KLCI Stock - MUHIBAH / 5703 - 2012 Quarter 1

MUHIBBAH ENGINEERING (M) BERHAD



Company Description

Muhibbah Engineering (M) Bhd is engaged in investment holding, infrastructure, civil and structural engineering contract works. The infrastructure construction segment is engaged in the construction of petroleum hub and bunkering facilities, oil and gas terminals, airport terminals runway and facility support buildings, heavy concrete foundations and other similar construction works. The Cranes segment is engaged in the design, manufacture, supply, trading, leasing and service provider of offshore oil and gas pedestal cranes, shipyard cranes and other heavy lifting equipment cranes. The Marine ship building and ship repair segment is engaged in the design, engineering, building and service provider of accommodation ships and marine vessels for the offshore oil and gas exploration and production works. Concession segment is engaged in privatization of international airports in Cambodia and maintenance work for the federal roads in the central region of Peninsular Malaysia.

Company Info 

Listing Date	1994-02-25
Market Capital (Capital Size)	485,773,767 (Small)
Par Value	RM 0.50
Board	Main
Sector	Construction
Major Industry	Ship Repair & Ship Building
Sub Industry	Infrastructure Construction
Website	http://www.muhibbah.com

My Analysis 

Forecast P/E now	(1.19-0.05)/0.1707 = 6.68 (Moderate)
Target Price	1.37+0.05 = 1.42 (PE 8.0, EPS 0.1707, DPS 0.05)
Decision	BUY if BUY if stock price can sustain and uptrend above SMA20/50 or wait rebound signal at lower price
Comment	Revenue decreased 20.1% but higher than preceding year corresponding quarter 6.3%, eps increased 32% but lower than preceding year corresponding quarter 11.4%, negative net cash from operating due to payables repayment hence increased borrowings to cover other expenses, operating margin remaining low, slightly better liquidity ratio at low level now, lower gearing ratio but still at very high level now, debt ratio decreasing but still not far from historical high, all collection/repayment period still as usual, higher inventory can indicate more construction works amount and better cranes demand, marine ship repair & ship building division weakening but other division still good
First Support Price	1.15
Second Support Price	1.07
Risk Rating	MODERATE

Research House

Jupiter Target Price	1.45 (2012-05-10)
CIMB Target Price	1.5 (2012-06-01)
Kenanga Target Price	1.97 (2012-06-01)

Accounting Ratio 

Return on Equity	10.30%
Dividend Yield	4.20%
Gross Profit Margin	0.00%
Operating Profit Margin	4.37%
Net Profit Margin	5.89%
Tax Rate	14.51%
Asset Turnover	0.6872
Net Asset Value Per Share	1.25
Net Tangible Asset per share	1.25
Price/Net Tangible Asset Per Share	0.97
Cash Per Share	0.75
Liquidity Current Ratio	1.0096
Liquidity Quick Ratio	0.8942
Liquidity Cash Ratio	0.1658
Gearing Debt to Equity Ratio	4.1854
Gearing Debt to Asset Ratio	0.7709
Working capital per thousand Ringgit sale	0.9%
Days to sell the inventory	43
Days to collect the receivables	259
Days to pay the payables	264

Technical Analysis 

SMA 20	1.183 (Uptrend 1 day)
SMA 50	1.235 (Downtrend)
SMA 100	1.29 (Uptrend)
SMA 200	1.198 (Same)
MACD (26d/12d)	-0.01388 ( 0.001469 )
Signal (9)	-0.018731 ( 0.001213 )
MACD Histogram	0.004851 (Bullish trend 7 days)
Bolinger Upper Band	1.268
Bolinger Lower Band	1.098

My notes based on 2012 quarter 1 report (number in '000):-
- Lower revenue and pbt than FY11Q4 mainly due to higher revenue generated by cranes and shipyard divisions with the completion of more cranes and vessels during the forth quarter of the year 2011

- As at 25 May 2012, the total outstanding secured order book in hand of the Group is RM2.96 billion, comprises of RM2.16 billion from Infrastructure Construction Division, RM702 million from Cranes Division and RM95 million from Shipyard Division. These outstanding order books will take us into 2014

- Estimate next 4Q eps after 2012 Q1 result announced = 660394*0.11/425529 = 0.1707, estimate PE on current price 1.19 = 6.68(DPS 0.05)
- Estimate next 4Q eps after 2011 Q4 result announced = 639976*0.12/413767 = 0.1856, estimate highest/lowest PE = 7.44/5.93 (DPS 0.05)
- Estimate next 4Q eps after 2011 Q3 result announced = 0.1425*1.05 = 0.1496, estimate highest/lowest PE = 9.99/6.52 (DPS 0.035)
- Estimate next 4Q eps after 2011 Q2 result announced = 0.0336*4*0.85 = 0.1142(~8% ROE), estimate highest/lowest PE = 9.06/8 (DPS 0.035)
- Estimate next 4Q eps after 2011 Q1 result announced = (0.0438+0.0226)*2*1.05 = 0.1394, estimate highest/lowest PE = 13.45/6.85 (DPS 0.035)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.0843*1.1 = 0.0927, estimate highest/lowest PE = 18.93/13.65 (DPS 0.035)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.0481*2 = 0.0962(although revenue decrease but offset by high tax rate), estimate highest/lowest PE = 20.06/12.79
- Estimate next 4Q eps after 2010 Q2 result announced = 0.0266*4 = 0.1064, estimate highest/lowest PE = 9.35/7.99
- Estimate next 4Q eps after 2010 Q1 result announced = 0.0135*4 = 0.054, estimate highest/lowest PE = 18.43/15.74
- No estimate for 2009 Q4 result
- No estimate for 2009 Q3 result
- Estimate next 4Q eps after 2009 Q2 result announced = 0.0362*4 = 0.1448, estimate highest/lowest PE = 9.29/6.94 (DPS 0.025)
- Estimate next 4Q eps after 2008 Q4 result announced = 0.039*4 = 0.156, estimate highest/lowest PE = 8.17/4.04 (DPS 0.025)

