KLCI Stock - LEADER / 4529 - 2011 Quarter 2

LEADER UNIVERSAL HOLDINGS BERHAD

Company Description

Leader Universal Holdings Berhad (Leader) is a Malaysia-based investment holding company of the LEADER Group. It has three divisions: cable and wire division, power generation division, and propery and others. The Company is a cable and wire producer in Malaysia and in the Association of Southeast Asian Nations (ASEAN) region. It produces a range of communication cables, such as copper and optical fiber cables and energy cables, such as bare conductors, cross linked polyethylene (XLPE) and polyvinyl chloride (PVC) insulated power cables ranging from low, medium to high voltage. It is also involved in the power transmission and distribution business based on Build-Operate-Transfer model. Leader projects includes residential development, commercial development, and mix development ranging from shop lots, retail units, terraces houses, bungalows, and condominiums. In September 2009, the Company incorporated a wholly owned subsidiary, Leader Infrastructure (Labuan) Limited.

Company Info

Listing Date	1978-08-25
Market Capital (Capital Size)	349,166,921 (Small)
Par Value	RM 1.00
Board	Main
Sector	Industrial Products
Major Industry	Cable & Wire
Sub Industry	Power Generation
Website	http://www.leaderuniversal.com

My Analysis

Forecast P/E now	(0.8-0.015)/0.1547 = 5.07 (Moderate)
Target Price	1.24+0.015 = 1.25 (PE 8.0, EPS 0.1547, DPS 0.015)
Decision	BUY
Comment	Revenue increased 10.8% and was second consecutive quarter increasing and also higher than preceding year corresponding quarter 47.1%, eps increased 25.8% and was second consecutive quarter increasing and also higher than preceding year corresponding quarter 3.5%, no cash generated from operating after deduct the expenses to increased assets but cash from borrowing is more than enough to cover all expenses, weaker liquidity ratio at low level now, higher gearing ratio at high level now, all accounting ratio are good, if the under construction power division back to operation then expect higher profit
First Support Price	0.82
Second Support Price	0.79
Risk Rating	MODERATE

Research House

OSK Target Price	1.2 (2011-05-23)
TA Target Price	1.2 (2011-08-16)

Accounting Ratio

Return on Equity	7.75%
Dividend Yield	-
Profit Margin	2.46%
Tax Rate	11.97%
Asset Turnover	1.7467
Net Asset Value Per Share	1.36
Net Tangible Asset per share	1.36
Price/Net Tangible Asset Per Share	0.58
Cash Per Share	0.42
Liquidity Current Ratio	1.3063
Liquidity Quick Ratio	0.8667
Liquidity Cash Ratio	0.2366
Gearing Debt to Equity Ratio	1.892
Gearing Debt to Asset Ratio	0.6202
Working capital per thousand Ringgit sale	7.4%
Days to sell the inventory	40
Days to collect the receivables	54
Days to pay the payables	36

My notes based on 2011 quarter 2 report (number in '000):-
- The Cable and Wire division marked a higher revenue mainly due to the increase of sale volume coupled with the surge in metal prices in the current reporting quarter. And with the adoption of IC Interpretation 12, a subsidiary in the Power - Under Construction division has also recognised higher Construction Revenue

- Higher pbt in line with the higher revenue

- Estimate next 4Q eps after 2011 Q2 result announced = 0.1547, estimate PE on current price 0.8 = 5.07(DPS 0.015)
- Estimate next 4Q eps after 2011 Q1 result announced = 0.119*1.3 = 0.1547, estimate highest/lowest PE = 5.75/4.69 (DPS 0.015)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.0564*2*0.8 = 0.0902, estimate highest/lowest PE = 10.09/8.59 (DPS 0.015)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.034*4*0.9 = 0.1224, estimate highest/lowest PE = 7.52/6.41 (DPS 0.03)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.0575*2 = 0.115, estimate highest/lowest PE = 7.87/6.78 (DPS 0.03)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.1041, estimate highest/lowest PE = 8.5/7.4 (DPS 0.03)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.0261*4 = 0.1044, estimate highest/lowest PE = 9.77/7.71 (DPS 0.03)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.0363*4 = 0.1452, estimate highest/lowest PE = 6.44/4.92 (DPS 0.03)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.032*4 = 0.128, estimate highest/lowest PE = 6.29/5.35 (DPS 0.03)
- Estimate next 4Q eps after 2009 Q1 result announced = 0.0281*4 = 0.1124, estimate highest/lowest PE = 7.38/5.2 (DPS 0.03)
- Estimate next 4Q eps after 2008 Q4 result announced = 0.0289*4 = 0.1156, estimate highest/lowest PE = 5.97/3.16 (DPS 0.03)

