KLCI Stock - RSAWIT / 5113 - 2012 Quarter 2

RIMBUNAN SAWIT BERHAD


Company Description

RIMBUNAN SAWIT BERHAD is a Malaysia-based Company. The principal activities of the Company are investment holding and provision of management services. The Company’s wholly owned subsidiaries are R.H. Plantation Sdn Bhd engaged in cultivation of oil palm; Timrest Sdn Bhd, which is engaged in cultivation of oil palm; Rimbunan Sawit Holdings Berhad, engaged in investment holding; Baram Trading Sdn Bhd, which is engaged in cultivation of oil palm, and Nescaya Palma Sdn Bhd, engaged in cultivation of oil palm.

Company Info 

Listing Date	2006-06-28
IPO Price	1.0
Market Capital (Capital Size)	1,360,845,141 (Large)
Par Value	RM 0.50
Board	Main
Sector	Plantation
Major Industry	Oil Palm & Others Crop
Website	http://www.rsb.com.my/

My Analysis 

Forecast P/E now	(1.04-0.015)/0.0323 = 31.73 (High)
Target Price	1.16
Decision	Not interested unless SMA5 cross SMA10 and continue show strong sustain above SMA200
Comment	Revenue increased 21% but lower than preceding year corresponding quarter 7.3%, eps was same but lower than preceding year corresponding quarter 87.2%, cash generated from operating not enough for financing expenses hence spent 67.4% to cover all other expenses, gross margin decreasing, liquidity ratio still indicate very weak financial ratio, lower gearing ratio indicate financially healthy, payables repayment period improving, all accounting of collection or repayment period is good
First Support Price	1.01
Second Support Price	0.945
Risk Rating	HIGH

Research House

Jupiter Target Price

1.16 (2012-07-05)

Accounting Ratio 

Return on Equity	34.53%
Dividend Yield	1.44%
Gross Profit Margin	15.43%
Operating Profit Margin	8.88%
Net Profit Margin	5.76%
Tax Rate	29.01%
Asset Turnover	0.2276
Net Asset Value Per Share	0.44
Net Tangible Asset per share	0.4
Price/Net Tangible Asset Per Share	2.6
Cash Per Share	0.04
Liquidity Current Ratio	0.7687
Liquidity Quick Ratio	0.6317
Liquidity Cash Ratio	0.4371
Gearing Debt to Equity Ratio	0.6341
Gearing Debt to Asset Ratio	0.3678
Working capital per thousand Ringgit sale	-12.9%
Days to sell the inventory	37
Days to collect the receivables	36
Days to pay the payables	144

Technical Analysis 

SMA 10	1.047 (Downtrend)
SMA 20	1.06 (Downtrend 14 days)
SMA 50	1.067 (Uptrend)
SMA 100	1.053 (Uptrend)
SMA 200	1.005 (Uptrend)
MACD (26d/12d)	-0.010283 ( 0.000132 )
Signal (9)	-0.006741 ( 0.000885 )
MACD Histogram	0.003542 (Bearish trend 22 days)
Bolinger Upper Band	1.115
Bolinger Lower Band	1.005

My notes based on 2012 quarter 2 report (number in '000):-
- Lower revenue mainly due to the decrease in average selling prices and sales volume for crude palm oil and palm kernel. Average selling prices of CPO and PK fell by 5.7% and 26.4% respectively for the current quarter as compared to the preceding corresponding quarter. The weakening of CPO and PK prices was attributable to the lower global market prices for oil palm products. Sales volume for CPO and PK decreased by 9.4% and 0.5% respectively for the current quarter as compared to the preceding corresponding quarter, due to the lower fresh fruit bunches (“FFB”) production from estates. Lower pbt in line with the decrease in revenue and the increase in cost of sales

- Estimate next 4Q eps after 2012 Q2 result announced = 0.0323, estimate PE on current price 1.03 = 31.73(DPS 0.015)
- Estimate next 4Q eps after 2012 Q1 result announced = 65975/2041722 = 0.0323, estimate highest/lowest PE = 35.45/30.5 (DPS 0.015)
- Estimate next 4Q eps after 2011 Q4 result announced = 65975*1.1/2041722 = 0.0355, estimate highest/lowest PE = 32.25/27.46 (DPS 0.015)
- Estimate next 4Q eps after 2011 Q3 result announced = 17855/1308505*4*1.1 = 0.06, estimate highest/lowest PE = 20.08/16.25 (DPS 0.015)
- Estimate next 4Q eps after 2011 Q2 result announced = 0.113/4*2*1.1 = 0.0622, estimate highest/lowest PE = 16.4/7.15 (DPS 0.02)

