Listing Date: 05.07.2004
Market: MAIN
Sector: INDUSTRIAL
Par Value: 0.10
Major Industry: Miscellaneous
Sub Industry: Miscellaneous Companies
Market Cap : 662400000*0.55 = 364,320,000 (Small)
NTA per share : (238800-76127-383)/662000 = 0.2452
P/BV : 0.55/0.2452 = 2.2431
Forecast P/E now : 0.55/0.0335 = 16.42 (High)
ROE : 9.81% (Low)
DY : Not applicable
Fixed Asset Turnover(3 year) : (0.1758+0.1617+0.4034)/3 = 0.247 (Low)
Liquidity Ratio : 96393/90365 = 1.0667 (Low)
Receivables Collection Period : (33714+41237)/2/(86504/365) = 158 days (Bad)
My Target Price : Not interested unless revenue and profit increase more
My Decision : NOT BUY
My Comment : Revenue and profit decreased and remain low, good cash flow, high debt but decreased some, navps increased
Technical Support Price : 0.5
Risk Rating : HIGH
PERISAI PETROLEUM TEKNOLOGI BERHAD is engaged in investment holding and the provision of management, administrative and financial support services to the subsidiaries. The Company provides technology solutions for pipe laying, de-commissioning of un-economic facilities, marginal field development and subsea technologies. It provides specialist services in areas that include manufacture, supply, commission and installation of corrosion control products; inspection and maintenance of pipes, pipelines, risers and heat exchangers; pipe laying services ranging from 6 inches to 60 inches; installation of top sides; decommissioning of facilities ( at the end of their useful life ); small and marginal field development solutions; enhanced oil recovery, and deep water technologies. In September 2008, the Company acquired SJR Marine (L) Ltd. In December 2008, the Company disposed Merit Composites Sdn. Bhd. In March 2008, it sold Corro-Shield (M) Sdn. Bhd. and Orinippon Trading Sdn. Bhd.
My notes based on 2010 Quarter 1 report (number in '000):
- The decrease in revenue and profit attributable to equity holders of the parent for the financial quarter and period ended 31 March 2010 was mainly due to the expiration of the Saturation Diving System contract and the revision of charter rates for the Derrick Lay Barge (“DLB”) from USD95,000 per day for 240 days per annum to a yearly fixed monthly rate of USD1,900,000 per month and USD20,000 for each working day for the 271st day and beyond in the calendar year
- The increase in PBT from continuing operations in comparison to the preceding quarter was mainly due to the DLB was off hired from mid November till December 2009 after fulfilling its contractual obligation of 240 days in 2009, a provision for impairment of the DP1 vessel, workboat and the Saturation Diving System and the provision for doubtful debts in the preceding quarter
- Estimate next 4Q eps after 2010 Q1 result announced = 0.0093*4*0.9 = 0.0335 (10% drop), estimate PE on current price 0.55 = 16.42
- Estimate next 4Q eps after 2009 Q4 result announced = 0.0589*0.85 = 0.0501, estimate highest/lowest PE = 13.77/8.38
