KLCI Stock - HELP / 7236 - 2011 Quarter 4

HELP INTERNATIONAL CORPORATION BHD

Company Description

HELP INTERNATIONAL CORPORATION BERHAD is a Malaysia-based investment holding company. The Company’s core business is in education and training, including tertiary, continuing professional development (CPD), vocational and pre-university programs. It has four campuses, including HELP University College, HELP International College of Technology, Fraser Technology Park Campus and HELP University College’s Subang 2 campus. The Company has a graduate school, which offers a Doctor of Business Administration (DBA) plus 11 Masters degrees. Its subsidiaries are HELP University College Sdn. Bhd., HELP Training Centre Sdn. Bhd., HELP Academy Sdn. Bhd., HELP ICT Sdn. Bhd., International Centre for Security Management Sdn. Bhd., HELP Executive Advanced Training Sdn. Bhd. and HELP M&E Sdn. Bhd.

Company Info 

Listing Date	2007-05-22
IPO Price	0.8
Market Capital (Capital Size)	213,062,400 (Small)
Par Value	RM 0.50
Board	Main
Sector	Trading/Services
Major Industry	Educational Services
Website	http://www.hic.com.my/

My Analysis 

Forecast P/E now	(1.5-0.02)/0.1078 = 13.73 (Moderate)
Target Price	1.62+0.02 = 1.64 (PE 15.0, EPS 0.1078, DPS 0.02)
Decision	Not interested unless stock price below SMA20 and volume increase
Comment	Revenue increased 18.7% and also higher than preceding year corresponding quarter 4%, eps largely increased 1388.2% but lower than preceding year corresponding quarter 63.8%, cash generated from operating is more than enough to cover dividend but still spent 11% of Group cash for investing expenses, slightly better liquidity ratio at low level now, slightly higher gearing ratio at moderate level now, all accounting ratio are acceptable, higher fees received in advance can indicate business slowly improving, operating expenses increasing, move into new campus at Sungai Besi which can tap a new geographic area and also increase its capacity, upgrading of HELP University to university status, develop new market business
First Support Price	1.5
Second Support Price	1.4
Risk Rating	MODERATE

Research House

OSK Target Price	1.99 (2011-09-29)
RHB Target Price	1.8 (2011-12-16)

Accounting Ratio 

Return on Equity	10.48%
Dividend Yield	1.33%
Profit Margin	18.54%
Tax Rate	31.95%
Asset Turnover	0.5177
Net Asset Value Per Share	0.88
Net Tangible Asset per share	0.85
Price/Net Tangible Asset Per Share	2.01
Cash Per Share	0.42
Liquidity Current Ratio	1.164
Liquidity Quick Ratio	1.164
Liquidity Cash Ratio	0.9725
Gearing Debt to Equity Ratio	0.6743
Gearing Debt to Asset Ratio	0.4027
Working capital per thousand Ringgit sale	9.4%
Days to sell the inventory	-
Days to collect the receivables	89
Days to pay the payables	157

Technical Analysis 

SMA 20	1.616 (Downtrend 19 days)
SMA 50	1.673 (Downtrend)
SMA 100	1.795 (Downtrend)
SMA 200	2.18 (Downtrend)
MACD	-0.071043 (Downtrend 4 days)
MACD Histogram	-0.008975 (Downtrend 9 days)

My notes based on 2011 quarter 4 report (number in '000):-
- Revenue grew marginally due to decrease in student numbers from China because it has become financially more affordable for students from China to study in the UK and the USA due to the strength of the Renminbi against the Pound and US Dollar. Relaxation in regulatory restrictions have also benefited students applying for places in the mentioned countries

- The postponement in student intakes in our Vietnam centres due to the governmental review earlier in the year also impacted on revenue

- Under the Ministry of Higher Education’s advice, all twinning programmes are to be transferred from HELP University to HELP Academy. The change of institution requires a re-application of licenses to recruit foreign students and for local students to be eligible for Perbadanan Tabung Pendidikan Tinggi Nasional (PTPTN) loan. This has resulted in a delay for HELP Academy to recruit students into our twinning programmes

- Recruitment of new students at our local colleges HELP Academy and HELP College of Arts and Technology (“HCAT”) were also affected by delays in obtaining the relevant licenses and approvals for operations. This caused a follow on effect into the fourth quarter

- Higher pbt than FY11Q3 mainly due to a one-off relocation cost of HCAT from Klang to Sungei Besi in preceding quarter and is seasonal fluctuations of the industry

