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Showing posts with label SUNWAY. Show all posts
Showing posts with label SUNWAY. Show all posts

Tuesday, December 11, 2012

KLCI Stock - SUNWAY / 5211 - 2012 Quarter 3

SUNWAY BERHAD


Company Description
Sunway Berhad, formerly Alpha Sunrise Sdn Bhd, is engaged in two businesses: property and construction. Its other business divisions include quarry and building materials, trading and manufacturing, hospitality, leisure, and healthcare. It is a special purpose company formed for the acquisition of SunCity Business and the SunH Business. In its construction business, it offers designing and building services in the fields of building construction, civil engineering, infrastructure, mechanical and electrical engineering, machinery and site equipment rental, precast, foundation and piling, and stone materials. It owns 36.7% in Sunway real estate investment trust (REIT), which is managed by its subsidiary Sunway REIT Management Sdn Bhd. Sunway REIT owns a portfolio of retail and commercial properties. On November 3, 2011, it acquired Avenue Wisdom Sdn Bhd. On November 16, 2011, the Company announced that its wholly owned subsidiary, Sunway City Sdn Bhd, acquired Sunway Mall Sdn Bhd.

Company Info 
Listing Date2011-08-23
IPO Price2.8
Market Capital (Capital Size)3,024,461,709 (Large)
Par ValueRM 1.00
BoardMain
SectorProperties
Major IndustryCivil Engineering
Sub IndustryTrading of Pharmaceutical & Construction Related Products
Websitehttp://www.sunway.com.my

My Analysis 
Forecast P/E now2.34/0.3083 = 7.59 (Moderate)
Target Price0.3083*9.5 = 2.93 (PE 9.5, EPS 0.3083)
DecisionBUY if stock price sustain and uptrend above SMA20 with maintain MACD bullish trend or wait rebound at lower price
Comment
Revenue decreased 13% and also lower than preceding year corresponding quarter 7.2%, eps decreased 38.9% but higher than preceding year corresponding quarter 36%, cash generated from operating enough to cover financing expenses but still increase borrowings and spent 17.6% of Group cash to cover investing expenses, current assets maintain very high which can indicate good prospect in near future, operating margin improving to above 10%, liquidity ratio indicate enough to meet current obligation but cash level decreasing, gearing ratio indicate very high liabilities risk hence have to maintain high profit to mitigate the risk, all accounting of turnover period stiil acceptable range, higher inventory and property development cost normally bring higher income in future, most segment business still good
First Support Price2.26
Second Support Price2.17
Risk RatingMODERATE

Research House
Affin Target Price2.9 (2012-05-10)
OSK Target Price3.31 (2012-05-30)
Kenanga Target Price2.6 (2012-10-04)
HwangDBS Target Price2.55 (2012-10-10)
CIMB Target Price2.7 (2012-12-05)
ECM Target Price2.7 (2012-12-05)
RHB Target Price3.08 (2012-12-05)
TA Target Price3.47 (2012-12-05)
AMMB Target Price2.6 (2012-12-06)
HLG Target Price2.93 (2012-12-10)
Maybank Target Price2.54 (2012-12-10)
MIDF Target Price2.7 (2012-12-10)

Accounting Ratio 
Return on Equity9.34%
Dividend Yield-
Operating Profit Margin12.24%
Net Profit Margin16.43%
Tax Rate22.75%
Asset Turnover0.4263
Net Asset Value Per Share2.57
Net Tangible Asset per share2.31
Price/Net Tangible Asset Per Share1.0
Cash Per Share0.55
Liquidity Current Ratio1.3943
Liquidity Quick Ratio0.8637
Liquidity Cash Ratio0.2685
Gearing Debt to Equity Ratio1.4866
Gearing Debt to Asset Ratio0.5765
Working capital per thousand Ringgit sale28.7%
Days to sell the inventory162
Days to collect the receivables150
Days to pay the payables233

Technical Analysis 
SMA 102.308 (Uptrend)
SMA 202.305 (Uptrend 2 days)
SMA 502.317 (Uptrend)
SMA 1002.283 (Same)
SMA 2002.359 (Downtrend)
MACD (26d/12d)0.001504 ( 0.002287 )
Signal (9)-0.003767 ( 0.001318 )
MACD Histogram0.005271 (Bullish trend 4 days)
Bolinger Upper Band2.388
Bolinger Lower Band2.222

My notes based on 2012 quarter 3 report (number in '000):-
- Lower revenue due to lower property sales and lower construction turnover after the elimination of intra-group construction billings due to in-house construction services deployed for some of the Group's property development projects

- Higher pbt than FY11Q3 mainly contributed by the stronger profit recognition from the property development in Malaysia and higher profit contribution from Australia and Singapore

- Lower pbt from property investment segment mainly due to higher interest costs incurred and provision of doubtful debts

- Lower revenue from construction segment mainly due to the higher elimination of intragroup construction billings but higher pbt due to better operating margin and writeback of previous provisions

