KLCI Stock - PELIKAN / 5231 - 2011 Quarter 3

PELIKAN INTERNATIONAL CORPORATION BERHAD

Company Description

Pelikan International Corporation Berhad and its subsidiaries are engaged in the manufacturing and distribution of writing instruments, art, painting and hobby products, school and office stationery, printer consumables, and investment holding. The Company distributes its products through wholesalers, dealers, retailers, modern trade, including hypermarkets, schools and specialized stores for luxury items. It operates in six main geographical units: Germany, Switzerland, Italy, Rest of Europe, Latin America and Others. Some of its subsidiaries include Pelikan Holding AG, Pelikan Japan K.K., Productos Pelikan S.A. de C.V and Pelikan Produktions AG. On May 26, 2008, Pelikan Holding AG, a subsidiary of the Company, acquired Goldcup D 3135 AB. On June 11, 2008, the business of Pelikan Hardcopy (International) AG was merged into Pelikan Hardcopy Production AG. On September 26, 2008, the business of Pelikan Hardcopy Ges.m.b.H was merged into Pelikan Austria Gesellschaft m.b.H.

Company Info 

Listing Date	1992-01-10
Market Capital (Capital Size)	407,672,868 (Small)
Par Value	RM 1.00
Board	Main
Sector	Consumer Products
Major Industry	Writing Instruments, Art, Painting & Hobby Product
Sub Industry	Stationery & Printer Consumables
Website	http://www.pelikan.com/

My Analysis 

Forecast P/E now	(0.795-0.02)/0.066 = 11.74 (High)
Target Price	0.66+0.02 = 0.68 (PE 10.0, EPS 0.066, DPS 0.02)
Decision	Not interested unless SMA20 got strong uptrend
Comment	Revenue increased 4.4% and was second consecutive quarter increasing but still lower than preceding year corresponding quarter 1.2%, eps decreased 192.1% and also lower than preceding year corresponding quarter 196.5%, no cash generated from operating hence depend on borrowings to cover financing expenses and 22.1% of Group cash, better liquidity ratio at low level now, lower gearing ratio but still at high level now, all accounting ratio are good, no significant inventory increase
First Support Price	0.77
Second Support Price	0.72
Risk Rating	MODERATE

Research House

HwangDBS Target Price	1.2 (2011-02-10)
ECM Target Price	1 (2011-08-25)

Accounting Ratio 

Return on Equity	0.09%
Dividend Yield	2.52%
Profit Margin	-1.34%
Tax Rate	-
Asset Turnover	0.9974
Net Asset Value Per Share	1.73
Net Tangible Asset per share	1.51
Price/Net Tangible Asset Per Share	0.53
Cash Per Share	0.24
Liquidity Current Ratio	1.416
Liquidity Quick Ratio	0.7732
Liquidity Cash Ratio	0.1747
Gearing Debt to Equity Ratio	1.2352
Gearing Debt to Asset Ratio	0.5447
Working capital per thousand Ringgit sale	14.3%
Days to sell the inventory	81
Days to collect the receivables	75
Days to pay the payables	68

Technical Analysis 

SMA 20	0.773 (Downtrend 5 days)
SMA 50	0.798 (Downtrend)
SMA 100	0.815 (Downtrend)
SMA 200	0.927 (Downtrend)
MACD	-0.017273 (Uptrend 3 days)
MACD Histogram	0.001479 (Uptrend 2 days)

My notes based on 2011 quarter 3 report (number in '000):-
- Lower revenue than FY10Q3 mainly attributed to the European market other than Germany which is soft

- Operating profits before tax for the current quarter is RM8.0 million but was pulled down by unrealised foreign exchange losses of RM15.1 million (FY10Q3: RM8.5 million gain)

- Higher revenue than FY11Q2 mainly due to the “back to school” season in the European markets

- Estimate next 4Q eps after 2011 Q3 result announced = 0.066, estimate PE on current price 0.795 = 11.74(DPS 0.02)
- Estimate next 4Q eps after 2011 Q2 result announced = 0.06*1.1 = 0.066, estimate highest/lowest PE = 13.03/11.14 (DPS 0.02)
- Estimate next 4Q eps after 2011 Q1 result announced = 0.075*0.8 = 0.06, estimate highest/lowest PE = 17.17/13.5 (DPS 0.02)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.09*0.9 = 0.081, estimate highest/lowest PE = 14.32/12.1 (DPS 0.02)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.09, estimate highest/lowest PE = 15.56/12.67 (DPS 0.02)

PELIKAN latest news (English)

