KLCI Stock - MAS / 3786 - 2012 Quarter 2

MALAYSIAN AIRLINE SYSTEM BERHAD


Company Description

MALAYSIAN AIRLINE SYSTEM BERHAD is engaged in the business of air transportation and the provision of related services. As of December 31, 2007, it operated over 100 aircrafts, and the fleet dominated by Boeing 737s, 747s and 777s. It operates in two business segments. The Airline operations segment is engaged in the operation of aircraft for passenger. The Cargo services segment is engaged in the operation of aircraft for cargo and mail services. The Company is also engaged in hotel operations, catering, engineering, computerized reservation services, coach transportation, trucking and warehousing services, retailing of goods, terminal charges, and tour and travel-related activities. The Company flies 42,000 passengers to over 100 destinations across six continents everyday. In September 2007, the Company incorporated and purchased Malaysian Aerospace Engineering Sdn. Bhd., MASWings Sdn. Bhd., and FlyFirefly Holiday Sdn. Bhd. In December 2008, it acquired Kelip-kelip Labuan Limited.

Company Info 

Listing Date	1985-12-16
Market Capital (Capital Size)	3,676,371,864 (Large)
Par Value	RM 1.00
Board	Main
Sector	Trading/Services
Major Industry	Air Transportation
Sub Industry	Air Cargo
Website	http://www.malaysiaairlines.com

My Analysis 

Forecast P/E now	N/A
Target Price	> 1.14 (SMA 100)
Decision	Short term BUY if stock price continue strong sustain above SMA50
Comment	Revenue increased 5.2% but lower than preceding year corresponding quarter 6.2%, eps increased 103.3% loss but decreased 33.7% loss than preceding year corresponding quarter, use disposal cash to cover operating expenses and use got more than enough cash generated from financing to cover investing expenses, operating loss reducing, liquidity ratio still indicate very weak financial strength, although gearing ratio got improved but still indicate weak financial leverage, all collection/repayment perid is good, temporary benefit from oil price below 100 but currently is increasing back
First Support Price	1.02
Second Support Price	0.9
Risk Rating	HIGH

Research House

ECM Target Price	1 (2012-04-06)
Jupiter Target Price	1.3 (2012-05-31)
AMMB Target Price	1.25 (2012-06-13)
HLG Target Price	0.92 (2012-08-15)
HwangDBS Target Price	0.9 (2012-08-15)
Kenanga Target Price	1.02 (2012-08-15)
Maybank Target Price	1.2 (2012-08-15)
MIDF Target Price	1.16 (2012-08-15)
OSK Target Price	1.38 (2012-08-15)
RHB Target Price	1 (2012-08-15)
TA Target Price	1.23 (2012-08-15)

Accounting Ratio 

Return on Equity	-98.94%
Dividend Yield	-
Gross Profit Margin	0.00%
Operating Profit Margin	-3.17%
Net Profit Margin	-10.81%
Tax Rate	-
Asset Turnover	0.8726
Net Asset Value Per Share	0.45
Net Tangible Asset per share	0.4
Price/Net Tangible Asset Per Share	2.67
Cash Per Share	0.59
Liquidity Current Ratio	0.3893
Liquidity Quick Ratio	0.3517
Liquidity Cash Ratio	0.2078
Gearing Debt to Equity Ratio	9.256
Gearing Debt to Asset Ratio	0.9016
Working capital per thousand Ringgit sale	-43.5%
Days to sell the inventory	8
Days to collect the receivables	37
Days to pay the payables	109

Technical Analysis 

SMA 10	1.045 (Uptrend)
SMA 20	1.052 (Downtrend 39 days)
SMA 50	1.088 (Downtrend)
SMA 100	1.143 (Downtrend)
SMA 200	1.284 (Downtrend)
MACD (26d/12d)	-0.007573 ( 0.004935 )
Signal (9)	-0.014118 ( 0.001636 )
MACD Histogram	0.006545 (Bullish trend 4 days)
Bolinger Upper Band	1.115
Bolinger Lower Band	0.989

My notes based on 2012 quarter 2 report (number in '000):-
- Lower revenue than FY11Q2 due to decrease in operating revenue in Cargo Services was due to 15% decline of load tonnage and 16% decline of capacity and lower loss was due to lower non-fuel cost by 9% and a decrease in fuel cost by 8% in which average fuel cost has decreased from USD140 per barrel to USD 132 per barrel

- Higher revenue than FY12Q1 mainly from passenger revenue and fuel surcharge

- No estimate next 4Q eps after 2012 Q2 result announced, mainly use stock price chart technical analysis to trade
- Estimate next 4Q eps after 2011 Q3 result announced = 0.128*0.9 = 0.1152, estimate PE on current price 1.3 = 11.28
- Estimate next 4Q eps after 2011 Q2 result announced = (0.067*3)-0.073 = 0.128, estimate highest/lowest PE = 12.66/9.61
- Estimate next 4Q eps after 2011 Q1 result announced = 0.07, estimate highest/lowest PE = 27.86/19.14

MAS latest news (English)

MAS latest news (Chinese)