- Estimate next 4Q eps after 2012 Q3 result announced = 3622814*0.11/1292505 = 0.3083, estimate PE on current price 2.34 = 7.59
- Estimate next 4Q eps after 2012 Q2 result announced = 3553909*0.11/1292505 = 0.3025, estimate highest/lowest PE = 8.86/7.17
- Estimate next 4Q eps after 2012 Q1 result announced = 3406537*0.105/1292505 = 0.2767, estimate highest/lowest PE = 8.93/7.88
- Estimate next 4Q eps after 2011 Q4 result announced = 3352934*0.11/1292505 = 0.2854, estimate highest/lowest PE = 9.64/7.43
- Estimate next 4Q eps after 2011 Q3 result announced = (0.0715+0.044)*2*1.05 = 0.2426, estimate highest/lowest PE = 11.34/9.15

SUNWAY latest news (English)

SUNWAY latest news (Chinese)

Financial Quarter Summary
a_dateyearqrth_pricel_pricedivroec_roerevc_revpbtc_pbtprofc_profepsc_epsassetc_assetliabc_liabminoequicfocficffcashfcfnetfinalsharec_sharem_capdateoper_mprof_mvatasset_tpenavpsntapsp/ntapscpsl_curl_quil_cashg_deg_daavg_winv_drec_dpay_d
2012-11-2820123N/AN/A-2.81%9.34%8669792677833142413420459942733130550.07290.2422855345336966864930639265122330613336228141648254828681824087725933180431356356369581292505129250529727612012-09-3012.24%16.43%22.75%0.4263-2.572.311.00.551.39430.86370.26851.48660.576528.7%162150233
2012-08-28201222.682.17-4.60%6.53%99608918108541931472780461543352187820.11940.16938386658371590948327492592901315792355390946233259227151923775723212994610717146521292505129250529081362012-06-3010.46%19.39%15.71%0.4428-2.512.251.00.611.43310.90480.30621.49250.576230.2%152146231
2012-05-29201212.472.18-1.92%1.92%814765814765848998489964447644470.04990.04997900579321867044940422388231324443340653754925135119832037718878019430097748961292505129250529598362012-03-317.41%10.42%21.79%0.4708-2.382.131.080.611.34770.89690.33161.45810.568822.3%118126206
2012-02-29201142.752.12-N/AN/A96860637389131900845070461237863697140.09580.28607843628328461244906942353440327963335293432319129060411600586356132587834187801431292505129250533734382011-12-3121.25%19.62%31.10%0.47679.12452.342.091.250.61.39570.91930.331.48450.572524.9%122129217
2011-11-24201132.752.22-N/AN/A934031277030790736316962692242459280.05360.19037658293331014044154352242251425224324285827619291099112115864253185093729789372311292505129250528693612011-09-306.87%9.71%20.63%0.3617-2.181.921.160.741.47631.06180.42531.56710.576638.5%130180258
2011-08-25201122.471.67-N/AN/A100256518362761470072262261084151767040.06990.1139745447432094784237714229333641852932167601561191904234088549321370771404859954171551006155100635518032011-06-305.76%14.66%20.88%0.2463-1.81.591.440.651.39951.01430.44031.51440.568549.9%-247N/A
2011-08-16201112.662.25-N/AN/A833711833711792197921968289682890.04400.0440722885231578494150200219616539733630786527279146125768585059111891611123196182215510061551006N/A2011-03-315.20%9.50%-0.1153-1.731.52N/A0.631.43791.0160.44461.54780.5741115.3%-522N/A

Financial Quarter Balance Sheet
yearqrtBiological assets (A-0)Deferred tax assets (A-0)Derivative assets (A-0)Goodwill on consolidation (A-0)Intangible assets (A-0)Investment in associated companies (A-0)Investment in jointly controlled entity (A-0)Investment properties (A-0)Land held for property development (A-0)Other investments (A-0)Property, plant and equipment (A-0)Receivables (A-0)Rock reserves (A-0)Cash and cash equivalents (A-1)Current tax assets (A-1)Derivative assets (A-1)Inventories (A-1)Other receivables, deposits and prepayments (A-1)Property development costs (A-1)Deferred tax liabilities (L-0)Derivative liabilities (L-0)Loans & borrowings (L-0)Other liabilities (L-0)Current tax liabilities (L-1)Derivative liabilities (L-1)Loans & borrowings (L-1)Payables and accruals (L-1)Minority interest (M-1)
2012352934153127423264913046109545452608110461488476811761954367636767871193080378-6191081497592787678514075092001919225581253072166023962023304306133
2012252639742460773264913209109365140586710071057952071810942805347791279381971078-5863531481185783474466333292054288138598319798214876192072482315792
201214713308110455326497288710174173816729259799936161798979449441814679183667277-4362451282785640527483723041904757152378288148594742821884276324443
201144163330833600326497-1015303265896888896101729218499605677013837977670567588-45184013191456693344791418219344721546862709815543192222005566327963
201132914166230652330095-1009343493243785573661315177397213713456861395373956462218035504313684015743158316710211886652202344259802773727651843229425224
2011227042429-330105-1008606478974768352629724179795788118011884710098306434972753218651244642561517838696621662981196866433281786220631627767418529
2011143539833-330095-9782804572337522945357151765948639176349080976327523371042530194911922006246118076612041678295193770632382196499211482787397336

Financial Quarter Income Statement
yearqrtRevenueIncome tax expenseFinance/interest costsOther incomeAdministrative/Operating expensesMinority interestFinance/interest incomeShare of profit/ (loss) of associatesDerivative (loss)/gainShare of net profit of jointly controlled entity
2012386697932399299112510878599515741104641891930037149
201229960893033429745259439178328478698010151616210034
20121814765185012413716117770477195155331887524823975
201149686065912327668104754867572717598551902651517432
2011393403118723255672798289785927897352167511185939905
201121002565306901589722291967069790290715695438538707
201118337119702164921735280767020632380817112317328225

