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Tuesday, November 8, 2011

KLCI Stock - KAF / 5096 - 2012 Quarter 1

KAF-SEAGROATT & CAMPBELL BERHAD

Company Description
KAF-SEAGROATT & CAMPBELL BERHAD is a Malaysia-based investment holding company. The Company, along with its subsidiaries, is engaged in stockbroking and related services in Malaysia. The Company’s subsidiaries include KAF-Refco Futures Sdn. Bhd., which is engaged in financial and commodity futures broking on behalf of customers, KAF Research Sdn. Bhd., which is engaged in providing research and analysis services of securities and capital market, and KAF-Seagroatt & Campbell Securities Sdn. Bhd., which is engaged in stock broking. KAF-Seagroatt & Campbell Securities Sdn. Bhd.’s subsidiaries include KAF Nominees (Tempatan) Sdn. Bhd. and KAF Nominees (Asing) Sdn. Bhd., both engaged in providing nominee services and the safe custody and management of securities.

Company Info
Listing Date1991-08-02
Market Capital (Capital Size)171,600,000 (Small)
Par ValueRM 1.00
BoardMain
SectorFinance
Major IndustryStockbroking & Related Services
Sub IndustryNominee Services
Websitehttp://www.kaf.com.my/

My Analysis
Forecast P/E now(1.43-0.075)/0.1267 = 10.69 (High)
Target Price1.14+0.075 = 1.22 (PE 9.0, EPS 0.1267, DPS 0.075)
DecisionNot interested unless stock price next uptrend start above 1.35
Comment
Revenue increased 15% but lower than preceding year corresponding quarter 17.2%, eps increased 346.7% but lower than preceding year corresponding quarter 78.5%, cash generated from operating not enough to cover financing nor investing expenses hence spent 18.4% of Group cash to cover, weaker liquidity ratio at low level now, higher gearing ratio from above moderate to high level now
First Support Price1.4
Second Support Price1.36
Risk RatingMODERATE

Accounting Ratio
Return on Equity5.66%
Dividend Yield10.49%
Profit Margin34.19%
Tax Rate45.24%
Asset Turnover0.0681
Net Asset Value Per Share1.89
Net Tangible Asset per share1.87
Price/Net Tangible Asset Per Share0.71
Cash Per Share1.73
Liquidity Current Ratio1.6891
Liquidity Quick Ratio1.6891
Liquidity Cash Ratio0.6805
Gearing Debt to Equity Ratio1.3487
Gearing Debt to Asset Ratio0.5739
Working capital per thousand Ringgit sale580.9%
Days to sell the inventory-
Days to collect the receivables3050
Days to pay the payables4145

My notes based on 2012 quarter 1 report (number in '000):-
- Lower pbt than FY11Q1 due mainly to lower other income and higher other operating expenses

- Higher pbt than FY11Q4 due mainly to higher operating revenue and lower staff expenses for the current quarter

- Estimate next 4Q eps after 2012 Q1 result announced = 0.1584*0.8 = 0.1267, estimate PE on current price 1.43 = 10.69(DPS 0.075)
- Estimate next 4Q eps after 2011 Q4 result announced = 0.1584*0.9 = 0.1426, estimate highest/lowest PE = 10.13/7.89 (DPS 0.075)
- Estimate next 4Q eps after 2011 Q3 result announced = 0.1953*0.85 = 0.166, estimate highest/lowest PE = 8.58/7.74 (DPS 0.075)
- Estimate next 4Q eps after 2011 Q2 result announced = 0.1819*1.05 = 0.191, estimate highest/lowest PE = 7.72/6.73 (DPS 0.075)
- Estimate next 4Q eps after 2011 Q1 result announced = 0.1806*1.05 = 0.1896, estimate highest/lowest PE = 7.94/6.99 (DPS 0.075)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.1729*0.9 = 0.1556(10% drop due to assets decreased), estimate highest/lowest PE = 9.03/7.49 (DPS 0.075)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.0443(average from recent 3 quarter)*4 = 0.1772, estimate highest/lowest PE = 7.93/6.35 (DPS 0.075)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.2262, estimate highest/lowest PE = 6.26/5.11 (DPS 0.075)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.2184, estimate highest/lowest PE = 6.8/4.97 (DPS 0.075)

KAF latest news (English)

KAF latest news (Chinese)



