KLCI Stock - MITRA / 9571 - 2012 Quarter 1

MITRAJAYA HOLDINGS BERHAD



Company Description

MITRAJAYA HOLDINGS BERHAD, along with its subsidiaries, is engaged in civil engineering; building and road construction works; property development and property management; renovation work; supply of construction materials; manufacturing and selling of premix; renting of plant and machinery; photorefractive keratectomy and related services; golf management; maintenance of properties; investment holdings and quarry operations. The Company’s five major business segments operate in two principal geographical areas: Malaysia and South Africa. In Malaysia, the Company is principally involved in the civil engineering, building and road construction works, and property development. In South Africa, the Company is principally involved in civil engineering, construction works, property development and golf management.

Company Info

Listing Date	1994-12-08
Market Capital (Capital Size)	227,011,288 (Small)
Par Value	RM 0.50
Board	Main
Sector	Construction
Major Industry	Property Development
Sub Industry	Civil Engineering
Website	http://www.mitrajaya.com.my/

My Analysis

Forecast P/E now	(0.56-0.05)/0.0722 = 7.06 (High)
Target Price	0.47+0.05 = 0.52 (PE 6.5, EPS 0.0722, DPS 0.05)
Decision	Not interested unless stock price can very strong sustain above SMA20 or wait got very strong buy volume than sell
Comment	Revenue decreased 46.8% and also lower than preceding year corresponding quarter 57.9%, eps decreased 75.8% and also lower than preceding year corresponding quarter 73.2%, cash generated from operating not enough to cover all financing expenses hence still continuing negative cash flow, operating margin decreasing, stronger liquidity ratio at moderate level now, lower gearing ratio at below moderate level now, lower debt ratio and far from historical high, inventory collection period very longer, higher property development cost can indicate more development in the progress and more land, lower inventory can indicate reduced properties held for sale, all primary segment business weakening
First Support Price	0.545
Second Support Price	0.53
Risk Rating	MODERATE

Research House

Jupiter Target Price

0.61 (2012-05-21)

Accounting Ratio

Return on Equity	10.68%
Dividend Yield	8.93%
Gross Profit Margin	0.00%
Operating Profit Margin	14.22%
Net Profit Margin	11.85%
Tax Rate	32.18%
Asset Turnover	0.4426
Net Asset Value Per Share	0.84
Net Tangible Asset per share	0.84
Price/Net Tangible Asset Per Share	0.68
Cash Per Share	0.02
Liquidity Current Ratio	2.7712
Liquidity Quick Ratio	0.702
Liquidity Cash Ratio	0.076
Gearing Debt to Equity Ratio	0.3918
Gearing Debt to Asset Ratio	0.2681
Working capital per thousand Ringgit sale	83.2%
Days to sell the inventory	462
Days to collect the receivables	100
Days to pay the payables	155

Technical Analysis

SMA 20	0.558 (Downtrend 7 days)
SMA 50	0.559 (Uptrend)
SMA 100	0.566 (Uptrend)
SMA 200	0.518 (Same)
MACD (26d/12d)	-0.001837 ( 0.00056 )
Signal (9)	-0.001985 ( 3.7e-05 )
MACD Histogram	0.000148 (Bullish trend 1 day)
Bolinger Upper Band	0.572
Bolinger Lower Band	0.544

My notes based on 2012 quarter 1 report (number in '000):-
- Lower revenue and profit from Construction segment mainly due to low construction activities and most of the construction projects were at the initial implementation stage which has low contributions

- Lower revenue and profit from Property development segment due to overall market condition for high-end property is rather soft which has affected the sales of Kiara 9 units and profit from South Africa investment has also reduced by half from RM1.1 mil to RM0.6 mil

- Manufacturing segment recognised loss due to low construction activities that affected the demand of quarry products

- Healthcare segment recognised loss mainly due to decline in sales revenue from Lasik eye treatment and depreciation on newly purchased operations equipment and amortisation of renovation cost for Penang Eye Hospital has increased the operational cost

- Estimate next 4Q eps after 2012 Q1 result announced = 355928*0.08/394564 = 0.0722, estimate PE on current price 0.56 = 7.06(DPS 0.05)
- Estimate next 4Q eps after 2011 Q4 result announced = 352485*0.1/386283 = 0.0912, estimate highest/lowest PE = 6.2/5.43 (DPS 0.05)
- Estimate next 4Q eps after 2011 Q3 result announced = (0.021+0.0285)*2*0.9 = 0.0891, estimate highest/lowest PE = 7.01/4.77 (DPS 0.03)
- Estimate next 4Q eps after 2011 Q2 result announced = 0.021*4*0.8 = 0.0672, estimate highest/lowest PE = 7.66/4.99 (DPS 0.03)
- Estimate next 4Q eps after 2011 Q1 result announced = (0.0796+0.0812)*2*1.1 = 0.3538, estimate PE on current price 2.43 = 6.53(DPS 0.12), after split & bonus & free warrants then eps = 0.1049, price = 0.81, PE = 7.34(DPS 0.04)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.36(due to receivables increased), estimate highest/lowest PE = 6.69/4.94 (DPS 0.12)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.28, estimate highest/lowest PE = 7.43/3.75 (DPS 0.1)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.2*0.7*2 = 0.28, estimate highest/lowest PE = 3.25/3 (DPS 0.1)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.12(average of 0.03 per quarter), estimate highest/lowest PE = 10.5/7.5 (DPS 0.1)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.08(average of 0.02 per quarter if no new big project secure for construction division), estimate highest/lowest PE = 15.13/7.63 (DPS 0.1)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.08, estimate highest/lowest PE = 9/7
- Estimate next 4Q eps after 2009 Q2 result announced = 0.08, estimate highest/lowest PE = 7.88/6.63
- Estimate next 4Q eps after 2009 Q1 result announced = 0.08, estimate highest/lowest PE = 7.44/5.38

