Company Info
My Analysis
Research House
Accounting Ratio
My notes based on 2011 quarter 1 report (number in '000):-
- The reduction in revenue and net loss is mainly due to a weaker demand within the industry especially in the engineering equipment division. The losses in the current quarter were also partly due to a net loss of RM4.70 million incurred from the disposal of Tanjung Offshore Berhad’s (Tanjung) entire equity stake in Hercules Tanjung Asia Sdn Bhd
- Estimate next 4Q eps after 2011 Q1 result announced = 0.004*0.9*4*1.1 = 0.0158, estimate PE on current price 1.05 = 66.46
- Estimate next 4Q eps after 2010 Q3 result announced = 0.035*1.1*2 = 0.077(use 100% improvement forecast), estimate highest/lowest PE = 21.3/14.03
- Estimate next 4Q eps after 2010 Q2 result announced = 0.0124*4*1.1*2 = 0.1091, estimate highest/lowest PE = 17.78/13.84 (DPS 0.01)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.0119*4*1.1*2 = 0.1048, estimate highest/lowest PE = 19.18/10.11 (DPS 0.01)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.0096*4*2 = 0.0768, estimate highest/lowest PE = 16.01/9.4 (DPS 0.01)
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| Market Capital (Capital Size) | 306,537,462 (Small) |
| Par Value | RM 0.50 |
My Analysis
| Forecast P/E now | 1.05/0.0158 = 66.46 (High) |
| Target Price | 0.0158*8.0 = 0.13 (PE 8.0, EPS 0.0158) |
| Decision | Not interested unless profit increase more |
| Comment | Revenue decreased 28.1% and also lower than preceding year corresponding quarter 21.2%, eps very largely increased the loss(due to disposal loss, if not will be increase profit) and also lower than preceding year corresponding quarter 191.6%, cash generated from operating not enough to cover financing activities, stronger liquidity ratio but still at low level now, lower gearing ratio but still at high level now, receivables and payables periods still very long time |
| First Support Price | 1.0 |
| Second Support Price | 0.9 |
| Risk Rating | HIGH |
Research House
| Maybank Target Price | 1.07 (2011-04-28) |
| OSK Target Price | 1.29 (2011-05-19) |
| AMMB Target Price | 1 (2011-05-20) |
| TA Target Price | 0.72 (2011-05-20) |
Accounting Ratio
| Return on Equity | 0.28% |
| Dividend Yield | - |
| Profit Margin | -2.57% |
| Tax Rate | - |
| Asset Turnover | 0.4842 |
| Net Asset Value Per Share | 1.21 |
| Net Tangible Asset per share | 1.18 |
| Price/Net Tangible Asset Per Share | 0.94 |
| Cash Per Share | 0.05 |
| Liquidity Current Ratio | 1.2608 |
| Liquidity Quick Ratio | 1.1571 |
| Liquidity Cash Ratio | 0.0729 |
| Gearing Debt to Equity Ratio | 1.9036 |
| Gearing Debt to Asset Ratio | 0.6518 |
| Working capital per thousand Ringgit sale | 11.4% |
| Days to sell the inventory | 17 |
| Days to collect the receivables | 172 |
| Days to pay the payables | 124 |
My notes based on 2011 quarter 1 report (number in '000):-
- The reduction in revenue and net loss is mainly due to a weaker demand within the industry especially in the engineering equipment division. The losses in the current quarter were also partly due to a net loss of RM4.70 million incurred from the disposal of Tanjung Offshore Berhad’s (Tanjung) entire equity stake in Hercules Tanjung Asia Sdn Bhd
- Estimate next 4Q eps after 2011 Q1 result announced = 0.004*0.9*4*1.1 = 0.0158, estimate PE on current price 1.05 = 66.46
- Estimate next 4Q eps after 2010 Q3 result announced = 0.035*1.1*2 = 0.077(use 100% improvement forecast), estimate highest/lowest PE = 21.3/14.03
- Estimate next 4Q eps after 2010 Q2 result announced = 0.0124*4*1.1*2 = 0.1091, estimate highest/lowest PE = 17.78/13.84 (DPS 0.01)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.0119*4*1.1*2 = 0.1048, estimate highest/lowest PE = 19.18/10.11 (DPS 0.01)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.0096*4*2 = 0.0768, estimate highest/lowest PE = 16.01/9.4 (DPS 0.01)
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