KLCI Stock - PETDAG / 5681 - 2012 Quarter 3

PETRONAS DAGANGAN BERHAD


Company Description

PETRONAS Dagangan Berhad is engaged in the domestic marketing of petroleum products. The Company is the principal domestic marketing arm of Petroliam Nasional Berhad (PETRONAS), the national oil company, which holds 69.86% of the Company’s equity. The Company markets a range of petroleum products, including motor gasoline, aviation fuel, kerosene, diesel, fuel oil, bunker fuel, lubricants, liquefied petroleum gas (LPG) and asphalt. It markets its products throughout the country, directly to customers, as well as through its network of service stations, LPG dealers and industrial dealers.

Company Info

Listing Date	1994-03-08
Market Capital (Capital Size)	23,644,205,200 (Very Large)
Par Value	RM 1.00
Board	Main
Sector	Trading/Services
Major Industry	Marketing of Petroleum Products
Sub Industry	Aviation Fueling
Website	http://www.mymesra.com.my/

My Analysis

Forecast P/E now	(23.8-1.1)/0.8879 = 25.57 (Moderate)
Target Price	23.26+1.1 = 24.36 (PE 26.2, EPS 0.8879, DPS 1.1)
Decision	BUY if stock price sustain and uptrend above SMA20 or rebound around SMA50
Comment	Revenue increased 0.1% and was second consecutive quarter increasing and also higher than preceding year corresponding quarter 2.5%, eps increased 41.7% and also higher than preceding year corresponding quarter 8.4%, cash generated from operating more than enough to cover all expenses, balance sheet assets indicate largely expand the business, operating margin is as usual, liquidity ratio indicate can meet current obligation, gearing ratio indicate higher leverage mainly through payables to generate more income, all accounting turnover period is good which can generate cash, all segment business growth
First Support Price	23.0
Second Support Price	22.0
Risk Rating	MODERATE

Research House

CIMB Target Price	26 (2012-11-30)
HwangDBS Target Price	16.15 (2012-11-30)
TA Target Price	20.6 (2012-11-30)

Accounting Ratio

Return on Equity	18.50%
Dividend Yield	4.62%
Operating Profit Margin	4.57%
Net Profit Margin	4.55%
Tax Rate	28.17%
Asset Turnover	2.8468
Net Asset Value Per Share	4.84
Net Tangible Asset per share	4.84
Price/Net Tangible Asset Per Share	4.69
Cash Per Share	0.72
Liquidity Current Ratio	1.2063
Liquidity Quick Ratio	0.9949
Liquidity Cash Ratio	0.1379
Gearing Debt to Equity Ratio	1.1308
Gearing Debt to Asset Ratio	0.5289
Working capital per thousand Ringgit sale	3.6%
Days to sell the inventory	14
Days to collect the receivables	55
Days to pay the payables	63

Technical Analysis

SMA 10	23.15 (Same)
SMA 20	23.028 (Uptrend 19 days)
SMA 50	22.327 (Uptrend)
SMA 100	22.087 (Uptrend)
SMA 200	20.642 (Uptrend)
MACD (26d/12d)	0.361194 ( 0.024975 )
Signal (9)	0.305709 ( 0.013871 )
MACD Histogram	0.055485 (Bullish trend 4 days)
Bolinger Upper Band	24.772
Bolinger Lower Band	21.284

My notes based on 2012 quarter 3 report (number in '000):-
- Higher revenue and pbt due to higher average product selling prices, higher sales volume and increase in Mean Of Platts Singapore (“MOPS”) prices which had resulted in an increase in average margin

- Estimate next 4Q eps after 2012 Q3 result announced = 882104/993454 = 0.8879, estimate PE on current price 23.8 = 25.57(DPS 1.1)
- Estimate next 4Q eps after 2012 Q2 result announced = 863340/993454 = 0.869, estimate highest/lowest PE = 25.2/22.92 (DPS 1.1)
- Estimate next 4Q eps after 2012 Q1 result announced = 900744*1.1/993454 = 0.9973, estimate highest/lowest PE = 21.98/18.31 (DPS 1.1)
- Estimate next 4Q eps after 2011 Q7 result announced = 4811964*0.185/993454 = 0.8961, estimate highest/lowest PE = 21.02/18.52 (DPS 1.1)
- Estimate next 4Q eps after 2011 Q6 result announced = 0.4356*2 = 0.8712, estimate highest/lowest PE = 18.71/17.62 (DPS 0.85)
- Estimate next 4Q eps after 2011 Q5 result announced = (0.2101+0.23)*2 = 0.8802, estimate highest/lowest PE = 21.04/16.64 (DPS 0.85)
- Estimate next 4Q eps after 2011 Q4 result announced = 0.23*4*1.05 = 0.966, estimate highest/lowest PE = 18.69/15.06 (DPS 0.85)
- Estimate next 4Q eps after 2011 Q2 result announced = 0.2068*4*1.03 = 0.852, estimate highest/lowest PE = 13.79/11.98 (DPS 0.85)
- Estimate next 4Q eps after 2011 Q1 result announced = 0.7579*1.05 = 0.7958, estimate highest/lowest PE = 14.2/11.96 (DPS 0.6)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.7579*0.95 = 0.72(5% drop due to lower gross profit compared to the preceding quarter), estimate highest/lowest PE = 13.81/11.26 (DPS 0.6)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.1885*4 = 0.754, estimate highest/lowest PE = 11.63/10.84 (DPS 0.48)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.2005*4 = 0.802, estimate highest/lowest PE = 10.66/10.06 (DPS 0.48)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.2067*4 = 0.8268, estimate highest/lowest PE = 10.52/9.65 (DPS 0.45)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.1735*4 = 0.694, estimate highest/lowest PE = 11.84/10.73 (DPS 0.45)

