Company Info
My Analysis
Research House
Accounting Ratio
My notes based on 2010 quarter 3 report (number in '000):-
- The Group’s revenue for the current financial quarter was RM534.0 million compared to RM312.6 million for the corresponding quarter last year as a result of the full consolidation of the newly acquired Herlitz business. The strengthening of the Ringgit Malaysia (“RM”) against the Group’s major trade currencies such as Euro and United States Dollar (“USD”) has resulted in lower translation of revenues into the reporting currency. The Euro and USD have weakened by 12.7% and 9.0% respectively compared to the corresponding quarter last year. The profit after tax after minority interest for the current quarter improved to RM15.6 million from RM9.3 million for the corresponding quarter last year
- The Group’s revenue for the 9 months financial period was RM1.3 billion as compared to RM941.2 million for the corresponding 9 months period last year. Profit after tax after minority interest for the 9 months was RM151.7 against RM44.2 last year after taking into consideration negative goodwill and provision for related expenses recognised in the first half of 2010
- In the current quarter, the Group’s revenue increased to RM534.0 million compared to RM492.1 million in the preceding quarter. The increase is mainly due to higher sales of Herlitz group in the current quarter. The profit before taxation, on the other hand, had decreased from RM27.8 million in the preceding financial quarter to RM26.2 million in the current financial quarter. This is mainly due to the additional negative goodwill of RM4.1 million recognised on the additional Herlitz share purchases in the preceding financial quarter
- The Group expected lower results in the fourth quarter of 2010 which is traditionally one of the weakest quarters
- Estimate next 4Q eps after 2010 Q3 result announced = 0.09, estimate PE on current price 1.28 = 14(DPS 0.02)
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| Market Capital (Capital Size) | 656,378,958 (Medium) |
| Par Value | RM 1.00 |
My Analysis
| Forecast P/E now | (1.28-0.02)/0.09 = 14.00 (High) |
| Target Price | 0.81+0.02 = 0.83 (PE 9.0, EPS 0.09, DPS 0.02) |
| Decision | NOT BUY |
| Comment | Revenue is highest all the time, eps second consecutive quarter decreasing but still higher than preceding year corresponding quarter , largely negative free cash flow but positive net cash flow increased, low liquidity ratio, high gearing ratio, all accounting period as usual, Europe index increasing |
| First Support Price | 1.2 |
| Second Support Price | 1.0 |
| Risk Rating | MODERATE |
Research House
| MIDF Target Price | 1.65 (2010-11-25) |
Accounting Ratio
| Return on Equity | 15.27% |
| Dividend Yield | 1.56% |
| Profit Margin | 4.91% |
| Tax Rate | 22.01% |
| Asset Turnover | 0.738 |
| Net Asset Value Per Share | 1.72 |
| Net Tangible Asset per share | 1.51 |
| Price/Net Tangible Asset Per Share | 0.8 |
| Cash Per Share | 0.31 |
| Liquidity Current Ratio | 1.5879 |
| Liquidity Quick Ratio | 0.9239 |
| Liquidity Cash Ratio | 0.2449 |
| Gearing Debt to Equity Ratio | 1.404 |
| Gearing Debt to Asset Ratio | 0.5748 |
| Working capital per thousand Ringgit sale | 25.8% |
| Days to sell the inventory | 105 |
| Days to collect the receivables | 108 |
| Days to pay the payables | 91 |
My notes based on 2010 quarter 3 report (number in '000):-
- The Group’s revenue for the current financial quarter was RM534.0 million compared to RM312.6 million for the corresponding quarter last year as a result of the full consolidation of the newly acquired Herlitz business. The strengthening of the Ringgit Malaysia (“RM”) against the Group’s major trade currencies such as Euro and United States Dollar (“USD”) has resulted in lower translation of revenues into the reporting currency. The Euro and USD have weakened by 12.7% and 9.0% respectively compared to the corresponding quarter last year. The profit after tax after minority interest for the current quarter improved to RM15.6 million from RM9.3 million for the corresponding quarter last year
- The Group’s revenue for the 9 months financial period was RM1.3 billion as compared to RM941.2 million for the corresponding 9 months period last year. Profit after tax after minority interest for the 9 months was RM151.7 against RM44.2 last year after taking into consideration negative goodwill and provision for related expenses recognised in the first half of 2010
- In the current quarter, the Group’s revenue increased to RM534.0 million compared to RM492.1 million in the preceding quarter. The increase is mainly due to higher sales of Herlitz group in the current quarter. The profit before taxation, on the other hand, had decreased from RM27.8 million in the preceding financial quarter to RM26.2 million in the current financial quarter. This is mainly due to the additional negative goodwill of RM4.1 million recognised on the additional Herlitz share purchases in the preceding financial quarter
- The Group expected lower results in the fourth quarter of 2010 which is traditionally one of the weakest quarters
- Estimate next 4Q eps after 2010 Q3 result announced = 0.09, estimate PE on current price 1.28 = 14(DPS 0.02)
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