KLCI Stock - TONGHER / 5010 - 2011 Quarter 4

TONG HERR RESOURCES BERHAD



Company Description

Tong Herr Resources Berhad is a Malaysia-based investment holding company. The Company’s subsidiaries include Tong Heer Fasteners Co. Sdn. Bhd. engaged in the manufacturing and selling of stainless steel fasteners, including nuts, bolts, screws and all other threaded items, and Tong Heer Fasteners (Thailand) Co., Ltd. engaged in the manufacturing and selling of stainless steel fasteners including, bolts, screws and all other threaded items.

Company Info 

Listing Date	1999-11-03
IPO Price	4.8
Market Capital (Capital Size)	318,575,000 (Small)
Par Value	RM 1.00
Board	Main
Sector	Industrial Products
Major Industry	Stainless Steel Fasteners
Sub Industry	Threaded Items

My Analysis 

Forecast P/E now	(2.5-0.22)/0.1889 = 12.07 (High)
Target Price	2.08+0.22 = 2.30 (PE 11.0, EPS 0.1889, DPS 0.22)
Decision	Not interested unless coming quarter financial report got good result which make current stock price low PE
Comment	Revenue decreased 3.1% and was second consecutive quarter decreasing but still higher than preceding year corresponding quarter 14.4%, eps increased 107.2% and also higher than preceding year corresponding quarter 21.7%, cash generated from operating more than enough to cover financing expenses and got borrowing to cover investing expenses, margin decreasing, stronger liquidity ratio at moderate level now, lower gearing ratio from moderate to below moderate level now, lower debt ratio and still healthy level now
First Support Price	2.4
Second Support Price	2.3
Risk Rating	MODERATE

Research House

Affin Target Price	2.85 (2011-09-07)
OSK Target Price	2.28 (2012-02-28)

Accounting Ratio 

Return on Equity	9.22%
Dividend Yield	8.80%
Gross Profit Margin	8.67%
Operating Profit Margin	4.74%
Net Profit Margin	4.61%
Tax Rate	-
Asset Turnover	1.094
Net Asset Value Per Share	2.52
Net Tangible Asset per share	2.52
Price/Net Tangible Asset Per Share	0.85
Cash Per Share	0.69
Liquidity Current Ratio	2.4798
Liquidity Quick Ratio	1.0847
Liquidity Cash Ratio	0.6262
Gearing Debt to Equity Ratio	0.4632
Gearing Debt to Asset Ratio	0.2708
Working capital per thousand Ringgit sale	34.5%
Days to sell the inventory	135
Days to collect the receivables	38
Days to pay the payables	12

Technical Analysis 

SMA 20	2.425 (Uptrend 9 days)
SMA 50	2.402 (Uptrend)
SMA 100	2.241 (Uptrend)
SMA 200	2.133 (Uptrend)
MACD (26d/12d)	0.036968 ( 0.000399 )
Signal (9)	0.026958 ( 0.002503 )
MACD Histogram	0.010010 (Bullish trend 6 days)
Bolinger Upper Band	2.54
Bolinger Lower Band	2.31

My notes based on 2011 Quarter 4 report (number in '000):-
- Lower pbt mainly contributed by the lower profit margin with higher costs higher costs especially for Thailand plant

- Higher PAT due to tax income

- Estimate next 4Q eps after 2011 Q4 result announced = 400604*0.06/127253 = 0.1889, estimate PE on current price 2.5 = 12.07(DPS 0.22)
- Estimate next 4Q eps after 2011 Q3 result announced = (0.075+0.0319)*2 = 0.2138, estimate highest/lowest PE = 9.92/8.65 (DPS 0.08)
- Estimate next 4Q eps after 2011 Q2 result announced = 0.075*4 = 0.3(exclude RM1.8m other income), estimate highest/lowest PE = 7.07/5.93 (DPS 0.08)
- Estimate next 4Q eps after 2011 Q1 result announced = (0.1043+0.0543)*2 = 0.3172, estimate highest/lowest PE = 8.23/5.67 (DPS 0.05)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.0375*4 = 0.15(0.0375 is average eps of recent 2 quarter exclude non-repeatable profit RM 5.1 million), estimate highest/lowest PE = 18.93/12.33 (DPS 0.05)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.154*1.1 = 0.1694(0.154 is recent 4Q cum_eps), estimate highest/lowest PE = 11.22/9.92 (DPS 0.05)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.0347(average of recent 3Q)*4 = 0.1388, estimate highest/lowest PE = 13.54/11.53 (DPS 0.05)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.0469*4 = 0.1876, estimate highest/lowest PE = 10.61/8.8 (DPS 0.05)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.0278*4 = 0.1112, estimate highest/lowest PE = 16.19/14.39 (DPS 0.05)