- Estimate next 4Q eps after 2009 Q3 result announced = 0.0125*4 = 0.05, estimate highest/lowest PE = 12/9.4
PERISAI latest news (English)
PERISAI Latest news (Chinese)
| 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 | market | date | prof_m | pe | de | navps | vat |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2010-05-27 | 2010 | 1 | N/A | N/A | - | 0.0259 | 0.0259 | 19002 | 19002 | 6227 | 6227 | 6187 | 6187 | 0.0093 | 0.0093 | 492141 | 253341 | 0 | 238800 | 20295 | -1 | -22185 | 7351 | 20294 | -1891 | 5460 | 662000 | 662000 | 344240 | 2010-03-31 | 0.3277 | - | 1.0609 | 0.36 | 0.0064 |
| 2010-02-25 | 2009 | 4 | 0.69 | 0.42 | - | -0.0330 | 0.1391 | 13468 | 101181 | -7494 | 32495 | -7947 | 33478 | -0.0111 | 0.0589 | 527417 | 286744 | 0 | 240673 | 90909 | -28366 | -57101 | 1909 | 62543 | 5442 | 7351 | 714227 | 568165 | 339257 | 2009-12-31 | -0.5564 | 10.1338 | 1.1914 | 0.34 | - |
| 2009-11-25 | 2009 | 3 | 0.6 | 0.47 | - | 0.0326 | 0.1635 | 20749 | 87713 | 8069 | 39989 | 8272 | 41425 | 0.0125 | 0.0887 | 524152 | 270782 | 0 | 253370 | 81120 | -20954 | -67979 | 1909 | 60166 | -7813 | -5904 | 662400 | 466942 | 377568 | 2009-09-30 | 0.3889 | - | 1.0687 | 0.38 | - |
| 2009-08-27 | 2009 | 2 | 0.64 | 0.56 | - | 0.0678 | 0.1314 | 33396 | 66964 | 17036 | 31920 | 17123 | 33153 | 0.0389 | 0.0902 | 534415 | 282030 | 5846 | 252385 | 58236 | -18224 | -45712 | 1909 | 40012 | -5700 | -3791 | 439982 | 367593 | 266189 | 2009-06-30 | 0.5101 | - | 1.1175 | 0.56 | 0.0011 |
| 2009-05-26 | 2009 | 1 | 0.73 | 0.545 | - | 0.0669 | 0.0669 | 33679 | 33679 | 14884 | 14884 | 16030 | 16030 | 0.0544 | 0.0544 | 553906 | 314153 | 5951 | 239753 | 14228 | -6148 | -9066 | 1909 | 8080 | -986 | 923 | 294400 | 294400 | 166336 | 2009-03-31 | 0.4419 | - | 1.3103 | 0.79 | 0.0114 |
| 2009-02-26 | 2008 | 4 | 1.2 | 0.48 | - | 0.0337 | 0.0696 | 28908 | 72205 | 6570 | 12923 | 7398 | 15262 | 0.0251 | 0.0655 | 538918 | 319642 | 7266 | 219276 | 19396 | -39342 | 14544 | 7311 | -19946 | -5402 | 1909 | 294400 | 232855 | 161920 | 2008-12-31 | 0.2273 | 10.6094 | 1.4577 | 0.72 | - |
| 2008-11-28 | 2008 | 3 | 0.7 | 0.5 | - | 0.0194 | 0.0370 | 15660 | 43297 | 3537 | 6353 | 4125 | 7864 | 0.0187 | 0.0371 | 520601 | 307838 | 8029 | 212763 | 14516 | -25806 | 15765 | 7311 | -11290 | 4475 | 11786 | 220209 | 212100 | 149742 | 2008-09-30 | 0.2259 | - | 1.4469 | 0.93 | - |
| 2008-08-28 | 2008 | 2 | 1.02 | 0.61 | - | 0.0222 | 0.0485 | 11385 | 27637 | 1290 | 2816 | 1717 | 3739 | 0.0083 | 0.0180 | 146560 | 69390 | 7238 | 77170 | 4401 | -14452 | 2952 | 7311 | -10051 | -7099 | 212 | 208000 | 208000 | 210080 | 2008-06-30 | 0.1133 | - | 0.8992 | 0.34 | - |
| 2008-05-30 | 2008 | 1 | 1.36 | 0.99 | - | 0.0271 | 0.0271 | 16309 | 16309 | 1526 | 1526 | 2022 | 2022 | 0.0097 | 0.0097 | 118294 | 43613 | 6780 | 74681 | 6650 | -139 | -11313 | 7310 | 6511 | -4802 | 2508 | 208000 | 208000 | 278720 | 2008-03-31 | 0.0936 | - | 0.584 | 0.33 | - |
