Company Info
My Analysis
Research House
Accounting Ratio
My notes based on 2011 quarter 1 report (number in '000):-
- The Group’s revenue for the period under review improved primarily from its continuing strategy of network expansion and its effective KFC marketing programs. The growth in the integrated poultry segment was attributed to better sales to the restaurants and retail outlets and the continuing improvement in its local open market sales and export sales
- Malaysia KFC restaurants revenue and profit growth were due to :-
i) continuing network expansion where 8 new KFC restaurants were opened during the period under review
ii) introduction of innovative new products and promotions such as the 500th restaurant celebration Combo, KFC Fish Donut and KFC Lunch Treats
- Foreign KFC restaurants lower profitability attributed to :-
i) Singapore operations introduction of new products such as the Fortune Feast, KFC Mandarin Orange egg tarts during the festive season and value products such as KFC Snacker and Hearty Deal drove sales and transactions at the restaurants. However its profitability was dampened by the increased operating costs
ii) India outlets registered encouraging sales but its profitability was hampered by initial start-up costs
- Integrated Poultry division registered improved sales to the KFC restaurants and better sales of its Ayamas products to the local open market and export market, its profitability was negatively affected by its Rasamas restaurants performance
- Estimate next 4Q eps after 2011 Q1 result announced = (0.061+0.0452)*2*1.1 = 0.2336, estimate PE on current price 3.85 = 15.82(DPS 0.155)
KFC latest news (English)
KFC latest news (Chinese)
| Market Capital (Capital Size) | 3,054,072,036 (Large) |
| Par Value | RM 0.50 |
My Analysis
| Forecast P/E now | (3.85-0.155)/0.2336 = 15.82 (Moderate) |
| Target Price | 3.74+0.155 = 3.89 (PE 16.0, EPS 0.2336, DPS 0.155) |
| Decision | Not buy unless price below 3.7 |
| Comment | Revenue decreased 5.8% but higher than preceding year corresponding quarter 7.2%, eps decreased 25.9% but higher than preceding year corresponding quarter 4.6%, cash generated from operating enough to cover financing expenses but remaining not enough for investing expenses, null |
| First Support Price | 3.85 |
| Second Support Price | 3.7 |
| Risk Rating | MODERATE |
Research House
| BIMB Target Price | 4.3 (2011-02-22) |
| Maybank Target Price | 3.97 (2011-02-22) |
| AMMB Target Price | 4.15 (2011-03-03) |
| RHB Target Price | 3.74 (2011-04-27) |
| OSK Target Price | 4.15 (2011-05-25) |
| MIDF Target Price | 4.12 (2011-06-14) |
Accounting Ratio
| Return on Equity | 16.96% |
| Dividend Yield | 4.03% |
| Profit Margin | 8.17% |
| Tax Rate | 30.01% |
| Asset Turnover | 1.5956 |
| Net Asset Value Per Share | 1.24 |
| Net Tangible Asset per share | 1.15 |
| Price/Net Tangible Asset Per Share | 3.35 |
| Cash Per Share | 0.12 |
| Liquidity Current Ratio | 1.1433 |
| Liquidity Quick Ratio | 0.6231 |
| Liquidity Cash Ratio | 0.2218 |
| Gearing Debt to Equity Ratio | 0.6006 |
| Gearing Debt to Asset Ratio | 0.3715 |
| Working capital per thousand Ringgit sale | 2.4% |
| Days to sell the inventory | 34 |
| Days to collect the receivables | 24 |
| Days to pay the payables | 59 |
My notes based on 2011 quarter 1 report (number in '000):-
- The Group’s revenue for the period under review improved primarily from its continuing strategy of network expansion and its effective KFC marketing programs. The growth in the integrated poultry segment was attributed to better sales to the restaurants and retail outlets and the continuing improvement in its local open market sales and export sales
- Malaysia KFC restaurants revenue and profit growth were due to :-
i) continuing network expansion where 8 new KFC restaurants were opened during the period under review
ii) introduction of innovative new products and promotions such as the 500th restaurant celebration Combo, KFC Fish Donut and KFC Lunch Treats
- Foreign KFC restaurants lower profitability attributed to :-
i) Singapore operations introduction of new products such as the Fortune Feast, KFC Mandarin Orange egg tarts during the festive season and value products such as KFC Snacker and Hearty Deal drove sales and transactions at the restaurants. However its profitability was dampened by the increased operating costs
ii) India outlets registered encouraging sales but its profitability was hampered by initial start-up costs
- Integrated Poultry division registered improved sales to the KFC restaurants and better sales of its Ayamas products to the local open market and export market, its profitability was negatively affected by its Rasamas restaurants performance
- Estimate next 4Q eps after 2011 Q1 result announced = (0.061+0.0452)*2*1.1 = 0.2336, estimate PE on current price 3.85 = 15.82(DPS 0.155)
KFC latest news (English)
KFC latest news (Chinese)
No comments:
Post a Comment