LEADER latest news (English)

LEADER latest news (Chinese)



Financial Quarter Summary

a_date	year	qrt	h_price	l_price	div	roe	c_roe	rev	c_rev	pbt	c_pbt	prof	c_prof	eps	c_eps	asset	liab	mino	equi	cfo	cfi	cff	cash	fcf	net	final	share	c_share	m_cap	date	prof_m	vat	asset_t	pe	navps	ntaps	p/ntaps	cps	l_cur	l_qui	l_cash	g_de	g_da	avg_w	inv_d	rec_d	pay_d
2011-08-15	2011	2	N/A	N/A	-	2.26%	4.05%	998425	1899496	24561	45823	15546	27916	0.0356	0.0640	1814120	1125125	94308	688995	52044	213985	300040	147922	266029	34011	181933	436459	436459	346984	2011-06-30	2.46%	11.97%	1.7467	-	1.36	1.36	0.58	0.42	1.3063	0.8667	0.2366	1.892	0.6202	7.4%	40	54	36
2011-05-20	2011	1	0.905	0.74	-	1.80%	1.80%	901071	901071	21262	21262	12370	12370	0.0283	0.0283	1713272	1025666	107502	687606	13538	79726	144396	147938	93264	51132	199070	436459	436459	360078	2011-03-31	2.36%	19.47%	1.663	-	1.33	1.33	0.62	0.46	1.3748	0.8713	0.266	1.7681	0.5987	9.9%	50	56	51
2011-02-28	2010	4	0.925	0.79	-	1.20%	7.37%	624269	2494025	7305	66993	8100	49680	0.0186	0.1138	1383025	708807	104035	674218	8381	193567	145241	205819	201948	56707	149112	436459	436459	366625	2010-12-31	1.17%	-	1.8033	7.3797	1.31	1.31	0.64	0.34	1.4537	0.9071	0.2808	1.2431	0.5125	9.7%	44	48	35
2010-11-26	2010	3	0.95	0.815	-	2.50%	6.30%	645021	1869756	19315	59688	16480	41580	0.0378	0.0953	1357942	698016	98311	659926	21009	127076	78832	203469	148085	69253	134216	436459	436459	370990	2010-09-30	2.99%	-	1.7608	-	1.29	1.29	0.66	0.31	1.4798	1.0048	0.2456	1.2429	0.514	11.0%	41	62	45
2010-08-23	2010	2	0.935	0.81	-	2.25%	3.76%	678858	1224735	23437	40373	15008	25100	0.0344	0.0575	1318609	650829	121832	667780	25297	93853	45969	208300	119150	73181	135119	436459	436459	373172	2010-06-30	3.45%	11.01%	1.7107	-	1.25	1.25	0.68	0.31	1.5364	1.1083	0.2703	1.1921	0.4936	12.0%	36	66	45
2010-05-21	2010	1	0.915	0.8	0.015	1.51%	1.51%	545877	545877	16936	16936	10092	10092	0.0231	0.0231	1224726	554564	131394	670162	34080	27633	2077	210382	61713	59636	150746	436459	436459	375354	2010-03-31	3.10%	6.62%	1.6746	-	1.23	1.23	0.7	0.35	1.6641	1.1365	0.3386	1.0293	0.4528	14.5%	44	61	46
2010-02-23	2009	4	1.05	0.835	-	1.70%	7.97%	521269	1949800	14628	76841	11412	53446	0.0261	0.1225	1252499	582099	129046	670400	277348	65242	175324	177119	212106	36782	213901	436459	436459	394995	2009-12-31	2.81%	-	1.5567	7.3906	1.24	1.24	0.73	0.49	1.4749	1.0002	0.402	1.0753	0.4648	13.0%	50	59	56
2009-11-30	2009	3	0.965	0.745	0.015	2.49%	6.60%	509775	1428531	20168	62213	15831	42034	0.0363	0.0963	1216777	580365	101325	636412	234149	34387	189916	178138	199762	9846	187984	436459	436459	342620	2009-09-30	3.96%	0.43%	1.6012	-	1.23	1.23	0.64	0.43	1.6045	1.069	0.3917	1.0846	0.477	15.0%	51	61	56
2009-08-21	2009	2	0.835	0.715	-	2.25%	4.23%	474035	918756	20599	42045	13945	26203	0.0320	0.0600	1166469	547237	98377	619232	198013	20502	151919	178963	177511	25592	204555	436459	436459	329526	2009-06-30	4.35%	11.84%	1.836	-	1.19	1.19	0.63	0.47	1.7599	1.2499	0.4927	1.0507	0.4691	14.8%	38	53	39
