KLCI Stock - UEMLAND / 5148 - 2012 Quarter 1

UEM LAND HOLDINGS BHD



Company Description

UEM Land Holdings Berhad is a Malaysia-based investment holding company. Through its subsidiaries, the Company is engaged in property development and construction activities. The Company’s project portfolio include Kota Iskandar, Puteri Harbour, the Southern Industrial and Logistics Clusters (SiLC) and Nusajaya Residences, which comprise of East Ledang, Horizon Hills, Ledang Heights and Nusa Idaman. Its operations are carried out principally in Malaysia. As of December 31, 2009, the Company had two direct subsidiaries: Nusajaya Resort Sdn. Bhd., and UEM Land Berhad, which is engaged in project procurement and management and strategic investment holding. During the year ended December 31, 2009, the Company’s projects in Nusajaya span a total of 23,875 acres of freehold land zoned for residential, commercial and industrial development. On February 16, 2011, the Company announced that it has acquired the remaining offer shares of Sunrise Berhad, making Sunrise its wholly owned subsidiary.

Company Info 

Listing Date	2008-11-15
IPO Price	0.55
Market Capital (Capital Size)	8,482,250,367 (Very Large)
Par Value	RM 0.50
Board	Main
Sector	Properties
Major Industry	Property Development
Sub Industry	Construction & Project Management
Website	http://www.uemland.com/

My Analysis 

Forecast P/E now	1.96/0.102 = 19.22 (Moderate)
Target Price	0.102*23.0 = 2.35 (PE 23.0, EPS 0.102)
Decision	BUY if stock price sustain above 2 and got very strong buy volume than sell or wait stock price below Bolinger lower band
Comment	Revenue decreased 49.2% but higher than preceding year corresponding quarter 61.8%, eps decreased 59.7% but higher than preceding year corresponding quarter 227.3%, cash receipts from customers not enough to cover operating expenses hence increased borrowings and spent 11% of Group cash to cover all other expenses, higher gross margin, stronger liquidity ratio at strong level now, lower gearing ratio at moderate level now, lower debt ratio and is getting far from historical high, higher property development cost can indicate on-going grwoth
First Support Price	1.9
Second Support Price	1.8
Risk Rating	MODERATE

Research House

Credit Suisse Target Price	3.8 (2011-08-05)
UOB Target Price	2.68 (2011-11-09)
RHB Target Price	2.38 (2011-11-14)
CIMB Target Price	2.56 (2012-02-29)
HwangDBS Target Price	2.3 (2012-02-29)
Maybank Target Price	2.05 (2012-02-29)
MIDF Target Price	2.5 (2012-02-29)
OSK Target Price	3.17 (2012-02-29)
Kenanga Target Price	2.65 (2012-03-28)
Public Target Price	2.8 (2012-04-03)
ECM Target Price	2.25 (2012-04-10)
HLG Target Price	2.35 (2012-04-10)
Jupiter Target Price	2.35 (2012-05-07)

Accounting Ratio 

Return on Equity	9.27%
Dividend Yield	-
Gross Profit Margin	36.37%
Operating Profit Margin	24.91%
Net Profit Margin	22.84%
Tax Rate	24.96%
Asset Turnover	0.231
Net Asset Value Per Share	1.02
Net Tangible Asset per share	0.89
Price/Net Tangible Asset Per Share	2.2
Cash Per Share	0.12
Liquidity Current Ratio	4.1251
Liquidity Quick Ratio	2.4102
Liquidity Cash Ratio	0.7935
Gearing Debt to Equity Ratio	0.5136
Gearing Debt to Asset Ratio	0.3195
Working capital per thousand Ringgit sale	120.9%
Days to sell the inventory	351
Days to collect the receivables	228
Days to pay the payables	142

Technical Analysis 

SMA 20	1.996 (Downtrend 41 days)
SMA 50	2.119 (Downtrend)
SMA 100	2.213 (Downtrend)
SMA 200	2.106 (Downtrend)
MACD (26d/12d)	-0.049722 ( 0.003368 )
Signal (9)	-0.052757 ( 0.000759 )
MACD Histogram	0.003035 (Bullish trend 2 days)
Bolinger Upper Band	2.15
Bolinger Lower Band	1.842

My notes based on 2012 quarter 1 report (number in '000):-
- Lower revenue and pbt than FY11Q4 mainly due to fewer strategic land sales as well as lower development revenue and fewer working days