RSAWIT latest news (English)

RSAWIT latest news (Chinese)

Financial Quarter Summary

a_date	year	qrt	h_price	l_price	div	roe	c_roe	rev	c_rev	pbt	c_pbt	prof	c_prof	eps	c_eps	asset	liab	mino	equi	cfo	cfi	cff	cash	fcf	net	final	share	c_share	m_cap	date	gros_m	oper_m	prof_m	vat	asset_t	pe	navps	ntaps	p/ntaps	cps	l_cur	l_qui	l_cash	g_de	g_da	avg_w	inv_d	rec_d	pay_d
2012-08-17	2012	2	N/A	N/A	-	0.49%	0.98%	87324	159489	5026	11332	4727	9485	0.0023	0.0046	1539597	566336	80196	973261	14565	60872	85943	196352	46307	132250	64102	2041722	2041722	2123390	2012-06-30	15.43%	8.88%	5.76%	29.01%	0.2276	-	0.44	0.4	2.6	0.04	0.7687	0.6317	0.4371	0.6341	0.3678	-12.9%	37	36	144
2012-05-29	2012	1	1.16	1.0	-	0.49%	0.49%	72165	72165	6306	6306	4759	4759	0.0023	0.0023	1551683	581990	81354	969693	6120	27678	68996	196352	33798	102794	93558	2041722	2041722	2123390	2012-03-31	19.23%	13.61%	8.74%	22.63%	0.2303	-	0.44	0.4	2.6	0.06	0.8487	0.7226	0.5741	0.6551	0.3751	-9.1%	41	30	150
2012-02-28	2011	4	1.16	0.99	0.015	10.71%	84.39%	92373	359578	14728	93668	8373	65975	0.0063	0.0710	1612408	646879	81234	965529	87038	281098	291981	19123	194060	97921	78798	1319998	929693	1478397	2011-12-31	28.93%	23.76%	15.94%	39.45%	0.223	15.7826	0.95	0.87	1.29	0.16	1.057	0.9552	0.8421	0.7315	0.4012	3.9%	41	27	192
2011-11-21	2011	3	1.22	0.83	-	22.84%	73.68%	98613	267205	23453	78940	17855	57602	0.0499	0.1629	1285001	718589	85797	566412	72585	102008	32989	19124	29423	3566	15558	357536	353667	303905	2011-09-30	31.04%	27.08%	23.78%	23.16%	0.2423	-	1.36	1.14	0.75	0.01	0.2103	0.1496	0.0112	1.4951	0.5592	-100.9%	46	65	304
2011-08-26	2011	2	2.33	0.74	-	30.79%	50.84%	94196	168592	32831	55487	24073	39746	0.0682	0.1130	1375894	796283	113150	579611	60464	57851	6620	19124	2613	4007	23131	352893	351732	744604	2011-06-30	45.13%	38.84%	34.85%	22.24%	0.185	-	1.33	1.11	1.9	0.01	0.1695	0.1092	0.0089	1.7071	0.5787	-162.0%	71	71	493
2011-05-25	2011	1	2.68	2.0	-	20.05%	20.05%	74396	74396	22655	22655	15673	15673	0.0447	0.0447	1335687	775109	117589	560578	17315	23101	12328	19123	5786	6542	12581	350571	350571	750221	2011-03-31	44.73%	35.81%	30.45%	25.55%	0.156	-	1.26	1.04	2.06	0.01	0.1472	0.0861	0.0108	1.7497	0.5803	-193.5%	79	62	532
2011-02-24	2010	6	2.24	2.0	0.02	3.88%	46.07%	27578	291050	8827	75516	4394	52225	0.0125	0.3073	1304386	760949	116354	543437	145602	175218	32929	43422	29616	62545	19123	350571	169949	764244	2010-12-31	46.78%	36.49%	32.01%	42.49%	0.1497	-	2.51	2.06	1.06	0.01	0.1142	0.0673	0.0111	1.7817	0.5834	-212.3%	69	49	606
