KLCI Stock - TWRREIT / 5111 - 2012 Quarter 4

TOWER REAL ESTATE INVESTMENT TRUST


Company Description

Tower REIT key investment objective is to invest primarily in a portfolio of quality office buildings and commercial properties in order to provide Unitholders with regular and stable distribution and achieve medium to long-term growth in the NAV per unit. PROPERTY PORTFOLIO Tower REITs investment porfolio comprises of the following prime commercial office buildings located in Kuala Lumpur: Menara HLA HP Towers Menara ING.

Company Info

Listing Date	2006-04-12
IPO Price	1.07
Market Capital (Capital Size)	406,725,000 (Small)
Par Value	0
Board	Main
Sector	Reits
Major Industry	Property Trust
Website	http://www.tower-reit.com.my/

My Analysis

Forecast P/E now	(1.45-0.1168)/0.134 = 9.95 (Moderate)
Target Price	1.41+0.1168 = 1.52 (PE 10.5, EPS 0.134, DPS 0.1168)
First Support Price	1.42
Second Support Price	1.37
Risk Rating	LOW

Accounting Ratio

Return on Equity	15.13%
Dividend Yield	8.06%
Operating Profit Margin	79.02%
Net Profit Margin	322.40%
Tax Rate	-
Asset Turnover	0.0844
Net Asset Value Per Share	1.83
Net Tangible Asset per share	1.83
Price/Net Tangible Asset Per Share	0.81
Cash Per Share	0.01
Liquidity Current Ratio	0.2181
Liquidity Quick Ratio	0.2181
Liquidity Cash Ratio	0.1571
Gearing Debt to Equity Ratio	0.2602
Gearing Debt to Asset Ratio	0.2065
Working capital per thousand Ringgit sale	-17.8%
Days to sell the inventory	-
Days to collect the receivables	5
Days to pay the payables	69

Technical Analysis

SMA 10	1.445 (Uptrend)
SMA 20	1.437 (Uptrend 24 days)
SMA 50	1.417 (Uptrend)
SMA 100	1.404 (Uptrend)
SMA 200	1.357 (Uptrend)
MACD (26d/12d)	0.010539 ( 0.000272 )
Signal (9)	0.008457 ( 0.00052 )
MACD Histogram	0.002082 (Bullish trend 6 days)
Bolinger Upper Band	1.472
Bolinger Lower Band	1.402

My notes based on 2012 quarter 4 report (number in '000):-
- Higher revenue than FY11Q4 mainly attributed to the increase in the average occupancy rates of HP Towers and Menara HLA

- Estimate next 4Q eps after 2012 Q4 result announced = 35802*1.05/280500 = 0.134, estimate PE on current price 0.965 = 12.22 (DPS 0.1152)
- Estimate next 4Q eps after 2012 Q3 result announced = 35280*1.05/280500 = 0.1321, estimate highest/lowest PE = 10.64/10.11 (DPS 0.1148)
- Estimate next 4Q eps after 2012 Q2 result announced = 33700*1.05/280500 = 0.1261, estimate highest/lowest PE = 11.06/10.27 (DPS 0.1148)
- Estimate next 4Q eps after 2012 Q1 result announced = 32305*1.1/280500 = 0.1267, estimate highest/lowest PE = 10.73/9.94 (DPS 0.1105)

TWRREIT latest news (English)

