Company Info
My Analysis
Research House
Accounting Ratio
My notes based on 2011 quarter 5 report (number in '000):-
- The Group profit was comparable due to higher performance from Engineering and Construction segment (including the profit from the jointly controlled entity for Turkmenistan Block 1 Phase 1 project), offset by the weaker performance in Marine Repair and Conversion segment
- Estimate next 4Q eps after 2011 Q5 result announced = (0.08+0.05)*2 = 0.26, estimate PE on current price 6.7 = 25.58(DPS 0.05)
- Estimate next 4Q eps after 2011 Q4 result announced = (0.08+0.06)*2 = 0.28, estimate highest/lowest PE = 31.32/22.39 (DPS 0.05)
- Yearly revenue, 2008 = 1741922, 2009 = 4021147, 2010 = 6147012
- Yearly PAT, 2008 = 194645, 2009 = 282221, 2010 = 284115
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| Market Capital (Capital Size) | 10,720,000,000 (Very Large) |
| Par Value | RM 0.50 |
My Analysis
| Forecast P/E now | (6.7-0.05)/0.26 = 25.58 (High) |
| Target Price | 4.68+0.05 = 4.73 (PE 18.0, EPS 0.26, DPS 0.05) |
| Decision | Not interested unless 50d moving average back to uptrend |
| Comment | Revenue decreased 29.9% and also lower than preceding year corresponding quarter 42.2%, eps decreased 9% and also lower than preceding year corresponding quarter 6.5%, no cash generated from operating but cash generated from financing more than enough to cover all expenses, stronger liquidity ratio but still at low level now, lower gearing ratio at above moderate level now, receivables and payables ratio are slightly high, RM952mil contracts from MISC, acquisition of Pasir Gudang Yard, expect more Petronas job |
| First Support Price | 6.4 |
| Second Support Price | 5.9 |
| Risk Rating | MODERATE |
Research House
| Credit Suisse Target Price | 7.15 (2011-01-27) |
| Kenanga Target Price | 6.61 (2011-05-09) |
| Maybank Target Price | 6.5 (2011-05-09) |
| TA Target Price | 7.21 (2011-06-06) |
| AMMB Target Price | 9.9 (2011-07-04) |
| OSK Target Price | 8.23 (2011-07-13) |
| UOB Target Price | 8.6 (2011-08-05) |
| ECM Target Price | 7.53 (2011-08-17) |
| MIDF Target Price | 6.7 (2011-08-17) |
| RHB Target Price | 2.77 (2011-08-29) |
Accounting Ratio
| Return on Equity | 3.32% |
| Dividend Yield | 0.75% |
| Profit Margin | 10.06% |
| Tax Rate | 17.75% |
| Asset Turnover | 0.8966 |
| Net Asset Value Per Share | 1.49 |
| Net Tangible Asset per share | 1.49 |
| Price/Net Tangible Asset Per Share | 4.46 |
| Cash Per Share | 1.26 |
| Liquidity Current Ratio | 1.528 |
| Liquidity Quick Ratio | 1.5163 |
| Liquidity Cash Ratio | 0.868 |
| Gearing Debt to Equity Ratio | 0.9785 |
| Gearing Debt to Asset Ratio | 0.4942 |
| Working capital per thousand Ringgit sale | 29.0% |
| Days to sell the inventory | 3 |
| Days to collect the receivables | 130 |
| Days to pay the payables | 210 |
My notes based on 2011 quarter 5 report (number in '000):-
- The Group profit was comparable due to higher performance from Engineering and Construction segment (including the profit from the jointly controlled entity for Turkmenistan Block 1 Phase 1 project), offset by the weaker performance in Marine Repair and Conversion segment
- Estimate next 4Q eps after 2011 Q5 result announced = (0.08+0.05)*2 = 0.26, estimate PE on current price 6.7 = 25.58(DPS 0.05)
- Estimate next 4Q eps after 2011 Q4 result announced = (0.08+0.06)*2 = 0.28, estimate highest/lowest PE = 31.32/22.39 (DPS 0.05)
- Yearly revenue, 2008 = 1741922, 2009 = 4021147, 2010 = 6147012
- Yearly PAT, 2008 = 194645, 2009 = 282221, 2010 = 284115
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