PELIKAN 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	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
2011-11-23	2011	3	N/A	N/A	-	1.56%	0.94%	527499	1493325	7068	19082	14126	8467	0.0279	0.0167	1986348	1082038	28336	904310	28957	17830	25971	94056	46787	20816	73240	506996	507113	403061	2011-09-30	1.34%	-	0.9974	-	1.73	1.51	0.53	0.24	1.416	0.7732	0.1747	1.2352	0.5447	14.3%	81	75	68
2011-08-24	2011	2	0.88	0.755	-	1.66%	2.44%	505076	965826	19325	26150	15384	22593	0.0303	0.0445	2093338	1165551	26501	927787	62593	12593	71424	95873	75186	3762	92111	507127	507171	431057	2011-06-30	3.83%	32.89%	0.9495	-	1.78	1.56	0.54	0.25	1.3925	0.7451	0.1692	1.2932	0.5568	14.9%	91	79	78
2011-05-30	2011	1	1.05	0.83	-	0.80%	0.80%	460750	460750	6825	6825	7209	7209	0.0142	0.0142	1982044	1085426	31166	896618	27505	7102	26302	87943	34607	8305	79638	507214	507214	517358	2011-03-31	1.48%	60.60%	0.9963	-	1.71	1.49	0.68	0.23	1.3971	0.7622	0.1679	1.2542	0.5476	13.7%	80	74	73
2011-02-22	2010	4	1.18	1.0	0.02	0.85%	16.38%	487828	1786698	597	167626	7489	144166	0.0139	0.2808	1936687	1056330	36580	880357	27057	201218	234210	36715	174161	60049	96764	537690	513325	645228	2010-12-31	0.12%	-	0.9226	4.2728	1.64	1.43	0.84	0.24	1.4346	0.8286	0.2039	1.2519	0.5454	15.6%	79	81	80
2010-11-24	2010	3	1.42	1.16	-	1.72%	16.81%	534031	1298870	26222	168223	15555	151655	0.0289	0.3002	2121781	1219645	33432	902136	6023	206295	307448	32219	212318	95130	127349	537705	505203	650623	2010-09-30	4.91%	22.01%	0.738	-	1.72	1.51	0.8	0.31	1.5879	0.9239	0.2449	1.404	0.5748	25.8%	105	108	91
2010-08-25	2010	2	1.34	1.09	-	2.91%	16.06%	492050	764839	27782	142001	24691	136100	0.0458	0.2784	2003110	1155742	32960	847368	24046	201156	313062	30026	225202	87860	117886	538597	488951	608614	2010-06-30	5.65%	20.93%	0.6712	-	1.67	1.46	0.77	0.28	1.632	0.9249	0.2479	1.4191	0.577	29.0%	117	112	96
2010-05-25	2010	1	1.28	1.04	-	12.11%	12.11%	272789	272789	114219	114219	111409	111409	0.2536	0.2536	2127600	1207706	59630	919894	1865	15328	113903	41173	13463	127366	168539	439305	439305	448091	2010-03-31	41.87%	1.92%	0.562	-	1.96	1.71	0.6	0.45	1.2974	0.7733	0.2432	1.4039	0.5676	20.3%	130	130	178
2010-02-25	2009	4	1.39	0.995	0.02	1.54%	5.78%	267100	1208294	10422	49964	9314	34861	0.0275	0.1027	1515480	912344	23095	603136	33642	45195	21759	40720	11553	10206	50926	339255	339290	420676	2009-12-31	3.90%	-	0.7973	12.0685	1.71	1.36	0.91	0.26	1.4951	0.8554	0.183	1.5729	0.602	19.7%	96	96	74
2009-11-25	2009	3	1.47	1.21	-	1.52%	7.18%	312567	941194	14158	60386	9340	44175	0.0253	0.1195	1570109	955157	26979	614952	63409	43367	9943	33500	20042	10099	43599	369731	369778	536109	2009-09-30	4.53%	26.00%	0.7446	-	1.59	1.25	1.16	0.27	1.7156	0.9624	0.2281	1.6245	0.6083	26.9%	103	99	81
2009-08-19	2009	2	1.67	1.28	-	4.47%	5.81%	343216	628627	34177	46228	26813	34835	0.0790	0.1027	1583737	983776	26719	599961	14989	42919	4542	39275	27930	23388	15887	339255	339326	508882	2009-06-30	9.96%	11.21%	0.7556	-	1.69	1.33	1.13	0.21	1.6204	0.894	0.1455	1.7162	0.6212	25.1%	107	109	92
2009-05-27	2009	1	1.75	0.93	-	1.43%	1.43%	285411	285411	12051	12051	8022	8022	0.0236	0.0236	1497807	938221	20611	559586	16688	24657	742	34811	7969	8711	26100	339397	339397	336003	2009-03-31	4.22%	21.36%	0.8419	-	1.59	1.24	0.8	0.25	1.5615	0.8103	0.1886	1.7408	0.6264	20.4%	102	81	80
2009-02-27	2008	4	1.05	0.59	0.02	8.41%	6.51%	227969	1288493	50030	49408	47333	36665	0.1465	0.1230	1501240	938437	19177	562803	43816	43802	93	43927	14	79	43848	323117	298209	313423	2008-12-31	21.95%	-	0.8583	7.8893	1.82	1.42	0.68	0.33	1.6328	0.9352	0.2338	1.7263	0.6251	22.1%	91	88	78
2008-11-19	2008	3	1.29	0.965	-	2.89%	14.68%	340101	1060524	22545	101107	16884	85667	0.0581	0.2955	1600550	1016998	28330	583552	862	32369	10505	63505	33231	43736	19769	290566	289907	316716	2008-09-30	6.63%	14.03%	0.862	-	1.92	1.51	0.72	0.38	1.8843	1.079	0.2499	1.8317	0.6354	28.1%	100	95	68
2008-08-20	2008	2	2.6	1.07	-	7.72%	11.93%	407465	720423	51834	78004	44160	68225	0.1526	0.2356	1711461	1139388	26547	572073	59697	24641	39606	60142	84338	44732	15410	289399	289577	694557	2008-06-30	12.72%	4.99%	0.7823	-	1.88	1.47	1.63	0.32	1.7121	0.9771	0.1741	2.0886	0.6657	28.5%	115	116	94
2008-05-30	2008	1	2.93	2.3	-	4.56%	4.56%	312958	312958	26170	26170	24065	24065	0.0832	0.0832	1608054	1080841	21313	527213	19312	7864	3155	62905	27176	24021	38884	289151	289151	806731	2008-03-31	8.36%	6.32%	0.7887	-	1.75	1.34	2.08	0.4	1.7148	0.9555	0.2387	2.1365	0.6721	27.0%	111	98	98
2008-02-29	2007	4	3.68	2.78	0.06	1.27%	18.27%	319172	1194949	2200	99816	6465	93100	0.0227	0.3374	1560669	1051155	20779	509514	53642	13751	5719	25163	39891	45610	70773	285282	275932	1135422	2007-12-31	0.69%	-	0.7657	11.796	1.77	1.35	2.95	0.48	1.6621	0.9816	0.2916	2.1508	0.6735	26.3%	105	99	104
2007-11-15	2007	3	4.8	3.74	-	4.25%	16.52%	299361	875777	26534	99790	22869	88809	0.0679	0.2674	1574281	1036652	29707	537629	24314	16266	4353	26177	8048	12401	38578	336990	332116	1489495	2007-09-30	8.86%	11.28%	0.652	-	1.53	1.15	3.84	0.26	1.5171	0.849	0.1689	2.041	0.6585	26.1%	133	124	127
2007-08-08	2007	2	4.9	4.4	0.03	8.33%	12.89%	336824	576416	47115	73289	42621	65973	0.1242	0.1948	1580673	1068861	29582	511812	508	43417	31105	32527	43925	12820	19707	343153	338684	1715765	2007-06-30	13.99%	2.42%	0.4599	-	1.42	1.09	4.59	0.2	1.4044	0.8242	0.1236	2.2165	0.6762	30.8%	175	192	199
2007-05-03	2007	1	N/A	N/A	0.02	4.89%	4.89%	239592	239592	26175	26175	23353	23353	0.0699	0.0699	1411711	933791	26028	477920	28373	7979	10658	30108	20394	9736	39844	334249	334249	1477380	2007-03-31	10.92%	6.26%	0.2764	-	1.35	1.11	3.98	0.23	1.4468	0.8293	0.1714	2.0664	0.6615	51.8%	269	273	310
2007-02-26	2006	4	N/A	N/A	0.05	1.42%	18.19%	150611	655141	2154	87825	6151	78811	0.0183	0.2410	1086753	653517	25240	433236	3958	82072	88754	18980	78114	10640	29620	336416	327039	1170727	2006-12-31	1.43%	-	0.1386	14.4408	1.25	1.0	3.48	0.2	1.8127	1.0965	0.2799	1.6018	0.6013	127.2%	381	453	274

