KLCI Stock - KELADI / 6769 - 2013 Quarter 1

KELADI MAJU BERHAD


Company Description

Keladi Maju Berhad is a property development and investment holding company. It operates in three business segments. The property development segment is engaged in the development of residential and commercial properties. The cultivation of oil palm segment is engaged in the cultivation and sale of oil palm fruits. The others segment is engaged in investment holding. The Company's wholly owned subsidiaries include Keladi Kulim Sdn. Bhd., Keladi Land Sdn. Bhd., Ikam Maju Sdn. Bhd., Perlis Resins and Chemicals Sdn. Bhd., Bunga Raya Inn Sdn. Bhd., Neraca Rancak Sdn. Bhd. and Kekalasia (M) Sdn. Bhd.

Company Info 

Listing Date	1997-05-28
Market Capital (Capital Size)	144,078,900 (Small)
Par Value	RM 0.10
Board	Main
Sector	Properties
Major Industry	Property Development
Sub Industry	Oil Palm & Others Crop
Website	http://www.keladimaju.com/

My Analysis 

Forecast P/E now	(0.19-0.0050)/0.0215 = 8.60 (Moderate)
Target Price	0.19+0.0050 = 0.195 (PE 9.0, EPS 0.0215, DPS 0.0050)
Decision	BUY if stock price strong sustain above 0.185
Comment	Revenue increased 0.8% and was second consecutive quarter increasing but still lower than preceding year corresponding quarter 19.2%, eps increased 34.1% and also higher than preceding year corresponding quarter 11.3%, cash generated from operating is more than enough to cover all expenses, margin still satisfactory, current liquidity ratio still indicate very strong financial strength, current gearing ratio still indicate very strong financial leverage, inventory turnover period very long time but offset by longer payables period, higher property development cost indicate on-going project still satisfactory
First Support Price	0.185
Second Support Price	0.175
Risk Rating	MODERATE

Accounting Ratio 

Return on Equity	7.61%
Dividend Yield	2.63%
Gross Profit Margin	42.50%
Operating Profit Margin	41.81%
Net Profit Margin	41.78%
Tax Rate	25.02%
Asset Turnover	0.202
Net Asset Value Per Share	0.26
Net Tangible Asset per share	0.26
Price/Net Tangible Asset Per Share	0.71
Cash Per Share	0.11
Liquidity Current Ratio	7.4183
Liquidity Quick Ratio	5.5144
Liquidity Cash Ratio	4.5462
Gearing Debt to Equity Ratio	0.0919
Gearing Debt to Asset Ratio	0.082
Working capital per thousand Ringgit sale	260.4%
Days to sell the inventory	555
Days to collect the receivables	132
Days to pay the payables	291

Technical Analysis 

SMA 10	0.189 (Same)
SMA 20	0.188 (Uptrend 30 days)
SMA 50	0.185 (Uptrend)
SMA 100	0.187 (Same)
SMA 200	0.184 (Same)
MACD (26d/12d)	0.001408 ( 2.1e-005 )
Signal (9)	0.001168 ( 6e-005 )
MACD Histogram	0.000240 (Bullish trend 6 days)
Bolinger Upper Band	0.194
Bolinger Lower Band	0.182

My notes based on 2013 quarter 1 report (number in '000):-
- Lower revenue from Property Development division than FY12Q1 due to lesser properties sold and lower progress billings recognised but higher pbt due to higher profit margin generated from the property sold despite a drop in sales revenue

- Lower revenue from Cultivation of oil palm division than FY12Q1 was mainly due to drop in production of fresh fruit bunches (FFB). This is due to certain areas with old palms were undergoing replanting activity and some area has been cleared for the development of a new project, namely Taman Desa Cinta Sayang and lower pbt mainly due to drop in FFB sales coupled with higher estate expenditures incurred for replanting activity

