KLCI Stock - ASIAPAC / 4057 - 2012 Quarter 2

ASIAN PAC HOLDINGS BERHAD

Company Description

ASIAN PAC HOLDINGS BERHAD is a Malaysian company principally engaged in the holding of securities for investment purposes, provision of management services and trading of building materials. The Company operates in three segments: investment holding, which includes holding of quoted and unquoted shares for capital investment purposes; property investment and development, which includes investment in land and the development of residential and commercial properties, and trading of building materials. During the fiscal year ended March 31, 2008, the Company completed two land acquisitions, which are located in Sri Gombak, Selangor and Wangsa Melawati, Wilayah Persekutuan and proceeded with the development plans. Fortune Avenue, a mixed development project which consists of four blocks of 11-storey shops cum condominiums in Kepong Entrepreneurs’ Park was completed and handed over to the commercial and residential purchasers in August 2007 and September 2007 respectively.

Company Info

Listing Date	1961-03-29
Market Capital (Capital Size)	87,778,346 (Very Small)
Par Value	RM 0.20
Board	Main
Sector	Properties
Major Industry	Property Development
Sub Industry	Diversified Business
Website	http://www.asianpac.com.my/

My Analysis

Forecast P/E now	0.09/0.0158 = 5.70 (Moderate)
Target Price	0.0158*6.5 = 0.10 (PE 6.5, EPS 0.0158)
Decision	Not interested unless stock price large distance from SMA20
Comment	Revenue decreased 61.3% but higher than preceding year corresponding quarter 286.1%, eps decreased 93.5% and was second consecutive quarter decreasing and also lower than preceding year corresponding quarter 36.4%, cash generated from operating enough to cover all expenses and still increased cash from loan, stronger liquidity ratio at very strong level now, lower gearing ratio at above moderate level now, cash per share is more than stock price now, lower property development costs can indicate slow down in property development
First Support Price	0.09
Second Support Price	0.08
Risk Rating	MODERATE

Accounting Ratio

Return on Equity	7.33%
Dividend Yield	-
Profit Margin	7.36%
Tax Rate	55.50%
Asset Turnover	0.1537
Net Asset Value Per Share	0.33
Net Tangible Asset per share	0.3
Price/Net Tangible Asset Per Share	0.33
Cash Per Share	0.12
Liquidity Current Ratio	8.5337
Liquidity Quick Ratio	3.7442
Liquidity Cash Ratio	3.2471
Gearing Debt to Equity Ratio	0.9121
Gearing Debt to Asset Ratio	0.477
Working capital per thousand Ringgit sale	279.2%
Days to sell the inventory	888
Days to collect the receivables	49
Days to pay the payables	150

Technical Analysis

SMA 20	0.096 (Downtrend 1 day)
SMA 50	0.098 (Downtrend)
SMA 100	0.093 (Same)
SMA 200	0.097 (Same)
MACD	-3.4e-05 (Downtrend 2 days)
MACD Histogram	-0.000773 (Downtrend 25 days)

My notes based on 2012 quarter 2 report (number in '000):-
- Higher revenue than FY11Q2 mainly due to higher turnover recognised from development activities and higher turnover from car park operations

- Lower pbt than FY12Q1 mainly due to one time profit of RM15.2 million recognised from disposal of four (4) pieces of development land in preceding quarter

- Launched the apartments in Kota Kinabalu Times Square - Phase 2, namely the "Loft A, B and E" in the 1st and 2nd Quarter of financial year ending 31 March 2012

- Estimate next 4Q eps after 2012 Q2 result announced = 0.0158, estimate PE on current price 0.09 = 5.7
- Estimate next 4Q eps after 2012 Q1 result announced = 0.0176*0.9 = 0.0158, estimate highest/lowest PE = 7.91/4.75
- Estimate next 4Q eps after 2011 Q4 result announced = 310726*1.05*(0.0368+0.0684)/2/975315 = 0.0176, estimate highest/lowest PE = 6.25/4.26
- Due to property development costs largely increasing, so estimate future eps will be based on average eps of year 2007 and 2008 which is 0.0263, estimate highest/lowest PE = 5.32/3.61
- Estimate next 4Q eps after 2011 Q1 result announced = 0.005*4 = 0.02, estimate highest/lowest PE = 6.25/4
- Estimate next 4Q eps after 2010 Q4 result announced = 0.005*4 = 0.02, estimate highest/lowest PE = 5/3.75
- Estimate next 4Q eps after 2010 Q3 result announced = 0.0141, estimate highest/lowest PE = 7.09/4.96
- Estimate next 4Q eps after 2010 Q2 result announced = 0.018, estimate highest/lowest PE = 6.11/4.72
- Estimate next 4Q eps after 2010 Q1 result announced = 0.0106, estimate highest/lowest PE = 10.85/8.49

