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Tuesday, July 17, 2012

KLCI Stock - EKSONS / 9016 - 2012 Quarter 4

EKSONS CORPORATION BERHAD



Company Description
EKSONS CORPORATION BERHAD is an investment holding company engaged in the provision of management services to its subsidiary companies. The Company is organized into six major business segments: manufacturing, which involves manufacturing and sale of sawn timber, veneer and plywood; property holding, which involves rental of properties; investment holding, which involves investment holding and provision of management services; property development, which involves the development of commercial properties; supply of electricity and steam, which is engaged in the generation and supply of power and steam to a fellow subsidiary company, and trading, which involves the trading of fashionwear. Its subsidiaries include Rajang Plywood Sawmill Sdn. Bhd., Bahagaya Sdn. Bhd., Chongai Properties Sdn. Bhd., Uomo Donna (Malaysia) Sdn. Bhd., Chongai Apparel Sdn. Bhd. and Knit-Whizz Corporation Sdn. Bhd. On March 31, 2009, the Company acquired the remaining 20% interest in Liaboc Konseps (M) Sdn Bhd.

Company Info
Listing Date1993-12-16
Market Capital (Capital Size)180,634,300 (Small)
Par ValueRM 0.80
BoardMain
SectorIndustrial Products
Major IndustryTimber
Sub IndustryProperty Development
Websitehttp://www.eksons.com.my

My Analysis
Forecast P/E now(1.1-0.05)/0.1775 = 5.92 (Moderate)
Target Price1.24+0.05 = 1.29 (PE 7.0, EPS 0.1775, DPS 0.05)
DecisionBUY if stock price can strong sustain at MACD bullish zone
Comment
Revenue decreased 6.7% but higher than preceding year corresponding quarter 18.4%, eps decreased 27.7% but higher than preceding year corresponding quarter 152%, cash generated from operating more than enough to cover all expenses, operating margin got improved from preceding year, stronger liquidity ratio at high level now, higher gearing ratio at below moderate level now, higher debt ratio but still less than 20% and not near to historical high yet, higher property development cost can indicate the property segment still good prospect
First Support Price1.03
Second Support Price0.985
Risk RatingMODERATE

Research House
CIMB Target Price1.33 (2012-05-31)

Accounting Ratio
Return on Equity9.85%
Dividend Yield4.55%
Gross Profit Margin0.00%
Operating Profit Margin9.39%
Net Profit Margin9.39%
Tax Rate-
Asset Turnover0.7277
Net Asset Value Per Share2.37
Net Tangible Asset per share2.21
Price/Net Tangible Asset Per Share0.49
Cash Per Share0.8
Liquidity Current Ratio3.1955
Liquidity Quick Ratio1.7151
Liquidity Cash Ratio1.343
Gearing Debt to Equity Ratio0.2531
Gearing Debt to Asset Ratio0.1912
Working capital per thousand Ringgit sale57.7%
Days to sell the inventory161
Days to collect the receivables34
Days to pay the payables47

Technical Analysis
SMA 201.056 (Uptrend 7 days)
SMA 501.062 (Same)
SMA 1001.072 (Uptrend)
SMA 2001.049 (Same)
MACD (26d/12d)0.003028 ( 0.00338 )
Signal (9)-0.00206 ( 0.001272 )
MACD Histogram0.005088 (Bullish trend 7 days)
Bolinger Upper Band1.084
Bolinger Lower Band1.028

My notes based on 2012 quarter 4 report (number in '000):-
- Higher revenue and pbt than FY11Q4 due to higher plywood selling prices and progress of construction of the division’s sole property development project

- Lower revenue and pbt than FY12Q3 due to plywood market softened and higher logs and consumables costs