| 2008-02-27 | 2007 | 4 | 1.37 | 0.99 | - | -0.0102 | 0.1607 | 9130 | 37698 | 1104 | 18525 | -749 | 11758 | -0.0036 | 0.0565 | 103766 | 30596 | 6842 | 73170 | 18521 | 23412 | -37945 | 3323 | 41933 | 3988 | 7311 | 208000 | 208000 | 251680 | 2007-12-31 | 0.1209 | 21.405 | 0.4181 | 0.32 | - |
| 2007-11-28 | 2007 | 3 | 1.67 | 1.17 | - | 0.0452 | 0.1351 | 15911 | 29923 | 5858 | 17410 | 4183 | 12507 | 0.0201 | 0.0601 | 190803 | 98254 | 25497 | 92549 | 10068 | -17629 | 3099 | 3323 | -7561 | -4462 | -1139 | 208000 | 208000 | 253760 | 2007-09-30 | 0.3682 | - | 1.0616 | 0.32 | 0.0688 |
| 2007-08-29 | 2007 | 2 | 1.33 | 1.11 | - | 0.0496 | 0.0956 | 7725 | 14012 | 5639 | 11552 | 4318 | 8324 | 0.0208 | 0.0400 | 195242 | 108148 | 24225 | 87094 | 10761 | -14765 | 6945 | 3323 | -4004 | 2941 | 6264 | 208000 | 208000 | 260000 | 2007-06-30 | 0.73 | - | 1.2417 | 0.3 | - |
| 2007-05-29 | 2007 | 1 | N/A | N/A | - | 0.0492 | 0.0492 | 43856 | 43856 | 8338 | 8338 | 4006 | 4006 | 0.0193 | 0.0193 | 187267 | 105923 | 22793 | 81344 | -5005 | -1248 | -2195 | 4915 | -6253 | -8448 | -3533 | 208000 | 208000 | 192400 | 2007-03-31 | 0.1901 | - | 1.3022 | 0.28 | 0.3137 |
| 2007-02-27 | 2006 | 4 | N/A | N/A | - | -0.0053 | 0.0662 | 37018 | 116905 | -1453 | 5459 | -401 | 5004 | -0.0019 | 0.0241 | 172132 | 96510 | 21077 | 75622 | 18749 | -28315 | 9813 | 3076 | -9566 | 247 | 3323 | 208000 | 208000 | 218400 | 2006-12-31 | -0.0393 | 43.6451 | 1.2762 | 0.26 | - |
| year | qrt | Deferred tax assets (A-0) | Development Expenditure (A-0) | Dry docking expenses (A-0) | Goodwill on consolidation (A-0) | Intangible assets (A-0) | Investment in associated companies (A-0) | Other investments (A-0) | Prepaid lease payments (A-0) | Property, plant and equipment (A-0) | Cash and cash equivalents (A-1) | Current asset classified as held for sales (A-1) | Fixed deposits with licensed banks (A-1) | Inventories (A-1) | Other receivables (A-1) | Trade receivables (A-1) | Deferred tax liabilities (L-0) | Loans & borrowings (L-0) | Current tax liabilities (L-1) | Liabilities directly associated with assets classified as held for sale (L-1) | Loans & borrowings (L-1) | Other payables (L-1) | Trade and other payables (L-1) | Minority interest (M-1) |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2010 | 1 | 5650 | 8440 | 4475 | 76127 | 383 | 5325 | - | - | 295348 | 20920 | 41660 | - | 99 | 29083 | 4631 | - | 162976 | 401 | 81 | 74174 | 8397 | 7312 | - |
| 2009 | 4 | 5650 | 8440 | 5091 | 76127 | 383 | 5005 | - | - | 312924 | 17782 | 43498 | - | 99 | 24437 | 27981 | - | 193703 | 366 | 80 | 57577 | 22091 | 12927 | - |
| 2009 | 3 | 6522 | 13885 | 5657 | 76126 | 383 | 4528 | - | - | 372017 | 4564 | 1163 | - | 99 | 10588 | 28620 | - | 163769 | 165 | 77 | 75243 | 23858 | 7670 | - |
| 2009 | 2 | 6222 | 13075 | 3161 | 77066 | 383 | - | - | - | 380112 | 2281 | 19184 | - | 99 | 3576 | 29256 | - | 191616 | 166 | 3885 | 61701 | 18321 | 6341 | 5846 |
| 2009 | 1 | 6226 | 12968 | 2047 | 77066 | 383 | - | - | - | 388385 | 7343 | 17798 | - | 453 | 4011 | 37226 | - | 254856 | 260 | 4007 | 32599 | 16468 | 5963 | 5951 |