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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
2012-05-29	2012	1	N/A	N/A	-	0.80%	0.80%	33386	33386	3956	3956	2833	2833	0.0072	0.0072	486328	130400	23115	355928	5352	2199	5808	7661	3153	2655	10316	394564	394564	224901	2012-03-31	-	14.22%	11.85%	32.18%	0.4426	-	0.84	0.84	0.68	0.02	2.7712	0.702	0.076	0.3918	0.2681	83.2%	462	100	155
2012-02-28	2011	4	0.615	0.545	0.05	3.68%	12.97%	62809	261253	13941	57478	11764	41413	0.0298	0.1072	495031	142546	23265	352485	54633	16509	43911	1800	38124	5787	7587	394567	386283	224903	2011-12-31	-	23.13%	22.20%	17.04%	0.5277	5.3167	0.85	0.84	0.68	0.02	2.6409	0.7826	0.0622	0.433	0.288	69.3%	372	107	144
2011-11-25	2011	3	0.655	0.455	-	3.53%	9.29%	58353	198444	17709	43537	11259	29649	0.0285	0.0773	502513	160220	23578	342293	46794	7793	41722	2071	39001	2721	4792	394567	383322	183473	2011-09-30	-	31.20%	30.35%	36.26%	0.5701	-	0.83	0.82	0.57	0.01	2.3231	0.8632	0.0209	0.5027	0.3188	57.4%	295	128	152
2011-08-25	2011	2	0.545	0.365	-	2.67%	5.76%	60717	140090	11862	25828	8530	18391	0.0670	0.1464	534464	185124	23550	349340	1014	1149	8307	2513	135	8442	10955	127282	125590	63641	2011-06-30	-	20.74%	19.54%	26.50%	0.5828	-	2.59	2.58	0.19	N/A	2.4525	1.0135	0.0021	0.5682	0.3464	66.3%	305	163	133
2011-05-27	2011	1	2.74	0.475	-	3.09%	3.09%	79373	79373	13965	13965	9858	9858	0.0796	0.0796	521783	181263	23362	340520	7613	379	7470	2488	7992	522	3010	123820	123820	297168	2011-03-31	-	18.39%	17.59%	27.19%	0.6666	-	2.56	2.54	0.94	0.05	2.4697	0.9935	0.0457	0.5715	0.3474	57.5%	273	131	107
2011-02-25	2010	4	2.53	1.9	0.12	3.50%	18.16%	88030	332723	16403	77122	9761	50706	0.0812	0.4211	508381	189062	23052	319319	39498	1942	38559	1763	37556	1003	2766	120195	120399	240390	2010-12-31	-	19.09%	18.63%	27.57%	0.6545	4.7489	2.46	2.44	0.82	0.04	2.2616	0.7846	0.0328	0.6381	0.3719	53.9%	302	114	125
2010-11-29	2010	3	2.18	1.15	-	5.70%	14.66%	83362	244693	22168	60718	15920	40945	0.1325	0.3380	491733	185119	20914	306614	35159	1665	35420	2082	33494	1926	4008	120195	121146	137022	2010-09-30	-	27.22%	26.59%	25.85%	0.8148	-	2.36	2.34	0.49	0.03	2.3945	0.7362	0.0299	0.6479	0.3765	46.8%	260	86	89
2010-08-26	2010	2	1.33	1.02	-	5.76%	8.96%	97046	161331	24705	38550	16090	25025	0.1339	0.2074	493995	192401	20396	301594	20194	1393	16178	2086	18801	2623	537	120199	120646	121400	2010-06-30	-	26.14%	25.46%	24.79%	0.7994	-	2.33	2.3	0.44	0.06	2.2258	0.7328	0.0565	0.6842	0.3895	42.5%	248	85	83
2010-05-26	2010	1	1.36	1.0	-	3.20%	3.20%	64285	64285	13845	13845	8936	8936	0.0738	0.0738	465775	179770	19480	286005	4591	1029	8177	2344	3562	4615	6959	121116	121116	129594	2010-03-31	-	22.04%	21.54%	27.30%	0.7638	-	2.2	2.17	0.49	0.02	2.2814	0.5699	0.0239	0.6745	0.386	43.4%	267	67	76
2010-02-23	2009	4	1.31	0.71	0.1	7.79%	18.01%	155953	326355	25422	60583	17837	41214	0.1460	0.3361	482193	202910	18350	279283	49384	47561	3569	8048	1823	5392	2656	122169	122613	83074	2009-12-31	-	16.64%	16.30%	21.25%	0.6768	2.023	2.13	2.1	0.32	0.05	1.8564	0.4882	0.0365	0.7776	0.4208	40.9%	295	78	107
2009-11-26	2009	3	0.72	0.56	-	8.31%	10.21%	77629	170402	28440	35161	19028	23379	0.1533	0.1875	461275	201258	16167	260017	25477	4528	14863	8122	20949	6086	2036	124123	124668	69508	2009-09-30	-	37.35%	36.64%	26.79%	0.4703	-	1.96	1.92	0.29	0.05	2.084	0.5839	0.0441	0.8253	0.4363	74.0%	453	134	166
