KLCI Stock - BURSA / 1818 - 2012 Quarter 1

BURSA MALAYSIA BERHAD



Company Description

The Group's principal activity are treasury management and the provision of management and administrative services to its subsidiaries. The principal activities of the subsidiaries are to operate the securities, derivatives and offshore exchanges in Malaysia, its related depository and clearing houses, including the compilation, provision and dissemination of information relating to securities quoted on the exchanges. It operates through five segments: exchanges, clearing, settlement and depository, information services, exchange holding and others, which comprises the provision of a Sha’riah compliant commodity trading platform. The Company also operates through six markets: securities market, derivatives market, offshore market, information services, exchange holding and others. It subsidiaries include Bursa Malaysia Bonds Sdn. Bhd., Bursa Malaysia Depository Sdn. Bhd., and Bursa Malaysia Derivatives Berhad, among others.

Company Info 

Listing Date	2005-03-18
IPO Price	3.0
Market Capital (Capital Size)	3,254,916,492 (Large)
Par Value	RM 0.50
Board	Main
Sector	Finance
Major Industry	Stockbroking & Related Services
Website	http://www.bursamalaysia.com

My Analysis 

Forecast P/E now	(6.12-0.26)/0.2961 = 19.79 (Moderate)
Target Price	7.11+0.26 = 7.37 (PE 24.0, EPS 0.2961, DPS 0.26)
Decision	BUY if stock price sustain and uptrend above SMA20 or wait strong rebound at lower price
Comment	Revenue increased 18.3% but lower than preceding year corresponding quarter 6.8%, eps increased 30.1% and also higher than preceding year corresponding quarter 0.5%, cash generated from operating is more than enough to cover all expenses, operating margin maintaining very high, slightly weaker liquidity ratio at low level now, higher gearing ratio at high level now, higher debt ratio and is near to recent high, payables repayment period is very long, primary profit contribution segment business still growth
First Support Price	6.05
Second Support Price	5.9
Risk Rating	MODERATE

Research House

Credit Suisse Target Price	7.5 (2012-02-10)
Maybank Target Price	7 (2012-02-10)
MIDF Target Price	6.8 (2012-02-10)
CIMB Target Price	7.28 (2012-04-20)
HwangDBS Target Price	6 (2012-04-20)
Kenanga Target Price	8 (2012-04-20)
AMMB Target Price	8.5 (2012-05-16)
Jupiter Target Price	6.4 (2012-06-04)

Accounting Ratio 

Return on Equity	16.90%
Dividend Yield	4.25%
Gross Profit Margin	0.00%
Operating Profit Margin	57.52%
Net Profit Margin	57.52%
Tax Rate	27.00%
Asset Turnover	0.1899
Net Asset Value Per Share	1.71
Net Tangible Asset per share	1.63
Price/Net Tangible Asset Per Share	4.28
Cash Per Share	1.0
Liquidity Current Ratio	1.5262
Liquidity Quick Ratio	1.4877
Liquidity Cash Ratio	0.5341
Gearing Debt to Equity Ratio	1.1439
Gearing Debt to Asset Ratio	0.5293
Working capital per thousand Ringgit sale	139.8%
Days to sell the inventory	83
Days to collect the receivables	51
Days to pay the payables	2060

Technical Analysis 

SMA 20	6.132 (Downtrend 56 days)
SMA 50	6.548 (Downtrend)
SMA 100	6.874 (Downtrend)
SMA 200	6.631 (Downtrend)
MACD (26d/12d)	-0.129049 ( 0.009715 )
Signal (9)	-0.155543 ( 0.006623 )
MACD Histogram	0.026494 (Bullish trend 8 days)
Bolinger Upper Band	6.753
Bolinger Lower Band	5.511

My notes based on 2012 quarter 1 report (number in '000):-
- Lower revenue and profit from Securities segment than FY11Q1 mainly a result of lower trading values on the securities market, higher share buy back and public issue fees as a result of higher number of IPOs in 1Q11

