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Sunday, April 1, 2012

KLCI Stock - HUNZPTY / 5018 - 2012 Quarter 2

HUNZA PROPERTIES BHD

Company Description
HUNZA PROPERTIES BERHAD is a Malaysia-based investment holding company engaged in property related industries. The Company operates in four segments: property development, which include development of residential and commercial properties for sale; construction, which include the construction of commercial properties for sale and rental of machinery; trading, which include trading of building materials, and property investment, which include the development of commercial property for rental. It has 11 subsidiaries, including Bandar Kepala Batas Sdn. Bhd., Hunza Holdings Sdn. Bhd., Hunza properties (Kelawai) Sdn. Bhd. and Hunza properties (North) Sdn. Bhd. During the fiscal year ended June 30, 2010, the Company acquired 100% equity interest in Diamaward (M) Sdn. Bhd.

Company Info
Listing Date2003-03-23
Market Capital (Capital Size)303,294,654 (Small)
Par ValueRM 1.00
BoardMain
SectorProperties
Major IndustryBanking
Sub IndustryProperty Development
Websitehttp://www.hunzagroup.com

My Analysis
Forecast P/E now(1.56-0.081)/0.1601 = 9.24 (Moderate)
Target Price1.60+0.081 = 1.68 (PE 10.0, EPS 0.1601, DPS 0.081)
DecisionNot interested unless MACD start moving to uptrend and Bolinger lower band stop drop
Comment
Revenue increased 14.3% but lower than preceding year corresponding quarter 40.2%, eps decreased 5.4% and was third consecutive quarter decreasing and also lower than preceding year corresponding quarter 31%, cash generated from operating more than enough to cover financing repayment and together cash generated from financing also enough to cover investing expenses, gross and operating profit margin still high, weaker liquidity ratio from high to moderate level now, higher gearing ratio from below moderate to moderate level now, debt ratio increasing but still far from historical high level, longer inventory turnover period offset by longer payables turnover period also, got new property development cost can indicate got new property project
First Support Price1.5
Second Support Price1.4
Risk RatingMODERATE

Research House
OSK Target Price2.48 (2011-05-20)
Alliance Target Price2.53 (2011-05-23)
Kenanga Target Price1.44 (2012-03-28)

Accounting Ratio
Return on Equity7.32%
Dividend Yield5.19%
Gross Profit Margin36.47%
Operating Profit Margin24.79%
Net Profit Margin25.87%
Tax Rate25.85%
Asset Turnover0.24
Net Asset Value Per Share2.31
Net Tangible Asset per share2.31
Price/Net Tangible Asset Per Share0.68
Cash Per Share0.38
Liquidity Current Ratio2.1329
Liquidity Quick Ratio1.2681
Liquidity Cash Ratio0.6667
Gearing Debt to Equity Ratio0.6335
Gearing Debt to Asset Ratio0.3755
Working capital per thousand Ringgit sale68.4%
Days to sell the inventory293
Days to collect the receivables126
Days to pay the payables265

Technical Analysis
SMA 201.565 (Downtrend 11 days)
SMA 501.552 (Uptrend)
SMA 1001.518 (Uptrend)
SMA 2001.525 (Same)
MACD (26d/12d)-0.003279 ( 0.000687 )
Signal (9)0.001183 ( 0.001115 )
MACD Histogram0.004462 (Bearish trend 25 days)

My notes based on 2012 quarter 2 report (number in '000):-
- Lower revenue and pbt than FY11Q2 mainly resulting from fewer completed units sold however Gurney Paragon Condominium recorded a higher margin resulting from the increase in selling price and this will be the main contributor to property development segment in current financial year. The up-coming Phase 3 double storey semidetached of Bandar Putra Bertam, which is planned to be launched soon, together with doublestorey terrace (at planning stage currently) will only be contributing significantly to the Group’s revenue and profit in next financial year

- Lower revenue in construction segment is in line with the completion of physical construction of Gurney Paragon Condominium Towers in 4th quarter of financial year ended 2011, for which Masuka Bina Sdn. Bhd. (the component for our “construction” segment) was the main contractor. Going forward, the revenue from this segment is mainly derived from rental of machineries and supply of concrete

- Although higher revenue in trading segment but decline in profit mainly due to decrease in gross profit margin. This is resulted from business decision with third party in order to maintain its competitiveness. Going forward, revenue will also increase upon the launch of Bertam residential project. Nevertheless, contribution to the Group is not significant as compared to other segment