2009-08-27	2009	2	0.63	0.53	-	1.33%	1.90%	57882	92773	4550	6721	3048	4351	0.0243	0.0346	454149	214783	14374	239366	1535	2139	1112	7891	604	508	7383	125356	125718	73333	2009-06-30	-	8.66%	7.86%	26.09%	0.4063	-	1.79	1.76	0.33	0.01	1.9395	0.5598	0.0116	0.9546	0.4729	79.4%	448	163	174
2009-05-28	2009	1	0.595	0.43	-	0.57%	0.57%	34891	34891	2171	2171	1302	1302	0.0103	0.0103	442032	210683	14059	231349	1074	595	2294	6905	479	1815	5090	126084	126084	56737	2009-03-31	-	7.89%	6.22%	40.26%	0.4119	-	1.72	1.69	0.27	0.02	1.9909	0.5844	0.0134	0.9696	0.4766	80.1%	435	162	168
2009-02-26	2008	4	0.49	0.36	-	0.04%	0.97%	46536	195287	650	4082	104	2321	0.0008	0.0182	432841	203958	14064	228883	2006	7430	1946	703	9436	7490	6787	126630	127695	45586	2008-12-31	-	2.86%	1.40%	111.85%	0.4512	19.8062	1.68	1.65	0.22	0.02	2.0931	0.5949	0.0149	0.9494	0.4712	75.7%	393	142	157
2008-11-26	2008	3	0.48	0.31	-	0.17%	1.02%	45233	148751	67	3432	405	2425	0.0032	0.0189	450563	217026	13873	233537	4300	3039	2687	28	7339	4652	4680	127623	128075	45306	2008-09-30	-	0.61%	0.15%	-	0.5082	-	1.72	1.69	0.21	0.03	2.0625	0.5822	0.0261	0.988	0.4817	67.4%	367	127	142
2008-08-27	2008	2	0.575	0.35	-	0.66%	0.85%	55421	103518	2481	3499	1572	2020	0.0123	0.0157	439015	204791	14013	234224	5623	351	2502	90	5974	8476	8386	128001	128297	65920	2008-06-30	-	6.80%	4.48%	35.55%	0.5911	-	1.72	1.69	0.3	0.02	2.0437	0.7018	0.0198	0.93	0.4665	57.4%	291	135	117
2008-05-28	2008	1	0.6	0.45	-	0.19%	0.19%	48097	48097	1018	1018	448	448	0.0035	0.0035	419650	188819	13926	230831	5121	629	5080	290	4492	588	298	128602	128850	75875	2008-03-31	-	3.96%	2.12%	55.21%	0.6807	-	1.68	1.66	0.36	0.03	2.1679	0.6917	0.0271	0.8705	0.4499	51.7%	256	106	96
2008-02-27	2007	4	0.8	0.52	0.015	1.77%	3.43%	80240	311421	7823	14497	4201	8148	0.0325	0.0624	438578	200465	13918	238113	41693	33704	6307	2327	7989	1682	645	129070	130565	80023	2007-12-31	-	11.02%	9.75%	43.74%	0.7101	9.935	1.72	1.69	0.37	0.06	2.0049	0.71	0.0509	0.8942	0.4571	46.3%	233	110	95
2007-11-28	2007	3	0.87	0.585	-	1.11%	1.66%	75746	231181	3679	6674	2646	3947	0.0204	0.0301	461783	224808	15295	236975	23579	36436	13884	2345	12857	1027	1318	129843	131090	86994	2007-09-30	-	6.52%	4.86%	17.80%	0.7912	-	1.69	1.66	0.4	0.03	1.8675	0.731	0.0202	1.0141	0.4868	39.7%	201	118	80
2007-08-29	2007	2	0.75	0.665	-	0.50%	0.55%	81578	155435	2239	2995	1190	1301	0.0091	0.0099	468731	232306	14917	236425	16567	34732	21877	2316	18165	3712	1396	131146	131740	97048	2007-06-30	-	4.30%	2.74%	34.39%	0.6179	-	1.68	1.65	0.45	0.09	1.5749	0.6694	0.0613	1.0487	0.4956	40.2%	244	154	99
2007-05-29	2007	1	N/A	N/A	-	0.05%	0.05%	73857	73857	756	756	111	111	0.0009	0.0009	457842	224054	14593	233788	1509	29697	29007	2156	28188	819	1337	128602	128850	83591	2007-03-31	-	3.17%	1.02%	81.75%	0.4544	-	1.7	1.67	0.39	0.02	1.6015	0.6583	0.014	1.0222	0.4894	56.1%	341	218	140
2007-02-28	2006	4	N/A	N/A	0.02	N/A	N/A	134190	269804	8782	15449	4936	7119	0.0368	0.0525	440660	202986	14470	237674	11023	1212	14735	7382	9811	4924	2458	134257	135545	67128	2006-12-31	-	7.08%	6.54%	39.73%	0.3045	9.5199	1.65	1.62	0.31	0.02	1.885	0.7975	0.0186	0.9094	0.4606	112.4%	542	359	233