- Estimate next 4Q eps after 2012 Q1 result announced = 926787*0.17/532072 = 0.2961, estimate PE on current price 6.12 = 19.79(DPS 0.26)
- Estimate next 4Q eps after 2011 Q4 result announced = 874625*0.17/531947 = 0.2795, estimate highest/lowest PE = 26.69/24.01 (DPS 0.26)
- Estimate next 4Q eps after 2011 Q3 result announced = 841526*0.18/531956 = 0.2848, estimate highest/lowest PE = 25.53/20.87 (DPS 0.26)
- Estimate next 4Q eps after 2011 Q2 result announced = 875998*0.18/531399 = 0.2967, estimate highest/lowest PE = 26.93/18.54 (DPS 0.26)

BURSA latest news (English)

BURSA 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
2012-04-19	2012	1	N/A	N/A	-	4.66%	4.66%	100502	100502	57811	57811	40768	40768	0.0766	0.0766	1969062	1042275	15666	926787	47093	16595	229	155229	63688	63917	219146	532072	532072	3708541	2012-03-31	-	57.52%	57.52%	27.00%	0.1899	-	1.71	1.63	4.28	1.0	1.5262	1.4877	0.5341	1.1439	0.5293	139.8%	83	51	2060
2012-02-09	2011	4	7.72	6.97	0.13	3.63%	16.93%	84928	381321	44309	206113	31337	146160	0.0589	0.2748	1673505	798880	14232	874625	176951	4476	122532	450000	172475	49943	499943	532066	531947	4001136	2011-12-31	-	52.17%	52.17%	25.74%	0.2279	27.3689	1.62	1.54	4.88	0.94	1.6557	1.6113	0.6641	0.9285	0.4774	129.5%	70	39	1467
2011-10-19	2011	3	7.53	6.2	-	4.47%	13.30%	96088	296393	54187	161804	38619	114823	0.0726	0.2159	1898364	1056838	12667	841526	154759	13168	123002	450227	141591	18589	468816	532071	531956	3410575	2011-09-30	-	56.45%	56.39%	27.07%	0.2058	-	1.56	1.48	4.33	0.88	1.4527	1.4098	0.4653	1.2751	0.5567	116.7%	87	38	1892
2011-07-19	2011	2	8.12	5.76	0.13	4.14%	8.82%	92461	200305	49421	107617	35714	76204	0.0672	0.1434	1819948	943950	11768	875998	106356	2450	57394	450040	103906	46512	496552	531399	531399	4054574	2011-06-30	-	53.51%	53.45%	25.10%	0.2054	-	1.63	1.55	4.92	0.93	1.5392	1.4941	0.5567	1.0922	0.5187	128.6%	82	47	1690
2011-04-19	2011	1	8.15	7.5	-	4.69%	4.69%	107844	107844	58196	58196	40490	40490	0.0762	0.0762	1846858	949935	10464	896923	64565	12280	2008	139458	52285	50277	189735	531399	531399	4213994	2011-03-31	-	54.08%	53.96%	28.01%	0.1938	-	1.67	1.59	4.99	0.96	1.5495	1.5162	0.5678	1.0716	0.5144	137.2%	62	55	1757
2011-01-27	2010	4	8.56	7.83	0.105	3.51%	13.32%	94272	331251	46805	163754	29785	113041	0.0561	0.2127	1708254	844684	11266	863570	149285	51496	87145	336302	200781	113636	449938	531399	531399	4447809	2010-12-31	-	49.80%	49.65%	36.34%	0.1939	39.3469	1.6	1.52	5.51	0.85	1.5595	1.525	0.568	0.9911	0.4945	133.9%	60	48	1631