- Higher revenue and pbt than FY11Q1 mainly due to contribution from the Group’s development from East Ledang, Nusa Bayu, Nusa Idaman, MK28 and Quintet as well as sale of inventories from Dutamas and Meridin

- Ongoing projects have an unbilled sales of RM1.85 billion as at 31 March 2012

- Estimate next 4Q eps after 2012 Q1 result announced = 5296613*0.09/4672449 = 0.102, estimate PE on current price 1.96 = 19.22
- Estimate next 4Q eps after 2011 Q4 result announced = 5296613*0.09/4672449 = 0.102, estimate highest/lowest PE = 23.33/18.73
- Estimate next 4Q eps after 2011 Q3 result announced = 0.08, estimate highest/lowest PE = 30.88/23.88
- Estimate next 4Q eps after 2011 Q2 result announced = 0.0663*1.2 = 0.08, estimate highest/lowest PE = 28.63/19.25
- Estimate next 4Q eps after 2011 Q1 result announced = 0.051*1.3 = 0.0663, estimate highest/lowest PE = 43.89/30.17

UEMLAND latest news (English)

UEMLAND 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
2012-05-25	2012	1	N/A	N/A	-	0.98%	0.98%	303717	303717	69358	69358	51906	51906	0.0108	0.0108	7874556	2515933	460389	5358623	111815	1446	41330	626825	110369	69039	557786	4823398	4823398	9453860	2012-03-31	36.37%	24.91%	22.84%	24.96%	0.231	-	1.02	0.89	2.2	0.12	4.1251	2.4102	0.7935	0.5136	0.3195	120.9%	351	228	142
2012-02-28	2011	4	2.38	1.91	-	4.11%	8.77%	597802	1703172	144157	329179	129251	275645	0.0268	0.0590	7793757	2497144	460186	5296613	181568	424202	429123	443509	242634	186489	629998	4826096	4672449	10713933	2011-12-31	29.13%	25.05%	24.11%	9.74%	0.2185	37.6311	1.04	0.9	2.47	0.13	3.9225	2.2794	0.8722	0.5163	0.3204	124.4%	367	219	159
2011-11-24	2011	3	2.47	2.08	-	1.50%	4.66%	408282	1105370	59836	185022	47016	146394	0.0101	0.0317	7773453	2616036	459329	5157417	115179	17868	609055	443717	133047	742102	1185819	4676942	4620716	9774808	2011-09-30	29.08%	16.15%	14.66%	20.56%	0.1777	-	1.02	0.88	2.37	0.28	4.7795	3.1311	1.8093	0.5568	0.3365	197.8%	487	252	178
2011-08-25	2011	2	2.29	1.54	-	2.68%	3.16%	509403	697088	101213	125186	84116	99378	0.0177	0.0213	7417876	2678161	458813	4739715	21109	134096	389250	439079	112987	502237	941316	4745087	4668994	9964682	2011-06-30	31.66%	22.87%	19.87%	17.03%	0.1401	-	0.92	0.78	2.69	0.2	4.7751	2.8514	1.4975	0.6256	0.361	232.1%	693	304	199
2011-05-25	2011	1	2.91	2.0	-	0.49%	0.49%	187685	187685	23973	23973	15262	15262	0.0033	0.0033	7021704	2690978	454454	4330726	135451	142853	282168	440975	7402	289570	730545	4609523	4609523	12860569	2011-03-31	34.35%	17.03%	12.77%	36.35%	0.088	-	0.84	0.69	4.04	0.16	4.796	2.6142	1.247	0.6942	0.3832	370.3%	1349	487	402
2011-02-25	2010	4	3.01	2.58	-	5.83%	8.55%	276337	469713	126239	180210	115331	169240	0.0311	0.0510	3971133	829183	454456	3141950	119502	215	421718	135888	119717	302001	437889	3712362	3319862	10246119	2010-12-31	52.38%	47.85%	45.68%	8.61%	0.1183	54.141	0.81	0.8	3.45	0.12	6.8598	3.7374	1.6851	0.3085	0.2088	324.2%	1141	414	317
2010-11-29	2010	3	3.4	2.08	-	0.63%	2.72%	65674	193376	10786	53971	12472	53909	0.0034	0.0169	3724434	718330	454423	3006104	68413	1929	283094	135838	66484	216610	352448	3712362	3187591	7758836	2010-09-30	32.97%	8.79%	16.42%	-	0.1083	-	0.8	0.79	2.65	0.09	5.8103	2.9924	1.2927	0.2815	0.1929	324.4%	1171	388	377
2010-08-27	2010	2	2.52	1.66	-	1.95%	2.09%	88003	127702	39614	43185	38692	41437	0.0116	0.0142	3741737	751734	453613	2990003	171148	13951	346299	135838	157197	189102	324940	3338797	2920857	5475627	2010-06-30	35.31%	44.83%	45.01%	2.32%	0.1097	-	0.87	0.85	1.93	0.1	5.7242	3.3439	1.1732	0.2964	0.2009	320.8%	997	508	377
