Company Info
My Analysis
Accounting Ratio
My notes based on 2011 quarter 3 report (number in '000):-
- For the current quarter, the Group registered a revenue of RM196.1 million and profit before tax of RM6.1 million in comparison to previous financial year corresponding quarter revenue of RM158.5 million and profit before tax of RM8.1 million
- The Automotive Division recorded a revenue of RM170.7 million and profit before tax of RM6.3 million as against the previous financial year's corresponding quarter revenue of RM141.0 million and profit before tax of RM8.7 million
- The Power Engineering and Projects Division (PEP Division) recorded a revenue of RM25.5 million and loss before tax of RM1.9 million in comparison to the previous financial year corresponding quarter revenue of RM17.5 million and profit before tax of RM0.02 million. Together with its associate companies, PEP Division recorded loss before tax of RM1.4 million in comparison to previous financial year corresponding quarter profit before tax of RM0.3 million
- Automotive Division reported an increase of 21% in revenue
- Automotive Components Manufacturing (ACM) registered an increase in revenue by 14% whilst Premium Automotive Dealership (PAD) recorded 36% increase in revenue
- ACM Malaysia recorded 8% increase in revenue
- Supplies for door related parts, moulding and sash products for the Perodua Alza commenced delivery in Q4FY10 continued in this quarter. In comparison to the previous financial year corresponding quarter, Proton Savvy, Proton Satria Neo, Proton Exora, Perodua Viva and Perodua Myvi experienced decreases in volume
- ACM Thailand registered a 20% increase in revenue in comparison to the previous financial year corresponding quarter. All models recorded increases in volume except for Honda Civic, Honda City, AAT Ford Ranger and AAT Ford Everest
- ACM Indonesia recorded a 72% increase in revenue in comparison to the previous financial year corresponding quarter. All models registered increases in volume
- PEP Division recorded 46% increase in revenue in comparison to the previous financial year corresponding quarter
- For the current quarter, the Group recorded profit before tax of RM6.1 million in comparison to the immediate preceding quarter profit before tax of RM5.7 million
- Higher profit before tax recorded in the current quarter was mainly due to the bonus paid to employees and Sukuk Refinancing Exercise expenses recognised in the immediate preceding quarter despite a recognition of loss on disposal of 11.2% shares in a subsidiary during the quarter under review
- Estimate next 4Q eps after 2011 Q3 result announced = 0.0272*4*1.05 = 0.1142, estimate PE on current price 0.77 = 6.74
- Estimate next 4Q eps after 2011 Q2 result announced = 0.1288*1.05 = 0.1352, estimate highest/lowest PE = 6.62/5.18
- Estimate next 4Q eps after 2011 Q1 result announced = 0.0322*4 = 0.1288(0.0322 is eps after exclude 8 million from other income), estimate highest/lowest PE = 7.41/4.81
- Estimate next 4Q eps after 2010 Q4 result announced = 0.0346*4 = 0.1384, estimate highest/lowest PE = 4.99/3.76
- Estimate next 4Q eps after 2010 Q3 result announced = 0.0357*4 = 0.1428, estimate highest/lowest PE = 5.67/4.1
- Estimate next 4Q eps after 2010 Q2 result announced = 0.023*4 = 0.092, estimate highest/lowest PE = 9.24/3.53
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| Market Capital (Capital Size) | 59,136,000 (Very Small) |
| Par Value | RM 1.00 |
My Analysis
| Forecast P/E now | 0.77/0.1142 = 6.74 (High) |
| Target Price | 0.1142*5.0 = 0.57 (PE 5.0, EPS 0.1142) |
| Decision | NOT BUY |
| Comment | Revenue fifth consecutive quarter increasing and is highest all the time, eps second consecutive quarter decreasing and also lower than preceding year corresponding quarter, free and positive net cash flow increasing, liquidity ratio increasing from weak at preceding year to low level now, gearing ratio decreasing but still at very high level now, all accounting period are good, automotive division profit decreasing, power and engineering projects still minor loss |
