KLCI Stock - ADVENTA / 7191 - 2011 Quarter 4

ADVENTA BERHAD

Company Description

Adventa Berhad is an investment holding company. The Company has three business segments: manufacture, distribution and trading of healthcare products; generation and supply of energy and electricity using biomass technology, and provision of management services to subsidiaries. It operates in Malaysia, Germany, Hong Kong and Uruguay. In Malaysia, it is engaged in the manufacturing, distribution and trading of healthcare products. Other operations include generation and supply of energy and electricity, and provision of management services. In Germany, its operations include the distribution of healthcare products. In Hong Kong, it is engaged in investment holding, and in Uruguay, it is engaged in the manufacture and distribution of healthcare products. On August 1, 2009, the Company acquired Cytotec (M) Sdn. Bhd.

Company Info 

Listing Date	2004-06-29
IPO Price	0.3
Market Capital (Capital Size)	249,040,805 (Small)
Par Value	RM 0.50
Board	Main
Sector	Industrial Products
Major Industry	Medical Gloves & other hospital related products
Sub Industry	Energy & Electricity Generation using biomass technology
Website	http://www.adventa.com.my/

My Analysis 

Forecast P/E now	1.63/0.135 = 12.07 (High)
Target Price	0.135*11.0 = 1.48 (PE 11.0, EPS 0.135)
Decision	Not interested unless MACD moving back to bullish trend
Comment	Revenue increased 11.9% and also higher than preceding year corresponding quarter 19.9%, eps decreased 310.3% and was second consecutive quarter decreasing and also lower than preceding year corresponding quarter 173.8%, not enough cash for operating expenses hence generated more cash from financing and spent 67.9% of Group cash to cover all expenses, weaker liquidity ratio at low level now, lower gearing ratio but still at high level now, all accounting ratio are good, higher inventory can indicate better Group products demand, affecting from weakeaning of USD against RM and latex price increasing
First Support Price	1.56
Second Support Price	1.45
Risk Rating	MODERATE

Research House

CIMB Target Price	1.49 (2011-09-29)
OSK Target Price	2 (2012-01-03)

Accounting Ratio 

Return on Equity	1.94%
Dividend Yield	-
Profit Margin	-3.16%
Tax Rate	-
Asset Turnover	0.9448
Net Asset Value Per Share	1.41
Net Tangible Asset per share	1.39
Price/Net Tangible Asset Per Share	1.14
Cash Per Share	0.09
Liquidity Current Ratio	1.3974
Liquidity Quick Ratio	0.7667
Liquidity Cash Ratio	0.0959
Gearing Debt to Equity Ratio	1.1084
Gearing Debt to Asset Ratio	0.5249
Working capital per thousand Ringgit sale	12.9%
Days to sell the inventory	76
Days to collect the receivables	79
Days to pay the payables	40

Technical Analysis 

SMA 20	1.662 (Downtrend 3 days)
SMA 50	1.641 (Same)
SMA 100	1.63 (Uptrend)
SMA 200	1.767 (Downtrend)
MACD (26d/12d)	-0.00205 ( 0.001924 )
Signal (9)	0.00392 ( 0.001493 )
MACD Histogram	0.005970 (Bearish trend 8 days)

My notes based on 2011 quarter 4 report (number in '000):-
- Loss due to fire incident and deposit written off RM9.23 million, if exclude this the pbt is increased

- Estimate next 4Q eps after 2011 Q4 result announced = (0.03*1.2)+(0.03*1.1*3) = 0.135, estimate PE on current price 1.63 = 12.07(DPS 0.07)
- Estimate next 4Q eps after 2011 Q3 result announced = 0.013*4*1.4 = 0.0728(exclude RM2 million from tax and other income), estimate highest/lowest PE = 23.9/18.68 (DPS 0.07)
- Estimate next 4Q eps after 2011 Q2 result announced = 0.03*4*1.3 = 0.156, estimate highest/lowest PE = 12.69/8.85 (DPS 0.07)
- Estimate next 4Q eps after 2011 Q1 result announced = 0.0265*4*1.3 = 0.1378(slowly recover), estimate highest/lowest PE = 16.91/13.5 (DPS 0.07)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.04*4 = 0.16, estimate highest/lowest PE = 17.38/12.44 (DPS 0.07)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.055*4*0.95 = 0.209, estimate highest/lowest PE = 12.39/8.71 (DPS 0.07)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.0434*4 = 0.1736*1.1(QbQ improvement adjustment) = 0.191, estimate highest/lowest PE = 16.81/11.78 (DPS 0.07)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.063*4 = 0.252, estimate highest/lowest PE = 15.36/11.35 (DPS 0.07)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.0372*4 = 0.1488, estimate highest/lowest PE = 28.83/18.28 (DPS 0.06)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.0319*4 = 0.1276, estimate highest/lowest PE = 23.2/11.36 (DPS 0.06)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.0272*4 = 0.1088, estimate highest/lowest PE = 19.39/7.77 (DPS 0.06)
- Estimate next 4Q eps after 2009 Q1 result announced = 0.0232*4 = 0.092, estimate highest/lowest PE = 13.04/8.26 (DPS 0.06)

