KLCI Stock - P&O / 6009 - 2012 Quarter 1

PACIFIC & ORIENT BERHAD

Company Description

PACIFIC & ORIENT BERHAD is a Malaysia-based investment holding company. The Company is also engaged in the provision of management services. The Company has four segments: insurance, information technology, investment holding, and money lending. Other segments include distribution of consumer goods, provision of sales and administrative services, and provision of management and privilege card programme services. The Company's subsidiaries include Pacific and Orient Insurance Co. Berhad, engaged in general insurance business; P and O Technologies Sdn. Bhd., offers information technology services and equipments; Pacific and Orient Distribution Sdn. Bhd., is engaged in distribution of consumer goods and provision of sales and administrative services; P and O Capital Sdn. Bhd., is engaged in money lending, and P and O Technologies Sdn. Bhd., deals in computer hardware, software and systems.

Company Info 

Listing Date	1995-05-18
Market Capital (Capital Size)	237,295,430 (Small)
Par Value	RM 0.50
Board	Main
Sector	Finance
Major Industry	Underwriting of General Insurance
Sub Industry	Information Technology Related Services
Website	http://www.pacific-orient.com/

My Analysis 

Forecast P/E now	(0.965-0.083)/0.1336 = 6.60 (Moderate)
Target Price	1.07+0.083 = 1.15 (PE 8.0, EPS 0.1336, DPS 0.083)
Decision	BUY if stock price go up follow with upper Bolinger band open or wait until stock price moving up from very low Bolinger band point
Comment	Revenue decreased 7.9% but higher than preceding year corresponding quarter 5.3%, eps decreased 94.8% and was second consecutive quarter decreasing and also lower than preceding year corresponding quarter 92.2%, no cash generated from operating due to placement of deposit and this move together other expenses total spent 88.5% of Group cash, largely decreased operating profit, stronger liquidity ratio at strong level now, high reinsurance assets which could turn into high revenue, insurance division affected by high claim
First Support Price	0.093
Second Support Price	0.88
Risk Rating	MODERATE

Accounting Ratio 

Return on Equity	19.18%
Dividend Yield	6.01%
Gross Profit Margin	0.00%
Operating Profit Margin	3.40%
Net Profit Margin	2.46%
Tax Rate	74.71%
Asset Turnover	0.52
Net Asset Value Per Share	0.89
Net Tangible Asset per share	0.88
Price/Net Tangible Asset Per Share	1.22
Cash Per Share	2.46
Liquidity Current Ratio	6.7012
Liquidity Quick Ratio	5.3783
Liquidity Cash Ratio	4.3818
Gearing Debt to Equity Ratio	3.705
Gearing Debt to Asset Ratio	0.7875
Working capital per thousand Ringgit sale	147.0%
Days to sell the inventory	137
Days to collect the receivables	94
Days to pay the payables	24

Technical Analysis 

SMA 20	0.952 (Uptrend 2 days)
SMA 50	0.945 (Uptrend)
SMA 100	0.842 (Uptrend)
SMA 200	0.747 (Uptrend)
MACD (26d/12d)	0.005241 ( 6.2e-005 )
Signal (9)	0.005244 ( 1e-006 )
MACD Histogram	0.000003 (Bearish trend 1 day)

My notes based on 2012 quarter 1 report (number in '000):-
- Higher revenue than FY11Q1 mainly due to higher gross premium recorded but lower pbt mainly attributable to higher net claims incurred which includes the share of losses incurred by the Malaysian Motor Insurance Pool

- Lower revenue than FY11Q4 mainly attributable to lower gross premium recorded and lower pbt is same as above reason and higher staff costs and unrealised foreign exchange loss in IT segment

- Estimate next 4Q eps after 2012 Q1 result announced = 218854*0.15/245714 = 0.1336, estimate PE on current price 0.965 = 6.6(DPS 0.056)
- Estimate next 4Q eps after 2011 Q4 result announced = 0.0595*4 = 0.238, estimate highest/lowest PE = 4.51/2.96 (DPS 0.056)
- Estimate next 4Q eps after 2011 Q3 result announced = (0.0368+0.0658)*2*0.75 = 0.1539, estimate highest/lowest PE = 4.96/4.12 (DPS 0.056)
- Estimate next 4Q eps after 2011 Q2 result announced = 0.0368*4*0.9 = 0.1325, estimate highest/lowest PE = 6.18/5.24 (DPS 0.006)
- Estimate next 4Q eps after 2011 Q1 result announced = 0.0277*4 = 0.1108(ROE 3.5% per quarter), estimate highest/lowest PE = 8.66/6.35 (DPS 0.006)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.05*4/2 = 0.1(ROE 3.5% per quarter), estimate highest/lowest PE = 9.6/7.7