Financial Quarter Segments Revenue
yearqrtOthersProperty developmentConstructionInvestment holdingProperty investmentManufacturing & tradingQuarry
201237731617662426727642914823914328953806
201228172818862838833114414367614504148541
201218003816010925895511313052614767037354
201148513924391129278953516116313642348646
201137374222965330510524413433614345647495
201127431223657138656512311718314016947642
2011168742203122277051200710897513310640708

Financial Quarter Segments Profit
yearqrtOthersProperty developmentConstructionInvestment holdingProperty investmentManufacturing & tradingQuarry
2012363515297018315592019310116603406
201226811278133828113637534126712870
201215323181272117348542117312352920
20114134626545223706191186432136631162
20113486729947164242093228722113963464
2011236969341104193222326804128153457
201111051238881449117391604712387310

Financial Quarter Segments Associate
yearqrtOthersProperty developmentConstructionProperty investment
201231033690424519053
20122-9515521101483
20121-2363134618873
2011434896402707318679
2011371037462244416040
20112-247741393356954
20111985128301538516137

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
●CHANGES IN SHAREHOLDING
●ANNUAL REPORTS


HISTORICAL
●CHANGES IN SHAREHOLDING


ARCHIVES
●CHANGES IN SHAREHOLDING

Posted by cwyeoh stock analysis at 8:06 AM 0 comments
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Saturday, October 27, 2012

KLCI Stock - SUNWAY / 5211 - 2012 Quarter 2

Company Info 
Market Capital (Capital Size)3,102,012,009 (Large)
Par ValueRM 1.00

My Analysis 
Forecast P/E now2.4/0.3025 = 7.93 (Moderate)
Target Price0.3025*9.5 = 2.87 (PE 9.5, EPS 0.3025)
DecisionBUY if stock price sustain and rebound at short term moving average price
Comment
Revenue increased 22.3% but lower than preceding year corresponding quarter 0.6%, eps increased 139.3% and also higher than preceding year corresponding quarter 70.8%, cash generated from operating not enough to cover financing expenses hence increased borrowings and spent 7.9% of Group cash to cover all other expenses, operating margin improved to above 10%, liquidity ratio indicate the ratio right enough which not sitting too much cash and enough to meet current obligation, although higher gearing ratio is high risk but as long as business still good performance then is utilize higher leverage to return more profit, all accounting of turnover period stiil acceptable range, higher inventory and property development cost can indicate still good prospect in near future
First Support Price2.35
Second Support Price2.25
Risk RatingMODERATE

Research House
Affin Target Price2.9 (2012-05-10)
OSK Target Price3.31 (2012-05-30)
CIMB Target Price2.79 (2012-08-29)
Maybank Target Price2.68 (2012-08-29)
RHB Target Price2.94 (2012-08-29)
Kenanga Target Price2.6 (2012-10-04)
AMMB Target Price2.6 (2012-10-10)
ECM Target Price2.7 (2012-10-10)
HLG Target Price2.93 (2012-10-10)
HwangDBS Target Price2.55 (2012-10-10)
MIDF Target Price2.6 (2012-10-10)
TA Target Price3.47 (2012-10-10)

Accounting Ratio 
Return on Equity6.53%
Dividend Yield-
Gross Profit Margin-
Operating Profit Margin10.46%
Net Profit Margin19.39%
Tax Rate15.71%
Asset Turnover0.4428
Net Asset Value Per Share2.51
Net Tangible Asset per share2.25
Price/Net Tangible Asset Per Share1.0
Cash Per Share0.61
Liquidity Current Ratio1.4331
Liquidity Quick Ratio0.9048
Liquidity Cash Ratio0.3062
Gearing Debt to Equity Ratio1.4925
Gearing Debt to Asset Ratio0.5762
Working capital per thousand Ringgit sale30.2%
Days to sell the inventory152
Days to collect the receivables146
Days to pay the payables231

Technical Analysis 
SMA 102.34 (Uptrend)
SMA 202.314 (Uptrend 30 days)
SMA 502.267 (Uptrend)
SMA 1002.279 (Uptrend)
SMA 2002.394 (Same)
MACD (26d/12d)0.031901 ( 0.002805 )
Signal (9)0.020836 ( 0.002766 )
MACD Histogram0.011065 (Bullish trend 30 days)
Bolinger Upper Band2.424
Bolinger Lower Band2.204

My notes based on 2012 quarter 2 report (number in '000):-
- Lower revenue and pbt from Property Development segment than FY11Q2 mainly due to lower sales achieved in Malaysia and China. However, the lower property development profit was partly mitigated by the higher profit contribution from the Singapore property projects

- Lower pbt from Property Investment segment than FY11Q2 due to the higher interest cost although got higher pbt by approximately RM6.6 million at operation level

- Lower pbt from Quarry segment than FY11Q2 due to the lower contribution from its overseas operation in Trinidad & Tobago and higher operating losses in Vietnam

- Higher revenue and pbt from Other segment mainly due to the contribution in the healthcare unit which continued to show improved performance and better profit contribution from the building materials unit