2011-01-24	2010	5	2.42	2.18	-	18.79%	42.20%	81849	263472	30565	66689	21294	47831	0.0770	0.3029	1302990	766842	115674	536148	142779	166858	29890	43421	24079	53969	10548	276470	157907	630351	2010-11-30	48.77%	42.03%	37.34%	22.48%	0.1656	-	2.66	2.18	1.05	0.02	0.2075	0.1307	0.0186	1.8238	0.5885	-108.5%	62	56	579
2010-10-25	2010	4	2.49	1.63	-	4.33%	23.42%	44137	181623	6925	36135	4907	26547	0.0383	0.2070	284265	206087	243	78178	53249	79938	18700	40506	26689	45389	4883	128267	128267	243707	2010-08-31	28.03%	20.36%	15.69%	25.63%	0.6389	9.1802	0.61	0.38	5.0	0.05	0.3754	0.2668	0.0662	2.6443	0.725	-30.1%	29	35	96
2010-07-26	2010	3	1.9	1.4	-	4.81%	19.09%	41752	137486	7305	29209	5450	21639	0.0425	0.1687	277025	203998	-	73027	48049	73216	12495	40505	25167	37662	2843	128267	128267	187269	2010-05-31	31.42%	22.65%	17.50%	25.39%	0.6437	-	0.57	0.34	4.29	0.09	0.4576	0.3664	0.1756	2.7935	0.7364	-19.2%	17	24	85
2010-04-26	2010	2	1.55	1.34	-	6.35%	14.28%	48077	95734	9723	21904	7193	16189	0.0561	0.1262	271766	204189	-	67577	36847	67307	10818	40505	30460	41278	773	128267	128267	192400	2010-02-28	34.25%	24.54%	20.22%	26.02%	0.6349	-	0.53	0.3	5.0	0.06	0.3898	0.3189	0.1189	3.0216	0.7513	-23.4%	15	28	97
2010-01-27	2010	1	1.57	1.21	-	7.93%	7.93%	47657	47657	12169	12169	8984	8984	0.0700	0.0700	299029	202229	-	96800	11762	3151	2481	43421	8611	11092	54513	128267	128267	189835	2009-11-30	38.04%	30.30%	25.53%	26.17%	0.5244	-	0.75	0.73	2.03	0.48	1.4424	1.3068	0.9774	2.0891	0.6763	17.8%	29	48	74
2009-10-23	2009	4	1.53	1.28	0.035	3.62%	17.23%	40823	151890	3951	18372	2858	13612	0.0223	0.1061	319486	206137	-	113349	30471	21396	10632	20799	9075	19707	40506	128267	128267	178291	2009-08-31	25.14%	15.54%	9.68%	27.66%	0.4753	13.0981	0.88	0.66	2.11	0.4	1.1281	1.0429	0.7777	1.8186	0.6452	5.5%	18	42	89
2009-07-24	2009	3	1.49	1.28	-	7.33%	13.56%	35987	111712	7786	14382	5789	10715	0.0451	0.0835	277870	192947	-	84923	1742	17059	12742	20798	18801	6059	14739	128267	128267	174443	2009-05-31	37.84%	28.25%	21.64%	25.65%	0.6168	-	0.66	0.64	2.12	0.2	1.6304	1.4748	0.5844	2.272	0.6944	16.4%	21	82	46
2009-04-29	2009	2	1.44	1.18	-	2.45%	6.24%	32353	75052	2601	6596	1938	4926	0.0151	0.0384	272703	193544	-	79159	1741	14231	19945	20798	15972	3973	24771	128267	128267	150072	2009-02-28	24.85%	15.13%	8.04%	25.49%	0.6871	-	0.62	0.59	1.98	0.29	1.4871	1.3313	0.8298	2.445	0.7097	11.6%	19	39	44