- Estimate next 4Q eps after 2011 Q4 result announced = (0.0253+0.0192+0.02)*1.05+0.0458*0.95 = 0.1078, estimate PE on current price 1.5 = 13.73(DPS 0.02)
- Estimate next 4Q eps after 2011 Q3 result announced = 0.065*2*0.9 = 0.117, estimate highest/lowest PE = 15.04/12.82 (DPS 0.02)

HELP latest news (English)

HELP 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
2011-12-22	2011	4	N/A	N/A	0.02	2.88%	10.48%	28435	108061	5271	20389	3587	13062	0.0253	0.0920	208739	84064	-	124675	21541	26830	2131	67423	5289	7420	60003	142042	142042	242891	2011-10-31	18.54%	31.95%	0.5177	18.5953	0.88	0.85	2.01	0.42	1.164	1.164	0.9725	0.6743	0.4027	9.4%	-	89	157
2011-09-28	2011	3	1.78	1.52	-	0.20%	7.85%	23960	79626	820	15118	245	9475	0.0017	0.0667	201241	80505	-	120736	12475	23364	2131	67408	10889	13020	54388	142042	142042	265618	2011-07-31	3.42%	70.12%	0.5315	-	0.85	0.82	2.28	0.38	1.1232	1.1232	0.9263	0.6668	0.4	6.8%	-	77	163
2011-06-27	2011	2	2.59	1.84	-	5.40%	7.66%	31368	55666	10161	14298	6505	9230	0.0458	0.0650	198679	78188	-	120491	5482	17453	N/A	67408	11971	11971	55437	142042	142042	367888	2011-04-30	32.39%	35.98%	0.5354	-	0.85	0.82	3.16	0.39	1.1908	1.1908	0.983	0.6489	0.3935	10.1%	-	68	161
2011-03-25	2011	1	2.84	2.52	-	2.35%	2.35%	24298	24298	4137	4137	2725	2725	0.0192	0.0192	201594	85477	-	116117	5083	12774	N/A	67408	7691	7691	59717	142042	142042	360786	2011-01-31	17.03%	34.13%	0.5258	-	0.82	0.79	3.22	0.42	1.1452	1.1452	0.9377	0.7361	0.424	8.7%	-	124	145
2010-12-23	2010	4	2.83	2.16	0.02	5.71%	16.84%	27333	105203	7815	26680	6471	19097	0.0698	0.2060	205456	92064	-	113392	25285	43434	2162	87719	18149	20311	67408	92716	92716	213246	2010-10-31	28.59%	17.20%	0.512	11.1665	1.22	1.18	1.95	0.73	1.2873	1.2873	1.1001	0.8119	0.4481	16.7%	-	88	172
2010-09-23	2010	3	4.65	1.85	-	3.02%	11.79%	23383	77870	4993	18865	3235	12626	0.0364	0.1422	198185	91102	-	107083	10385	33849	2001	87719	23464	25465	62254	88776	88776	393277	2010-07-31	21.35%	35.21%	0.5251	-	1.21	1.17	3.79	0.7	1.3408	1.3408	1.1112	0.8508	0.4597	18.3%	-	78	163
2010-06-18	2010	2	4.86	2.79	-	6.59%	8.87%	30976	54487	10110	13872	6973	9391	0.0785	0.1058	155772	49927	-	105845	4367	11344	4	87719	6977	6981	80738	88776	88776	246797	2010-04-30	32.64%	31.03%	0.6566	-	1.19	1.15	2.42	0.91	2.2771	2.2771	1.742	0.4717	0.3205	57.9%	-	82	124
2010-03-24	2010	1	2.8	1.97	-	2.45%	2.45%	23511	23511	3762	3762	2418	2418	0.0272	0.0272	158049	59177	-	98872	5121	5591	4	87719	470	474	87245	88776	88776	180215	2010-01-31	16.00%	35.73%	0.6279	-	1.11	1.07	1.9	0.98	1.937	1.937	1.5692	0.5985	0.3744	52.5%	-	136	113
2009-12-28	2009	4	2.29	1.74	0.03	6.19%	16.02%	26203	96579	7360	21828	5974	15450	0.0673	0.1740	149998	53544	-	96454	20337	4612	2011	74005	15725	13714	87719	88776	88776	154470	2009-10-31	28.09%	18.83%	0.6439	9.9981	1.09	1.05	1.66	0.99	1.9803	1.9803	1.7556	0.5551	0.357	50.7%	-	89	136