MUHIBAH latest news (English)

MUHIBAH 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
2012-05-31	2012	1	N/A	N/A	-	2.58%	2.58%	419203	419203	24697	24697	16526	16526	0.0388	0.0388	2881975	2221581	129601	660394	111271	209	104952	315834	111480	6528	309306	425529	425529	514890	2012-03-31	-	4.37%	5.89%	14.51%	0.6872	-	1.25	1.25	0.97	0.75	1.0096	0.8942	0.1658	4.1854	0.7709	0.9%	43	259	264
2012-02-29	2011	4	1.43	1.15	0.05	2.25%	10.98%	524410	1955570	33299	114928	12580	61380	0.0294	0.1483	2888923	2248947	124583	639976	168207	153069	108629	192342	15138	123767	316109	427760	413767	603141	2011-12-31	-	6.33%	6.35%	31.38%	0.6769	9.5049	1.25	1.25	1.13	0.76	1.0045	0.9006	0.1655	4.3636	0.7785	0.4%	40	267	284
2011-11-24	2011	3	1.53	1.01	-	3.00%	8.73%	523722	1431160	33258	81629	16783	48800	0.0404	0.1189	2719062	2104229	115797	614833	177194	159857	30720	190901	17337	48057	238958	415872	410404	444983	2011-09-30	-	5.55%	6.35%	31.30%	0.7492	-	1.22	1.18	0.91	0.66	0.9847	0.8801	0.1533	4.2166	0.7739	-1.3%	35	232	213
2011-08-26	2011	2	1.3	0.9	-	2.47%	5.73%	513102	907438	23288	48371	13817	32017	0.0336	0.0780	2738179	2133876	114434	604303	176502	148583	94901	197842	27919	122820	320662	411220	410474	456454	2011-06-30	-	4.26%	4.54%	25.29%	0.6583	-	1.19	1.16	0.96	0.81	0.9863	0.8834	0.1826	4.356	0.7793	-1.4%	39	254	243
2011-05-25	2011	1	1.91	0.99	-	3.26%	3.26%	394336	394336	25083	25083	18200	18200	0.0438	0.0438	2544118	1965064	106013	579054	33279	9215	81749	192472	42494	39255	231727	415561	415561	685675	2011-03-31	-	5.43%	6.36%	22.41%	0.6889	-	1.14	1.1	1.5	0.58	1.0634	0.9576	0.146	4.1541	0.7724	5.9%	37	269	256
2011-02-25	2010	4	1.79	1.3	0.035	1.74%	6.98%	605893	1768884	3698	53277	8226	32944	0.0205	0.0822	2708805	2149740	107551	559065	255742	18451	212241	254295	274193	61952	192343	401358	400980	589996	2010-12-31	-	2.08%	0.61%	-	0.653	17.8922	1.13	1.09	1.35	0.5	1.0453	0.947	0.1104	4.7612	0.7936	4.7%	38	305	284
2010-11-26	2010	3	1.93	1.23	-	1.83%	5.24%	289134	1162991	21309	49579	8635	24718	0.0215	0.0617	2472440	2031345	102955	441095	175424	21274	127818	255490	196698	68880	186610	400828	400600	497026	2010-09-30	-	7.89%	7.37%	40.88%	0.7187	-	0.84	0.79	1.57	0.55	1.0309	0.9301	0.128	6.0074	0.8216	3.0%	37	283	247
2010-08-30	2010	2	1.44	0.86	-	2.29%	3.41%	463280	873857	19435	28270	10785	16083	0.0266	0.0398	2490209	2051474	99961	438735	105273	8727	130259	245619	114000	16259	261878	405947	404056	347084	2010-06-30	-	4.80%	4.20%	27.67%	0.8428	-	0.84	0.78	1.1	0.66	1.0339	0.93	0.1542	6.0556	0.8238	2.8%	32	232	221
2010-05-31	2010	1	0.995	0.85	-	1.12%	1.12%	410577	410577	8835	8835	5298	5298	0.0131	0.0131	2440434	2017457	95246	422977	39190	2740	19849	247847	41930	61779	186068	403441	403441	355028	2010-03-31	-	0.92%	2.15%	23.75%	0.9081	-	0.81	0.76	1.16	0.54	0.9559	0.8567	0.1192	6.1558	0.8267	-3.6%	30	220	204
2010-02-25	2009	4	1.14	0.83	-	1.20%	2.64%	613968	2186711	5489	58500	6333	13968	0.0158	0.0358	2462416	1990431	96527	471985	294003	34465	221413	209117	259538	38125	247242	401552	390202	375451	2009-12-31	-	0.05%	0.89%	52.21%	0.888	26.1196	0.96	0.91	1.03	0.62	0.9787	0.8664	0.1399	5.3013	0.8083	-1.7%	34	212	225
2009-11-30	2009	3	1.21	0.91	-	1.70%	3.84%	610949	1572743	5000	53011	8998	20301	0.0230	0.0521	2558803	1998739	99250	560064	277254	41340	264214	214901	235914	28300	186601	390732	389770	402453	2009-09-30	-	0.30%	0.82%	226.02%	0.8899	-	1.18	1.13	0.91	0.5	1.0078	0.8882	0.1073	4.3374	0.7811	0.6%	35	222	215
