AMWAY (MALAYSIA) HOLDINGS BERHAD
Company Description
My notes based on 2010 Quarter 3 report (number in '000):-
- The Group’s sales revenue recorded an increase of 9.5% for the quarter under review and 8.8% for the nine months ended 30 September 2010 as compared to the corresponding periods in the preceding year. The growth in sales revenue was mainly attributable to increase in distributors’ productivity driven by sales and marketing program implemented in the periods under review
- The Group’s profit before tax increased by 1.6% foAugr the quarter under review and 6.0% for the nine months ended 30 September 2010 as compared to the corresponding periods in the preceding year mainly due to the increase in sales revenue
- The Group’s sales revenue increased by 13.8% as compared to the preceding quarter mainly due to enhanced sales and marketing program implemented in the quarter under review
- The Group’s profit before tax decreased by 3.9% as compared to the preceding quarter mainly due to higher advertising and promotion expenses incurred during the quarter under review
- Estimate next 4Q eps after 2010 Q3 result announced = 0.3335+(0.1246*1.2) = 0.5497, estimate PE on current price 8.12 = 13.61(DPS 0.64)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.3335+(0.1246*1.2) = 0.5497, estimate highest/lowest PE = 14.04/13.43 (DPS 0.52)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.3261+(0.099*1.1) = 0.4676(Correction to preceding Q estimated), estimate highest/lowest PE = 16.3/14.71 (DPS 0.5)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.0996*4 = 0.3984, estimate highest/lowest PE = 17.62/16.99 (DPS 0.48)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.1246*4 = 0.4984, estimate highest/lowest PE = 13.98/13.46 (DPS 0.48)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.099*4 = 0.396, estimate highest/lowest PE = 17.6/16.92 (DPS 0.5)
- Estimate next 4Q eps after 2009 Q1 result announced = 0.118*4 = 0.472, estimate highest/lowest PE = 14.79/13.73 (DPS 0.52)
- Estimate next 4Q eps after 2008 Q4 result announced = 0.1332*4 = 0.5328, estimate highest/lowest PE = 13.06/11.75 (DPS 0.54)
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| Listing Date | : | 30.08.1996 |
| Market | : | MAIN |
| Sector | : | TRADING/SERVICES |
| Par Value | : | 1.00 |
| Major Industry | : | Retailers |
| Sub Industry | : | Miscellaneous Retailers |
| My Forecast P/E now | : | (8.12-0.64)/0.5497 = 13.61 (Moderate) |
| My Target Price | : | 8.8+0.64 = 9.44 (EPS 0.5497, PE 16, DPS 0.64) |
| My Decision | : | BUY |
| My Comment | : | Revenue increasing, profit maintain high, good cash flow, liquidity ratio getting lower, strong cash, gearing ratio getting higher, working capital getting lesser, continue to benefit from weak USD |
| Technical Support Price | : | 8.1 |
| Risk Rating | : | LOW |
| OSK Target Price | : | 10.83 (16 Nov 10) |
| Latest Market Capital (Capital Size) | 1,334,811,437 (Very Large) |
| Return on Equity | 30.85% |
| Dividend Yield | 7.88% |
| Profit Margin | 0.1504 |
| Asset Turnover | 1.795 |
| Tax Rate | 0.2533 |
| Net Asset Value Per Share | 1.56 |
| Net Tangible Asset per share | 1.53 |
| Price/Net Tangible Asset Per Share | 5.39 |
| Cash Per Share | 1.32 |
| Liquidity Current Ratio | 2.0602 |
| Liquidity Quick Ratio | 1.6529 |
| Liquidity Cash Ratio | 1.5745 |
| Gearing Debt to Equity Ratio | 0.5353 |
| Gearing Debt to Asset Ratio | 0.3487 |
| Average working capital per thousand Ringgit sale | 20.6% |
| Average days to sell the inventory | 40 |
| Average days to collect the receivables | 5 |
Company Description
AMWAY (MALAYSIA) HOLDINGS BERHAD is an investment holding company. Through its, the Company is principally engaged in the distribution of consumer products under the Amway trademark. Amway offers a range of brands from nutritional supplements to water treatment, cosmetics to cleaning products. Amway's major brand is the NUTRILITE. NUTRILITE is a global vitamin and mineral brand, which grows, harvests and processes plants on their own certified organic farms. Under ARTISTRY, Amway supplies facial skin care products and color cosmetics. The Company's SATINIQUE products focus on hair care. Amway's other product brands include eSpring and iCook. The eSpring Water Purifier is an in-home system to combine ultraviolet light technology with a multi-stage carbon-block filter to provide drinking water. iCook offers a range of Cookware products. The Company also offers home care products.
My notes based on 2010 Quarter 3 report (number in '000):-
- The Group’s sales revenue recorded an increase of 9.5% for the quarter under review and 8.8% for the nine months ended 30 September 2010 as compared to the corresponding periods in the preceding year. The growth in sales revenue was mainly attributable to increase in distributors’ productivity driven by sales and marketing program implemented in the periods under review
- The Group’s profit before tax increased by 1.6% foAugr the quarter under review and 6.0% for the nine months ended 30 September 2010 as compared to the corresponding periods in the preceding year mainly due to the increase in sales revenue
- The Group’s sales revenue increased by 13.8% as compared to the preceding quarter mainly due to enhanced sales and marketing program implemented in the quarter under review
- The Group’s profit before tax decreased by 3.9% as compared to the preceding quarter mainly due to higher advertising and promotion expenses incurred during the quarter under review
- Estimate next 4Q eps after 2010 Q3 result announced = 0.3335+(0.1246*1.2) = 0.5497, estimate PE on current price 8.12 = 13.61(DPS 0.64)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.3335+(0.1246*1.2) = 0.5497, estimate highest/lowest PE = 14.04/13.43 (DPS 0.52)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.3261+(0.099*1.1) = 0.4676(Correction to preceding Q estimated), estimate highest/lowest PE = 16.3/14.71 (DPS 0.5)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.0996*4 = 0.3984, estimate highest/lowest PE = 17.62/16.99 (DPS 0.48)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.1246*4 = 0.4984, estimate highest/lowest PE = 13.98/13.46 (DPS 0.48)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.099*4 = 0.396, estimate highest/lowest PE = 17.6/16.92 (DPS 0.5)
- Estimate next 4Q eps after 2009 Q1 result announced = 0.118*4 = 0.472, estimate highest/lowest PE = 14.79/13.73 (DPS 0.52)
- Estimate next 4Q eps after 2008 Q4 result announced = 0.1332*4 = 0.5328, estimate highest/lowest PE = 13.06/11.75 (DPS 0.54)
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