Financial Quarter Summary
a_dateyearqrth_pricel_pricedivroec_roerevc_revpbtc_pbtprofc_profepsc_epsassetliabminoequicfocficffcashfcfnetfinalsharec_sharem_capdateprof_mvatasset_tpenavpsntapsp/ntapscpsl_curl_quil_cashg_deg_daavg_winv_drec_dpay_d
2011-10-2020121N/AN/A-0.71%0.71%8611861129442944161316130.01340.0134532402305557287226845537014653675087302928316033712691200001200001584002011-08-3134.19%45.24%0.0681-1.891.870.711.731.68911.68910.68051.34870.5739580.9%-30504145
2011-07-28201141.521.20.0750.16%8.19%74883050291626165361190020.00300.1584449541217558288231983406716551675081564124845734872981200001200001740002011-05-3112.23%60.92%0.08469.15691.931.910.761.761.99021.99020.97050.9390.484566.3%-20982690
2011-04-25201131.51.36-1.73%8.06%10846305565479252494005186410.03340.15535041572730132912311445643163846750717712202728777429941200001200001680002011-02-2850.52%26.92%0.0746-1.921.910.731.741.78921.78920.76781.18260.5415571.4%-26933734
2011-01-19201121.551.360.0753.06%6.26%9303197109691197707158146360.05970.1220479527245637292233890565831024N/A717712536625366464051200001200001776002010-11-30104.17%26.15%0.0697-1.951.880.791.981.86481.86480.96911.05150.5122634.2%-23983634
2010-10-28201111.581.4-3.30%3.30%10406104061007710077747674760.06230.0623361480134749293226731106031683N/A815643062330623509411200001200001716002010-08-3196.84%25.82%0.0851-1.891.820.791.742.52412.52411.55150.59510.3728665.0%-15481969
2010-07-20201041.481.24-2.19%9.46%7079256435506259094795207480.04000.172929724177968294219273129631605813500660432902115521815641200001200001512002010-05-3177.78%12.95%0.10257.28741.821.760.721.663.54333.54332.57220.35610.2623646.6%-8921127
2010-04-20201031.481.20.0751.08%7.21%6632233803276204032387159530.01990.13293758721546422962212307213402675054651681161547121200001200001548002010-02-2849.40%27.26%0.0803-1.841.780.721.622.29842.29841.26720.69990.4114660.2%-18893279
2010-01-20201021.491.23-3.11%6.01%6643167488896171277018135660.05850.113132499999402300225597681916658N/A546512347723477781281200001200001536002009-11-30133.92%21.12%0.0815-1.881.880.681.723.14733.14732.0970.44120.3059795.4%-13572197
2009-10-28201011.561.16-3.00%3.00%101051010582328232654965490.05460.0546435913217332301218581116571484N/A546511314113141677921200001200001404002009-08-3181.46%20.46%0.0561-1.821.820.641.731.94121.94120.95810.99570.4986831.6%-31032805
2009-07-23200941.251.10.0755.72%1.40%6789197351357315431212129690.10100.02473788151667823022120331715561333306187938987228546511200001200001416002009-05-31199.93%10.71%0.0521-1.761.760.671.592.18752.18751.15160.78770.4403996.1%-30902010
2009-04-23200931.220.9-0.02%7.55%296512946381511637150900.00030.125832323512332230319991320611343330618799284258576211200001200001092002009-02-281.28%-0.069-1.661.660.551.472.48362.48361.4270.61780.3815820.5%-20521055
2009-01-15200921.130.8-5.17%7.53%45999981103421507810341150530.08620.12542805278057730419995042243969333061879819311523503561200001200001056002008-11-30224.87%-0.0964-1.661.660.531.433.26763.26762.1250.40360.2872675.4%-1177662
2008-09-23200911.180.835-2.24%2.24%5382538247364736471247120.03930.0393278886685943052102922276273233306187950088338535411200001200001404002008-08-3188.00%-0.1145-1.751.750.671.563.81043.81042.72610.32670.246603.6%-813769
2008-05-20200841.451.090.03750.45%6.87%935236678143019337971148120.00810.12342851516949530721565610479520661557927105673952618791200001200001656002008-03-3115.29%32.17%0.128611.18011.791.790.771.152.98482.98481.99060.32270.2437376.1%-672909
2008-02-25200831.61.37-2.55%6.45%7722273266406179075478138410.04570.1153472848258162308214686361740414338557927424429611008881200001200001776002007-12-3182.96%14.53%0.086-1.791.790.831.61.52951.52950.74341.20420.546336.3%-18222728
2007-10-23200821.71.480.03751.81%3.93%948019604528311501384083630.03200.0697356135143594311212541987327132855792722841001569261200001200001932002007-09-3055.73%27.33%0.1111-1.771.770.911.432.14252.14251.19120.67660.4032414.7%-12601831
2007-08-1520081N/AN/A-2.10%2.10%101241012462186218445944590.03720.03723714901595673122119239570105592N/A5792796022960221539491200001200002040002007-06-3061.42%28.30%0.0914-1.761.760.971.422.02312.02311.0710.75410.4295481.1%-16342129
2007-05-2820074N/AN/A0.03753.39%9.15%13318277458636250097036189850.05860.1582386497179032313207465260301051703610517317279140115245579271200001200002052002007-03-3164.84%18.56%0.071810.80851.731.730.991.491.88811.88810.99640.86430.4632573.1%-21002603
2007-02-1220073N/AN/A-4.28%5.12%66381442713418163739995119500.08330.0996354896121598316233298214671466803240173172125213128453447191200001200001548002006-12-31202.14%25.52%0.0407-1.941.940.661.652.50632.50631.62370.52190.34261269.6%-27152804
2006-11-2020072N/AN/A-0.46%0.88%3856778915542955102819550.00860.0163336769113465317223304147141408593240173172126145129385437871200001200001656002006-09-3040.30%33.91%N/A-1.861.860.741.532.57812.57811.6160.50880.3369N/A-N/AN/A
2006-08-2920071N/AN/A-0.40%0.40%39333933140114019099090.00760.007630162676127318225499341136611N/A173172136270136270369021200001200001560002006-06-3035.62%35.19%N/A-1.881.870.71.53.46963.46962.37220.33810.2524N/A-N/AN/A