Financial Quarter Balance Sheet

year	qrt	Deferred tax assets (A-0)	Goodwill on consolidation (A-0)	Investment in associated companies (A-0)	Investment properties (A-0)	Land held for property development (A-0)	Property, plant and equipment (A-0)	Amount due from customers (A-1)	Cash and cash equivalents (A-1)	Current tax assets (A-1)	Deposits with licensed banks (A-1)	Financial assets at fair value through profit and loss (A-1)	Fixed and time deposits (A-1)	Inventories (A-1)	Property development costs (A-1)	Trade receivables (A-1)	Deferred tax liabilities (L-0)	Loans & borrowings (L-0)	Provisions (L-0)	Amount due to associated companies (L-1)	Amount due to customers (L-1)	Current tax liabilities (L-1)	Loans & borrowings (L-1)	Trade and other payables (L-1)	Minority interest (M-1)
2012	1	3416	3055	5990	38432	121004	34105	-	3446	4262	86	-	4155	18533	190785	59059	2705	26537	-	-	994	526	29374	70264	23115
2011	4	3572	3074	4490	37939	120999	33557	-	3714	3186	86	-	3068	19592	185451	76303	2726	29478	-	-	142	2609	27955	79636	23265
2011	3	3428	2846	3000	35506	138763	30310	10569	2507	4019	86	-	-	25162	156246	90071	2611	33353	-	-	5460	4883	20312	93601	23578
2011	2	3475	2299	-	35596	116229	28060	7220	215	4859	86	-	-	26335	178332	131758	2575	40326	-	-	15182	3177	34692	89172	23550
2011	1	3543	2322	-	35686	116229	27959	3367	6133	3945	86	-	-	27098	173761	121654	2562	42637	-	-	8898	3410	45049	78707	23362
2010	4	3694	2536	-	35966	116229	28434	949	4071	2725	586	-	-	30248	179737	103206	2546	44350	-	-	4687	4325	45971	87183	23052
2010	3	3426	2509	-	37361	97545	28935	606	4023	543	4	-	-	26770	196198	93813	1468	49192	-	-	4412	9868	44176	76003	20914
2010	2	3417	3145	-	37368	97542	48108	964	7725	554	4	-	-	27851	176344	90973	3335	52300	-	-	13437	7882	46923	68524	20396
2010	1	3414	3148	-	37328	97437	49762	732	2869	496	4	-	-	31471	174599	64515	3359	56009	-	-	5483	4713	51322	58884	19480
2009	4	3240	3653	-	37335	96617	51772	605	5695	405	4	-	-	35396	178028	69443	3448	43477	-	-	4870	5178	68747	77190	18350
2009	3	3125	3880	-	37342	55490	52812	3321	4596	454	1931	-	-	42536	179612	76176	3491	38380	11294	-	6895	5513	54558	81127	16167
2009	2	2657	4038	-	37360	55490	52208	8335	1800	3208	4	-	-	50997	164123	73929	3418	43899	11549	-	7998	1050	63460	83409	14374
2009	1	2622	4479	-	37315	55385	49064	6577	1968	3205	4	-	-	54597	152522	74294	3104	47354	12974	-	8345	605	58079	80222	14059
2008	4	2702	3860	-	37316	55385	50437	4410	2007	2689	4	-	-	55871	146799	71361	3065	52517	13101	-	2577	180	51615	80903	14064
2008	3	2841	3726	123	36162	55480	52444	5438	2756	1285	1031	-	-	59308	155862	74107	3654	49620	18402	1	7266	703	53828	83552	13873
2008	2	2623	3121	122	36760	55480	49344	15266	1758	1016	1073	-	-	62053	129387	81012	3599	39999	18530	30	7894	1056	56851	76832	14013
2008	1	2582	2894	119	36918	55327	47643	1423	2376	1064	1052	-	-	69146	117545	81561	3514	39505	19332	29	10176	1715	44686	69862	13926
2007	4	2590	3286	119	37126	55255	52261	638	2465	957	4845	-	-	76631	109344	93061	3933	33581	19332	30	7446	2040	58365	75738	13918
2007	3	3244	3633	119	37129	50381	55164	5120	1754	999	1479	151	-	26185	163758	112667	3729	33980	19970	32	17308	3160	71188	75441	15295
2007	2	3060	3774	119	37153	50380	55541	12192	10370	833	1887	151	-	26128	157111	110032	3940	5727	20270	32	16114	2478	109288	74457	14917
2007	1	2990	3808	119	37115	50380	52552	8491	1154	728	1403	151	-	27582	155501	115868	3864	5591	20480	32	7845	3197	107771	75274	14593
2006	4	2969	4042	119	37118	21523	53769	6020	1859	729	1153	151	-	27558	157697	125953	3994	8158	20480	32	12725	3827	74065	79705	14470

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
2012	1	33386	1273	789	1506	30146	150	1
2011	4	62809	2375	576	713	48995	198	10
2011	3	58353	6422	495	785	40934	28	-
2011	2	60717	3143	728	929	49056	189	-
2011	1	79373	3797	633	967	65742	310	-
2010	4	88030	4522	400	972	72199	2120	-
2010	3	83362	5730	527	728	61395	518	-
2010	2	97046	6124	659	1128	72810	2491	-
2010	1	64285	3779	322	574	50692	1130	-
2009	4	155953	5403	526	447	130452	2182	-
2009	3	77629	7619	551	1022	49660	1793	-
2009	2	57882	1187	461	818	53689	315	-
2009	1	34891	874	581	2148	34287	5	-
2008	4	46536	727	681	733	45938	27	0
2008	3	45233	220	342	724	45683	252	1
2008	2	55421	882	1289	2689	54343	27	3
2008	1	48097	562	887	1239	47431	8	-
2007	4	80240	3422	1016	2588	73989	200	-
2007	3	75746	655	1261	1542	72348	378	-
2007	2	81578	770	1272	1905	79972	279	-
2007	1	73857	618	1582	1247	72766	27	-
2006	4	134190	3489	722	1898	126584	357	-

