Company Info
My Analysis
Research House
Accounting Ratio
My notes based on 2010 quarter 3 report (number in '000):-
- The Group registered a revenue of RM 645.02 million for the current reporting quarter ended 30 September 2010, an increase of 26.53% as compared to RM509.78 million for the corresponding quarter ended 30 September 2009. The Cable and Wire division recorded a higher revenue mainly due to increased in sales quantity and surge in metal prices in the current reporting quarter.
- Despite the higher revenue, the Group recorded a lower profit before taxation of RM19.32 million in the current reporting quarter as compared to RM20.17 million for the corresponding quarter ended 30 September 2009 due mainly to lower share of profit from the associated companies in the current quarter
- The Group’s profit before taxation for the current reporting quarter ended 30 September 2010 was 17.58% lower at RM19.32 million as compared to RM23.44 million for the preceding quarter
- Estimate next 4Q eps after 2010 Q3 result announced = 0.034*4*0.9 = 0.1224, estimate PE on current price 0.9 = 7.11(DPS 0.03)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.0575*2 = 0.115, estimate highest/lowest PE = 7.87/6.78 (DPS 0.03)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.1041, estimate highest/lowest PE = 8.5/7.4 (DPS 0.03)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.0261*4 = 0.1044, estimate highest/lowest PE = 9.77/7.71 (DPS 0.03)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.0363*4 = 0.1452, estimate highest/lowest PE = 6.44/4.92 (DPS 0.03)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.032*4 = 0.128, estimate highest/lowest PE = 6.29/5.35 (DPS 0.03)
- Estimate next 4Q eps after 2009 Q1 result announced = 0.0281*4 = 0.1124, estimate highest/lowest PE = 7.38/5.2 (DPS 0.03)
- Estimate next 4Q eps after 2008 Q4 result announced = 0.0289*4 = 0.1156, estimate highest/lowest PE = 5.97/3.16 (DPS 0.03)
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| Market Capital (Capital Size) | 392,812,786 (Small) |
| Par Value | RM 1.00 |
My Analysis
| Forecast P/E now | (0.9-0.03)/0.1224 = 7.11 (Moderate) |
| Target Price | 0.98+0.03 = 1.01 (PE 8.0, EPS 0.1224, DPS 0.03) |
| Decision | BUY |
| Comment | Revenue decreased but still higher than preceding year corresponding quarter, eps second consecutive quarter increasing and higher than preceding year corresponding quarter, neither got free nor positive net cash flow, liquidity ratio decreasing at low level now, gearing ratio increasing at high level now, all accounting period as usual |
| First Support Price | 0.84 |
| Second Support Price | 0.82 |
| Risk Rating | HIGH |
Research House
| OSK Target Price | 1.2 (2010-11-29) |
Accounting Ratio
| Return on Equity | 8.00% |
| Dividend Yield | 1.67% |
| Profit Margin | 2.99% |
| Tax Rate | - |
| Asset Turnover | 1.7608 |
| Net Asset Value Per Share | 1.29 |
| Net Tangible Asset per share | 1.29 |
| Price/Net Tangible Asset Per Share | 0.66 |
| Cash Per Share | 0.31 |
| Liquidity Current Ratio | 1.4798 |
| Liquidity Quick Ratio | 0.99 |
| Liquidity Cash Ratio | 0.2456 |
| Gearing Debt to Equity Ratio | 1.2429 |
| Gearing Debt to Asset Ratio | 0.514 |
| Working capital per thousand Ringgit sale | 11.0% |
| Days to sell the inventory | 43 |
| Days to collect the receivables | 62 |
| Days to pay the payables | 46 |
My notes based on 2010 quarter 3 report (number in '000):-
- The Group registered a revenue of RM 645.02 million for the current reporting quarter ended 30 September 2010, an increase of 26.53% as compared to RM509.78 million for the corresponding quarter ended 30 September 2009. The Cable and Wire division recorded a higher revenue mainly due to increased in sales quantity and surge in metal prices in the current reporting quarter.
- Despite the higher revenue, the Group recorded a lower profit before taxation of RM19.32 million in the current reporting quarter as compared to RM20.17 million for the corresponding quarter ended 30 September 2009 due mainly to lower share of profit from the associated companies in the current quarter
- The Group’s profit before taxation for the current reporting quarter ended 30 September 2010 was 17.58% lower at RM19.32 million as compared to RM23.44 million for the preceding quarter
- Estimate next 4Q eps after 2010 Q3 result announced = 0.034*4*0.9 = 0.1224, estimate PE on current price 0.9 = 7.11(DPS 0.03)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.0575*2 = 0.115, estimate highest/lowest PE = 7.87/6.78 (DPS 0.03)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.1041, estimate highest/lowest PE = 8.5/7.4 (DPS 0.03)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.0261*4 = 0.1044, estimate highest/lowest PE = 9.77/7.71 (DPS 0.03)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.0363*4 = 0.1452, estimate highest/lowest PE = 6.44/4.92 (DPS 0.03)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.032*4 = 0.128, estimate highest/lowest PE = 6.29/5.35 (DPS 0.03)
- Estimate next 4Q eps after 2009 Q1 result announced = 0.0281*4 = 0.1124, estimate highest/lowest PE = 7.38/5.2 (DPS 0.03)
- Estimate next 4Q eps after 2008 Q4 result announced = 0.0289*4 = 0.1156, estimate highest/lowest PE = 5.97/3.16 (DPS 0.03)
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