2009-08-27	2009	2	1.39	0.995	-	2.67%	5.54%	580600	961794	24501	48010	14138	29299	0.0362	0.0749	2539365	1969050	96028	570315	189102	40322	174599	210955	148780	25819	185136	391009	390961	504401	2009-06-30	-	3.62%	4.22%	36.50%	0.8486	-	1.21	1.16	1.11	0.5	0.9806	0.8585	0.107	4.1516	0.7754	-1.6%	38	229	231
2009-05-29	2009	1	1.67	1.17	-	2.87%	2.87%	381194	381194	23511	23511	15162	15162	0.0389	0.0389	2728236	2176473	92096	551763	57300	17857	42890	203381	39443	82333	285714	389818	389818	502865	2009-03-31	-	4.94%	6.17%	21.72%	0.7436	-	1.18	1.12	1.15	0.76	0.9817	0.8746	0.1455	4.7349	0.7978	-1.8%	40	263	252
2009-02-27	2008	4	1.36	0.645	0.025	7.59%	4.65%	704308	2033535	36592	44930	35546	21800	0.0882	0.0556	2609938	2080891	87629	529047	91604	121486	274056	147556	213090	60966	208522	402922	391920	332410	2008-12-31	-	6.02%	5.20%	-	0.7792	14.8318	1.13	1.07	0.77	0.54	0.9836	0.8724	0.1118	4.7141	0.7973	-1.6%	39	262	257
2008-11-27	2008	3	1.17	0.8	-	3.32%	12.25%	488773	1329227	23731	81522	15543	57346	0.0390	0.1467	2579705	2056722	82459	522983	61030	83029	372972	144463	144059	228913	373376	398634	390813	402620	2008-09-30	-	4.31%	4.86%	24.33%	0.6735	-	1.13	1.04	0.97	0.95	1.0269	0.8904	0.199	4.6688	0.7973	2.9%	58	275	257
2008-08-28	2008	2	1.98	0.645	-	4.60%	8.93%	454477	840454	31297	57792	21529	41803	0.0535	0.1052	2068227	1554006	82404	514221	73384	56696	106854	154660	130080	23226	131434	402440	397275	768660	2008-06-30	-	5.91%	6.89%	19.61%	0.7987	-	1.09	1.0	1.91	0.34	1.0206	0.8678	0.0952	3.5988	0.7514	1.8%	51	245	250
2008-05-29	2008	1	2.56	1.88	-	4.33%	4.33%	385977	385977	26494	26494	20273	20273	0.0503	0.0503	1975305	1490335	78025	484970	129254	33387	98877	153097	162641	63764	89333	403170	403170	1028083	2008-03-31	-	5.03%	6.86%	13.26%	0.782	-	1.01	0.92	2.77	0.29	1.0214	0.8822	0.0842	3.6623	0.7545	1.9%	48	256	244
2008-02-29	2007	4	3.0	2.04	0.045	5.11%	18.52%	408090	1411533	33874	103005	19374	70180	0.0481	0.1765	1757120	1288806	74692	468314	50742	40958	87264	52191	9784	97048	149239	402997	397690	1233170	2007-12-31	-	7.08%	8.30%	11.47%	0.8033	17.3401	0.99	0.99	3.09	0.45	1.0865	0.9499	0.1549	3.2742	0.7335	7.2%	44	238	238
2007-11-30	2007	3	4.22	2.95	-	4.80%	13.40%	403267	1003443	21613	69131	18186	50806	0.0457	0.1284	1783434	1347670	67938	435764	1257	41466	130238	54537	40209	90029	144566	397739	395768	1368222	2007-09-30	-	4.06%	5.36%	0.81%	0.738	-	0.93	0.93	3.7	0.43	1.0688	0.9275	0.14	3.6639	0.7557	6.3%	50	263	234
2007-08-29	2007	2	3.94	3.34	-	4.75%	8.61%	347358	600176	28243	47518	17988	32620	0.0448	0.0812	1598548	1181320	64412	417228	46010	43638	62343	53470	2372	64715	118185	401535	401543	1365219	2007-06-30	-	7.61%	8.13%	21.01%	0.571	-	0.88	0.88	3.86	0.34	1.0232	0.8929	0.1282	3.3483	0.739	2.7%	59	329	323
2007-05-29	2007	1	N/A	N/A	-	3.86%	3.86%	252817	252817	19275	19275	14632	14632	0.0367	0.0367	1508671	1113444	59647	395227	6086	15098	67691	52757	9012	58679	111436	399073	399073	1057543	2007-03-31	-	5.36%	7.62%	13.51%	0.3748	-	0.84	0.84	3.15	0.35	1.0289	0.8991	0.1378	3.318	0.738	5.2%	87	492	437
2007-02-28	2006	4	N/A	N/A	-	N/A	N/A	312663	1086414	13140	65091	8760	33800	0.0229	0.0898	1378920	999908	57575	379012	21356	9433	65575	88031	30789	34786	53245	381739	376468	496260	2006-12-31	-	1.16%	4.20%	36.19%	0.2267	14.4795	0.85	0.85	1.53	0.26	1.0454	0.904	0.1129	3.1107	0.7251	12.8%	148	810	679