PETDAG latest news (English)

PETDAG 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	c_asset	liab	c_liab	mino	equi	cfo	cfi	cff	cash	fcf	net	final	share	c_share	m_cap	date	oper_m	prof_m	vat	asset_t	pe	navps	ntaps	p/ntaps	cps	l_cur	l_qui	l_cash	g_de	g_da	avg_w	inv_d	rec_d	pay_d
2012-11-29	2012	3	N/A	N/A	0.175	5.03%	13.67%	7489941	21826962	340494	914415	242811	660345	0.2444	0.6647	10274629	6240711	5434710	5173595	34001	4839919	1994261	292933	1458002	470183	1701328	243326	713509	993454	993454	22551405	2012-09-30	4.57%	4.55%	28.17%	2.8468	-	4.84	4.84	4.69	0.72	1.2063	0.9949	0.1379	1.1308	0.5289	3.6%	14	55	63
2012-08-16	2012	2	23.0	21.02	0.175	3.55%	8.64%	7484266	14337021	234237	573921	171326	417535	0.1725	0.4203	9588054	5513717	4601550	4347919	32225	4986504	2029517	200660	1233111	470183	1828857	595746	1065929	993454	993454	22750096	2012-06-30	3.14%	3.13%	26.14%	3.0314	-	4.99	4.99	4.59	1.07	1.2681	1.0575	0.2452	0.9288	0.4799	4.0%	12	44	55
2012-05-21	2012	1	23.02	19.36	0.175	5.10%	5.10%	6852755	6852755	339686	339686	246211	246211	0.2478	0.2478	9456516	5454936	4508431	4250891	34737	4948085	1092674	92970	703506	470183	999704	296198	766381	993454	993454	19352483	2012-03-31	5.03%	4.96%	27.03%	3.0794	-	4.95	4.95	3.94	0.77	1.2832	1.0247	0.1803	0.9176	0.4768	4.1%	14	45	48
2012-02-24	2011	7	19.94	17.7	0.5	4.83%	14.25%	7422923	22267793	307724	898925	221759	654533	0.2232	0.6588	9801179	5771395	4989215	4735126	33064	4811964	643968	290602	378544	1026209	934570	556026	470183	993454	993454	17882172	2011-12-31	4.20%	4.15%	27.51%	2.9232	-	4.81	4.81	3.74	0.47	1.2188	0.9942	0.0993	1.044	0.509	3.6%	14	54	48
2011-11-23	2011	6	19.18	16.2	0.15	4.88%	9.42%	7304943	14844870	300393	591200	224046	432772	0.2255	0.4356	8807527	4868241	4099513	3854558	39111	4708014	85774	159562	116409	1026209	245336	361745	664464	993454	993454	16252907	2011-09-30	4.14%	4.11%	24.86%	3.0837	-	4.7	4.7	3.48	0.67	1.263	1.0269	0.1724	0.878	0.4655	3.7%	13	44	47
2011-08-10	2011	5	18.4	15.5	0.15	4.54%	4.54%	7539927	7539927	290809	290809	208728	208728	0.2101	0.2101	9081989	5150989	4040884	3810934	37429	5041105	55477	94073	30017	1026209	149550	119533	906676	993454	993454	16431729	2011-06-30	3.87%	3.86%	27.61%	2.7914	-	5.04	5.04	3.28	0.91	1.3516	1.0851	0.2379	0.8076	0.4449	5.3%	15	46	56
2011-05-24	2011	4	18.9	15.4	0.6	4.97%	18.93%	6382665	23267648	315541	1208911	228456	869728	0.2300	0.8755	8484732	4527712	3654138	3455509	35646	4830594	1043938	307041	623159	912471	736897	113738	1026209	993454	993454	15199846	2011-03-31	4.94%	4.94%	27.18%	2.7423	17.4766	4.83	4.83	3.17	1.03	1.3103	1.0693	0.297	0.7621	0.4307	4.6%	14	42	55
2011-02-16	2011	3	16.5	12.5	-	5.14%	13.96%	5932199	16884984	331897	893370	236164	641272	0.2377	0.6455	7748841	3874502	3141954	2968899	40394	4606887	962643	216104	633326	912471	746539	113213	1025684	993454	993454	12418175	2010-12-31	5.60%	5.59%	28.41%	2.8782	-	4.6	4.6	2.72	1.03	1.305	1.0763	0.3455	0.688	0.4055	4.1%	12	36	49
2010-11-25	2011	2	12.6	11.06	0.4	4.47%	8.82%	5496313	10952785	284250	561473	205440	405108	0.2068	0.4078	7812601	3895691	3145290	2995674	38947	4667311	1010770	151474	335291	912471	859296	524005	1436476	993454	993454	11047208	2010-09-30	5.17%	5.17%	27.06%	2.7786	-	4.66	4.66	2.39	1.45	1.3004	1.0286	0.4795	0.6796	0.4026	4.1%	14	28	50
2010-08-24	2011	1	11.9	10.12	-	4.35%	4.35%	5456472	5456472	277223	277223	199668	199668	0.2010	0.2010	7411789	3533806	2616505	2467405	37069	4795284	315744	83116	N/A	912471	232628	232628	1145099	993454	993454	10153099	2010-06-30	5.08%	5.08%	27.41%	2.8824	-	4.79	4.79	2.13	1.15	1.4322	1.1881	0.4641	0.5499	0.353	5.0%	11	31	42
2010-05-25	2010	4	10.54	8.71	0.45	3.82%	17.87%	5417494	20687042	231097	1046002	161108	752934	0.1622	0.7579	7884748	3960901	3290690	3143210	35511	4594058	1106253	355139	376725	538082	751114	374389	912471	993454	993454	8891413	2010-03-31	4.43%	4.27%	29.70%	2.6237	11.809	4.59	4.59	1.95	0.92	1.2601	1.0212	0.2903	0.7219	0.4173	4.0%	14	41	56