TWRREIT 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
2013-01-29	2012	4	N/A	N/A	0.0604	9.52%	15.13%	13936	54485	44929	71388	44929	71388	0.1602	0.2545	645204	2704	133226	12396	-	511978	40072	302	39111	385	40374	1263	1648	280500	280500	417945	2012-12-31	79.02%	322.40%	-	0.0844	5.8546	1.83	1.83	0.81	0.01	0.2181	0.2181	0.1571	0.2602	0.2065	-17.8%	-	5	69
2012-10-30	2012	3	1.52	1.45	-	2.04%	5.61%	14029	40549	9609	26460	9609	26460	0.0343	0.0943	609912	2997	142861	27063	-	467051	29028	282	28475	385	29310	835	1220	280500	280500	409530	2012-09-30	80.64%	68.49%	-	0.0887	-	1.67	1.67	0.87	0.01	0.1107	0.1107	0.0562	0.3059	0.2342	-44.5%	-	10	70
2012-07-25	2012	2	1.51	1.41	0.0548	1.47%	3.57%	12931	26519	6920	16850	6920	16850	0.0247	0.0601	609587	2434	136775	22261	-	472812	19651	25	18687	385	19676	989	1374	280500	280500	412335	2012-06-30	78.80%	53.51%	-	0.0875	-	1.69	1.69	0.87	0.01	0.1093	0.1093	0.0752	0.2893	0.2244	-37.2%	-	5	88
2012-04-19	2012	1	1.47	1.37	-	2.10%	2.10%	13588	13588	9930	9930	9930	9930	0.0354	0.0354	609368	2215	143476	22977	-	465892	8547	12	8783	385	8559	224	161	280500	280500	398310	2012-03-31	80.19%	73.08%	-	0.0865	-	1.66	1.66	0.86	N/A	0.0964	0.0964	0.0201	0.308	0.2355	-39.4%	-	12	82
2012-01-19	2011	4	1.45	1.29	0.057	1.78%	6.56%	13528	51956	8389	30874	8389	30874	0.0299	0.1101	608452	1299	136499	16827	-	471953	39877	2673	37171	352	37204	33	385	280500	280500	364650	2011-12-31	79.54%	62.01%	-	0.0854	11.8109	1.68	1.68	0.77	N/A	0.0772	0.0772	0.0407	0.2892	0.2243	-29.9%	-	4	101
2011-11-15	2011	3	1.31	1.23	-	1.39%	4.77%	13307	38428	6530	22485	6530	22485	0.0233	0.0802	607393	2953	143829	26287	-	463564	26779	30	26940	352	26809	131	221	280500	280500	350625	2011-09-30	79.83%	49.07%	-	0.0848	-	1.65	1.65	0.76	N/A	0.1123	0.1123	0.0198	0.3103	0.2368	-45.3%	-	17	72
2011-07-28	2011	2	1.31	1.17	0.0515	1.58%	3.39%	12272	25121	7456	15955	7456	15955	0.0266	0.0569	605833	1393	134354	17470	-	471479	18893	19	19108	352	18912	196	156	280500	280500	359040	2011-06-30	77.98%	60.76%	-	0.0631	-	1.68	1.68	0.76	N/A	0.0797	0.0797	0.0261	0.285	0.2218	-42.1%	-	9	111
2011-04-25	2011	1	1.29	1.18	-	1.80%	1.80%	12849	12849	8499	8499	8499	8499	0.0303	0.0303	606804	2364	142782	27637	-	464022	7741	7	7942	352	7748	194	158	280500	280500	333795	2011-03-31	80.01%	66.15%	-	0.0428	-	1.65	1.65	0.72	N/A	0.0855	0.0855	0.0166	0.3077	0.2353	-97.4%	-	27	106
2011-01-31	2010	4	1.26	1.17	0.055	N/A	N/A	13104	49266	8484	30693	8484	30693	0.0302	0.1094	605639	1199	134689	124216	-	470950	35541	8405	27160	375	27136	24	351	280500	280500	342210	2010-12-31	77.40%	64.74%	-	0.0216	11.1494	1.68	1.68	0.73	N/A	0.0097	0.0097	0.0052	0.286	0.2224	-938.8%	-	15	264

Financial Quarter Balance Sheet Open in New Window

year	qrt	Investment properties (A-0)	Cash and cash equivalents (A-1)	Deposits with licensed banks (A-1)	Other receivables, deposits and prepayments (A-1)	Trade receivables (A-1)	Derivative financial liabilities (L-0)	Loans & borrowings (L-0)	Tenants deposits (L-0)	Derivative financial liabilities (L-1)	Loans & borrowings (L-1)	Payables and accruals (L-1)	Provision for income distribution (L-1)	Tenancy deposits (L-1)	Trade and other payables (L-1)
2012	4	642500	348	1600	730	26	2413	105500	12917	-	8570	1783	-	1740	303
2012	3	606915	421	1100	1370	106	2721	105500	7577	-	17870	1808	-	7087	298
2012	2	607153	1374	300	513	247	3055	105500	5959	-	10900	2151	-	8740	470
2012	1	607153	161	300	1375	379	1789	105500	13210	66	19480	2059	-	1052	320
2011	4	607153	385	300	560	54	2725	105500	11447	205	11000	2438	-	2860	324
2011	3	604440	221	300	2354	78	2295	105500	9747	205	19900	1604	-	4244	334
2011	2	604440	156	300	893	44	318	105500	11066	129	11900	2064	-	3069	308
2011	1	604440	158	300	1722	184	251	105500	9394	77	21800	1183	-	4233	344
2010	4	604440	352	300	460	87	379	-	10094	110	118600	1748	-	3475	283

Financial Quarter Income Statement Open in New Window

year	qrt	Revenue	Cost of sales	Finance/interest costs	Other income	Administrative/Operating expenses	Finance/interest income	Associates fees	Net appreciation on fair values of investment properties	Fair value gain on derivative financial instruments	Other expenses
2012	4	13936	-	1367	12	70	20	630	35585	309	2866
2012	3	14029	-	1373	5	105	19	683	-	333	2616
2012	2	12931	-	1332	10	45	13	750	-	1200	2707
2012	1	13588	-	1279	6	36	12	775	-	1076	2662
2011	4	13528	-	1335	6	20	11	617	-	430	2754
2011	3	13307	-	1366	1	29	11	684	-	2054	2656
2011	2	12272	-	1281	12	25	11	726	-	118	2689
2011	1	12849	-	1201	17	48	7	748	-	160	2537
2010	4	13104	-	1250	17	25	7	599	-	184	2954

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