P&O latest news (English)

P&O 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	gros_m	oper_m	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
2012-02-22	2012	1	N/A	N/A	0.0080	0.34%	0.34%	120855	120855	2973	2973	752	752	0.0031	0.0031	1029719	810865	-	218854	51927	210	124	59064	52137	52261	6803	245714	245714	262913	2011-12-31	-	3.40%	2.46%	74.71%	0.52	-	0.89	0.88	1.22	2.46	6.7012	5.3783	4.3818	3.705	0.7875	147.0%	137	94	24
2011-11-25	2011	4	1.13	0.76	-	6.86%	23.21%	131213	529294	19944	69279	14621	49459	0.0595	0.2018	1028892	815814	-	213078	55120	206	63931	50501	55326	8605	59106	245891	245124	184418	2011-09-30	-	15.11%	15.20%	26.69%	0.5144	3.7171	0.87	0.86	0.87	2.48	6.5455	5.2492	4.3127	3.8287	0.7929	148.1%	143	91	27
2011-08-23	2011	3	0.82	0.69	0.05	7.50%	16.13%	129350	398081	22546	49335	16184	34838	0.0658	0.1423	1033356	817440	-	215916	67305	221	73384	4776	67526	5858	1082	245953	244868	186924	2011-06-30	-	18.44%	17.43%	28.22%	0.4997	-	0.88	0.87	0.87	2.51	5.9168	4.8182	4.0294	3.7859	0.7911	145.8%	137	85	32
2011-05-31	2011	2	0.825	0.7	-	4.48%	9.24%	154001	268731	12814	26789	9048	18654	0.0368	0.0763	1029381	827556	-	201825	66885	164	73553	4769	67049	6504	1735	245953	244326	195532	2011-03-31	-	9.14%	8.32%	29.39%	0.4826	-	0.83	0.81	0.98	2.51	5.9137	4.7989	4.078	4.1004	0.8039	149.6%	141	80	37
2011-02-16	2011	1	0.965	0.71	0.0060	4.99%	4.99%	114730	114730	13975	13975	9606	9606	0.0396	0.0396	994732	802065	-	192667	47870	2	79746	50527	47868	31878	82405	242853	242853	212496	2010-12-31	-	12.63%	12.18%	31.26%	0.4801	-	0.79	0.78	1.12	2.55	5.0483	4.2347	3.6378	4.163	0.8063	144.2%	119	78	49
2010-11-30	2010	4	0.96	0.77	-	5.95%	11.36%	118309	478358	25897	41276	10620	20275	0.0924	0.1828	902913	724365	-	178548	38685	424	9642	21027	39109	29467	50494	114945	110889	89082	2010-09-30	-	20.75%	21.89%	58.99%	0.5298	4.2387	1.61	1.59	0.49	4.77	7.39	6.1827	5.3908	4.057	0.8023	135.9%	96	61	41
2010-08-20	2010	3	1.28	0.775	-	6.88%	6.00%	109701	360049	15395	15379	11072	9655	0.0992	0.0881	870090	709091	-	160999	5586	545	10786	12360	5041	15827	3467	111567	109558	137227	2010-06-30	-	14.60%	14.03%	28.08%	0.5354	-	1.47	1.44	0.85	0.07	0.368	0.3601	0.0387	4.4043	0.815	-26.8%	1	50	115
2010-05-25	2010	2	1.29	0.585	-	2.23%	0.97%	134834	250348	5228	16	3247	1417	0.0299	0.0131	853447	707900	-	145547	4207	484	11430	12361	3723	15153	2792	108655	108554	132559	2010-03-31	-	4.37%	3.88%	37.89%	0.5224	-	1.34	1.32	0.92	0.07	0.5981	0.5785	0.0931	4.8637	0.8295	-7.7%	1	34	28
2010-02-24	2010	1	1.57	1.14	-	15.17%	15.17%	115514	115514	27495	27495	21352	21352	0.1969	0.1969	820677	679899	-	140778	3000	80	8807	12374	2920	11727	647	108452	108452	125804	2009-12-31	-	23.18%	23.80%	-	0.515	-	1.3	1.27	0.91	0.11	0.7451	0.721	0.1625	4.8296	0.8285	-4.3%	1	34	14
2009-11-26	2009	4	1.2	1.04	-	2.82%	9.15%	105831	392494	480	25581	4613	14947	0.0429	0.1408	792253	628908	-	163345	4242	1388	1693	13541	2854	1161	12380	107526	106168	116128	2009-09-30	-	0.16%	0.45%	-	0.4954	7.6712	1.54	1.51	0.72	0.12	0.6675	0.6425	0.1783	3.8502	0.7938	-6.1%	2	31	18