2010-02-19	2010	3	9.25	8.65	-	4.45%	14.05%	5337713	15269549	256924	814905	187245	591827	0.1885	0.5957	7195074	3282395	2763481	2630196	34153	4431593	1130978	272585	376725	538082	858393	481668	1019750	993454	993454	8523835	2009-12-31	4.81%	4.81%	26.77%	2.7303	-	4.43	4.43	1.94	1.03	1.248	0.9896	0.3877	0.6284	0.3841	3.3%	13	29	49
2009-11-23	2010	2	9.15	8.5	0.15	4.73%	9.60%	5151970	9931836	275914	557980	199217	404580	0.2005	0.4072	7463531	3534716	3108309	2983182	33266	4355222	781453	191146	264962	538082	590307	325345	863427	993454	993454	8643049	2009-09-30	5.37%	5.36%	27.36%	2.662	-	4.35	4.33	2.01	0.87	1.1849	0.9592	0.2894	0.7192	0.4165	2.8%	13	37	54
2009-08-25	2010	1	9.24	8.43	-	4.88%	4.88%	4779866	4779866	282066	282066	205362	205362	0.2067	0.2067	7304075	3305235	2902605	2777992	32852	4401470	592555	98390	17458	538082	494165	476707	1014789	993454	993454	8553638	2009-06-30	5.77%	5.90%	26.79%	3.0677	-	4.4	4.37	1.97	1.02	1.1898	1.0033	0.3653	0.6644	0.3974	2.4%	9	29	45
2009-05-25	2009	4	8.67	7.85	0.33	4.35%	14.60%	4374999	24367622	235929	810292	172349	578671	0.1735	0.5825	6584214	2708459	2371925	2237908	49033	4212289	774068	447821	336164	547999	326247	9917	538082	993454	993454	7897959	2009-03-31	5.43%	5.39%	27.27%	3.7009	13.6484	4.19	4.17	1.91	0.54	1.2103	1.0119	0.2404	0.5697	0.3602	1.9%	7	26	33
2009-02-24	2009	3	8.0	7.2	-	1.07%	10.25%	5561380	19992622	68316	574361	42471	406320	0.0428	0.4090	7329439	3521011	3288739	3164296	49795	4040700	831022	321247	336077	547999	509775	173698	721697	993454	993454	7401232	2008-12-31	1.23%	1.23%	36.16%	3.5532	-	4.02	3.99	1.87	0.73	1.1127	0.9868	0.2281	0.8241	0.4487	1.4%	6	34	45
2008-11-25	2009	2	7.7	6.75	0.12	3.32%	9.18%	7690193	14431242	182933	506051	131647	363856	0.1325	0.3663	9545763	5753590	5459258	5336051	48653	4086505	681450	253398	246666	547999	428052	181386	729385	993454	993454	7003850	2008-09-30	2.38%	2.38%	27.27%	2.7434	-	4.06	4.04	1.75	0.73	1.0782	0.894	0.1367	1.352	0.5719	1.6%	14	56	75
2008-08-28	2009	1	7.05	6.3	-	5.86%	5.86%	6741049	6741049	323112	323112	232203	232203	0.2337	0.2337	10273369	6502391	6073255	5947620	48035	4200114	282077	92583	N/A	547999	189494	189494	737493	993454	993454	6507123	2008-06-30	4.79%	4.79%	27.73%	2.3267	-	4.18	4.16	1.57	0.74	1.0933	0.891	0.124	1.4627	0.5912	2.3%	19	70	93
2008-05-26	2008	4	8.5	6.4	0.33	4.72%	18.68%	6050194	22301580	219451	908362	167234	661665	0.1683	0.6660	8609608	4956593	4645459	4521336	46732	3964149	786124	529251	252887	544013	256873	3986	547999	993454	993454	8096650	2008-03-31	3.63%	3.63%	22.88%	2.5903	12.2368	3.94	3.92	2.08	0.55	1.0963	0.858	0.1212	1.1858	0.5396	2.0%	18	55	76
2008-02-26	2008	3	8.5	7.6	-	5.43%	14.00%	5706776	16251386	255944	690593	192288	496112	0.1936	0.4994	8051756	4536519	4255153	4126108	44738	3796603	632480	347173	252887	544013	285307	32420	576433	993454	993454	8245668	2007-12-31	4.48%	4.48%	24.22%	2.6204	-	3.78	3.75	2.21	0.58	1.0995	0.8841	0.1397	1.1341	0.5285	1.9%	16	53	72
2007-11-29	2008	2	8.9	8.0	-	3.61%	8.58%	5404596	10544610	182753	434647	127971	303822	0.1288	0.3058	7835941	4358091	4132629	4002515	56709	3703312	207583	213575	152209	544013	5992	158201	385812	993454	993454	8643049	2007-09-30	3.38%	3.38%	29.45%	2.5801	-	3.67	3.65	2.38	0.39	1.0888	0.8365	0.0964	1.1333	0.5274	1.8%	19	53	73
2007-08-27	2008	1	9.05	8.25	-	4.96%	4.96%	5140014	5140014	251895	251895	175852	175852	0.1770	0.1770	7155564	3727433	3435375	3304321	56513	3720189	6473	95470	3152	544013	88997	92149	451864	993454	993454	7947632	2007-06-30	4.90%	4.90%	29.60%	2.0701	-	3.69	3.66	2.19	0.45	1.128	0.9829	0.1367	0.9377	0.4801	2.9%	12	69	82
2007-05-28	2007	4	N/A	N/A	-	N/A	N/A	4847614	19496360	235708	903198	169123	640307	0.1702	0.6445	6516901	3118639	2974043	2843092	55034	3542858	748941	478747	192187	466006	270194	78007	544013	993454	993454	6109742	2007-03-31	4.86%	4.86%	27.24%	1.4842	9.5419	3.51	3.49	1.76	0.55	1.0969	0.9289	0.1913	0.8527	0.4564	2.8%	19	79	108
2007-02-26	2007	3	N/A	N/A	-	N/A	N/A	4824901	14648746	231662	667490	165613	471184	0.1667	0.4743	6599861	3321558	3228502	3106064	52658	3371359	645460	330084	189037	466006	315376	126339	592345	993454	993454	4947400	2006-12-31	4.80%	4.80%	27.72%	0.7311	-	3.34	3.32	1.5	0.6	1.0694	0.8658	0.1907	0.9728	0.4892	4.5%	50	159	234

