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Sunday, July 22, 2012

KLCI Stock - INGRESS / 7112 - 2013 Quarter 1

INGRESS CORPORATION BERHAD



Company Description
INGRESS CORPORATION BERHAD is a Malaysia-based company engaged in investment holding and the provision of management services. The Company operates in two segments: automotive components manufacturing, and power engineering and railway electrification. Some of the activities of its subsidiaries include the manufacture and supply of automotive door assemblies (door-in-white), and manufactures and assembles medium to high tonnage press parts; manufacture of automotive components; manufacture and supply of roll-formed plastic moldings and weather-strips, wire-harness and provision of management services; provision of engineering services for the power and utility industry, and the provision of engineering services in the field of computer aided design, manufactures tools, jigs and dies and undertakes comprehensive product development work. In July 2008, the Company subscribed for additional shares in Ingress CES Sdn Bhd (ICES), which increased its holding in ICES to 70%.

Company Info 
Listing Date2001-03-09
Market Capital (Capital Size)117,316,000 (Small)
Par ValueRM 1.00
BoardMain
SectorIndustrial Products
Major IndustryAutomotive Components & Premium Dealership
Sub IndustryPower Engineering & Projects
Websitehttp://www.ingresscorp.com.my/

My Analysis 
Forecast P/E now(1.39-0.04)/0.3214 = 4.20 (Moderate)
Target Price1.61+0.04 = 1.65 (PE 5.0, EPS 0.3214, DPS 0.04)
DecisionBUY if stock price continue strong sustain above SMA20
Comment
Revenue increased 25% and also higher than preceding year corresponding quarter 9.3%, eps increased 7.4% but lower than preceding year corresponding quarter 7.3%, cash generated from operating enough to cover financing expenses and together with cash from borrowings enough to cover all investing expenses, gross margin still good at above 15%, slightly weaker liquidity ratio but is almost all strong time, lower gearing ratio but still at high level now, lower debt ratio at recent year low, all collection/repayment period is good, automotive division still very high profit
First Support Price1.22
Second Support Price1.1
Risk RatingMODERATE

Research House
Jupiter Target Price1.2 (2012-04-27)

Accounting Ratio 
Return on Equity10.24%
Dividend Yield2.88%
Gross Profit Margin15.13%
Operating Profit Margin7.53%
Net Profit Margin5.37%
Tax Rate12.44%
Asset Turnover1.1157
Net Asset Value Per Share2.37
Net Tangible Asset per share2.34
Price/Net Tangible Asset Per Share0.52
Cash Per Share1.06
Liquidity Current Ratio1.2224
Liquidity Quick Ratio1.0148
Liquidity Cash Ratio0.3576
Gearing Debt to Equity Ratio1.6979
Gearing Debt to Asset Ratio0.5564
Working capital per thousand Ringgit sale8.2%
Days to sell the inventory32
Days to collect the receivables87
Days to pay the payables73

Technical Analysis 
SMA 201.228 (Uptrend 28 days)
SMA 501.092 (Uptrend)
SMA 1001.027 (Uptrend)
SMA 2000.893 (Uptrend)
MACD (26d/12d)0.076477 ( 0.004088 )
Signal (9)0.061249 ( 0.003807 )
MACD Histogram0.015228 (Bullish trend 32 days)
Bolinger Upper Band1.477
Bolinger Lower Band0.979

My notes based on 2013 quarter 1 report (number in '000):-
- Higher revenue and pbt mainly due to recovery on volumes for Thailand operation subsequent to the floodd saster apart from impairment made in the immediate preceeding quarter in respect of inventories and construction costs on certain projects

