Company Info
My Analysis
Accounting Ratio
My notes based on 2011 quarter 4 report (number in '000):-
- The Group recorded a turnover and pre-tax profit of RM36 million and RM8.2 million respectively for the year ended 31 March 2011. This represents a decrease of 65% and 70% in turnover and pre-tax profit respectively as compared to the preceding year corresponding period
- The decrease in turnover and pre-tax profit were mainly due to lower revenue recognised for development activities, higher operating expenses, lower write back of allowance of doubtful debts and the effect of adopting FRS 139 whereby the write back of quoted investments was adjusted in the statement of comprehensive income (the write back of quoted investments for preceeding year corresponding period was adjusted in income statement)
- The Group recorded a higher pre-tax profit of RM5.7 million in the current quarter as compared to RM992K in the preceding quarter. The higher pre-tax profit was mainly due to higher profit from development actitivies, profit from disposal of land and write back of allowance for doubtful debts
- Estimate next 4Q eps after 2011 Q4 result announced = 310726*1.05*(0.0368+0.0684)/2/975315 = 0.0176, estimate PE on current price 0.1 = 5.68
- Due to property development costs largely increasing, so estimate future eps will be based on average eps of year 2007 and 2008 which is 0.0263, estimate highest/lowest PE = 5.32/3.61
- Estimate next 4Q eps after 2011 Q1 result announced = 0.005*4 = 0.02, estimate highest/lowest PE = 6.25/4
- Estimate next 4Q eps after 2010 Q4 result announced = 0.005*4 = 0.02, estimate highest/lowest PE = 5/3.75
- Estimate next 4Q eps after 2010 Q3 result announced = 0.0141, estimate highest/lowest PE = 7.09/4.96
- Estimate next 4Q eps after 2010 Q2 result announced = 0.018, estimate highest/lowest PE = 6.11/4.72
- Estimate next 4Q eps after 2010 Q1 result announced = 0.0106, estimate highest/lowest PE = 10.85/8.49
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| Market Capital (Capital Size) | 97,531,496 (Very Small) |
| Par Value | RM 0.20 |
My Analysis
| Forecast P/E now | 0.1/0.0176 = 5.68 (Moderate) |
| Target Price | 0.0176*6.0 = 0.11 (PE 6.0, EPS 0.0176) |
| Decision | Not buy unless price below 0.1 |
| Comment | Revenue increased 149.6% and is second consecutive quarter increasing but lower than preceding year corresponding period 8.8%, eps increased 816.7% and is third consecutive quarter increasing and also higher than preceding year corresponding period 8.9%, negative free cash flow increased and net cash flow turn into negative from positive, stronger liquidity ratio at high level now, better gearing ratio at above moderate level now, all accounting turnover periods also very long time, new property project to be launch next quarter |
| First Support Price | 0.095 |
| Second Support Price | 0.08 |
| Risk Rating | HIGH |
Accounting Ratio
| Return on Equity | 3.68% |
| Dividend Yield | - |
| Profit Margin | 39.87% |
| Tax Rate | - |
| Asset Turnover | 0.0665 |
| Net Asset Value Per Share | 0.32 |
| Net Tangible Asset per share | 0.29 |
| Price/Net Tangible Asset Per Share | 0.34 |
| Cash Per Share | 0.02 |
| Liquidity Current Ratio | 3.9406 |
| Liquidity Quick Ratio | 0.6636 |
| Liquidity Cash Ratio | 0.3593 |
| Gearing Debt to Equity Ratio | 0.7398 |
| Gearing Debt to Asset Ratio | 0.4252 |
| Working capital per thousand Ringgit sale | 490.6% |
| Days to sell the inventory | 2500 |
| Days to collect the receivables | 185 |
| Days to pay the payables | 564 |
My notes based on 2011 quarter 4 report (number in '000):-
- The Group recorded a turnover and pre-tax profit of RM36 million and RM8.2 million respectively for the year ended 31 March 2011. This represents a decrease of 65% and 70% in turnover and pre-tax profit respectively as compared to the preceding year corresponding period
- The decrease in turnover and pre-tax profit were mainly due to lower revenue recognised for development activities, higher operating expenses, lower write back of allowance of doubtful debts and the effect of adopting FRS 139 whereby the write back of quoted investments was adjusted in the statement of comprehensive income (the write back of quoted investments for preceeding year corresponding period was adjusted in income statement)
- The Group recorded a higher pre-tax profit of RM5.7 million in the current quarter as compared to RM992K in the preceding quarter. The higher pre-tax profit was mainly due to higher profit from development actitivies, profit from disposal of land and write back of allowance for doubtful debts
- Estimate next 4Q eps after 2011 Q4 result announced = 310726*1.05*(0.0368+0.0684)/2/975315 = 0.0176, estimate PE on current price 0.1 = 5.68
- Due to property development costs largely increasing, so estimate future eps will be based on average eps of year 2007 and 2008 which is 0.0263, estimate highest/lowest PE = 5.32/3.61
- Estimate next 4Q eps after 2011 Q1 result announced = 0.005*4 = 0.02, estimate highest/lowest PE = 6.25/4
- Estimate next 4Q eps after 2010 Q4 result announced = 0.005*4 = 0.02, estimate highest/lowest PE = 5/3.75
- Estimate next 4Q eps after 2010 Q3 result announced = 0.0141, estimate highest/lowest PE = 7.09/4.96
- Estimate next 4Q eps after 2010 Q2 result announced = 0.018, estimate highest/lowest PE = 6.11/4.72
- Estimate next 4Q eps after 2010 Q1 result announced = 0.0106, estimate highest/lowest PE = 10.85/8.49
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