2009-01-15	2009	1	1.3	0.94	-	3.82%	3.82%	42699	42699	4026	4026	3019	3019	0.0235	0.0235	261470	179456	-	82014	4694	8038	2171	20818	3344	1173	19645	128267	128267	125701	2008-11-30	21.51%	14.72%	9.43%	25.01%	0.7734	-	0.64	0.61	1.61	0.28	1.9421	1.533	1.1961	2.1881	0.6863	13.9%	32	15	46
2008-10-24	2008	4	1.27	0.87	0.05	8.60%	38.77%	60344	211986	12730	54069	8654	38999	0.0675	0.3040	265025	186030	-	78995	58183	72557	35574	70766	14374	49948	20818	128267	128267	121853	2008-08-31	31.90%	24.87%	21.10%	32.02%	0.7999	3.1245	0.62	0.59	1.61	0.32	1.7768	1.3146	1.1188	2.355	0.7019	13.6%	47	12	64
2008-07-28	2008	3	1.78	0.95	-	8.54%	30.17%	51981	151642	11220	41340	8588	30346	0.0670	0.2366	345087	211873	6664	133214	54343	66701	25975	70766	12358	38333	32433	128267	128267	228315	2008-05-31	33.08%	25.84%	21.58%	23.46%	0.5682	-	0.99	0.89	2.0	0.41	1.6041	1.3384	1.1348	1.6742	0.614	14.4%	38	17	95
2008-04-22	2008	2	2.28	1.71	-	8.90%	21.63%	47197	99661	12651	30120	8949	21758	0.0698	0.1696	253089	134563	-	118526	37629	58095	18964	70766	20466	39430	31336	128267	128267	279622	2008-02-29	39.02%	31.39%	26.80%	29.26%	0.7044	-	0.92	0.92	2.37	0.41	4.1859	3.7844	1.5956	1.1353	0.5317	58.3%	44	146	82
2008-01-25	2008	1	2.54	2.01	-	12.74%	12.74%	52464	52464	17469	17469	12809	12809	0.0999	0.0999	239164	125762	-	113402	15636	5447	2795	70766	10189	7394	78160	128267	128267	307840	2007-11-30	43.77%	37.53%	33.30%	26.68%	0.6867	-	0.88	0.88	2.73	0.77	4.9529	4.4874	3.9946	1.109	0.5258	59.3%	40	27	61
2007-10-26	2007	4	2.98	2.01	0.05	N/A	N/A	44430	147394	11593	26878	8302	19470	0.0647	0.1518	220618	120038	-	100580	47399	7908	62191	93722	39491	22700	71022	128267	128267	230880	2007-08-31	38.80%	30.24%	26.09%	28.39%	0.5067	11.8583	0.78	0.78	2.31	0.71	4.6136	4.2573	4.0408	1.1935	0.5441	72.7%	39	16	78
2007-07-30	2007	3	N/A	N/A	-	N/A	N/A	34191	102964	5566	15286	4136	11169	0.0322	0.0871	258954	166676	-	92278	31063	21848	10466	93722	9215	1251	92471	128267	128267	N/A	2007-05-31	29.22%	22.45%	16.28%	25.69%	0.2601	-	0.72	0.72	N/A	0.99	2.1398	2.0813	1.9409	1.8062	0.6437	111.1%	29	50	112
2007-04-27	2007	2	N/A	N/A	-	N/A	N/A	33156	68773	4616	9719	3399	7032	0.0265	0.0548	258312	170171	-	88141	22950	19332	4339	93722	3618	721	93001	128267	128267	224467	2007-02-28	27.05%	20.22%	13.92%	26.36%	N/A	-	0.69	0.69	2.54	1.0	2.0163	1.9557	1.8601	1.9307	0.6588	N/A	-	N/A	N/A