2010-10-19	2010	3	9.02	7.63	-	3.26%	9.81%	79297	236979	38793	116949	27707	83256	0.0521	0.1565	1288096	467909	11262	820187	115298	39934	87739	336303	155232	67493	403796	531399	531849	4437181	2010-09-30	-	49.12%	48.92%	26.82%	0.2416	-	1.52	1.44	5.8	0.76	1.9669	1.8778	0.9708	0.5784	0.3633	129.2%	82	43	823
2010-07-16	2010	2	8.66	6.91	0.095	3.24%	6.55%	76515	157682	38589	78156	27498	55549	0.0517	0.1045	1444681	592944	10505	851737	79679	27416	36854	336644	107095	70241	406885	531399	531567	3730420	2010-06-30	-	50.64%	50.43%	26.37%	0.2153	-	1.58	1.5	4.68	0.77	1.7661	1.6983	0.756	0.7049	0.4104	132.6%	84	42	1140
2010-04-20	2010	1	7.79	6.75	-	3.31%	3.31%	81167	81167	39567	39567	28051	28051	0.0528	0.0528	1486747	606885	9577	879862	43845	14274	7248	336632	58119	65367	401999	530823	530823	4034254	2010-03-31	-	48.94%	48.75%	26.60%	0.2161	-	1.64	1.56	4.87	0.76	1.7656	1.6761	0.7276	0.6973	0.4082	131.7%	113	55	1172
2010-02-04	2009	4	8.0	7.17	0.09	13.15%	24.25%	74219	297818	105226	219181	96315	177588	0.1821	0.3357	1786641	938029	8597	848612	131795	7838	69764	282723	123957	54193	336916	528960	528960	4078281	2009-12-31	-	39.62%	141.78%	8.33%	0.1666	22.9648	1.59	1.51	5.11	0.64	1.4207	1.3497	0.3804	1.1167	0.525	125.2%	149	43	2007
2009-10-16	2009	3	8.59	7.62	-	4.20%	11.10%	79115	223599	43785	113955	30751	81273	0.0559	0.1482	1785717	1044181	-	741536	104414	23567	71853	282839	80847	8994	291833	550122	548309	4670535	2009-09-30	-	55.54%	55.34%	29.77%	0.1594	-	1.35	1.27	6.69	0.53	1.3463	1.2597	0.2945	1.4081	0.5847	120.6%	248	51	2745
2009-07-20	2009	2	8.5	7.25	0.101	4.78%	6.90%	86808	144391	48339	70170	35022	50522	0.0639	0.0923	1585489	829970	-	755519	67849	50653	27294	282914	17196	10098	272816	548124	547292	4001305	2009-06-30	-	55.87%	55.68%	27.55%	0.1704	-	1.38	1.3	5.62	0.5	1.4389	1.2992	0.3525	1.0985	0.5235	125.7%	363	62	2468
2009-04-17	2009	1	7.5	5.65	-	2.12%	2.12%	57583	57583	21831	21831	15500	15500	0.0284	0.0284	1841950	1093803	-	748147	30949	27445	64	283159	3504	3568	286727	544877	544877	3378237	2009-03-31	-	38.18%	37.91%	29.00%	0.1404	-	1.37	1.29	4.81	0.53	1.3215	1.2334	0.2755	1.462	0.5938	129.4%	392	50	4286
2009-02-04	2008	4	6.3	4.36	0.078	1.73%	13.38%	61150	290307	23136	145627	13525	104420	0.0243	0.1897	1729864	997609	-	732255	92902	28222	146031	307712	121124	24907	282805	557259	550340	2814157	2008-12-31	66.22%	38.09%	37.83%	41.54%	0.1688	26.6158	1.33	1.25	4.04	2.05	1.3365	1.2595	1.2085	1.3624	0.5767	109.1%	336	34	4186