2009-08-26	2009	3	1.12	0.97	-	15.41%	11.73%	89632	286663	34589	26061	25697	19560	0.2428	0.1850	771295	604509	-	166786	5825	1116	486	13542	4709	4223	9319	105830	105716	111121	2009-06-30	-	32.39%	38.59%	25.71%	0.4991	-	1.58	1.55	0.68	0.12	0.627	0.5998	0.1691	3.6245	0.7838	-7.3%	2	31	17
2009-05-29	2009	2	1.07	0.9	-	1.80%	4.40%	111637	197031	3584	8528	2510	6137	0.0238	0.0581	743172	603542	-	139630	2634	267	1088	13541	2367	1279	12262	105323	105658	106376	2009-03-31	-	3.84%	3.21%	29.97%	0.5062	-	1.32	1.29	0.78	0.13	0.6422	0.6144	0.1677	4.3224	0.8121	-7.5%	2	34	19
2009-02-13	2009	1	1.03	0.92	-	10.90%	10.90%	85394	85394	20771	20771	15141	15141	0.1428	0.1428	714515	575572	-	138943	3090	18	4438	13522	3108	1330	14852	105994	105994	108113	2008-12-31	-	23.18%	24.32%	-	0.5032	-	1.31	1.28	0.8	0.14	0.7722	0.7446	0.1838	4.1425	0.8055	-5.2%	2	47	21
2008-11-27	2008	4	1.06	0.93	-	5.02%	23.06%	98314	337212	6932	37164	7104	32617	0.0667	0.3057	694768	553343	-	141425	11543	607	4589	7181	10936	6347	13528	106503	106686	112893	2008-09-30	-	6.05%	7.05%	-	0.4854	-	1.33	1.3	0.82	0.13	0.7926	0.7637	0.1731	3.9126	0.7964	-4.8%	2	50	25
2008-08-25	2008	3	1.28	0.88	-	6.07%	16.99%	80818	238898	10914	30232	9124	25513	0.0855	0.2390	688850	538644	-	150206	3624	476	1853	7140	4100	2247	4893	106718	106746	131263	2008-06-30	-	12.35%	13.50%	-	0.4536	-	1.41	1.38	0.89	0.07	0.8219	0.7908	0.0882	3.586	0.7819	-4.6%	3	67	22
2008-05-23	2008	2	1.42	1.18	0.01875	8.31%	10.12%	94998	158080	16965	19318	13460	16389	0.1247	0.1535	670503	508497	-	162006	564	451	2533	7172	113	2420	4752	107912	106761	151076	2008-03-31	-	16.85%	17.86%	-	0.4386	-	1.52	1.49	0.94	0.07	0.8618	0.8202	0.1013	3.1388	0.7584	-3.5%	3	66	23
2008-02-21	2008	1	1.47	1.31	-	1.66%	1.66%	63082	63082	2353	2353	2929	2929	0.0277	0.0277	649221	472372	-	176849	2800	197	4033	7246	2603	1430	5816	105610	105610	153134	2007-12-31	-	2.49%	3.73%	-	0.4046	-	1.67	1.65	0.88	0.06	0.8654	0.8211	0.1018	2.671	0.7276	-3.2%	3	63	19
2007-11-29	2007	4	1.55	1.3	-	9.37%	1.77%	73548	256872	16994	10791	17129	3236	0.1619	0.0309	650143	467404	-	182739	10018	2878	13307	7640	12896	411	7229	105768	104864	152305	2007-09-30	-	21.71%	23.11%	-	0.3951	46.6638	1.74	1.71	0.84	0.07	0.8357	0.7899	0.1172	2.5578	0.7189	-3.9%	4	59	18
2007-08-27	2007	3	1.52	1.39	0.0375	3.91%	10.09%	62434	183324	11788	27785	7889	20365	0.0743	0.1933	644256	442374	-	201882	8536	1438	12127	7657	9974	2153	5504	106119	105357	144321	2007-06-30	-	15.83%	18.88%	33.08%	0.2846	-	1.92	1.89	0.72	0.06	0.8646	0.816	0.1059	2.1913	0.6866	-4.4%	6	81	21
2007-05-28	2007	2	N/A	N/A	0.0375	0.67%	6.28%	63585	120890	392	15997	1339	12476	0.0126	0.1188	627363	428809	-	198554	13915	242	15238	7641	13673	1565	6076	106256	105016	176384	2007-03-31	-	0.58%	0.62%	-	N/A	-	1.89	1.87	0.89	0.06	0.9477	0.8953	0.1124	2.1597	0.6835	N/A	-	N/A	N/A
2007-02-28	2007	1	N/A	N/A	0.0375	5.55%	5.55%	57305	57305	16389	16389	11137	11137	0.1073	0.1073	635150	434451	-	200699	2379	71	2556	7581	2450	5006	2575	103786	103786	166057	2006-12-31	-	23.03%	28.60%	32.05%	N/A	-	1.93	1.92	0.83	0.04	0.7716	0.7304	0.0657	2.1647	0.684	N/A	-	N/A	N/A