TONGHER latest news (English)

TONGHER 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
2012-02-27	2011	4	N/A	N/A	0.22	2.10%	9.22%	143773	601047	6626	48591	8414	36952	0.0661	0.2904	549399	148795	79392	400604	44364	32670	164	75525	11694	11858	87383	127253	127253	272321	2011-12-31	8.67%	4.74%	4.61%	-	1.094	7.3696	2.52	2.52	0.85	0.69	2.4798	1.0847	0.6262	0.4632	0.2708	34.5%	135	38	12
2011-11-29	2011	3	2.2	1.93	-	1.02%	7.20%	148375	457274	7804	41965	4060	28538	0.0319	0.2243	577008	180441	82544	396567	29129	27227	32055	77017	1902	33957	110974	127253	127253	259596	2011-09-30	10.96%	5.41%	5.26%	22.17%	1.0102	-	2.47	2.47	0.83	0.87	2.1661	0.992	0.6384	0.5746	0.3127	34.8%	146	37	11
2011-08-19	2011	2	2.2	1.86	-	2.96%	6.32%	165587	308899	18264	34161	11453	24478	0.0900	0.1923	557974	170640	80381	387334	5689	7023	34312	74337	12712	21600	95937	127312	127312	245712	2011-06-30	13.56%	11.41%	11.03%	16.65%	0.9741	-	2.41	2.41	0.8	0.76	2.3025	1.1225	0.5859	0.5559	0.3058	39.4%	152	57	10
2011-05-30	2011	1	2.69	1.88	-	3.43%	3.43%	143312	143312	15897	15897	13025	13025	0.1023	0.1023	522793	142564	77231	380229	2673	1650	17793	75565	4323	13470	89035	127312	127312	311914	2011-03-31	14.39%	11.20%	11.09%	-	0.8445	-	2.38	2.38	1.03	0.7	2.5304	1.2323	0.6557	0.4705	0.2727	47.2%	171	61	8
2011-02-28	2010	4	2.63	2.39	0.08	1.88%	6.91%	125637	344279	9779	36167	6917	25389	0.0543	0.1993	510623	143376	73481	367247	40115	93292	54174	155232	133407	79233	75999	127361	127361	295477	2010-12-31	9.40%	8.05%	7.78%	9.00%	0.6993	11.638	2.31	2.31	1.0	0.6	2.3833	1.0326	0.5607	0.4881	0.2808	53.1%	221	64	33
2010-11-24	2010	3	2.89	1.9	-	2.29%	5.06%	109005	231446	23498	39193	8371	18473	0.0657	0.1450	472030	107159	73345	364871	24332	91086	42012	154142	115418	73406	80736	127375	127375	236917	2010-09-30	20.02%	17.19%	21.56%	59.37%	0.6045	-	2.29	2.29	0.81	0.63	2.742	1.3206	0.7892	0.3676	0.227	62.5%	225	69	10
2010-08-17	2010	2	1.95	1.73	-	2.01%	3.20%	63560	122441	10015	15695	6350	10102	0.0498	0.0793	368276	52669	32074	315607	4410	68215	7181	155776	63805	56624	99152	127406	127406	244619	2010-06-30	16.69%	16.11%	15.76%	14.51%	0.6105	-	2.23	2.23	0.86	0.78	4.1771	2.5173	1.9856	0.1858	0.143	70.6%	157	43	10