- Estimate next 4Q eps after 2013 Q1 result announced = 203574*0.08/758310 = 0.0215, estimate PE on current price 0.19 = 8.6(DPS 0.005)
- Estimate next 4Q eps after 2012 Q4 result announced = 198954*0.075/758310 = 0.0197, estimate highest/lowest PE = 10.15/9.14 (DPS 0.005)
- Estimate next 4Q eps after 2012 Q3 result announced = 0.0047*4 = 0.0188, estimate highest/lowest PE = 10.37/8.51 (DPS 0.015)
- Estimate next 4Q eps after 2012 Q2 result announced = 0.025(recent 4th qrt cum_eps), estimate highest/lowest PE = 7.8/5.6 (DPS 0.015)
- Estimate next 4Q eps after 2012 Q1 result announced = 0.0227, estimate highest/lowest PE = 8.15/6.89 (DPS 0.015)
- Estimate next 4Q eps after 2011 Q4 result announced = (0.0212+0.018)/2 = 0.0196, estimate highest/lowest PE = 9.44/8.16 (DPS 0.015)
- Estimate next 4Q eps after 2011 Q3 result announced = 0.017(recent 4 quarters eps), estimate highest/lowest PE = 12.06/9.41 (DPS 0.01)
- Estimate next 4Q eps after 2011 Q2 result announced = 0.0178*0.9 = 0.016, estimate highest/lowest PE = 12.19/9.06 (DPS 0.01)
- Estimate next 4Q eps after 2011 Q1 result announced = 0.0178 (based on last year), estimate highest/lowest PE = 8.99/7.87 (DPS 0.01)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.0155 (13% drop from 0.0178), estimate highest/lowest PE = 10/9.03 (DPS 0.01)
- Estimate next 4Q eps after 2010 Q3 result announced = (0.0218+0.0289+0.019)/3 = 0.0232, estimate highest/lowest PE = 6.9/5.6 (DPS 0.015)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.0031*4 = 0.0124, estimate highest/lowest PE = 12.5/10.48 (DPS 0.015)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.0042*4 = 0.0168, estimate highest/lowest PE = 9.52/7.74 (DPS 0.015)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.0031*4 = 0.0124, estimate highest/lowest PE = 14.11/8.06 (DPS 0.015)

KELADI latest news (English)