ASIAPAC latest news (English)

ASIAPAC latest news (Chinese)



Financial Quarter Summary

a_date	year	qrt	h_price	l_price	div	roe	c_roe	rev	c_rev	pbt	c_pbt	prof	c_prof	eps	c_eps	asset	liab	mino	equi	cfo	cfi	cff	cash	fcf	net	final	share	c_share	m_cap	date	prof_m	vat	asset_t	pe	navps	ntaps	p/ntaps	cps	l_cur	l_qui	l_cash	g_de	g_da	avg_w	inv_d	rec_d	pay_d
2011-11-23	2012	2	N/A	N/A	-	0.20%	3.50%	19518	69918	1436	17118	639	11139	0.0007	0.0114	608616	290324	-	318292	33248	11665	69465	21551	21583	91048	112599	975315	975315	97531	2011-09-30	7.36%	55.50%	0.1537	-	0.33	0.3	0.33	0.12	8.5337	3.7442	3.2471	0.9121	0.477	279.2%	888	49	150
2011-08-24	2012	1	0.125	0.075	-	3.28%	3.28%	50400	50400	15682	15682	10500	10500	0.0108	0.0108	618160	298019	-	320141	29331	4283	69786	21552	25048	94834	116386	975315	975315	92654	2011-06-30	31.12%	33.04%	0.128	-	0.33	0.3	0.32	0.12	7.323	3.2456	2.7459	0.9309	0.4821	338.8%	1133	76	240
2011-05-24	2011	4	0.105	0.075	-	3.45%	3.68%	16888	35955	6733	8209	10721	11426	0.0110	0.0117	540613	229887	-	310726	5281	8778	5743	41354	14059	19802	21552	975315	975315	97531	2011-03-31	39.87%	-	0.0665	8.5359	0.32	0.29	0.34	0.02	3.9406	0.6636	0.3593	0.7398	0.4252	490.6%	2500	185	564
2011-02-24	2011	3	0.115	0.09	-	0.38%	0.24%	6766	19067	992	1476	1130	705	0.0012	0.0007	543026	244573	-	298453	17585	5995	11488	41354	23580	12092	29262	975315	975315	102408	2010-12-31	14.66%	-	0.0692	-	0.31	0.28	0.37	0.03	3.4494	0.6178	0.4037	0.8195	0.4504	472.3%	2804	151	568
2010-11-23	2011	2	0.14	0.095	-	0.37%	0.14%	5055	12301	1539	484	1092	425	0.0011	0.0004	541748	243634	-	298114	18802	3983	12791	41354	22785	9994	31360	975315	975315	97531	2010-09-30	30.45%	29.11%	0.1029	-	0.31	0.28	0.36	0.03	3.537	0.6489	0.4446	0.8173	0.4497	321.0%	1730	94	336
2010-08-24	2011	1	0.125	0.08	-	0.51%	0.51%	7246	7246	1055	1055	1517	1517	0.0016	0.0016	549880	254219	156	295661	6827	1119	18075	41354	5708	12367	53721	975315	975315	87778	2010-06-30	14.56%	-	0.1284	-	0.3	0.28	0.32	0.06	3.2571	0.8078	0.6605	0.8603	0.4623	260.0%	1337	62	303
2010-05-27	2010	4	0.1	0.075	-	3.34%	6.84%	18519	101643	12626	27686	9887	20248	0.0101	0.0208	538651	242627	158	296024	4610	2800	8577	42522	7410	1167	41355	975315	975315	78025	2010-03-31	68.18%	21.61%	0.1887	3.8535	0.3	0.28	0.29	0.04	1.7802	0.3679	0.2909	0.8201	0.4504	109.1%	939	39	236
2010-02-22	2010	3	0.1	0.07	-	0.54%	3.62%	24913	83124	2855	15060	1550	10361	0.0016	0.0106	556055	269994	148	286061	14200	434	1971	42522	13766	11795	54317	975315	975315	97531	2009-12-31	11.46%	45.78%	0.1921	-	0.29	0.27	0.37	0.06	0.8161	0.3904	0.3205	0.9443	0.4856	-29.2%	279	40	279
2009-11-24	2010	2	0.11	0.085	-	0.76%	3.10%	19933	58211	3210	12205	2153	8811	0.0022	0.0090	574724	290211	150	284513	15044	529	1351	42522	14515	13164	55686	975315	975315	92654	2009-09-30	16.10%	32.99%	0.1768	-	0.29	0.27	0.35	0.06	0.8258	0.3881	0.2936	1.0206	0.505	-32.5%	333	64	368
