KLCI Stock - MUHIBAH / 5703 - 2011 Quarter 4

MUHIBBAH ENGINEERING (M) BERHAD

My notes based on 2011 quarter 4 report (number in '000):-
- Higher pbt is derived from the cranes and shipyard divisions which generated higher revenue with better profit margins

- As at 23 February 2012, the total outstanding secured order book in hand of the Group is RM3.05 billion. These outstanding order books will take us into 2014

- Estimate next 4Q eps after 2011 Q4 result announced = 639976*0.12/413767 = 0.1856, estimate PE on current price 1.37 = 7.11(DPS 0.05)
- Estimate next 4Q eps after 2011 Q3 result announced = 0.1425*1.05 = 0.1496, estimate highest/lowest PE = 9.99/6.52 (DPS 0.035)
- Estimate next 4Q eps after 2011 Q2 result announced = 0.0336*4*0.85 = 0.1142(~8% ROE), estimate highest/lowest PE = 9.06/8 (DPS 0.035)
- Estimate next 4Q eps after 2011 Q1 result announced = (0.0438+0.0226)*2*1.05 = 0.1394, estimate highest/lowest PE = 13.45/6.85 (DPS 0.035)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.0843*1.1 = 0.0927, estimate highest/lowest PE = 18.93/13.65 (DPS 0.035)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.0481*2 = 0.0962(although revenue decrease but offset by high tax rate), estimate highest/lowest PE = 20.06/12.79
- Estimate next 4Q eps after 2010 Q2 result announced = 0.0266*4 = 0.1064, estimate highest/lowest PE = 9.35/7.99
- Estimate next 4Q eps after 2010 Q1 result announced = 0.0135*4 = 0.054, estimate highest/lowest PE = 18.43/15.74
- No estimate for 2009 Q4 result
- No estimate for 2009 Q3 result
- Estimate next 4Q eps after 2009 Q2 result announced = 0.0362*4 = 0.1448, estimate highest/lowest PE = 9.29/6.94 (DPS 0.025)
- Estimate next 4Q eps after 2008 Q4 result announced = 0.039*4 = 0.156, estimate highest/lowest PE = 8.17/4.04 (DPS 0.025)

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