Financial Quarter Balance Sheet

year	qrt	Deferred tax assets (A-0)	Goodwill on consolidation (A-0)	Intangible assets (A-0)	Investment properties (A-0)	Other investments (A-0)	Prepaid lease payments (A-0)	Property, plant and equipment (A-0)	Cash and cash equivalents (A-1)	Current asset classified as held for sales (A-1)	Deposits with licensed banks (A-1)	Insurance receivables (A-1)	Inventories (A-1)	Loans (A-1)	Other receivables (A-1)	Reinsurance assets (A-1)	Trade receivables (A-1)	Insurance contract liabilities (L-0)	Current tax liabilities (L-1)	Hire purchase liabilities (L-1)	Insurance payables (L-1)	Loans & borrowings (L-1)	Other payables (L-1)	Provision for taxation (L-1)	Trade and other payables (L-1)
2012	1	5896	1935	805	605	75263	321	20005	8679	-	596094	110891	781	169	25653	181807	815	672846	8027	1833	21261	97593	9277	-	28
2011	4	6048	1935	734	605	74138	322	20047	59106	-	550410	109385	791	245	21594	182404	1128	674485	-	1596	23432	96648	8989	10647	17
2011	3	4957	1935	728	605	98510	323	20260	7211	-	609818	97105	917	259	22538	167303	887	664310	-	1730	28360	100604	8865	13537	34
2011	2	4740	1935	765	605	106202	324	20613	5746	-	610877	88642	1125	268	18946	167442	1151	676348	-	1868	32890	98929	9784	7688	49
2011	1	5930	1935	805	605	105492	325	20577	6110	-	612934	82477	1147	281	17841	137309	964	631897	-	1690	46956	103315	8873	9307	27
2010	4	5816	1935	825	605	120692	326	20757	5730	-	542804	61955	1209	292	16888	121638	1441	622611	-	1631	40038	44204	10725	5103	53
2010	3	14448	1935	756	605	759041	327	20171	6951	-	713	-	1564	304	23129	-	40146	511261	-	1069	-	47632	9888	-	139241
2010	2	17707	1935	753	605	760335	328	20505	7273	-	710	-	1681	315	24238	-	17062	622165	-	1063	-	51025	9388	-	24259
2010	1	19871	1935	817	605	723568	329	20817	7547	-	3954	-	1711	330	21454	-	17739	609128	-	1050	-	53854	9485	-	6382
2009	4	13243	1935	868	605	706242	330	21252	8446	-	4319	-	1789	341	18233	-	14650	557333	-	1165	-	52135	9813	-	8462
2009	3	19688	1935	877	605	680071	331	20731	6758	-	5931	-	2041	352	14942	-	17033	529461	-	1078	-	56371	9129	7	8463
2009	2	29355	1935	892	605	638685	332	20745	7242	-	5978	-	2190	362	13484	-	21367	524713	-	1229	-	55208	8590	1701	12101
2009	1	28632	1935	940	605	597634	333	20981	7085	-	8022	-	2268	373	17222	-	28485	493395	-	1382	-	57055	7771	943	15026
2008	4	25293	1935	993	595	588919	334	14765	7060	-	6468	-	2251	395	17730	-	28030	475198	-	1542	-	51550	9078	942	15033
2008	3	22345	1935	937	585	580886	335	15177	4863	-	2289	-	2521	14219	19287	-	23471	457548	-	1699	-	59759	8267	-	11371
2008	2	21639	1935	978	585	566292	336	14539	4832	-	2715	-	3093	13951	17590	-	22018	434000	-	1099	-	52945	7784	554	12115
2008	1	17973	1935	912	585	557982	337	14994	3852	-	2558	-	2790	13683	17287	-	14333	409390	-	1130	-	47994	6791	227	6840
2007	4	18495	1935	967	585	561042	338	15235	5014	-	2215	-	2826	13416	17323	-	10752	405724	-	1059	-	47650	7369	-	5602
2007	3	22915	1935	1035	441	550420	412	15439	3863	1550	2463	-	2906	13009	18842	-	9026	382628	-	992	-	48463	5172	282	4837
2007	2	25316	1935	-	600	529465	413	18444	5007	1779	1062	-	2828	12750	19780	-	7984	374794	-	1032	-	41019	5378	2200	4386
2007	1	27253	1935	-	603	534042	415	20718	4177	-	94	-	2680	18493	16440	-	8300	369415	-	1126	-	49196	4918	4197	5599