2008-10-24	2008	3	6.15	4.68	-	2.59%	11.65%	64589	228681	26160	122491	20185	90895	0.0369	0.1650	1884633	1166834	-	717799	574000	34900	146312	841604	608900	462588	1304192	547519	550825	2819722	2008-09-30	68.09%	40.75%	40.50%	22.84%	0.1717	-	1.3	1.22	4.22	2.38	1.2676	1.2045	1.1586	1.6256	0.6191	93.1%	325	37	5086
2008-07-17	2008	2	7.5	5.1	0.165	3.67%	9.06%	75206	164092	39025	96331	28639	70710	0.0521	0.1283	1616973	856721	-	760252	245321	12536	92550	841226	257857	165307	1006533	549665	551132	3600305	2008-06-30	71.89%	52.10%	51.89%	26.61%	0.229	-	1.38	1.3	5.04	1.83	1.4032	1.3131	1.2355	1.1269	0.5298	88.7%	338	46	3671
2008-04-18	2008	1	9.2	6.35	-	5.39%	5.39%	90976	90976	57306	57306	42071	42071	0.0764	0.0764	2057564	1233578	-	823986	38778	5291	266	307172	44069	44335	351507	550673	550673	4873456	2008-03-21	81.61%	63.16%	62.99%	26.59%	0.1993	-	1.5	1.42	6.23	2.63	1.3102	1.2464	1.205	1.4971	0.5995	90.9%	390	40	6043
2008-01-31	2007	4	13.3	8.05	0.25	6.11%	29.73%	92844	443401	57353	318980	49489	240625	0.0897	0.4374	1446996	666767	-	780229	323037	69851	270906	719343	392888	121982	841325	551666	550102	7171658	2007-12-31	77.15%	61.95%	61.77%	13.71%	0.3064	29.7198	1.42	1.34	9.7	1.53	1.4985	1.3811	1.3173	0.8546	0.4608	71.8%	375	33	2948
2007-10-11	2007	3	16.1	12.8	-	6.92%	23.61%	111322	350472	75661	261627	55980	191136	0.1018	0.3479	1645280	811451	-	833829	428357	51262	167278	719538	479619	312341	1031879	549742	549418	6047162	2007-09-30	81.78%	68.11%	67.97%	26.01%	0.2588	-	1.52	1.44	7.64	1.88	1.4705	1.3806	1.3199	0.9732	0.4932	86.4%	497	41	5099
2007-07-17	2007	2	N/A	N/A	0.28	8.03%	16.70%	114869	239150	89398	185966	65006	135156	0.1182	0.2461	1668386	770950	-	897436	328872	22612	47137	719625	351484	304347	1023972	550025	549264	6270285	2007-06-30	88.20%	77.97%	77.83%	27.28%	0.1885	-	1.63	1.55	7.35	1.86	1.5888	1.461	1.378	0.8591	0.4621	139.1%	645	69	4698
2007-04-25	2007	1	N/A	N/A	0.32	8.67%	8.67%	124281	124281	96568	96568	70150	70150	0.1279	0.1279	1425547	545597	-	879950	39138	6290	1258	719619	45428	46686	766305	548547	548547	6088871	2007-03-31	85.62%	77.83%	77.70%	27.36%	0.14	-	1.6	1.52	7.3	1.4	1.853	1.6176	1.4819	0.62	0.3827	221.0%	1057	121	4190
2007-01-31	2006	4	N/A	N/A	0.14	N/A	N/A	75294	262118	42790	152913	28586	108105	0.0525	0.1998	1407423	598000	-	809423	417126	62038	172505	413114	479164	306659	719773	544279	541067	4381445	2006-12-31	-	57.05%	56.83%	33.19%	0.0535	40.2904	1.5	1.41	5.71	1.32	1.6852	1.4663	1.3696	0.7388	0.4249	478.3%	1298	228	5717