Financial Quarter Balance Sheet

year	qrt	Available-for-sale financial assets (A-0)	Computer software (A-0)	Deferred tax assets (A-0)	Development Expenditure (A-0)	Goodwill on consolidation (A-0)	Investment in associated companies (A-0)	Pension trust fund (A-0)	Property, plant and equipment (A-0)	Trademarks (A-0)	Cash and cash equivalents (A-1)	Current tax assets (A-1)	Inventories (A-1)	Other receivables, deposits and prepayments (A-1)	Pension trust fund (A-1)	Deferred tax liabilities (L-0)	ICULS (L-0)	Loans & borrowings (L-0)	Long term payables (L-0)	Other long-term provisions (L-0)	Post-employment benefit obligations (L-0)	RCULS (L-0)	Current tax liabilities (L-1)	ICULS (L-1)	Loans & borrowings (L-1)	Other payables (L-1)	Post-employment benefit obligations (L-1)	Provision for liabilities (L-1)	RCULS (L-1)	Minority interest (M-1)
2011	3	5026	2824	28005	27067	110896	37866	192565	600098	15821	97901	2698	438589	405657	21335	9365	-	182114	6709	-	201506	-	15417	-	295903	351292	19511	221	-	28336
2011	2	3227	3383	27754	27809	110927	35370	192565	623859	15983	106576	2546	489313	432691	21335	9545	-	186237	7603	-	206343	-	14349	-	320701	400807	19708	258	-	26501
2011	1	3114	3545	28116	25548	111129	37798	192565	614742	15585	92841	3551	431673	400502	21335	9514	-	185871	6649	-	203463	-	14836	-	269772	375811	19215	295	-	31166
2010	4	3006	3447	27980	25532	109511	36854	192565	603809	14932	109263	5234	388200	395019	21335	9510	-	193134	6303	-	206755	-	14699	-	231539	383242	10802	346	-	36580
2010	3	20344	4052	30999	25143	106498	40474	188776	598082	16335	143161	4692	456273	461828	25124	7523	-	298794	9481	-	216747	-	7187	-	205099	384317	11419	79078	-	33432
2010	2	17229	4241	30129	23763	102822	34227	188776	580063	15435	127775	4447	436070	413009	25124	7477	-	314079	9737	-	207771	-	7240	-	170188	348046	10803	80401	-	32960
2010	1	16543	4634	32772	25032	111235	35370	188776	639642	17114	172925	4995	426781	426657	25124	7749	-	143634	10947	-	231100	-	8686	-	151822	573777	12013	67978	-	59630
2009	4	16146	2893	31538	26951	118604	34557	188776	359502	19122	62709	5287	306934	317337	25124	7705	-	152921	11527	-	260352	-	6847	-	235210	223892	13468	422	-	23095
2009	3	15547	2928	32087	24555	124001	37495	185847	373366	20163	72193	4664	331070	318140	28053	8508	-	214898	12451	1036	278695	-	7459	-	169449	244277	16931	1453	-	26979
2009	2	17335	3265	31643	23000	120292	32289	185847	366841	19436	42347	6027	351346	356016	28053	8547	-	206058	12901	-	272559	-	7038	-	175446	284889	15885	453	-	26719
2009	1	17241	3643	30317	19931	118510	28069	185847	359327	18845	58445	5186	344470	279923	28053	8448	-	195045	13564	-	262577	-	7438	-	179032	256675	14955	487	-	20611
2008	4	16845	4296	29934	19300	119516	29044	185847	343661	19134	77009	3237	313470	311894	28053	8617	-	196530	10607	-	273351	-	8306	-	169876	255699	14797	654	-	19177
2008	3	13869	2550	29254	16482	118272	36588	186008	352288	19442	81489	2968	352908	360379	28053	10123	-	211609	-	18102	280646	58258	9963	-	176449	228038	14175	8117	1518	28330
2008	2	13876	2065	30449	17666	119511	39317	186030	364844	20067	65248	4781	393936	425618	28053	10144	-	223080	-	17603	293440	59164	10875	-	192783	309360	14529	6781	1629	26547
2008	1	13881	2764	29368	15810	118636	37837	185847	361846	19559	86419	4672	364215	339147	28053	10044	-	222836	-	18222	290247	59844	4988	-	145900	305047	14155	7903	1655	21313
2007	4	13300	3232	27050	13083	117378	36677	187465	355850	18945	111776	3414	322480	323584	26435	10310	-	200661	-	17992	284045	64232	6469	-	141298	302820	14536	7007	1785	20779
2007	3	12766	-	23076	4034	127459	35643	185847	379033	19052	59625	5080	346761	347852	28053	14275	-	131759	-	18096	284714	68808	7793	-	175731	312588	17678	3289	1921	29707
2007	2	54124	-	23798	3267	113470	33130	186866	370207	18202	41393	5307	321228	382647	27034	14988	-	131428	-	17829	272016	78886	9898	-	171954	349318	17036	3295	2213	29582
2007	1	2644	-	17073	3420	80766	99772	187092	349319	16886	50756	5688	279437	292050	26808	13279	1	95946	-	16385	277074	78551	9230	-	114626	305526	16108	4851	2214	26028
2006	4	2560	-	18898	2909	81034	97790	186903	252430	17004	38963	5429	168784	187052	26997	9980	3875	51378	-	14425	256547	81623	11778	1650	94539	106861	14462	4059	2340	25240