2009-08-25	2010	1	0.115	0.09	-	2.36%	2.36%	38278	38278	8995	8995	6658	6658	0.0068	0.0068	580766	298404	152	282362	16155	828	670	42522	15327	14657	57179	975315	975315	97531	2009-06-30	23.50%	26.00%	0.1807	-	0.29	0.26	0.38	0.06	1.0792	0.4865	0.3792	1.0574	0.5138	11.4%	343	56	383
2009-05-26	2009	4	0.145	0.09	-	0.54%	0.41%	23687	83407	1832	7880	1476	1142	0.0015	0.0012	578003	302297	154	275706	56201	18247	23337	27905	37954	14617	42522	975315	975315	102408	2009-03-31	7.73%	180.35%	0.1443	89.6744	0.28	0.26	0.4	0.04	1.0452	0.3975	0.2749	1.0971	0.523	8.4%	458	83	474
2009-02-26	2009	3	0.15	0.06	-	0.92%	0.95%	19698	59720	3738	6048	2548	2636	0.0026	0.0027	582618	305416	156	277202	33403	16926	13175	27904	16477	3302	31206	975315	975315	63395	2008-12-31	18.98%	31.73%	0.2038	-	0.28	0.26	0.25	0.03	1.4301	0.4827	0.2953	1.1024	0.5242	38.3%	327	61	322
2008-11-26	2009	2	0.085	0.065	-	0.42%	0.03%	23292	40022	121	2310	1151	88	0.0012	0.0001	598748	324098	152	274650	39860	13889	7436	27904	25971	18535	46439	975315	975315	73148	2008-09-30	0.52%	1052.89%	0.2455	-	0.28	0.26	0.29	0.05	1.4462	0.5682	0.4085	1.1807	0.5413	35.9%	271	47	292
2008-08-25	2009	1	0.115	0.055	-	0.45%	0.45%	16730	16730	2189	2189	1239	1239	0.0013	0.0013	588429	312626	154	275803	17536	1838	9515	27904	15698	6183	34087	975315	975315	92654	2008-06-30	13.08%	43.49%	0.2784	-	0.28	0.26	0.37	0.04	1.4116	0.5157	0.3014	1.1341	0.5313	30.4%	253	58	242
2008-05-27	2008	4	0.13	0.085	-	3.25%	10.44%	59018	228740	8579	31119	8927	28673	0.0093	0.0294	594663	320097	156	274566	75785	12645	94380	59144	63140	31240	27904	960847	975416	115301	2008-03-31	14.54%	-	0.3846	4.0822	0.28	0.26	0.46	0.03	1.4686	0.5437	0.2464	1.1665	0.5383	24.8%	189	57	172
2008-02-26	2008	3	0.16	0.115	-	4.49%	7.42%	47965	169716	12534	22540	11936	19716	0.0125	0.0202	601281	335686	143	265595	40776	962	69138	59144	41738	27400	31744	957973	976727	148485	2007-12-31	26.13%	4.76%	0.4092	-	0.27	0.25	0.62	0.04	1.4758	0.5901	0.2357	1.2646	0.5583	28.4%	204	77	167
2007-11-26	2008	2	0.235	0.15	-	2.03%	3.07%	40105	121751	5856	10006	5137	7780	0.0054	0.0080	671162	417528	142	253634	14050	12673	14496	59144	26723	12227	71371	951974	976358	209434	2007-09-30	14.60%	12.26%	0.4058	-	0.26	0.24	0.92	0.08	1.0148	0.5082	0.261	1.6471	0.6221	1.6%	216	97	180
2007-08-28	2008	1	0.265	0.215	-	1.07%	1.07%	81646	81646	4150	4150	2642	2642	0.0027	0.0027	674101	426508	142	247593	19290	232	11702	59144	19058	30760	89904	975046	975046	243761	2007-06-30	5.08%	36.27%	0.3445	-	0.25	0.23	1.09	0.11	0.9672	0.6158	0.3391	1.7236	0.6327	-4.3%	185	133	139
2007-05-28	2007	4	N/A	N/A	-	1.79%	17.54%	76301	332650	8789	54267	4336	42428	0.0046	0.0232	685112	443171	139	241941	86916	8776	91286	54738	95692	4406	59144	950340	1829965	289853	2007-03-31	11.52%	50.67%	0.2198	13.155	0.13	0.12	2.54	0.08	0.9034	0.4692	0.2138	1.8328	0.6469	-21.8%	394	210	300
2007-02-28	2007	3	N/A	N/A	-	3.43%	15.56%	74280	256349	8979	44012	8083	36626	0.0085	0.0200	684250	448863	80	235387	49978	634	26421	54738	50612	24191	78929	947613	1834659	151618	2006-12-31	12.09%	9.95%	0.1086	-	0.13	0.12	1.33	0.08	0.8744	0.4019	0.2237	1.9076	0.656	-55.5%	875	287	657