2009-05-29	2009	1	0.86	0.615	0.015	1.95%	1.95%	444721	444721	21446	21446	12258	12258	0.0281	0.0281	1219514	590749	110242	628765	94938	6353	58616	182009	88585	29969	211978	436459	436459	279333	2009-03-31	4.82%	19.69%	1.9234	-	1.19	1.19	0.54	0.49	1.7284	1.2768	0.4642	1.1393	0.4844	14.3%	34	58	31
2009-02-20	2008	4	0.72	0.395	-	2.08%	10.73%	519778	2540802	17351	102024	12609	64935	0.0289	0.1488	1291102	685820	105309	605282	137027	22177	147814	211270	114850	32964	178306	436459	436459	185495	2008-12-31	3.34%	-	1.9679	2.8566	1.15	1.15	0.37	0.41	1.5888	1.1055	0.3289	1.3717	0.5312	12.7%	40	60	35
2008-11-21	2008	3	0.49	0.42	-	3.19%	8.89%	703051	2021024	29887	84673	18754	52326	0.0430	0.1199	1382702	794112	97123	588590	101827	26068	79960	215236	75759	4201	211035	436459	436459	192041	2008-09-30	4.25%	16.70%	1.9758	-	1.13	1.13	0.39	0.48	1.5347	1.0589	0.3314	1.6158	0.5743	12.5%	42	61	41
2008-08-22	2008	2	0.63	0.38	-	3.22%	5.98%	678069	1317973	27536	54786	18061	33572	0.0414	0.0769	1382711	821334	91832	561377	39714	10564	81704	211490	29150	52554	158936	436459	436459	259693	2008-06-30	4.06%	15.27%	2.0574	-	1.08	1.08	0.55	0.36	1.4435	1.0071	0.2319	1.7492	0.594	10.7%	40	67	45
2008-05-23	2008	1	0.9	0.545	-	2.80%	2.80%	639904	639904	27250	27250	15511	15511	0.0355	0.0355	1333339	779330	103461	554009	38517	8840	38733	209998	29677	9056	200942	436459	436459	390630	2008-03-31	4.26%	24.82%	2.1569	-	1.03	1.03	0.87	0.46	1.5105	1.0885	0.3222	1.7297	0.5845	11.1%	35	59	37
2008-02-28	2007	4	0.99	0.815	-	0.66%	10.02%	710908	2821735	17686	94533	3599	54246	0.0082	0.1243	1340892	799448	98495	541444	156407	14752	74581	141171	141655	67074	208245	436459	436459	403724	2007-12-31	2.49%	60.05%	2.1044	7.4425	1.01	1.01	0.92	0.48	1.471	1.0606	0.3279	1.8048	0.5962	10.7%	35	59	35
2007-11-20	2007	3	1.23	0.89	0.015	4.39%	9.86%	815905	2110827	33155	76848	22550	50648	0.0517	0.1160	1447215	933648	97704	513567	100933	9283	66151	143415	91650	25499	168914	436459	436459	458281	2007-09-30	4.06%	13.93%	1.8739	-	0.95	0.95	1.11	0.39	1.5018	1.1049	0.2365	2.2451	0.6451	13.2%	40	82	54
2007-08-21	2007	2	1.17	1.01	-	3.17%	5.63%	709142	1294922	25745	43693	15852	28098	0.0363	0.0644	1420274	920831	106121	499443	104016	15988	72909	143395	88028	15119	158514	436459	436459	370990	2007-06-30	3.63%	15.69%	1.335	-	0.9	0.9	0.94	0.36	1.4645	1.0449	0.2275	2.3412	0.6483	17.1%	59	108	75
2007-05-31	2007	1	N/A	N/A	-	2.52%	2.52%	585780	585780	17948	17948	12246	12246	0.0281	0.0281	1374413	888206	102734	486207	42324	2432	28821	143862	39892	11071	154933	436459	436459	292427	2007-03-31	3.06%	11.63%	0.8635	-	0.88	0.88	0.76	0.36	1.4721	1.0037	0.2321	2.3162	0.6462	26.6%	100	156	100
2007-02-13	2006	4	N/A	N/A	0.015	1.79%	7.29%	601089	2365016	14000	65764	8681	35315	0.0199	0.0809	1351337	866769	113341	484568	71999	24	19860	92164	72023	52163	144327	436459	436459	246599	2006-12-31	2.33%	14.83%	0.4448	6.9828	0.85	0.85	0.66	0.33	1.4843	1.01	0.2237	2.3349	0.6414	52.0%	194	303	179