Financial Quarter Balance Sheet

year	qrt	Computer software (A-0)	Deferred tax assets (A-0)	Goodwill on consolidation (A-0)	Investment securities (A-0)	Property, plant and equipment (A-0)	Staff loans (A-0)	Cash and bank balances not belonging to the Group (A-1)	Cash and cash equivalents (A-1)	Current tax assets (A-1)	Investment securities (A-1)	Other receivables (A-1)	Trade receivables (A-1)	Deferred capital grant (L-0)	Deferred tax liabilities (L-0)	Loans & borrowings (L-0)	Other liabilities (L-0)	Retirement benefits obligations (L-0)	Clearing Fund's contributions (L-1)	Current tax liabilities (L-1)	Loans & borrowings (L-1)	Other payables (L-1)	Trade and other payables (L-1)	Minority interest (M-1)
2012	1	64631	1006	42957	117396	215444	10918	891386	530823	3742	38195	14915	37649	11372	12144	-	-	24954	34617	10259	-	92189	856740	15666
2011	4	59614	1034	42957	93371	218397	11678	671880	499943	388	33441	12932	27870	11850	9886	-	-	24311	34485	14852	-	67330	636166	14232
2011	3	62612	1027	42957	94575	221422	12172	906196	468816	4484	43198	12517	28388	12469	12920	-	-	23926	34524	31506	-	69861	871632	12667
2011	2	68143	1156	42957	96843	225188	12868	786740	496552	1498	40232	15971	31800	13102	15404	-	-	23540	34246	23532	-	81661	752465	11768
2011	1	67948	1103	42957	109316	226990	13347	790439	507592	3518	29767	17132	36749	13736	19077	-	-	23155	34115	17775	-	103124	738953	10464
2010	4	73056	1023	42957	110404	231104	13805	710119	450142	4586	27335	10197	33526	10986	18349	-	-	22825	33543	13489	-	68916	676576	11266
2010	3	74292	1822	42957	102622	233934	14351	333596	403796	6926	37056	9038	27706	11570	17637	-	-	22752	32637	12693	-	69661	300959	11262
2010	2	73738	2130	42957	123295	237078	14998	464096	406885	7422	36501	11005	24576	12153	18257	-	-	24358	32550	8218	-	65862	431546	10505
2010	1	78280	3049	42957	131684	239375	15865	464933	401999	10559	49462	16976	31608	12737	17347	-	-	24287	32436	7279	-	80302	432497	9577
2009	4	83609	4139	42957	137347	243163	17046	814534	336916	9255	62884	13763	21028	12211	16208	-	-	23893	32441	7069	-	64114	782093	8597
2009	3	92507	3409	44720	47734	245284	17893	905025	291833	12057	85839	13797	25619	12656	16723	-	-	23812	31634	9403	219	76343	873391	-
2009	2	98018	4870	44720	57643	247328	19309	669980	272816	16809	108120	13547	32329	13065	19556	-	-	23434	32147	6032	219	97684	637833	-
2009	1	92492	5795	44720	52735	250726	20336	945761	286727	15553	91625	15363	20117	13474	16671	-	-	23056	33287	4985	219	89637	912474	-
2008	4	91828	6357	44720	47200	253722	20578	-	1144305	21203	72857	11598	15496	11617	16179	-	-	22940	33745	5426	219	79728	827755	-
2008	3	81533	7061	44720	46816	256534	21131	-	1304192	18607	70941	13767	19331	11944	6718	219	-	22289	9982	5034	220	81400	1029028	-
2008	2	75345	7627	44720	65244	259100	21729	-	1006533	16543	73429	22523	24180	11942	8086	219	-	21767	9703	6280	470	85684	712570	-
2008	1	72163	8328	44720	70657	264242	22945	-	1448137	4385	76654	14137	31196	2477	8037	219	-	21116	9254	3900	220	100979	1087376	-
2007	4	64541	9687	44720	80580	267531	22926	-	841325	50	74953	12621	28062	2477	4636	219	-	20771	30744	18857	220	85661	503182	-
2007	3	43444	779	44720	102483	280241	23978	-	1031879	50	70322	15368	32016	3777	5379	439	-	20069	8985	50354	220	86122	636106	-
2007	2	33135	750	44720	105020	278977	25161	-	1023972	2255	94987	16818	42591	2479	5575	439	-	19366	8580	41956	220	75889	616446	-
2007	1	31708	684	44720	85087	278601	26578	-	766305	4108	121729	16985	49042	2798	6604	439	-	18663	8597	25839	220	81039	401398	-
2006	4	28386	706	44720	95772	325341	26850	-	719773	3808	115008	16855	30204	2831	4541	439	46181	18454	8549	10201	220	69959	436625	-

