Company Info
My Analysis
Research House
Accounting Ratio
My notes based on 2011 quarter 3 report (number in '000):-
- Lower revenue due to the lower average selling price (ASP), lesser volume of shipments and depreciating USD against Ringgit
- Higher loss due to higher raw material prices, inventory provision resulting from depreciating USD and slow moving stocks. In addition, shortage of workforces affected the production output and increased the cost of the direct labour
- Estimate next 4Q eps after 2011 Q3 result announced = 0.0061*1.1*4 = 0.0268, estimate PE on current price 0.705 = 26.03(DPS 0.14)
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| Market Capital (Capital Size) | 1,441,626,300 (Large) |
| Par Value | RM 0.25 |
My Analysis
| Forecast P/E now | (0.705-0.0075)/0.0268 = 26.03 (High) |
| Target Price | 0.32+0.0075 = 0.33 (PE 12.0, EPS 0.0268, DPS 0.0075) |
| Decision | Not interested unless after FY11Q4 result release stock price still uptrend |
| Comment | Revenue decreased 0.6% and was third consecutive quarter decreasing and also lower than preceding quarter 17.8%, eps decreased 355.7% and also lower than preceding quarter 157.4%, cash generated from operating not enough to cover financing expenses hence spent 39.6% of Group cash to cover other expenses, slightly weaker liquidity ratio at low level now, higher gearing ratio at moderate level now, all accounting ratio are good, lower inventory can indicate demand not yet increase, benefit from strengthening of USD against Ringgit |
| First Support Price | 0.6 |
| Second Support Price | 0.45 |
| Risk Rating | HIGH |
Research House
| UBS Target Price | 0.7 (2011-05-19) |
| CIMB Target Price | 0.58 (2011-08-23) |
| HLG Target Price | 0.38 (2011-08-23) |
| RHB Target Price | 0.33 (2011-08-23) |
| OSK Target Price | 0.305 (2011-09-27) |
Accounting Ratio
| Return on Equity | -3.98% |
| Dividend Yield | 1.06% |
| Profit Margin | -8.05% |
| Tax Rate | - |
| Asset Turnover | 1.2949 |
| Net Asset Value Per Share | 0.42 |
| Net Tangible Asset per share | 0.42 |
| Price/Net Tangible Asset Per Share | 1.12 |
| Cash Per Share | 0.04 |
| Liquidity Current Ratio | 1.2947 |
| Liquidity Quick Ratio | 0.8474 |
| Liquidity Cash Ratio | 0.1691 |
| Gearing Debt to Equity Ratio | 0.5607 |
| Gearing Debt to Asset Ratio | 0.3593 |
| Working capital per thousand Ringgit sale | 8.0% |
| Days to sell the inventory | 44 |
| Days to collect the receivables | 67 |
| Days to pay the payables | 49 |
My notes based on 2011 quarter 3 report (number in '000):-
- Lower revenue due to the lower average selling price (ASP), lesser volume of shipments and depreciating USD against Ringgit
- Higher loss due to higher raw material prices, inventory provision resulting from depreciating USD and slow moving stocks. In addition, shortage of workforces affected the production output and increased the cost of the direct labour
- Estimate next 4Q eps after 2011 Q3 result announced = 0.0061*1.1*4 = 0.0268, estimate PE on current price 0.705 = 26.03(DPS 0.14)
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