Financial Quarter Summary

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	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
2012-08-14	2012	2	N/A	N/A	-	33.07%	49.33%	3216666	6282426	347735	517065	349248	521042	0.1045	0.1559	15333258	13825011	14627	1508247	364267	1774032	3068978	958814	2138299	930679	1889493	3342156	3342156	3576106	2012-06-30	-	3.17%	10.81%	-	0.8726	-	0.45	0.4	2.67	0.59	0.3893	0.3517	0.2078	9.256	0.9016	-43.5%	8	37	109
2012-05-22	2012	1	1.2	1.02	-	16.27%	16.27%	3058790	3058790	169330	169330	171793	171793	0.0514	0.0514	13788353	12851980	14057	936373	202446	577711	1175031	958814	780157	394874	1353688	3342156	3342156	3408999	2012-03-31	-	10.03%	5.54%	-	0.9858	-	0.28	0.22	4.64	0.43	0.3753	0.3315	0.1684	13.9345	0.9321	-39.0%	8	36	107
2012-02-29	2011	4	1.41	1.02	-	36.11%	71.35%	3611570	13653894	1303683	2512884	1277384	2523988	0.3822	0.7552	12499476	11443329	13639	1056147	592342	2168632	1796011	1923777	2760974	964963	958814	3342156	3342156	4779283	2011-12-31	-	36.57%	36.10%	-	1.094	-	0.31	0.27	5.3	0.33	0.3862	0.3354	0.1564	10.9767	0.9155	-32.0%	8	34	104
2011-11-21	2011	3	1.74	1.25	-	13.50%	35.24%	3492873	10063445	461540	1209202	477585	1246604	0.1429	0.3730	12333078	10010710	15046	2322368	516408	1258478	819612	1923777	1774886	955274	968503	3342156	3342156	4545332	2011-09-30	-	10.06%	13.21%	-	1.1072	-	0.69	0.65	2.09	0.34	0.5095	0.4289	0.197	4.3387	0.8117	-20.6%	12	35	108
2011-08-23	2011	2	1.62	1.23	-	14.89%	21.74%	3428673	6570572	509411	747662	526680	769019	0.1576	0.2301	12436437	9643580	14473	2792857	279864	514877	398914	1923777	794741	395827	1527950	3342156	3342156	5481135	2011-06-30	-	12.03%	14.86%	-	1.0841	-	0.83	0.79	2.08	0.51	0.6166	0.5414	0.2863	3.4709	0.7754	-16.8%	12	41	115
2011-05-25	2011	1	1.95	1.34	-	6.85%	6.85%	3141899	3141899	238251	238251	242339	242339	0.0725	0.0725	12730691	9407853	13727	3322838	205661	457022	446869	1923777	662683	215814	1707963	3342156	3342156	5280606	2011-03-31	-	8.51%	7.58%	-	1.0379	-	0.99	0.95	1.66	0.56	0.6537	0.5812	0.3208	2.843	0.739	-15.3%	11	41	116
2011-02-23	2010	4	2.01	1.58	-	32.61%	32.95%	3592010	12980447	264449	282036	232066	234469	0.0668	0.0725	12432076	8894832	13078	3537244	147958	3594354	2920811	2449362	3446396	525585	1923777	3476501	3234778	6953002	2010-12-31	-	3.82%	7.36%	12.05%	1.0441	27.5924	1.09	1.05	1.9	0.64	0.7361	0.6573	0.4067	2.524	0.7155	-11.1%	12	38	122
2010-11-25	2010	3	2.27	1.92	-	33.63%	1.20%	3319185	9388437	242160	23735	239319	8552	0.0688	0.0027	12006591	8717483	13917	3289108	96540	2970183	2542401	2449362	3066723	524322	1925040	3476501	3198985	7161592	2010-09-30	-	3.70%	7.30%	0.90%	1.0501	-	1.02	0.99	2.08	0.65	0.7243	0.6514	0.4054	2.6617	0.7261	-12.2%	12	40	126
2010-08-16	2010	2	2.42	2.02	-	75.15%	31.58%	3159834	6069251	532591	212340	534729	224682	0.1600	0.0718	11939815	8785024	13552	3154791	287759	2743192	2594981	2449003	3030951	435970	2013033	3342156	3127742	7620115	2010-06-30	-	9.04%	16.86%	-	1.0203	-	1.0	0.97	2.35	0.75	0.7869	0.7128	0.4627	2.7967	0.7358	-9.5%	12	41	127
2010-05-17	2010	1	2.31	1.83	-	43.57%	43.57%	2909417	2909417	320251	320251	310047	310047	0.1035	0.1035	11993740	8330050	12384	3663690	468419	1968284	2527187	2449362	2436703	90484	2539846	2995623	2995623	6170983	2010-03-31	-	9.95%	11.01%	3.03%	0.9588	-	1.22	1.18	1.75	1.06	1.0046	0.9209	0.6239	2.2814	0.6945	0.2%	13	48	126
2010-02-22	2009	4	2.39	1.83	-	14.53%	11.68%	3219520	11309855	568733	461990	609704	490197	0.3471	0.2864	8548286	7836724	11869	711562	1647575	293841	862473	2940623	1353734	491261	2449362	1756566	1711582	3337475	2009-12-31	-	0.12%	17.67%	-	1.319	6.6341	0.41	0.34	5.59	1.68	0.8511	0.7819	0.5309	11.2002	0.9168	-7.3%	12	45	133