- Property investment segment got lower profit due to revaluation of investment properties will be carry out in Quarter 4. This segment will contribute significantly to the Group upon completion and operation of the Gurney Paragon Phase 2 Retail Mall and Office in coming years. In addition, the yearly revaluation of the mall and office tower will also significantly impact the Group in future

- Estimate next 4Q eps after 2012 Q2 result announced = 479830*0.065/194843 = 0.1601, estimate PE on current price 1.56 = 9.24(DPS 0.081)
- Estimate next 4Q eps after 2012 Q1 result announced = 0.0386*4 = 0.1544, estimate highest/lowest PE = 9.84/8.28 (DPS 0.081)
- Estimate next 4Q eps after 2011 Q4 result announced = (0.0424+0.0588)*2 = 0.2024, estimate highest/lowest PE = 7.36/6.52 (DPS 0.081)
- Estimate next 4Q eps after 2011 Q3 result announced = 0.0588*4*1.1 = 0.2587, estimate highest/lowest PE = 6.26/5.25 (DPS 0.081)

HUNZPTY latest news (English)

HUNZPTY latest news (Chinese)



Financial Quarter Summary
a_dateyearqrth_pricel_pricedivroec_roerevc_revpbtc_pbtprofc_profepsc_epsassetliabminoequicfocficffcashfcfnetfinalsharec_sharem_capdategros_moper_mprof_mvatasset_tpenavpsntapsp/ntapscpsl_curl_quil_cashg_deg_daavg_winv_drec_dpay_d
2012-02-2220122N/AN/A-1.48%3.08%38093714159854203457115147910.03650.075176836828853824337479830599201489929600260122890726930670521948431969393059032011-12-3136.47%24.79%25.87%25.85%0.24-2.312.310.680.382.13291.26810.66670.63350.375568.4%293126265
2011-11-23201211.61.36-1.59%1.59%33322333221049110491767676760.03860.03866707391866292414548411039868225765735601221729223027831491990281990282985422011-09-3043.15%30.18%31.48%24.89%0.3131-2.312.310.650.443.08261.90220.98490.40570.278287.3%266136215
2011-08-25201141.571.40.0561.77%13.79%4678724122311660811678550665610.04240.33126656421829972394148264589003665612627363932224423831601012016782009473005002011-06-3037.78%18.68%24.92%29.04%0.36244.49832.282.280.650.312.73831.63790.59280.39890.274976.1%254163214
2011-05-19201131.71.440.0252.47%12.09%66192194436158746950711855580110.05880.289160569212594224217479750542714239259182639331187947303166302017722006893248522011-03-3127.90%22.78%23.98%24.94%0.4426-2.272.270.710.12.72951.77560.22510.27650.207959.8%172191148
2011-02-16201121.691.46-2.29%9.85%63718128244139625363310742461560.05290.230760119913239624157468803446392325745280639332138223898400352029472001093368922010-12-3126.83%20.60%21.91%23.44%0.4329-2.222.220.750.222.79831.65040.47210.29780.220265.6%221153155
2010-10-22201111.861.57-7.47%7.47%6452664526393013930135044350440.17830.17835869761176992421046927718271373240570639331453926031379021965761965762968292010-06-3032.36%25.90%60.91%10.98%0.4359-2.262.260.670.213.55821.86350.54310.26450.200576.1%273139125
2010-08-17201041.521.330.0563.37%11.89%73626248650204266999314658517960.07540.30845960641606102426743545460681258039518195363487844396639321943071679522720292010-06-3032.11%26.91%27.74%28.65%0.41684.53962.452.450.570.352.6461.41960.58170.39060.269576.7%313137141
2010-05-03201031.411.20.0252.63%8.59%58386174801144834899511213365650.06820.22985944801688332429842564737956972727315195362822955544750801644081591212005772010-03-3132.10%24.71%24.81%22.99%0.3328-2.522.520.480.482.67581.3470.65640.42070.284102.5%446148158