Financial Quarter Income Statement

year	qrt	Revenue	Income tax expense	Finance/interest costs	Other income	Administrative/Operating expenses
2012	1	120855	2221	1300	4999	121581
2011	4	131213	5323	1414	10154	120009
2011	3	129350	6362	1355	243	105692
2011	2	154001	3766	1346	838	140679
2011	1	114730	4369	602	654	100807
2010	4	118309	15277	655	9631	101388
2010	3	109701	4323	644	166	93828
2010	2	134834	1981	678	236	129164
2010	1	115514	6143	655	256	142610
2009	4	105831	4133	657	4648	110302
2009	3	89632	8892	678	19251	73616
2009	2	111637	1074	795	2482	109740
2009	1	85394	5630	855	520	105830
2008	4	98314	172	916	1078	105408
2008	3	80818	1790	850	650	91532
2008	2	94998	3505	785	1048	112226
2008	1	63082	576	763	818	65490
2007	4	73548	135	778	1162	90926
2007	3	62434	3899	699	16432	66379
2007	2	63585	1731	792	5092	68277
2007	1	57305	5252	766	17199	57349

Financial Quarter Segments Revenue

year	qrt	Others	Elimination/Adjustment	Investment holding	Insurance	Information technology	Money Lending
2012	1	93	4808	2358	119745	3467	-
2011	4	-	31477	28883	129913	3800	94
2011	3	-	4943	2321	128371	3506	95
2011	2	-	12557	10124	152995	3348	91
2011	1	2	3369	953	113607	3439	98
2010	4	-	3445	878	116635	4144	97
2010	3	-	3350	715	108139	4095	102
2010	2	-	2767	1041	132727	3741	92
2010	1	2	3644	855	114897	3332	72
2009	4	5	3417	801	104582	3797	63
2009	3	-	2919	794	88344	3373	40
2009	2	-	3142	990	110403	3341	45
2009	1	1	2948	2588	82298	3412	43
2008	4	-	3752	1827	95162	4839	238
2008	3	-	2871	986	78881	3502	320
2008	2	-	2593	992	93613	2669	317
2008	1	9	13304	11660	61683	2720	314
2007	4	-	2592	1931	70843	3056	310
2007	3	-	2517	889	61216	2540	306
2007	2	-	19233	17536	61548	3425	309
2007	1	9	2846	1965	55159	2719	299

Financial Quarter Segments Profit

year	qrt	Others	Elimination/Adjustment	Investment holding	Insurance	Information technology	Money Lending
2012	1	40	185	4184	8428	1496	-
2011	4	6	26879	23160	23136	380	153
2011	3	77	115	974	24526	1021	53
2011	2	8	8409	7935	14071	795	20
2011	1	9	261	1798	16249	797	69
2010	4	6	3557	7678	30246	1114	69
2010	3	10	301	1206	17165	318	69
2010	2	11	26905	1412	3177	463	49
2010	1	10	27327	1159	2561	923	1
2009	4	6	15978	16592	1272	496	1
2009	3	23	119	1415	37685	990	134
2009	2	48	309	105	4301	253	136
2009	1	47	241	961	10840	1165	20
2008	4	46	319	458	6910	649	128
2008	3	44	453	695	6587	2553	261
2008	2	51	476	1644	13039	2094	143
2008	1	54	11389	9068	3503	2882	146
2007	4	22	1359	1932	13772	2042	175
2007	3	138	197	981	15533	1957	210
2007	2	117	16494	15205	4268	2388	77
2007	1	149	285	784	21300	2913	16

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