Financial Quarter Segments Revenue

year	qrt	Others	Property development	Construction	Manufacturing & trading	Healthcare
2012	1	800	13196	14799	237	4352
2011	4	796	20109	36331	206	5365
2011	3	814	16138	36103	418	4882
2011	2	774	20688	33590	524	5141
2011	1	755	37870	35575	452	4721
2010	4	64	30472	50328	1056	6109
2010	3	813	32185	43750	1297	5318
2010	2	708	54369	34724	1505	5740
2010	1	708	39118	18136	1569	4754
2009	4	1026	50420	95903	2690	5905
2009	3	873	45390	22730	3733	4904
2009	2	822	27835	21321	3609	4295
2009	1	870	18685	9412	1788	4136
2008	4	939	13476	24745	2657	4719
2008	3	1839	10238	25950	2578	4628
2008	2	38	18530	29282	3256	4314
2008	1	872	14084	27525	1553	4064
2007	4	1343	20127	51876	2205	4689
2007	3	1265	21298	45801	2889	4494
2007	2	1190	12917	61215	1648	4608
2007	1	1277	13136	54129	1445	3870
2006	4	1349	13952	113125	914	4849

Financial Quarter Segments Profit

year	qrt	Others	Elimination/Adjustment	Property development	Construction	Manufacturing & trading	Healthcare
2012	1	311	548	2290	2131	101	433
2011	4	8245	7708	11107	4484	41	485
2011	3	7752	7622	6795	11711	21	412
2011	2	123	540	7014	6131	82	190
2011	1	221	617	9426	4876	172	73
2010	4	5063	6432	14479	3313	263	119
2010	3	42	310	11478	10442	20	403
2010	2	49	224	13987	10882	269	400
2010	1	190	807	9703	5442	260	241
2009	4	568	466	20590	4489	205	360
2009	3	312	1868	16115	14187	609	362
2009	2	192	148	2938	2199	589	375
2009	1	124	210	2187	1347	241	689
2008	4	511	816	2265	1283	202	157
2008	3	139	820	194	823	167	48
2008	2	107	144	2257	1533	246	19
2008	1	301	510	2005	890	171	6
2007	4	1567	3698	3545	3312	686	537
2007	3	538	1563	4149	1631	200	384
2007	2	748	242	1762	1066	396	575
2007	1	235	188	1708	1192	682	72
2006	4	347	682	3759	5224	580	767

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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●CHANGES IN SHAREHOLDING

KLCI Stock - MITRA / 9571 - 2011 Quarter 4

MITRAJAYA HOLDINGS BERHAD


My notes based on 2011 quarter 4 report (number in '000):-
- Lower revenue than FY10Q4 due to lower revenue from almost all segment and lower pbt mainly due to lower profit from Property development segment

- Lower pbt than FY11Q3 mainly due to the reversal of liquidated ascertained damages cost in one of the construction project in the preceding quarter

- Estimate next 4Q eps after 2011 Q4 result announced = 352485*0.1/386283 = 0.0912, estimate PE on current price 0.6 = 6.03(DPS 0.05)
- Estimate next 4Q eps after 2011 Q3 result announced = (0.021+0.0285)*2*0.9 = 0.0891, estimate highest/lowest PE = 7.01/4.77 (DPS 0.03)
- Estimate next 4Q eps after 2011 Q2 result announced = 0.021*4*0.8 = 0.0672, estimate highest/lowest PE = 7.66/4.99 (DPS 0.03)
- Estimate next 4Q eps after 2011 Q1 result announced = (0.0796+0.0812)*2*1.1 = 0.3538, estimate PE on current price 2.43 = 6.53(DPS 0.12), after split & bonus & free warrants then eps = 0.1049, price = 0.81, PE = 7.34(DPS 0.04)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.36(due to receivables increased), estimate highest/lowest PE = 6.69/4.94 (DPS 0.12)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.28, estimate highest/lowest PE = 7.43/3.75 (DPS 0.1)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.2*0.7*2 = 0.28, estimate highest/lowest PE = 3.25/3 (DPS 0.1)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.12(average of 0.03 per quarter), estimate highest/lowest PE = 10.5/7.5 (DPS 0.1)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.08(average of 0.02 per quarter if no new big project secure for construction division), estimate highest/lowest PE = 15.13/7.63 (DPS 0.1)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.08, estimate highest/lowest PE = 9/7
- Estimate next 4Q eps after 2009 Q2 result announced = 0.08, estimate highest/lowest PE = 7.88/6.63
- Estimate next 4Q eps after 2009 Q1 result announced = 0.08, estimate highest/lowest PE = 7.44/5.38

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KLCI Stock - MITRA / 9571 - 2011 Quarter 3

Company Info
bgcolor="deepskyblue">1994-12-08

Market Capital (Capital Size)	210,796,196 (Small)
Par Value	RM 0.50

My Analysis

Forecast P/E now	(0.52-0.03)/0.0891 = 5.50 (Moderate)
Target Price	0.62+0.03 = 0.65 (PE 7.0, EPS 0.0891, DPS 0.03)
Decision	BUY if stock price near to SMA20 and buying volume is stronger than selling
Comment	Revenue decreased 3.9% and was fifth consecutive quarter decreasing (lower than preceding year corresponding quarter 30%), eps increased 31.9% but lower than preceding year corresponding quarter 29.3%, cash generated from operating not enough cover all financing expenses hence generated some cash from financing activity but still negative cash flow, lower liquidity ratio at moderate level now, lower gearing ratio at moderate level now, lower property development cost can indicate reduced of property development, lower inventory can indicate reduced construction works
First Support Price	0.5
Second Support Price	0.48
Risk Rating	MODERATE

Accounting Ratio

Return on Equity	11.72%
Dividend Yield	23.08%
Profit Margin	30.35%
Tax Rate	36.26%
Asset Turnover	0.5701
Net Asset Value Per Share	0.83
Net Tangible Asset per share	0.82
Price/Net Tangible Asset Per Share	0.57
Cash Per Share	0.01
Liquidity Current Ratio	2.3231
Liquidity Quick Ratio	0.8632
Liquidity Cash Ratio	0.0209
Gearing Debt to Equity Ratio	0.5027
Gearing Debt to Asset Ratio	0.3188
Working capital per thousand Ringgit sale	57.4%
Days to sell the inventory	290
Days to collect the receivables	128
Days to pay the payables	150