Financial Quarter Balance Sheet

year	qrt	Deferred tax assets (A-0)	Investment in associated companies (A-0)	Investment properties (A-0)	Land held for property development (A-0)	Other assets (A-0)	Other investments (A-0)	Prepaid lease payments (A-0)	Property, plant and equipment (A-0)	Receivables (A-0)	Amount due from associated companies (A-1)	Cash and cash equivalents (A-1)	Current asset classified as held for sales (A-1)	Current tax assets (A-1)	Derivative assets (A-1)	Inventories (A-1)	Property development costs (A-1)	Redeemable preference shares (A-1)	Trade receivables (A-1)	Deferred tax liabilities (L-0)	Loans & borrowings (L-0)	Other liabilities (L-0)	Retirement benefits obligations (L-0)	Amount due to associated companies (L-1)	Current tax liabilities (L-1)	Derivative liabilities (L-1)	Dividend payable (L-1)	Firm commitment (L-1)	Loans & borrowings (L-1)	Progress billings (L-1)	Trade and other payables (L-1)	Minority interest (M-1)
2011	2	2403	35222	46842	14591	5532	9645	4747	469367	220225	-	181933	-	4524	8140	337405	1015	228	472301	8483	337276	6320	3293	-	3426	-	-	6242	454042	-	306043	94308
2011	1	3284	33418	47149	14589	5607	9664	4802	410580	154305	-	199070	-	3524	12165	376167	1015	228	437705	8758	259947	4545	3293	-	4142	-	-	9418	350336	-	385227	107502
2010	4	1728	20600	47270	14552	5682	9726	4856	503040	-	-	149112	-	4168	2373	290552	1053	673	327640	6942	163895	1161	3293	-	2127	2	-	429	298024	-	232934	104035
2010	3	300	20120	66675	14384	6371	9291	16530	410391	-	26109	134216	-	3090	8101	260228	1053	876	380207	10596	134069	-	3368	-	2579	-	-	6265	257036	-	284103	98311
2010	2	305	19910	67020	14276	6981	9800	43601	383737	-	12579	135119	-	2789	8794	214359	1053	876	397410	13983	130383	-	3368	-	1613	-	-	12025	224327	-	265130	121832
2010	1	304	26178	67422	14543	6810	9830	43945	310656	-	15962	150746	-	3828	9930	235139	1053	876	327504	14123	89348	-	3368	-	1090	-	-	10469	188240	-	247926	131394
2009	4	419	26079	48037	14543	9667	10074	45153	310314	-	13816	213901	-	6974	-	252664	1053	953	298852	15513	28814	-	3368	6297	2382	-	-	-	244358	-	281367	129046
2009	3	-	26710	48330	14543	8588	10241	21425	311544	-	-	187984	-	4094	-	257733	1053	1311	323221	18620	75006	-	3484	2307	1777	-	-	-	197579	-	281592	101325
2009	2	-	25763	46311	14543	8663	10547	21572	303807	-	13224	204555	-	2592	-	211990	1053	1311	300538	18616	107340	-	3484	-	1013	-	-	-	198745	-	218039	98377
2009	1	-	25483	46542	14543	8739	10861	21720	297519	-	34150	211978	-	2096	-	206460	1053	1311	337059	15768	112058	-	3484	-	1989	-	-	-	264580	-	192870	110242