- Estimate next 4Q eps after 2013 Q1 result announced = 271277*0.1/84400 = 0.3214, estimate PE on current price 1.39 = 4.2 (DPS 0.04)
- Estimate next 4Q eps after 2012 Q4 result announced = 251808*0.1/76800 = 0.3279, estimate highest/lowest PE = 3.69/2.85
- Estimate next 4Q eps after 2012 Q3 result announced = 247826*1.025*0.09/76800 = 0.2977(ROE 9%), estimate highest/lowest PE = 3.8/3.14
- Estimate next 4Q eps after 2012 Q2 result announced = 0.0228*4*1.05 = 0.0958(if deduct additional RM2 million MI), estimate highest/lowest PE = 8.72/7.36
- Estimate next 4Q eps after 2012 Q1 result announced = 0.1151*1.05 = 0.1209(exclude RM4.7 million other income), estimate highest/lowest PE = 8.6/5.75
- Estimate next 4Q eps after 2011 Q4 result announced = 0.0274*4*1.05 = 0.1151, estimate highest/lowest PE = 7.86/6.47
- Estimate next 4Q eps after 2011 Q3 result announced = 0.0272*4*1.05 = 0.1142, estimate highest/lowest PE = 7.36/5.95
- Estimate next 4Q eps after 2011 Q2 result announced = 0.1288*1.05 = 0.1352, estimate highest/lowest PE = 6.62/5.18
- Estimate next 4Q eps after 2011 Q1 result announced = 0.0322*4 = 0.1288(0.0322 is eps after exclude 8 million from other income), estimate highest/lowest PE = 7.41/4.81
- Estimate next 4Q eps after 2010 Q4 result announced = 0.0346*4 = 0.1384, estimate highest/lowest PE = 4.99/3.76
- Estimate next 4Q eps after 2010 Q3 result announced = 0.0357*4 = 0.1428, estimate highest/lowest PE = 5.67/4.1
- Estimate next 4Q eps after 2010 Q2 result announced = 0.023*4 = 0.092, estimate highest/lowest PE = 9.24/3.53

INGRESS latest news (English)

INGRESS Latest news (Chinese)