2010-02-02201021.351.16-3.53%6.99%59306116415174723486513006257050.08930.176554105817313124358367927206373340828119536172979016285521455981456161863652009-12-3133.44%28.74%29.46%25.91%0.292-2.362.360.540.242.26730.96050.28480.50390.3298.0%559183201
2009-11-25201011.851.22-3.50%3.50%5710957109173931739312699126990.08720.087252750016433224419363168178750024311953612871144183921456331456332053422009-09-3035.80%30.06%30.46%26.27%0.2337-2.332.330.610.172.3780.89870.21840.48510.3115124.2%728213205
2009-08-24200941.561.330.0562.69%7.87%230549138312931391259428275910.06470.19024931271426622429535046541266332275792669423803949887195361457361450992084022009-06-3031.43%14.93%56.09%26.32%0.18537.52032.252.250.640.173.64311.2520.42910.43740.2893163.4%775172163
2009-05-20200931.681.33-1.70%5.32%18506683308986261945786181630.04010.125453612319492924375341194327542021109169604747718568510361441551448782075832009-03-3133.21%12.27%48.56%29.98%0.2271-2.192.190.660.382.43441.12850.51190.61530.3636125.5%574186185
2009-02-25200921.451.06-2.03%3.73%24613498249680172086760123770.04670.085254347721123023869332247161051915548416960430507891617131447871452351838792008-12-3128.55%15.91%39.33%27.04%0.2894-2.122.120.60.462.09841.01670.55130.6850.388783.7%412123183
2008-11-26200911.330.93-1.68%1.68%252112521175287528561756170.03860.0386547840213122235663347183694871772176960450232194717981456751456751893772008-09-3029.02%16.07%29.86%28.47%0.3701-2.142.140.610.512.23961.09130.63170.68490.38972.6%34293135
2008-08-20200841.451.00.0553.07%14.68%53415245275148676834110122484240.06930.34565356032057782379832982512608116193608552057110988849033696041459651401282043512008-06-3024.11%15.37%27.83%31.59%0.45794.05132.182.180.640.52.31271.16360.59310.67240.384265.9%297100118
2008-05-26200831.831.210.0372.97%11.76%5406619186013439534749660383020.06690.27685360102103932374932561755661398640561205715964719086396571443431383512655912008-03-3128.40%19.89%24.86%27.79%0.4819-2.182.180.840.293.7391.8210.52580.6970.392585.9%314145100
2008-02-20200822.551.75-5.26%9.10%70066137794225044003516577286420.12140.211652989321502024206314873409731449543111205715546812357329281365771353883428082007-12-3131.24%28.68%32.12%25.67%0.4697-2.152.151.170.273.6491.76410.45020.73970.405888.4%333158116
2007-11-13200812.82.4-4.14%4.14%6772867728175311753112065120650.08920.0892540339248908240562914312682945801434205712224920815413861352361352363637842007-09-3031.36%27.39%25.88%28.93%0.4037-1.981.981.360.322.81421.15940.38230.93090.460794.4%468143118
2007-08-17200742.852.660.0755.69%14.02%66433186734218765750115940392440.12910.31785251072451792366127992847478751586573217481276803805220571123494123494N/A2007-06-3028.94%31.06%32.93%23.85%0.2864-2.082.08N/A0.212.71511.03030.23110.95670.4669125.2%674206163
2007-05-0720073N/AN/A0.053.31%10.06%4466712030111451356257662233040.06360.1934478732247028229952317041463334641968174811428727681102001205051205052639052007-03-3133.54%25.50%25.64%26.33%0.1754-1.731.731.270.152.70860.86690.17231.18360.516207.2%1293298268
2007-02-0620072N/AN/A-3.76%7.00%392807563413325241748407156420.07220.1343478027254670223452233573755930954728417481344641282046611164691164692212912006-12-3140.81%33.72%33.92%28.99%N/A-1.731.731.10.12.34750.72310.1011.26690.5328N/A-N/AN/A