2010-05-31	2010	1	1.93	1.65	-	1.19%	1.19%	58880	58880	5679	5679	3750	3750	0.0294	0.0294	355839	42028	30059	313811	17296	2555	1304	154969	14741	16045	171014	127406	127406	222960	2010-03-31	12.37%	9.90%	9.65%	16.52%	0.5794	-	2.23	2.23	0.78	1.34	6.6354	4.905	4.3551	0.1481	0.1181	107.4%	135	38	15
2010-02-25	2009	4	2.04	1.7	0.05	1.82%	2.71%	53917	211554	7927	14224	5627	8411	0.0442	0.0660	355634	45719	29542	309915	49104	18634	20794	145655	30470	9676	155331	127406	127406	216590	2009-12-31	17.53%	14.80%	14.70%	22.85%	0.5949	25.7508	2.2	2.2	0.77	1.22	6.0812	4.1256	3.6132	0.1631	0.1286	103.3%	160	34	23
2009-11-25	2009	3	1.85	1.65	-	1.16%	0.91%	48468	157637	3923	6297	3538	2784	0.0278	0.0219	345167	40868	29303	304299	44238	13853	19006	145857	30385	11379	157236	127406	127406	215316	2009-09-30	9.15%	8.30%	8.09%	-	0.7331	-	2.16	2.16	0.78	1.23	6.6766	4.6638	4.1235	0.1486	0.1184	85.5%	117	23	9
2009-08-28	2009	2	1.93	1.6	-	0.29%	0.25%	44891	109169	381	2375	869	753	0.0068	0.0059	340607	40335	28833	300272	43468	10530	20233	145835	32938	12705	158540	127406	127406	253537	2009-06-30	2.89%	0.87%	0.85%	-	0.9038	-	2.13	2.13	0.93	1.24	6.7305	4.7616	4.224	0.1486	0.1184	69.9%	95	19	8
2009-05-15	2009	1	2.22	1.84	-	0.04%	0.04%	64278	64278	1994	1994	116	116	0.0009	0.0009	350675	44917	27331	305758	32745	7730	21730	145636	25015	3285	148921	127406	127406	249715	2009-03-31	6.79%	3.55%	3.10%	-	1.0434	-	2.19	2.19	0.89	1.17	6.309	4.1731	3.5361	0.1613	0.1281	61.1%	100	24	21
2009-02-27	2008	4	2.18	1.62	0.05	0.82%	6.06%	95399	401243	3094	28254	2470	18318	0.0194	0.1438	366447	64298	24647	302149	37753	22206	1456	130826	15547	14091	144917	127406	127406	247167	2008-12-31	4.49%	2.53%	3.24%	-	1.095	13.4932	2.18	2.18	0.89	1.14	4.7039	2.9405	2.3565	0.2317	0.1755	56.8%	111	31	17
2008-11-26	2008	3	2.29	1.55	-	2.04%	6.82%	103256	305844	10177	31348	6223	20788	0.0488	0.1631	386321	81298	24513	305023	2399	12805	24899	131341	15204	9695	141036	127407	127419	214043	2008-09-30	12.97%	10.80%	9.86%	30.77%	1.0445	-	2.2	2.2	0.76	1.11	4.06	2.4494	1.8017	0.2898	0.2104	59.4%	131	46	7
