Company Info
| Market Capital (Capital Size) | 63,773,206,462 (Very Large) |
| Par Value | RM 1.00 |
My Analysis
| Forecast P/E now | (8.58-0.18)/0.4916 = 17.09 (High) |
| Target Price | 7.87+0.18 = 8.05 (PE 16.0, EPS 0.4916, DPS 0.18) |
| Decision | NOT BUY unless price below 7.9 |
| Comment | Revenue slow down but profit still increasing, import & export increased on October, consumer price index increasing |
| First Support Price | 8.1 |
| Second Support Price | 7.7 |
| Risk Rating | LOW |
Research House
| OSK Target Price | 9.77 (2010-11-23) |
Accounting Ratio
| Return on Equity | 14.79% |
| Dividend Yield | 4.26% |
| Profit Margin | 40.71% |
| Tax Rate | 19.87% |
| Asset Turnover | 0.0442 |
| Net Asset Value Per Share | 3.24 |
| Net Tangible Asset per share | 1.81 |
| Price/Net Tangible Asset Per Share | 4.65 |
| Cash Per Share | 4.85 |
| Liquidity Current Ratio | 1.1072 |
| Liquidity Quick Ratio | 0.8994 |
| Liquidity Cash Ratio | 0.1562 |
| Gearing Debt to Equity Ratio | 10.2101 |
| Gearing Debt to Asset Ratio | 0.906 |
| Working capital per thousand Ringgit sale | 208.3% |
| Days to sell the inventory | 2680 |
| Days to collect the receivables | 4863 |
| Days to pay the payables | 12128 |
My notes based on 2010 quarter 3 report (number in '000):-
- For 3Q10, the Group‟s net profit was 3.0% higher than 2Q10, and 26.0% above its 3Q09 net profit
- The Group‟s 3Q10 revenues were 4.1% lower versus 2Q10, but net profits were 3.0% higher on a Q-o-Q basis
- The Group‟s Malaysian Consumer Banking division PBT fell by 13.9% Q-o-Q due to lower recoveries at GSAM and higher provisions for business banking accounts. Corporate and Investment Banking declined by 6.8% but Treasury and Investments surged 32.0%. CIMB Niaga‟s PBT contribution was 13.6% lower Q-o-Q due to the higher gains from legacy bond sales in 2Q10. GAM and Insurance PBT contributions declined 7.1% to RM26 million. CIMB Thai‟s PBT contribution (after GAAP adjustments) jumped by 75.0% Q-o-Q to RM35 million versus RM20 million in 2Q10
- On 29 October 2010, CIMB Niaga reported the 3Q10 net profit of IDR666 billion was 10.1% higher than 2Q10 primarily due to stronger revenue and lower provisions
- Estimate next 4Q eps after 2010 Q3 result announced = 0.1267*4*0.97 = 0.4916, estimate PE on current price 8.31 = 16.54(DPS 0.18)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.125*4*1.1 = 0.55, estimate highest/lowest PE = 15.42/13.78 (DPS 0.14)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.2366*4*1.1 = 1.041(10% increase quarter-by-quarter), after bonus estimate eps = 1.041/2 = 0.5205, estimate highest/lowest PE = 15.19/12.46 (DPS 0.185/2 = 0.0925)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.2268*4*1.1 = 0.9979, estimate highest/lowest PE = 14.67/12.5 (DPS 0.185)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.2058*4*1.1 = 0.9055, estimate highest/lowest PE = 14.72/13.04 (DPS 0.25)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.1879*4*1.1 = 0.8268, estimate highest/lowest PE = 15.59/11.73 (DPS 0.25)
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