Company Info
My Analysis
Research House
Accounting Ratio
My notes based on 2010 quarter 4 report (number in '000):-
- The Group recorded revenue of RM1,067.6 million for the current financial year ended 31 December 2010 as compared to RM921.6 million recorded in the preceding financial year ended 31 December 2009. Higher revenue recorded in the current year was contributed mainly from its construction and engineering division with ongoing work progress reaching maturity stage at relatively higher percentage of recognition compared to previous year. The same impact was also contributed by the Group’s ongoing property development projects at Kuala Lumpur Sentral
- Higher revenue as mentioned above coupled with the improved operational margin of its engineering and construction and property divisions had contributed to the Group recording a higher profit before taxation of RM97.6million for the current financial year ended 31 December 2010 compared to RM46.5 million achieved in the preceding financial year ended 31 December 2009
- The Group achieved a significant jump of over 100% increase in profit before taxation amounting to RM49.3 million for the current quarter ended 31 December 2010 compared to RM23.4 million recorded in the preceding corresponding 4th quarter ended 31 December 2009. The commendable result for the current quarter was mainly contributed by improved profit margin coupled with advanced stage of activities of its engineering and construction ongoing works and property development projects at Kuala Lumpur Sentral. Higher operational margin was achieved on the back of crystallization of its ongoing value engineering and efficient project supervision and cost saving initiatives
- Estimate next 4Q eps after 2010 Q4 result announced = 1067579*1.3*0.09/1380582 = 0.0905(profit margin per 9%, revenue yearly increase rate 30%), estimate PE on current price 2.27 = 24.92(DPS 0.015)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.0188*4*1.1 = 0.0827(profit margin 8%, revenue increase rate 20%), estimate highest/lowest PE = 29.02/22.61 (DPS 0.01)
- Estimate next 5Q eps after 2010 Q2 result announced = 0.0129,0.0175,0.0202,0.0237,0.0313(calculation is based on receivables, revenue, 8% profit margin and 27% tax rate), exclude 0.0129 then cum_eps is 0.0927, estimate highest/lowest PE = 24.49/17.26 (DPS 0.01)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.0743, estimate highest/lowest PE = 23.96/18.03 (DPS 0.01)
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| Market Capital (Capital Size) | 3,140,684,915 (Large) |
| Par Value | RM 1.00 |
My Analysis
| Forecast P/E now | (2.27-0.015)/0.0905 = 24.92 (High) |
| Target Price | 1.90+0.015 = 1.92 (PE 21.0, EPS 0.0905, DPS 0.015) |
| Decision | NOT BUY unless revenue and profit maintain high in each quarter |
| Comment | Revenue second consecutive quarter largely increasing and higher than preceding year corresponding quarter, eps largely increased and higher than preceding year corresponding quarter, free cash flow decreased to negative but net cash flow increased, liquidity ratio decreasing to moderate level now, gearing ratio increasing to very high level now, receivables and payables period increasing to very high level now, construction division largely increased, property division increased but offset by infrastructure and building division |
| First Support Price | 2.15 |
| Second Support Price | 2.0 |
| Risk Rating | HIGH |
Research House
| RHB Target Price | 2.65 (2011-01-10) |
| AMMB Target Price | 2.4 (2011-02-10) |
| CIMB Target Price | 3 (2011-02-10) |
| HwangDBS Target Price | 3.15 (2011-02-10) |
| Kenanga Target Price | 2.46 (2011-02-10) |
| MIDF Target Price | 2.46 (2011-02-10) |
| OSK Target Price | 2.58 (2011-02-10) |
Accounting Ratio
| Return on Equity | 5.09% |
| Dividend Yield | 0.66% |
| Profit Margin | 11.38% |
| Tax Rate | 20.48% |
| Asset Turnover | 0.2433 |
| Net Asset Value Per Share | 0.99 |
| Net Tangible Asset per share | 0.95 |
| Price/Net Tangible Asset Per Share | 2.33 |
| Cash Per Share | 0.58 |
| Liquidity Current Ratio | 2.1343 |
| Liquidity Quick Ratio | 1.8294 |
| Liquidity Cash Ratio | 0.6332 |
| Gearing Debt to Equity Ratio | 2.3844 |
| Gearing Debt to Asset Ratio | 0.6989 |
| Working capital per thousand Ringgit sale | 134.2% |
| Days to sell the inventory | 143 |
| Days to collect the receivables | 515 |
| Days to pay the payables | 335 |
My notes based on 2010 quarter 4 report (number in '000):-
- The Group recorded revenue of RM1,067.6 million for the current financial year ended 31 December 2010 as compared to RM921.6 million recorded in the preceding financial year ended 31 December 2009. Higher revenue recorded in the current year was contributed mainly from its construction and engineering division with ongoing work progress reaching maturity stage at relatively higher percentage of recognition compared to previous year. The same impact was also contributed by the Group’s ongoing property development projects at Kuala Lumpur Sentral
- Higher revenue as mentioned above coupled with the improved operational margin of its engineering and construction and property divisions had contributed to the Group recording a higher profit before taxation of RM97.6million for the current financial year ended 31 December 2010 compared to RM46.5 million achieved in the preceding financial year ended 31 December 2009
- The Group achieved a significant jump of over 100% increase in profit before taxation amounting to RM49.3 million for the current quarter ended 31 December 2010 compared to RM23.4 million recorded in the preceding corresponding 4th quarter ended 31 December 2009. The commendable result for the current quarter was mainly contributed by improved profit margin coupled with advanced stage of activities of its engineering and construction ongoing works and property development projects at Kuala Lumpur Sentral. Higher operational margin was achieved on the back of crystallization of its ongoing value engineering and efficient project supervision and cost saving initiatives
- Estimate next 4Q eps after 2010 Q4 result announced = 1067579*1.3*0.09/1380582 = 0.0905(profit margin per 9%, revenue yearly increase rate 30%), estimate PE on current price 2.27 = 24.92(DPS 0.015)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.0188*4*1.1 = 0.0827(profit margin 8%, revenue increase rate 20%), estimate highest/lowest PE = 29.02/22.61 (DPS 0.01)
- Estimate next 5Q eps after 2010 Q2 result announced = 0.0129,0.0175,0.0202,0.0237,0.0313(calculation is based on receivables, revenue, 8% profit margin and 27% tax rate), exclude 0.0129 then cum_eps is 0.0927, estimate highest/lowest PE = 24.49/17.26 (DPS 0.01)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.0743, estimate highest/lowest PE = 23.96/18.03 (DPS 0.01)
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