Financial Quarter Income Statement

year	qrt	Revenue	Income tax expense	Cost of sales	Finance/interest costs	Other income	Administrative/Operating expenses	Minority interest	Depreciation & amortisation	Gain/loss on disposal of subsidiaries	Staff costs
2012	1	100502	15609	-	-	10016	20334	1434	8037	-	24336
2011	4	84928	11407	-	-	10741	17319	1565	8931	-	25110
2011	3	96088	14669	-	50	11221	15442	899	9684	-	27946
2011	2	92461	12403	-	58	8595	16418	1304	9979	-	25180
2011	1	107844	16300	-	123	8264	22053	1406	9850	-	25886
2010	4	94272	17007	-	147	7637	19225	13	10030	-	25702
2010	3	79297	10403	-	157	7468	13594	683	11230	-	22991
2010	2	76515	10177	-	156	7751	12352	914	10917	-	22252
2010	1	81167	10526	-	154	6942	15871	990	11056	-	21461
2009	4	74219	8761	-	158	7203	17261	150	11478	75975	23274
2009	3	79115	13034	-	157	7174	12745	-	9134	-	20468
2009	2	86808	13317	-	157	7771	16297	-	9062	-	20724
2009	1	57583	6331	-	153	6569	14146	-	9237	-	18785
2008	4	61150	9611	20658	158	9964	20935	-	6227	-	-
2008	3	64589	5975	20610	162	9044	21712	-	4989	-	-
2008	2	75206	10386	21142	158	10466	20540	-	4807	-	-
2008	1	90976	15235	16727	157	10280	22560	-	4506	-	-
2007	4	92844	7864	21217	160	10361	20912	-	3563	-	-
2007	3	111322	19681	20279	164	10981	22683	-	3516	-	-
2007	2	114869	24392	13549	164	15498	23589	-	3667	-	-
2007	1	124281	26418	17868	156	11812	18213	-	3288	-	-
2006	4	75294	14204	-	162	9442	15372	0	4512	-	21900

Financial Quarter Segments Revenue

year	qrt	Others	Investment holding	Securities	Derivatives
2012	1	692	3041	76795	19974
2011	4	662	2985	65619	15662
2011	3	585	2956	75796	16751
2011	2	562	2891	73743	15265
2011	1	642	-	85297	21905
2010	4	592	-	80311	13369
2010	3	531	-	66383	12383
2010	2	300	2754	62283	11178
2010	1	405	-	65300	15462
2009	4	325	-	62759	11135
2009	3	346	381	67001	11387
2009	2	271	-	72689	13848
2009	1	221	-	41098	16264
2008	4	-	-	45428	12989

Financial Quarter Segments Profit

year	qrt	Others	Investment holding	Securities	Derivatives
2012	1	1350	1528	60481	10390
2011	4	2253	5171	46121	8756
2011	3	3541	353	50872	6557
2011	2	3684	1149	45869	6124
2011	1	3449	1530	54252	9056
2010	4	4591	2554	47719	1301
2010	3	2420	2536	41252	2652
2010	2	1599	4496	31904	3949
2010	1	1889	1421	35335	4866
2009	4	687	67538	33817	4727
2009	3	921	97	36597	8383
2009	2	1329	108	43947	5996
2009	1	560	2975	15188	6873
2008	4	-	-	14444	7318

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

---

●CHANGES IN SHAREHOLDING
●ANNUAL REPORTS

HISTORICAL

---

●CHANGES IN SHAREHOLDING

ARCHIVES

---

●CHANGES IN SHAREHOLDING