Financial Quarter Balance Sheet
yearqrtAvailable-for-sale investment (A-0)Deferred tax assets (A-0)Held-to-maturity financial assets (A-0)Investment properties (A-0)Land held for property development (A-0)Property, plant and equipment (A-0)Receivables (A-0)Accrued billings (A-1)Available-for-sale financial assets (A-1)Cash and cash equivalents (A-1)Current tax assets (A-1)Deposits with licensed banks (A-1)Held-to-maturity securities (A-1)Inventories (A-1)Other receivables, deposits and prepayments (A-1)Property development costs (A-1)Trade receivables (A-1)Deferred tax liabilities (L-0)Loans & borrowings (L-0)Current tax liabilities (L-1)Dividend payable (L-1)Loans & borrowings (L-1)Payables and accruals (L-1)Progress billings (L-1)Trade and other payables (L-1)Minority interest (M-1)
2012226283655-336234162782136171212626217-13168315161017-88750493674773261021051751653749-2040473896-1321924337
2012124783655-252977117415106571212423567-14561224572163-10393718507-364532105964702249-198770926-1289224145
2011426363655-229474117161112111222918298-33504243729114-11625524110-655582105752532788-466267214-3097523941
2011325881955-204966120679106191207767107-1638336804462-388572520249492476251936313854663-1153635230-4119224217
2011224524139-186148120334103571205263070-30323267414510-479411802761062281101925355138698-984946911-2950024157
2011123494173-168177119779101311152047878-19077302722264-559971443873004351621925396558438-871334964-2400424210
20104187042235017227101195771247751146633314-55883354811486661659841384575381463241925428777800-4404340951-2301424267
2010361731965-225001193261098711089347480-326573299467661323188758114140580246581618462218136-5592132432-2450524298
201026161890-225001191501044821089348136-28132332666621985204348298137219227901646493197845-5688833930-2350324358
201018073737-225001189501027081033946365-1776936436499688245553286139100222881711515215600-5915621020-2532424419
200947992602-22500118802101441359736626-17583354766591350278532359105881339591559846082256-2589814276-1406524295
200937984641-2250011851096300308775040-254863592290461700315572724110584929800161086800384-612562572436261552924375
200928224585-2250011828693893485637698-28334295137728222537469352589913415831610898001661-607243300775221690623869
200918552774-2250011792289841423858255-54787272420209275041828281991742407521610928002310-627573497440531461823566
200848769463-225009555287883357965707-7034030082658327539666932398487521761610810903508-6334826416107431906323798
200836618237-2250094809800402901453702-40107250824716203270955508122028431704101290004452-2717712710185671807723749
2008272807-2250094755785092363365746-35079162923321191274033341128030384584101315176999-2138312501181492406124206
2008175007-2250094696767651946945608-2335229292004323365289072766135535368974101350005209-6098117108-3020024056
2007475007-2250094393868221585630703-183312962703723625319582105129347519614101350003544-6150416788-2793323661
200737500--1835594097688451419010035-155302094200928363603825821486215600012231440004941-5805513485-2532422995
200727500--78694936997729123451482635006226641022373592164542408172364500431223135000692262266829213076-2393122345

Financial Quarter Income Statement
yearqrtRevenueIncome tax expenseCost of salesFinance/interest costsOther incomeAdministrative/Operating expensesMinority interestFinance/interest incomeShare of profit/ (loss) of associatesNet appreciation on fair values of investment propertiesAfter tax effect of interest on exercise of warrantsFair value gain/loss on financial assets at fair valueAfter tax effect
20122380932547242012641364551192453---0188
20121333222611189452871234407204481--2004-
2011446787338629110502809167276120-200072080-
2011366192395947727564223714605-072032-
201126371832734662553218414353127-07200-
2011164526431443645220443450057251-22719350623-
2010473626585349985238427414285---738--
201035838633303964419316944426071--136--
2010259306452739475194843338661378-----
20101571094570366622684913624124347-----
20094230543403158093912604024100-9841----
20093185062694123604744404261506-7135----
20092246132617175864947873773303-6133----
20091252112143178955683413550232-3989----
2008453415469740539431400500648-7028----
2008354066373538711912339487444-3531----
200827006657774817648202378150-2176----
200816772850714648663705-395------
20074664335217472078642761540719------
200734466730152968452603787774------
2007239280386323250525229521055------

Financial Quarter Segments Revenue
yearqrtOthersElimination/AdjustmentProperty developmentConstructionTradingProperty investment
201221202513626267521301278626
2012189023022724111606333-
201145778114413949367756182-
2011389751305687349628590-
2011214335211335553671487832-
2011114951430759360117266252-
20104396923513666971399012706-
20103141914654706136599153-
201026721667557162113878104-
2010175874955528449673595-
2009448757117310-5827-
200932832278410879-763540
200921488147918065-6539-
200911440145219818-5405-

Financial Quarter Segments Profit
yearqrtOthersElimination/AdjustmentProperty developmentConstructionTradingProperty investment
20122109491113310475163601037
201212085310845438742
20114478045648279492901793
201138737214854565545
2011213309132551311321980298
20111316325162985513322679
201049722923919781523325170
20103148012801670145211468
20102573183131857760214029
201013778301818621674849
2009475649113319160308201
20093154187110551525544
200924115310451-7110
20091982249048-3327

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


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