- Higher revenue from Property Development segment than FY12Q1 mainly due to the higher progressive billings from the integrated development in Sunway Nexis and Sunway Velocity and the condominium projects in Sunway South Quay however lower pbt due to lower contribution from Singapore was due to timing difference which resulted in lower progress billing in one of the projects

- Higher revenue and pbt from Property Investment segment than FY12Q1 was largely due to seasonality factors as the leisure and hospitality businesses under the property investment segment achieved higher visitorship and occupancy rates

- Higher revenue from Construction segment than FY12Q1 was largely due to improved progress billings from the local projects undertaken in Malaysia

- Higher revenue and pbt from Quarry segment than FY12Q1 was higher due to the improved performance from its local operation

- Higher pbt from 36.9% associate of the Group following Sunway REIT's fair value gain amounting to RM230.2 million

- Estimate next 4Q eps after 2012 Q2 result announced = 3553909*0.11/1292505 = 0.3025, estimate PE on current price 2.4 = 7.93
- Estimate next 4Q eps after 2012 Q1 result announced = 3406537*0.105/1292505 = 0.2767, estimate highest/lowest PE = 8.93/7.88
- Estimate next 4Q eps after 2011 Q4 result announced = 3352934*0.11/1292505 = 0.2854, estimate highest/lowest PE = 9.64/7.43
- Estimate next 4Q eps after 2011 Q3 result announced = (0.0715+0.044)*2*1.05 = 0.2426, estimate highest/lowest PE = 11.34/9.15

SUNWAY latest news (English)

SUNWAY latest news (Chinese)
Posted by cwyeoh stock analysis at 12:30 AM 0 comments
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Tuesday, June 12, 2012

KLCI Stock - SUNWAY / 5211 - 2012 Quarter 1

Company Info
Market Capital (Capital Size)3,102,012,009 (Large)
Par ValueRM 1.00

My Analysis
Forecast P/E now2.4/0.2767 = 8.67 (Moderate)
Target Price0.2767*10.0 = 2.77 (PE 10.0, EPS 0.2767)
DecisionBUY if stock price can follow uptrend with Bolinger upper band or wait rebound when near to SMA20
Comment
Revenue decreased 15.9% and also lower than preceding year corresponding quarter 2.3%, eps decreased 47.9% but higher than preceding year corresponding quarter 13.4%, cash generated from operating enough to cover financing expenses and got enough borrowings to cover investing expenses, operating margin back to below 10%, weaker liquidity ratio at low level now, lower gearing ratio but still at high level now, lower debt ratio but still consider high, all repayment period is acceptable, inventory and property development cost still high which can indicate still got satisfactory of works amount
First Support Price2.25
Second Support Price2.1
Risk RatingMODERATE

Research House
MIDF Target Price2.55 (2011-12-20)
TA Target Price3.16 (2011-12-20)
Maybank Target Price2.62 (2012-03-01)
Affin Target Price2.9 (2012-05-10)
AMMB Target Price2.7 (2012-05-30)
CIMB Target Price2.7 (2012-05-30)
ECM Target Price2.65 (2012-05-30)
HLG Target Price3.2 (2012-05-30)
OSK Target Price3.31 (2012-05-30)

Accounting Ratio
Return on Equity1.92%
Dividend Yield-
Gross Profit Margin0.00%
Operating Profit Margin7.41%
Net Profit Margin10.42%
Tax Rate21.79%
Asset Turnover0.4708
Net Asset Value Per Share2.38
Net Tangible Asset per share2.13
Price/Net Tangible Asset Per Share1.08
Cash Per Share0.61
Liquidity Current Ratio1.3477
Liquidity Quick Ratio0.8969
Liquidity Cash Ratio0.3316
Gearing Debt to Equity Ratio1.4581
Gearing Debt to Asset Ratio0.5688
Working capital per thousand Ringgit sale22.3%
Days to sell the inventory118
Days to collect the receivables126
Days to pay the payables206

Technical Analysis
SMA 202.259 (Uptrend 3 days)
SMA 502.386 (Downtrend)
SMA 1002.499 (Downtrend)
SMA 200Not Available
MACD (26d/12d)0.004121 ( 0.007207 )
Signal (9)-0.025667 ( 0.007447 )
MACD Histogram0.029788 (Bullish trend 11 days)
Bolinger Upper Band2.482
Bolinger Lower Band2.036

My notes based on 2012 quarter 1 report (number in '000):-
- The higher profit from property development segment than FY11Q1 was mainly due to the stronger profit contribution from the Group's property projects in Singapore which more than offset the lower billings and profits recorded from the local property developments

- The stronger financial results from construction segment than FY11Q1 was due to the strong contribution from the Abu Dhabi project which achieved practical completion at the end of 2011. In addition, the current quarter performance was also partly
dampened by the slower progress billings of some of the local projects and delay in the commencement work of the Light Rail Transit project

- Better profit from quarry segment than FY11Q1 due to the lower forex loss incurred from its Vietnam operation

- Higher profit from construction segment than FY11Q4 due to the RM23 million provision for impairment losses of plant and machinery and doubtful debts in FY11Q4