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	Elimination of interest expense on ICULS	Elimination of interest expense on RCULS
2011	3	527499	4922	9197	2323	531384	2136	3691	-	-
2011	2	505076	6356	6556	6171	486843	2415	1477	-	-
2011	1	460750	4136	5216	16993	466777	4520	1075	-	-
2010	4	487828	3044	6715	14606	493727	3848	2589	-	-
2010	3	534031	5771	5671	14438	524825	4896	8249	-	-
2010	2	492050	5815	5598	20438	480605	2724	1497	-	-
2010	1	272789	2190	4345	147229	302905	620	1451	-	-
2009	4	267100	260	5557	6641	279198	1368	592	-	-
2009	3	312567	3681	5108	7367	303323	1137	2655	-	-
2009	2	343216	3832	6114	10606	313769	3532	238	-	-
2009	1	285411	2574	6100	2134	269556	1455	162	-	-
2008	4	227969	4196	6099	17787	291154	6893	1467	-	-
2008	3	340101	3162	9595	11714	321520	2499	734	-	1111
2008	2	407465	2585	8664	2295	350939	5089	1677	-	-
2008	1	312958	1653	7821	14704	294338	452	667	-	-
2007	4	319172	2142	7682	13556	324832	2123	1986	0	-
2007	3	299361	2992	7223	12787	280905	673	1776	1	737
2007	2	336824	1140	7156	7674	292373	3354	1408	1	737
2007	1	239592	1639	4699	6251	217766	1183	2048	17	732
2006	4	150611	3531	2701	11948	161533	466	2956	66	807

Financial Quarter Segments Revenue

year	qrt	Others	Elimination/Adjustment	Germany	Switzerland	Italy	Rest of Europe	Latin-America
2011	3	41342	310320	562389	53981	10259	122756	47092
2011	2	52209	336822	536450	78025	16403	105963	52848
2011	1	52442	329698	513880	78148	12428	85443	48107
2010	4	46778	484665	711785	72941	11655	84237	45097
2010	3	51115	207176	419925	85842	11223	128140	44962
2010	2	57720	297046	495655	74398	17665	96162	47496
2010	1	47951	163500	177440	91313	14520	59008	46057
2009	4	42906	141249	153636	94944	15155	62749	38959
2009	3	45225	158241	220000	80713	15438	65376	44056
2009	2	57243	208638	274043	88571	21374	64627	45996
2009	1	50233	193038	225528	96734	13117	54786	38051
2008	4	40475	190459	161923	110155	19436	60417	24133
2008	3	39703	189666	270150	99724	18659	63076	38455
2008	2	64312	203198	336161	70625	27160	72866	39539
2008	1	28808	166065	141720	131324	24068	58061	21676
2007	4	35729	241355	225318	174226	-	101721	23577
2007	3	38623	235002	238894	137332	-	86542	32972
2007	2	40747	230127	223176	166942	-	103284	32802
2007	1	28808	166065	141720	131324	-	82129	21676
2006	4	24172	70888	134541	18845	-	30748	17145