2009-11-25	2009	3	3.18	1.8	-	7.14%	2.85%	2893860	8090335	297065	106743	299623	119507	0.1793	0.0715	8195905	8059436	13334	136469	1847365	62183	334660	2940623	1785182	1450522	1490101	1671078	1671061	5180341	2009-09-30	-	2.53%	10.27%	-	1.4421	-	0.07	0.01	310.0	1.45	0.7403	0.676	0.3933	65.452	0.9833	-13.6%	12	54	138
2009-08-06	2009	2	3.35	2.9	-	20.85%	4.28%	2477282	5165109	896146	189904	874944	179698	0.4965	0.1075	8479939	8047518	12615	432421	1476570	63718	278549	2940623	1412852	1134303	1806320	1762305	1671052	5463145	2009-06-30	-	17.18%	36.17%	2.28%	1.5187	-	0.25	0.19	16.32	1.61	0.7343	0.6788	0.4298	19.1696	0.949	-13.6%	10	47	128
2009-06-12	2009	1	3.22	2.88	-	16.64%	16.64%	2684387	2684387	709541	709541	698546	698546	0.4180	0.4180	9132138	9578863	11870	-446725	914165	239381	189746	2940623	674784	485038	2455585	1671042	1671042	5447596	2009-03-31	-	5.26%	26.43%	-	1.5395	-	-0.27	-0.34	-9.59	2.11	0.888	0.8272	0.5532	-20.8874	1.0489	-5.1%	10	43	119
2009-02-26	2008	4	3.42	2.37	-	1.17%	6.19%	3764132	15035303	49841	264661	46180	244190	0.0276	0.1461	10071596	5874620	11278	4196976	623651	1359713	489649	4434338	1983364	1493715	2940623	1671002	1670996	4511705	2008-12-31	-	1.76%	1.32%	6.46%	1.4928	18.4761	2.5	2.44	1.11	2.61	1.3664	1.2887	0.8935	1.4035	0.5833	11.9%	9	47	90
2008-11-28	2008	3	3.32	2.49	-	0.97%	5.02%	3952286	11271170	19683	214942	38093	198132	0.0215	0.1117	10345842	6203557	11999	4142285	433543	808341	377616	4434338	1241884	864268	3570070	1774147	1774172	4541816	2008-09-30	-	1.12%	0.50%	-	1.4816	-	2.33	2.27	1.13	2.72	1.412	1.3357	0.9161	1.502	0.5996	14.2%	10	51	102
2008-08-18	2008	2	3.8	2.5	-	1.01%	4.06%	3657738	7318885	60970	195259	39978	160039	0.0225	0.0902	10406544	6314386	11525	4092158	13508	372874	96	4434338	359366	359462	4074876	1774140	1774140	6386904	2008-06-30	-	1.68%	1.67%	34.43%	1.4543	-	2.3	2.24	1.61	2.86	1.4018	1.3274	0.9313	1.5474	0.6068	14.5%	10	51	117
2008-05-20	2008	1	4.0	2.94	-	3.04%	3.04%	3661147	3661147	134289	134289	120061	120061	0.0677	0.0677	10032947	5964670	11525	4068277	64114	129098	96	4434338	193212	193308	4241030	1774140	1774140	6564318	2008-03-31	-	3.58%	3.67%	10.25%	1.4813	-	2.29	2.23	1.66	2.89	1.4479	1.3745	1.0061	1.4703	0.5945	15.4%	10	45	111
2008-02-25	2007	4	4.48	3.22	0.025	12.81%	45.08%	4056783	14630231	247032	882333	241925	851418	0.1541	0.5424	10061981	6116032	11056	3945949	2370586	507274	986327	1584699	1863312	2849639	4434338	1569861	1569861	6875991	2007-12-31	-	6.88%	6.09%	1.93%	1.4581	8.0759	2.51	2.44	1.8	3.13	1.3499	1.2804	0.9359	1.5543	0.6078	12.5%	9	45	118
2007-11-26	2007	3	5.1	4.26	-	19.27%	32.27%	3758443	10614222	373666	635301	363935	609493	0.2602	0.4358	8489381	5971534	15265	2517847	1272184	427452	52233	1584699	1699636	1647403	3232102	1398620	1398620	6405679	2007-09-30	-	2.77%	9.94%	2.44%	1.6804	-	1.79	1.72	2.66	2.31	1.0788	1.0092	0.5907	2.3861	0.7034	3.0%	10	57	113
2007-08-27	2007	2	5.4	4.42	-	5.97%	13.00%	3385232	6855779	118942	261635	112848	245558	0.0807	0.1756	8041755	5908408	14817	2133347	791875	355979	51253	1584699	1147854	1096601	2681300	1398620	1398620	6713376	2007-06-30	-	1.44%	3.51%	5.17%	1.3065	-	1.51	1.45	3.31	1.92	1.0167	0.9405	0.4958	2.7889	0.7347	0.9%	15	78	174
2007-05-28	2007	1	N/A	N/A	-	7.03%	7.03%	3470547	3470547	142693	142693	132710	132710	0.0949	0.0949	7357965	5329564	14869	2028401	373096	61880	51102	1584699	311216	260114	1844813	1398620	1398620	8042065	2007-03-31	-	3.72%	4.11%	6.70%	0.9679	-	1.44	1.39	4.14	1.31	0.9755	0.895	0.3791	2.6469	0.7243	-1.7%	21	100	228
2007-02-26	2006	4	N/A	N/A	-	N/A	N/A	3650936	13067175	143082	73119	121472	136432	0.0869	0.0975	7025882	5137211	15246	1888671	141085	503024	1049399	1179409	644109	405290	1584699	1398620	1398620	6545541	2006-12-31	-	2.52%	3.92%	14.71%	0.5196	-	1.34	1.28	3.66	1.13	0.7408	0.6657	0.3086	2.7421	0.7312	-36.5%	40	178	381

