224121-25---
2010420216530610320538327058-564-1-
20103176961004855269690720093-511-0-
20102182990728328945282996-131-19-
2010119002407453305510543640-320-1-
20094134688721044330671207851541940901051498
20093207493018289247781251998332-192-
200923339618100102602653515105--298-
200913367916910242274974032141315--3330-
20084289081379149469237748123691-19142234-
20083156601379108906595403056791--1942-
20082113858857833169983109458--1114-
200811630943411480630293281362--153-
2007491301520906613215809663373-51897936-
2007315911403830811909233811272--2734-
2007277251111721864828021432--3293-
20071438562616313099064137001716--356-
20064370182533288810333384888799----

Financial Quarter Segments Revenue
yearqrtOthersInvestment holdingMarine VesselsCorrosion controlOffshore
20124-39411813-19623
20123--27884-20023
20122--27968-19947
20121--27152-19365
20114-1618311964--
20113--20453--
20112--16907--
20111--17148--
20104--20216--
20103--17696--
20102--18299--
20101--19002--
20094653-12815--
20093395-20354--
2009253-33057286-

Financial Quarter Segments Profit
yearqrtOthersInvestment holdingMarine VesselsCorrosion controlUnallocatedOffshore
20124-99862620-1717727
20123-440616318-3813649
20122-273115807-413198
20121-390416046-1814065
20114-216716551-24-
2011385254025-1-
20112111533972014-
201115317510447229-
20104152613778643527-
201037946979874988446-
201021091750776310811-
201018437464042886-
20094391795773257419-
2009310712889286941-
2009265996187934621-

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




CHANGES IN SHAREHOLDING

1 comment:

alan young said...

Hi,
Happy Chinese New Year Greetings to you...would you like to exchange link...my blog....tradingpassiveincome.blogspot.com..Tq

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