2010-05-25	2010	1	1.82	1.32	-	0.14%	0.14%	39699	39699	3571	3571	2745	2745	0.0011	0.0011	3493668	1509682	453611	1983986	61664	12297	13938	135875	73961	60023	75852	2498274	2498274	3247756	2010-03-31	32.23%	5.08%	9.00%	14.59%	0.1119	-	0.61	0.6	2.17	0.03	1.0363	0.537	0.0616	0.9865	0.4321	11.9%	978	534	946
2010-02-22	2009	4	1.73	1.21	-	5.05%	5.72%	209924	407913	93734	112326	85968	97441	0.0344	0.0390	3533012	1553800	453306	1979212	21553	39516	171221	25732	61069	110152	135884	2498274	2498274	3547549	2009-12-31	47.10%	42.36%	44.65%	8.49%	0.1155	36.4072	0.61	0.6	2.37	0.06	2.0397	1.0971	0.208	1.0183	0.4398	175.2%	930	515	936
2009-11-11	2009	3	1.74	1.39	-	0.34%	0.67%	72792	197989	7928	18540	5802	11421	0.0023	0.0046	3196678	1316365	453498	1880313	86868	7678	98254	25728	94546	3708	29436	2498274	2498274	4222083	2009-09-30	34.10%	9.74%	10.89%	20.96%	0.1189	-	0.57	0.56	3.02	0.01	2.7998	1.1713	0.0683	0.9226	0.4118	253.3%	1066	532	612
2009-08-20	2009	2	1.8	1.51	-	0.25%	0.33%	68686	125197	7350	10613	4309	5620	0.0017	0.0022	3181606	1308955	453034	1872651	48694	5933	48738	25729	54627	5889	19840	2498274	2498274	3947272	2009-06-30	24.10%	11.39%	10.70%	45.33%	0.1212	-	0.57	0.55	2.87	0.01	2.6751	1.1697	0.0489	0.922	0.4114	239.1%	969	550	595
2009-05-25	2009	1	2.01	1.28	-	0.08%	0.08%	56511	56511	3263	3263	1311	1311	0.0005	0.0005	3113777	1252759	453325	1861018	30701	6824	31269	24819	37525	6256	18563	2498274	2498274	4097169	2009-03-31	23.59%	8.33%	5.77%	30.86%	0.1211	-	0.56	0.55	2.98	0.01	2.7979	1.2229	0.0524	0.8899	0.4023	240.7%	943	544	550
2009-02-26	2008	4	1.7	0.635	-	0.20%	3.51%	181980	511647	1522	58982	3208	57471	0.0013	0.0236	3060552	1358017	452380	1702535	52650	85935	117000	46404	138585	21585	24819	2462463	2436795	1859159	2008-12-31	14.95%	0.76%	0.84%	-	0.1672	32.0123	0.51	0.5	1.51	0.01	2.1824	0.9813	0.0537	1.0863	0.4437	143.8%	716	391	553
2008-11-13	2008	3	0.9	0.5	-	0.04%	3.20%	78365	329667	2433	55620	731	52423	0.0003	0.0216	2839901	1137564	451500	1702337	64144	81140	112000	48057	145284	33284	14773	2428177	2428177	1335497	2008-09-30	20.90%	6.80%	3.10%	130.05%	0.1945	-	0.52	0.5	1.1	0.01	3.1287	1.214	0.0576	0.9094	0.4006	156.5%	728	285	346
N/A	2008	2	N/A	N/A	-	0.15%	3.25%	60172	251302	2068	53187	2439	53154	0.0010	0.0219	N/A	N/A	-	N/A	12615	71736	112000	46639	84351	27649	74288	2428177	2428177	N/A	2008-06-30	20.65%	3.68%	3.44%	-	N/A	-	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	-	N/A	N/A
N/A	2008	1	N/A	N/A	-	3.40%	3.40%	191130	191130	55255	55255	55593	55593	0.0229	0.0229	N/A	N/A	-	N/A	91440	8061	97000	46639	99501	2501	44138	2428177	2428177	N/A	2008-03-31	38.98%	34.72%	28.91%	-	N/A	-	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	-	N/A	N/A
N/A	2007	4	N/A	N/A	-	N/A	N/A	222675	1871548	10800	324267	10581	396116	0.0044	0.1850	2717725	1081590	451500	1636135	1348001	18718	1365933	83289	1329283	36650	46639	2428177	2141455	N/A	2007-12-31	26.56%	10.33%	4.85%	2.62%	0.1063	-	0.55	0.53	N/A	0.02	2.7323	1.1427	0.1495	0.913	0.398	226.2%	981	424	539
N/A	2007	3	N/A	N/A	-	N/A	N/A	66277	1648873	6894	314794	9078	386862	0.0037	0.1894	N/A	N/A	-	N/A	1403364	15942	1429086	84310	1387422	41664	42646	2428177	2042293	1335497	2007-09-30	10.15%	12.97%	10.40%	-	N/A	-	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	-	N/A	N/A