Financial Quarter Balance Sheet

year	qrt	Amount due from associated companies (A-0)	Deferred tax assets (A-0)	Intangible assets (A-0)	Investment in associated companies (A-0)	Investment in jointly controlled entity (A-0)	Negotiable instruments of deposit (A-0)	Other assets (A-0)	Other investments (A-0)	Prepaid lease payments (A-0)	Property, plant and equipment (A-0)	Receivables (A-0)	Amount due from associated companies (A-1)	Cash and cash equivalents (A-1)	Current asset classified as held for sales (A-1)	Current tax assets (A-1)	Derivative financial assets (A-1)	Inventories (A-1)	Negotiable instruments of deposit (A-1)	Other receivables (A-1)	Trade receivables (A-1)	Deferred income (L-0)	Deferred tax liabilities (L-0)	Derivative financial liabilities (L-0)	Loans & borrowings (L-0)	Amount due to associated companies (L-1)	Current tax liabilities (L-1)	Deferred income (L-1)	Derivative financial liabilities (L-1)	Dividend payable (L-1)	Loans & borrowings (L-1)	Other payables (L-1)	Provisions (L-1)	Sales in advance of carriage (L-1)	Trade and other payables (L-1)	Minority interest (M-1)
2012	2	-	850	168679	123264	-	-	-	54599	-	10990858	286318	-	1979797	-	8955	1311	358332	-	-	1360295	-	172	28821	4268690	-	897	234226	62680	-	3767899	-	1147206	1752261	2562159	14627
2012	1	-	765	171254	126355	-	-	-	54599	-	9938533	316134	-	1427399	-	7620	18679	370981	-	-	1356034	-	198	17250	4359543	-	1917	220500	-	-	2634155	-	1133465	1557473	2927479	14057
2011	4	-	765	151757	120043	-	-	-	54599	-	9073907	343582	-	1014464	-	8865	-	362267	101073	-	1268154	-	198	18566	4290583	-	1437	205307	9820	-	1379411	-	1188165	1705943	2643899	13639
2011	3	-	1219	133140	106006	2791	-	-	54599	-	8699413	415321	-	1024091	-	10962	-	462173	105272	-	1318091	-	29187	27427	4221859	-	1578	281128	34474	-	557631	-	880329	1807806	2169291	15046
2011	2	-	1219	127764	105356	8647	-	-	54604	-	8052271	449275	-	1583500	-	7682	-	443440	105260	-	1497419	254094	199	8549	3481724	-	16182	-	19189	-	643583	-	874235	2178609	2167216	14473
2011	1	-	2475	132313	107577	11582	-	-	54604	-	8160766	453667	-	1763471	-	12746	14499	422362	105272	-	1489357	-	2	9147	3573813	-	4049	247079	-	-	577479	-	943082	1844178	2209024	13727
2010	4	-	3495	137732	101804	2360	-	-	54604	-	7663357	442575	-	2085451	-	19436	-	430849	139206	-	1351207	-	2	10155	3414913	-	3614	232823	108080	-	293867	-	934967	1677346	2219065	13078
2010	3	-	33838	115611	94737	429	-	232167	53953	273558	7165488	-	-	2120760	-	-	-	406494	138766	-	1370790	-	2	77175	3066885	-	3581	-	343104	-	229686	-	1049385	1946620	2001045	13917
2010	2	-	33760	120561	85987	-	-	241214	53952	291678	6843282	-	-	2270323	-	-	-	402018	240242	-	1356798	-	-	177844	3181666	-	3622	-	426995	-	227602	-	929474	1852930	1984891	13552
2010	1	-	32847	126983	82756	-	-	238284	53952	325769	5997690	-	-	2796778	-	-	-	427830	392376	-	1518475	-	-	205043	3013227	-	3000	-	323586	-	249762	-	803034	1752047	1980351	12384
2009	4	-	34026	110041	78976	1798	-	223797	53952	179983	3132584	-	-	2664859	-	-	-	384916	287466	-	1395888	-	-	271778	2004062	-	3696	-	584787	-	315518	-	902295	1676536	2078052	11869
2009	3	-	2658	104095	69953	-	-	224838	56520	180103	2983008	-	-	1725435	-	-	-	397357	705070	-	1746868	-	1695	649718	1228455	-	11066	-	938317	-	544478	-	937562	1442911	2305234	13334
2009	2	-	2657	105277	76253	-	100000	243132	55210	198438	2850447	-	-	2133076	-	-	-	366357	704846	-	1644246	-	1693	769901	672722	-	11278	-	832990	-	1042297	-	878199	1446514	2391924	12615
2009	1	-	19811	107429	76930	-	250000	210426	59096	208892	2546479	-	-	2941530	-	-	83097	386987	579909	-	1661552	-	-	2544601	668318	-	11475	-	866335	-	945844	-	819862	1137341	2585087	11870
2008	4	-	1348	106253	73268	-	250000	213092	64946	219854	2464823	-	-	3571743	-	-	-	379730	795000	-	1931539	-	1693	-	985577	-	5001	-	-	-	433411	-	817703	1222410	2408825	11278
2008	3	210406	3771	107457	69527	-	-	-	64946	17478	2360220	75276	18978	4825069	1076	63996	-	401781	-	980177	1145684	-	-	-	936650	-	13412	-	-	-	363342	1003425	742150	1508821	1635757	11999
2008	2	226973	3771	111571	65337	-	-	-	66325	17519	2179390	89228	-	5079876	1112	60142	-	405815	-	884203	1215282	-	-	-	859672	539	34526	-	-	41774	-	1059186	713181	1787123	1818385	11525
2008	1	235153	3516	103516	63403	-	-	-	66325	17566	2079868	72328	-	5136030	1636	60159	-	374980	-	712178	1106289	-	315	-	859672	52277	16387	-	-	-	-	1116743	729160	1462723	1727393	11525
2007	4	243377	4007	103162	58447	-	340000	-	66325	17613	2060879	72878	-	4434338	2740	-	-	365266	485000	-	1807949	-	315	-	859672	-	4432	-	-	-	-	-	681828	1563394	3006391	11056
2007	3	255110	22601	102775	64997	-	-	-	69973	341879	1729444	-	-	3232102	683	52049	-	381239	-	1171954	1064575	-	315	-	500000	54949	19757	-	-	-	500000	925817	662667	1395152	1912877	15265
2007	2	268826	30084	91303	57923	-	-	-	68903	345750	1680478	-	-	2681300	99656	50340	-	412049	-	1031301	1223842	-	315	-	500000	46418	19568	-	-	-	500000	1338882	-	1551419	1951806	14817
2007	1	288687	34155	72085	68306	-	-	-	103850	-	2080434	-	-	1830536	489108	46717	-	388710	-	942920	1012457	-	1053	-	500000	29601	20593	-	-	-	500000	1227524	-	1210664	1840129	14869
2006	4	295860	41828	80362	67461	-	-	-	102701	91824	2411537	129410	-	1584699	10647	45608	-	385769	-	753596	1024580	-	1277	-	-	72031	20458	-	-	-	1050000	719466	347714	1202060	1724205	15246