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
2012-06-2720131N/AN/A0.042.81%2.81%1914141914141028210282707570750.08380.08386114973402207089727127739290275174441417721177373324910484400844001021242012-04-3015.13%7.53%5.37%12.44%1.1157-2.372.340.521.061.22241.01480.35761.69790.55648.2%328773
2012-03-20201241.210.935-2.70%10.57%153093665905818269085991234170.07800.3049588080336272693142518081716392038386406517960426402257680076800744962012-01-314.51%3.07%0.53%-1.13233.18132.382.330.421.051.26371.04590.33631.84260.57189.5%349366
2011-12-20201231.130.725-3.04%7.87%15967251281210154260906734174260.08770.226959199634417073631247826305522804355654211025093056390547680076800541442011-10-3119.85%8.78%6.36%5.27%1.1375-2.272.220.320.991.20650.95290.32311.97580.58147.2%398069
2011-09-27201220.8350.705-1.69%4.83%1780733531405362159363751106920.04880.1392592145353669704222384762824226679328429761984310515324617680076800599042011-07-3115.30%4.82%3.01%11.71%1.1988-2.192.140.360.841.16540.92310.27092.10450.59735.6%357964
2011-06-28201211.040.695-3.13%3.13%1750671750671057410574694169410.09040.090457944534523671493234209215249272744305970797353357067680076800599042011-04-3018.35%8.11%6.04%1.59%1.2553-2.122.080.370.841.21070.97390.28522.12170.59586.5%327766
2011-03-23201140.9050.745-0.23%7.89%160602732697193229063454154840.00590.2016593236371681677922215551037324859835441694810859125047419957680076800560642011-01-3113.38%3.12%1.20%-1.23513.62082.01.960.370.951.12960.94740.29582.41720.62654.4%267675
2010-12-21201130.840.68-1.07%7.66%1961155720956107271312090150300.02720.195761209638955766313222539703592079256376155199115134775502947680076800576002010-10-3114.26%4.92%3.11%12.51%1.2026-2.031.990.381.071.14040.9120.32032.49350.63644.9%347575
2010-09-27201120.8950.7-1.26%6.60%1955663759805746210242470129400.03220.168562606342036553921205698280782501937591114925309715506269987680076800706562010-07-3114.59%5.59%2.94%24.61%1.1157-1.981.930.480.831.06980.83280.22582.76960.67142.8%428982
2010-06-22201110.9550.62-5.34%5.34%180414180414152781527810470104700.13630.13636446594401165351020454313180114791477140072465923182371897680076800437762010-04-3015.53%11.90%8.47%9.52%1.0558-1.971.910.30.910.78390.58850.17462.9140.6827-12.8%508378
2010-03-24201040.690.52-1.71%7.00%1640286518616302214232657108960.03460.1419660701464499514031962027206636159212956063590714612140067680076800476162010-01-3116.46%5.75%3.84%-0.98664.371.891.830.340.590.65170.50040.10133.20790.703-23.9%449397
2009-12-15201030.810.585-3.02%5.29%158469487833811415121470082380.06120.10736410044718434600716916121247105287238337710719348168587680076800503042009-10-3115.90%7.33%5.12%20.48%0.9894-1.61.520.430.450.71840.55840.07493.83130.7361-20.4%4512892
2009-09-04201020.850.325-1.89%2.27%17768932936454797005295135360.03840.0460639055477376439241616793197355765763377360693635597680076800257282009-07-3114.09%6.00%3.08%13.76%0.9883-1.531.450.230.370.69950.55710.06194.0540.747-21.9%4113293
2009-06-30201010.4350.22-0.38%0.38%151676151676152715275875870.00760.00766584495020384210615641115555840015467337723955848851117680076800145922009-04-3011.61%3.83%1.01%42.96%0.9254-1.491.420.130.360.64510.47610.05814.39210.7625-28.0%5312099
2009-03-27200940.2250.14-24.65%19.92%146354569551621014243650501408100.65760.5314660139504373418541557663653235048599778901484451333777680076800168962009-01-3118.98%37.75%42.43%-0.8627-1.481.420.150.40.67950.50720.06434.42770.764-26.8%58135123
2008-12-24200930.30.19-0.60%4.72%155858423167461119637122496630.01590.1258705681486327507502193545628959321165057890303219537116477680076800176642008-10-3118.83%6.18%2.96%32.60%0.7527-2.22.120.110.430.61450.44040.07292.88440.6892-32.5%65113124
2008-09-16200920.4150.18-2.39%4.12%155408267313846215024489484370.06370.109968500447232148380212683449522185026961789023102385940317680076800311042008-07-3118.40%8.62%5.45%19.26%0.7219-2.142.060.20.570.60530.4780.10062.87470.6895-34.6%49121118
2008-06-19200910.6450.36-1.73%1.73%11190511190565626562354335430.04610.04616521614439004719420826124575167961366378907779588420067680076800330242008-04-3017.59%7.67%5.86%17.56%0.679-2.12.020.210.470.56130.44640.08852.7560.6807-40.7%46121112
2008-03-27200840.610.335-2.47%5.04%1079673988637177141915553113440.07230.1477634718429871457802048474608542597164142081634881292678907680076800430082008-01-3113.90%1.81%6.65%-0.6284-2.071.990.280.460.56030.48370.09122.70250.6773-43.0%32140102
2007-12-17200830.730.45-0.34%2.57%119214290895425701377157910.01000.07546697204529794835321674112130311792728320816190498234290507680076800537602008-10-3114.73%1.70%0.36%-0.5576-2.192.170.320.81.07740.92150.24782.69010.67645.1%4316395
2007-09-20200820.80.65-2.04%2.23%10369917168149766588458450200.05970.0654662220437975498882242452151318782895220816273111683324997680076800652802007-07-3116.65%0.00%4.80%-0.3839-2.272.240.380.771.09570.94270.27042.51190.66148.3%55212131
2007-06-2120081N/AN/A-0.19%0.19%6798267982161216124364360.00570.005760716540309744531204068267815816417420816131388964118527680076800721922007-04-3014.05%4.94%2.37%-0.2479-2.082.040.460.41.13280.96830.16812.52670.663916.0%80351183
2007-03-2620074N/AN/A0.04N/AN/A825643587761236612211155358610.15040.07636385694133834730322518680527741353678364996936115683208167680076800806402007-01-315.52%15.19%14.98%-0.1293-2.322.270.460.631.18731.04080.26012.32390.647442.4%128645348