Financial Quarter Balance Sheet

year	qrt	Amount due from associated companies (A-0)	Deferred tax assets (A-0)	Development Expenditure (A-0)	Goodwill on consolidation (A-0)	Investment in associated companies (A-0)	Land held for property development (A-0)	Other assets (A-0)	Other investments (A-0)	Prepaid lease payments (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)	Derivative assets (A-1)	Inventories (A-1)	Other investments (A-1)	Other receivables, deposits and prepayments (A-1)	Prepaid lease payments (A-1)	Advance from shareholder (L-0)	Deferred tax liabilities (L-0)	Loans & borrowings (L-0)	Payables and accruals (L-0)	Amount due to customers (L-1)	Bills payables (L-1)	Commercial papers (L-1)	Current tax liabilities (L-1)	Derivative liabilities (L-1)	Loans & borrowings (L-1)	Payables and accruals (L-1)	Provisions (L-1)	Minority interest (M-1)
2012	1	-	-	-	-	145310	-	19852	-	-	765611	486324	320334	1229	2957	223029	-	917329	-	-	46448	228008	14560	343074	814748	-	7470	617	223522	543134	-	129601
2011	4	-	-	-	-	141853	-	20714	-	-	764381	536876	323241	1381	6438	202965	-	891074	-	-	46492	234264	14970	289936	698705	-	9499	-	215523	739558	-	124583
2011	3	-	-	-	14872	148728	-	31443	-	-	759728	509944	274691	2712	2773	187345	-	786826	-	-	49018	248374	15070	426337	638994	-	15255	1634	196158	513389	-	115797
2011	2	-	-	-	14864	140871	-	30833	-	-	760047	488322	331689	4914	13174	186888	-	766577	-	-	48358	254615	14377	428741	633520	-	13537	-	210065	530663	-	114434
2011	1	-	-	-	14400	142359	-	30200	-	-	613875	386637	239327	3451	36681	173535	-	903653	-	-	48309	263038	14384	256617	631133	-	10275	-	179553	561755	-	106013
2010	4	-	-	-	14400	135817	-	30946	-	-	623099	583071	201106	3374	41312	179118	-	896562	-	-	48240	264154	15324	278022	540596	-	10635	3509	182069	807191	-	107551
2010	3	-	-	-	21600	134770	-	29314	-	-	510816	515999	220495	5554	-	173646	-	860246	-	-	22365	270951	15305	400026	517301	-	22263	-	129292	653842	-	102955
2010	2	-	-	-	21600	136055	-	28681	-	-	516552	434724	266603	4385	-	179498	-	902111	-	-	25224	281320	16151	393665	528032	-	20011	-	57163	729908	-	99961
2010	1	-	-	-	21600	128453	-	25359	-	-	526817	286767	216785	4919	-	180430	-	1049304	-	-	22737	160190	16155	444688	441148	-	17363	-	132952	782224	-	95246
2009	4	-	-	-	21600	124967	-	26969	-	-	545016	353857	249309	1168	20283	200166	-	919081	-	-	21716	170015	16905	351635	466356	-	19447	-	86050	858307	-	96527
2009	3	-	-	-	22171	137820	-	26618	-	31405	522981	542055	193531	25409	-	215741	-	841072	-	-	13726	165801	15515	351911	445219	-	21648	-	88260	896659	-	99250
2009	2	-	-	-	22171	138185	-	28063	-	31902	520896	569948	196245	25323	-	223975	-	782657	-	-	14152	103530	17692	346119	559090	-	16532	-	119268	792667	-	96028
2009	1	-	-	-	22171	134976	-	28739	-	32046	508750	635948	296563	25009	-	218447	-	825587	-	-	8849	110541	18290	479652	714039	-	22647	-	155058	667397	-	92096
2008	4	-	-	-	22171	124209	-	28069	-	32189	495995	738207	216730	15738	-	215617	-	721013	-	-	7658	116625	17449	372912	679212	-	15415	-	135882	735738	-	87629
2008	3	-	148	2208	33956	125052	16183	572	94	31531	418858	762260	378080	4327	-	259344	-	546775	317	17219	18230	121327	-	381251	562094	270000	2495	-	83403	591789	8914	82459
2008	2	-	148	2605	34110	119190	15539	577	104	31701	396606	692983	136899	1288	-	219712	-	416448	317	16445	17162	82430	-	295658	615365	-	6039	-	56947	454190	9770	82404
2008	1	-	-	2722	34173	114098	15471	607	-	31871	381122	491195	115081	-	-	190130	-	593429	5406	16137	21630	86609	-	264057	552676	-	6924	-	112883	420951	8468	78025
2007	4	10000	148	3127	852	107631	-	586	114	32105	330391	540731	180075	3239	-	159895	1257	380624	6345	16795	8594	92508	-	157464	431914	-	10811	-	127232	434567	8921	74692
2007	3	10000	204	3814	914	125989	6547	591	67	33301	305133	460684	168432	6712	-	171466	1492	487642	446	17141	16650	100502	-	218058	385122	-	6636	-	175768	419716	8077	67938
2007	2	10000	204	4427	978	122245	6626	626	88	33524	315250	389448	138442	1817	-	140602	-	433825	446	17333	14871	69559	-	177447	383506	-	8913	-	116250	386091	7350	64412
2007	1	10000	204	4923	1040	120051	6626	629	67	33620	293539	350029	138789	4936	-	130905	234	412633	446	17334	12737	74536	-	165129	331569	-	9945	-	170307	325097	6790	59647
2006	4	10000	204	5561	1103	120966	6775	635	67	33706	275840	354795	99530	5069	-	124938	234	339051	446	17700	11664	86581	-	114322	252763	-	6702	-	180829	322436	6911	57575

Financial Quarter Income Statement

year	qrt	Revenue	Income tax expense	Finance/interest costs	Other income	Administrative/Operating expenses	Minority interest	Finance/interest income	Share of profit/ (loss) of associates	Exceptional items
2012	1	419203	3584	5050	3808	404706	4587	992	10450	-
2011	4	524410	10448	14003	9165	500406	10271	5086	9047	-
2011	3	523722	10410	4464	3402	498059	6065	4088	4569	-
2011	2	513102	5890	7533	1774	493038	3581	1733	7250	-
2011	1	394336	5620	4295	3505	376429	1263	832	7134	-
2010	4	605893	9195	1195	5349	623868	4667	3912	11217	-
2010	3	289134	8712	4137	4299	270613	3962	1165	1461	-
2010	2	463280	5378	10797	968	442008	3272	560	7432	-
2010	1	410577	2098	1987	1054	407845	1439	519	6517	-
2009	4	613968	2866	1078	5463	608223	8956	2826	3459	-
2009	3	610949	11301	1065	2397	615172	2697	526	7365	-
2009	2	580600	8942	2891	4822	564415	1421	204	6181	-
2009	1	381194	5107	2670	2660	365037	3242	324	7040	-
2008	4	704308	5365	1744	7667	739008	4319	750	6769	-
2008	3	488773	5773	2524	550	468239	2415	778	4393	-
2008	2	454477	6138	2952	9387	437003	3630	1014	6374	-
2008	1	385977	3513	2679	5453	371999	2708	587	9155	-
2007	4	408090	3884	3958	2393	381578	10616	1474	7453	-
2007	3	403267	176	2330	518	387396	3251	929	6625	-
2007	2	347358	5935	3776	6528	327436	4320	620	4949	-
2007	1	252817	2605	3547	4725	243998	2038	599	8679	-
2006	4	312663	4755	2823	1114	310164	375	512	11838	0