ADVENTA latest news (English)

ADVENTA latest news (Chinese)

USD/MYR Chart

Daily Latex Price



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
2011-12-30	2011	4	N/A	N/A	-	3.91%	1.94%	115892	429957	3662	5908	8455	4201	0.0553	0.0275	455054	238842	727	216212	35148	36111	43037	41555	71259	28222	13333	152786	152786	242929	2011-10-31	3.16%	-	0.9448	57.8266	1.41	1.39	1.14	0.09	1.3974	0.7667	0.0959	1.1084	0.5249	12.9%	76	79	40
2011-09-28	2011	3	1.81	1.43	-	1.78%	5.60%	103577	314065	3006	9570	4017	12656	0.0263	0.0828	486478	260552	849	225926	18084	27380	66736	41555	45464	21272	62827	152786	152786	223067	2011-07-31	2.90%	-	0.8443	-	1.47	1.45	1.01	0.41	1.4406	0.9523	0.3985	1.1576	0.5356	16.9%	71	78	42
2011-06-29	2011	2	2.05	1.45	-	2.01%	3.78%	104299	210488	3121	6564	4589	8639	0.0300	0.0565	439360	210881	844	228479	23348	18786	29153	41555	42134	12981	28574	152786	152786	297932	2011-04-30	2.99%	-	0.898	-	1.49	1.47	1.33	0.19	1.069	0.6283	0.1644	0.9264	0.48	3.0%	75	75	44
2011-03-31	2011	1	2.4	1.93	-	1.86%	1.86%	106189	106189	3443	3443	4050	4050	0.0265	0.0265	425272	207590	854	217682	24785	10857	23676	41555	35642	11966	29589	152786	152786	366686	2011-01-31	3.24%	-	0.8732	-	1.42	1.4	1.71	0.19	1.0132	0.5896	0.1698	0.9574	0.4881	0.6%	80	72	52
2010-12-22	2010	4	2.85	2.06	0.07	5.03%	15.84%	96655	341813	3878	30143	11151	35152	0.0749	0.2362	415531	193628	818	221903	57356	73218	18586	38831	15862	2724	41555	148847	148847	285786	2010-10-31	4.01%	-	0.8226	8.13	1.49	1.46	1.32	0.28	1.1112	0.7012	0.2662	0.8758	0.466	5.1%	78	72	72
2010-09-27	2010	3	2.66	1.89	-	3.82%	11.19%	87384	245158	8479	26265	8198	24001	0.0550	0.1609	384713	170161	931	214552	22202	36885	10268	38831	14683	4415	34416	149143	149143	356451	2010-07-31	9.70%	3.35%	0.8316	-	1.43	1.41	1.7	0.23	1.6552	1.0933	0.3322	0.7966	0.4423	21.2%	79	90	52
2010-06-15	2010	2	3.28	2.32	-	3.17%	7.76%	81133	157774	7729	17786	6450	15803	0.0434	0.1063	364402	160852	934	203550	11077	19441	937	38831	8364	7427	31404	148712	148712	471417	2010-04-30	9.53%	16.60%	0.8376	-	1.36	1.34	2.37	0.21	1.6845	1.1197	0.3265	0.7939	0.4414	21.6%	80	91	54
2010-03-03	2010	1	3.94	2.93	-	4.83%	4.83%	76641	76641	10057	10057	9353	9353	0.0630	0.0630	352262	158524	1246	193738	8586	9995	2806	38831	1409	4215	34616	148364	148364	501470	2010-01-31	13.12%	6.66%	0.8271	-	1.3	1.28	2.64	0.23	1.6767	1.1223	0.3581	0.8235	0.45	22.4%	83	93	60
2009-12-22	2009	4	4.35	2.78	0.04	2.91%	9.18%	74752	282871	6083	18387	5398	17003	0.0372	0.1171	345180	159936	1212	185244	21656	18193	1934	37302	3463	1529	38831	145248	145248	418314	2009-10-31	8.14%	11.51%	0.8195	24.6024	1.27	1.24	2.32	0.27	1.6792	1.1283	0.4088	0.8691	0.4633	22.8%	84	88	60
2009-09-15	2009	3	3.02	1.51	-	2.50%	6.34%	72699	208119	5652	12304	4584	11605	0.0319	0.0808	342036	158892	1227	183144	841	10006	3324	37302	9165	5841	31461	143551	143551	239730	2009-07-31	7.77%	19.85%	0.7916	-	1.27	1.25	1.34	0.22	1.7197	1.2121	0.3334	0.8734	0.4645	25.1%	81	112	57
