KLCI Stock - MAHSING / 8583 - 2011 Quarter 4

MAH SING GROUP BERHAD


My notes based on 2011 quarter 4 report (number in '000):-
- Profit for the year reflects the mix of properties delivered and was arrived at after incorporating a non-recurring provision of RM11.8 million for future operating lease commitments on a commercial building successfully sold en-bloc in 2009

- The Group’s remaining undeveloped land at 1,060 acres with approximately RM14.8 billion in total GDV and unbilled sales provides steady earnings visibility for the next 5-7 years

- Plastics segment continued to grow steadily in sales volume of all product segments from proprietary plastics pallets, OEM parts for electrical and electronic products and automotive components

- Lower pbt than FY11Q3 due mainly to the non-recurring provision in the current quarter for future operating lease commitments

- Estimate next 4Q eps after 2011 Q4 result announced = 1088489*0.18/853767 = 0.2295, estimate PE on current price 2.21 = 9.3(DPS 0.076)
- Estimate next 4Q eps after 2011 Q3 result announced = 0.0499*4*0.95 = 0.1896, estimate highest/lowest PE = 11.2/8.41 (DPS 0.076)
- Estimate next 4Q eps after 2011 Q2 result announced = 0.0504*4 = 0.2016, estimate highest/lowest PE = 12.12/7.01 (DPS 0.076)
- Estimate next 4Q eps after 2011 Q1 result announced = 0.0485*4 = 0.194, estimate highest/lowest PE = 13.47/10.64 (DPS 0.076)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.0376*4*1.1 = 0.1654, estimate highest/lowest PE = 16.05/13.2 (DPS 0.076)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.0357*4*1.1 = 0.1571, estimate highest/lowest PE = 17.6/10.85 (DPS 0.065)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.0355*4*1.1 = 0.1562, estimate highest/lowest PE = 12.45/10.47 (DPS 0.065)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.034*4*1.1 = 0.1496, estimate highest/lowest PE = 12.13/9.99 (DPS 0.065)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.0388*4 = 0.1552, estimate highest/lowest PE = 12.6/10.53 (DPS 0.065)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.0373*4 = 0.1492, estimate highest/lowest PE = 12.73/10.72 (DPS 0.08)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.0366*4 = 0.1464, estimate highest/lowest PE = 13.66/11.61 (DPS 0.08)
- Estimate next 4Q eps after 2009 Q1 result announced = 0.036*4 = 0.144, estimate highest/lowest PE = 13.68/11.39 (DPS 0.08)
- Estimate next 4Q eps after 2008 Q4 result announced = 0.0271*4 = 0.1084, estimate highest/lowest PE = 16.33/13.28 (DPS 0.08)

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