Financial Quarter Segments Revenue

year	qrt	Elimination/Adjustment	Infrastructure Construction	Cranes	Marine ship repair & ship building	Concession
2012	1	127335	380186	129101	37251	-
2011	4	573020	823819	181696	91915	-
2011	3	38800	352335	108341	101846	-
2011	2	164193	378398	109879	189018	-
2011	1	118050	296056	85181	131149	-
2010	4	3924	287267	100366	23323	1077
2010	3	134575	199449	116684	107576	-
2010	2	119299	381117	93186	108276	-
2010	1	42965	264578	74951	114013	-
2009	4	-	398706	169951	45311	-
2009	3	-	345030	156781	109138	-
2009	2	-	405169	93295	82136	-
2009	1	-	205669	114266	61259	-
2008	4	-	531152	187161	85702	-
2008	3	-	288151	134378	66244	-
2008	2	-	254454	129878	70145	-
2008	1	-	180394	124284	81299	-
2007	4	-	224080	135062	59416	-
2007	3	-	203724	124031	75512	-
2007	2	-	173032	123889	50438	-
2007	1	-	143917	72139	36761	-

Financial Quarter Segments Profit

year	qrt	Elimination/Adjustment	Infrastructure Construction	Cranes	Marine ship repair & ship building	Concession
2012	1	12829	7778	11115	10160	8473
2011	4	59112	33682	23301	30507	4921
2011	3	31496	6264	15578	37427	5485
2011	2	18527	8291	9133	19906	4485
2011	1	15796	8400	4183	20683	7613
2010	4	40562	29934	11953	9273	3943
2010	3	40317	27105	11455	18542	4614
2010	2	34517	19766	7231	19754	7201
2010	1	5967	11675	3785	15450	7242
2009	4	-	14289	12104	4868	2806
2009	3	-	37108	9517	26728	5864
2009	2	-	6900	8032	6153	3414
2009	1	-	6388	5567	5357	6199
2008	4	-	52101	15224	5230	5223
2008	3	-	8600	3025	9103	3002
2008	2	-	13722	4036	8163	5377
2008	1	-	8310	4710	5354	8120
2007	4	-	16894	7405	2550	5472
2007	3	-	1406	4590	12001	3616
2007	2	-	12162	6254	4656	5171
2007	1	-	3360	4057	3747	8111

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 - MUHIBAH / 5703 - 2011 Quarter 4

MUHIBBAH ENGINEERING (M) BERHAD

My notes based on 2011 quarter 4 report (number in '000):-
- Higher pbt is derived from the cranes and shipyard divisions which generated higher revenue with better profit margins

- As at 23 February 2012, the total outstanding secured order book in hand of the Group is RM3.05 billion. These outstanding order books will take us into 2014

- Estimate next 4Q eps after 2011 Q4 result announced = 639976*0.12/413767 = 0.1856, estimate PE on current price 1.37 = 7.11(DPS 0.05)
- Estimate next 4Q eps after 2011 Q3 result announced = 0.1425*1.05 = 0.1496, estimate highest/lowest PE = 9.99/6.52 (DPS 0.035)
- Estimate next 4Q eps after 2011 Q2 result announced = 0.0336*4*0.85 = 0.1142(~8% ROE), estimate highest/lowest PE = 9.06/8 (DPS 0.035)
- Estimate next 4Q eps after 2011 Q1 result announced = (0.0438+0.0226)*2*1.05 = 0.1394, estimate highest/lowest PE = 13.45/6.85 (DPS 0.035)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.0843*1.1 = 0.0927, estimate highest/lowest PE = 18.93/13.65 (DPS 0.035)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.0481*2 = 0.0962(although revenue decrease but offset by high tax rate), estimate highest/lowest PE = 20.06/12.79
- Estimate next 4Q eps after 2010 Q2 result announced = 0.0266*4 = 0.1064, estimate highest/lowest PE = 9.35/7.99
- Estimate next 4Q eps after 2010 Q1 result announced = 0.0135*4 = 0.054, estimate highest/lowest PE = 18.43/15.74
- No estimate for 2009 Q4 result
- No estimate for 2009 Q3 result
- Estimate next 4Q eps after 2009 Q2 result announced = 0.0362*4 = 0.1448, estimate highest/lowest PE = 9.29/6.94 (DPS 0.025)
- Estimate next 4Q eps after 2008 Q4 result announced = 0.039*4 = 0.156, estimate highest/lowest PE = 8.17/4.04 (DPS 0.025)

MUHIBAH latest news (English)

MUHIBAH latest news (Chinese)