Financial Quarter Segments Profit

year	qrt	Others	Elimination/Adjustment	Germany	Switzerland	Italy	Rest of Europe	Latin-America
2011	3	941	23842	14320	9430	849	118	7513
2011	2	1071	3778	22337	3167	826	6430	8211
2011	1	5000	6181	6728	1669	76	3205	5559
2010	4	1001	3915	14237	13990	1372	1234	5180
2010	3	1521	9629	5913	4430	921	2375	7761
2010	2	692	3230	22115	5552	188	7670	7330
2010	1	2113	4527	6686	1170	787	1380	4760
2009	4	1882	4461	4851	2255	2842	1039	3459
2009	3	1318	4557	10999	7270	1327	1624	7319
2009	2	2392	14273	32248	1401	659	1865	7183
2009	1	4140	6289	18351	1839	2490	5847	3022
2008	4	687	22631	11848	3081	3081	4832	6438
2008	3	2698	4405	28199	5921	727	879	4815
2008	2	976	8318	41265	7311	1576	1377	7028
2008	1	1294	8085	9756	14244	2411	614	2835
2007	4	5903	12770	4201	7671	-	3631	1868
2007	3	4062	11303	12421	10386	-	4831	4492
2007	2	2917	10849	27359	18990	-	2038	6946
2007	1	1294	8085	9756	14244	-	1797	2835
2006	4	4293	-	10641	1121	-	1961	1012

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



6-Months Historical Chart from shareinvestor.com

CURRENT

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●CHANGES IN SHAREHOLDING
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HISTORICAL

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KLCI Stock - PELIKAN / 5231 - 2011 Quarter 2

Company Info

Market Capital (Capital Size)	425,620,730 (Small)
Par Value	RM 1.00

My Analysis

Forecast P/E now	(0.83-0.02)/0.066 = 12.27 (High)
Target Price	0.66+0.02 = 0.68 (PE 10.0, EPS 0.066, DPS 0.02)
Decision	Not interested unless stock price got strong uptrend signal
Comment	Revenue increased 9.6% and also higher than preceding year corresponding quarter 2.6%, eps increased 113.4% and was second consecutive quarter increasing but still lower than preceding year corresponding quarter 33.8%, not enough cash for operating expenses and cash from borrowings also not enough to cover all expenses hence spent 3.9% of Group cash to cover, slightly weaker liquidity ratio at low level now, higher gearing ratio at high level now, all accounting ratio are good, going to benefit from strengthening of USD or EUR against MYR, higher inventory and receivables can indicate sales increase
First Support Price	0.8
Second Support Price	0.76
Risk Rating	MODERATE

Research House

HwangDBS Target Price	1.2 (2011-02-10)
ECM Target Price	1 (2011-08-25)

Accounting Ratio

Return on Equity	3.31%
Dividend Yield	2.41%
Profit Margin	3.83%
Tax Rate	32.89%
Asset Turnover	0.9495
Net Asset Value Per Share	1.78
Net Tangible Asset per share	1.56
Price/Net Tangible Asset Per Share	0.54
Cash Per Share	0.25
Liquidity Current Ratio	1.3925
Liquidity Quick Ratio	0.7451
Liquidity Cash Ratio	0.1692
Gearing Debt to Equity Ratio	1.2932
Gearing Debt to Asset Ratio	0.5568
Working capital per thousand Ringgit sale	14.9%
Days to sell the inventory	91
Days to collect the receivables	79
Days to pay the payables	78

My notes based on 2011 quarter 2 report (number in '000):-
- Higher input costs of raw materials which takes time to be passed to customers, additional operational restructuring expenses and weakening of the Group’s major trade currencies such as Euro and United States Dollar (“USD”) against Ringgit Malaysia (“RM”) causing slight decrease in margin

- Higher revenue mainly due to stronger sales from the “back to school” season in the European markets

- Estimate next 4Q eps after 2011 Q2 result announced = 0.06*1.1 = 0.066, estimate PE on current price 0.83 = 12.27(DPS 0.02)
- Estimate next 4Q eps after 2011 Q1 result announced = 0.075*0.8 = 0.06, estimate highest/lowest PE = 17.17/13.5 (DPS 0.02)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.09*0.9 = 0.081, estimate highest/lowest PE = 14.32/12.1 (DPS 0.02)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.09, estimate highest/lowest PE = 15.56/12.67 (DPS 0.02)

PELIKAN latest news (English)

PELIKAN latest news (Chinese)

KLCI Stock - PELIKAN / 5231 - 2011 Quarter 1

Company Info

Market Capital (Capital Size)	517,924,021 (Medium)
Par Value	RM 1.00

My Analysis

Forecast P/E now	(1.01-0.02)/0.06 = 16.50 (High)
Target Price	0.54+0.02 = 0.56 (PE 9.0, EPS 0.06, DPS 0.02)
Decision	Not interested unless revenue and profit increase more
Comment	Revenue decreased 5.6% and is second consecutive quarter decreasing but higher than preceding year corresponding quarter 68.9%, eps increased 202.2% but lower than preceding year corresponding quarter 94.4%, no cash generated from operating and cash from borrowing also not enough to cover all expenses, weaker liquidity ratio at low level now, higher gearing ratio at high level now, all accounting ratio are good
First Support Price	1.0
Second Support Price	0.92
Risk Rating	HIGH

Research House

HwangDBS Target Price	1.2 (2011-02-10)
ECM Target Price	1 (2011-05-31)

Accounting Ratio

Return on Equity	4.58%
Dividend Yield	1.98%
Profit Margin	1.48%
Tax Rate	60.60%
Asset Turnover	0.9963
Net Asset Value Per Share	1.71
Net Tangible Asset per share	1.49
Price/Net Tangible Asset Per Share	0.68
Cash Per Share	0.23
Liquidity Current Ratio	1.3971
Liquidity Quick Ratio	0.7622
Liquidity Cash Ratio	0.1679
Gearing Debt to Equity Ratio	1.2542
Gearing Debt to Asset Ratio	0.5476
Working capital per thousand Ringgit sale	13.7%
Days to sell the inventory	80
Days to collect the receivables	74
Days to pay the payables	73