Financial Quarter Income Statement

year	qrt	Revenue	Income tax expense	Finance/interest costs	Other income	Administrative/Operating expenses	Minority interest	Share of profit/ (loss) of associates	Discontinued operation	Foreign exchange (loss)/gain	After tax effect of finance cost on RCPS	Derivative (loss)/gain	Share of net profit of jointly controlled entity	Gains on sale of properties	Residual value sharing on sale of aircraft by Penerbangan Malaysia Berhad	Domestic rationalisation expenses and redundancy expenses	Compensation for domestic rationalisation
2012	2	3216666	943	62772	84408	3402992	570	5206	-	-	172974	15277	-	-	-	-	-
2012	1	3058790	2045	44602	55899	3421574	418	6313	-	-	199622	23778	-	-	-	-	-
2011	4	3611570	26818	43938	66606	4998766	519	14216	-	-	21730	27691	2792	-	-	-	-
2011	3	3492873	15472	41663	72168	3721370	573	7565	-	195075	-	70183	5855	-	-	-	-
2011	2	3428673	16347	35452	56552	3897738	922	2221	-	-	-	56085	3140	-	-	-	-
2011	1	3141899	3439	38372	52201	3461505	649	5773	-	-	-	64570	2817	-	-	-	-
2010	4	3592010	31854	32439	81128	3535807	529	7704	-	-	6148	143774	1931	-	-	-	-
2010	3	3319185	2176	45029	80384	3276913	665	13013	-	-	6086	155714	10280	-	-	-	-
2010	2	3159834	970	33044	53101	3498554	1168	3231	-	-	-	217159	0	-	-	-	-
2010	1	2909417	9689	27890	392550	3012463	515	3780	-	-	-	56655	1798	-	-	-	-
2009	4	3219520	41824	24791	89270	3305016	853	9798	-	-	-	581693	1741	-	-	-	-
2009	3	2893860	1839	19998	67112	3034276	719	1704	-	-	-	202059	-	-	-	-	-
2009	2	2477282	20457	18045	69660	2972574	745	677	-	-	-	1340500	-	-	-	-	-
2009	1	2684387	11587	17440	38559	2864011	592	5965	-	-	-	557001	-	-	-	-	-
2008	4	3764132	3219	20058	102304	3800197	442	3647	-	-	-	-	-	13	-	-	-
2008	3	3952286	18884	30282	166992	4075001	474	5566	122	-	-	-	-	0	-	-	-
2008	2	3657738	20992	6864	115921	3712083	0	5805	-	-	-	-	-	453	-	-	-
2008	1	3661147	13759	3565	87293	3617486	469	4956	-	-	-	-	-	1944	-	-	-
2007	4	4056783	4779	11105	80722	3858422	328	2627	0	-	-	-	-	1198	19517	-	-
2007	3	3758443	9105	9605	83986	3738326	626	7140	258	-	-	-	-	51729	220557	-	-
2007	2	3385232	6145	13144	54379	3390954	51	3538	37317	-	-	-	-	34282	8292	-	-
2007	1	3470547	9560	13032	57247	3398677	423	4520	4362	-	-	-	-	17726	-	-	-
2006	4	3650936	21044	12077	64740	3623648	566	7537	961	-	-	-	-	20926	35629	0	0