KLCI Stock - MUHIBAH / 5703 - 2011 Quarter 3

Company Info 

Market Capital (Capital Size)	477,609,502 (Small)
Par Value	RM 0.50

My Analysis 

Forecast P/E now	(1.17-0.035)/0.1496 = 7.59 (Moderate)
Target Price	1.50+0.035 = 1.53 (PE 10.0, EPS 0.1496, DPS 0.035)
Decision	BUY if stock price got strong buying volume than selling while stock price still above SMA20
Comment	Revenue increased 2.1% and was second consecutive quarter increasing and also higher than preceding year corresponding quarter 81.1%, eps increased 20.2% and also higher than preceding year corresponding quarter 87.9%, cash generated from operating and financing more than enough to cover all expenses, slightly weaker liquidity ratio at weak level now, lower gearing ratio at very high level now, receivables and payables ratio improving, cranes and marine division got higher than usual profit, higher inventory can indicate works amount still at satisfactory level
First Support Price	1.13
Second Support Price	1.0
Risk Rating	MODERATE

Research House

CIMB Target Price	1.83 (2011-08-10)
Kencana Target Price	1.5 (2011-10-03)

Accounting Ratio 

Return on Equity	9.56%
Dividend Yield	2.99%
Profit Margin	6.35%
Tax Rate	31.30%
Asset Turnover	0.6793
Net Asset Value Per Share	1.22
Net Tangible Asset per share	1.18
Price/Net Tangible Asset Per Share	0.91
Cash Per Share	0.66
Liquidity Current Ratio	0.9847
Liquidity Quick Ratio	0.8801
Liquidity Cash Ratio	0.1533
Gearing Debt to Equity Ratio	4.2166
Gearing Debt to Asset Ratio	0.7739
Working capital per thousand Ringgit sale	-1.5%
Days to sell the inventory	38
Days to collect the receivables	256
Days to pay the payables	236

Technical Analysis 

SMA 20	1.129 (Uptrend 15 days)
SMA 50	1.116 (Downtrend)
SMA 100	1.109 (Downtrend)
SMA 200	1.286 (Downtrend)
MACD	0.013998 (Uptrend 18 days)
MACD Histogram	0.016512 (Uptrend 14 days)

My notes based on 2011 quarter 3 report (number in '000):-
- Higher revenue and pbt is derived from the cranes and shipyard divisions which generated higher revenue with better profit margins

- As at 18 November 2011, the total outstanding secured order book in hand of the Group is RM2.79 billion, comprises of RM1.98 billion from Infrastructure Construction Division, RM609 million from Cranes Division and RM200 million from Shipyard Division

- Estimate next 4Q eps after 2011 Q3 result announced = 0.1425*1.05 = 0.1496, estimate PE on current price 1.17 = 7.59(DPS 0.035)
- Estimate next 4Q eps after 2011 Q2 result announced = 0.0336*4*0.85 = 0.1142(~8% ROE), estimate highest/lowest PE = 9.06/8 (DPS 0.035)
- Estimate next 4Q eps after 2011 Q1 result announced = (0.0438+0.0226)*2*1.05 = 0.1394, estimate highest/lowest PE = 13.45/6.85 (DPS 0.035)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.0843*1.1 = 0.0927, estimate highest/lowest PE = 18.93/13.65 (DPS 0.035)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.0481*2 = 0.0962(although revenue decrease but offset by high tax rate), estimate highest/lowest PE = 20.06/12.79
- Estimate next 4Q eps after 2010 Q2 result announced = 0.0266*4 = 0.1064, estimate highest/lowest PE = 9.35/7.99
- Estimate next 4Q eps after 2010 Q1 result announced = 0.0135*4 = 0.054, estimate highest/lowest PE = 18.43/15.74
- No estimate for 2009 Q4 result
- No estimate for 2009 Q3 result
- Estimate next 4Q eps after 2009 Q2 result announced = 0.0362*4 = 0.1448, estimate highest/lowest PE = 9.29/6.94 (DPS 0.025)
- Estimate next 4Q eps after 2008 Q4 result announced = 0.039*4 = 0.156, estimate highest/lowest PE = 8.17/4.04 (DPS 0.025)

MUHIBAH latest news (English)

MUHIBAH latest news (Chinese)

KLCI Stock - MUHIBAH / 5703 - 2011 Quarter 2

Company Info

Market Capital (Capital Size)	436,788,177 (Small)
Par Value	RM 0.50

My Analysis

Forecast P/E now	(1.07-0.035)/0.1142 = 9.06 (Moderate)
Target Price	1.14+0.035 = 1.18 (PE 10.0, EPS 0.1142, DPS 0.035)
Decision	BUY if stock price sustain above 1 when MACD downtrend
Comment	Revenue increased 30.1% and also higher than preceding year corresponding quarter 10.8%, eps decreased 23.3% but higher than preceding year corresponding quarter 26.3%, cash generated from operating and financing more than enough to cover all expenses, weaker liquidity ratio from low to weak level now, higher gearing ratio at very high level now, receivables and payables ratio also high, all division growth
First Support Price	1.0
Second Support Price	0.9
Risk Rating	HIGH

Research House

CIMB Target Price	1.83 (2011-08-10)
Kencana Target Price	1.5 (2011-10-03)

Accounting Ratio

Return on Equity	8.88%
Dividend Yield	3.27%
Profit Margin	4.54%
Tax Rate	25.29%
Asset Turnover	0.5889
Net Asset Value Per Share	1.19
Net Tangible Asset per share	1.16
Price/Net Tangible Asset Per Share	0.96
Cash Per Share	0.81
Liquidity Current Ratio	0.9863
Liquidity Quick Ratio	0.8834
Liquidity Cash Ratio	0.1826
Gearing Debt to Equity Ratio	4.356
Gearing Debt to Asset Ratio	0.7793
Working capital per thousand Ringgit sale	-1.5%
Days to sell the inventory	44
Days to collect the receivables	284
Days to pay the payables	274

My notes based on 2011 quarter 2 report (number in '000):-
- Higher pbt than FY10Q2 mainly due to better results from the Infrastructure Construction Division and the Cranes Division

- Lower pbt than FY11Q1 main reason is because of normal low season with lesser passenger arrivals for the Cambodia Airports for the second quarter of the year