My notes based on 2011 quarter 1 report (number in '000):-
- The strengthening of Ringgit Malaysia (“RM”) against the Group’s major trade currencies such as Euro and United States Dollar (“USD”) has resulted in lower translation of revenues into the reporting currency

- The profit last year included the negative goodwill and provision for related expenses recognised in connection to the acquisition of Herlitz AG and related assets

- Estimate next 4Q eps after 2011 Q1 result announced = 0.075*0.8 = 0.06, estimate PE on current price 1.01 = 16.5(DPS 0.02)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.09*0.9 = 0.081, estimate highest/lowest PE = 14.32/12.1 (DPS 0.02)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.09, estimate highest/lowest PE = 15.56/12.67 (DPS 0.02)

PELIKAN latest news (English)

PELIKAN latest news (Chinese)

KLCI Stock - PELIKAN / 5231 - 2010 Quarter 4

Company Info

Market Capital (Capital Size)	528,179,942 (Medium)
Par Value	RM 1.00

My Analysis

Forecast P/E now	(1.03-0.02)/0.081 = 12.47 (High)
Target Price	0.73+0.02 = 0.75 (PE 9.0, EPS 0.081, DPS 0.02)
Decision	Not interested unless revenue and profit increase more
Comment	Revenue decreased 8.7% but higher than preceding year corresponding quarter 82.6%, eps decreased 148.1% and is third consecutive quarter decreasing but still higher than preceding year corresponding quarter 49.5%, cash generated from operating not even enough to cover 5% of repayment of bank borrowings, weakeaning liquidity ratio at low level now, better gearing ratio but still at high level now, lower working capital, inventory and receivables also decreased which may lead to lower revenue, all accounting periods are good, Europe index increasing
First Support Price	1.0
Second Support Price	0.92
Risk Rating	HIGH

Research House

MIDF Target Price	1.65 (2010-11-25)
HwangDBS Target Price	1.2 (2011-02-10)
ECM Target Price	1 (2011-02-24)

Accounting Ratio

Return on Equity	16.25%
Dividend Yield	1.94%
Profit Margin	-0.12%
Tax Rate	-
Asset Turnover	0.9187
Net Asset Value Per Share	1.65
Net Tangible Asset per share	1.44
Price/Net Tangible Asset Per Share	0.83
Cash Per Share	0.25
Liquidity Current Ratio	1.4394
Liquidity Quick Ratio	0.8297
Liquidity Cash Ratio	0.2092
Gearing Debt to Equity Ratio	1.2482
Gearing Debt to Asset Ratio	0.5438
Working capital per thousand Ringgit sale	15.8%
Days to sell the inventory	79
Days to collect the receivables	80
Days to pay the payables	76

My notes based on 2010 quarter 4 report (number in '000):-
- The Group’s revenue for the current financial quarter was RM487.8 million compared to RM261.3 million for the corresponding quarter last year as a result of the full consolidation of the newly acquired Herlitz business. The strengthening of Ringgit Malaysia (“RM”) against the Group’s major trade currencies such as Euro and United States Dollar (“USD”) has resulted in lower translation of revenues into the reporting currency. The loss before tax for the current quarter was RM0.6million compared to RM10.2 million loss for the corresponding quarter last year

- The Group’s revenue for the financial year was RM1.79 billion as compared to RM1.20 billion last year. Profit before tax for the year was RM167.6 million against RM50.1 million last year after taking into consideration the negative goodwill and provision for related expenses recognised in this year in connection to the acquisition of Herlitz AG and related assets

- The total assets and total liabilities of the Group increased from 31 December 2009 to 31 December 2010 due mainly to the consolidation of Herlitz and related assets in 2010. The acquisitions were financed by external borrowings. The Group paid down RM79million borrowings (net) in the last quarter of 2010

- In the current quarter, the Group’s revenue reduced to RM487.8 million compared to RM534.0 million in the preceding quarter. The reduction is mainly due to sales seasonality after the end of “back to school” season. Lower sales volume resulted in loss before tax in the fourth quarter RM0.6 million as compared to profit before tax of RM26.2 million in the preceding quarter

- Estimate next 4Q eps after 2010 Q4 result announced = 0.09*0.9 = 0.081, estimate PE on current price 1.03 = 12.47(DPS 0.02)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.09, estimate highest/lowest PE = 15.56/12.67 (DPS 0.02)

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PELIKAN latest news (Chinese)

KLCI Stock - PELIKAN / 5231 - 2010 Quarter 3

Company Info

Market Capital (Capital Size)	656,378,958 (Medium)
Par Value	RM 1.00

My Analysis

Forecast P/E now	(1.28-0.02)/0.09 = 14.00 (High)
Target Price	0.81+0.02 = 0.83 (PE 9.0, EPS 0.09, DPS 0.02)
Decision	NOT BUY
Comment	Revenue is highest all the time, eps second consecutive quarter decreasing but still higher than preceding year corresponding quarter , largely negative free cash flow but positive net cash flow increased, low liquidity ratio, high gearing ratio, all accounting period as usual, Europe index increasing
First Support Price	1.2
Second Support Price	1.0
Risk Rating	MODERATE

Research House

MIDF Target Price

1.65 (2010-11-25)