Financial Quarter Balance Sheet
yearqrtDeferred tax assets (A-0)Financial assets at fair value through profit and loss (A-0)Intangible assets (A-0)Investment properties (A-0)Property, plant and equipment (A-0)Cash and cash equivalents (A-1)Clients' and brokers' balances (A-1)Current tax assets (A-1)Financial assets at fair value through profit and loss (A-1)Other receivables, deposits and prepayments (A-1)Deferred tax liabilities (L-0)Clients' and brokers' balances (L-1)Loans & borrowings (L-1)Payables and accruals (L-1)Provision for taxation (L-1)Minority interest (M-1)
201212291242000883251037126930176553121366541114-297587-7970-287
201142291392000883253558730221755831761238381112-207317-10241-288
20113-19720008832562154845-620154361277681534--2699042575291
20112-22475008832590774996-8162533219527534--2420623041292
20111-17675008832619850941-55157296130482534--1326881527293
20104-6997500883258418156473215763117612121553468366-76951373294
20103-83675008832611164409-20751299941561151234--1514701938296
20102-836-8832637086465-4561119391985441234--946063562300
20101-1286-8832630279319-45161277142079441234--2144141684301
20094-1286-8832656966043-44241245991670621234--1655462302
20093-1286-8832683264831-4956111151125347---123322-303
20092-1286-8832711457489-484611373887222---80577-304
20091-1286-8832739560929-322612606371155---68594-305
20084-61287-88327600108019-16113032067482---69495-307
20083-61287-88327866111203-1380721202926--500002070241138308
20082-31589-8832806570502-13100544136590---1415352059311
20081-31589-88328248170896-13-151912---1577551812312
20074-31589-8832803974336-13104056159632---1777571275313
20073-334471398832771654388--143045107329---1200721526316
20072-272342788832790350149--133209109164---113465-317
20071-271284168832111644193--13639983542---75864263318

Financial Quarter Income Statement
yearqrtRevenueIncome tax expenseCost of salesFinance/interest costsOther incomeAdministrative/Operating expensesMinority interestFinance/interest incomeSelling and distribution costsOther expensesStaff costsEstablishment expenses
2012186111332-97216225811-1613720-1270
201147488558-913054-3-19287369581512
201131084614752881099835741530-440--
201129303253423970592732131338-267--
20111104062602355592829650081382-352--
201047079713-854849-2-10846642301533
2010366328931728-101328064454-289--
20102664318791752-7004390711410-502--
201011010516842822-5191503411883-1091--
20094678914532078-217330713496-8456--
2009329650657-5727281622-297--
20092459901178-229307613175-14091--
200915382231554-43926321548-6919--
2008493524603227-580600711015-283--
2008377229312578-2814264331362-271--
20082948014443546-308256911948-338--
200811012417603473-443268012107-303--
200741331816035699-1176291833439-680--
20073663834242696-10637293112145-375--
2007238565271484-356294512631-860--
2007139334931447-155249611650-394--

Financial Quarter Segments Revenue
yearqrtInvestment holdingStockbroking
2012112709503

Financial Quarter Segments Profit
yearqrtInvestment holdingStockbroking
2012120204964


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






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