Company Description
MALAYSIA MARINE AND HEAVY ENGINEERING HOLDINGS BERHAD, formerly MSE Holdings Berhad, is a Malaysia-based company engaged in the provision of heavy engineering and marine services, which focuses on the oil and gas sector. The Company operates in two segments: engineering and construction, and marine conversion and marine repair. Its engineering and construction business offers a full range of oil and gas construction and engineering services, from detailed engineering design and procurement to construction, installation, hook-up and commissioning. The Company's marine conversion business includes converting vessels, such as very large crude carriers (VLCCs), Aframax tanker and offshore oil rigs into floating structures for the offshore and gas industry. The marine repair business offers repair, refit and refurbishment services to a range of vessels, with focuses on energy-related vessels, such as chemical tankers, offshore oil rigs, gas carriers and other offshore support vessels.
Company Info
Listing Date 2010-10-29
IPO Price 3.8
Market Capital (Capital Size) 7,696,000,000 (Very Large)
Par Value RM 0.50
Board Main
Sector Trading/Services
Major Industry Oil & Gas Engineering
Sub Industry Marine conversion & repair
Website http://www.mmhe.com.my/
My Analysis
Forecast P/E now (4.81-0.1)/0.1921 = 24.52 (Moderate)
Target Price 5.19+0.1 = 5.29 (PE 27.0, EPS 0.1921, DPS 0.1)
Decision BUY if stock price keep the strong buy volume above 4.75 or see if can strong rebound around 4.6
Comment Revenue increased 45.2% and also higher than preceding year corresponding quarter 0.8%, eps decreased 29.2% and also lower than preceding year corresponding quarter 30%, no cash generated from operating due to receivables increased hence spent 39.2% to cover all other expenses, operating margin is very low, weaker liquidity ratio but still indicate financial strength is at acceptable level, very high gearing ratio now but is very well leverage through payables, significant higher receivables most probably to reflect higher revenue in near future
First Support Price 4.75
Second Support Price 4.6
Risk Rating MODERATE
Research House
Maybank Target Price 5.7 (2012-07-05)
BIMB Target Price 4.9 (2012-08-03)
CIMB Target Price 4.75 (2012-08-03)
ECM Target Price 4.44 (2012-08-03)
HwangDBS Target Price 4.9 (2012-08-03)
Kenanga Target Price 4.22 (2012-08-03)
MIDF Target Price 5.06 (2012-08-03)
OSK Target Price 5.32 (2012-08-03)
RHB Target Price 3.4 (2012-08-03)
TA Target Price 5.86 (2012-08-03)
AMMB Target Price 4.6 (2012-09-18)
Accounting Ratio
Return on Equity 16.23%
Dividend Yield 2.08%
Gross Profit Margin -
Operating Profit Margin 5.55%
Net Profit Margin 6.27%
Tax Rate 8.21%
Asset Turnover 0.5917
Net Asset Value Per Share 1.6
Net Tangible Asset per share 1.56
Price/Net Tangible Asset Per Share 3.45
Cash Per Share 0.79
Liquidity Current Ratio 1.2215
Liquidity Quick Ratio 1.2176
Liquidity Cash Ratio 0.3212
Gearing Debt to Equity Ratio 1.5562
Gearing Debt to Asset Ratio 0.6085
Working capital per thousand Ringgit sale 22.6%
Days to sell the inventory 2
Days to collect the receivables 334
Days to pay the payables 400
Technical Analysis
SMA 10 4.729 (Uptrend)
SMA 20 4.751 (Uptrend 2 days)
SMA 50 5.045 (Downtrend)
SMA 100 5.039 (Downtrend)
SMA 200 5.195 (Downtrend)
MACD (26d/12d) -0.057482 ( 0.00879 )
Signal (9) -0.087648 ( 0.007542 )
MACD Histogram 0.030166 (Bullish trend 13 days)
Bolinger Upper Band 5.053
Bolinger Lower Band 4.449
My notes based on 2012 quarter 2 report (number in '000):-
- Revenue and operating profit for the quarter from Offshore segment were mainly contributed by existing projects in hand and a newly secured Kebabangan project. In the corresponding quarter, higher revenue and operating profit was mainly attributed to the already completed EPCIC Turkmenistan Block 1, Phase 1 project