2009-06-30	2009	2	2.17	0.905	-	2.15%	3.97%	67266	135420	3876	6652	3789	7021	0.0272	0.0505	334195	157560	1281	176635	3673	6412	2165	37302	2739	574	36728	139156	139156	158637	2009-04-30	5.76%	3.41%	0.7894	-	1.26	1.24	0.92	0.26	1.7244	1.2056	0.4091	0.8985	0.4715	24.6%	80	99	57
2009-03-27	2009	1	1.26	0.82	0.03	1.87%	1.87%	68154	68154	2776	2776	3232	3232	0.0232	0.0232	325163	152467	1326	172696	7557	4098	4362	37302	11655	7293	30009	139209	139209	114151	2009-01-31	4.07%	-	0.7614	-	1.23	1.21	0.68	0.22	1.7891	1.2231	0.3678	0.8897	0.4689	26.0%	84	103	50
2008-12-30	2008	7	0.9	0.685	-	3.21%	8.06%	64915	185948	4105	13360	5435	13660	0.0389	0.0978	322108	152646	1284	169462	15943	25632	9854	37137	9689	165	37302	139668	139668	97069	2008-10-31	6.32%	-	0.7717	-	1.2	1.19	0.58	0.27	1.6803	1.1329	0.4397	0.9076	0.4739	23.5%	81	87	57
2008-09-29	2008	6	0.9	0.6	-	1.80%	4.92%	62578	121033	3905	9255	2946	8070	0.0210	0.0576	302011	137969	1435	164042	1418	9566	998	37137	10984	11982	25155	140069	140069	123260	2008-07-31	6.24%	24.43%	0.8259	-	1.16	1.14	0.77	0.18	1.8055	1.2127	0.3209	0.8485	0.4568	25.3%	82	102	55
2008-06-26	2008	5	1.14	0.785	-	3.06%	3.06%	58455	58455	5350	5350	5124	5124	0.0366	0.0366	305867	138528	1430	167339	3354	4959	3481	37137	8313	4832	32305	140099	140099	161113	2008-04-30	9.15%	2.93%	0.7778	-	1.18	1.17	0.98	0.23	1.985	1.3688	0.4369	0.835	0.4529	30.6%	86	106	64
2008-03-28	2008	4	1.34	1.13	0.044	3.60%	12.39%	62628	224901	5363	19197	5859	20145	0.0419	0.1440	299146	136582	1441	162564	15652	40648	29987	32220	24996	4991	37211	139853	139853	166425	2008-01-31	8.56%	-	0.7518	8.2614	1.15	1.13	1.05	0.27	2.0835	1.4049	0.5387	0.8477	0.4566	33.3%	94	97	77
2007-12-18	2008	3	1.5	1.05	-	3.64%	10.32%	65761	162273	5267	13834	5043	14286	0.0389	0.1102	256782	118336	691	138446	6066	26532	3277	31841	20466	17189	14652	129580	129580	193074	2007-10-31	8.01%	3.95%	0.8185	-	1.06	1.04	1.43	0.11	1.8178	1.0881	0.2352	0.859	0.4608	24.2%	100	92	66
2007-09-20	2008	2	1.67	1.33	-	3.80%	6.97%	51051	96512	4579	8567	5033	9243	0.0391	0.0718	255835	123253	675	132582	3945	19748	6768	31841	15803	9035	22806	128695	128695	223929	2007-07-31	8.97%	-	0.5645	-	1.02	1.01	1.72	0.18	1.7547	1.0903	0.345	0.9344	0.4818	34.6%	141	125	103
2007-06-27	2008	1	N/A	N/A	-	3.27%	3.27%	45461	45461	3988	3988	4210	4210	0.0334	0.0334	250356	121775	652	128581	3569	9754	9908	31841	6185	3723	35564	126000	126000	172620	2007-04-30	8.77%	-	0.373	-	1.02	1.0	1.37	0.29	1.8962	1.2376	0.5708	0.9519	0.4864	60.4%	210	164	150
2007-03-28	2007	4	N/A	N/A	0.03	6.11%	12.60%	47915	173522	6915	15196	7822	16125	0.0621	0.1280	236772	108809	712	127963	9624	36092	39614	19074	26468	13146	32220	126000	126000	100800	2007-01-31	14.43%	-	0.2024	6.2512	1.01	0.99	0.81	0.26	1.8971	1.2898	0.5425	0.8551	0.4596	111.9%	373	340	310