Financial Quarter Balance Sheet

year	qrt	Goodwill on consolidation (A-0)	Investment in associated companies (A-0)	Investment in jointly controlled entity (A-0)	Prepaid lease payments (A-0)	Property, plant and equipment (A-0)	Receivables, deposits and prepayments (A-0)	Cash and cash equivalents (A-1)	Inventories (A-1)	Trade receivables (A-1)	Deferred tax liabilities (L-0)	Finance lease payables (L-0)	Loans & borrowings (L-0)	Provisions (L-0)	Current tax liabilities (L-1)	Finance lease payables (L-1)	Loans & borrowings (L-1)	Trade and other payables (L-1)	Minority interest (M-1)
2012	3	-	6623	3739	419268	3604288	-	713509	1093492	4433710	142426	-	96637	22052	168067	-	158792	4846736	34001
2012	2	-	6416	3395	421038	3643488	-	1065929	915746	3532042	148523	-	83814	21294	141925	-	4396	4201598	32225
2012	1	-	6435	3270	407763	3584112	-	766381	1098880	3589675	153990	-	82315	21235	151096	-	400000	3699795	34737
2011	7	-	9396	-	404178	3616210	-	470183	1063767	4237445	160332	-	73411	20346	134665	-	1000000	3600461	33064
2011	6	-	9130	-	375754	3554402	-	664464	910128	3293649	165288	-	59345	20322	125607	-	400000	3328951	39111
2011	5	-	8946	-	369389	3552665	-	906676	1015799	3228514	162655	-	46251	21044	110433	-	-	3700501	37429
2011	4	-	8770	-	364886	3583364	-	1026209	832600	2668903	162833	-	16232	19564	104436	-	-	3351073	35646
2011	3	-	8571	-	351856	3513912	-	1025684	679050	2169768	153749	-	-	19306	137464	-	-	2831435	40394
2011	2	-	8397	-	350059	3558454	-	1436476	814300	1644915	130558	-	-	19058	155465	-	-	2840209	38947
2011	1	-	8265	-	349439	3520279	-	1145099	602372	1786335	127904	-	-	21196	129493	-	-	2337912	37069
2010	4	-	3617	-	790013	3130217	-	912471	751182	2297248	126510	-	-	20970	142806	-	-	3000404	35511
2010	3	816	3481	-	764038	3144344	-	1019750	679665	1582980	112536	-	-	20749	149581	-	-	2480615	34153
2010	2	22820	4092	-	762577	3139326	-	863427	673183	1998106	103895	-	-	21232	154650	-	-	2828532	33266
2010	1	24004	3035	-	752235	3219566	-	1014789	518098	1772348	103774	395	-	20444	120149	435	-	2657408	32852
2009	4	25189	2773	-	739353	3108440	-	538082	443961	1726416	107032	497	-	26488	85159	444	-	2152305	49033
2009	3	22294	6090	-	733618	3046426	-	721697	398405	2400909	99477	-	-	24966	78436	-	-	3085860	49795
2009	2	22663	6050	-	737057	3026403	-	729385	983029	4041176	98531	-	-	24676	126925	-	-	5209126	48653
2009	1	23032	6268	-	714380	3027298	-	737493	1203037	4561861	101153	-	-	24482	122177	-	-	5825443	48035
2008	4	23400	5692	-	701717	2922206	-	547999	1077351	3331243	99852	-	-	24271	93367	-	-	4427969	46732
2008	3	23769	5580	-	790359	2695529	-	576433	888751	3071335	99934	-	-	29111	128498	-	-	3997610	44738
2008	2	24137	5320	-	-	2666412	781981	385812	1010024	2962255	101339	-	-	28775	153820	-	-	3848695	56709
2008	1	24506	4916	-	-	2837860	560849	451864	479697	2795872	102551	-	-	28503	140350	-	2701	3161270	56513
2007	4	24874	4641	-	561821	2806926	-	544013	477650	2096976	102642	-	-	28309	120951	-	5280	2716861	55034
2007	3	25243	4356	-	-	2983590	265114	592345	632197	2097016	94612	-	-	27826	147420	-	7830	2950814	52658

Financial Quarter Income Statement

year	qrt	Revenue	Income tax expense	Finance/interest costs	Administrative/Operating expenses	Minority interest	Share of profit/ (loss) of associates
2012	3	7489941	95908	2120	7147878	1775	551
2012	2	7484266	61223	1066	7249069	1688	106
2012	1	6852755	91802	5483	6507896	1673	310
2011	7	7422923	84663	4658	7110806	1302	265
2011	6	7304943	74665	1948	7002787	1682	185
2011	5	7539927	80298	1479	7247814	1783	175
2011	4	6382665	85768	245	6067077	1317	198
2011	3	5932199	94286	248	5600228	1447	174
2011	2	5496313	76932	296	5211899	1878	132
2011	1	5456472	75997	226	5179271	1558	248
2010	4	5417494	68632	8875	5177658	1357	136
2010	3	5337713	68791	236	5081214	888	189
2010	2	5151970	75496	796	4875317	1201	57
2010	1	4779866	75560	6026	4503888	1144	62
2009	4	4374999	64341	1513	4137278	761	279
2009	3	5561380	24704	266	5492838	1141	40
2009	2	7690193	49882	193	7507056	1404	11
2009	1	6741049	89606	189	6418324	1303	576
2008	4	6050194	50221	132	5830723	1996	112
2008	3	5706776	61977	148	5450942	1679	258
2008	2	5404596	53820	172	5221874	962	203
2008	1	5140014	74564	193	4888202	1479	276
2007	4	4847614	64209	234	4611955	2376	283
2007	3	4824901	64209	247	4593186	1840	194