KELADI 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
2012-06-27	2013	1	N/A	N/A	-	2.24%	2.24%	14748	14748	6162	6162	4454	4454	0.0059	0.0059	221767	18193	5568	203574	6195	498	N/A	76944	5697	5697	82641	758310	758310	140287	2012-04-30	42.50%	41.81%	41.78%	25.02%	0.202	-	0.26	0.26	0.71	0.11	7.4183	5.5144	4.5462	0.0919	0.082	260.4%	555	132	291
2012-03-29	2012	4	0.205	0.185	0.0050	1.75%	7.45%	14636	48316	4960	20296	3364	14339	0.0044	0.0189	215887	16933	5402	198954	19947	5996	8531	59532	25943	17412	76944	758310	758310	147870	2012-01-31	39.62%	33.96%	33.89%	29.82%	0.2238	10.3125	0.26	0.26	0.75	0.1	7.6756	5.5978	4.5481	0.0875	0.0784	233.7%	482	122	232
2011-12-16	2012	3	0.21	0.175	-	1.85%	5.70%	6450	33681	4902	15335	3565	10976	0.0047	0.0145	208655	13183	5284	195472	25734	2175	8532	59532	23559	15027	74559	758310	758310	140287	2011-10-31	77.16%	76.09%	76.00%	24.28%	0.2075	-	0.25	0.25	0.74	0.1	8.7349	6.3822	5.6621	0.0693	0.0632	235.2%	527	71	213
2011-09-29	2012	2	0.21	0.155	-	1.77%	3.85%	8972	27231	4790	10433	3409	7410	0.0045	0.0098	217705	17414	5137	200291	17832	993	N/A	59532	16839	16839	76371	758310	758310	121329	2011-07-31	55.60%	53.43%	53.39%	25.89%	0.2576	-	0.26	0.26	0.62	0.1	7.2231	5.4968	4.3894	0.0892	0.08	193.1%	364	121	190
2011-06-24	2012	1	0.2	0.15	-	2.08%	2.08%	18259	18259	5642	5642	4001	4001	0.0053	0.0053	222048	25307	4996	196741	6728	303	N/A	59532	6425	6425	65957	758310	758310	140287	2011-04-30	32.39%	30.96%	30.90%	26.14%	0.2486	-	0.25	0.25	0.74	0.09	5.1837	3.9766	2.6078	0.132	0.114	191.7%	360	224	281
2011-03-25	2011	4	0.2	0.175	0.015	2.86%	8.85%	9618	53614	4930	20321	5200	16065	0.0069	0.0212	204288	11714	4830	192574	14984	2796	5687	53031	12188	6501	59532	758310	758310	144078	2011-01-31	61.90%	49.63%	51.26%	-	0.2624	8.9685	0.25	0.25	0.76	0.08	9.7383	6.9845	5.0886	0.0624	0.0573	190.7%	383	145	128
2010-12-17	2011	3	0.215	0.17	-	3.49%	5.98%	19222	43996	8779	15390	6331	10863	0.0083	0.0143	203215	15999	4674	187216	8709	2828	5687	53077	5881	194	53271	758310	758310	132704	2010-10-31	47.27%	45.36%	45.67%	25.03%	0.2877	-	0.24	0.24	0.73	0.07	7.0899	4.9969	3.3321	0.0876	0.0787	166.5%	330	164	133
2010-09-27	2011	2	0.205	0.155	-	0.92%	2.50%	8106	24775	2509	6611	1671	4532	0.0022	0.0060	206709	20388	4423	186321	8563	625	N/A	53077	7938	7938	61015	758310	758310	121329	2010-07-31	40.29%	30.96%	30.95%	30.13%	0.2795	-	0.24	0.24	0.67	0.08	5.8595	4.0921	2.9945	0.1121	0.0986	171.4%	360	138	175
2010-06-17	2011	1	0.17	0.15	-	1.58%	1.58%	16669	16669	4103	4103	2861	2861	0.0038	0.0038	199458	14890	4341	184568	1057	455	N/A	53031	602	602	53633	758310	758310	117538	2010-04-30	27.63%	24.61%	24.61%	26.98%	0.3049	-	0.24	0.24	0.65	0.07	7.5625	5.2883	3.6079	0.0826	0.0747	160.5%	318	148	113
2010-03-26	2010	4	0.165	0.15	0.01	1.28%	7.74%	14461	58945	3158	19205	2247	13618	0.0030	0.0180	193395	11823	4206	181572	18534	45	8531	42983	18579	10048	53031	758310	758310	125121	2010-01-31	31.39%	21.97%	21.84%	25.21%	0.3048	9.1879	0.23	0.23	0.72	0.07	9.0627	6.2014	4.4939	0.0667	0.0611	161.6%	337	123	92
2009-12-17	2010	3	0.175	0.145	-	3.36%	6.49%	18548	44483	8340	16089	5909	11414	0.0078	0.0151	195184	15974	4091	179210	19236	123	8531	43028	19113	10582	53610	758310	758310	113746	2009-10-31	47.70%	44.96%	44.96%	25.80%	0.3211	-	0.23	0.23	0.65	0.07	6.8115	4.4538	3.3586	0.0912	0.0818	148.0%	345	99	120
2009-09-25	2010	2	0.17	0.145	-	1.33%	3.13%	11138	25935	3362	7750	2345	5506	0.0031	0.0073	202517	20963	3812	181554	13826	196	N/A	43028	13630	13630	56658	758310	758310	113746	2009-07-31	36.33%	30.21%	30.18%	27.93%	0.3052	-	0.23	0.23	0.65	0.07	5.5447	3.5935	2.7043	0.1179	0.1035	154.1%	354	107	165
2009-06-26	2010	1	0.175	0.145	-	1.80%	1.80%	14796	14796	4388	4388	3161	3161	0.0042	0.0042	192531	13400	3734	179131	6940	95	N/A	43028	6845	6845	49873	758310	758310	121329	2009-04-30	33.25%	29.66%	29.66%	25.23%	0.4035	-	0.23	0.23	0.7	0.07	7.9491	5.2835	3.7252	0.0764	0.0696	119.8%	247	97	79
2009-03-27	2009	4	0.19	0.115	0.015	1.35%	9.85%	18193	74448	4120	23624	2253	16475	0.0030	0.0217	187349	11499	3614	175850	16289	2536	14028	43303	13753	275	43028	758310	758310	83414	2009-01-31	28.02%	22.91%	22.65%	42.77%	0.3974	5.0631	0.23	0.23	0.48	0.06	8.8321	5.6545	3.7458	0.0668	0.0614	120.8%	274	107	71
2008-12-19	2009	3	0.115	0.1	-	2.33%	8.50%	17672	56255	5402	19505	3898	14223	0.0051	0.0188	185354	11857	3509	173497	5272	2023	8417	43303	3249	5168	38135	758310	758310	83414	2008-10-31	31.67%	30.59%	30.57%	26.64%	0.3705	-	0.22	0.22	0.5	0.05	8.4621	5.0874	3.2195	0.0698	0.064	128.7%	342	117	89
2008-09-24	2009	2	0.125	0.085	-	3.81%	6.17%	27027	38583	8793	14103	6369	10325	0.0084	0.0136	190641	21107	3444	169534	3426	427	N/A	43303	2999	2999	46302	758310	758310	90997	2008-07-31	34.39%	32.55%	32.53%	24.83%	0.3413	-	0.22	0.22	0.55	0.06	5.0876	3.0817	2.1949	0.1271	0.1107	132.5%	449	103	199
2008-06-27	2009	1	0.15	0.115	-	2.36%	2.36%	11556	11556	5310	5310	3956	3956	0.0052	0.0052	189274	17933	3203	171341	3158	457	N/A	43303	3615	3615	39688	758310	758310	98580	2008-04-30	50.94%	46.01%	45.95%	23.58%	0.3008	-	0.22	0.22	0.59	0.05	5.9275	3.1979	2.2146	0.1067	0.0947	155.1%	808	106	267
2008-03-28	2008	4	0.155	0.12	0.015	1.78%	14.68%	12422	56744	4051	31578	2652	21906	0.0035	0.0289	186012	18729	3101	167283	21231	273	9073	30872	21504	12431	43303	758310	758310	117538	2008-01-31	41.88%	32.86%	32.61%	33.55%	0.3051	5.3656	0.22	0.22	0.7	0.06	5.5266	3.0205	2.3136	0.1141	0.1007	149.3%	758	79	268
2007-12-17	2008	3	0.245	0.13	0.01	4.19%	12.90%	14060	44322	9688	27527	6258	19255	0.0083	0.0254	183976	13958	3060	170018	23821	162	9073	30872	23983	14910	45782	758310	758310	163036	2007-10-31	73.34%	68.90%	68.90%	24.93%	0.3193	-	0.22	0.22	0.98	0.06	6.6337	3.8179	3.2828	0.0836	0.0759	133.7%	612	40	144
2007-09-24	2008	2	0.275	0.21	-	6.37%	8.71%	18904	30262	12989	17839	9513	12997	0.0125	0.0171	184459	12641	2815	171818	14003	86	N/A	30872	14089	14089	44961	758310	758310	310907	2007-07-31	71.05%	68.63%	68.71%	25.28%	0.2423	-	0.22	0.22	1.86	0.06	7.3568	4.4654	3.5601	0.0748	0.0685	179.6%	677	83	118
2007-06-25	2008	1	N/A	N/A	-	2.33%	2.33%	11358	11358	4850	4850	3484	3484	0.0459	0.0459	175482	22639	2622	152843	1228	93	N/A	30872	1321	1321	29551	75831	75831	154695	2007-04-30	45.78%	42.73%	42.70%	26.29%	0.1469	-	1.98	1.98	1.03	0.39	4.1462	2.3362	1.4613	0.1507	0.129	246.7%	940	233	244
2007-03-29	2007	4	N/A	N/A	0.015	N/A	N/A	14427	49812	7324	20654	5400	14415	0.0712	0.1901	170365	21097	2531	149268	5958	451	8262	33627	5507	2755	30872	75831	75831	128912	2007-01-31	44.22%	49.13%	50.77%	24.56%	0.0847	8.943	1.94	1.94	0.88	0.41	4.2214	2.3152	1.653	0.1438	0.1238	417.0%	1615	283	380

