Company Info
My Analysis
Research House
Accounting Ratio
My notes based on 2010 quarter 3 report (number in '000):-
- The Group‟s profit before tax for the nine-month financial period ended 30 September 2010 of RM733.9 million was higher by RM158.1 million compared to the corresponding financial period ended 30 September 2009
- Higher profit recorded from Transport & Logistics division by RM31.5 million or 26.8% attributed to higher volume in port business
- Higher profit recorded from Energy & Utilities division by RM69.0 million or 10.2% due to higher volume of gas sold, higher contribution from foreign associates and lower finance cost following repayment of loan during the period
- Lower losses recorded from Corporate & Others division by RM47.3 million or 32.8% mainly driven by the gain on disposal of investment in Sime Darby Berhad and Integrated Rubber Corporation Berhad. This was offset by higher finance costs at MMC Company level
- The Group recorded a profit before tax of RM348.2 million in the current quarter as compared to RM175.2 million in the preceding quarter. This was mainly due to the higher share of result of associate coupled with gain on disposal of investment in Sime Darby Berhad
- Estimate next 4Q eps after 2010 Q3 result announced = 0.0676*2*1.1 = 0.1487, estimate PE on current price 2.88 = 19.17(DPS 0.03)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.0402*2*1.1 = 0.0884, estimate highest/lowest PE = 37.56/27.94 (DPS 0.03)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.0777*1.1 = 0.0855, estimate highest/lowest PE = 31.23/25.73 (DPS 0.03)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.0777*1.1 = 0.0855, estimate highest/lowest PE = 29.82/25.38 (DPS 0.03)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.0297*4*0.9 = 0.1069, estimate highest/lowest PE = 23.43/20.63 (DPS 0.025)
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| Market Capital (Capital Size) | 8,769,768,629 (Very Large) |
| Par Value | RM 0.10 |
My Analysis
| Forecast P/E now | (2.88-0.03)/0.1487 = 19.17 (High) |
| Target Price | 2.38+0.03 = 2.41 (PE 16.0, EPS 0.1487, DPS 0.03) |
| Decision | NOT BUY |
| Comment | Revenue decreased but higher than preceding year corresponding quarter, eps is highest since FY09Q1, free cash flow increasing and got positive net cash flow, low liquidity ratio, very high gearing ratio, all accounting period as usual, MRT job |
| First Support Price | 2.7 |
| Second Support Price | 2.5 |
| Risk Rating | MODERATE |
Research House
| Credit Suisse Target Price | 3.8 (2010-10-04) |
| Kenanga Target Price | 2.83 (2010-11-25) |
| S&P Target Price | 3 (2010-11-25) |
| HwangDBS Target Price | 4.05 (2011-01-11) |
| OSK Target Price | 3.52 (2011-01-11) |
Accounting Ratio
| Return on Equity | 3.42% |
| Dividend Yield | 1.04% |
| Profit Margin | 15.59% |
| Tax Rate | 29.53% |
| Asset Turnover | 0.2374 |
| Net Asset Value Per Share | 2.18 |
| Net Tangible Asset per share | -0.47 |
| Price/Net Tangible Asset Per Share | -6.02 |
| Cash Per Share | 1.55 |
| Liquidity Current Ratio | 1.3032 |
| Liquidity Quick Ratio | 1.1893 |
| Liquidity Cash Ratio | 0.7789 |
| Gearing Debt to Equity Ratio | 4.0192 |
| Gearing Debt to Asset Ratio | 0.7208 |
| Working capital per thousand Ringgit sale | 20.9% |
| Days to sell the inventory | 39 |
| Days to collect the receivables | 94 |
| Days to pay the payables | 114 |
My notes based on 2010 quarter 3 report (number in '000):-
- The Group‟s profit before tax for the nine-month financial period ended 30 September 2010 of RM733.9 million was higher by RM158.1 million compared to the corresponding financial period ended 30 September 2009
- Higher profit recorded from Transport & Logistics division by RM31.5 million or 26.8% attributed to higher volume in port business
- Higher profit recorded from Energy & Utilities division by RM69.0 million or 10.2% due to higher volume of gas sold, higher contribution from foreign associates and lower finance cost following repayment of loan during the period
- Lower losses recorded from Corporate & Others division by RM47.3 million or 32.8% mainly driven by the gain on disposal of investment in Sime Darby Berhad and Integrated Rubber Corporation Berhad. This was offset by higher finance costs at MMC Company level
- The Group recorded a profit before tax of RM348.2 million in the current quarter as compared to RM175.2 million in the preceding quarter. This was mainly due to the higher share of result of associate coupled with gain on disposal of investment in Sime Darby Berhad
- Estimate next 4Q eps after 2010 Q3 result announced = 0.0676*2*1.1 = 0.1487, estimate PE on current price 2.88 = 19.17(DPS 0.03)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.0402*2*1.1 = 0.0884, estimate highest/lowest PE = 37.56/27.94 (DPS 0.03)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.0777*1.1 = 0.0855, estimate highest/lowest PE = 31.23/25.73 (DPS 0.03)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.0777*1.1 = 0.0855, estimate highest/lowest PE = 29.82/25.38 (DPS 0.03)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.0297*4*0.9 = 0.1069, estimate highest/lowest PE = 23.43/20.63 (DPS 0.025)
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