Financial Quarter Segments Revenue

year	qrt	Others	Elimination/Adjustment	Airlines Operations	Cargo Services	Catering services
2012	2	53679	362324	3066082	466199	-
2012	1	16040	341464	2952961	431253	-
2011	4	26038	373180	3414312	523279	-
2011	3	38139	339207	3304318	489623	-
2011	2	18314	276510	3156860	530009	-
2011	1	22082	266283	2875886	510214	-
2010	4	28911	278194	3225041	616252	-
2010	3	25008	284164	2999506	578836	-
2010	2	28919	320072	2825450	625537	-
2010	1	25322	251381	2599371	536105	-
2009	4	27541	232045	2868732	634571	-
2009	3	24081	212495	2614822	450594	-
2009	2	22737	195947	2273810	380122	-
2009	1	23412	195026	2496766	359235	-
2008	4	15127	280953	3408696	618300	2962
2008	3	23516	377291	3636846	668407	2601
2008	2	24724	275897	3222053	678940	2529
2008	1	22784	248404	3261560	625336	2405
2007	4	15383	292697	3557159	727070	2727
2007	3	27328	262937	3402277	701546	2528
2007	2	25831	259426	3079624	647933	2546
2007	1	22159	225800	3171356	610503	2506
2006	4	37120	262291	3157006	773484	2859

Financial Quarter Segments Profit

year	qrt	Others	Elimination/Adjustment	Airlines Operations	Cargo Services	Catering services
2012	2	29625	5205	262987	60328	-
2012	1	1512	6313	172916	4239	-
2011	4	669	7676	1213962	98065	-
2011	3	1480	19623	506955	24312	-
2011	2	5454	46886	502428	34449	-
2011	1	2851	18947	280571	20522	-
2010	4	3563	84679	143100	26959	-
2010	3	2757	2720	195856	40182	-
2010	2	7648	10635	578858	49254	-
2010	1	4963	3009	292983	25314	-
2009	4	21423	38881	560262	21430	-
2009	3	1186	3537	257939	36932	-
2009	2	2671	13231	958348	48343	-
2009	1	1526	5953	620156	84958	-
2008	4	350	13675	93815	14148	610
2008	3	2483	2721	119327	75397	585
2008	2	34	4786	17775	48403	603
2008	1	4365	-	64799	63533	201
2007	4	8894	39095	225459	64771	735
2007	3	508	360	348188	27715	338
2007	2	4178	114266	154616	15079	476
2007	1	3676	5342	112124	18617	108
2006	4	661	34778	63693	65456	963

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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ARCHIVES

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●CHANGES IN SHAREHOLDING

KLCI Stock - MAS / 3786 - 2011 Quarter 3

Company Info

Market Capital (Capital Size)	4,344,803,112 (Large)
Par Value	RM 1.00

My Analysis

Forecast P/E now	1.3/0.1152 = 11.28 (Moderate)
Target Price	0.1152*12.0 = 1.38 (PE 12.0, EPS 0.1152)
Decision	Not interested unless stock price below 1.2 or got strong buy volume vs sell volume
Comment	Revenue increased 1.9% and was second consecutive quarter increasing and also higher than preceding year corresponding quarter 5.2%, eps decreased 9.3% loss but increased 307.7% loss than preceding year corresponding quarter, no cash generated from operating but cash generated from financing enough to cover operating expenses and still spent 49.7% of Group cash to cover investing expenses, weaker liquidity ratio at weak level now, higher gearing ratio at very high level now, all accounting ratio are good, affecting by oil price increasing
First Support Price	1.3
Second Support Price	1.2
Risk Rating	HIGH

