Sponsor by Innity

Sponsor by cwyeoh

Sponsor by Nuffnang

Wednesday, March 9, 2011

KLCI Stock - MUDAJYA / 5085 - 2010 Quarter 4

Company Info
Market Capital (Capital Size)1,932,820,950 (Large)
Par ValueRM 0.50

My Analysis
Forecast P/E now(4.7-0.045)/0.5351 = 8.70 (Moderate)
Target Price6.42+0.045 = 6.47 (PE 12.0, EPS 0.5351, DPS 0.045)
DecisionBUY
Comment
Revenue increased 20.5% and also higher than preceding year corresponding quarter 8.8%, eps increased 22.8% and also higher than preceding year corresponding quarter 26.7%, negative free cash flow decreased and positive net cash flow increased, liquidity ratio decreasing to low level, gearing ratio increasing to moderate level, receivables and payables period getting longer, property development loss increased, more opportunity from power plant project in India, opportunity of Hydroelectric Power Project from Lao
First Support Price4.6
Second Support Price4.2
Risk RatingMODERATE

Research House
OSK Target Price7.44 (2011-01-24)
CIMB Target Price7.94 (2011-02-21)
HLG Target Price6.54 (2011-02-21)

Accounting Ratio
Return on Equity27.06%
Dividend Yield1.17%
Profit Margin32.22%
Tax Rate16.46%
Asset Turnover0.7243
Net Asset Value Per Share1.75
Net Tangible Asset per share1.75
Price/Net Tangible Asset Per Share2.93
Cash Per Share0.62
Liquidity Current Ratio1.9589
Liquidity Quick Ratio1.7497
Liquidity Cash Ratio0.7018
Gearing Debt to Equity Ratio0.6004
Gearing Debt to Asset Ratio0.3581
Working capital per thousand Ringgit sale40.1%
Days to sell the inventory47
Days to collect the receivables160
Days to pay the payables209

My notes based on 2010 quarter 4 report (number in '000):-
- The Group achieved revenue of RM869.4 million and profit before taxation of RM286.6 million for the twelve months period ended 31 December 2010, as compared to RM720.0 million and RM168.0 million respectively for the previous corresponding period. The growth in revenue and profit before taxation of 20.8% and 70.6% respectively were mainly attributable to the increased level of activities during the current period as compared to the previous corresponding period

- The Group achieved revenue of RM230.3 million and profit before taxation of RM74.2 million for the current quarter ended 31 December 2010, as compared to RM191.2 million and RM61.7 million respectively for the preceding quarter. Both revenue and profit before taxation increased by 20.4% and 20.3% during the current quarter as compared to the preceding quarter mainly attributable to the increased level of activities

- Estimate next 4Q eps after 2010 Q4 result announced = 0.5096*1.05 = 0.5351, estimate PE on current price 4.7 = 8.68(DPS 0.055)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.1137*0.9*4 = 0.4093, estimate highest/lowest PE = 13.18/9.05 (DPS 0.045)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.1235*0.9*4 = 0.4446(based on preceding quarter eps to minus 10% adjustment due to revenue dropped 12%), estimate highest/lowest PE = 10.34/8.54 (DPS 0.045)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.1235*4 = 0.494, estimate highest/lowest PE = 12.27/7.51 (DPS 0.04)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.1102*4 = 0.4408, estimate highest/lowest PE = 12.51/10.81 (DPS 0.036)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.0948*4 = 0.3792, estimate highest/lowest PE = 13.76/10.68 (DPS 0.031)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.0711*4 = 0.2844, estimate highest/lowest PE = 14.31/11.25 (DPS 0.031)
- Estimate next 4Q eps after 2009 Q1 result announced = 0.0377*4 = 0.1508, estimate highest/lowest PE = 24.6/9.08 (DPS 0.031)
- Estimate next 4Q eps after 2008 Q4 result announced = 0.0278*4 = 0.1112, estimate highest/lowest PE = 13.98/9.58 (DPS 0.045)

MUDAJYA latest news (English)

MUDAJYA latest news (Chinese)

No comments:

Post a Comment