| First Support Price | 0.75 |
| Second Support Price | 0.7 |
| Risk Rating | HIGH |
Accounting Ratio
| Return on Equity | 8.10% |
| Dividend Yield | - |
| Profit Margin | 3.11% |
| Tax Rate | 12.51% |
| Asset Turnover | 1.2026 |
| Net Asset Value Per Share | 2.03 |
| Net Tangible Asset per share | 1.99 |
| Price/Net Tangible Asset Per Share | 0.38 |
| Cash Per Share | 1.07 |
| Liquidity Current Ratio | 1.1404 |
| Liquidity Quick Ratio | 0.912 |
| Liquidity Cash Ratio | 0.3203 |
| Gearing Debt to Equity Ratio | 2.4935 |
| Gearing Debt to Asset Ratio | 0.6364 |
| Working capital per thousand Ringgit sale | 4.9% |
| Days to sell the inventory | 31 |
| Days to collect the receivables | 75 |
| Days to pay the payables | 67 |
My notes based on 2011 quarter 3 report (number in '000):-
- For the current quarter, the Group registered a revenue of RM196.1 million and profit before tax of RM6.1 million in comparison to previous financial year corresponding quarter revenue of RM158.5 million and profit before tax of RM8.1 million
- The Automotive Division recorded a revenue of RM170.7 million and profit before tax of RM6.3 million as against the previous financial year's corresponding quarter revenue of RM141.0 million and profit before tax of RM8.7 million
- The Power Engineering and Projects Division (PEP Division) recorded a revenue of RM25.5 million and loss before tax of RM1.9 million in comparison to the previous financial year corresponding quarter revenue of RM17.5 million and profit before tax of RM0.02 million. Together with its associate companies, PEP Division recorded loss before tax of RM1.4 million in comparison to previous financial year corresponding quarter profit before tax of RM0.3 million
- Automotive Division reported an increase of 21% in revenue
- Automotive Components Manufacturing (ACM) registered an increase in revenue by 14% whilst Premium Automotive Dealership (PAD) recorded 36% increase in revenue
- ACM Malaysia recorded 8% increase in revenue
- Supplies for door related parts, moulding and sash products for the Perodua Alza commenced delivery in Q4FY10 continued in this quarter. In comparison to the previous financial year corresponding quarter, Proton Savvy, Proton Satria Neo, Proton Exora, Perodua Viva and Perodua Myvi experienced decreases in volume
- ACM Thailand registered a 20% increase in revenue in comparison to the previous financial year corresponding quarter. All models recorded increases in volume except for Honda Civic, Honda City, AAT Ford Ranger and AAT Ford Everest
- ACM Indonesia recorded a 72% increase in revenue in comparison to the previous financial year corresponding quarter. All models registered increases in volume
- PEP Division recorded 46% increase in revenue in comparison to the previous financial year corresponding quarter
- For the current quarter, the Group recorded profit before tax of RM6.1 million in comparison to the immediate preceding quarter profit before tax of RM5.7 million
- Higher profit before tax recorded in the current quarter was mainly due to the bonus paid to employees and Sukuk Refinancing Exercise expenses recognised in the immediate preceding quarter despite a recognition of loss on disposal of 11.2% shares in a subsidiary during the quarter under review
- Estimate next 4Q eps after 2011 Q3 result announced = 0.0272*4*1.05 = 0.1142, estimate PE on current price 0.77 = 6.74
- Estimate next 4Q eps after 2011 Q2 result announced = 0.1288*1.05 = 0.1352, estimate highest/lowest PE = 6.62/5.18
- Estimate next 4Q eps after 2011 Q1 result announced = 0.0322*4 = 0.1288(0.0322 is eps after exclude 8 million from other income), estimate highest/lowest PE = 7.41/4.81
- Estimate next 4Q eps after 2010 Q4 result announced = 0.0346*4 = 0.1384, estimate highest/lowest PE = 4.99/3.76
- Estimate next 4Q eps after 2010 Q3 result announced = 0.0357*4 = 0.1428, estimate highest/lowest PE = 5.67/4.1
- Estimate next 4Q eps after 2010 Q2 result announced = 0.023*4 = 0.092, estimate highest/lowest PE = 9.24/3.53
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