- As at 19 August 2011, the total outstanding secured order book in hand of the Group is RM3.08 billion, comprises of RM2.21 billion from Infrastructure Construction Division, RM675 million from Cranes Division and RM194 million from Shipyard Division. These outstanding secured order books will until 2014

- Estimate next 4Q eps after 2010 Q2 result announced = 0.0336*4*0.85 = 0.1142(~8% ROE), estimate PE on current price 1.07 = 9.06 (DPS 0.035)
- Estimate next 4Q eps after 2010 Q1 result announced = (0.0438+0.0226)*2*1.05 = 0.1394, estimate highest/lowest PE = 13.45/6.85 (DPS 0.035)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.0843*1.1 = 0.0927, estimate highest/lowest PE = 18.93/13.65 (DPS 0.035)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.0481*2 = 0.0962(although revenue decrease but offset by high tax rate), estimate highest/lowest PE = 20.06/12.79
- Estimate next 4Q eps after 2010 Q2 result announced = 0.0266*4 = 0.1064, estimate highest/lowest PE = 9.35/7.99
- Estimate next 4Q eps after 2010 Q1 result announced = 0.0135*4 = 0.054, estimate highest/lowest PE = 18.43/15.74
- No estimate for 2009 Q4 result
- No estimate for 2009 Q3 result
- Estimate next 4Q eps after 2009 Q2 result announced = 0.0362*4 = 0.1448, estimate highest/lowest PE = 9.29/6.94 (DPS 0.025)
- Estimate next 4Q eps after 2008 Q4 result announced = 0.039*4 = 0.156, estimate highest/lowest PE = 8.17/4.04 (DPS 0.025)

MUHIBAH latest news (English)

MUHIBAH latest news (Chinese)

KLCI Stock - MUHIBAH / 5703 - 2011 Quarter 1

Company Info

Market Capital (Capital Size)	716,514,177 (Medium)
Par Value	RM 0.50

My Analysis

Forecast P/E now	(1.79-0.035)/0.1394 = 12.59 (High)
Target Price	1.39+0.035 = 1.43 (PE 10.0, EPS 0.1394, DPS 0.035)
Decision	Not interested unless revenue and profit increase more
Comment	Revenue decreased 5.2% and also lower than preceding year corresponding quarter 4%, eps increased 93.8% and is second consecutive quarter increasing and also higher than preceding year corresponding quarter 234.4%, no cash generate from operating after deduct liabilities expenses however cash generated from financing is more than enough to cover the rest of expenses, stronger liquidity ratio but still at low level now, lower gearing ratio but still at very high ratio now, receivables and payables ratio still very higher, better profit margin
First Support Price	1.65
Second Support Price	1.45
Risk Rating	HIGH

Research House

CIMB Target Price

2.53 (2011-01-27)

Accounting Ratio

Return on Equity	9.03%
Dividend Yield	1.96%
Profit Margin	6.36%
Tax Rate	22.41%
Asset Turnover	0.6142
Net Asset Value Per Share	1.14
Net Tangible Asset per share	1.1
Price/Net Tangible Asset Per Share	1.5
Cash Per Share	0.58
Liquidity Current Ratio	1.0634
Liquidity Quick Ratio	0.9576
Liquidity Cash Ratio	0.146
Gearing Debt to Equity Ratio	4.1541
Gearing Debt to Asset Ratio	0.7724
Working capital per thousand Ringgit sale	6.7%
Days to sell the inventory	42
Days to collect the receivables	301
Days to pay the payables	290

My notes based on 2011 quarter 1 report (number in '000):-
- Higher pbt mainly due to better results from all divisions

- As at 19 May 2011, the total outstanding secured order book in hand of the Group is RM2.86 billion, comprises of RM2.0 billion from Infrastructure Construction Division, RM496 million from Cranes Division and RM358 million from Shipyard Division

- Estimate next 4Q eps after 2010 Q1 result announced = (0.0438+0.0226)*2*1.05 = 0.1394, estimate PE on current price 1.79 = 12.59 (DPS 0.035)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.0843*1.1 = 0.0927, estimate highest/lowest PE = 18.93/13.65 (DPS 0.035)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.0481*2 = 0.0962(although revenue decrease but offset by high tax rate), estimate highest/lowest PE = 20.06/12.79
- Estimate next 4Q eps after 2010 Q2 result announced = 0.0266*4 = 0.1064, estimate highest/lowest PE = 9.35/7.99
- Estimate next 4Q eps after 2010 Q1 result announced = 0.0135*4 = 0.054, estimate highest/lowest PE = 18.43/15.74
- No estimate for 2009 Q4 result
- No estimate for 2009 Q3 result
- Estimate next 4Q eps after 2009 Q2 result announced = 0.0362*4 = 0.1448, estimate highest/lowest PE = 9.29/6.94 (DPS 0.025)
- Estimate next 4Q eps after 2008 Q4 result announced = 0.039*4 = 0.156, estimate highest/lowest PE = 8.17/4.04 (DPS 0.025)

MUHIBAH latest news (English)

MUHIBAH latest news (Chinese)

KLCI Stock - MUHIBAH / 5703 - 2010 Quarter 4

Company Info

Market Capital (Capital Size)	664,017,015 (Medium)
Par Value	RM 0.50

My Analysis

Forecast P/E now	(1.66-0.035)/0.0927 = 17.53 (High)
Target Price	0.93+0.035 = 0.96 (PE 10.0, EPS 0.0927, DPS 0.035)
Decision	Not interested unless most segment got stable profit
Comment	Revenue increased 43.9% but lower than preceding year corresponding quarter 32.3%, eps increased 5.1% and also higher than preceding year corresponding quarter 243%, no cash generated from operating hence still increase borrowing, better liquidity ratio but still at low level now, better gearing ratio but still at very high ratio now, receivables and payables still increasing to higher ratio
First Support Price	1.45
Second Support Price	1.3
Risk Rating	HIGH