Financial Quarter Balance Sheet

year	qrt	Biological assets (A-0)	Deferred tax assets (A-0)	Goodwill on consolidation (A-0)	Intangible assets (A-0)	Investment in associated companies (A-0)	Prepaid lease payments (A-0)	Property, plant and equipment (A-0)	Cash and cash equivalents (A-1)	Current tax assets (A-1)	Deposits with licensed banks (A-1)	Fixed deposits with licensed banks (A-1)	Inventories (A-1)	Other investments (A-1)	Other receivables, deposits and prepayments (A-1)	Trade receivables (A-1)	Deferred tax liabilities (L-0)	Loans & borrowings (L-0)	Amount due to associated companies (L-1)	Bank overdraf (L-1)	Current tax liabilities (L-1)	Loans & borrowings (L-1)	Payables and accruals (L-1)	Provision for taxation (L-1)	Trade and other payables (L-1)	Minority interest (M-1)
2012	2	692355	5075	54045	23026	25880	-	589468	1629	3106	-	1729	26686	81795	15390	19413	145334	226190	-	19320	-	68706	48143	1595	57048	80196
2012	1	682511	4732	54045	23126	25599	-	578316	802	2446	-	4165	27242	119062	15808	13829	144584	221367	-	26306	-	87558	45740	2020	54415	81354
2011	4	672785	4748	54045	23262	25790	-	569729	410	1772	-	90141	25233	118214	9278	17001	144480	254488	-	7533	-	118953	58782	2462	60181	81234
2011	3	598321	5746	53995	23390	24316	-	495613	378	-	4091	-	24133	-	-	55018	140889	180065	-	15935	-	220051	-	1459	160190	85797
2011	2	705853	6029	53995	23525	-	-	502366	338	-	4091	-	29951	-	-	49746	151022	148950	-	23468	-	258904	-	7171	206768	113150
2011	1	693718	5656	53913	23660	-	-	489167	222	67	4868	-	28842	-	-	35574	146405	155906	-	12802	-	260193	-	5758	194045	117589
2010	6	683248	4655	53913	23809	-	-	485294	313	58	4868	-	21975	-	-	26253	142983	149920	-	19435	-	249231	-	4979	194401	116354
2010	5	679786	1740	-	76222	-	136095	347860	701	-	4807	-	22662	-	-	33117	136432	334989	-	11248	-	65850	-	6009	212314	115674
2010	4	114091	1928	-	29048	-	22552	83769	990	97	4807	-	9512	-	-	17471	20270	98236	-	5872	-	48565	-	1199	31945	243
2010	3	113347	1928	-	29046	-	22652	81239	3663	99	7396	-	5744	-	-	11911	20049	120980	-	819	-	32460	-	1812	27878	-
2010	2	111868	1928	-	29064	-	22753	80370	466	101	7396	-	4692	-	-	13128	19699	118350	-	1238	3229	31250	-	-	30423	-
2010	1	108718	2468	-	3320	-	13143	80180	12059	70	7273	42470	8572	-	-	20756	19650	119350	-	15	2239	39350	-	-	21625	-
2009	4	109332	2868	-	29103	-	22954	81393	17330	71	7273	26300	5575	-	-	17287	18835	121850	-	3123	-	34100	-	1179	27050	-
2009	3	107119	-	-	3360	-	13254	81373	282	1328	10800	15000	6943	-	32251	6160	17968	130350	-	342	-	28862	9019	-	6406	-
2009	2	106634	-	-	3380	-	13309	82770	7239	2540	10800	19130	6979	-	13078	6844	17651	131100	-	629	-	28125	11968	-	4071	-
2009	1	106823	-	-	3400	-	13364	79828	62	1720	15894	19800	12230	-	5422	2927	17613	131950	-	-	-	12501	10281	-	7111	-
2008	4	105270	-	-	3420	-	13419	76796	168	121	20348	21119	17200	-	2984	4180	16866	131950	350	468	-	12313	12301	779	11003	-
2008	3	140370	-	-	12803	-	32369	84468	202	208	20349	32560	12434	-	4720	4604	27869	137200	-	-	-	12391	14721	2985	16707	6664
2008	2	55127	-	-	-	-	10883	50438	279	173	20348	31458	13107	-	66860	4416	13920	88000	-	-	-	5000	14093	3132	10418	-
2008	1	54695	691	-	-	-	10926	50762	142	123	20176	78148	11475	-	6940	5086	13112	88000	-	-	-	5000	9506	2000	8144	-
2007	4	55023	-	-	199	-	10968	50681	353	47	19785	70727	8013	-	1747	3075	9551	88000	-	-	-	5000	7130	1282	9075	-
2007	3	56098	107	-	-	-	11011	51251	4271	24	15000	108157	3846	-	3236	5953	8023	93000	-	-	-	50000	7048	761	7844	-
2007	2	70591	887	-	-	-	-	48315	4302	-	15000	108486	4167	-	3154	3410	8472	93000	-	-	-	50000	8678	1608	8413	-