Technical Analysis

SMA 20	0.488 (Uptrend 13 days)
SMA 50	0.482 (Uptrend)
SMA 100	0.471 (Same)
SMA 200	0.562 (Downtrend)
MACD	0.004959 (Uptrend 4 days)
MACD Histogram	0.004779 (Uptrend 18 days)

My notes based on 2011 quarter 3 report (number in '000):-
- Lower revenue mainly derived from the Group property development and construction division

- Higher pbt mainly due to improved profit margin derived from both construction and property development division

- Estimate next 4Q eps after 2011 Q3 result announced = (0.021+0.0285)*2*0.9 = 0.0891, estimate PE on current price 0.52 = 5.5(DPS 0.03)
- Estimate next 4Q eps after 2011 Q2 result announced = 0.021*4*0.8 = 0.0672, estimate highest/lowest PE = 7.66/4.99 (DPS 0.03)
- Estimate next 4Q eps after 2011 Q1 result announced = (0.0796+0.0812)*2*1.1 = 0.3538, estimate PE on current price 2.43 = 6.53(DPS 0.12), after split & bonus & free warrants then eps = 0.1049, price = 0.81, PE = 7.34(DPS 0.04)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.36(due to receivables increased), estimate highest/lowest PE = 6.69/4.94 (DPS 0.12)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.28, estimate highest/lowest PE = 7.43/3.75 (DPS 0.1)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.2*0.7*2 = 0.28, estimate highest/lowest PE = 3.25/3 (DPS 0.1)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.12(average of 0.03 per quarter), estimate highest/lowest PE = 10.5/7.5 (DPS 0.1)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.08(average of 0.02 per quarter if no new big project secure for construction division), estimate highest/lowest PE = 15.13/7.63 (DPS 0.1)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.08, estimate highest/lowest PE = 9/7
- Estimate next 4Q eps after 2009 Q2 result announced = 0.08, estimate highest/lowest PE = 7.88/6.63
- Estimate next 4Q eps after 2009 Q1 result announced = 0.08, estimate highest/lowest PE = 7.44/5.38

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KLCI Stock - MITRA / 9571 - 2011 Quarter 2

Company Info

Market Capital (Capital Size)	202,688,650 (Small)
Par Value	RM 0.50

My Analysis

Forecast P/E now	(0.5-0.03)/0.0671 = 7.00 (High)
Target Price	0.47+0.03 = 0.50 (PE 7.0, EPS 0.0671, DPS 0.03)
Decision	BUY if stock price sustain above 0.46
Comment	Revenue decreased 23.5% and was fourth consecutive quarter decreasing (lower than preceding year corresponding quarter 37.4%), eps decreased 15.8% and was fourth consecutive quarter decreasing (lower than preceding year corresponding quarter 50%), low cash generated from operating after deducted assets increased expenses and cash generated from conversion of warrants to share also not enough to cover financing expenses hence Group cash dropped to more negative level, slightly lower liquidity ratio at moderate level now, slightly lower gearing ratio at moderate level now, higher property development cost indicate good sales of property, higher receivables indicate increase contract from construction division, all significant profit contribution division recorded lower result
First Support Price	0.46
Second Support Price	0.38
Risk Rating	MODERATE

Accounting Ratio

Return on Equity	13.51%
Dividend Yield	24.00%
Profit Margin	19.54%
Tax Rate	26.50%
Asset Turnover	0.5828
Net Asset Value Per Share	2.59
Net Tangible Asset per share	2.58
Price/Net Tangible Asset Per Share	0.19
Cash Per Share	0.0
Liquidity Current Ratio	2.4525
Liquidity Quick Ratio	1.0135
Liquidity Cash Ratio	0.0021
Gearing Debt to Equity Ratio	0.5682
Gearing Debt to Asset Ratio	0.3464
Working capital per thousand Ringgit sale	66.3%
Days to sell the inventory	301
Days to collect the receivables	163
Days to pay the payables	131

My notes based on 2011 quarter 2 report (number in '000):-
- Lower revenue and pbt mainly derived from the Group's property development and construction division

- Estimate next 4Q eps after 2011 Q2 result announced = 0.021*4*0.8 = 0.0672, estimate PE on current price 0.5 = 7(DPS 0.03)
- Estimate next 4Q eps after 2011 Q1 result announced = (0.0796+0.0812)*2*1.1 = 0.3538, estimate PE on current price 2.43 = 6.53(DPS 0.12), after split & bonus & free warrants then eps = 0.1049, price = 0.81, PE = 7.34(DPS 0.04)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.36(due to receivables increased), estimate highest/lowest PE = 6.69/4.94 (DPS 0.12)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.28, estimate highest/lowest PE = 7.43/3.75 (DPS 0.1)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.2*0.7*2 = 0.28, estimate highest/lowest PE = 3.25/3 (DPS 0.1)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.12(average of 0.03 per quarter), estimate highest/lowest PE = 10.5/7.5 (DPS 0.1)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.08(average of 0.02 per quarter if no new big project secure for construction division), estimate highest/lowest PE = 15.13/7.63 (DPS 0.1)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.08, estimate highest/lowest PE = 9/7
- Estimate next 4Q eps after 2009 Q2 result announced = 0.08, estimate highest/lowest PE = 7.88/6.63
- Estimate next 4Q eps after 2009 Q1 result announced = 0.08, estimate highest/lowest PE = 7.44/5.38