| 2008 | 4 | 6226 | 12866 | 1434 | 77066 | 383 | - | - | - | 369382 | 3669 | 20691 | - | 326 | 9093 | 37782 | - | 211102 | 63 | 3571 | 77839 | 21291 | 5776 | 7266 |
| 2008 | 3 | 5256 | 11714 | - | 88203 | 383 | - | - | - | 323110 | 12856 | 22068 | - | 1201 | 16903 | 38907 | 1 | 225617 | - | 3313 | 34291 | 35332 | 9284 | 8029 |
| 2008 | 2 | 3968 | 9558 | - | 5031 | 383 | - | - | - | 50658 | 2230 | 21327 | 6431 | 1479 | 11730 | 33765 | - | 15978 | 54 | 4411 | 11211 | 33763 | 3973 | 7238 |
| 2008 | 1 | 3754 | 8885 | - | 5031 | 383 | - | - | - | 37189 | 4537 | 24615 | 6480 | 1786 | 11374 | 14260 | 1 | 108 | - | 4522 | 13141 | 20569 | 5272 | 6780 |
| 2007 | 4 | 2747 | 8981 | - | 5031 | 587 | - | 3000 | 427 | 42434 | 9091 | - | 1853 | 2852 | 5774 | 20989 | 181 | 5045 | 20 | - | 14256 | 6323 | 4771 | 6842 |
| 2007 | 3 | 1178 | 8410 | - | 22467 | 587 | - | 3000 | 428 | 41144 | 1616 | 74655 | 2127 | 3261 | 3975 | 27955 | 338 | 1239 | 391 | 30331 | 55943 | 3498 | 6514 | 25497 |
| 2007 | 2 | 935 | 8380 | - | 22467 | 587 | - | 3000 | 883 | 40072 | 1914 | 87484 | 2361 | 3241 | 3447 | 20471 | 162 | 1261 | 742 | 41565 | 57104 | 2430 | 4884 | 24225 |
| 2007 | 1 | 1760 | 8373 | - | 22467 | 587 | - | 3000 | 885 | 66146 | 560 | 2125 | 6150 | 3987 | 10409 | 60818 | 4207 | 1336 | 3980 | - | 60398 | 5592 | 30410 | 22793 |
| 2006 | 4 | 2351 | 8179 | - | 22467 | 587 | - | 3000 | 3017 | 66826 | 4292 | - | 5884 | 3177 | 6843 | 45509 | 3772 | 6628 | 1957 | - | 51385 | 8404 | 24364 | 21077 |
| year | qrt | Revenue | Income tax expense | Cost of sales | Finance/interest costs | Other income/expenses | Administrative/Operating expenses | Minority interest | Share of profit/ (loss) of associates | Gain/loss on disposal of subsidiaries | Discontinued operation | After tax effect |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2010 | 1 | 19002 | -40 | -7453 | -3055 | 1054 | -3640 | - | 320 | - | -1 | - |
| 2009 | 4 | 13468 | -872 | -10443 | -3067 | 1207 | -8515 | 419 | 409 | 0 | -1051 | 498 |
| 2009 | 3 | 20749 | 301 | -8289 | -2477 | 81 | -2519 | -98 | 332 | - | 192 | - |
| 2009 | 2 | 33396 | -18 | -10010 | -2602 | 65 | -3515 | 105 | - | - | -298 | - |
| 2009 | 1 | 33679 | -169 | -10242 | -2749 | 740 | -3214 | 1315 | - | - | -3330 | - |
| 2008 | 4 | 28908 | 137 | -9149 | -4692 | 3774 | -8123 | 691 | - | -1914 | -2234 | - |
| 2008 | 3 | 15660 | 1379 | -10890 | -659 | 540 | -3056 | -791 | - | - | 1942 | - |
| 2008 | 2 | 11385 | 885 | -7833 | -169 | -98 | -3109 | -458 | - | - | 1114 | - |
| 2008 | 1 | 16309 | 434 | -11480 | -630 | 293 | -2813 | 62 | - | - | -153 | - |
| 2007 | 4 | 9130 | 1520 | -9066 | -1321 | 580 | -966 | -3373 | - | -5189 | 7936 | - |
| 2007 | 3 | 15911 | -403 | -8308 | -1190 | 92 | -3381 | -1272 | - | - | 2734 | - |
| 2007 | 2 | 7725 | 111 | -1721 | -864 | 8 | -2802 | -1432 | - | - | 3293 | - |
| 2007 | 1 | 43856 | -2616 | -31309 | -906 | 41 | -3700 | -1716 | - | - | 356 | - |
| 2006 | 4 | 37018 | 253 | -32888 | -1033 | 338 | -4888 | 799 | - | - | - | - |
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