2008-08-26	2008	2	2.6	1.43	-	3.42%	4.92%	102951	202588	14949	21171	10121	14565	0.0794	0.1143	396495	100363	22746	296132	12760	6948	43785	130396	5812	49597	179993	127425	127425	324933	2008-06-30	16.33%	15.32%	14.52%	21.56%	1.1082	-	2.15	2.15	1.19	1.41	3.4382	2.23	1.8483	0.3671	0.2531	54.0%	114	31	8
2008-05-26	2008	1	3.28	2.21	-	1.46%	1.46%	99637	99637	6222	6222	4444	4444	0.0349	0.0349	390502	86674	21983	303828	73175	1859	17367	131303	71316	53949	185252	127425	127425	425599	2008-03-31	8.85%	6.65%	6.24%	23.47%	1.2188	-	2.21	2.21	1.51	1.45	3.9736	2.7488	2.2091	0.3075	0.222	52.4%	96	35	68
2008-02-26	2007	4	3.4	2.68	0.08	2.07%	21.84%	97684	487670	8114	92634	6152	65038	0.0483	0.5104	340908	43104	21034	297804	100443	4049	56631	90857	96394	39763	130620	127425	127425	355515	2007-12-31	13.87%	8.61%	8.31%	0.67%	1.4305	5.4663	2.17	2.17	1.29	1.03	7.0918	4.5533	3.2422	0.1557	0.1264	50.3%	98	40	8
2007-11-26	2007	3	3.54	2.6	-	5.25%	20.28%	139112	389986	21587	84520	15232	58886	0.1195	0.4621	373989	83682	19407	290307	58745	3997	23729	91503	54748	31019	122522	127425	127425	448536	2007-09-30	17.35%	16.48%	15.52%	21.55%	1.3201	-	2.13	2.13	1.65	0.96	3.962	2.2597	1.5249	0.3089	0.2238	48.2%	133	44	8
2007-08-08	2007	2	4.1	3.52	0.1	8.80%	15.54%	139509	250874	35892	62932	24712	43654	0.1939	0.3426	382148	101307	18338	280841	5438	1077	5094	93475	6515	1421	92054	127425	127425	688095	2007-06-30	28.29%	26.75%	25.73%	23.35%	0.9279	-	2.06	2.06	2.62	0.72	3.3552	1.6575	0.9386	0.3859	0.2651	65.1%	235	73	6
2007-05-28	2007	1	N/A	N/A	-	7.32%	7.32%	111365	111365	27041	27041	18942	18942	0.1487	0.1487	369056	110344	14833	258712	32645	575	21373	91312	33220	11847	79465	127425	127425	558121	2007-03-31	25.81%	25.12%	24.28%	23.40%	0.5828	-	1.91	1.91	2.29	0.62	2.9507	1.3762	0.7402	0.4525	0.299	97.4%	388	116	23
2007-02-26	2006	4	N/A	N/A	0.08	6.74%	22.21%	103703	304062	22704	73107	16040	52817	0.1259	0.4146	325903	88078	12975	237825	41504	11938	54269	90661	53442	827	91488	127392	127392	522307	2006-12-31	26.25%	23.28%	21.89%	22.63%	0.3182	9.889	1.77	1.77	2.32	0.72	3.2121	1.6905	1.0752	0.3917	0.2703	181.5%	618	184	39