Financial Quarter Segments Revenue

year	qrt	Others	Elimination/Adjustment	Retails	Commercial
2012	3	18455	32611	3419911	4084186
2012	2	12453	42375	3380483	4133705
2012	1	12387	33626	3211591	3662403
2011	7	12141	30843	3153652	4287973
2011	6	12391	27120	3189105	4130567
2011	5	12946	40996	3105756	4462221
2011	4	12852	54949	2859641	3565571
2011	3	11174	44781	2842278	3123078
2011	2	13061	58457	2804667	2737042
2011	1	11818	48560	2755780	2737434
2010	4	10996	49443	2627983	2827957
2010	3	10899	43245	2616875	2753184
2010	2	10657	41173	2612901	2569585
2010	1	10138	25866	2496188	2299406

Financial Quarter Segments Profit

year	qrt	Others	Elimination/Adjustment	Retails	Commercial
2012	3	6311	45	225795	70763
2012	2	6012	50	47416	129584
2012	1	5945	2	216462	78227
2011	7	4358	20	145552	124425
2011	6	6254	888	114164	141581
2011	5	6719	144	120316	128942
2011	4	4980	465	171069	105118
2011	3	5127	119	194871	94422
2011	2	6937	409	125951	106381
2011	1	5689	129	119915	121251
2010	4	5048	2587	129273	63244
2010	3	3291	401	126846	94525
2010	2	4515	620	127046	114301
2010	1	4251	341	170697	78080

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 - PETDAG / 5681 - 2011 Quarter 7

Company Info 

Market Capital (Capital Size)	19,690,258,280 (Very Large)
Par Value	RM 1.00

My Analysis 

Forecast P/E now	(19.82-1.1)/0.8961 = 20.89 (High)
Target Price	18.82+1.1 = 19.92 (PE 21.0, EPS 0.8961, DPS 1.1)
Decision	BUY if stock price still uptrend follow above SMA20
Comment	Revenue increased 1.6% and also higher than preceding year corresponding quarter 25.1%, eps decreased 1% and also lower than preceding year corresponding quarter 6.1%, no cash generated from operating but got generated cash from financing activities to cover financing expenses and used 54.2% of Group cash to cover other expenses, operating margin slightly increasing, weaker liquidity ratio at low level now, higher gearing ratio from above moderate to high level now, higher debt ratio and still not yet near to historical high, all repayment period is good
First Support Price	19.0
Second Support Price	18.0
Risk Rating	MODERATE

Research House

HwangDBS Target Price	15.2 (2012-02-27)
CIMB Target Price	21.8 (2012-04-18)

Accounting Ratio 

Return on Equity	13.60%
Dividend Yield	4.04%
Gross Profit Margin	0.00%
Operating Profit Margin	4.20%
Net Profit Margin	4.15%
Tax Rate	27.51%
Asset Turnover	2.9232
Net Asset Value Per Share	4.81
Net Tangible Asset per share	4.81
Price/Net Tangible Asset Per Share	3.74
Cash Per Share	0.47
Liquidity Current Ratio	1.2188
Liquidity Quick Ratio	0.9942
Liquidity Cash Ratio	0.0993
Gearing Debt to Equity Ratio	1.044
Gearing Debt to Asset Ratio	0.509
Working capital per thousand Ringgit sale	3.6%
Days to sell the inventory	14
Days to collect the receivables	54
Days to pay the payables	48

Technical Analysis 

SMA 20	19.263 (Uptrend 41 days)
SMA 50	18.826 (Uptrend)
SMA 100	18.177 (Uptrend)
SMA 200	17.288 (Uptrend)
MACD (26d/12d)	0.277834 ( 0.008084 )
Signal (9)	0.234936 ( 0.010724 )
MACD Histogram	0.042898 (Bullish trend 14 days)
Bolinger Upper Band	20.08
Bolinger Lower Band	18.446

My notes based on 2011 quarter 7 report (number in '000):-
- Higher revenue resulted from higher average product selling prices and higher sales volume

- Lower pbt than FY11Q3 higher operating expenditures

- Estimate next 4Q eps after 2011 Q7 result announced = 4811964*0.185/993454 = 0.8961, estimate PE on current price 19.82 = 20.89(DPS 1.1)
- Estimate next 4Q eps after 2011 Q6 result announced = 0.4356*2 = 0.8712, estimate highest/lowest PE = 18.71/17.62 (DPS 0.85)
- Estimate next 4Q eps after 2011 Q5 result announced = (0.2101+0.23)*2 = 0.8802, estimate highest/lowest PE = 21.04/16.64 (DPS 0.85)
- Estimate next 4Q eps after 2011 Q4 result announced = 0.23*4*1.05 = 0.966, estimate highest/lowest PE = 18.69/15.06 (DPS 0.85)
- Estimate next 4Q eps after 2011 Q2 result announced = 0.2068*4*1.03 = 0.852, estimate highest/lowest PE = 13.79/11.98 (DPS 0.85)
- Estimate next 4Q eps after 2011 Q1 result announced = 0.7579*1.05 = 0.7958, estimate highest/lowest PE = 14.2/11.96 (DPS 0.6)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.7579*0.95 = 0.72(5% drop due to lower gross profit compared to the preceding quarter), estimate highest/lowest PE = 13.81/11.26 (DPS 0.6)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.1885*4 = 0.754, estimate highest/lowest PE = 11.63/10.84 (DPS 0.48)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.2005*4 = 0.802, estimate highest/lowest PE = 10.66/10.06 (DPS 0.48)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.2067*4 = 0.8268, estimate highest/lowest PE = 10.52/9.65 (DPS 0.45)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.1735*4 = 0.694, estimate highest/lowest PE = 11.84/10.73 (DPS 0.45)