- Estimate next 4Q eps after 2012 Q4 result announced = 416451*0.07/164213 = 0.1775, estimate PE on current price 1.1 = 5.92(DPS 0.05)
- Estimate next 4Q eps after 2012 Q3 result announced = 410605*0.07/164213 = 0.175, estimate highest/lowest PE = 6.51/5.66 (DPS 0.05)
- Estimate next 4Q eps after 2012 Q2 result announced = 0.1206, estimate highest/lowest PE = 8.79/7.55 (DPS 0.05)
- Estimate next 4Q eps after 2012 Q1 result announced = 0.1206*1.2 = 0.1447, estimate highest/lowest PE = 7.74/6.53 (DPS 0.05)
- Estimate next 4Q eps after 2011 Q4 result announced = 0.1096*1.1 = 0.1206, estimate highest/lowest PE = 10.74/7.96 (DPS 0.025)
- Estimate next 4Q eps after 2011 Q3 result announced = 0.0261*4*1.05 = 0.1096, estimate highest/lowest PE = 14.1/9.35 (DPS 0.025)
- Estimate next 4Q eps after 2011 Q2 result announced = 0.0334*4 = 0.1336(use profit margin 6% from 93k revenue), estimate highest/lowest PE = 8.76/6.96 (DPS 0.05)
- Estimate next 4Q eps after 2011 Q1 result announced = 0.0342*4 = 0.1368(use profit margin 8% from 70k revenue), estimate highest/lowest PE = 8.04/6.51 (DPS 0.05) (Amendment)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.11*0.9 = 0.099(0.11 is year 2010 cum_eps excluded 9.9 million and 10% negative adjustment for those tax refund), estimate highest/lowest PE = 8.18/7 (DPS 0.05)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.11, estimate highest/lowest PE = 9.82/7.36 (DPS 0.02)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.1, estimate highest/lowest PE = 8.95/7.5 (DPS 0.02)

EKSONS latest news (English)

EKSONS Latest news (Chinese)