- Estimate next 4Q eps after 2012 Q1 result announced = 3406537*0.105/1292505 = 0.2767, estimate PE on current price 2.4 = 8.67
- Estimate next 4Q eps after 2011 Q4 result announced = 3352934*0.11/1292505 = 0.2854, estimate highest/lowest PE = 9.64/7.43
- Estimate next 4Q eps after 2011 Q3 result announced = (0.0715+0.044)*2*1.05 = 0.2426, estimate highest/lowest PE = 11.34/9.15

SUNWAY latest news (English)

SUNWAY latest news (Chinese)

Posted by cwyeoh stock analysis at 4:09 PM 0 comments
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Thursday, March 1, 2012

KLCI Stock - SUNWAY / 5211 - 2011 Quarter 4

SUNWAY BERHAD

My notes based on 2011 quarter 4 report (number in '000):-
- Higher revenue and pbt from Property development segment mainly from the progressive billings of the Sunway Nexis, LaCosta at South Quay, Sunway Vivaldi and Sunway Velocity projects. The property projects in Singapore also provided significant contribution. However, the performance of the Jiangyin project in China was below expectation due to construction delay and cost overrun. The situation was further aggravated by the Chinese government’s property tightening measures which impacted current sales. As a result, its contribution has turned negative and additional provision was also made to cover potential late delivery claims

- The property investment segment pbt contributed mainly from the share of profits from its investment in Sunway REIT, the REIT management fees ,and the leisure and hospitality divisions which comprise of the theme parks and hotels

- The construction segment reported loss due to provisions made for Sunway Global in China for impairment losses of plant and machinery and doubtful debts which amounted to approximately RM 23 Million. Before such provisions, the pbt was RM 18 million with contributions from its construction projects in Malaysia, Rihan Heights project in Abu Dhabi (which is nearly completed) and the precast concrete business in Singapore

- Estimate next 4Q eps after 2011 Q4 result announced = 3352934*0.11/1292505 = 0.2854, estimate PE on current price 2.61 = 9.15
- Estimate next 4Q eps after 2011 Q3 result announced = (0.0715+0.044)*2*1.05 = 0.2426, estimate highest/lowest PE = 11.34/9.15

SUNWAY latest news (English)

SUNWAY latest news (Chinese)

Posted by cwyeoh stock analysis at 11:06 AM 0 comments
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Tuesday, January 24, 2012

KLCI Stock - SUNWAY / 5211 - 2011 Quarter 3

Company Info
Market Capital (Capital Size)3,257,112,610 (Large)
Par ValueRM 1.00

My Analysis
Forecast P/E now2.52/0.2426 = 10.39 (Moderate)
Target Price0.2426*15.0 = 3.64 (PE 15.0, EPS 0.2426)
DecisionBUY if Bolinger upper band open and stock price above SMA20 or stock price below SMA20 and buying volume stronger than selling
Comment
Revenue decreased 6.8%, eps decreased 23.3%, cash generated from operating more than enough to cover all expenses, better liquidity ratio but still at low level now, higher gearing ratio at high level now, higher inventory and property development cost
First Support Price2.43
Second Support Price2.32
Risk RatingMODERATE

Research House
Maybank Target Price2.28 (2011-11-25)
HwangDBS Target Price3.3 (2011-12-20)
MIDF Target Price2.55 (2011-12-20)
TA Target Price3.16 (2011-12-20)
Affin Target Price2.79 (2011-12-27)
OSK Target Price3.31 (2011-12-27)
HLG Target Price3.12 (2012-01-10)

Accounting Ratio
Return on Equity%
Dividend Yield-
Profit Margin9.71%
Tax Rate20.63%
Asset Turnover0.3617
Net Asset Value Per Share2.18
Net Tangible Asset per share1.92
Price/Net Tangible Asset Per Share1.16
Cash Per Share0.74
Liquidity Current Ratio1.4763
Liquidity Quick Ratio1.0618
Liquidity Cash Ratio0.4253
Gearing Debt to Equity Ratio1.5671
Gearing Debt to Asset Ratio0.5766
Working capital per thousand Ringgit sale38.5%
Days to sell the inventory127
Days to collect the receivables180
Days to pay the payables252

Technical Analysis
SMA 202.497 (Uptrend 23 days)
SMA 502.394 (Uptrend)
SMA 1002.268 (Uptrend)
SMA 200Not Available
MACD0.066312 (Downtrend 7 days)
MACD Histogram-0.004476 (Downtrend 5 days)

My notes based on 2011 quarter 3 report (number in '000):-
- Lower revenue than FY11Q2 mainly due to lower revenue from construction division

- Lower pbt than FY11Q2 mainly due to lower profit from property investment division, got RM12.9 million listing expenses and loss in derivatives in current quarter

- Estimate next 4Q eps after 2011 Q3 result announced = (0.0715+0.044)*2*1.05 = 0.2426, estimate PE on current price 2.52 = 10.39(DPS 0.081)

SUNWAY latest news (English)

SUNWAY latest news (Chinese)

Posted by cwyeoh stock analysis at 10:49 PM 0 comments
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Sunday, April 10, 2011

KLCI Stock - SUNWAY / 4308 - 2010 Quarter 4

SUNWAY HOLDINGS BERHAD

Company Description
SUNWAY HOLDINGS BERHAD, formerly Sunway Holdings Incorporated Berhad, is engaged in the business of investment holding and provision of management services. The principal activities of the Company include construction related design and build, civil engineering, building works, manufacturing and trading of building materials, trading and distribution of construction related products, quarrying, property development and trading of pharmaceutical products. It operates in six segments: construction, property development, trading and manufacturing, building materials, quarry, financial services and investment holding. In December 2007, SunCon acquired a 70% interest in ABS Development Sdn Bhd. On January 8, 2008, SunInc completed the acquisition of Ansa Teknik Holdings Sdn Bhd.