PETDAG latest news (English)

PETDAG latest news (Chinese)

KLCI Stock - PETDAG / 5681 - 2011 Quarter 6

Company Info

Market Capital (Capital Size)	16,988,063,400 (Very Large)
Par Value	RM 1.00

My Analysis

Forecast P/E now	(17.1-0.8)/0.8712 = 18.71 (Moderate)
Target Price	16.55+0.8 = 17.35 (PE 19.0, EPS 0.8712, DPS 0.8)
Decision	BUY if MACD moving back to uptrend
Comment	Revenue decreased 3.1% but higher than preceding year corresponding quarter 32.9%, eps increased 7.3% and also higher than preceding year corresponding quarter 9%, no cash generated from operating and got generated cash from financing activities and still used 35.3% of Group cash to cover others expenses, weaker liquidity ratio at low level now, higher gearing ratio at above moderate level now, all accounting ratio are good, benefit from crude oil price increasing
First Support Price	16.8
Second Support Price	16.0
Risk Rating	MODERATE

Research House

TA Target Price	14.4 (2011-02-17)
HwangDBS Target Price	12.75 (2011-05-25)
CIMB Target Price	21.6 (2011-08-11)

Accounting Ratio

Return on Equity	9.19%
Dividend Yield	3.80%
Profit Margin	4.11%
Tax Rate	24.86%
Asset Turnover	3.0837
Net Asset Value Per Share	4.7
Net Tangible Asset per share	4.7
Price/Net Tangible Asset Per Share	3.48
Cash Per Share	0.67
Liquidity Current Ratio	1.263
Liquidity Quick Ratio	1.0269
Liquidity Cash Ratio	0.1724
Gearing Debt to Equity Ratio	0.878
Gearing Debt to Asset Ratio	0.4655
Working capital per thousand Ringgit sale	3.7%
Days to sell the inventory	13
Days to collect the receivables	44
Days to pay the payables	47

Technical Analysis

SMA 20	17.208 (Uptrend 2 days)
SMA 50	16.613 (Uptrend)
SMA 100	16.599 (Uptrend)
SMA 200	16 (Uptrend)
MACD	0.271052 (Downtrend 3 days)
MACD Histogram	0.027988 (Uptrend 39 days)

My notes based on 2011 quarter 6 report (number in '000):-
- Higher revenue than FY11Q2 resulted from higher average product selling prices and higher sales volume

- Lower revenue than FY11Q5 was due to lower average product selling prices and lower sales volume

- Higher pbt mainly due to higher gross profit

- Estimate next 4Q eps after 2011 Q6 result announced = 0.4356*2 = 0.8712, estimate PE on current price 17.1 = 18.71(DPS 0.85)
- Estimate next 4Q eps after 2011 Q5 result announced = (0.2101+0.23)*2 = 0.8802, estimate highest/lowest PE = 19.94/16.64 (DPS 0.85)
- Estimate next 4Q eps after 2011 Q4 result announced = 0.23*4*1.05 = 0.966, estimate highest/lowest PE = 18.69/15.06 (DPS 0.85)
- Estimate next 4Q eps after 2011 Q2 result announced = 0.2068*4*1.03 = 0.852, estimate highest/lowest PE = 13.79/11.98 (DPS 0.85)
- Estimate next 4Q eps after 2011 Q1 result announced = 0.7579*1.05 = 0.7958, estimate highest/lowest PE = 14.2/11.96 (DPS 0.6)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.7579*0.95 = 0.72(5% drop due to lower gross profit compared to the preceding quarter), estimate highest/lowest PE = 13.81/11.26 (DPS 0.6)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.1885*4 = 0.754, estimate highest/lowest PE = 11.63/10.84 (DPS 0.48)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.2005*4 = 0.802, estimate highest/lowest PE = 10.66/10.06 (DPS 0.48)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.2067*4 = 0.8268, estimate highest/lowest PE = 10.52/9.65 (DPS 0.45)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.1735*4 = 0.694, estimate highest/lowest PE = 11.84/10.73 (DPS 0.45)

PETDAG latest news (English)

PETDAG latest news (Chinese)

KLCI Stock - PETDAG / 5681 - 2011 Quarter 5

Company Info

Market Capital (Capital Size)	17,266,230,520 (Very Large)
Par Value	RM 1.00

My Analysis

Forecast P/E now	(17.38-0.8)/0.8802 = 18.84 (High)
Target Price	14.08+0.8 = 14.88 (PE 16.0, EPS 0.8802, DPS 0.8)
Decision	Not interested unless crude oil price back to uptrend
Comment	Revenue increased 18.1% and is continuous increasing since FY09Q4 (higher than preceding year corresponding quarter 38.2%), eps decreased 8.7% and was second quarter decreasing but still higher than preceding year corresponding quarter 4.5%, no cash generated from operating and used 11.6% of Group cash to cover others expenses, stronger liquidity ratio but still at low level now, higher gearing ratio at above moderate level now, all accounting ratio are good, affect by crude oil price decreasing
First Support Price	16.0
Second Support Price	15.0
Risk Rating	MODERATE