Financial Quarter Income Statement

year	qrt	Revenue	Income tax expense	Cost of sales	Finance/interest costs	Other income	Administrative/Operating expenses	Minority interest	Share of profit/ (loss) of associates	Selling and distribution costs
2012	2	87324	1458	73847	3006	1317	4058	1159	280	2984
2012	1	72165	1427	58290	3328	2551	4060	120	191	2541
2011	4	92373	5810	65653	7703	2478	4300	545	485	2952
2011	3	98613	5432	68006	3441	4197	4556	166	186	3540
2011	2	94196	7303	51688	3753	1020	3631	1455	-	3313
2011	1	74396	5788	41119	3988	301	4443	1194	-	2492
2010	6	27578	3751	14678	1236	126	2026	682	-	937
2010	5	81849	6870	41929	3834	767	3692	2401	-	2596
2010	4	44137	1775	31765	2061	502	1819	243	-	2069
2010	3	41752	1855	28633	2150	139	1727	-	-	2076
2010	2	48077	2530	31610	2077	192	2356	-	-	2503
2010	1	47657	3185	29526	2273	255	1411	-	-	2533
2009	4	40823	1093	30562	2392	312	2047	-	-	2183
2009	3	35987	1997	22370	2381	115	1519	-	-	2046
2009	2	32353	663	24313	2293	407	1468	-	-	2085
2009	1	42699	1007	33516	2260	1125	1410	-	-	2612
2008	4	60344	4076	41093	2277	550	1542	-	-	3252
2008	3	51981	2632	34787	2213	429	1603	-	-	2587
2008	2	47197	3702	28779	2165	781	2173	-	-	2210
2008	1	52464	4660	29500	2223	698	1492	-	-	2478
2007	4	44430	3291	27189	1844	600	1877	-	-	2527
2007	3	34191	1430	24201	2109	873	1254	-	-	1934
2007	2	33156	1217	24188	2087	1109	1247	-	-	2127

Monthly Business Data

year	mth	Crude Palm Oil	Palm kernel
2012	7	6065.3	1340.8
2012	6	5229.87	1169.37
2012	5	5412.85	1168.97
2012	4	4357.52	978.68
2012	3	4432.1	983.86
2012	2	4044.48	839.54
2012	1	4549.9	1022.39
2011	12	4792.32	1089.9
2011	11	5533.78	1268.92
2011	10	5899.6	1291.13
2011	9	6002.91	1342.75
2011	8	5371.46	1222
2011	7	5796.39	1385.5
2011	6	5339.74	1114.84
2011	5	5736.49	1161.94
2011	4	5707.45	1248.01
2011	3	5335.6	1218.13
2011	2	3970.11	892.01
2011	1	3509.62	784.36
2010	12	4581.53	996.42
2010	11	5049.21	956.75
2010	10	5155.02	1260.33
2010	9	5214.94	1209.6
2010	8	5760.15	1312.07

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 - RSAWIT / 5113 - 2012 Quarter 1

Company Info 

Market Capital (Capital Size)	1,347,760,092 (Large)
Par Value	RM 0.50

My Analysis 

Forecast P/E now	(1.03-0.015)/0.0323 = 31.42 (High)
Target Price	0.45+0.015 = 0.47 (PE 14.0, EPS 0.0323, DPS 0.015)
Decision	Not interested unless revenue and profit surge or from technical analysis stock price very strong stay above SMA20
Comment	Revenue increased 4.7% and was third consecutive quarter increasing and also higher than preceding year corresponding quarter 67.9%, eps decreased 26.8% and also lower than preceding year corresponding quarter 38.2%, cash generated from operating not enough for financing expenses but got enough cash generated from financing activities to cover all expenses, gross margin decreasing, weaker liquidity ratio at weak level now, lower gearing ratio at medium level now, lower debt ratio and is getting far from historical high, payables repayment period improving, affecting by decreasing of CPO price, benefit from acquired additional 12% land area
First Support Price	1.0
Second Support Price	0.915
Risk Rating	MODERATE

Research House

Jupiter Target Price

1.03 (2012-05-16)

Accounting Ratio 

Return on Equity	64.83%
Dividend Yield	1.46%
Gross Profit Margin	19.23%
Operating Profit Margin	13.61%
Net Profit Margin	8.74%
Tax Rate	22.63%
Asset Turnover	0.2303
Net Asset Value Per Share	0.44
Net Tangible Asset per share	0.4
Price/Net Tangible Asset Per Share	2.6
Cash Per Share	0.06
Liquidity Current Ratio	0.8487
Liquidity Quick Ratio	0.7226
Liquidity Cash Ratio	0.5741
Gearing Debt to Equity Ratio	0.6551
Gearing Debt to Asset Ratio	0.3751
Working capital per thousand Ringgit sale	-9.1%
Days to sell the inventory	41
Days to collect the receivables	30
Days to pay the payables	150