Company Info
Listing Date1984-02-16
Market Capital (Capital Size)1,429,579,624 (Large)
Par ValueRM 1.00
BoardMain
SectorConstruction
Major IndustryCivil Engineering
Sub IndustryTrading of Pharmaceutical & Construction Related Products
Websitehttp://www.sunway.com.my

My Analysis
Forecast P/E now2.35/0.1882 = 12.49 (Moderate)
Target Price0.1882*13.0 = 2.45 (PE 13.0, EPS 0.1882)
DecisionNOT BUY unless price below 2.2
Comment
Revenue increased 1.6% and also higher than preceding year corresponding quarter 31.9%, eps decreased 51% and is second consecutive quarter decreasing but higher than preceding year corresponding quarter 6%, cash generated from operating still not enough to cover financing activities hence still need generate cash from financing activities, liquidity ratio increased at low level now, gearing ratio decreasing but still at high level now, all accounting periods are improve, merges offer RM2.6/share with SunCity
First Support Price2.2
Second Support Price2.0
Risk RatingMODERATE

Research House
Maybank Target Price2.6 (2011-03-08)
OSK Target Price2.6 (2011-03-08)
ECM Target Price2.6 (2011-04-04)

Accounting Ratio
Return on Equity15.59%
Dividend Yield-
Profit Margin7.52%
Tax Rate28.22%
Asset Turnover0.8206
Net Asset Value Per Share1.47
Net Tangible Asset per share1.27
Price/Net Tangible Asset Per Share1.69
Cash Per Share0.37
Liquidity Current Ratio1.4163
Liquidity Quick Ratio1.0229
Liquidity Cash Ratio0.2687
Gearing Debt to Equity Ratio1.4655
Gearing Debt to Asset Ratio0.5712
Working capital per thousand Ringgit sale19.8%
Days to sell the inventory72
Days to collect the receivables125
Days to pay the payables143

My notes based on 2010 quarter 4 report (number in '000):-
- The Group recorded revenue of RM496.7 million and profit before taxation of RM37.3 million during the quarter under review. These results include RM2.2 million gains arising mainly from the adoption of FRS 139

- During the 12-month period under review, the Group achieved revenue of RM1,996.6 million and profit before taxation of RM208.0 million, which includes RM14.5 million gains arising from the adoption of FRS 139 and also gain from disposal of its sole hotel asset of RM13.4 million

- Despite an increase in revenue, the lower profit before taxation in the current quarter was mainly attributed by the share of losses from associates as well as provisions for impairment losses made by certain subsidiaries in respect of properties, plant and equipment and inventories

- Outstanding order book of RM2.4 billion from construction division

- The property development division currently has unbilled sales of RM472 million

- Estimate next 4Q eps after 2010 Q4 result announced = 0.2091*0.9 = 0.1882(exclude RM27.9 million non-repeatable gain), estimate PE on current price 2.35 = 12.49
- Estimate next 4Q eps after 2010 Q3 result announced = 0.065*4 = 0.26, estimate highest/lowest PE = 9.22/7.99 (DPS 0.02)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.058*0.85*4 = 0.1972(15% deduction adjustment due to segments result 20% lower than preceding quarter), estimate highest/lowest PE = 11.56/7.86 (DPS 0.02)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.058(exclude FRS 139)*4*1.1 = 0.2552(10% QbQ improvement adjustment), estimate highest/lowest PE = 6.54/5.09 (DPS 0.02)
- Estimate next 4Q eps after 2009 Q6 result announced = 0.041*4*1.1 = 0.1804, estimate highest/lowest PE = 9.48/7.1 (DPS 0.02)
- Estimate next 4Q eps after 2009 Q5 result announced = 0.0318*4 = 0.1272, estimate highest/lowest PE = 11.95/8.88 (DPS 0.03)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.0352*4*1.1 = 0.1549, estimate highest/lowest PE = 9.36/8.26 (DPS 0.03)

SUNWAY latest news (English)

SUNWAY latest news (Chinese)