Financial Quarter Balance Sheet

year	qrt	Investment in associated companies (A-0)	Investment properties (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)	Current tax assets (A-1)	Financial assets at fair value through profit and loss (A-1)	Inventories (A-1)	Other receivables, deposits and prepayments (A-1)	Trade receivables (A-1)	Deferred tax liabilities (L-0)	Loans & borrowings (L-0)	Current tax liabilities (L-1)	Financial liabilities at fair value through profit and loss (L-1)	Liabilities directly associated with assets classified as held for sale (L-1)	Loans & borrowings (L-1)	Payables and accruals (L-1)	Trade and other payables (L-1)	Minority interest (M-1)
2011	4	59572	-	6683	135819	87408	-	1754	299	195402	1048	61414	5710	3025	730	577	-	120781	-	17972	79392
2011	3	59591	171	6723	133342	111168	2516	80	-	204449	514	58454	6309	-	1395	582	338	156815	-	15002	82544
2011	2	57660	172	6764	115110	96262	-	2712	-	193851	14562	70881	6324	29	327	193	-	151293	-	12474	80381
2011	1	57200	172	6805	113986	89306	-	4707	-	176792	14531	59294	6341	29	609	81	-	126859	-	8645	77231
2010	4	60091	173	-	123865	76014	-	1745	802	185033	-	62900	6355	29	610	-	-	108485	-	27897	73481
2010	3	64895	-	-	126244	80848	-	326	-	145608	-	54109	4688	32	1310	528	-	94199	-	6402	73345
2010	2	65468	-	-	94202	99153	-	146	6	82893	-	26408	2729	-	632	-	-	44246	-	5062	32074
2010	1	-	-	-	95075	171014	-	277	139	68003	-	21331	2729	-	3	-	-	31998	-	7298	30059
2009	4	-	-	-	94205	155331	-	2498	-	84068	-	19532	2729	-	3	-	-	30694	-	12293	29542
2009	3	-	-	9188	81387	157236	-	4323	-	76753	-	16280	2736	-	-	-	-	32513	-	5619	29303
2009	2	-	-	9245	78748	158540	-	4323	-	73896	-	15855	2802	-	-	-	-	31285	-	6248	28833
2009	1	-	-	9303	75667	148922	-	2812	-	89956	-	24015	2802	-	48	-	-	23418	-	18649	27331
2008	4	-	-	9361	67818	144917	-	1646	-	108438	-	34267	2802	-	47	-	-	45148	-	16301	24647
2008	3	-	-	9418	59097	141036	-	-	-	126075	13822	36873	3020	-	125	-	-	72133	2135	4135	24513
2008	2	-	-	9591	52078	179993	-	-	-	117662	1739	35432	2979	-	1722	-	-	90975	2668	5463	22746
2008	1	-	-	9591	47693	185252	-	-	-	102715	461	44790	2817	-	745	-	-	12086	3878	68638	21983
2007	4	-	-	9591	45609	130620	-	15	-	102270	-	52803	2817	-	2913	-	-	29453	-	7921	21034
2007	3	-	-	9648	46010	122522	-	-	-	136773	6417	52619	3335	-	9565	-	-	62712	1488	6582	19407
2007	2	-	-	9706	43381	92054	-	-	-	166502	25493	45012	3233	-	8314	-	-	85716	549	3495	18338
2007	1	-	-	9765	42511	79465	-	-	-	169037	28096	40182	2987	-	3682	-	-	93815	2699	7161	14833
2006	4	-	-	9821	42757	91488	-	-	-	129479	9220	43138	2987	-	3395	-	-	73444	3737	4515	12975

Financial Quarter Income Statement

year	qrt	Revenue	Income tax expense	Cost of sales	Finance/interest costs	Other income	Administrative/Operating expenses	Minority interest	Share of profit/ (loss) of associates	Selling and distribution costs	Negative goodwill
2011	4	143773	2103	131310	583	2530	158	315	387	2953	-
2011	3	148375	1730	132119	378	2488	8234	2014	154	2482	-
2011	2	165587	3041	143139	331	2231	2944	3770	299	2841	-
2011	1	143312	1662	122687	269	428	2756	4534	118	2249	-
2010	4	125637	880	113830	330	3208	633	1982	4	4269	-
2010	3	109005	13950	87187	337	867	3677	1177	1	275	5103
2010	2	63560	1453	52949	224	1813	983	2212	-	1202	-
2010	1	58880	938	51598	149	793	1224	991	-	1023	-
2009	4	53917	1811	44467	55	359	292	489	-	1535	-
2009	3	48468	67	44035	102	1277	976	452	-	709	-
2009	2	44891	-	43593	11	931	1083	1250	-	754	-
2009	1	64278	-	59912	291	1043	2289	1878	-	835	-
2008	4	95399	1296	91119	685	1841	5057	672	-	3473	-
2008	3	103256	3131	89867	979	108	1022	823	-	1319	-
2008	2	102951	3223	86139	827	1913	1101	1605	-	1848	-
2008	1	99637	1460	90824	406	1319	1557	318	-	1947	-
2007	4	97684	54	84140	297	1993	3148	1908	-	3978	-
2007	3	139112	4652	114977	1336	1503	1273	1703	-	1442	-
2007	2	139509	8382	100044	1422	154	1067	2798	-	1238	-
2007	1	111365	6328	82626	935	1497	1115	1771	-	1145	-
2006	4	103703	5138	76486	1442	782	1217	1526	-	2636	-

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

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