Research House

TA Target Price	14.4 (2011-02-17)
HwangDBS Target Price	12.75 (2011-05-25)
CIMB Target Price	21.6 (2011-08-11)

Accounting Ratio

Return on Equity	4.14%
Dividend Yield	4.60%
Profit Margin	3.86%
Tax Rate	27.61%
Asset Turnover	2.7914
Net Asset Value Per Share	5.04
Net Tangible Asset per share	5.04
Price/Net Tangible Asset Per Share	3.28
Cash Per Share	0.91
Liquidity Current Ratio	1.3516
Liquidity Quick Ratio	1.0851
Liquidity Cash Ratio	0.2379
Gearing Debt to Equity Ratio	0.8076
Gearing Debt to Asset Ratio	0.4449
Working capital per thousand Ringgit sale	5.3%
Days to sell the inventory	15
Days to collect the receivables	46
Days to pay the payables	56

My notes based on 2011 quarter 5 report (number in '000):-
- The increases of revenue resulted from higher product average selling prices and higher sales volume

- Higher pbt due to higher gross profit and vice versa

- Estimate next 4Q eps after 2011 Q5 result announced = (0.2101+0.23)*2 = 0.8802, estimate PE on current price 17.38 = 18.84(DPS 0.85)
- Estimate next 4Q eps after 2011 Q4 result announced = 0.23*4*1.05 = 0.966, estimate highest/lowest PE = 18.69/15.06 (DPS 0.85)
- Estimate next 4Q eps after 2011 Q2 result announced = 0.2068*4*1.03 = 0.852, estimate highest/lowest PE = 13.79/11.98 (DPS 0.85)
- Estimate next 4Q eps after 2011 Q1 result announced = 0.7579*1.05 = 0.7958, estimate highest/lowest PE = 14.2/11.96 (DPS 0.6)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.7579*0.95 = 0.72(5% drop due to lower gross profit compared to the preceding quarter), estimate highest/lowest PE = 13.81/11.26 (DPS 0.6)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.1885*4 = 0.754, estimate highest/lowest PE = 11.63/10.84 (DPS 0.48)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.2005*4 = 0.802, estimate highest/lowest PE = 10.66/10.06 (DPS 0.48)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.2067*4 = 0.8268, estimate highest/lowest PE = 10.52/9.65 (DPS 0.45)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.1735*4 = 0.694, estimate highest/lowest PE = 11.84/10.73 (DPS 0.45)

PETDAG latest news (English)

PETDAG latest news (Chinese)

KLCI Stock - PETDAG / 5681 - 2011 Quarter 4

Company Info

Market Capital (Capital Size)	16,213,169,280 (Very Large)
Par Value	RM 1.00

My Analysis

Forecast P/E now	(16.32-1)/0.966 = 15.86 (Moderate)
Target Price	15.46+1.0 = 16.46 (PE 16.0, EPS 0.966, DPS 1.0)
Decision	Not buy unless price below 15.5
Comment	Revenue increased 7.6% and is continuous increasing since FY09Q4 (higher than preceding year corresponding quarter 17.8%), eps decreased 3.2% but higher than preceding year corresponding quarter 41.8%, cash generated from operating still got around 10% extra after deduct all expenses, better liquidity ratio at low level now, higher gearing ratio at above moderate level now, all accounting periods are good, high crude oil price
First Support Price	15.0
Second Support Price	14.0
Risk Rating	MODERATE

Research House

CIMB Target Price	15.4 (2011-02-17)
TA Target Price	14.4 (2011-02-17)
HwangDBS Target Price	12.75 (2011-05-25)

Accounting Ratio

Return on Equity	18.00%
Dividend Yield	3.98%
Profit Margin	4.94%
Tax Rate	27.18%
Asset Turnover	2.7423
Net Asset Value Per Share	4.83
Net Tangible Asset per share	4.83
Price/Net Tangible Asset Per Share	3.17
Cash Per Share	1.03
Liquidity Current Ratio	1.3103
Liquidity Quick Ratio	1.0693
Liquidity Cash Ratio	0.297
Gearing Debt to Equity Ratio	0.7621
Gearing Debt to Asset Ratio	0.4307
Working capital per thousand Ringgit sale	4.6%
Days to sell the inventory	14
Days to collect the receivables	42
Days to pay the payables	55

My notes based on 2011 quarter 4 report (number in '000):-
- The increases resulted from higher product average selling prices and higher sales volume

- Lower pbt due to higher operating expenditures

- Estimate next 4Q eps after 2011 Q4 result announced = 0.23*4*1.05 = 0.966, estimate PE on current price 12.08 = 13.18(DPS 0.85)
- Estimate next 4Q eps after 2011 Q2 result announced = 0.2068*4*1.03 = 0.852, estimate highest/lowest PE = 13.79/11.98 (DPS 0.85)
- Estimate next 4Q eps after 2011 Q1 result announced = 0.7579*1.05 = 0.7958, estimate highest/lowest PE = 14.2/11.96 (DPS 0.6)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.7579*0.95 = 0.72(5% drop due to lower gross profit compared to the preceding quarter), estimate highest/lowest PE = 13.81/11.26 (DPS 0.6)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.1885*4 = 0.754, estimate highest/lowest PE = 11.63/10.84 (DPS 0.48)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.2005*4 = 0.802, estimate highest/lowest PE = 10.66/10.06 (DPS 0.48)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.2067*4 = 0.8268, estimate highest/lowest PE = 10.52/9.65 (DPS 0.45)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.1735*4 = 0.694, estimate highest/lowest PE = 11.84/10.73 (DPS 0.45)

PETDAG latest news (English)

PETDAG latest news (Chinese)