Financial Quarter Balance Sheet

year	qrt	Available-for-sale investment (A-0)	Investment in associated companies (A-0)	Investment properties (A-0)	Land held for property development (A-0)	Other investments (A-0)	Property, plant and equipment (A-0)	Cash and cash equivalents (A-1)	Completed development properties (A-1)	Current tax assets (A-1)	Other receivables, deposits and prepayments (A-1)	Property development costs (A-1)	Deferred tax liabilities (L-0)	Current tax liabilities (L-1)	Payables and accruals (L-1)	Trade and other payables (L-1)	Minority interest (M-1)
2013	1	-	9910	4001	50084	400	22522	82641	11700	1354	16245	22910	15	3	-	18175	5568
2012	4	-	9914	4022	49558	400	22138	76944	13135	1596	16164	22016	15	2	-	16916	5402
2012	3	400	9924	4043	57095	-	22172	74559	13853	1056	8426	17127	15	638	12530	-	5284
2012	2	400	9930	4064	55834	-	21802	76371	13974	740	18527	16063	15	1686	15713	-	5137
2012	1	400	9933	4086	54700	-	21823	65957	14055	732	33888	16474	15	1414	23878	-	4996
2011	4	400	9944	4107	54179	-	21730	59532	14324	812	21368	17892	15	924	10775	-	4830
2011	3	400	9787	4128	53886	-	21668	53271	14529	295	26320	18931	12	2509	13478	-	4674
2011	2	400	9726	4150	51342	-	21697	61015	14726	463	21902	21288	12	2842	17534	-	4423
2011	1	400	9727	4171	50900	-	21745	53679	14769	424	24577	19066	12	2879	11999	-	4341
2010	4	400	9727	4192	50251	-	21785	53077	14898	313	19855	18897	12	2560	9251	-	4206
2010	3	-	9747	4213	50288	400	21811	53610	15654	523	16959	21979	12	2846	13116	-	4091
2010	2	-	9747	4234	50318	400	21650	56658	16265	513	18116	24616	12	1876	19075	-	3812
2010	1	-	9750	4256	50029	400	21673	49873	16617	216	20646	19071	12	1945	11443	-	3734
2009	4	-	9751	4277	49756	400	21711	43028	17424	114	21811	19077	12	1988	9499	-	3614
2009	3	-	9804	4298	49753	400	20865	38135	17924	140	21985	22050	12	1463	10382	-	3509
2009	2	-	9808	4319	49683	400	19109	46302	13443	305	18402	28870	12	2311	18784	-	3444
2009	1	-	9811	4341	49330	400	19166	39688	14439	1093	16529	34477	12	1739	16182	-	3203
2008	4	-	9818	4362	48940	400	19050	43303	15380	1018	12214	31527	12	2098	16619	-	3101
2008	3	-	9849	4383	46820	400	30011	45782	16013	1040	6423	23255	12	4681	9265	-	3060
2008	2	-	9848	4405	46802	400	30095	44961	17122	1288	10145	19393	12	6293	6336	-	2815
2008	1	-	9833	4426	46784	400	30195	29551	18059	1241	16450	18543	2417	10717	9505	-	2622
2007	4	-	9836	4447	46552	400	30291	30872	15039	1194	11172	20562	2421	10288	8388	-	2531

