Company Info
My Analysis
Research House
Accounting Ratio
My notes based on 2011 quarter 2 report (number in '000):-
- The improvement in performance is generally due to the increase in student enrolments of the Group’s institutions
- Estimate next 4Q eps after 2011 Q2 result announced = 0.0559*4 = 0.2236, estimate PE on current price 1.91 = 8.32(DPS 0.05)
- Estimate next 4Q eps after 2011 Q1 result announced = 0.0559*4 = 0.2236, estimate highest/lowest PE = 9.12/8.05 (DPS 0.05)
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| Market Capital (Capital Size) | 1,044,561,328 (Large) |
| Par Value | RM 0.25 |
My Analysis
| Forecast P/E now | (1.91-0.05)/0.2236 = 8.32 (Moderate) |
| Target Price | 2.68+0.05 = 2.73 (PE 12.0, EPS 0.2236, DPS 0.05) |
| Decision | BUY |
| Comment | Revenue increased 21.4% and is continuos increasing since FY10Q1 (higher than preceding year corresponding quarter 30.9%), eps increased 47.9% and is continuos increasing since FY10Q1 (higher than preceding year corresponding quarter 45.6%), cash generated from operating not enough to cover all financing expenses but managed to generated cash from issuance of new shares, weaker liquidity ratio at low level now, higher gearing ratio at below moderate level now, payables ratio slightly high, dividend policy is 50% |
| First Support Price | 1.9 |
| Second Support Price | 1.7 |
| Risk Rating | MODERATE |
Research House
| Kenanga Target Price | 1.92 (2011-04-19) |
| TA Target Price | 2.76 (2011-04-29) |
| RHB Target Price | 2.3 (2011-06-22) |
| OSK Target Price | 2.23 (2011-07-08) |
Accounting Ratio
| Return on Equity | 29.61% |
| Dividend Yield | 10.99% |
| Profit Margin | 32.82% |
| Tax Rate | 19.66% |
| Asset Turnover | 1.0097 |
| Net Asset Value Per Share | 0.61 |
| Net Tangible Asset per share | 0.52 |
| Price/Net Tangible Asset Per Share | 3.71 |
| Cash Per Share | 0.18 |
| Liquidity Current Ratio | 2.542 |
| Liquidity Quick Ratio | 2.5413 |
| Liquidity Cash Ratio | 1.4511 |
| Gearing Debt to Equity Ratio | 0.2463 |
| Gearing Debt to Asset Ratio | 0.1967 |
| Working capital per thousand Ringgit sale | 25.2% |
| Days to sell the inventory | - |
| Days to collect the receivables | 58 |
| Days to pay the payables | 72 |
My notes based on 2011 quarter 2 report (number in '000):-
- The improvement in performance is generally due to the increase in student enrolments of the Group’s institutions
- Estimate next 4Q eps after 2011 Q2 result announced = 0.0559*4 = 0.2236, estimate PE on current price 1.91 = 8.32(DPS 0.05)
- Estimate next 4Q eps after 2011 Q1 result announced = 0.0559*4 = 0.2236, estimate highest/lowest PE = 9.12/8.05 (DPS 0.05)
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