KLCI Stock - QCAPITA / 5123 - 2012 Quarter 4

MALAYSIA BUILDING SOCIETY BERHAD


Company Description

Quill Capita Trust is a Malaysia-based real estate investment trust (REIT) formed to acquire and invest in commercial properties primarily in Malaysia. QCT's total portfolio has increased to 10 properties from an initial of 4 properties. QCT will provide its unitholders a unique opportunity to participate in the growth of commercial property market in Malaysia. For QCT's purpose, commercial properties includes properties used or predominents used for commercial purpose.

Company Info

Listing Date	2007-01-08
IPO Price	0.84
Market Capital (Capital Size)	468,157,200 (Small)
Par Value	0
Board	Main
Sector	Reits
Major Industry	Property Trust
Website	http://www.qct.com.my/

My Analysis

Forecast P/E now	(1.2-0.0838)/0.1042 = 10.71 (Moderate)
Target Price	1.18+0.0838 = 1.26 (PE 11.3, EPS 0.1042, DPS 0.0838)
First Support Price	1.19
Second Support Price	1.13
Risk Rating	LOW

Research House

HwangDBS Target Price	1.55 (2012-11-01)
RHB Target Price	1.27 (2012-11-21)
Maybank Target Price	1.27 (2013-02-04)

Accounting Ratio

Return on Equity	7.68%
Dividend Yield	6.98%
Operating Profit Margin	46.22%
Net Profit Margin	79.00%
Tax Rate	-
Asset Turnover	0.0808
Net Asset Value Per Share	1.36
Net Tangible Asset per share	1.36
Price/Net Tangible Asset Per Share	0.88
Cash Per Share	0.08
Liquidity Current Ratio	0.2905
Liquidity Quick Ratio	0.2905
Liquidity Cash Ratio	0.2228
Gearing Debt to Equity Ratio	0.6266
Gearing Debt to Asset Ratio	0.3852
Working capital per thousand Ringgit sale	-139.5%
Days to sell the inventory	-
Days to collect the receivables	47
Days to pay the payables	118

Technical Analysis

SMA 10	1.2 (Downtrend)
SMA 20	1.211 (Downtrend 7 days)
SMA 50	1.202 (Same)
SMA 100	1.198 (Uptrend)
SMA 200	1.157 (Same)
MACD (26d/12d)	-0.001979 ( 7.4e-05 )
Signal (9)	1.7e-05 ( 0.000499 )
MACD Histogram	0.001996 (Bearish trend 9 days)
Bolinger Upper Band	1.253
Bolinger Lower Band	1.169

My notes based on 2012 quarter 4 report (number in '000):-
- Lower revenue due to higher vacancy but higher pbt due to higher rental rate of some properties, lesser repair costs, lower finance cost

- Estimate next 4Q eps after 2012 Q4 result announced = 0.1042, estimate PE on current price 1.2 = 10.71(DPS 0.0838)
- Estimate next 4Q eps after 2012 Q3 result announced = 0.1019, estimate highest/lowest PE = 11.34/10.56 (DPS 0.084)
- Estimate next 4Q eps after 2012 Q2 result announced = 0.1022, estimate highest/lowest PE = 11.51/10.14 (DPS 0.084)
- Estimate next 4Q eps after 2012 Q1 result announced = 0.1022, estimate highest/lowest PE = 11.03/10.05 (DPS 0.083)

QCAPITA latest news (English)

