Company Info
| Market Capital (Capital Size) | 22,986,860,754 (Very Large) |
| Par Value | RM 0.10 |
My Analysis
| Forecast P/E now | (3.88-0.08)/0.2697 = 14.09 (Moderate) |
| Target Price | 4.05+0.08 = 4.13 (PE 15.0, EPS 0.2697, DPS 0.08) |
| Decision | BUY if stock price below SMA20 and buying volume more than selling |
| Comment | Revenue increased 22.1% and also higher than preceding year corresponding quarter 92.5%, eps increased 10.8% and also higher than preceding year corresponding quarter 3.7%, cash generated from operating enough for financing expenses but still increased borrowings and spent 14.1% of Group cash to cover investing expenses, weaker liquidity ratio but still at moderate level now, higher gearing ratio at below moderate level now, all accounting ratio are good, got new revenue stream from Resort World New York, Casino UK recovered from loss |
| First Support Price | 3.8 |
| Second Support Price | 3.7 |
| Risk Rating | MODERATE |
Research House
| Credit Suisse Target Price | 3.3 (2011-01-14) |
| Macquarie Target Price | 4.25 (2011-04-06) |
| MIMB Target Price | 4.26 (2011-05-27) |
| OSK Target Price | 4.1 (2011-08-02) |
| CIMB Target Price | 4.5 (2011-09-19) |
| RHB Target Price | 3.9 (2011-10-19) |
| UOB Target Price | 3.95 (2011-10-24) |
| ECM Target Price | 3.42 (2011-11-25) |
| Kenanga Target Price | 4.4 (2012-01-06) |
| Maybank Target Price | 3.88 (2012-01-06) |
| AMMB Target Price | 4.3 (2012-01-10) |
| HLG Target Price | 4.07 (2012-01-12) |
Accounting Ratio
| Return on Equity | 12.37% |
| Dividend Yield | 2.11% |
| Profit Margin | 20.00% |
| Tax Rate | 25.04% |
| Asset Turnover | 0.4757 |
| Net Asset Value Per Share | 2.06 |
| Net Tangible Asset per share | 1.5 |
| Price/Net Tangible Asset Per Share | 2.57 |
| Cash Per Share | 0.72 |
| Liquidity Current Ratio | 2.0511 |
| Liquidity Quick Ratio | 2.0219 |
| Liquidity Cash Ratio | 1.5911 |
| Gearing Debt to Equity Ratio | 0.3925 |
| Gearing Debt to Asset Ratio | 0.2818 |
| Working capital per thousand Ringgit sale | 34.7% |
| Days to sell the inventory | 5 |
| Days to collect the receivables | 52 |
| Days to pay the payables | 87 |
Technical Analysis
| SMA 20 | 3.849 (Uptrend 1 day) |
| SMA 50 | 3.836 (Uptrend) |
| SMA 100 | 3.647 (Uptrend) |
| SMA 200 | 3.598 (Uptrend) |
| MACD | 0.052739 (Downtrend 2 days) |
| MACD Histogram | -0.007466 (Downtrend 24 days) |
My notes based on 2011 quarter 3 report (number in '000):-
- Higher revenue mainly attributable to:
1. the construction revenue of RM566.9 million generated from the progressive development of the video lottery facility at the Aqueduct Racetrack in the City of New York, USA
2. revenue of RM332.3 million from the casino business in UK
3. the leisure and hospitality business in Malaysia which reported higher revenue by RM203.9 million or 17%. The increase was mainly due to overall higher volume of business and higher hold percentage in the premium players business
- Higher pbt mainly attributable to:
1. higher profit from the leisure and hospitality business in Malaysia
2. higher profit from the casino business in UK
3. the construction profit of RM54.3 million generated from the progressive development of the video lottery facility at Resorts World Casino New York City
- Estimate next 4Q eps after 2010 Q3 result announced = 0.0613*4*1.1 = 0.2697, estimate PE on current price 3.88 = 14.09(DPS 0.082)
- Estimate next 4Q eps after 2010 Q2 result announced = (0.0736+0.0617)*2*0.95 = 0.2571, estimate highest/lowest PE = 14.89/11.39 (DPS 0.082)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.0736*4 = 0.2944, estimate highest/lowest PE = 13.08/11.18 (DPS 0.08)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.2241*1.1 = 0.2465, estimate highest/lowest PE = 15.26/12.74 (DPS 0.08)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.0591*4 = 0.2364, estimate highest/lowest PE = 15.15/13.16 (DPS 0.079)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.2315*1.05 = 0.2431, estimate highest/lowest PE = 14.98/11.85 (DPS 0.079)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.2315*1.05 = 0.2431, estimate highest/lowest PE = 12.66/9.82 (DPS 0.073)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.0628*4 = 0.2512, estimate highest/lowest PE = 11.25/9.7 (DPS 0.073)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.0629*4 = 0.2516, estimate highest/lowest PE = 11.45/10.33 (DPS 0.07)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.0577*4 = 0.2308, estimate highest/lowest PE = 12.35/11.44 (DPS 0.07)
- Estimate next 4Q eps after 2009 Q1 result announced = 0.0481*4 = 0.1924, estimate highest/lowest PE = 15.23/12.79 (DPS 0.07)
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