Company Info
My Analysis
Research House
Accounting Ratio
Technical Analysis
My notes based on 2011 quarter 3 report (number in '000):-
- Higher revenue and pbt due to two new FPSO contracts - Apache in Australia for the Balnaves field and ONGC in India for the D1 field and improved fleet utilisation and new vessels
- Lower revenue from the T&I segment than FY11Q2 as Armada Installer entered into dry dock at Baku in Turkmenistan
- Estimate next 4Q eps after 2011 Q3 result announced = 0.0332*4*1.15 = 0.1527, estimate PE on current price 4.1 = 26.85
- Estimate next 4Q eps after 2011 Q2 result announced = 0.0264*4*1.15 = 0.1214, estimate highest/lowest PE = 33.11/26.69
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| Market Capital (Capital Size) | 12,006,692,560 (Very Large) |
| Par Value | RM 0.20 |
My Analysis
| Forecast P/E now | 4.1/0.1527 = 26.85 (Moderate) |
| Target Price | 0.1527*30.0 = 4.58 (PE 30.0, EPS 0.1527) |
| Decision | BUY if stock price can maintaining the MACD uptrend |
| Comment | Revenue increased 2.8% and also higher than preceding year corresponding quarter 22.8%, eps increased 25.8% but lower than preceding year corresponding quarter 33.3%, cash generated from operating not enough to cover financing expenses hence got generated more cash from financing activities to cover other expenses, stronger liquidity ratio from weak to low level now, lower gearing ratio from high to above moderate level now, benefit from vessel utilisation increase and strengthening of USD versus RM |
| First Support Price | 3.95 |
| Second Support Price | 3.65 |
| Risk Rating | MODERATE |
Research House
| Kenanga Target Price | 3.88 (2011-07-21) |
| Credit Suisse Target Price | 4.4 (2011-09-09) |
| MIDF Target Price | 3.25 (2011-10-03) |
| OSK Target Price | 3.65 (2011-10-03) |
| CIMB Target Price | 4.61 (2011-11-21) |
| ECM Target Price | 4 (2011-11-22) |
| HwangDBS Target Price | 5 (2011-11-22) |
Accounting Ratio
| Return on Equity | 6.85% |
| Dividend Yield | - |
| Profit Margin | 27.54% |
| Tax Rate | 14.37% |
| Asset Turnover | 0.1211 |
| Net Asset Value Per Share | 1.49 |
| Net Tangible Asset per share | 1.49 |
| Price/Net Tangible Asset Per Share | 2.66 |
| Cash Per Share | 0.36 |
| Liquidity Current Ratio | 1.4674 |
| Liquidity Quick Ratio | 1.4652 |
| Liquidity Cash Ratio | 0.7596 |
| Gearing Debt to Equity Ratio | 0.9242 |
| Gearing Debt to Asset Ratio | 0.4793 |
| Working capital per thousand Ringgit sale | 76.7% |
| Days to sell the inventory | 2 |
| Days to collect the receivables | 416 |
| Days to pay the payables | 308 |
Technical Analysis
| SMA 20 | 3.95 (Uptrend 43 days) |
| SMA 50 | 3.766 (Uptrend) |
| SMA 100 | 3.734 (Same) |
| SMA 200 | Not Available |
| MACD | 0.100524 (Uptrend 2 days) |
| MACD Histogram | 0.021303 (Uptrend 46 days) |
My notes based on 2011 quarter 3 report (number in '000):-
- Higher revenue and pbt due to two new FPSO contracts - Apache in Australia for the Balnaves field and ONGC in India for the D1 field and improved fleet utilisation and new vessels
- Lower revenue from the T&I segment than FY11Q2 as Armada Installer entered into dry dock at Baku in Turkmenistan
- Estimate next 4Q eps after 2011 Q3 result announced = 0.0332*4*1.15 = 0.1527, estimate PE on current price 4.1 = 26.85
- Estimate next 4Q eps after 2011 Q2 result announced = 0.0264*4*1.15 = 0.1214, estimate highest/lowest PE = 33.11/26.69
ARMADA latest news (English)
ARMADA latest news (Chinese)
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