USD/MYR chart

Plywood Price Index

Plywood Price Chart



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
2012-05-3020124N/AN/A0.0251.91%9.85%984613746569242453077323376850.04460.22955148829843127575416451754383181130917302272257591661321881642131642131773502012-03-31-9.39%9.39%-0.72774.70612.372.210.490.83.19551.71511.3430.25310.191257.7%1613447
2012-02-29201231.191.040.0252.65%7.94%105562276195100313606510130303620.06170.184950673196126249474106053245737364004730212872124717977381642131642131757072011-12-31-9.50%9.50%-0.7091-2.352.190.490.613.17541.54971.03580.24930.189758.2%1794832
2011-11-29201221.110.96-0.55%5.29%516741706333323260342108202320.01280.1232498463940312480440443215002775633730211577716410894311642131642131707812011-09-30-6.43%6.43%-0.6696-2.312.150.480.563.19071.330.97060.24770.188661.7%2143334
2011-08-23201211.170.995-4.74%4.74%118959118959227112271118124181240.11040.110447759776202238754013953812146539937302138586345931076141642131642131773502011-06-30-19.09%19.09%12.36%0.7854-2.32.140.50.673.63011.80411.43630.20180.159653.4%1512329
2011-05-26201141.320.9850.0250.80%6.73%831473262903890240052913244430.01770.1488452714702032410438251147196149710423347524869338270730221642131642132134762011-03-31-4.68%4.68%-0.72078.73372.182.020.640.463.50521.49451.08470.19590.155153.9%1702956
2011-02-25201131.571.050.0251.18%5.93%799672431435626201154292215300.02610.13114506626837622683382286232711528043475211751979367311642131642131822762010-12-31-7.04%7.04%6.81%0.6986-2.192.030.550.323.56151.29820.76740.19010.151755.6%2013734
2010-11-25201121.220.98-2.20%4.75%930191631765953144897991172380.04870.105046663784657217323819807806797445534752700911464462161642131642131691392010-09-30-6.62%6.40%-0.6846-2.192.030.510.393.02871.26990.74950.2350.181453.8%1904554
2010-08-26201111.150.94-2.55%2.55%701577015785368536924792470.05630.0563453566817951949837177173446387863475267067492422441642131642131633912010-06-30-11.87%12.17%-0.6417-2.151.980.50.363.05811.18630.74680.23220.180355.9%2093858
2010-05-26201041.040.850.032.95%8.34%7166827914913485245049961281160.06070.1712440506774662002636304033792694433121672823565132530347521642131642131395812010-03-31-18.82%18.82%0.22%0.63374.96452.091.930.440.333.03381.28690.72190.22580.175954.3%1874950
2010-02-23201031.10.83-2.16%5.34%846072074815811110187287180130.04440.1097481308131894165323494142620835974583672822980525222420601642131642131404022009-12-31-6.87%6.87%-0.5754-2.031.940.440.265.57752.79550.8810.39620.27478.9%18312035
2009-11-30201020.9150.77-2.50%3.18%64616122874496552078433107260.05140.0653473803127906170213458972930721998496672823150623010442721642131642131248012009-09-30-7.68%7.68%-0.5166-2.01.920.40.275.8992.83131.01180.38890.2787.6%20911932
2009-08-26201010.880.7450.020.68%0.68%5825858258242242229322930.01400.014045988112202017411337861316623515649672823201326364409181642131642131420442009-06-30-0.42%0.42%-0.5467-1.951.860.470.256.48033.17141.08060.38080.265382.5%19011526
2009-05-26200940.960.65-1.03%8.58%69486291078918207333122260260.01900.15854587961215171931333727931458195661122542681189213014672821642131642131116642009-03-31-1.32%1.32%-0.63444.29051.941.840.370.416.47233.24681.80070.38220.264970.2%1636830
2009-02-26200930.750.48-1.71%7.55%524182215923834198165190229050.03160.13954521141197561751633235813592165321102854268301241909635172164213164213894962008-12-31-7.31%7.31%-0.637-1.921.830.30.214.27661.86080.62270.38040.264964.3%1888941
2008-11-25200920.680.545-2.34%5.84%712501691746182159827110177150.04330.107944661812280398513238152011626011537054268227177347469211642131642131001692008-09-30-8.68%8.68%-0.807-1.911.820.340.294.26791.95850.81060.39110.27552.5%1476726
2008-08-26200910.9750.57-3.50%3.50%97924979249800980010605106050.06460.0646433208118186820031502296521242347654268108947418468501642131642131568232008-06-30-10.01%10.01%-0.7982-1.871.780.540.34.392.35720.94810.38520.272851.6%1267833
2008-05-29200841.170.8850.0353.19%14.61%664033619723171399609048414550.05510.2524420446117062711030338440201582651152710453437516777542681642131642131839182008-03-31-4.89%4.78%-0.86084.43661.81.710.650.354.11762.08381.06680.39510.278446.3%1245536
2008-02-22200831.250.98-3.55%11.73%12484329551193733678810068332910.06130.202741259013056268282820284337025764908071045407948286627591642131642131822762007-12-31-7.71%7.51%-0.9469-1.681.580.70.383.89642.40171.26620.47440.316436.8%805327
2007-11-21200821.31.1-3.50%8.23%5660117066812212274159921233500.06040.1422422357146635648227572244571310329778710454146811690827351642131642132085502007-09-30-21.90%21.58%18.24%0.7763-1.641.550.820.53.66921.78961.51510.54460.347244.5%1411734
2007-08-28200811.361.260.0254.78%4.78%114067114067152031520313555135550.08250.08254198081544206065265388580019392520171045773932940381051642131642132085502007-06-30-13.39%13.33%10.50%0.6462-1.581.490.850.231.60280.9190.31110.59550.367827.2%138100147
2007-05-3120074N/AN/A-N/AN/A95158329270156865471513733494000.08360.3008427521143777525928374435791228108636494281298121617710451642131642132890142007-03-31-16.53%16.48%12.13%0.36775.85051.71.61.10.433.82382.04931.33560.51630.336395.6%2818882
2007-02-1320073N/AN/A-N/AN/A62061234112189033902817156356660.10450.2172417514148200495126931414693230241979449428833111463608911642131642132233292006-12-31-30.52%30.46%8.83%0.1486-1.611.520.890.371.93910.85940.50.56060.355184.4%1114258758