Technical Analysis 

SMA 20	1.029 (Uptrend 3 days)
SMA 50	1.058 (Same)
SMA 100	1.066 (Uptrend)
SMA 200	0.85 (Uptrend)
MACD (26d/12d)	-0.009135 ( 0.001163 )
Signal (9)	-0.009797 ( 0.000166 )
MACD Histogram	0.000662 (Bullish trend 1 day)
Bolinger Upper Band	1.072
Bolinger Lower Band	0.986

My notes based on 2012 quarter 1 report (number in '000):-
- Lower revenue and pbt mainly due to the decrease in average selling price of crude palm oil (“CPO”) and palm kernel (“PK”), which was partially offset by the increase in sales volume for CPO and PK and increased manuring costs of RM7.48 million and higher depreciation/ amortisation of RM2.44 million and increased harvesting and transportation costs of RM0.82 million, due to higher FFB production

- Estimate next 4Q eps after 2012 Q1 result announced = 65975/2041722 = 0.0323, estimate PE on current price 1.03 = 31.42(DPS 0.015)
- Estimate next 4Q eps after 2011 Q4 result announced = 65975*1.1/2041722 = 0.0355, estimate highest/lowest PE = 32.25/27.46 (DPS 0.015)
- Estimate next 4Q eps after 2011 Q3 result announced = 17855/1308505*4*1.1 = 0.06, estimate highest/lowest PE = 20.08/16.25 (DPS 0.015)
- Estimate next 4Q eps after 2011 Q2 result announced = 0.113/4*2*1.1 = 0.0622, estimate highest/lowest PE = 16.4/7.15 (DPS 0.02)

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KLCI Stock - RSAWIT / 5113 - 2011 Quarter 4

RIMBUNAN SAWIT BERHAD


My notes based on 2011 quarter 4 report (number in '000):-
- Higher revenu than FY10Q4 mainly attributed by higher FFB, increase in sales volume of CPO and PK but lower pbt principally due to increase of amortisation and depreciation of the newly acquired estate and new mature area, resulting in higher amortisation and depreciation cost by RM4.22 million. Rehabilitation and improvement cost on road repair and field maintenance of newly acquired estate and existing estates during the current quarter increased by RM3.61 million compared to last year corresponding period. Additional RM4.83 million of accrued loan interest incurred on the acquisition of new estate was expensed off as finance cost in the current quarter as the final quantum only confirmed at the redemption date of the outstanding loan and the transfer of the said estate was completed on 30 December 2011

- Lower revenue and pbt than FY11Q3 due to lower volume of CPO sold and lower CPO selling price. FFB production increased whereas the average selling price decreased

- Estimate next 4Q eps after 2011 Q4 result announced = 65975*1.1/2041722 = 0.0355, estimate PE on current price 1.14 = 31.69(DPS 0.015)
- Estimate next 4Q eps after 2011 Q3 result announced = 17855/1308505*4*1.1 = 0.06, estimate highest/lowest PE = 20.08/16.25 (DPS 0.015)
- Estimate next 4Q eps after 2011 Q2 result announced = 0.113/4*2*1.1 = 0.0622, estimate highest/lowest PE = 16.4/7.15 (DPS 0.02)

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KLCI Stock - RSAWIT / 5113 - 2011 Quarter 3

Company Info

Market Capital (Capital Size)	1,229,994,647 (Large)
Par Value	RM 0.50

My Analysis

Forecast P/E now	(0.94-0.02)/0.06 = 15.33 (Moderate)
Target Price	0.96+0.02 = 0.98 (PE 16.0, EPS 0.06, DPS 0.02)
Decision	BUY if stock price below or near to SMA20
Comment	Revenue increased 4.7% and was third consecutive quarter increasing and also higher than preceding year corresponding quarter 67.9%, eps decreased 26.8% and also lower than preceding year corresponding quarter 38.2%, cash generated from operating not enough for financing expenses but got enough cash generated from financing activities to cover all expenses, slightly higher liquidity ratio but still at very weak level now, lower gearing ratio but still at high level now, payables ratio got improved but still very high level now, going to benefit from increasing of CPO price
First Support Price	0.9
Second Support Price	0.84
Risk Rating	MODERATE