2009-09-25	2009	3	1.77	1.42	-	3.23%	10.47%	21594	70376	4265	14468	2919	9476	0.0329	0.1067	136167	45687	-	90480	2667	2218	2007	74005	449	1558	72447	88776	88776	127837	2009-07-31	19.75%	31.56%	0.709	-	1.02	0.98	1.47	0.82	2.0422	2.0422	1.7162	0.5049	0.3355	45.6%	-	91	107
2009-06-26	2009	2	1.56	1.35	-	5.95%	7.32%	27927	48782	7901	10203	5330	6557	0.0600	0.0739	137724	48166	-	89558	1973	1387	6	74005	586	580	74585	88776	88776	120735	2009-04-30	28.29%	32.54%	0.6769	-	1.01	0.97	1.4	0.84	1.8921	1.8921	1.6146	0.5378	0.3497	44.2%	-	88	123
2009-03-23	2009	1	1.5	1.0	-	1.46%	1.46%	20855	20855	2302	2302	1227	1227	0.0138	0.0138	138897	54669	-	84228	322	970	4	74005	648	652	73353	88776	88776	97653	2009-01-31	11.04%	46.70%	0.6432	-	0.95	0.91	1.21	0.83	1.6655	1.6655	1.392	0.6491	0.3936	39.3%	-	132	119
2008-12-22	2008	4	1.12	0.95	0.03	6.01%	14.20%	26163	86546	5430	16083	4991	11790	0.0562	0.1328	136420	53419	-	83001	24817	6503	1985	57676	18314	16329	74005	88776	88776	88776	2008-10-31	20.75%	8.08%	0.6344	7.5298	0.93	0.9	1.11	0.83	1.6527	1.6527	1.4386	0.6436	0.3916	38.8%	-	89	158
2008-09-25	2008	3	1.33	0.82	-	2.07%	8.72%	18275	60383	2635	10653	1618	6799	0.0182	0.0766	124278	46268	-	78010	7077	1453	1982	57676	5624	3642	61318	88776	88776	118072	2008-07-31	14.42%	38.60%	0.6272	-	0.88	0.84	1.58	0.69	1.7296	1.7296	1.3832	0.5931	0.3723	41.5%	-	111	144
2008-06-26	2008	2	1.45	1.2	-	5.56%	6.61%	24041	42108	6607	8018	4354	5181	0.0490	0.0584	125007	46644	8	78363	6001	690	7	57676	5311	5304	62980	88776	88776	127837	2008-04-30	27.48%	34.10%	0.5745	-	0.88	0.84	1.71	0.71	1.7235	1.7235	1.4089	0.5953	0.3731	45.0%	-	117	156
2008-03-25	2008	1	1.52	1.3	-	1.11%	1.11%	18067	18067	1411	1411	819	819	0.0092	0.0092	124893	50884	21	74009	5144	118	4	57676	5262	5258	62934	88776	88776	133164	2008-01-31	7.81%	41.39%	0.5317	-	0.83	0.79	1.9	0.71	1.5654	1.5654	1.286	0.6877	0.4074	41.7%	-	176	142
2007-12-21	2007	4	1.68	1.1	0.03	4.70%	13.21%	17560	61701	4191	13398	3436	9668	0.0387	0.1200	111417	38235	13	73182	17443	8821	9921	21491	26264	36185	57676	88776	80558	123398	2007-10-31	23.87%	17.70%	0.5538	11.5821	0.91	0.91	1.53	0.65	1.857	1.857	1.5888	0.5226	0.3432	50.4%	-	102	154
2007-09-26	2007	3	1.65	1.29	-	1.87%	8.93%	12150	44141	1940	9207	1303	6232	0.0153	0.0801	98692	28931	-	69761	3725	9838	9948	21492	13563	23511	45003	85163	77789	N/A	2007-07-31	15.97%	32.84%	0.4473	-	0.9	0.9	N/A	0.53	1.9244	1.9244	1.5827	0.4147	0.2931	59.5%	-	150	134
2007-06-26	2007	2	N/A	N/A	-	6.25%	8.42%	18623	31991	5381	7267	3656	4929	0.0494	0.0666	90574	32064	-	58510	4739	10546	N/A	21492	15285	15285	36777	74000	74000	N/A	2007-04-30	28.89%	32.26%	N/A	-	0.79	0.79	N/A	0.5	1.4692	1.4692	1.1682	0.548	0.354	N/A	-	N/A	N/A
N/A	2007	1	N/A	N/A	-	N/A	N/A	13368	13368	1886	1886	1273	1273	0.0000	N/A	N/A	N/A	-	N/A	2896	859	N/A	21492	2037	2037	23529	74000000	N/A	65120000	2007-01-31	14.11%	33.24%	N/A	-	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	-	N/A	N/A