Financial Quarter Summary
a_dateyearqrth_pricel_pricedivroec_roerevc_revpbtc_pbtprofc_profepsc_epsassetliabminoequicfocficffcashfcfnetfinalsharec_sharem_capdateprof_mvatasset_tpenavpsntapsp/ntapscpsl_curl_quil_cashg_deg_daavg_winv_drec_dpay_d
2011-02-2820104N/AN/A-2.45%15.59%496712199657737344207971256091626080.03730.252424330941389895947891043199238533470511208971735211914827058524410668568664412414742242010-12-317.52%28.22%0.82068.51661.471.271.690.371.41631.02290.26871.46550.571219.8%72125143
2010-11-24201032.422.1-4.90%13.86%489015149986561039170627484941369990.07620.21952407039141837393290988666179436176091065091730721970459053626360863645562423914065652010-09-3012.48%15.40%0.7796-1.431.231.80.461.11250.80710.23241.58410.58937.5%78133151
2010-08-24201022.31.57-5.19%9.45%50917010108505923110958848612885050.07830.14372331337139523089655936107674531272522606177516547283212220963862049361591510176082010-06-3011.63%10.58%0.7588-1.371.171.40.381.33970.96060.23161.64830.598519.4%82146142
2010-05-25201011.691.32-4.52%4.52%501680501680503575035739893398930.06540.06542259182137609787900883085518853133429861787204875257661844866100456100457991582010-03-3110.04%18.38%0.7576-1.31.091.20.321.35460.97290.20371.73050.609119.9%82147149
2010-02-24200961.731.30.02252.80%12.72%501566258987936702153944240811092780.04100.203523068831447694882298591892920002038001991111496788200682891832565867325369338214242009-12-317.32%25.78%0.7245-1.441.21.170.351.3260.93310.20081.87780.627619.9%89152157
2009-11-24200951.551.16-2.16%10.23%41149020883132348411724218003851970.03180.161322720011439239860438327621630131838203683111432620807160241303505655785280827522182009-09-305.71%20.07%0.7136-1.411.161.150.311.38850.94940.17931.92740.633523.3%99163153
2009-08-25200941.481.31-2.49%9.09%3766331676823222359375818408671940.03520.12842169809143065084841739159132623149109205241177881648640381218265232875234237692312009-06-305.90%14.12%0.772811.45091.250.991.480.281.34950.90870.15722.18650.659319.8%94150137
2009-05-26200931.581.02-2.14%6.74%3816361300190179407152315500487860.02960.09322172889144937284261723517887031435543519611967154851196551000165233765235695443112009-03-314.70%13.40%0.8651-1.220.961.080.231.35280.92640.12722.26730.66718.0%82143127
2009-02-26200921.070.625-2.13%4.60%451538918554267335358315434332860.02950.0636219181914683538420572346633003114500500481185028149731449870535233765236633506612008-12-315.92%22.39%0.8461-1.220.960.70.231.36330.93050.12232.2970.669919.4%89153135
2008-11-27200910.810.65-2.67%2.67%467016467016268502685017852178520.03410.0341214410314753345434466876937773850726598011960047299186811382815239505239503772442008-09-305.75%30.50%0.8629-1.170.920.780.311.33960.93030.16362.40120.688118.0%83144133
2008-08-26200840.9350.5250.0283452.67%15.52%579491182520324567128522172391001550.03070.169720223451377161467476451841700761561575365315722813919397341174945607345900924710162008-06-304.24%29.84%0.90254.94911.010.81.050.251.43391.0440.15722.30130.68121.5%75155135
2008-05-29200831.420.81-3.92%13.33%35645612457123049810395524388829160.04210.138920599131437666392386222475853466272799341578267738721962300225799315969238177022008-03-318.56%21.38%0.9087-0.980.761.860.451.15510.86050.21842.46590.69799.9%70141116
2008-02-25200821.561.23-5.10%9.47%447263889256362107345731488585280.05770.1002198487313670863623161778717610741118107836157927134989271531850805461075841857263222007-12-318.10%8.67%0.9506-1.00.791.680.411.17250.86120.19382.35070.688810.5%70139123
2007-11-29200812.01.12-4.66%4.66%441993441993372473724727040270400.04900.049021031061522365406055807411005791081044557158480897694521220369255154855154810203632007-09-308.43%25.01%0.9327-0.980.772.40.461.12990.8970.19032.81850.72398.8%59167140
2007-08-30200742.21.79-8.17%1.71%626143189654135803176784482393830.08290.01742043927149514140053548786103694101560177571740332134156231584105404915403238053312007-06-305.72%-0.7434-0.940.732.040.381.10660.86730.15832.9390.73159.1%74217165
2007-05-3120073N/AN/A-2.31%5.99%3714221270398185185348113659354400.02530.0656203249014408363698059165454326297024318417101424624185601524545402675402673619782007-03-314.99%23.12%0.4395-1.030.810.830.391.50291.13540.2092.59760.708956.7%160381311
2007-02-2820072N/AN/A-2.65%3.77%521953898976225843496315290217810.02830.040319527491375001341335777481209521577159551717869482254371463495402675402672215092006-12-314.33%21.99%N/A-1.010.790.520.361.65641.24120.22382.52940.7041N/A-N/AN/A