Financial Quarter Balance Sheet

year	qrt	Amount Owing by Joint Venture Partner (A-0)	Available-for-sale financial assets (A-0)	Deferred tax assets (A-0)	Fixed deposits (A-0)	Goodwill on consolidation (A-0)	Investment in associated companies (A-0)	Investment in jointly controlled entity (A-0)	Investment properties (A-0)	Land held for property development (A-0)	Leasehold land use rights (A-0)	Other investments (A-0)	Property, plant and equipment (A-0)	Receivables (A-0)	Amount due from associated companies (A-1)	Amount due from immediate holding company (A-1)	Amount due from jointly controlled entity (A-1)	Available-for-sale financial assets (A-1)	Cash and cash equivalents (A-1)	Current asset classified as held for sales (A-1)	Inventories (A-1)	Other receivables (A-1)	Property development costs (A-1)	Deferred tax liabilities (L-0)	Liability component of RCPS (L-0)	Loans & borrowings (L-0)	Long term payables (L-0)	Other long-term provisions (L-0)	Amount due to immediate holding company (L-1)	Current portion of long-term borrowings (L-1)	Current tax liabilities (L-1)	Liabilities directly associated with assets classified as held for sale (L-1)	Loans & borrowings (L-1)	Other payables (L-1)	Provision for liabilities (L-1)	Minority interest (M-1)
2012	1	30742	-	25925	1418	621409	101126	271443	509509	2766060	-	274354	162895	206828	898	-	3265	-	558412	3470	111261	1130053	1095488	258889	390889	1162450	-	-	-	-	15064	-	65654	487652	135335	460389
2011	4	29696	-	26705	1418	621409	104746	265240	511077	2751590	-	272190	162334	204380	898	-	3228	-	632140	-	124494	1015836	1066376	260654	388414	1123291	-	-	-	-	20274	-	51684	515787	137040	460186
2011	3	-	-	16031	1418	621409	102324	122526	503036	2572411	317	-	176594	201812	898	-	168680	121107	1187027	-	116564	786079	1075220	263008	384308	1220903	24822	-	-	-	27926	-	116253	434188	144628	459329
2011	2	-	-	20591	1418	621279	93332	212035	507498	2593712	323	-	184497	133206	898	-	78932	8703	947763	-	106572	784989	1122128	278445	524394	1202349	24683	9562	-	-	27211	-	111497	353542	146478	458813
2011	1	-	-	17392	1418	695803	92070	203349	381072	2498257	323	-	173248	69238	898	-	77880	18248	733070	-	96569	744914	1217955	156063	641547	1256899	24545	9432	-	-	16394	-	107550	392083	86465	454454
2010	4	-	-	-	1418	39223	87063	101383	30615	1797695	324	-	62037	68766	898	-	75484	7	437889	-	42252	456933	769146	136727	-	408185	24407	-	69402	-	11890	-	-	155669	22903	454456
2010	3	-	32361	-	1418	39223	39239	67843	30228	1814046	333	-	61600	58019	898	-	74415	7	351535	33820	10508	353120	755821	143414	-	241000	61966	-	91799	-	1313	866	-	154680	23292	454423
2010	2	-	33636	-	1418	39223	35050	62225	29971	1820386	354	-	60085	64223	898	-	79309	7	326929	33820	12457	490886	650860	150196	-	299000	23866	-	91889	-	77	866	2902	159222	23716	453613
2010	1	-	33636	-	1418	39223	45196	58797	28848	1838502	366	-	59150	64223	535	-	79195	7	78713	35214	15582	492595	622468	150142	-	58000	23595	-	339164	632979	302	901	3812	277689	23098	453611
2009	4	-	-	-	1418	39223	43997	55339	28848	1840256	372	-	56968	64223	535	-	75292	7	142990	35978	53205	499494	594867	150312	-	690979	24960	-	319361	-	1195	917	9141	332620	24315	453306
2009	3	-	-	-	1418	39223	46243	-	-	1534485	372	-	13540	64223	101408	-	-	7	36516	35786	24120	452613	846724	144880	-	636736	-	-	285120	-	2294	1023	8037	214575	23700	453498
2009	2	-	-	-	1418	39223	15687	31430	-	1542870	359	-	14048	64223	27022	-	74276	7	26921	35435	27320	480162	801205	147396	-	611159	-	-	247576	-	1225	828	8038	260735	31998	453034
2009	1	-	158	-	1418	39223	14879	26515	-	1540494	330	-	14182	64223	27022	-	74377	7	26441	28518	31355	460920	763715	145218	-	602750	-	-	220837	-	620	-	7925	242603	32806	453325
2008	4	-	158	-	1418	39223	40292	-	-	1544300	334	-	12359	64223	101294	-	-	7	33405	28518	35905	447472	711644	144997	-	590661	-	-	187872	-	938	-	8633	389546	35370	452380
2008	3	-	157	-	-	39223	37446	-	-	1415284	411	-	11306	65641	101566	-	-	7	23402	38705	26659	329284	750810	151382	-	580120	-	-	182435	-	1742	947	9587	186742	24609	451500
2007	4	-	765	-	1418	39223	11563	10586	-	1546824	407	-	10725	65523	28574	419	24442	7	56391	38705	34797	282527	564829	154787	-	549579	-	-	68389	-	1378	947	10710	261217	34583	451500