Research House

Kenanga Target Price	2.2 (2011-08-08)
HwangDBS Target Price	1.55 (2011-08-10)
MIDF Target Price	1.6 (2011-08-24)
CIMB Target Price	1.6 (2011-09-20)
ECM Target Price	1 (2011-11-22)
OSK Target Price	0.96 (2011-11-23)
RHB Target Price	1.04 (2011-11-23)
HLG Target Price	1.19 (2011-12-08)
Maybank Target Price	1.55 (2011-12-08)
TA Target Price	1.33 (2011-12-08)

Accounting Ratio

Return on Equity	-47.12%
Dividend Yield	-
Profit Margin	-13.21%
Tax Rate	-
Asset Turnover	1.1072
Net Asset Value Per Share	0.69
Net Tangible Asset per share	0.65
Price/Net Tangible Asset Per Share	2.09
Cash Per Share	0.34
Liquidity Current Ratio	0.5095
Liquidity Quick Ratio	0.4289
Liquidity Cash Ratio	0.197
Gearing Debt to Equity Ratio	4.3387
Gearing Debt to Asset Ratio	0.8117
Working capital per thousand Ringgit sale	-20.6%
Days to sell the inventory	12
Days to collect the receivables	35
Days to pay the payables	107

Technical Analysis

SMA 20	1.312 (Downtrend 2 days)
SMA 50	1.365 (Downtrend)
SMA 100	1.436 (Downtrend)
SMA 200	1.539 (Downtrend)
MACD	-0.036053 (Uptrend 6 days)
MACD Histogram	-0.000036 (Downtrend 26 days)

My notes based on 2011 quarter 3 report (number in '000):-
- The loss is attributable to higher fuel cost, derivative loss of RM70 million and unrealised foreign exchange loss of RM195 million

- Estimate next 4Q eps after 2011 Q3 result announced = 0.128*0.9 = 0.1152, estimate PE on current price 1.3 = 11.28
- Estimate next 4Q eps after 2011 Q2 result announced = (0.067*3)-0.073 = 0.128, estimate highest/lowest PE = 12.66/9.61
- Estimate next 4Q eps after 2011 Q1 result announced = 0.07, estimate highest/lowest PE = 27.86/19.14

MAS latest news (English)

MAS latest news (Chinese)

KLCI Stock - MAS / 3786 - 2011 Quarter 2

Company Info

Market Capital (Capital Size)	4,378,224,674 (Large)
Par Value	RM 1.00

My Analysis

Forecast P/E now	1.31/0.128 = 10.23 (Moderate)
Target Price	0.128*12.0 = 1.54 (PE 12.0, EPS 0.128)
Decision	Not interested unless stock price sustain above 1.4
Comment	Revenue increased 9.1% and also higher than preceding year corresponding quarter 8.5%, eps decreased 117.4% and was third consecutive quarter decreasing and but reduced loss of 1.5% than preceding year corresponding quarter, no cash generated from operating hence generated cash from financing and spent 20.6% of Group cash to cover other expenses, weaker liquidity ratio at weak level now, higher gearing ratio at very high level now, payables ratio slightly high, benefit from oil price decreasing
First Support Price	1.3
Second Support Price	1.2
Risk Rating	HIGH

Research House

Kenanga Target Price	2.2 (2011-08-08)
HwangDBS Target Price	1.55 (2011-08-10)
RHB Target Price	1.98 (2011-08-16)
Maybank Target Price	2.7 (2011-08-22)
ECM Target Price	1.3 (2011-08-24)
MIDF Target Price	1.6 (2011-08-24)
TA Target Price	1.5 (2011-08-24)
CIMB Target Price	1.6 (2011-09-20)
HLG Target Price	1.19 (2011-10-03)
OSK Target Price	1.15 (2011-10-03)

Accounting Ratio

Return on Equity	-13.89%
Dividend Yield	-
Profit Margin	-14.86%
Tax Rate	-
Asset Turnover	1.0841
Net Asset Value Per Share	0.83
Net Tangible Asset per share	0.79
Price/Net Tangible Asset Per Share	2.08
Cash Per Share	0.51
Liquidity Current Ratio	0.6166
Liquidity Quick Ratio	0.5414
Liquidity Cash Ratio	0.2863
Gearing Debt to Equity Ratio	3.4709
Gearing Debt to Asset Ratio	0.7754
Working capital per thousand Ringgit sale	-16.8%
Days to sell the inventory	11
Days to collect the receivables	41
Days to pay the payables	112

My notes based on 2011 quarter 2 report (number in '000):-
- The higher loss is attributable to higher fuel cost and derivative loss of RM56 million

- The revenue growth was attributable to 12% growth in passenger load at the back of 10% capacity growth, improved seat factor by 1.5 percentage point to 75.5% and 1% improvement in passenger yield

- Estimate next 4Q eps after 2011 Q2 result announced = (0.067*3)-0.073 = 0.128, estimate PE on current price 1.31 = 10.23
- Estimate next 4Q eps after 2011 Q1 result announced = 0.07, estimate highest/lowest PE = 27.86/19.14

MAS latest news (English)

MAS latest news (Chinese)

