Company Info
My Analysis
Research House
Accounting Ratio
My notes based on 2010 quarter 4 report (number in '000):-
- The Group’s revenue for the current financial quarter was RM487.8 million compared to RM261.3 million for the corresponding quarter last year as a result of the full consolidation of the newly acquired Herlitz business. The strengthening of Ringgit Malaysia (“RM”) against the Group’s major trade currencies such as Euro and United States Dollar (“USD”) has resulted in lower translation of revenues into the reporting currency. The loss before tax for the current quarter was RM0.6million compared to RM10.2 million loss for the corresponding quarter last year
- The Group’s revenue for the financial year was RM1.79 billion as compared to RM1.20 billion last year. Profit before tax for the year was RM167.6 million against RM50.1 million last year after taking into consideration the negative goodwill and provision for related expenses recognised in this year in connection to the acquisition of Herlitz AG and related assets
- The total assets and total liabilities of the Group increased from 31 December 2009 to 31 December 2010 due mainly to the consolidation of Herlitz and related assets in 2010. The acquisitions were financed by external borrowings. The Group paid down RM79million borrowings (net) in the last quarter of 2010
- In the current quarter, the Group’s revenue reduced to RM487.8 million compared to RM534.0 million in the preceding quarter. The reduction is mainly due to sales seasonality after the end of “back to school” season. Lower sales volume resulted in loss before tax in the fourth quarter RM0.6 million as compared to profit before tax of RM26.2 million in the preceding quarter
- Estimate next 4Q eps after 2010 Q4 result announced = 0.09*0.9 = 0.081, estimate PE on current price 1.03 = 12.47(DPS 0.02)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.09, estimate highest/lowest PE = 15.56/12.67 (DPS 0.02)
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| Market Capital (Capital Size) | 528,179,942 (Medium) |
| Par Value | RM 1.00 |
My Analysis
| Forecast P/E now | (1.03-0.02)/0.081 = 12.47 (High) |
| Target Price | 0.73+0.02 = 0.75 (PE 9.0, EPS 0.081, DPS 0.02) |
| Decision | Not interested unless revenue and profit increase more |
| Comment | Revenue decreased 8.7% but higher than preceding year corresponding quarter 82.6%, eps decreased 148.1% and is third consecutive quarter decreasing but still higher than preceding year corresponding quarter 49.5%, cash generated from operating not even enough to cover 5% of repayment of bank borrowings, weakeaning liquidity ratio at low level now, better gearing ratio but still at high level now, lower working capital, inventory and receivables also decreased which may lead to lower revenue, all accounting periods are good, Europe index increasing |
| First Support Price | 1.0 |
| Second Support Price | 0.92 |
| Risk Rating | HIGH |
Research House
| MIDF Target Price | 1.65 (2010-11-25) |
| HwangDBS Target Price | 1.2 (2011-02-10) |
| ECM Target Price | 1 (2011-02-24) |
Accounting Ratio
| Return on Equity | 16.25% |
| Dividend Yield | 1.94% |
| Profit Margin | -0.12% |
| Tax Rate | - |
| Asset Turnover | 0.9187 |
| Net Asset Value Per Share | 1.65 |
| Net Tangible Asset per share | 1.44 |
| Price/Net Tangible Asset Per Share | 0.83 |
| Cash Per Share | 0.25 |
| Liquidity Current Ratio | 1.4394 |
| Liquidity Quick Ratio | 0.8297 |
| Liquidity Cash Ratio | 0.2092 |
| Gearing Debt to Equity Ratio | 1.2482 |
| Gearing Debt to Asset Ratio | 0.5438 |
| Working capital per thousand Ringgit sale | 15.8% |
| Days to sell the inventory | 79 |
| Days to collect the receivables | 80 |
| Days to pay the payables | 76 |
My notes based on 2010 quarter 4 report (number in '000):-
- The Group’s revenue for the current financial quarter was RM487.8 million compared to RM261.3 million for the corresponding quarter last year as a result of the full consolidation of the newly acquired Herlitz business. The strengthening of Ringgit Malaysia (“RM”) against the Group’s major trade currencies such as Euro and United States Dollar (“USD”) has resulted in lower translation of revenues into the reporting currency. The loss before tax for the current quarter was RM0.6million compared to RM10.2 million loss for the corresponding quarter last year
- The Group’s revenue for the financial year was RM1.79 billion as compared to RM1.20 billion last year. Profit before tax for the year was RM167.6 million against RM50.1 million last year after taking into consideration the negative goodwill and provision for related expenses recognised in this year in connection to the acquisition of Herlitz AG and related assets
- The total assets and total liabilities of the Group increased from 31 December 2009 to 31 December 2010 due mainly to the consolidation of Herlitz and related assets in 2010. The acquisitions were financed by external borrowings. The Group paid down RM79million borrowings (net) in the last quarter of 2010
- In the current quarter, the Group’s revenue reduced to RM487.8 million compared to RM534.0 million in the preceding quarter. The reduction is mainly due to sales seasonality after the end of “back to school” season. Lower sales volume resulted in loss before tax in the fourth quarter RM0.6 million as compared to profit before tax of RM26.2 million in the preceding quarter
- Estimate next 4Q eps after 2010 Q4 result announced = 0.09*0.9 = 0.081, estimate PE on current price 1.03 = 12.47(DPS 0.02)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.09, estimate highest/lowest PE = 15.56/12.67 (DPS 0.02)
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