Research House

CIMB Target Price

2.53 (2011-01-27)

Accounting Ratio

Return on Equity	5.49%
Dividend Yield	2.11%
Profit Margin	4.15%
Tax Rate	20.86%
Asset Turnover	0.5756
Net Asset Value Per Share	1.27
Net Tangible Asset per share	1.23
Price/Net Tangible Asset Per Share	1.2
Cash Per Share	0.49
Liquidity Current Ratio	1.0562
Liquidity Quick Ratio	0.9604
Liquidity Cash Ratio	0.1081
Gearing Debt to Equity Ratio	4.1856
Gearing Debt to Asset Ratio	0.7754
Working capital per thousand Ringgit sale	6.5%
Days to sell the inventory	42
Days to collect the receivables	347
Days to pay the payables	287

My notes based on 2010 quarter 4 report (number in '000):-
- The Group reported an increase of 63% consolidated profit after tax to RM47.0 million for the current year ended 31 December 2010 under review as compared to RM28.9 million for the last corresponding period ended 31 December 2009 mainly due to better results from the Infrastructure Construction Division and Concession Division has also registered higher contribution from the Cambodia Airports with increasing airport passenger arrivals

- The Group reported a higher consolidated profit after tax for the current quarter of RM13.65 million as compared to RM12.6 million reported in the previous quarter was mainly due to improved results from the Infrastructure Construction Division and Cranes Division

- As at 22 February 2011, the total outstanding secured order book in hand of the Group is RM3.10 billion, comprises of RM2.29 billion from Infrastructure Construction Division, RM453 million from Cranes Division and RM360 million from Shipyard Division. These outstanding secured order books will take us into 2013

- Estimate next 4Q eps after 2010 Q4 result announced = 0.0843*1.1 = 0.0927, estimate PE on current price 1.66 = 17.53 (DPS 0.035)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.0481*2 = 0.0962(although revenue decrease but offset by high tax rate), estimate highest/lowest PE = 20.06/12.79
- Estimate next 4Q eps after 2010 Q2 result announced = 0.0266*4 = 0.1064, estimate highest/lowest PE = 9.35/7.99
- Estimate next 4Q eps after 2010 Q1 result announced = 0.0135*4 = 0.054, estimate highest/lowest PE = 18.43/15.74
- No estimate for 2009 Q4 result
- No estimate for 2009 Q3 result
- Estimate next 4Q eps after 2009 Q2 result announced = 0.0362*4 = 0.1448, estimate highest/lowest PE = 9.29/6.94 (DPS 0.025)
- Estimate next 4Q eps after 2008 Q4 result announced = 0.039*4 = 0.156, estimate highest/lowest PE = 8.17/4.04 (DPS 0.025)

MUHIBAH latest news (English)

MUHIBAH latest news (Chinese)

KLCI Stock - MUHIBAH / 5703 - 2010 Quarter 3

Company Info

Market Capital (Capital Size)	665,314,222 (Medium)
Par Value	RM 0.50

My Analysis

Forecast P/E now	1.67/0.0962 = 17.36 (High)
Target Price	0.0962*10.0 = 0.96 (PE 10.0, EPS 0.0962)
Decision	NOT BUY
Comment	Revenue decreased and lower than preceding year corresponding quarter, eps decreased but higher than preceding year corresponding quarter, neither got free nor positive net cash flow, liquidity ratio increasing to low level now, gearing ratio very high, receivables and payables period are high
First Support Price	1.2
Second Support Price	1.0
Risk Rating	HIGH

Research House

CIMB Target Price

2 (2010-11-11)

Accounting Ratio

Return on Equity	4.12%
Dividend Yield	-
Profit Margin	7.37%
Tax Rate	40.88%
Asset Turnover	0.7187
Net Asset Value Per Share	0.84
Net Tangible Asset per share	0.79
Price/Net Tangible Asset Per Share	1.57
Cash Per Share	0.55
Liquidity Current Ratio	1.0309
Liquidity Quick Ratio	0.9301
Liquidity Cash Ratio	0.128
Gearing Debt to Equity Ratio	6.0074
Gearing Debt to Asset Ratio	0.8216
Working capital per thousand Ringgit sale	3.0%
Days to sell the inventory	37
Days to collect the receivables	283
Days to pay the payables	247

My notes based on 2010 quarter 3 report (number in '000):-
- The Group reported a marginal lower consolidated profit before tax of RM49.58 million for the current period ended 30 September 2010 under review as compared to RM53.01 million for the last corresponding period ended 30 September 2009. The Shipyard and Cranes Divisions continue to be the main earnings contributor to the Group

- The consolidated profit before tax is higher by 9.7% from RM19.43 million for the second quarter of the current year to RM21.31 in the third quarter of the current year. This is mainly contributed by the Shipyard Division

- Estimate next 4Q eps after 2010 Q3 result announced = 0.0481*2 = 0.0962(although revenue decrease but offset by high tax rate), estimate PE on current price 1.67 = 17.36
- Estimate next 4Q eps after 2010 Q2 result announced = 0.0266*4 = 0.1064, estimate highest/lowest PE = 9.35/7.99
- Estimate next 4Q eps after 2010 Q1 result announced = 0.0135*4 = 0.054, estimate highest/lowest PE = 18.43/15.74
- No estimate for 2009 Q4 result
- No estimate for 2009 Q3 result
- Estimate next 4Q eps after 2009 Q2 result announced = 0.0362*4 = 0.1448, estimate highest/lowest PE = 9.29/6.94 (DPS 0.025)
- Estimate next 4Q eps after 2008 Q4 result announced = 0.039*4 = 0.156, estimate highest/lowest PE = 8.17/4.04 (DPS 0.025)

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