Financial Quarter Balance Sheet

year	qrt	Deferred tax assets (A-0)	Fixed deposits (A-0)	Intangible assets (A-0)	Prepaid lease payments (A-0)	Property, plant and equipment (A-0)	Cash and cash equivalents (A-1)	Derivative assets (A-1)	Inventories (A-1)	Other receivables, deposits and prepayments (A-1)	Trade receivables (A-1)	Deferred income (L-0)	Deferred tax liabilities (L-0)	Loans & borrowings (L-0)	Derivative liabilities (L-1)	Loans & borrowings (L-1)	Payables and accruals (L-1)	Trade and other payables (L-1)	Minority interest (M-1)
2011	4	8654	2400	3305	-	246328	13333	-	87728	9360	83946	-	3069	96685	1119	92599	10598	34772	727
2011	3	9713	2400	3305	-	243932	62827	93	76989	13467	73752	-	2535	100360	-	112596	11365	33696	849
2011	2	8906	2400	3305	-	238985	28574	-	76587	12262	68341	-	2753	34352	283	128301	13606	31586	844
2011	1	8070	2400	3305	-	234943	29589	-	73816	13417	59732	-	3517	29815	332	125877	14574	33475	854
2010	4	8452	2400	3305	-	227947	41555	-	63992	9566	58314	-	4372	33178	-	97442	20854	37782	818
2010	3	4974	2400	3396	11767	190716	34416	-	58205	21423	57416	-	8154	58417	-	65311	6364	31915	931
2010	2	5027	2400	3396	11815	179728	31404	-	54328	21781	54523	-	7898	56764	-	59255	6332	30603	934
2010	1	4856	178	3244	11864	170063	34616	-	53579	21640	52222	-	6891	54980	-	58398	7768	30487	1246
2009	4	5287	2400	3244	11913	162838	38831	-	52329	20689	47649	-	6460	58493	-	57317	8461	29205	1212
2009	3	4012	4900	2520	9359	158946	31461	-	47906	23883	59049	-	4955	59559	-	60713	7629	26036	1227
2009	2	5023	4900	2520	9406	157550	36728	-	46574	20438	51056	-	4887	62905	-	56471	8353	24944	1281
2009	1	5350	4900	2520	9453	156972	30009	-	46180	18041	51738	-	4964	65915	-	54084	6576	20928	1326
2008	7	4837	4900	2520	9500	156268	37702	-	46938	7590	51853	-	5087	61811	-	52607	9555	23586	1284
2008	6	2046	4900	2520	9547	141443	25155	-	46477	19145	50778	-	4602	54966	-	47313	7066	24022	1435
2008	5	3171	4900	2520	9593	138921	32305	-	45560	18540	50357	-	5043	59549	-	40027	10655	23254	1430
2008	4	1718	4900	2563	9932	136107	37211	-	46876	14454	45385	-	3396	64107	-	30695	13777	24607	1441
2008	3	1061	4900	2471	9966	125136	14652	-	45457	8209	44930	-	6769	49266	-	32181	9218	20902	691
2008	2	1095	4900	2471	9733	121602	22814	-	43937	7916	41367	-	6602	50525	-	33999	10984	21143	675
2008	1	1090	4900	2471	9780	112813	35910	-	41435	6870	35087	70	7219	51570	-	33378	9724	19814	652
2007	4	1083	2500	2471	9827	107489	32428	-	36298	5935	38741	141	4185	44705	-	29603	11461	18714	712