Accounting Ratio

Return on Equity	10.98%
Dividend Yield	2.13%
Profit Margin	23.78%
Tax Rate	23.16%
Asset Turnover	0.2423
Net Asset Value Per Share	1.36
Net Tangible Asset per share	1.14
Price/Net Tangible Asset Per Share	0.75
Cash Per Share	0.01
Liquidity Current Ratio	0.2103
Liquidity Quick Ratio	0.1496
Liquidity Cash Ratio	0.0112
Gearing Debt to Equity Ratio	1.4951
Gearing Debt to Asset Ratio	0.5592
Working capital per thousand Ringgit sale	-100.9%
Days to sell the inventory	43
Days to collect the receivables	65
Days to pay the payables	282

Technical Analysis

SMA 20	0.901 (Uptrend 13 days)
SMA 50	0.847 (Uptrend)
SMA 100	0.592 (Uptrend)
SMA 200	0.509 (Uptrend)
MACD	0.08773 (Downtrend 4 days)
MACD Histogram	-0.010316 (Downtrend 19 days)

My notes based on 2011 quarter 3 report (number in '000):-
- Higher revenue mainly attributed by more favourable average crude palm oil (“CPO”) and palm kernel (“PK”) prices realised and higher volume of fresh fruit bunches (‘FFB”) production

- The higher FFB production for the current quarter also attributed by the addition of nine plantation estates and one commercial rights on plantation estate since September 2010

- The Group also achieved an increase in sales volume of CPO and PK

- The average selling prices also increased for CPO and PK

- Higher pbt than corresponding periods of last year principally due to higher prices on palm products and higher FFB production

- Lower pbt than FY11Q2 mainly due to higher dosage and more manuring rounds and lower average selling prices for CPO and PK

- Estimate next 4Q eps after 2011 Q3 result announced = 17855/1308505*4*1.1 = 0.06, estimate PE on current price 0.94 = 15.33
- Estimate next 4Q eps after 2011 Q2 result announced = 0.113/4*2*1.1 = 0.0622, estimate highest/lowest PE = 16.4/7.15 (DPS 0.02)

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KLCI Stock - RSAWIT / 5113 - 2011 Quarter 2

Company Info

Market Capital (Capital Size)	1,301,962,419 (Large)
Par Value	RM 0.50

My Analysis

Forecast P/E now	(0.995-0.02)/0.0622 = 15.68 (High)
Target Price	0.87+0.02 = 0.89 (PE 14.0, EPS 0.0622, DPS 0.02)
Decision	BUY if stock price next uptrend start above 0.84
Comment	Revenue increased 26.6% and was second consecutive quarter increasing and also higher than preceding year corresponding quarter 138.2%, eps increased 52.6% and was second consecutive quarter increasing and also higher than preceding year corresponding quarter 89.4%, cash generated from operating enough for financing expenses but not enough for investing expenses even got borrowing and Group also got no cash , slightly higher liquidity ratio at very weak level now, slightly lower gearing ratio at high level now, payables ratio very high, higher inventory can indicate higher production, going to benefit from increasing of CPO price
First Support Price	0.84
Second Support Price	0.74
Risk Rating	HIGH

Accounting Ratio

Return on Equity	11.64%
Dividend Yield	2.01%
Profit Margin	34.85%
Tax Rate	22.24%
Asset Turnover	0.185
Net Asset Value Per Share	1.33
Net Tangible Asset per share	1.11
Price/Net Tangible Asset Per Share	1.9
Cash Per Share	0.01
Liquidity Current Ratio	0.1695
Liquidity Quick Ratio	0.1092
Liquidity Cash Ratio	0.0089
Gearing Debt to Equity Ratio	1.7071
Gearing Debt to Asset Ratio	0.5787
Working capital per thousand Ringgit sale	-162.0%
Days to sell the inventory	66
Days to collect the receivables	71
Days to pay the payables	458

My notes based on 2011 quarter 2 report (number in '000):-
- Higher revenue and pbt than previous year corresponding quarter mainly attributed by more favourable average CPO and PK prices realised and additional volume of FFB production generated by the subsidiaries acquired in the second half of last financial period

- Higher revenue and pbt than FY11Q1 due to increase in volume of CPO, PK and FFB sold, despite of the slight decrease in CPO price

- Estimate next 4Q eps after 2011 Q2 result announced = 0.113/4*2*1.1 = 0.0622, estimate PE on current price 0.995 = 15.68

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