Financial Quarter Balance Sheet
yearqrtDeferred tax assets (A-0)Intangible assets (A-0)Investment in associated companies (A-0)Investment securities (A-0)Other investments (A-0)Prepaid lease payments (A-0)Property, plant and equipment (A-0)Trade receivables (A-0)Cash and cash equivalents (A-1)Current asset classified as held for sales (A-1)Current tax assets (A-1)Finance lease receivables (A-1)Inventories (A-1)Other receivables (A-1)Trade receivables (A-1)Deferred tax liabilities (L-0)Loans & borrowings (L-0)Current tax liabilities (L-1)Dividend payable (L-1)Liabilities directly associated with assets classified as held for sale (L-1)Loans & borrowings (L-1)Other payables (L-1)Trade and other payables (L-1)Minority interest (M-1)
201312619033067281100--259877865189554-12352201519954426511684243389386---132889592365827670897
201242647231755115100--239432993380860-17506447523886232710008143395401---137791426835996469314
201232698235275091100--271483-76270-1171-59864290781184305006103107111--130680331707209673631
201222702535915362100--278086-64615-1208-57809274061269435006110140111--133478360516888370422
201212727831194144100--271737-64320-2281-53425262441267975006114693819--113748273598361171493
201142678935442820100--281172-7301672391312-44979267591255065006119861819-6426111262389968931167792
20113226123138644-10015755277162-82205-1492-58615247381256355027127884141--128707326899510966313
20112227863745--10015856280771-63909-1265-670873960713093750271323011670--148075408979239553921
201112320540311543-10017543283224-7015595992156-78515277431268455446328361338--278262313069092853510
2010423497423711124-10016264314306-4524695992144-6758030379136225502712678450--298171517749639951403
201032227462739880-10025616246532-34421---7360498574123730-12059885--309171632458648346007
201022330063999630-10025910251204-28551---65664109870118427-163141280--3101243829311136543924
2010123265491910577-10025858283474-27937---8128786111114921-21091825--3283284444410735042106
2009423676505210630-10025940271580-30599---8196798579112016-287941814--2993316743610699841854
2009319646614910838-10026197367351-32673---7802327926136778313378621931--296855643428502450750
2009220423610110901-10026453358800-43573---5515329827133673313387981855--297412629697097448380
2009121143621011110-10022357360854-36305---471653430611261131333138967--295151424497188247194
200842150860888131-10022450357695-35621---298822507012817331339128954--294304436135155945780
200832497719017024-10022279346189-61458---38665342741328535542043651455--161902339105079348353
200822797925634385-10013481372791-59460---3362933312114520460521348712113072-135563296705036749888
200811057131088644-10019535360110-30432---297783397211091582132138261424--111310274474087744531
200742989332906431-10019589357310-48618---273994026210567782132182351336--111155406853375947303

Financial Quarter Income Statement
yearqrtRevenueIncome tax expenseCost of salesFinance/interest costsOther incomeAdministrative/Operating expensesMinority interestShare of profit/ (loss) of associates
20131191414127916245938113068176011928329
2012415309350641461923820392494144810964
2012315967253512798336031636193092885259
20122178073628150834343628518932983206
2012117506716814294735075972238963465115
20114160602236013910638904103205923838815
201131961157641681434118182181493253584
201121955661414167025407266162421718621122
201111804141454152388445992191577033541738
2010416402842613703652733501791340712146
20103158469166213326937581280148581752250
2010217768975415265642291055154331774947
20101151676656134067422215691337628453
20094146354348517413066484369318388115208
2009315585815031265164954115018565188462
20092155408163012680847221406166131938209
20091111905115292218500131251422718672978
200841079672361929566336114170747371108
20083119214541016525091745162792922638
20082103699138186436561762917892989641
2008167982686584305475374132864907223
2007482564935780086580190283612917486759

Financial Quarter Segments Revenue
yearqrtOthersElimination/AdjustmentAutomotivePower Engineering & Projects
201312904965518186916296
201246166124001500059323
20123266678071565408273
2012261661099115334429554
201212666744015840221439
2011459851045914557019506
2011336171405218100925541
2011233281479818957517461
201118791197217237219136
201049803842417361627856
20103623536514099517474
2010223131069416540720663
20101315520113101625546
200942645572313487814554
2009326451997015081122372
200922645533812940828693
20091264561799801017429
200841056264098801415800
20083598563648515234441
20082171538149207213726
200816673814687152414
200748005677777269715

Financial Quarter Segments Profit
yearqrtOthersElimination/AdjustmentAutomotivePower Engineering & Projects
201311043-14315935
201242436350092203455
201231303-14994325
20122322735008968103
20121647-150021453
201145057151267405278
20113754139072172
201121018215312553478
20111174459143157793
20104405-8707317
20103707-12189140
20102998200011272385
201011210-6202810
20094129492608425342370
200931341841103621240
200925911894122022494
200911707279110266597
20084190123741836490
20083107281023321578
20082149117993046244
20081161578553186428
200743103107173677584

Financial Quarter Segments Associate
yearqrtPower Engineering & Projects
20131329
2012464
20123259
20122206
20121115
20114815
20113584
201121122
201111738
201042146
20103250
20102947
2010153
20094208
2009362
20092209
200912978
200841108
200832638
20082641
200817223
200746759

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

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