Financial Quarter Balance Sheet

year	qrt	Available-for-sale investment (A-0)	Deferred tax assets (A-0)	Intangible assets (A-0)	Investment in associated companies (A-0)	Investment properties (A-0)	Land held for property development (A-0)	Prepaid lease payments (A-0)	Property, plant and equipment (A-0)	Cash and cash equivalents (A-1)	Current tax assets (A-1)	Deposits with licensed banks (A-1)	Inventories (A-1)	Other investments (A-1)	Other receivables, deposits and prepayments (A-1)	Property development costs (A-1)	Trade receivables (A-1)	Deferred tax liabilities (L-0)	Loans & borrowings (L-0)	Current tax liabilities (L-1)	Debt securities (L-1)	Deferred liabilities (L-1)	Loans & borrowings (L-1)	Trade and other payables (L-1)	Minority interest (M-1)
2012	2	9398	30	23533	255	190830	54000	-	34648	112599	4776	-	9500	-	2907	156585	9555	97857	157790	6281	-	-	265	28131	-
2012	1	11885	30	23942	-	182853	54000	-	35057	116386	4688	-	9551	-	3230	163275	13263	97857	157776	5578	-	-	270	36538	-
2011	4	12971	-	23942	-	178310	54000	-	35020	4732	-	16820	9627	-	-	186937	18254	98227	71676	635	-	-	15000	44349	-
2011	3	11419	-	23942	-	63002	54000	-	140655	5089	-	24173	9628	-	-	195604	15514	100453	71641	-	-	-	30890	41589	-
2011	2	12409	-	23942	-	63122	54000	-	138820	5130	-	26230	9635	-	-	194053	14407	100498	72608	123	-	-	30890	39515	-
2011	1	10818	26	23942	-	63242	54000	-	133010	33998	-	19723	9634	-	-	189562	11977	100331	72560	278	-	-	35890	45160	156
2010	4	11416	-	23942	-	63361	54000	-	132839	4118	-	37237	11368	-	-	189425	10945	100453	-	1788	-	-	89890	50496	158
2010	3	12009	100	23942	-	22730	124000	46177	188789	5170	-	49147	11516	-	-	60626	11849	100530	-	1341	-	-	95890	72233	148
2010	2	12509	100	23942	-	22730	124000	46313	188530	2926	-	52760	18243	-	-	64752	17919	100573	-	1956	-	-	95890	91792	150
2010	1	12117	100	23942	-	22730	124000	46450	188697	6915	-	50264	18262	-	-	71114	16175	100616	47000	1987	-	-	48890	99911	152
2009	4	11137	68	23942	-	22730	124000	46588	187889	8415	-	34107	18275	-	-	81895	18957	100642	47000	2056	-	-	48890	103709	154
2009	3	12430	-	23942	-	31150	131894	46725	185356	8473	-	22733	22577	-	-	77532	19806	100705	99036	1198	-	-	6000	98477	156
2009	2	14821	-	23942	-	31150	131894	46862	179042	11517	-	34922	24692	1878	-	79144	18884	100768	105064	1269	-	-	5000	111997	152
2009	1	16880	-	23942	-	31150	131924	46999	166801	14591	-	19496	26055	2368	-	82297	25926	100888	90785	603	-	-	16727	103623	154
2008	4	17089	755	23942	-	31150	131924	47136	164666	12052	-	15852	24504	1962	-	87604	36027	101003	97890	1064	-	-	18576	101564	156
2008	3	24637	-	23942	-	31150	131117	42203	131717	19896	-	11848	27106	2838	-	102837	51990	103975	85000	544	-	-	40000	106167	143
2008	2	27537	340	23942	-	31150	131117	42399	117990	34892	-	36479	26975	4940	-	121138	72263	104156	21000	-	156015	12481	-	123876	142
2008	1	31572	804	23942	-	31150	131117	42443	116589	24546	-	65358	28926	14056	-	78790	84808	103959	16000	721	208252	16660	-	80916	142
2007	4	31762	1678	23942	-	31150	131117	42563	116429	35196	-	23948	30618	13378	-	116669	86662	103931	-	2092	208426	16674	-	112048	139
2007	3	29238	3685	23942	-	45196	248391	42684	4268	41719	-	14503	1742	17156	-	153251	58475	120804	-	2957	208730	-	-	116372	80