QCAPITA 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	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	0.0428	2.59%	7.68%	17132	69490	13534	40077	13534	40077	0.0347	0.1027	860214	39697	331367	136655	-	528847	40241	688	46286	35810	40929	5357	30453	390131	390131	468157	2012-12-31	46.22%	79.00%	-	0.0808	11.6814	1.36	1.36	0.88	0.08	0.2905	0.2905	0.2228	0.6266	0.3852	-139.5%	-	47	118
2012-10-31	2012	3	1.24	1.16	-	1.78%	5.09%	17150	52358	9302	26541	9302	26541	0.0238	0.0680	841693	26859	335894	138820	-	505799	26975	556	46464	35810	27531	18933	16877	390131	390131	479861	2012-09-30	54.24%	54.24%	-	0.083	-	1.3	1.3	0.95	0.04	0.1935	0.1935	0.1216	0.6641	0.3991	-160.2%	-	50	75
2012-07-13	2012	2	1.26	1.12	0.041	1.76%	3.30%	17424	35208	9169	17240	9169	17240	0.0235	0.0442	853564	38747	348011	36205	-	505553	22815	388	23386	35810	23203	183	35627	390131	390131	464255	2012-06-30	52.62%	52.62%	-	0.0824	-	1.3	1.3	0.92	0.09	1.0702	1.0702	0.984	0.6884	0.4077	3.6%	-	16	123
2012-05-03	2012	1	1.21	1.11	-	1.55%	1.55%	17784	17784	8071	8071	8071	8071	0.0207	0.0207	844184	27238	337648	25200	-	506536	11437	209	23216	35810	11646	11570	24240	390131	390131	440848	2012-03-31	45.38%	45.38%	-	0.0836	-	1.3	1.3	0.87	0.06	1.0809	1.0809	0.9619	0.6666	0.4	2.9%	-	16	104
2012-01-18	2011	4	1.16	1.09	0.043	2.66%	7.93%	17510	70266	13231	39480	13231	39480	0.0339	0.1012	853822	38311	331931	20796	-	521891	49837	534	45367	30805	50371	5004	35809	390131	390131	433045	2011-12-31	46.10%	75.56%	-	0.0823	10.9687	1.34	1.34	0.83	0.09	1.8422	1.8422	1.722	0.636	0.3888	24.9%	-	13	120
2011-11-03	2011	3	1.13	1.05	-	1.89%	5.27%	17630	52757	9398	26250	9398	26250	0.0241	0.0673	838681	28165	339380	145324	-	499301	36600	505	43055	30805	37105	5950	24855	390131	390131	413538	2011-09-30	53.31%	53.31%	-	0.0836	-	1.28	1.28	0.83	0.06	0.1938	0.1938	0.171	0.6797	0.4047	-167.1%	-	17	96
2011-07-22	2011	2	1.1	0.99	0.04	1.84%	3.38%	17613	35127	9168	16852	9168	16852	0.0235	0.0432	846411	36042	346993	152822	-	499418	25416	319	23240	30805	25735	2495	33300	390131	390131	425242	2011-06-30	52.05%	52.05%	-	0.062	-	1.28	1.28	0.85	0.09	0.2358	0.2358	0.2179	0.6948	0.41	-222.4%	-	19	161
2011-05-05	2011	1	1.09	1.04	-	1.54%	1.54%	17514	17514	7683	7683	7683	7683	0.0197	0.0197	837197	27116	339311	145227	-	497886	12882	160	19734	30805	13042	6692	24113	390131	390131	409637	2011-03-31	43.87%	43.87%	-	0.0417	-	1.28	1.28	0.82	0.06	0.1867	0.1867	0.166	0.6815	0.4053	-338.6%	-	31	227
2011-01-21	2010	4	1.15	1.02	0.0418	N/A	N/A	17372	69299	29191	54219	29191	54219	0.0748	0.1390	843556	33382	345579	147155	-	497977	48978	491	44707	26044	49469	4762	30806	390131	390131	444749	2010-12-31	46.76%	168.03%	-	0.0206	8.2028	1.28	1.28	0.89	0.08	0.2268	0.2268	0.2093	0.694	0.4097	-654.9%	-	54	418

Financial Quarter Balance Sheet   Open in New Window

year	qrt	Derivative assets (A-0)	Investment properties (A-0)	Property, plant and equipment (A-0)	Cash and cash equivalents (A-1)	Deposits with licensed banks (A-1)	Derivative assets (A-1)	Trade receivables (A-1)	Derivative liabilities (L-0)	Loans & borrowings (L-0)	Security deposits (L-0)	Derivative liabilities (L-1)	Loans & borrowings (L-1)	Provision for income distribution (L-1)	Security deposits (L-1)	Trade and other payables (L-1)
2012	4	-	820500	17	8563	21889	373	8872	10	188661	6041	-	116820	-	8490	11345
2012	3	-	814815	19	8292	8585	505	9477	355	187429	9290	-	116752	9302	5497	7269
2012	2	-	814815	2	8517	27110	-	3120	-	305165	6641	98	-	15995	8136	11976
2012	1	2131	814815	-	7236	17004	-	2998	-	303875	8573	-	-	8071	6885	10244
2011	4	711	814800	-	7583	28227	-	2501	-	305013	6122	-	-	-	8953	11843
2011	3	1015	809500	1	6326	18530	-	3309	-	188105	5951	266	117241	9399	8999	9419
2011	2	868	809500	1	8625	24676	-	2741	-	188205	5966	-	116083	15605	8999	12135
2011	1	580	809500	1	10775	13339	-	3002	-	188107	5977	-	117078	7683	8576	11890
2010	4	672	809500	2	9407	21398	-	2577	-	188010	10414	-	116106	16307	4139	10603

Financial Quarter Income Statement   Open in New Window

year	qrt	Revenue	Administrative/Operating expenses	Net appreciation on fair values of investment properties	Fair value gain on derivative financial instruments	Other expenses	Interest income
2012	4	17132	5253	5616	-	4118	157
2012	3	17150	4872	-	-	3150	174
2012	2	17424	4922	-	-	3521	188
2012	1	17784	5417	-	-	4494	198
2011	4	17510	5050	5159	-	4591	203
2011	3	17630	5619	-	-	2793	180
2011	2	17613	5056	-	-	3552	163
2011	1	17514	5503	-	-	4486	158
2010	4	17372	5916	21068	0	3481	148

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

HISTORICAL

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●CHANGES IN SHAREHOLDING

ARCHIVES

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