Financial Quarter Balance Sheet

year	qrt	Deferred tax assets (A-0)	Intangible assets (A-0)	Other investments (A-0)	Property, plant and equipment (A-0)	Cash and cash equivalents (A-1)	Current tax assets (A-1)	Marketable securities (A-1)	Other receivables (A-1)	Trade receivables (A-1)	Deferred tax liabilities (L-0)	Hire purchase liabilities (L-0)	Long term payables (L-0)	Current tax liabilities (L-1)	Dividend payable (L-1)	Fees received in advance (L-1)	Hire purchase liabilities (L-1)	Other payables (L-1)	Minority interest (M-1)
2011	4	-	3874	1721	131325	60003	1682	-	5673	4461	4363	-	18000	-	-	21998	-	39703	-
2011	3	30	3918	1384	129964	54388	603	-	7054	3900	3792	-	18000	805	-	18754	-	39154	-
2011	2	30	3521	1384	126589	55437	91	-	7770	3857	3792	-	18000	1585	2131	16036	-	36644	-
2011	1	30	3548	-	125085	59717	847	-	7005	5362	3792	-	18000	9	-	30683	-	32993	-
2010	4	30	3576	-	122976	67408	1739	-	5715	4012	3792	-	27000	826	-	21477	-	38969	-
2010	3	-	3594	-	119475	62254	80	-	8764	4018	3580	-	31500	959	-	18230	-	36833	-
2010	2	-	3605	-	46631	80738	76	-	19814	4908	3580	-	-	601	-	18004	-	27742	-
2010	1	-	3541	-	46814	87245	1208	-	13076	6165	3580	-	-	-	-	30760	-	24837	-
2009	4	-	3560	-	47493	87719	849	-	7098	3279	3580	-	-	-	-	20331	4	29629	-
2009	3	-	3487	-	46469	72447	35	-	7561	6168	3473	-	-	123	-	17922	7	24162	-
2009	2	-	3468	-	46854	74585	32	-	7858	4927	1973	-	-	1513	-	17602	11	27067	-
2009	1	-	3481	-	47649	73353	89	-	9263	5062	1973	-	-	178	-	27163	14	25341	-
2008	4	-	3490	-	47910	74005	85	-	8322	2608	1973	3	-	294	-	18499	14	32636	-
2008	3	-	3474	-	44133	61318	3	-	9694	5656	1931	7	-	-	-	17980	14	26336	-
2008	2	-	3487	-	44478	62980	659	-	8510	4893	1931	11	-	-	-	18153	14	26535	8
2008	1	-	3494	-	44791	62934	1904	2	6309	5459	1931	14	-	-	-	26635	14	22290	21
2007	4	-	81	-	43918	57676	1061	2	5957	2722	1931	-	-	-	-	14560	-	21744	13
2007	3	-	-	-	43973	45003	440	2	4671	4603	496	-	-	1213	-	13579	-	13643	-
2007	2	-	-	-	44320	36777	308	2	5869	3298	581	-	-	2108	-	12118	-	17257	-

Financial Quarter Income Statement

year	qrt	Revenue	Income tax expense	Finance/interest costs	Other income	Administrative/Operating expenses	Minority interest
2011	4	28435	1684	272	1995	24887	-
2011	3	23960	575	273	902	23769	-
2011	2	31368	3656	263	1834	22778	-
2011	1	24298	1412	358	971	20774	-
2010	4	27333	1344	408	1330	20440	-
2010	3	23383	1758	408	1207	19189	-
2010	2	30976	3137	0	1833	22699	-
2010	1	23511	1344	1	833	20581	-
2009	4	26203	1386	9	1092	19926	-
2009	3	21594	1346	1	1309	18637	-
2009	2	27927	2571	1	1282	21307	-
2009	1	20855	1075	1	1039	19591	-
2008	4	26163	439	1	2209	22941	-
2008	3	18275	1017	1	795	16434	-
2008	2	24041	2253	1	1211	18644	-
2008	1	18067	584	1	956	17611	8
2007	4	17560	742	-	903	14272	13
2007	3	12150	637	-	1249	11459	0
2007	2	18623	1736	-	571	13813	11
2007	1	13368	627	-	511	11993	14

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

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