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My notes based on 2011 quarter 4 report (number in '000):-
- Higher revenue mainly due to higher sales tonnage contributed from both Manufacturing and Trading Divisions
- Manufacturing Division reported loss mainly due to higher cost of sales impacted by the absorption of initial start up cost of the blast furnace operations and high material costs attributable to a heightened volatility in global steel market
- Trading Division reported higher profit mainly due to higher sales tonnage as a result of the implementation of aggressive mark eting strategies for market share expansion coupled with the recovery in steel demand from various economic sectors
- Higher pbt than FY11Q3 mainly due to the recognition of an allowance for diminution in value of inventories of RM37.88 mil and an unrealized foreign exchange loss of RM22.52 mil
- Estimate next 4Q eps after 2011 Q4 result announced = 1075033*0.06/763411 = 0.0845, estimate PE on current price 2.05 = 23.61(DPS 0.055)
- Estimate next 4Q eps after 2011 Q3 result announced = (37880+22520-29476)*0.83/763444*4*0.9 = 0.121, estimate highest/lowest PE = 18.18/12.73 (DPS 0.07)
- Estimate next 4Q eps after 2011 Q2 result announced = 0.0477*4*0.8 = 0.1526, estimate highest/lowest PE = 16.56/11.25 (DPS 0.1234)
- Estimate next 4Q eps after 2011 Q1 result announced = (0.04+0.0602)*2 = 0.2004, estimate highest/lowest PE = 14.3/10.96 (DPS 0.1234)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.04*4 = 0.16, estimate highest/lowest PE = 19.31/16.69 (DPS 0.06)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.0517*4 = 0.2068(0.0517 is average eps of Q110,Q409,Q308, due to steel price decreasing), estimate highest/lowest PE = 15.91/11.9 (DPS 0.06)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.0591*4 = 0.2364, estimate highest/lowest PE = 12.39/9.31 (DPS 0.03)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.048*4 = 0.192, estimate highest/lowest PE = 15.68/13.54 (DPS 0.03)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.0682*4 = 0.2728, estimate highest/lowest PE = 12.17/8.69 (DPS 0.03)
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My notes based on 2011 quarter 4 report (number in '000):-
- Higher revenue mainly due to higher sales tonnage contributed from both Manufacturing and Trading Divisions
- Manufacturing Division reported loss mainly due to higher cost of sales impacted by the absorption of initial start up cost of the blast furnace operations and high material costs attributable to a heightened volatility in global steel market
- Trading Division reported higher profit mainly due to higher sales tonnage as a result of the implementation of aggressive mark eting strategies for market share expansion coupled with the recovery in steel demand from various economic sectors
- Higher pbt than FY11Q3 mainly due to the recognition of an allowance for diminution in value of inventories of RM37.88 mil and an unrealized foreign exchange loss of RM22.52 mil
- Estimate next 4Q eps after 2011 Q4 result announced = 1075033*0.06/763411 = 0.0845, estimate PE on current price 2.05 = 23.61(DPS 0.055)
- Estimate next 4Q eps after 2011 Q3 result announced = (37880+22520-29476)*0.83/763444*4*0.9 = 0.121, estimate highest/lowest PE = 18.18/12.73 (DPS 0.07)
- Estimate next 4Q eps after 2011 Q2 result announced = 0.0477*4*0.8 = 0.1526, estimate highest/lowest PE = 16.56/11.25 (DPS 0.1234)
- Estimate next 4Q eps after 2011 Q1 result announced = (0.04+0.0602)*2 = 0.2004, estimate highest/lowest PE = 14.3/10.96 (DPS 0.1234)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.04*4 = 0.16, estimate highest/lowest PE = 19.31/16.69 (DPS 0.06)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.0517*4 = 0.2068(0.0517 is average eps of Q110,Q409,Q308, due to steel price decreasing), estimate highest/lowest PE = 15.91/11.9 (DPS 0.06)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.0591*4 = 0.2364, estimate highest/lowest PE = 12.39/9.31 (DPS 0.03)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.048*4 = 0.192, estimate highest/lowest PE = 15.68/13.54 (DPS 0.03)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.0682*4 = 0.2728, estimate highest/lowest PE = 12.17/8.69 (DPS 0.03)
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