Financial Quarter Balance Sheet
yearqrtDeferred tax assets (A-0)Goodwill on consolidation (A-0)Land held for property development (A-0)Leasehold land use rights (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)Deposits with licensed banks (A-1)Inventories (A-1)Marketable securities (A-1)Other assets (A-1)Other receivables (A-1)Property development costs (A-1)Trade receivables (A-1)Deferred tax liabilities (L-0)Loans & borrowings (L-0)Long term payables (L-0)Current tax liabilities (L-1)Loans & borrowings (L-1)Other liabilities (L-1)Other payables (L-1)Trade and other payables (L-1)Minority interest (M-1)
2012465732676318556-912913932066377-44865811100684-1536-4503734648---2301891936673-4260927575
2012345972676318376-916814259168766-46530806115817-1646-4044847288---19752501441266-2787124947
20122313726763183759208-14095751665-212839600137648-1421-3731230249---22802483439048-2786924804
20121119426763183139246-14546038354-257571094101284-1569-3786023885---10961921428729-2716323875
2011428432676318875-928514887025962220254850189104156--51313700220870----23498-112683543724104
2011313672676317678-9324152010192822221233133188115357--26953939529051----42230-33952275122683
2011215972676317678-936315483818266222122414518794603--28225429136767----42451-38713833521732
20111-2676317678-9402157781149722221207644109100277--299747813274772679---38382-48673586719498
20104-2676317678-944116031316421200126143743286286--268144024348522869---39861-41513058520026
2010354311424723552-948016232414773--2728780146--501155267041283--84153-22222-39702154916532
2010242701424723519-95191641449141--3513182386--504505183729159--84152-22851-46701623317021
2010117131424723520-95591654518788--3213074228--494935107229680--84153-20532-48901244517411
200945951500823520-959716824545253--2202970020--349065049819125--84153-14884-12995948519313
20093-1506917513-935416860910944--2422884208--4930852253206281070-62200-26715-70832268817516
20092-1506917513-93921575998395--3852682864--3390850813325392719-6220014534486-9051142029851
20091-1506921805-943115594623130--23720613713032-3135445576427743376-6220028024296-9020190148200
20084-1506917571-933415734618378--35897604223013-2412448802304904297-5906327921972-10566208857110
20083-1506935810-937015919811775--5099044157--6551299354973521929-59063224339-6714185156828
20082-1506935810-942616167914759--6798273357--5813292869176227811018159063229701-4659202486482
20081-1506935284-947316364211136--2697555144--591528620685502074411179-233635-64401244596065
20074-1506934907-951916447911758--5934166941--67632751831226194911215758897225818-3360240525259
20073-15075---1660988673--5227268789--196646280924134177838533--32315-67639219304951

Financial Quarter Income Statement
yearqrtRevenueIncome tax expenseFinance/interest costsOther incomeAdministrative/Operating expensesMinority interestDiscontinued operation
20124984611429-1750909693348-
20123105562954-85796388855-
2012251674708-458488091923-
201211189592806-446966941781-
20114831471444-1076803332421-
2011379967383-25674597951-
20112930194272-525873832234208
2011170157183-24562074528208
201047166830-10115682983494-
2010384607987-14478940489-
20102646162549-13159782919-
20101582581110-27958295941-
20094694862076-175470322128-
20093524181281-2684885275-
2009271250874-3186538654-
2009197924750-4468857055-
2008466403587078513636677-
200831248436942516061158251-
200825660122281833964460263-
200811140671597673989919551-
20074951581902393867981951-
20073620611669363824350478-

Financial Quarter Segments Revenue
yearqrtElimination/AdjustmentProperty developmentTradingTimber OperationsProperty & Investment Holdings
201247256066154-988815986
201233359814180-1221002880
201222574922430-509904003
201213723220951-1312084032
201145130317449501076159336
20113288023979-5884028
20112489827156-134845-
2011125164--9531110
201049155--743096514
201035485--875012591
201023289--67429476
201012853--60634477
20094186323522-48070243
2009323541--5524220717
200924002--74536716
200914002--101209717
2008428945--926282720
2008341542-11598926521
200822857714-84462702
200813826515-151615702
20074224861431156411986
200731563513-77409791

Financial Quarter Segments Profit
yearqrtElimination/AdjustmentProperty developmentTradingTimber OperationsProperty & Investment Holdings
20124613083661326985750
201232831404496452818
2012239925881928163888
201214118555568169553961
2011493174239102239018
20113713465592086116
2011244377544201270
20111191342190954667
201043662119019149436159
20103345112222582082198
2010242229732714325
20101572352532329162
2009433551282188953
20093200071982364220194
2009238153-5742314
200911232351539289347
200845208331329995026
200835823315087926135
20082-291111911172
20081-32214551373
2007439138214337806
20073-910018384394

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


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CHANGES IN SHAREHOLDING
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