Company Info
| Market Capital (Capital Size) | 6,211,873,780 (Very Large) |
| Par Value | RM 1.00 |
My Analysis
| Forecast P/E now | (5.68-0.2)/0.3015 = 18.18 (Moderate) |
| Target Price | 5.73+0.2 = 5.93 (PE 19.0, EPS 0.3015, DPS 0.2) |
| Decision | NOT BUY unless price below 5.6 |
| Comment | Revenue and profit higher than preceding year corresponding quarter, good cash flow, better liquidity ratio but still low, better gearing ratio but still high, opening a new mall which going to bring in rental income, RMB against MYR strengthening since Sept 2010 |
| First Support Price | 5.5 |
| Second Support Price | 5.4 |
| Risk Rating | MODERATE |
Research House
| OSK Target Price | 6.67 (2010-12-02) |
Accounting Ratio
| Return on Equity | 10.57% |
| Dividend Yield | 2.82% |
| Profit Margin | 25.89% |
| Tax Rate | 22.37% |
| Asset Turnover | 0.3968 |
| Net Asset Value Per Share | 1.97 |
| Net Tangible Asset per share | 0.85 |
| Price/Net Tangible Asset Per Share | 6.78 |
| Cash Per Share | 2.29 |
| Liquidity Current Ratio | 1.5783 |
| Liquidity Quick Ratio | 1.4619 |
| Liquidity Cash Ratio | 1.26 |
| Gearing Debt to Equity Ratio | 1.7738 |
| Gearing Debt to Asset Ratio | 0.5468 |
| Working capital per thousand Ringgit sale | 41.5% |
| Days to sell the inventory | 37 |
| Days to collect the receivables | 53 |
| Days to pay the payables | 295 |
My notes based on 2011 quarter 1 report (number in '000):-
- For the first quarter ended 30 September 2010, the Group achieved healthy same store sales growth (Malaysia: 9%, China: 11% and Vietnam: 20%) and better operating efficiency in the three countries in which it operates. Despite better performance registered in the current quarter under review, the significant weakening of the Chinese Renminbi and Vietnamese Dong against Ringgit Malaysia has resulted in lower results being consolidated into the Group. Hence, revenue was only marginally higher at RM656 million with profit before taxation reported at RM168 million
- Excluding the impact of the currency translation, on a comparable basis, the Group's revenue increased by 11% to RM710 million as compared to the preceding year corresponding period. Accordingly, profit before taxation increased by 20% to RM184 million
- Encouraging same store sales growth coupled with higher spending during the Hari Raya (Muslim festival) in September 2010 has enabled the Group to record favourable performance. Revenue was higher at RM656 million with profit before taxation increasing by 12% to RM168 million compared with the immediate preceding quarter
- Estimate next 4Q eps after 2011 Q1 result announced = 0.3015, estimate PE on current price 5.9 = 18.91(DPS 0.2)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.3015, estimate highest/lowest PE = 20.17/17.74 (DPS 0.06)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.2741*1.1 = 0.3015, estimate highest/lowest PE = 18.91/16.42 (DPS 0.05)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.2676*1.1 = 0.2944, estimate highest/lowest PE = 20.48/17.15 (DPS 0.05)
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