Financial Quarter Income Statement

year	qrt	Revenue	Income tax expense	Cost of sales	Finance/interest costs	Other income	Administrative/Operating expenses	Minority interest	Finance/interest income	Selling and distribution costs	Foreign exchange (loss)/gain	Other expenses
2011	4	115892	4914	-	2398	62	107992	121	-	-	-	9226
2011	3	103577	1016	-	2341	1463	99693	5	-	-	-	-
2011	2	104299	1458	-	1702	419	99895	10	-	-	-	-
2011	1	106189	643	-	1556	576	101766	36	-	-	-	-
2010	4	96655	7251	-	1704	1022	92095	22	-	-	-	-
2010	3	87384	284	-	1479	526	77952	3	-	-	-	-
2010	2	81133	1283	64336	1342	2352	2495	4	-	2879	-	-
2010	1	76641	670	59471	1230	1284	2112	34	-	2487	-	-
2009	4	74752	700	60024	1210	837	1983	15	-	2185	2430	-
2009	3	72699	1122	55166	1218	2030	2104	54	92	2690	3931	-
2009	2	67266	132	51546	1573	2035	2068	45	116	1988	4296	-
2009	1	68154	498	53006	1618	2003	2181	42	158	2457	4271	-
2008	7	64915	1335	55670	1197	962	2139	5	-	2766	-	-
2008	6	62578	954	52945	1128	364	2013	5	221	2444	-	-
2008	5	58455	157	46857	1185	957	1872	69	248	2482	-	-
2008	4	62628	685	48818	1312	1857	2288	189	-	2990	-	-
2008	3	65761	208	50874	1102	4448	1650	16	-	2420	-	-
2008	2	51051	477	39979	1301	505	1563	23	-	3124	-	-
2008	1	45461	162	34995	977	2133	1480	60	-	1888	-	-
2007	4	47915	1022	31354	476	2791	4154	115	-	2225	-	-

Financial Quarter Segments Revenue

year	qrt	Others	Healthcare products	Energy provider	Elimination/Adjustment
2011	4	1105	225346	3137	113696
2011	3	4355	189190	2981	92949
2011	2	1855	181789	2639	81984
2011	1	1555	187209	3583	86158
2010	4	8510	210384	8814	131053
2010	3	890	163972	3095	80573
2010	2	1890	136865	3834	61456
2010	1	1390	135848	3670	64267
2009	4	4390	127953	3806	61526
2009	3	2390	130762	3903	64356
2009	2	4390	120350	3602	61076
2009	1	390	122795	3780	58811
2008	7	2510	127838	3376	68809
2008	6	330	111478	3538	52768
2008	5	330	104999	3283	50157
2008	4	330	109338	3176	50216
2008	3	330	108810	2866	46245
2008	2	330	102857	3053	55189
2008	1	330	85009	3031	42909
2007	4	6600	94573	4868	58126

Financial Quarter Segments Profit

year	qrt	Others	Healthcare products	Energy provider	Elimination/Adjustment
2011	4	413	10883	317	3651
2011	3	3532	6395	54	4634
2011	2	386	4177	1192	932
2011	1	795	3187	1896	879
2010	4	265	7002	4681	6366
2010	3	111	11042	960	2155
2010	2	888	9879	1380	3076
2010	1	819	13964	1221	4717
2009	4	5634	5644	1854	5803
2009	3	1838	8324	1372	4664
2009	2	3738	3595	1162	3046
2009	1	291	3774	1695	784
2008	7	3759	5727	1504	5688
2008	6	151	2703	1412	1069
2008	5	665	3919	1352	744
2008	4	382	8212	1386	2541
2008	3	189	7264	841	1547
2008	2	189	3995	1122	952
2008	1	165	4126	1242	238
2007	4	5546	6006	3176	7337

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