KLCI Stock - MAS / 3786 - 2011 Quarter 1

Company Info

Market Capital (Capital Size)	4,779,283,423 (Large)
Par Value	RM 1.00

My Analysis

Forecast P/E now	1.43/0.07 = 20.43 (High)
Target Price	0.07*12.0 = 0.84 (PE 12.0, EPS 0.07)
Decision	Not interested unless oil price decrease
Comment	Revenue decreased 12.5% but higher than preceding year corresponding quarter 8%, eps decreased 208.5% and is second consecutive quarter decreasing and also lower than preceding year corresponding quarter 170%, no cash generated from operating and cash generated from financing not enough to cover all expenses, weaker liquidity ratio at weak level now, higher gearing ratio at very high level now, payables ratio slightly high, continue affecting by high oil price
First Support Price	1.35
Second Support Price	1.0
Risk Rating	HIGH

Research House

Maybank Target Price	1.8 (2011-05-23)
CIMB Target Price	1.52 (2011-05-26)
ECM Target Price	1.3 (2011-05-26)
HLG Target Price	1.27 (2011-05-26)
OSK Target Price	1.1 (2011-05-26)
MIDF Target Price	1.24 (2011-06-07)

Accounting Ratio

Return on Equity	-10.59%
Dividend Yield	-
Profit Margin	-7.58%
Tax Rate	-
Asset Turnover	1.0379
Net Asset Value Per Share	0.99
Net Tangible Asset per share	0.95
Price/Net Tangible Asset Per Share	1.66
Cash Per Share	0.56
Liquidity Current Ratio	0.6537
Liquidity Quick Ratio	0.5812
Liquidity Cash Ratio	0.3208
Gearing Debt to Equity Ratio	2.843
Gearing Debt to Asset Ratio	0.739
Working capital per thousand Ringgit sale	-15.3%
Days to sell the inventory	11
Days to collect the receivables	41
Days to pay the payables	114

My notes based on 2011 quarter 1 report (number in '000):-
- The Group recorded an operating loss due to higher operating expenses mainly from the increase in fuel cost and lower other operating income

- Estimate next 4Q eps after 2011 Q1 result announced = 0.07, estimate PE on current price 1.43 = 20.43

MAS latest news (English)

MAS latest news (Chinese)

KLCI Stock - MAS / 3786 - 2010 Quarter 3

Company Info

Market Capital (Capital Size)	6,985,106,541 (Very Large)
Par Value	RM 1.00

My Analysis

Forecast P/E now	2.09/0.24 = 8.71 (Moderate)
Target Price	0.24*12.0 = 2.88 (PE 12.0, EPS 0.24)
Decision	NOT BUY
Comment	Revenue is highest since FY09Q1 but still lower than FY08 and earlier, eps largely increased from preceding quarter and preceding year corresponding quarter, No free cash flow and no positive net cash flow, liquidity ratio decreasing at weak level now, high gearing ratio, all accounting period are acceptable compared to historical quarter
First Support Price	1.9
Second Support Price	1.8
Risk Rating	HIGH

Research House

TA Target Price	2.5 (2010-05-03)
AM Target Price	3.5 (2010-06-17)
CIMB Target Price	3 (2010-08-17)
Maybank Target Price	2.61 (2010-09-24)
RHB Target Price	2.31 (2010-10-27)
Hong Leong Target Price	2.27 (2010-11-09)
ECM Target Price	2.95 (2010-11-26)
OSK Target Price	1.58 (2010-11-26)
HwangDBS Target Price	2.01 (2010-12-13)

Accounting Ratio

Return on Equity	85.95%
Dividend Yield	-
Profit Margin	7.11%
Tax Rate	0.92%
Asset Turnover	1.0501
Net Asset Value Per Share	1.02
Net Tangible Asset per share	0.99
Price/Net Tangible Asset Per Share	2.08
Cash Per Share	0.65
Liquidity Current Ratio	0.7243
Liquidity Quick Ratio	0.6514
Liquidity Cash Ratio	0.4054
Gearing Debt to Equity Ratio	2.6617
Gearing Debt to Asset Ratio	0.7261
Working capital per thousand Ringgit sale	-12.2%
Days to sell the inventory	11
Days to collect the receivables	40
Days to pay the payables	110

My notes based on 2010 quarter 3 report (number in '000):-
- The Group recorded an operating profit of RM122.7 million for the third quarter ended 30 September 2010 (Quarter ended 30 September 2009: RM77.4 million loss) mainly due to higher operating revenue and improvement in its yield

- The Group recorded a profit after tax of RM233.9 million (Quarter ended 30 September 2009: RM299.1 million loss) after including amongst others, derivative gain of RM155.7 million (Quarter ended 30 September 2009: RM202.1 million loss)

- The Group recorded an operating profit for the quarter of RM122.7 million compared to operating loss of RM285.6 million in the previous quarter mainly due to higher operating revenue and improvement in its yield. The Group recorded a profit after tax of RM233.9 million after including amongst others, derivative gain of RM155.7 million for the quarter as compared to loss after tax of RM533.6 million in previous quarter

MAS latest news (English)

MAS latest news (Chinese)