KLCI Stock - PETDAG / 5681 - 2011 Quarter 2

Company Info

Market Capital (Capital Size)	12,000,924,320 (Very Large)
Par Value	RM 1.00

My Analysis

Forecast P/E now	(12.08-0.85)/0.852 = 13.18 (Moderate)
Target Price	12.78+0.85 = 13.63 (PE 15.0, EPS 0.852, DPS 0.85)
Decision	BUY
Comment	Revenue continuous increasing since FY09Q4, eps second consecutive increasing and also higher than preceding year corresponding quarter, free and positive net cash flow increasing, low liquidity ratio, moderate gearing ratio, all accounting period are good, crude oil price increasing
First Support Price	10.8
Second Support Price	10.0
Risk Rating	MODERATE

Research House

CIMB Target Price	14.7 (2010-11-16)
TA Target Price	12.96 (2011-01-06)

Accounting Ratio

Return on Equity	16.42%
Dividend Yield	4.97%
Profit Margin	5.17%
Tax Rate	27.06%
Asset Turnover	2.7786
Net Asset Value Per Share	4.66
Net Tangible Asset per share	4.66
Price/Net Tangible Asset Per Share	2.39
Cash Per Share	1.45
Liquidity Current Ratio	1.3004
Liquidity Quick Ratio	1.0286
Liquidity Cash Ratio	0.4795
Gearing Debt to Equity Ratio	0.6796
Gearing Debt to Asset Ratio	0.4026
Working capital per thousand Ringgit sale	4.1%
Days to sell the inventory	14
Days to collect the receivables	28
Days to pay the payables	50

My notes based on 2011 quarter 2 report (number in '000):-
- Group revenue for the quarter and period ended 30 September 2010 increased by RM344.3 million and RM1020.9 million to RM5496.3 million and RM10952.8 million respectively, from the results of the corresponding period last year. The increases resulted from higher product average selling prices and higher sales volume

- Group pbt for the quarter and period ended 30 September 2010 increased by RM8.4 million and RM3.5 million to RM284.8 million and RM561.5 million respectively, from the corresponding period last year due to lower operating expenditures

- The Group revenue for the current quarter was RM5496.3 million, an increase of RM39.8 million from the results of the preceding quarter. The increase in revenue was due to higher sales volume

- Group pbt for the current quarter was RM284.3 million, an increase of RM7.1 million compared to the preceding quarter pbt of RM277.2 million mainly due to higher gross profit rising from higher sales volume and lower average product costs

- Estimate next 4Q eps after 2011 Q2 result announced = 0.2068*4*1.03 = 0.852, estimate PE on current price 12.08 = 13.18(DPS 0.85)
- Estimate next 4Q eps after 2011 Q1 result announced = 0.7579*1.05 = 0.7958, estimate highest/lowest PE = 14.2/11.96 (DPS 0.6)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.7579*0.95 = 0.72(5% drop due to lower gross profit compared to the preceding quarter), estimate highest/lowest PE = 13.81/11.26 (DPS 0.6)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.1885*4 = 0.754, estimate highest/lowest PE = 11.63/10.84 (DPS 0.48)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.2005*4 = 0.802, estimate highest/lowest PE = 10.66/10.06 (DPS 0.48)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.2067*4 = 0.8268, estimate highest/lowest PE = 10.52/9.65 (DPS 0.45)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.1735*4 = 0.694, estimate highest/lowest PE = 11.84/10.73 (DPS 0.45)

PETDAG latest news (English)

PETDAG latest news (Chinese)

KLCI Stock - PETDAG / 5681 - 2011 Quarter 1

Market Cap : 993454000*10.94 = 10,868,386,760 (Very Large)
NTA per share : 4758215/993454 = 4.79
P/BV : 10.94/4.79 = 2.2839
Forecast P/E now : (10.94-0.6)/0.7958 = 12.99 (High)
ROE : 15.88% (Moderate)
DY : 0.6/10.94*100 = 5.48% (Moderate)
Fixed Asset Turnover(4 year) : (2.8824+3.0677+2.3267)/3 = 2.7589 (High)
Liquidity Ratio : 3533806/2467405 = 1.4322 (Low)
Receivables Collection Period : (1786335+1772348)/2/(21363648/365) = 30 days (Acceptable)
My Target Price : 9.55+0.6 = 10.15 (PE 12, EPS 0.7958, DPS 0.6)
My Decision : NOT BUY unless price below 10
My Comment : Revenue increasing but profit decreasing good cash flow, above moderate debt but decreased, navps increasing, from past 1 year crude oil price chart showed downtrend
Technical Support Price : 10
Risk Rating : MODERATE

My notes based on 2011 quarter 1 report (number in '000):-

- Group revenue for the quarter ended 30 June 2010 was increased of 14.2% compared to the corresponding quarter last year. The increase was a result of higher product average selling prices and higher sales volume

- Group PBT for the quarter ended 30 June 2010 was decreased of 2.4% from the corresponding period last year mainly due to lower gross profit

- The Group revenue for the current quarter was increased of 0.7% from preceding quarter. The increase was due to higher average product selling prices

- Group PBT for the current quarter was increased of 19.9% compared to the preceding quarter, mainly due to lower operating expenditures

- Estimate next 4Q eps after 2011 Q1 result announced = 0.7579*1.05 = 0.7958, estimate PE on current price 10.94 = 12.99(DPS 0.6)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.7579*0.95 = 0.72(5% drop due to lower gross profit compared to the preceding quarter), estimate highest/lowest PE = 13.81/11.26 (DPS 0.6)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.1885*4 = 0.754, estimate highest/lowest PE = 11.63/10.84 (DPS 0.48)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.2005*4 = 0.802, estimate highest/lowest PE = 10.66/10.06 (DPS 0.48)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.2067*4 = 0.8268, estimate highest/lowest PE = 10.52/9.65 (DPS 0.45)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.1735*4 = 0.694, estimate highest/lowest PE = 11.84/10.73 (DPS 0.45)

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