Company Info
My Analysis
Research House
Accounting Ratio
My notes based on 2011 quarter 1 report (number in '000):-
- Higher revenue and pbt than FY10Q1 mainly due to improved performance from the Group’s direct development projects located in Nusajaya
- Lower revenue than FY10Q4 arising from lower strategic and developed land sales but mitigated by higher property development revenue from the direct development projects of a new subsidiary, Sunrise
- Lower pbt than FY10Q4 arising from one-off transactions as highlighted above under the land compensation and compulsory acquisitions. In addition, a higher finance costs was reported in the current quarter driven mainly by the accretion of the debt component of the RCPS issued on 6 January 2011 for the acquisition of Sunrise shares amounting to RM7.1 million. This debt accretion is a notional charge and does not have any cashflow impact to the Group
- Estimate next 4Q eps after 2011 Q1 result announced = 0.051*1.3 = 0.0663, estimate PE on current price 2.67 = 40.27
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| Market Capital (Capital Size) | 11,535,730,423 (Very Large) |
| Par Value | RM 0.50 |
My Analysis
| Forecast P/E now | 2.67/0.0663 = 40.27 (High) |
| Target Price | 0.0663*23.0 = 1.52 (PE 23.0, EPS 0.0663) |
| Decision | Not interested unless revenue and profit increase more or stock price back to uptrend |
| Comment | Revenue decreased 32.1% but higher than preceding year corresponding quarter 372.8%, eps decreased 89.4% but higher than preceding year corresponding quarter 200%, no cash generated from operating however still got cash generated from investing and financing to cover all expenses, weaker liquidity ratio but still at strong level now, all accounting ratio also very high, stock price in downtrend since January 2011 |
| First Support Price | 2.6 |
| Second Support Price | 2.4 |
| Risk Rating | MODERATE |
Research House
| MIDF Target Price | 2.7 (2011-02-28) |
| Credit Suisse Target Price | 3.8 (2011-03-29) |
| OSK Target Price | 3.52 (2011-04-19) |
| RHB Target Price | 3.35 (2011-06-28) |
| UOB Target Price | 3.44 (2011-07-11) |
Accounting Ratio
| Return on Equity | 5.72% |
| Dividend Yield | - |
| Profit Margin | 12.77% |
| Tax Rate | 36.35% |
| Asset Turnover | 0.088 |
| Net Asset Value Per Share | 0.84 |
| Net Tangible Asset per share | 0.69 |
| Price/Net Tangible Asset Per Share | 4.04 |
| Cash Per Share | 0.16 |
| Liquidity Current Ratio | 4.796 |
| Liquidity Quick Ratio | 2.6142 |
| Liquidity Cash Ratio | 1.247 |
| Gearing Debt to Equity Ratio | 0.6942 |
| Gearing Debt to Asset Ratio | 0.3832 |
| Working capital per thousand Ringgit sale | 370.3% |
| Days to sell the inventory | 995 |
| Days to collect the receivables | 487 |
| Days to pay the payables | 297 |
My notes based on 2011 quarter 1 report (number in '000):-
- Higher revenue and pbt than FY10Q1 mainly due to improved performance from the Group’s direct development projects located in Nusajaya
- Lower revenue than FY10Q4 arising from lower strategic and developed land sales but mitigated by higher property development revenue from the direct development projects of a new subsidiary, Sunrise
- Lower pbt than FY10Q4 arising from one-off transactions as highlighted above under the land compensation and compulsory acquisitions. In addition, a higher finance costs was reported in the current quarter driven mainly by the accretion of the debt component of the RCPS issued on 6 January 2011 for the acquisition of Sunrise shares amounting to RM7.1 million. This debt accretion is a notional charge and does not have any cashflow impact to the Group
- Estimate next 4Q eps after 2011 Q1 result announced = 0.051*1.3 = 0.0663, estimate PE on current price 2.67 = 40.27
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