Accounting Ratio

Return on Equity	15.27%
Dividend Yield	1.56%
Profit Margin	4.91%
Tax Rate	22.01%
Asset Turnover	0.738
Net Asset Value Per Share	1.72
Net Tangible Asset per share	1.51
Price/Net Tangible Asset Per Share	0.8
Cash Per Share	0.31
Liquidity Current Ratio	1.5879
Liquidity Quick Ratio	0.9239
Liquidity Cash Ratio	0.2449
Gearing Debt to Equity Ratio	1.404
Gearing Debt to Asset Ratio	0.5748
Working capital per thousand Ringgit sale	25.8%
Days to sell the inventory	105
Days to collect the receivables	108
Days to pay the payables	91

My notes based on 2010 quarter 3 report (number in '000):-
- The Group’s revenue for the current financial quarter was RM534.0 million compared to RM312.6 million for the corresponding quarter last year as a result of the full consolidation of the newly acquired Herlitz business. The strengthening of the Ringgit Malaysia (“RM”) against the Group’s major trade currencies such as Euro and United States Dollar (“USD”) has resulted in lower translation of revenues into the reporting currency. The Euro and USD have weakened by 12.7% and 9.0% respectively compared to the corresponding quarter last year. The profit after tax after minority interest for the current quarter improved to RM15.6 million from RM9.3 million for the corresponding quarter last year

- The Group’s revenue for the 9 months financial period was RM1.3 billion as compared to RM941.2 million for the corresponding 9 months period last year. Profit after tax after minority interest for the 9 months was RM151.7 against RM44.2 last year after taking into consideration negative goodwill and provision for related expenses recognised in the first half of 2010

- In the current quarter, the Group’s revenue increased to RM534.0 million compared to RM492.1 million in the preceding quarter. The increase is mainly due to higher sales of Herlitz group in the current quarter. The profit before taxation, on the other hand, had decreased from RM27.8 million in the preceding financial quarter to RM26.2 million in the current financial quarter. This is mainly due to the additional negative goodwill of RM4.1 million recognised on the additional Herlitz share purchases in the preceding financial quarter

- The Group expected lower results in the fourth quarter of 2010 which is traditionally one of the weakest quarters

- Estimate next 4Q eps after 2010 Q3 result announced = 0.09, estimate PE on current price 1.28 = 14(DPS 0.02)

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PELIKAN latest news (Chinese)

KLCI Stock - PELIKAN / 5231 - 2010 Quarter 2

Market Cap : 512796061*1.13 = 579,459,548.93 (Medium)
NTA per share : (814408-102822)/538597 = 1.32
P/BV : 1.13/1.32 = 0.8561
Forecast P/E now : Not Available
ROE : 16.04%
DY : 0.02/1.13*100 = 1.77% (Low)
Fixed Asset Turnover(3 year) : (0.6712+0.7556+0.7823)/3 = 0.7364 (Low)
Liquidity Ratio : 1006425/616678 = 1.632 (Low)
Receivables Collection Period : (413009+356016)/2/(1344506/365) = 104 days (Acceptable)
My Target Price : Not Interested unless economic recover in Europe
My Decision : NOT BUY
My Comment : Revenue and profit increased but still low, strong cash, high debt and still increased, navps decreased, expect continue poor economic in Europe
Technical Support Price : 1.1, 1
Risk Rating : HIGH

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

- The Group’s revenue for the current financial quarter was 43.4% higher compared to the corresponding quarter last year as a result of the full consolidation of the newly acquired Herlitz business. Nevertheless, the strengthening of the Ringgit Malaysia (“RM”) against the Group’s major trade currencies such as Euro and United States Dollar (“USD”) has resulted in lower translation of revenues into the reporting currency. The Euro and USD have weakened by 9.6% and 8.1% respectively compared to the corresponding quarter last year

- In the current quarter, the Group’s revenue increased 80.4% compared to the preceding quarter. The increase is mainly due to the full quarter consolidation of results of the Herlitz group

- Germany’s economy growth of 2.2% for the second quarter and 1% Euro-zone growth

- The Group is stepping up efforts to build its markets outside Europe and also to promote the Herlitz brand

PELIKAN latest news (English)

KLCI Stock - PELIKAN / 5231 - 2010 Quarter 1

Market Cap : 512796061*1.11 = 569,203,627.71 (Small)
NTA per share : (860264-111235)/439305 = 1.71
P/BV : 1.11/1.71 = 0.6491
Forecast P/E now : Not Available
ROE : Negative
DY : 0.02/1.11*100 = 1.8% (Low)
Fixed Asset Turnover(3 year) : (0.562+0.8419+0.7887)/3 = 0.7309 (Low)
Liquidity Ratio : 1056482/814276 = 1.2974 (Low)
Receivables Collection Period : (426657+279923)/2/(1195672/365) = 107 days (Acceptable)
My Target Price : Not Interested
My Decision : NOT BUY
My Comment : Revenue remain low, high profit but guess is non-repeatable, good cash flow, high debt, navps increased
Technical Support Price : 1
Risk Rating : HIGH
OSK Target Price : 0.93 (26 May 10)

