Company Info
| Market Capital (Capital Size) | 3,333,355,602 (Large) |
| Par Value | RM 1.00 |
My Analysis
| Forecast P/E now | (0.78-0.02)/0.1026 = 7.41 (Moderate) |
| Target Price | 0.92+0.02 = 0.94 (PE 9.0, EPS 0.1026, DPS 0.02) |
| Decision | BUY if stock price sustain and uptrend above 0.77 or wait lower sustain and uptrend price at 0.74 |
| Comment | Revenue increased 6.4% and also higher than preceding year corresponding quarter 1.7%, eps decreased 32.7% and was second consecutive quarter decreasing and also lower than preceding year corresponding quarter 52.7%, cash generated from operating not enough to cover all financing expenses hence generated cash from disposal, financing activities and spend 1.1% of Group cash to cover all other expenses, operating margin dropped below 10%, weaker liquidity ratio at low level now, lower gearing ratio but still at high level now, lower 9.5% debt ratio from recent high level, all repayment period is good, high inventory and development properties can indicate still strong in business operation |
| First Support Price | 0.77 |
| Second Support Price | 0.74 |
| Risk Rating | MODERATE |
Research House
| CIMB Target Price | 0.89 (2012-05-07) |
| Jupiter Target Price | 0.75 (2012-05-15) |
Accounting Ratio
| Return on Equity | 3.82% |
| Dividend Yield | 2.56% |
| Gross Profit Margin | 0.00% |
| Operating Profit Margin | 8.95% |
| Net Profit Margin | 7.49% |
| Tax Rate | 34.09% |
| Asset Turnover | 0.4039 |
| Net Asset Value Per Share | 1.43 |
| Net Tangible Asset per share | 0.07 |
| Price/Net Tangible Asset Per Share | 13.29 |
| Cash Per Share | 0.3 |
| Liquidity Current Ratio | 1.063 |
| Liquidity Quick Ratio | 0.6323 |
| Liquidity Cash Ratio | 0.3069 |
| Gearing Debt to Equity Ratio | 1.0378 |
| Gearing Debt to Asset Ratio | 0.3663 |
| Working capital per thousand Ringgit sale | 3.7% |
| Days to sell the inventory | 104 |
| Days to collect the receivables | 66 |
| Days to pay the payables | 115 |
Technical Analysis
| SMA 20 | 0.771 (Downtrend 52 days) |
| SMA 50 | 0.851 (Downtrend) |
| SMA 100 | 0.903 (Downtrend) |
| SMA 200 | 0.942 (Downtrend) |
| MACD (26d/12d) | -0.02177 ( 0.002659 ) |
| Signal (9) | -0.030926 ( 0.002289 ) |
| MACD Histogram | 0.009156 (Bullish trend 6 days) |
| Bolinger Upper Band | 0.881 |
| Bolinger Lower Band | 0.661 |
My notes based on 2012 quarter 3 report (number in '000):-
- Higher revenue mainly from toto betting operations due to the traditionally high sales during the Chinese Lunar New Year festive season coupled with higher number of draws
- Lower pbt in Marketing of consumer products and services segment due to the expansion of the retail distribution division into new markets involved high initial expenses in terms of pre-operating, setting up and operating overheads, which had eroded profits
- Higher loss in Property investment and development segment due to lower progress billings as several residential and commercial development projects are nearing completion
- Estimate next 4Q eps after 2012 Q3 result announced = 11241538*0.04/4384136 = 0.1026, estimate PE on current price 0.78 = 7.41(DPS 0.02)
- Estimate next 4Q eps after 2012 Q2 result announced = 11078723*0.04/4385470 = 0.101, estimate highest/lowest PE = 10.2/8.86 (DPS 0.02)
- Estimate next 4Q eps after 2012 Q1 result announced = 11086601*0.04/4401658 = 0.1007, estimate highest/lowest PE = 10.43/9.29 (DPS 0.02)
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