Company Info
My Analysis
Research House
Accounting Ratio
My notes based on 2011 quarter 3 report (number in '000):-
- Revenue for the current quarter of RM3,045.6 million was marginally lower compared to last year's corresponding quarter of RM3,047.1 million. Higher revenue recorded by Heavy Engineering in the quarter was however offset by lower revenue in the Liner business
- The higher profit before tax of RM263.0 million (excluding gain and impairment provision) was 37.3% higher than RM191.6 million recorded in the corresponding quarter mainly due to improved performance in Liner and Heavy Engineering businesses
- On Year to Date basis, the Group's revenue decreased by 10.1% to RM9,401.3 million, as compared to RM10,467.6 million recorded in the preceding year mainly attributed to lower revenue from Liner and Heavy Engineering businesses
- The Group's profit before tax for the 9 months period of RM1,150.6 million (excluding gain and impairment provision) was 83.9% higher than the profit before tax of RM625.8 million recorded in the corresponding period of the preceding year largely due to lower losses in Liner business and higher profits in Heavy Engineering business
- The Group recorded lower revenue in the current quarter of RM3,045.6 million compared to RM3,085.1 million recorded in the 2nd quarter of FY2011, representing a slight reduction of 1.3%
- The Group's profit before tax of RM263.0 million (excluding gain and impairment provision) was 36.8% lower than the profit before tax of RM416.3 million achieved in the preceding quarter. The lower profit recorded was mainly due to higher losses from Liner and Petroleum businesses
- Estimate next 4Q eps after 2011 Q3 result announced = 0.05*4 = 0.2, estimate PE on current price 8 = 38.25(DPS 0.35)
- Estimate next 4Q eps after 2011 Q2 result announced = 0.0691*4 = 0.2764(profit margin 10% per quarter), estimate highest/lowest PE = 30.57/25.69 (DPS 0.35)
- Estimate next 4Q eps after 2011 Q1 result announced = 0.04(exclude 257 million from other income)*4*1.05 = 0.168, estimate highest/lowest PE = 52.08/48.63 (DPS 0.35)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.0509*4 = 0.2036, estimate highest/lowest PE = 42.98/37.77 (DPS 0.35)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.0457*4 = 0.1828, estimate highest/lowest PE = 48.03/40.65 (DPS 0.35)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.0457*4 = 0.1828, estimate highest/lowest PE = 47.37/40.59 (DPS 0.35)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.0544*4 = 0.2176, estimate highest/lowest PE = 42/37.91 (DPS 0.35)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.058*4 = 0.232, estimate highest/lowest PE = 37.07/33.62 (DPS 0.35)
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| Market Capital (Capital Size) | 35,710,344,824 (Very Large) |
| Par Value | RM 1.00 |
My Analysis
| Forecast P/E now | (8.0-0.35)/0.2 = 38.25 (High) |
| Target Price | 3.20+0.35 = 3.55 (PE 16.0, EPS 0.2, DPS 0.35) |
| Decision | Not interested unless revenue and profit increase more |
| Comment | Revenue decreased 3.8% and is third consecutive quarter decreasing and also lower than preceding year corresponding quarter 0.05%, eps second consecutive decreasing(exclude non-repeatable income) and also lower than preceding year corresponding quarter, both negative free and net cash flow decreased, low liquidity ratio, above moderate gearing ratio, all accounting periods still acceptable, high oil price |
| First Support Price | 7.9 |
| Second Support Price | 7.45 |
| Risk Rating | HIGH |
Research House
| RHB Target Price | 8.14 (2010-11-25) |
| S&P Target Price | 9 (2010-11-26) |
| HwangDBS Target Price | 8.9 (2010-12-10) |
| CIMB Target Price | 7 (2010-12-16) |
| HLG Target Price | 8.56 (2011-02-25) |
| Maybank Target Price | 8.1 (2011-02-25) |
| MIDF Target Price | 8.5 (2011-02-25) |
| OSK Target Price | 8.2 (2011-02-28) |
Accounting Ratio
| Return on Equity | 9.93% |
| Dividend Yield | 4.38% |
| Profit Margin | 51.85% |
| Tax Rate | 0.64% |
| Asset Turnover | 0.316 |
| Net Asset Value Per Share | 5.12 |
| Net Tangible Asset per share | 4.92 |
| Price/Net Tangible Asset Per Share | 1.51 |
| Cash Per Share | 0.74 |
| Liquidity Current Ratio | 1.0343 |
| Liquidity Quick Ratio | 0.9713 |
| Liquidity Cash Ratio | 0.5931 |
| Gearing Debt to Equity Ratio | 0.7132 |
| Gearing Debt to Asset Ratio | 0.4051 |
| Working capital per thousand Ringgit sale | 1.5% |
| Days to sell the inventory | 11 |
| Days to collect the receivables | 60 |
| Days to pay the payables | 133 |
My notes based on 2011 quarter 3 report (number in '000):-
- Revenue for the current quarter of RM3,045.6 million was marginally lower compared to last year's corresponding quarter of RM3,047.1 million. Higher revenue recorded by Heavy Engineering in the quarter was however offset by lower revenue in the Liner business
- The higher profit before tax of RM263.0 million (excluding gain and impairment provision) was 37.3% higher than RM191.6 million recorded in the corresponding quarter mainly due to improved performance in Liner and Heavy Engineering businesses
- On Year to Date basis, the Group's revenue decreased by 10.1% to RM9,401.3 million, as compared to RM10,467.6 million recorded in the preceding year mainly attributed to lower revenue from Liner and Heavy Engineering businesses
- The Group's profit before tax for the 9 months period of RM1,150.6 million (excluding gain and impairment provision) was 83.9% higher than the profit before tax of RM625.8 million recorded in the corresponding period of the preceding year largely due to lower losses in Liner business and higher profits in Heavy Engineering business
- The Group recorded lower revenue in the current quarter of RM3,045.6 million compared to RM3,085.1 million recorded in the 2nd quarter of FY2011, representing a slight reduction of 1.3%
- The Group's profit before tax of RM263.0 million (excluding gain and impairment provision) was 36.8% lower than the profit before tax of RM416.3 million achieved in the preceding quarter. The lower profit recorded was mainly due to higher losses from Liner and Petroleum businesses
- Estimate next 4Q eps after 2011 Q3 result announced = 0.05*4 = 0.2, estimate PE on current price 8 = 38.25(DPS 0.35)
- Estimate next 4Q eps after 2011 Q2 result announced = 0.0691*4 = 0.2764(profit margin 10% per quarter), estimate highest/lowest PE = 30.57/25.69 (DPS 0.35)
- Estimate next 4Q eps after 2011 Q1 result announced = 0.04(exclude 257 million from other income)*4*1.05 = 0.168, estimate highest/lowest PE = 52.08/48.63 (DPS 0.35)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.0509*4 = 0.2036, estimate highest/lowest PE = 42.98/37.77 (DPS 0.35)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.0457*4 = 0.1828, estimate highest/lowest PE = 48.03/40.65 (DPS 0.35)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.0457*4 = 0.1828, estimate highest/lowest PE = 47.37/40.59 (DPS 0.35)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.0544*4 = 0.2176, estimate highest/lowest PE = 42/37.91 (DPS 0.35)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.058*4 = 0.232, estimate highest/lowest PE = 37.07/33.62 (DPS 0.35)
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