2008	4	-	25180	46773	14543	8913	10393	21867	295726	-	32382	178306	-	4077	-	262886	1053	1311	387692	17143	119067	-	3484	-	3088	-	-	-	308361	-	234677	105309
2008	3	-	28009	59027	14543	-	8904	15235	279603	-	22766	211035	8595	-	-	289657	13338	-	431990	17698	139541	-	-	-	1759	-	-	-	342417	236	292461	97123
2008	2	-	26967	51371	14543	-	8674	15346	274444	-	18800	159227	8534	-	-	280310	19388	-	505107	16344	118231	-	-	-	677	-	-	-	349311	612	336159	91832
2008	1	74	25114	51620	14543	-	8941	15457	275414	-	17923	200971	9363	-	-	240672	22515	-	450732	17015	138549	-	-	-	3276	-	-	-	342594	44	277852	103461
2007	4	74	24088	46833	14543	10065	7767	15568	279147	-	11216	208277	9888	-	-	239351	23723	1888	448464	13088	141218	-	4222	-	2446	-	-	-	375401	79	262994	98495
2007	3	446	24054	24857	14713	-	10511	18463	281669	-	46231	168914	8991	-	-	254198	29223	-	564945	28266	191241	-	-	-	7562	-	-	-	319081	431	387067	97704
2007	2	1927	22806	24959	14713	-	10495	18606	306338	-	52007	158514	8977	-	-	260434	31925	-	508573	32081	191995	-	-	-	4266	-	-	-	319712	58	372719	106121
2007	1	2249	21131	25061	14713	-	10304	18745	299273	-	46624	154997	8691	-	-	277803	34944	-	459878	33024	187453	-	-	-	695	-	287	-	353479	162	313106	102734
2006	4	1269	19943	25163	14713	-	10039	18890	302697	-	49102	144480	8648	-	-	270621	35696	-	450076	34072	186849	-	-	-	1276	-	-	-	361946	17	282609	113341

Financial Quarter Income Statement

year	qrt	Revenue	Income tax expense	Cost of sales	Finance/interest costs	Other income	Administrative/Operating expenses	Minority interest	Share of profit/ (loss) of associates
2011	2	998425	2939	951331	5596	3249	22756	6076	2570
2011	1	901071	4140	860702	2775	2543	20510	4752	1635
2010	4	624269	5218	598113	617	1023	19682	4423	425
2010	3	645021	1472	601579	1562	958	23738	4307	215
2010	2	678858	2580	630421	3484	743	22205	5849	54
2010	1	545877	1122	510092	2871	726	16806	5722	102
2009	4	521269	871	485487	4859	1283	17642	4087	64
2009	3	509775	86	467232	4159	1599	20763	4251	948
2009	2	474035	2438	431508	3933	723	19003	4216	285
2009	1	444721	4222	406861	5472	588	11827	4966	297
2008	4	519778	479	485612	9624	14629	21922	5221	102
2008	3	703051	4991	648097	11991	1068	15178	6142	1034
2008	2	678069	4206	625647	8056	3321	22003	5269	1852
2008	1	639904	6764	590146	6189	1655	19002	4975	1028
2007	4	710908	10620	672663	8306	5100	17893	3467	540
2007	3	815905	4619	747496	8784	4821	32538	5986	1247
2007	2	709142	4040	651190	7944	22	25962	5853	1677
2007	1	585780	2087	547310	8942	5577	18347	3615	1190
2006	4	601089	2076	564537	8176	2026	12309	3243	41