Financial Quarter Income Statement

year	qrt	Revenue	Income tax expense	Finance/interest costs	Other income	Administrative/Operating expenses	Minority interest	Share of profit/ (loss) of associates	After tax effect of interest savings on RCSLS
2012	2	19518	797	330	933	18565	-	120	-
2012	1	50400	5182	452	889	35155	-	-	-
2011	4	16888	3988	1328	190	9017	0	-	-
2011	3	6766	138	293	45	5526	0	-	-
2011	2	5055	448	293	2745	5968	1	-	-
2011	1	7246	464	345	232	8188	2	-	-
2010	4	18519	2729	536	1676	7033	10	-	-
2010	3	24913	1307	559	277	21776	2	-	-
2010	2	19933	1059	562	1231	17392	2	-	-
2010	1	38278	2339	535	3122	31870	2	-	-
2009	4	23687	3304	664	2276	23467	4	-	-
2009	3	19698	1186	653	2924	18231	4	-	-
2009	2	23292	1274	308	1207	21656	2	-	-
2009	1	16730	952	351	2255	16445	2	-	-
2008	4	59018	361	473	5430	55396	13	-	-
2008	3	47965	597	11493	494	46430	1	-	-
2008	2	40105	718	2401	1351	38001	1	-	-
2008	1	81646	1505	2079	894	76311	3	-	-
2007	4	76301	4453	2051	6289	71750	0	-	0
2007	3	74280	893	2127	1499	64673	3	-	0

Financial Quarter Segments Revenue

year	qrt	Property investment & development	Others	Elimination/Adjustment	Property development	Investment holding	Property investment	Carpark operations
2012	2	-	-	186	18588	324	255	537
2012	1	-	-	31185	49181	31579	255	570
2011	4	-	-	35019	16037	35060	254	556
2011	3	-	-	7869	5958	7895	264	518
2011	2	-	-	169	4335	198	267	425
2011	1	-	-	169	6487	420	266	241
2010	4	18492	-	5621	-	5648	-	-
2010	3	24876	-	363	-	400	-	-
2010	2	-	-	-	19558	110	265	-
2010	1	-	-	121	37843	170	265	-
2009	4	23674	1	5621	-	5633	-	-
2009	3	19418	260	11121	-	11141	-	-
2009	2	19378	3470	121	-	565	-	-
2009	1	16070	644	121	-	137	-	-
2008	4	54715	3910	124	-	523	-	-
2008	3	42873	5010	3962	-	4044	-	-
2008	2	35086	4605	111	-	525	-	-
2008	1	80625	647	112	-	486	-	-
2007	4	76166	-	976	-	841	-	-
2007	3	74162	-	123	-	241	-	-

Financial Quarter Segments Profit

year	qrt	Property investment & development	Others	Elimination/Adjustment	Property development	Investment holding	Property investment	Carpark operations
2012	2	-	-	-	2484	921	28	295
2012	1	-	-	-	15874	84	22	322
2011	4	-	-	-	9803	188	1867	313
2011	3	-	-	-	1789	349	437	282
2011	2	-	-	-	672	499	486	176
2011	1	-	-	-	528	371	61	127
2010	4	12946	5	-	-	221	-	-
2010	3	3539	6	-	-	131	-	-
2010	2	-	-	-	3560	210	2	-
2010	1	-	-	-	8749	711	70	-
2009	4	2231	5	-	-	270	-	-
2009	3	6218	24	-	-	1851	-	-
2009	2	2802	292	-	-	2665	-	-
2009	1	2180	72	-	-	288	-	-
2008	4	3260	808	-	-	4983	-	-
2008	3	2640	1128	-	-	2727	-	-
2008	2	1849	1038	-	-	568	-	-
2008	1	6050	78	-	-	101	-	-
2007	4	10324	13	7163	-	13710	-	-
2007	3	10132	4	1495	-	239	-	-

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



6-Months Historical Chart from shareinvestor.com

CURRENT

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●CHANGES IN SHAREHOLDING
●ANNUAL REPORTS

HISTORICAL

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●CHANGES IN SHAREHOLDING

ARCHIVES

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●CHANGES IN SHAREHOLDING

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1-Years Historical Chart from shareinvestor.com

5-Years Historical Chart from shareinvestor.com