My notes based on 2010 Q1 report (number in '000):
- The Group’s revenue for the current financial quarter was dropped 4.41% compared to the corresponding quarter last year. The overall sales for the current quarter were softer as a result of the uncertain market conditions in major markets where the Group trades in, particularly in Europe. In addition, the weakened Euro currency against Ringgit Malaysia in the current quarter had contributed to the lower revenue when translated into the reporting currency
- In the current quarter, as a result of the acquisitions of Herlitz, Molkari and Ganymed, as disclosed in Note A11 above, the Group recognised negative goodwill resulting from the said acquisitions of RM143.1 million. The Group has plan for merger and reorganisation of its business operations with that of Herlitz and has identified and provided for related expenses amounted to RM41.9 million in the current quarter
- Operationally, without taking into account the negative goodwill and provision for expenses mentioned above, the Group’s results in the current quarter was slightly higher than the corresponding quarter last year with profit after tax of RM10.8 million. The profit in the current quarter was also partly affected by exchange loss recognized in the profit and loss of RM2.7 million (corresponding quarter in 2009: RM0.4 million exchange loss). The reduction in finance costs and improvement in the profit of associate contributed positively to the results of the current quarter
- In the current quarter, the Group’s revenue increased 4.4% compared to the fourth quarter last year. Both first and fourth quarters are currently weakest quarters of the Group in terms of sales due to the "back to school" season of Europe in mid year. The results improved in the first quarter 2010 due to higher sales and better absorption of costs
- No estimate for next 4Q eps

PELIKAN latest news (English)

PELIKAN / 5231 - 2009 Q4

OSK TP: 1.71 (26 Jan 2010)
My TP: 1
My decison: NOT BUY
Reason: Market unstable, loss

My study based on 2009 Q4 report (number in '000):
- Revenue compare to last Q dropped 14.55% to 267100 and profit also dropped 199.72% to -9314, mainly due to lower sales and due to less efficient absorption of fixed costs particularly in the production entities; As compare to last year revenue growth 17.17% and profit also growth 80.32% mainly due to better costs control and working capital management and lower finance costs by refinancing of more expensive loans to less expensive ones
- Equity compare to last Q decreased 2.5% to 599584, assets decreased 4.74% to 1495648 and liabilities also decreased 6.19% to 896064; As compare to last year equity decreased 4.52%, assets decreased 0.37% and liabilities also decreased 4.52%
- Minority interest compare to last Q decreased 0.46% to 26856 but compare to last year increased 40.04%
- FCF -8190, NCF 14886
- DE compare to last Q decreased 0.0587 to 1.4945 and compare to last year also decreased 0.1729
- 2 sen dividend proposed
- From date 2009-11-27 to 2009-02-25 after 2009 Q3 result announced, highest price on 2010-01-05 was 1.46 and lowest price on 2010-02-25 was 1.24.
- From date 2009-08-20 to 2009-11-26 after 2009 Q2 result announced, highest price on 2009-09-07 was 1.64 and lowest price on 2009-11-05 was 1.34.
- From date 2009-05-28 to 2009-08-19 after 2009 Q1 result announced, highest price on 2009-08-10 was 1.72 and lowest price on 2009-05-28 was 0.97.
- From date 2009-02-28 to 2009-05-27 after 2008 Q4 result announced, highest price on 2009-05-08 was 1.01 and lowest price on 2009-03-16 was 0.595.
- Divident in sen 2009 = 0.02 (proposed 2 sen on Q4), 2008 = 0.02 (proposed 2 sen on Q4), 2007 = 0.11 (proposed 6 sen on Q4, 3 sen on Q2 and 2 sen on Q1), 2006 = 0.05 (proposed 5 sen on 2007 Q1)

PELIKAN / 5231 - 2009 Q3

My TP: 0.65 (PE 10, EPS 0.063, DPS 0.02)
My decison: NOT BUY
Reason: Risk for 4th Q

My study based on 2009 Q3 report (number in '000):
- ROE compare to last Q decreased 2.95% to 1.52% and also lower than last year 1.37%
- Revenue compare to last Q drop 8.93% to 312567 and profit also drop 65.17% to 9340 because affected by seasonality which experience stronger sales in mid year resulting from the “back to school” season in Europe; As compare to last year revenue drop 8.1% and profit also drop 44.68% because lower sales due to declined consumer spending in Europe
- Equity compare to last Q increased 2.5% to 614952, assets decreased 0.86% to 1570109 and liabilities also increased 2.91% to 955157; As compare to last year equity increased 17.18%, assets decreased 1.9% and liabilities also decreased 6.08%
- Minority interest compare to last Q increased 0.97% to 26979 but compare to last year decreased 4.77%
- Got FCF 20042, NCF 10099
- Profit margin compare to last Q decreased 4.82% to 2.99% and also lower than last year 1.97%
- DE compare to last Q decreased 0.0865 to 1.5532 and compare to last year also decreased 0.1896
- No dividend proposed
- My estimate 2010 eps after 2009 Q3 result announced = 0.156, estimate PE on current price 1.37 = 8.65(DPS 0.02)
- My estimate 2009 Q4 eps = -0.1344/2 = -0.0672, hence 2009 eps = 0.1302-0.0672 = 0.063, estimate PE on current price 1.37 = 21.43(DPS 0.02)
- From date 2009-08-20 to 2009-11-26 after 2009 Q2 result announced, highest price on 2009-09-07 was 1.64 and lowest price on 2009-11-05 was 1.34.
- From date 2009-05-28 to 2009-08-19 after 2009 Q1 result announced, highest price on 2009-08-10 was 1.72 and lowest price on 2009-05-28 was 0.97.
- From date 2009-02-28 to 2009-05-27 after 2008 Q4 result announced, highest price on 2009-05-08 was 1.01 and lowest price on 2009-03-16 was 0.595.
- Divident in sen 2008 = 0.02 (proposed 2 sen on Q4), 2007 = 0.11 (proposed 6 sen on Q4, 3 sen on Q2 and 2 sen on Q1), 2006 = 0.05 (proposed 5 sen on 2007 Q1)