Company Info
My Analysis
Accounting Ratio
My notes based on 2010 quarter 3 report (number in '000):-
- The pbt and minority interests from the continuing operations at RM138.1 million for the current quarter was 105.5% higher than the pbt and minority interests of RM67.2 million achieved in the previous corresponding financial quarter due to improved performances in the Gaming, Stockbroking and Corporate & Other Divisions
- The pbt of Gaming Division at RM89.1 million achieved in the current quarter is higher by RM76.3 million compared to the pbt of RM12.8 million recorded in the previous corresponding period. 4D Jackpot sales which was launched in September last year, lower prizes payout ratio as well as reduced finance costs have contributed to the substantial increase in the profit
- Finance Services Division's pretax profit in the current quarter dropped slightly to RM17.7 million from the pretax profit of RM18 million recorded in the previous corresponding period. This is mainly due to write back of provision for impairment of investments in the previous corresponding period
- Recovery of debts and higher net gain from proprietary trading in the Stockbroking Division have resulted in a pbt of RM6.2 million which is 34.8% higher than RM4.6 million reported in the previous corresponding financial quarter
- The Group recorded a pbt of RM138.1 million for the current quarter which is RM17 million higher than RM121.1 million achieved in the immediate preceding quarter. The improvement is mainly due to higher contribution from Stockbroking and Corporate & Others Divisions
- Estimate next 4Q eps after 2010 Q3 result announced = 0.1368*2 = 0.2736, estimate PE on current price 2.36 = 8.44(DPS 0.05)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.0563*4*0.95 = 0.2139, estimate highest/lowest PE = 10.52/9.35 (DPS 0.05)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.22*1.05 = 0.231 (5% grow adjustment from 0.22 due to positive result), estimate highest/lowest PE = 9.39/7.84 (DPS 0.09)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.05*4 = 0.2*1.1 = 0.22 (10% grow from 0.2, due to 4D Jackpot game and current economic environment, result exclude other income), estimate highest/lowest PE = 11.05/8.27 (DPS 0.1, correction to last quarter estimated)
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| Market Capital (Capital Size) | 2,543,486,823 (Large) |
| Par Value | RM 1.00 |
My Analysis
| Forecast P/E now | (2.36-0.05)/0.2736 = 8.44 (Moderate) |
| Target Price | 2.74+0.05 = 2.79 (PE 10.0, EPS 0.2736, DPS 0.05) |
| Decision | BUY |
| Comment | Revenue second consecutive quarter decreasing but still higher than preceding year corresponding quarter, eps increased and higher than preceding year corresponding quarter, free cash flow increasing but still negative net cash flow, moderate liquidity ratio, very high gearing ratio, all accounting period as usual, possible of joint development of lands |
| First Support Price | 2.1 |
| Second Support Price | 2.0 |
| Risk Rating | MODERATE |
Accounting Ratio
| Return on Equity | 12.02% |
| Dividend Yield | 2.12% |
| Profit Margin | 16.23% |
| Tax Rate | 8.38% |
| Asset Turnover | 0.5964 |
| Net Asset Value Per Share | 2.13 |
| Net Tangible Asset per share | -0.56 |
| Price/Net Tangible Asset Per Share | -3.79 |
| Cash Per Share | 0.92 |
| Liquidity Current Ratio | 2.4226 |
| Liquidity Quick Ratio | 2.4155 |
| Liquidity Cash Ratio | 1.2943 |
| Gearing Debt to Equity Ratio | 1.402 |
| Gearing Debt to Asset Ratio | 0.5327 |
| Working capital per thousand Ringgit sale | 30.4% |
| Days to sell the inventory | 1 |
| Days to collect the receivables | 44 |
| Days to pay the payables | 94 |
My notes based on 2010 quarter 3 report (number in '000):-
- The pbt and minority interests from the continuing operations at RM138.1 million for the current quarter was 105.5% higher than the pbt and minority interests of RM67.2 million achieved in the previous corresponding financial quarter due to improved performances in the Gaming, Stockbroking and Corporate & Other Divisions
- The pbt of Gaming Division at RM89.1 million achieved in the current quarter is higher by RM76.3 million compared to the pbt of RM12.8 million recorded in the previous corresponding period. 4D Jackpot sales which was launched in September last year, lower prizes payout ratio as well as reduced finance costs have contributed to the substantial increase in the profit
- Finance Services Division's pretax profit in the current quarter dropped slightly to RM17.7 million from the pretax profit of RM18 million recorded in the previous corresponding period. This is mainly due to write back of provision for impairment of investments in the previous corresponding period
- Recovery of debts and higher net gain from proprietary trading in the Stockbroking Division have resulted in a pbt of RM6.2 million which is 34.8% higher than RM4.6 million reported in the previous corresponding financial quarter
- The Group recorded a pbt of RM138.1 million for the current quarter which is RM17 million higher than RM121.1 million achieved in the immediate preceding quarter. The improvement is mainly due to higher contribution from Stockbroking and Corporate & Others Divisions
- Estimate next 4Q eps after 2010 Q3 result announced = 0.1368*2 = 0.2736, estimate PE on current price 2.36 = 8.44(DPS 0.05)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.0563*4*0.95 = 0.2139, estimate highest/lowest PE = 10.52/9.35 (DPS 0.05)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.22*1.05 = 0.231 (5% grow adjustment from 0.22 due to positive result), estimate highest/lowest PE = 9.39/7.84 (DPS 0.09)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.05*4 = 0.2*1.1 = 0.22 (10% grow from 0.2, due to 4D Jackpot game and current economic environment, result exclude other income), estimate highest/lowest PE = 11.05/8.27 (DPS 0.1, correction to last quarter estimated)
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