Financial Quarter Income Statement

year	qrt	Revenue	Income tax expense	Cost of sales	Other income	Administrative/Operating expenses	Minority interest	Share of profit/ (loss) of associates	Other expenses
2013	1	14748	1542	8480	746	848	166	4	-
2012	4	14636	1479	8837	753	1582	117	10	-
2012	3	6450	1190	1473	761	830	147	6	-
2012	2	8972	1240	3984	681	875	141	4	-
2012	1	18259	1475	12345	585	846	166	11	-
2011	4	9618	426	3664	521	1702	156	157	-
2011	3	19222	2197	10135	458	826	251	60	-
2011	2	8106	756	4840	395	1151	82	1	-
2011	1	16669	1107	12064	381	883	135	-	-
2010	4	14461	796	9921	295	1658	115	19	0
2010	3	18548	2152	9701	340	847	279	0	-
2010	2	11138	939	7092	313	994	78	3	-
2010	1	14796	1107	9877	326	856	120	1	-
2009	4	18193	1762	13096	523	1452	105	48	-
2009	3	17672	1439	12075	422	613	65	4	-
2009	2	27027	2183	17733	552	1050	241	3	-
2009	1	11556	1252	5669	304	874	102	7	-
2008	4	12422	1359	7220	695	1815	40	31	-
2008	3	14060	2415	3748	318	942	1015	0	-
2008	2	18904	3283	5472	421	880	193	16	-
2008	1	11358	1275	6158	439	786	91	3	-
2007	4	14427	1799	8048	2063	1354	125	236	-

Financial Quarter Segments Revenue

year	qrt	Others	Property development	Cultivation of Oil Palm
2013	1	367	13326	1055
2012	4	365	13430	840
2012	3	356	5114	980
2012	2	365	6912	1695
2012	1	353	16058	1848
2011	4	369	8293	956
2011	3	355	17797	1069
2011	2	348	6345	1413
2011	1	331	14966	1372
2010	4	324	13305	832
2010	3	327	17302	919
2010	2	323	9334	1481
2010	1	344	13097	1355
2009	4	345	17072	776
2009	3	315	16329	1028
2009	2	265	24900	1862
2009	1	221	9087	2248
2008	4	201	10562	1659
2008	3	206	12551	1303
2008	2	201	17277	1426
2008	1	203	9730	1425
2007	4	240	13385	802

Financial Quarter Segments Profit

year	qrt	Others	Property development	Cultivation of Oil Palm
2013	1	367	5296	503
2012	4	123	5609	508
2012	3	356	3490	575
2012	2	365	2859	1124
2012	1	353	3478	1486
2011	4	41	3630	727
2011	3	355	7215	801
2011	2	348	804	1082
2011	1	331	2448	1113
2010	4	324	2160	495
2010	3	327	7126	636
2010	2	323	1616	1224
2010	1	344	2853	994
2009	4	345	3106	332
2009	3	315	4022	783
2009	2	265	6937	1225
2009	1	221	3304	1690
2008	4	201	2049	1360
2008	3	206	8373	1000
2008	2	201	11545	1031
2008	1	203	3443	1065
2007	4	240	6214	501

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