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KLCI Stock - MITRA / 9571 - 2011 Quarter 1

Company Info

Market Capital (Capital Size)	328,355,613 (Small)
Par Value	RM 1.00

My Analysis

Forecast P/E now	(2.43-0.12)/0.3538 = 6.53 (Moderate)
Target Price	2.48+0.12 = 2.60 (PE 7.0, EPS 0.3538, DPS 0.12)
Decision	Not interested unless revenue and profit increase more
Comment	Revenue decreased 9.8% but higher than preceding year corresponding quarter 23.5%, eps decreased 2% and is third consecutive quarter decreasing but higher than preceding year corresponding quarter 7.9%, no cash generated from operating and over spent and cash generated from conversion of warrants to share also finish used, better liquidity ratio at moderate level now, improving gearing ratio at moderate level now, all accounting turnover periods still long time but offset by working capital increasing, manufacturing & trading division getting weaker result, property development and construction division recorded lower margin, first quarter construction usually record lower revenue, receivables increase rate higher than payables which will turn not enough cash
First Support Price	2.25
Second Support Price	1.9
Risk Rating	MODERATE

Accounting Ratio

Return on Equity	16.47%
Dividend Yield	4.94%
Profit Margin	17.59%
Tax Rate	27.19%
Asset Turnover	0.6666
Net Asset Value Per Share	2.56
Net Tangible Asset per share	2.54
Price/Net Tangible Asset Per Share	0.94
Cash Per Share	0.05
Liquidity Current Ratio	2.4697
Liquidity Quick Ratio	0.9935
Liquidity Cash Ratio	0.0457
Gearing Debt to Equity Ratio	0.5715
Gearing Debt to Asset Ratio	0.3474
Working capital per thousand Ringgit sale	57.5%
Days to sell the inventory	269
Days to collect the receivables	131
Days to pay the payables	106

My notes based on 2010 quarter 4 report (number in '000):-
- Estimate next 4Q eps after 2011 Q1 result announced = (0.0796+0.0812)*2*1.1 = 0.3538, estimate PE on current price 2.43 = 6.53(DPS 0.12), after split & bonus & free warrants then eps = 0.1049, price = 0.81, PE = 7.34(DPS 0.04)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.36(due to receivables increased), estimate highest/lowest PE = 6.69/4.94 (DPS 0.12)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.28, estimate highest/lowest PE = 7.43/3.75 (DPS 0.1)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.2*0.7*2 = 0.28, estimate highest/lowest PE = 3.25/3 (DPS 0.1)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.12(average of 0.03 per quarter), estimate highest/lowest PE = 10.5/7.5 (DPS 0.1)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.08(average of 0.02 per quarter if no new big project secure for construction division), estimate highest/lowest PE = 15.13/7.63 (DPS 0.1)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.08, estimate highest/lowest PE = 9/7
- Estimate next 4Q eps after 2009 Q2 result announced = 0.08, estimate highest/lowest PE = 7.88/6.63
- Estimate next 4Q eps after 2009 Q1 result announced = 0.08, estimate highest/lowest PE = 7.44/5.38

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KLCI Stock - MITRA / 9571 - 2010 Quarter 4

Company Info

Market Capital (Capital Size)	309,438,006 (Small)
Par Value	RM 1.00

My Analysis

Forecast P/E now	(2.29-0.12)/0.36 = 6.03 (Moderate)
Target Price	2.52+0.12 = 2.64 (PE 7.0, EPS 0.36, DPS 0.12)
Decision	BUY
Comment	Revenue increased 5.6% but lower than preceding year corresponding quarter 43.6%, eps decreased 38.7% and is second consecutive quarter decreasing and also lower than preceding year corresponding quarter 44.4%, cash generated from operating just right enough to cover all financing activities, got investment activity on-going, maintained moderate liquidity ratio, improving gearing ratio at moderate level now, all accounting periods are getting longer but offset by working capital increased, construction segment revenue increasing but profit largely decreased, property development segment revenue decreasing but profit increased
First Support Price	1.9
Second Support Price	1.7
Risk Rating	MODERATE

Accounting Ratio

Return on Equity	15.84%
Dividend Yield	5.24%
Profit Margin	18.63%
Tax Rate	27.57%
Asset Turnover	0.6543
Net Asset Value Per Share	2.47
Net Tangible Asset per share	2.45
Price/Net Tangible Asset Per Share	0.82
Cash Per Share	0.04
Liquidity Current Ratio	2.3893
Liquidity Quick Ratio	0.7934
Liquidity Cash Ratio	0.0322
Gearing Debt to Equity Ratio	0.6344
Gearing Debt to Asset Ratio	0.3706
Working capital per thousand Ringgit sale	59.3%
Days to sell the inventory	322
Days to collect the receivables	116
Days to pay the payables	124

My notes based on 2010 quarter 4 report (number in '000):-
- For this current quarter, the Group's decrease in revenue mainly derived from Group's construction division & property development division

- Estimate next 4Q eps after 2010 Q4 result announced = 0.36(due to receivables increased), estimate PE on current price 2.29 = 6.03(DPS 0.12), after split & bonus & free warrants then eps = 0.1067, price = 0.76, PE = 6.75(DPS 0.04)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.28, estimate highest/lowest PE = 7.43/3.75 (DPS 0.1)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.2*0.7*2 = 0.28, estimate highest/lowest PE = 3.25/3 (DPS 0.1)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.12(average of 0.03 per quarter), estimate highest/lowest PE = 10.5/7.5 (DPS 0.1)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.08(average of 0.02 per quarter if no new big project secure for construction division), estimate highest/lowest PE = 15.13/7.63 (DPS 0.1)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.08, estimate highest/lowest PE = 9/7
- Estimate next 4Q eps after 2009 Q2 result announced = 0.08, estimate highest/lowest PE = 7.88/6.63
- Estimate next 4Q eps after 2009 Q1 result announced = 0.08, estimate highest/lowest PE = 7.44/5.38