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	Discontinued operation	Profit/loss of subsidiaries from continuing operations attributable to minority interest	Share of net profit of jointly controlled entity
2012	1	303717	17309	193249	10136	9429	44238	143	1202	-	2265	4898
2011	4	597802	14048	423655	11700	25884	50300	858	12062	-	11311	5375
2011	3	408282	12305	289541	11273	13280	66095	515	10348	-	7594	2429
2011	2	509403	17238	348105	15069	12981	57788	141	2693	-	4818	1916
2011	1	187685	8713	123215	13360	17862	50364	2	1536	-	2344	6173
2010	4	276337	10875	131602	1307	22652	35158	33	13050	-	20030	2297
2010	3	65674	2496	44019	1400	3851	19732	810	5744	-	3216	3884
2010	2	88003	920	56933	2539	29694	21311	2	1312	-	1654	3042
2010	1	39699	521	26903	3043	3594	14373	305	2349	-	397	2645
2009	4	209924	7958	111042	2804	8941	18900	192	15441	-	12524	4698
2009	3	72792	1662	47971	1633	3022	20750	464	1957	127	1738	2376
2009	2	68686	3332	52130	1364	3884	12620	291	1208	-	1598	1284
2009	1	56511	1007	43178	1719	1842	10467	945	698	-	1320	896
2008	4	181980	2566	154783	668	581	26394	880	4262	-	5429	637
2008	3	78365	3164	61990	3287	878	11925	-	47	-	1839	2278
2008	2	60172	365	47749	2111	97	14736	6	1114	-	534	1679
2008	1	191130	332	116637	1637	1121	9251	6	412	-	10756	873
2007	4	222675	283	163538	552	965	37108	64	1612	-	13421	167
2007	3	66277	1937	59548	31	1568	16896	247	883	-	1327	474

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