Company Info
My Analysis
Research House
Accounting Ratio
My notes based on 2011 quarter 1 report (number in '000):-
- Higher pbt mainly due to the following:
1. profit from the casino business in the UK
2. the construction profit of RM13.4 million generated from the progressive development of the facility at Resorts World New York
3. lower pre-operating expenses incurred for the development and operations of a video lottery facility at Resorts World New York by RM4.2 million
- However, the higher profit before taxation was offset by lower profit from the leisure and hospitality business in Malaysia which was mainly due to lower business volume and weaker luck factor from the premium players business
- Estimate next 4Q eps after 2010 Q1 result announced = 0.0736*4 = 0.2944, estimate PE on current price 3.61 = 11.99(DPS 0.08)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.2241*1.1 = 0.2465, estimate highest/lowest PE = 15.26/12.74 (DPS 0.08)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.0591*4 = 0.2364, estimate highest/lowest PE = 15.15/13.16 (DPS 0.079)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.2315*1.05 = 0.2431, estimate highest/lowest PE = 14.98/11.85 (DPS 0.079)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.2315*1.05 = 0.2431, estimate highest/lowest PE = 12.66/9.82 (DPS 0.073)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.0628*4 = 0.2512, estimate highest/lowest PE = 11.25/9.7 (DPS 0.073)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.0629*4 = 0.2516, estimate highest/lowest PE = 11.45/10.33 (DPS 0.07)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.0577*4 = 0.2308, estimate highest/lowest PE = 12.35/11.44 (DPS 0.07)
- Estimate next 4Q eps after 2009 Q1 result announced = 0.0481*4 = 0.1924, estimate highest/lowest PE = 15.23/12.79 (DPS 0.07)
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Market Capital (Capital Size) | 21,365,816,219 (Very Large) |
Par Value | RM 0.10 |
My Analysis
Forecast P/E now | (3.61-0.08)/0.2944 = 11.99 (Moderate) |
Target Price | 4.71+0.08 = 4.79 (PE 16.0, EPS 0.2944, DPS 0.08) |
Decision | BUY |
Comment | Revenue increased 25.2% and is second consecutive quarter increasing and also higher than preceding year corresponding quarter 45%, eps increased 15.4% and is second consecutive quarter increasing and also higher than preceding year corresponding quarter 54.3%, cash generated from operating is more than enough to cover all expenses, stronger liquidity ratio at moderate level now, higher gearing ratio at below moderate level now, all accounting turnover periods are good, casino UK profit largely increased, Resort World New York expected to open in the second half of 2011 |
First Support Price | 3.5 |
Second Support Price | 3.3 |
Risk Rating | LOW |
Research House
Credit Suisse Target Price | 3.3 (2011-01-14) |
CIMB Target Price | 4.3 (2011-02-07) |
RHB Target Price | 4.45 (2011-02-24) |
AMMB Target Price | 3.85 (2011-03-16) |
Macquarie Target Price | 4.25 (2011-04-06) |
ECM Target Price | 3.42 (2011-05-27) |
Maybank Target Price | 3.52 (2011-05-27) |
MIMB Target Price | 4.26 (2011-05-27) |
OSK Target Price | 4.1 (2011-05-30) |
Accounting Ratio
Return on Equity | 12.75% |
Dividend Yield | 2.22% |
Profit Margin | 28.38% |
Tax Rate | 24.53% |
Asset Turnover | 0.3973 |
Net Asset Value Per Share | 2.06 |
Net Tangible Asset per share | 1.51 |
Price/Net Tangible Asset Per Share | 2.33 |
Cash Per Share | 0.74 |
Liquidity Current Ratio | 2.5584 |
Liquidity Quick Ratio | 2.5208 |
Liquidity Cash Ratio | 2.1895 |
Gearing Debt to Equity Ratio | 0.2791 |
Gearing Debt to Asset Ratio | 0.2182 |
Working capital per thousand Ringgit sale | 50.5% |
Days to sell the inventory | 6 |
Days to collect the receivables | 38 |
Days to pay the payables | 94 |
My notes based on 2011 quarter 1 report (number in '000):-
- Higher pbt mainly due to the following:
1. profit from the casino business in the UK
2. the construction profit of RM13.4 million generated from the progressive development of the facility at Resorts World New York
3. lower pre-operating expenses incurred for the development and operations of a video lottery facility at Resorts World New York by RM4.2 million
- However, the higher profit before taxation was offset by lower profit from the leisure and hospitality business in Malaysia which was mainly due to lower business volume and weaker luck factor from the premium players business
- Estimate next 4Q eps after 2010 Q1 result announced = 0.0736*4 = 0.2944, estimate PE on current price 3.61 = 11.99(DPS 0.08)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.2241*1.1 = 0.2465, estimate highest/lowest PE = 15.26/12.74 (DPS 0.08)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.0591*4 = 0.2364, estimate highest/lowest PE = 15.15/13.16 (DPS 0.079)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.2315*1.05 = 0.2431, estimate highest/lowest PE = 14.98/11.85 (DPS 0.079)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.2315*1.05 = 0.2431, estimate highest/lowest PE = 12.66/9.82 (DPS 0.073)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.0628*4 = 0.2512, estimate highest/lowest PE = 11.25/9.7 (DPS 0.073)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.0629*4 = 0.2516, estimate highest/lowest PE = 11.45/10.33 (DPS 0.07)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.0577*4 = 0.2308, estimate highest/lowest PE = 12.35/11.44 (DPS 0.07)
- Estimate next 4Q eps after 2009 Q1 result announced = 0.0481*4 = 0.1924, estimate highest/lowest PE = 15.23/12.79 (DPS 0.07)
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