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KLCI Stock - MITRA / 9571 - 2010 Quarter 3

Company Info

Market Capital (Capital Size)	154,867,013 (Small)
Par Value	RM 1.00

My Analysis

Forecast P/E now	(1.21-0.1)/0.28 = 3.96 (Moderate)
Target Price	2.24+0.1 = 2.34 (PE 8.0, EPS 0.28, DPS 0.1)
Decision	BUY
Comment	Revenue decreased but higher than preceding year corresponding quarter, profit slight decreased, also lower than preceding year corresponding quarter, free cash flow increasing but net cash flow decreased , third consecutive quarter profit margin increasing, better liquidity ratio at moderate level now except cash very low, better gearing ratio at above moderate level now, all collection period are acceptable from historical comparison
First Support Price	1.1
Second Support Price	1.0
Risk Rating	HIGH

Accounting Ratio

Return on Equity	19.74%
Dividend Yield	8.26%
Profit Margin	26.59%
Tax Rate	25.85%
Asset Turnover	0.8148
Net Asset Value Per Share	2.36
Net Tangible Asset per share	2.34
Price/Net Tangible Asset Per Share	0.49
Cash Per Share	0.03
Liquidity Current Ratio	2.3945
Liquidity Quick Ratio	0.7362
Liquidity Cash Ratio	0.0299
Gearing Debt to Equity Ratio	0.6479
Gearing Debt to Asset Ratio	0.3765
Working capital per thousand Ringgit sale	46.8%
Days to sell the inventory	258
Days to collect the receivables	86
Days to pay the payables	88

My notes based on 2010 quarter 3 report (number in '000):-
- For this current quarter under review, the Group's revenue has increased by 7% as compared to a revenue in the preceding year corresponding quarter. The increase in revenue is mainly derived from Group's construction division

- Nevertheless, the Group has recorded lower profit before tax in the current quarter as compared to a profit in the preceding year corresponding quarter

- The Group generated lower revenue and profit before tax for the current quarter under review as compared to the preceding quarter due to lower revenue and profits recognition from Group's property development and manufacturing divisions

- Estimate next 4Q eps after 2010 Q3 result announced = 0.28, estimate PE on current price 1.21 = 3.96(DPS 0.1)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.2*0.7*2 = 0.28, estimate highest/lowest PE = 3.25/3 (DPS 0.1)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.12(average of 0.03 per quarter), estimate highest/lowest PE = 10.5/7.5 (DPS 0.1)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.08(average of 0.02 per quarter if no new big project secure for construction division), estimate highest/lowest PE = 15.13/7.63 (DPS 0.1)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.08, estimate highest/lowest PE = 9/7
- Estimate next 4Q eps after 2009 Q2 result announced = 0.08, estimate highest/lowest PE = 7.88/6.63
- Estimate next 4Q eps after 2009 Q1 result announced = 0.08, estimate highest/lowest PE = 7.44/5.38

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KLCI Stock - MITRA / 9571 - 2010 Quarter 2

Market Cap : 127989267*1.01 = 129,269,159.67 (Small)
NTA per share : (281198-3145)/120199 = 2.31
P/BV : 1.01/2.31 = 0.4372
Forecast P/E now : (1.01-0.1)/0.28 = 3.25 (Low)
ROE : 22.01% (High)
DY : 0.1/1.01*100 = 9.9% (High)
Fixed Asset Turnover(3 year) : (0.7994+0.4063+0.5911)/3 = 0.5989 (Low)
Liquidity Ratio : 304415/136766 = 2.2258 (Moderate)
Receivables Collection Period : (91937+82264)/2/(394913/365) = 80 days (Acceptable)
My Target Price : 2.24+0.1 = 2.34 (PE 8, EPS 0.28, DPS 0.1)
My Decision : BUY
My Comment : Revenue increased, also higher than preceding year preceding quarter, profit same with revenue, free cash flow increasing, net cash flow increased, second consecutive quarter profit margin increasing, better liquidity ratio at moderate level now, better gearing ratio at above moderate level now, all collection period are acceptable from historical comparison
Technical Support Price : 1, 0.945
Risk Rating : MODERATE

My notes based on 2010 quarter 2 report (number in '000):-

- For this current quarter under review, the Group's revenue has increased by 68% as compared to a revenue in the preceding year corresponding quarter. The increase in revenue is mainly derived from Group's construction and property development divisions

- The Group generated higher revenue and profit before tax for the current quarter under review as compared to the preceding quarter due to higher revenue and profit recognition from Group's construction and property development divisions

- Estimate next 4Q eps after 2010 Q2 result announced = 0.2*0.7*2 = 0.28, estimate PE on current price 1.01 = 3.25(DPS 0.1)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.12(average of 0.03 per quarter), estimate highest/lowest PE = 10.5/7.5 (DPS 0.1)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.08(average of 0.02 per quarter if no new big project secure for construction division), estimate highest/lowest PE = 15.13/7.63 (DPS 0.1)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.08, estimate highest/lowest PE = 9/7
- Estimate next 4Q eps after 2009 Q2 result announced = 0.08, estimate highest/lowest PE = 7.88/6.63
- Estimate next 4Q eps after 2009 Q1 result announced = 0.08, estimate highest/lowest PE = 7.44/5.38

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