Company Info
My Analysis
Research House
Accounting Ratio
My notes based on 2011 quarter 1 report (number in '000):-
- The current period profit after taxation was arrived at after expensing approximately RM6 million for employee share options granted pursuant to the Company’s ESOS which was launched in May 2009. Selling and marketing expenses include the cost of financial incentives of RM16 million borne by the Group pursuant to its successful 5/95, Best for the Best and Invest Setiahomes campaigns
- The Group’s profit and revenue were principally derived from its property development activities carried out in the Klang Valley, Johor Bahru and Penang. Ongoing projects which contributed to the Group’s profit and revenue include Setia Alam and Setia Eco-Park at Shah Alam, Setia Walk at Pusat Bandar Puchong, Setia Sky Residences at Jalan Tun Razak, Bukit Indah, Setia Indah, Setia Tropika and Setia Eco Gardens in Johor Bahru, Setia Pearl Island and Setia Vista in Penang. Apart from property development, the Group’s construction and wood-based manufacturing activities also contributed to the earnings achieved
- Estimate next 4Q eps after 2011 Q1 result announced = 0.1287*2*1.1 = 0.2831/3*2 = 0.1887, estimate PE on current price 4.08 = 20.56(DPS 0.2)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.05*4*1.1 = 0.22(assume investment gain only RM6 million), estimate highest/lowest PE = 30.59/23.64 (DPS 0.2)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.0439(after exclude RM48 million other income and used 27% VAT)*4*1.1 = 0.1932, estimate highest/lowest PE = 28.47/22.31 (DPS 0.15)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.1841 (10% increase from 0.1674), estimate highest/lowest PE = 24.06/20.53 (DPS 0.15)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.1724 (3% increase from 0.1674), estimate highest/lowest PE = 24.01/20.19 (DPS 0.14)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.16, estimate highest/lowest PE = 26.25/21.5 (DPS 0.14)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.16, estimate highest/lowest PE = 27.63/21 (DPS 0.15)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.16, estimate highest/lowest PE = 28.56/22.81 (DPS 0.15)
- Estimate next 4Q eps after 2009 Q1 result announced = 0.16, estimate highest/lowest PE = 28.69/16.19 (DPS 0.17)
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| Market Capital (Capital Size) | 7,214,017,972 (Very Large) |
| Par Value | RM 0.75 |
My Analysis
| Forecast P/E now | (4.08-0.2)/0.1887 = 20.56 (Moderate) |
| Target Price | 4.53+0.2 = 4.73 (PE 24.0, EPS 0.1887, DPS 0.2) |
| Decision | BUY |
| Comment | Revenue decreased 7% but higher than preceding year corresponding quarter 42.6%, eps decreased 21% and is second consecutive quarter decreasing but higher than preceding year corresponding quarter 53.5%, cash generated from operating is neither enough to cover investing nor financing activities, stronger liquidity ratio at moderate level now, lower gearing ratio at above moderate level now, all turnover periods getting shorter |
| First Support Price | 4.0 |
| Second Support Price | 3.4 |
| Risk Rating | MODERATE |
Research House
| CIMB Target Price | 5.37 (2011-01-18) |
| MIDF Target Price | 4 (2011-01-18) |
| Kenanga Target Price | 5.07 (2011-02-07) |
| RHB Target Price | 4.87 (2011-03-03) |
| ECM Target Price | 4 (2011-03-18) |
| TA Target Price | 4.63 (2011-03-18) |
| BIMB Target Price | 4.05 (2011-03-21) |
| Maybank Target Price | 4.75 (2011-04-15) |
| OSK Target Price | 4.82 (2011-04-15) |
| AMMB Target Price | 5.41 (2011-05-16) |
| HwangDBS Target Price | 5.3 (2011-05-23) |
Accounting Ratio
| Return on Equity | 12.80% |
| Dividend Yield | 4.90% |
| Profit Margin | 16.84% |
| Tax Rate | 29.02% |
| Asset Turnover | 0.4638 |
| Net Asset Value Per Share | 2.07 |
| Net Tangible Asset per share | 2.07 |
| Price/Net Tangible Asset Per Share | 2.93 |
| Cash Per Share | 0.57 |
| Liquidity Current Ratio | 2.6063 |
| Liquidity Quick Ratio | 1.5863 |
| Liquidity Cash Ratio | 0.728 |
| Gearing Debt to Equity Ratio | 0.8164 |
| Gearing Debt to Asset Ratio | 0.4494 |
| Working capital per thousand Ringgit sale | 71.7% |
| Days to sell the inventory | 203 |
| Days to collect the receivables | 135 |
| Days to pay the payables | 117 |
My notes based on 2011 quarter 1 report (number in '000):-
- The current period profit after taxation was arrived at after expensing approximately RM6 million for employee share options granted pursuant to the Company’s ESOS which was launched in May 2009. Selling and marketing expenses include the cost of financial incentives of RM16 million borne by the Group pursuant to its successful 5/95, Best for the Best and Invest Setiahomes campaigns
- The Group’s profit and revenue were principally derived from its property development activities carried out in the Klang Valley, Johor Bahru and Penang. Ongoing projects which contributed to the Group’s profit and revenue include Setia Alam and Setia Eco-Park at Shah Alam, Setia Walk at Pusat Bandar Puchong, Setia Sky Residences at Jalan Tun Razak, Bukit Indah, Setia Indah, Setia Tropika and Setia Eco Gardens in Johor Bahru, Setia Pearl Island and Setia Vista in Penang. Apart from property development, the Group’s construction and wood-based manufacturing activities also contributed to the earnings achieved
- Estimate next 4Q eps after 2011 Q1 result announced = 0.1287*2*1.1 = 0.2831/3*2 = 0.1887, estimate PE on current price 4.08 = 20.56(DPS 0.2)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.05*4*1.1 = 0.22(assume investment gain only RM6 million), estimate highest/lowest PE = 30.59/23.64 (DPS 0.2)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.0439(after exclude RM48 million other income and used 27% VAT)*4*1.1 = 0.1932, estimate highest/lowest PE = 28.47/22.31 (DPS 0.15)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.1841 (10% increase from 0.1674), estimate highest/lowest PE = 24.06/20.53 (DPS 0.15)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.1724 (3% increase from 0.1674), estimate highest/lowest PE = 24.01/20.19 (DPS 0.14)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.16, estimate highest/lowest PE = 26.25/21.5 (DPS 0.14)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.16, estimate highest/lowest PE = 27.63/21 (DPS 0.15)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.16, estimate highest/lowest PE = 28.56/22.81 (DPS 0.15)
- Estimate next 4Q eps after 2009 Q1 result announced = 0.16, estimate highest/lowest PE = 28.69/16.19 (DPS 0.17)
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