Financial Quarter Balance Sheet
yearqrtDeferred tax assets (A-0)Derivative assets (A-0)Goodwill on consolidation (A-0)Investment in associated companies (A-0)Investment in jointly controlled entity (A-0)Investment properties (A-0)Land held for property development (A-0)Loan to jointly controlled entities (A-0)Other investments (A-0)Prepaid lease payments (A-0)Property, plant and equipment (A-0)Quarry development expenditure (A-0)Receivables (A-0)Rock reserves (A-0)Cash and cash equivalents (A-1)Current asset classified as held for sales (A-1)Current tax assets (A-1)Derivative assets (A-1)Inventories (A-1)Other receivables (A-1)Property development costs (A-1)ABS senior notes (L-0)Deferred tax liabilities (L-0)Derivative liabilities (L-0)Loans & borrowings (L-0)Other liabilities (L-0)Cumulative redeemable preference shares (L-1)Current tax liabilities (L-1)Derivative liabilities (L-1)Financial liabilities (L-1)Liabilities directly associated with assets classified as held for sale (L-1)Loans & borrowings (L-1)Other payables (L-1)Minority interest (M-1)
2010411548-127842671982233183665833851560071710-381266-196699314255743-206091248428643968484488053-18009133419836--24524279--17982974728594789
2010313992428912784274766183163366583174971811667-391473-178239547292108-30131658228514268569698798-16443264144646--20517366--49512874100993290
2010212362236212784273527161591366582996939941414-385229-196189782234617-27669299028998370765994037-15048287367022-800016669592--32204766556589655
2010112767-12872870887144712366582546917111468-388740-21137100161959252081723980484129580369009771342-15290-399062-15000157692347-347325784766730987900
2009614611-12872869262135633366582247917161692-402290-16843102492044482189227179-30488869644595095-18139-411478-1500015610--367628147270231988229
2009514974-1349066548511867038765890292921174116392393533-205281759174127-23613-321153724223105198-14185-43399320000-15914---29653565861286043
2009415303-134906616038805938765960991132149116691388135-276191765149015-23803-32372168882194260-14700-467751--20761---32083560660384841
2009315613-1349065803384972387660125823431176116777388649-155011770122090-29638-32705573756782213-14553-474908--13668---31629262995184261
2009212301-1349065406174884387660660823431175916454369600-200131776121038-21840-34933777801578956-14307-464408--10752---32617965270784205
2009111798-1349065247166414387671437752321187616966361291-204731782160709-21080-33024273184871702-12651-480619--16380---32346764221754344
2008414853-1259914918555253387668988353081108016427328511-114681789142445-27863-29213277591661260-15204-455576--13134---25584963739846747
2008313226-127679502575923876104421340621141113509303146-919917952621652078325443-287380724725662449157513344-132174--14282---60224158405039238
2008213874-1216495616360938769051532592152813077300497-765318002216661975025279-291907718338641009133214002-117966--24915-50000-44293862593336231
2008112261-1160154427665238767767432583153113246282153-1131918102536452651519186-291118895970192769108914087-84552--24105-50000-51661874191440605
2007414139-116011399494527938765275731652161913251281201-77571810205216-17571-30416190154461349084614547-93357--18309-50000-54111068697240053
2007315241-11544243235--51642-1800-280015122084271810210455---356319933117137679060214987-328059--14660---27443471809436980
2007211518-11544241931--51627-1800-2923751134125051810192214---35365187377329699035913711-412101--25226---20203163157334133

Financial Quarter Income Statement
yearqrtRevenueIncome tax expenseFinance/interest costsOther incomeAdministrative/Operating expensesMinority interestFinance/interest incomeShare of profit/ (loss) of associatesDerivative (loss)/gainShare of net profit of jointly controlled entity
201044967121053911084150754836701196589230261222942451
201034890159399822015576464799314614171238576221050
20102509170626785782131549646943529662987199727843
201015016809254800475454663471210191162545889079
2009650156694628642918348530031596624143-15090
200954114904714697469774021257678993881-9336
20094376633314011039975436663868718374263-7425
200933816362404993611238379698366393972-10089
20092451538598512368839642609653147181590-2955
2009146701681891064091754489348098063284-6143
2008457949173301276281195615292854318-10076
20083356456652110420713032961241128804093-29
2008244726331391223919962421688158310691886-43
20081441993931511237983340889589212554328-30
200746261438271123222518767795774912901857-1
20073371422428211127325134755457712201306--
2007252195349661249110755495712232849446865--

Financial Quarter Segments Revenue
yearqrtOthersProperty developmentConstructionInvestment holdingTradingFinancial ServicesBuilding MaterialsQuarry
20104962463662306763371344104793071452768
201031698193072859245321088876592803643972
201023459243072783072701302756543044841450
201012455400992812751581086445982749840953
200965010417172600131771133256153510045609
20095290995312219741591069676422787641432
20094230188541921971171004686122630645778
2009345998038182481117899364572201373821
20092582313759221928254950456632637787863
20091494226032433521211013216403217981858
2008449191240321905212211134417231440197592
2008367035129190168122907673142408739166

Financial Quarter Segments Profit
yearqrtOthersProperty developmentConstructionInvestment holdingTradingFinancial ServicesBuilding MaterialsQuarry
201043631576293091218470178101874343
2010313871762602917079439264200990
201024004451171723200120163272923142
20101599593126480113679714135602060
20096544431615944728636346159566
2009515831110770223362673841205515
2009473080311631435771752711163607
20093700763284935053928397135110921
200922446530310442297743874485813847
20091242942388410601079824311309344
2008468523273786029461127783757354478
20083117816042602419398147138264412

Financial Quarter Segments Associate
yearqrtOthersProperty developmentConstructionTrading
2010412231324057984-
20103127752351581539
201023027156561218740
2010116431274780518
20096210092987835-
2009519213176813818
200942303259667934
200938043685964674
20092300208821614
200911521517627333
20084690-845562
200831834-22322

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
●CHANGES IN SHAREHOLDING
●ANNUAL REPORTS


HISTORICAL
●CHANGES IN SHAREHOLDING


ARCHIVES
●CHANGES IN SHAREHOLDING





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Posted by cwyeoh stock analysis at 1:33 AM 0 comments
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