Financial Quarter Segments Revenue

year	qrt	Others	Power	Property	Cable & Wire
2011	2	1164	96532	-	900729
2011	1	442	72567	-	828062
2010	4	1021	24878	-	598370
2010	3	474	25309	-	619238
2010	2	3723	32089	-	643046
2010	1	602	29518	-	515757
2009	4	872	24704	-	495693
2009	3	1011	30020	-	478744
2009	2	953	36942	-	436140
2009	1	1092	35957	-	407672
2008	4	13053	41949	-	464776
2008	3	7556	67759	-	627736
2008	2	5389	50454	-	622226
2008	1	3725	45717	-	590462
2007	4	27	41809	7768	661304
2007	3	621	42238	4016	769030
2007	2	764	38409	6901	663068
2007	1	307	36478	3964	545031
2006	4	350	34771	6293	559675

Financial Quarter Segments Profit

year	qrt	Others	Power	Property	Cable & Wire
2011	2	2742	10979	-	19350
2011	1	1816	8605	-	15613
2010	4	6727	6711	-	7513
2010	3	840	5253	-	16249
2010	2	4660	10086	-	21549
2010	1	1850	10089	-	11466
2009	4	1724	9915	-	11232
2009	3	241	9600	-	14020
2009	2	14	8475	-	15758
2009	1	589	9615	-	17595
2008	4	1972	14210	-	10691
2008	3	920	15986	-	23938
2008	2	1309	8358	-	24073
2008	1	1588	11891	-	22108
2007	4	5358	7187	1551	25173
2007	3	3294	9875	162	34273
2007	2	21	10027	120	21844
2007	1	2981	10101	7	12625
2006	4	3148	8563	706	12146

Financial Quarter Segments Associate

year	qrt	Cable & Wire
2011	2	2570
2011	1	1635
2010	4	425
2010	3	215
2010	2	54
2010	1	102
2009	4	64
2009	3	948
2009	2	285
2009	1	297
2008	4	102
2008	3	1034
2008	2	1852
2008	1	1028
2007	4	540
2007	3	1247
2007	2	1677
2007	1	1190
2006	4	37

Short form reference
a_date = announcement date, yr = financial year end, qrt = quarter
h_price = stock highest price during the quarter, l_price = stock lowest price during the quarter
div = dividend recommend or declare in the quarter, roe = return on equity
c_roe = cumulative of return on equity during the financial year
rev = revenue in the current quarter, c_rev = cumulative of revenue during the financial year
pbt = profit before tax in the current quarter, c_pbt = cumulative of profit before tax during the financial year
eps = earnings per share in the current quarter, c_eps = cumulative of earnings per share during the financial year
asset = total asset, liab = total liability, mino = minority interest, equi = total equity
cfo = net cash flow from operating activities, cfi = net cash flow from investing activities
cff = net cash flow from financing activities, cash = cash and cash equivalents as at beginning of financial year
final = cash and cash equivalents as at current financial period ended
share = diluted/basic weighted average number of ordinary shares
c_share = cumulative of diluted/basic weighted average number of ordinary shares during the financial year
m_cap = market capital at announcement date of quarterly report, date = current financial period ended date
prof_m = profit margin, vat = income tax rate, pe = price earning per share ratio of recent four quarter
navps = net asset value per share, ntaps = net tangible asset per share, cps = cash per share
l_cur = liquidity current ratio, l_qui = liquidity quick ratio, l_cash = liquidity cash ratio
g_de = gearing debt to equity ratio, g_da = gearing debt to assets ratio
avg_w = working capital per thousand Ringgit sale
inv_d = days to sell the inventory, rec_d = days to collect the receivables
pay_d = days to pay the payables

CURRENT

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●CHANGES IN SHAREHOLDING
●ANNUAL REPORTS

HISTORICAL

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●CHANGES IN SHAREHOLDING

ARCHIVES

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●CHANGES IN SHAREHOLDING

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1-Year Historical Daily Chart


5-Year Historical Weekly Chart