Company Info
My Analysis
Research House
Accounting Ratio
My notes based on 2011 quarter 2 report (number in '000):-
- Overall, the Palm and Bio-Integration business segment’s performance improved significantly as a result of higher crop production arising mainly from higher yield and increased hectarage of mature plantation field in Indonesia. The Cocoa Manufacturing segment reported a lower profit due to lower production and unfavourable cocoa butter price. As for the Wood Products segment, the decrease in loss was attributed to strengthening of Euro and better sale mix which contributed to better gross profit margin
- The performance for the Palm and Bio-integration segment for the quarter has improved significantly as FFB cropping recovered strongly from the trough trend of previous quarters and as Indonesia estates yield continues its upward momentum in line with their age profile. However, Cocoa Manufacturing segment registered a lower profit on the back of lower production and lower cocoa butter prices affected by continuing decline in cocoa butter ratio. The Wood Products segment remains lethargic and continues to record losses attributable to the lower sale volume
- Estimate next 4Q eps after 2010 Q2 result announced = 0.0876*4*0.9 = 0.3154, estimate PE on current price 3.16 = 9.86(DPS 0.06)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.0583*4*0.9 = 0.2099, estimate highest/lowest PE = 15.2/13.29 (DPS 0.06)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.2068*4*1.2 = 0.2482, estimate highest/lowest PE = 11.2/10.44 (DPS 0.06)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.0444*4*1.1 = 0.1954, estimate highest/lowest PE = 14.84/11.41 (DPS 0.05)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.033*4 = 0.132, estimate highest/lowest PE = 21.21/13.94 (DPS 0.05)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.1938*0.95 = 0.1841, estimate highest/lowest PE = 10.59/8.8 (DPS 0.05)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.1802*1.1 = 0.1982, estimate highest/lowest PE = 10.65/8.78 (DPS 0.05)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.0568*4*0.95 = 0.2158, estimate highest/lowest PE = 10.66/7.92 (DPS 0.05)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.055*4*0.8 = 0.176, estimate highest/lowest PE = 10.97/8.35 (DPS 0.05)
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| Market Capital (Capital Size) | 1,312,582,671 (Large) |
| Par Value | RM 0.50 |
My Analysis
| Forecast P/E now | (3.16-0.05)/0.3154 = 9.86 (Moderate) |
| Target Price | 3.78+0.05 = 3.83 (PE 12.0, EPS 0.3154, DPS 0.05) |
| Decision | BUY |
| Comment | Revenue increased 30.6% and was fourth consecutive quarter increasing and also higher than preceding year corresponding quarter 217.4%, eps increased 50.3% and also higher than preceding year corresponding quarter 217.4%, cash generated from operating and financing enough to cover all investing expenses, better liquidity ratio but still at weak level now, lower gearing ratio but still at high level now, all accounting ratio are good, affecting by CPO price in downtrend however benefit from Indonesia estates yield continues its upward momentum in line with their age profile, wood products division remain loss and affecting by weakeaning of Euro and US against Ringgit, affecting by decline of cocoa butter ratio |
| First Support Price | 3.0 |
| Second Support Price | 2.7 |
| Risk Rating | MODERATE |
Research House
| HwangDBS Target Price | 3.4 (2011-01-13) |
| AMMB Target Price | 3.27 (2011-02-16) |
| MIDF Target Price | 4 (2011-02-24) |
| Maybank Target Price | 3.84 (2011-06-28) |
| OSK Target Price | 3.81 (2011-08-23) |
Accounting Ratio
| Return on Equity | 13.95% |
| Dividend Yield | 1.90% |
| Profit Margin | 15.65% |
| Tax Rate | 21.32% |
| Asset Turnover | 0.5592 |
| Net Asset Value Per Share | 2.01 |
| Net Tangible Asset per share | 1.88 |
| Price/Net Tangible Asset Per Share | 1.68 |
| Cash Per Share | 0.1 |
| Liquidity Current Ratio | 0.6643 |
| Liquidity Quick Ratio | 0.34 |
| Liquidity Cash Ratio | 0.0708 |
| Gearing Debt to Equity Ratio | 1.1459 |
| Gearing Debt to Asset Ratio | 0.5054 |
| Working capital per thousand Ringgit sale | -19.1% |
| Days to sell the inventory | 76 |
| Days to collect the receivables | 50 |
| Days to pay the payables | 52 |
My notes based on 2011 quarter 2 report (number in '000):-
- Overall, the Palm and Bio-Integration business segment’s performance improved significantly as a result of higher crop production arising mainly from higher yield and increased hectarage of mature plantation field in Indonesia. The Cocoa Manufacturing segment reported a lower profit due to lower production and unfavourable cocoa butter price. As for the Wood Products segment, the decrease in loss was attributed to strengthening of Euro and better sale mix which contributed to better gross profit margin
- The performance for the Palm and Bio-integration segment for the quarter has improved significantly as FFB cropping recovered strongly from the trough trend of previous quarters and as Indonesia estates yield continues its upward momentum in line with their age profile. However, Cocoa Manufacturing segment registered a lower profit on the back of lower production and lower cocoa butter prices affected by continuing decline in cocoa butter ratio. The Wood Products segment remains lethargic and continues to record losses attributable to the lower sale volume
- Estimate next 4Q eps after 2010 Q2 result announced = 0.0876*4*0.9 = 0.3154, estimate PE on current price 3.16 = 9.86(DPS 0.06)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.0583*4*0.9 = 0.2099, estimate highest/lowest PE = 15.2/13.29 (DPS 0.06)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.2068*4*1.2 = 0.2482, estimate highest/lowest PE = 11.2/10.44 (DPS 0.06)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.0444*4*1.1 = 0.1954, estimate highest/lowest PE = 14.84/11.41 (DPS 0.05)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.033*4 = 0.132, estimate highest/lowest PE = 21.21/13.94 (DPS 0.05)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.1938*0.95 = 0.1841, estimate highest/lowest PE = 10.59/8.8 (DPS 0.05)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.1802*1.1 = 0.1982, estimate highest/lowest PE = 10.65/8.78 (DPS 0.05)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.0568*4*0.95 = 0.2158, estimate highest/lowest PE = 10.66/7.92 (DPS 0.05)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.055*4*0.8 = 0.176, estimate highest/lowest PE = 10.97/8.35 (DPS 0.05)
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