- Revenue and operating profit of Marine has improved resulting from the progress achieved for FSU Lekas, and higher LNG vessel repair works secured during the quarter as compared to the corresponding quarter. The FSU Lekas has been completed and delivered to client during the quarter
- Estimate next 4Q eps after 2012 Q2 result announced = 2561456*0.12/1600000 = 0.1921, estimate PE on current price 4.81 = 24.52(DPS 0.1)
- Estimate next 4Q eps after 2012 Q1 result announced = 2505503*0.12/1600000 = 0.1879, estimate highest/lowest PE = 29.54/24.32 (DPS 0.1)
- Estimate next 4Q eps after 2011 Q7 result announced = 2424212*0.12/1600000 = 0.1818, estimate highest/lowest PE = 30.14/25.57 (DPS 0.05)
- Estimate next 4Q eps after 2011 Q6 result announced = 0.05*4*1.05 = 0.21, estimate highest/lowest PE = 27.95/24.71 (DPS 0.05)
- Estimate next 4Q eps after 2011 Q5 result announced = (0.08+0.05)*2 = 0.26, estimate highest/lowest PE = 26.15/19.04 (DPS 0.05)
- Estimate next 4Q eps after 2011 Q4 result announced = (0.08+0.06)*2 = 0.28, estimate highest/lowest PE = 31.32/22.39 (DPS 0.05)
- Yearly revenue, 2008 = 1741922, 2009 = 4021147, 2010 = 6147012
- Yearly PAT, 2008 = 194645, 2009 = 282221, 2010 = 284115
MHB latest news (English)
MHB 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
2012-08-02 2012 2 N/A N/A - 2.40% 5.80% 965712 1630979 60503 147255 55321 133588 0.0346 0.0835 6541916 3980460 3647 2561456 348122 469462 N/A 2085585 817584 817584 1268001 1600000 1600000 8608000 2012-06-30 - 5.55% 6.27% 8.21% 0.5917 - 1.6 1.56 3.45 0.79 1.2215 1.2176 0.3212 1.5562 0.6085 22.6% 2 334 400
2012-05-09 2012 1 5.65 4.67 - 3.40% 3.40% 665267 665267 86752 86752 78267 78267 0.0489 0.0489 4676149 2170646 3434 2505503 263023 23824 N/A 2085585 286847 286847 1798738 1600000 1600000 7808000 2012-03-31 - 12.89% 13.04% 10.00% 0.84 - 1.56 1.56 3.13 1.12 1.5979 1.5856 0.8393 0.8675 0.4642 32.6% 3 149 212
2012-02-21 2011 7 5.53 4.88 0.1 3.82% 16.95% 716148 2137034 54081 250848 46355 205601 0.0290 0.1285 4462466 2038254 3628 2424212 741837 21374 83000 1448122 720463 637463 2085585 1600000 1600000 8816000 2011-12-31 - 7.39% 7.55% 14.17% 0.6858 - 1.51 1.51 3.65 1.3 1.6132 1.6005 1.0368 0.8421 0.4568 40.3% 3 135 254
2011-11-17 2011 6 5.97 5.29 - 6.61% 13.13% 463088 1420886 100366 196767 80225 159246 0.0501 0.0995 4486591 2105407 3567 2381184 868633 7027 N/A 1448122 861606 861606 2309728 1600000 1600000 9600000 2011-09-30 - 18.34% 21.67% 20.07% 0.8159 - 1.49 1.49 4.03 1.44 1.5819 1.5712 1.1092 0.8855 0.4693 33.1% 2 96 221
2011-08-16 2011 5 6.85 5.0 - 6.51% 6.51% 957798 957798 96401 96401 79021 79021 0.0494 0.0494 4707205 2326249 3570 2380956 575468 9563 N/A 1448122 565905 565905 2014027 1600000 1600000 10624000 2011-06-30 - 6.91% 10.06% 17.75% 0.8966 - 1.49 1.49 4.46 1.26 1.528 1.5163 0.868 0.9785 0.4942 29.0% 3 130 212
2011-05-06 2011 4 8.82 6.32 0.05 10.60% 37.15% 923294 4435420 114080 424026 128641 450748 0.0804 0.3113 4927254 2625562 3302 2301692 49337 114803 846363 765899 164140 682223 1448122 1600000 1447800 10928000 2011-03-31 - 9.80% 12.36% - 0.9002 21.9379 1.59 1.59 4.3 0.91 1.4422 1.4305 0.5518 1.1423 0.5329 26.2% 3 190 229
2011-02-22 2011 3 7.15 6.31 - 11.06% 26.55% 1316353 3512126 113329 309946 134148 322107 0.0884 0.2304 5329729 3149935 3430 2179794 742759 69431 353628 765899 673328 1026956 1792855 1517400 1398000 9711360 2010-12-31 - 8.54% 8.61% - 0.9585 - 1.56 1.56 4.1 1.18 1.3647 1.3544 0.5747 1.4473 0.591 22.3% 3 174 242
2010-11-22 2011 2 6.65 4.41 - 6.41% 15.49% 1022875 2195773 101545 196617 77712 187959 0.0580 0.1400 4267766 3177532 3896 1090234 714157 60088 301500 765899 654069 352569 1118468 1339862 1342564 6029379 2010-09-30 - 9.88% 9.93% 23.16% 1.2304 - 0.81 0.81 5.56 0.83 1.0162 1.0064 0.3553 2.925 0.7445 1.0% 2 142 236
N/A 2011 1 N/A N/A - 9.09% 9.09% 1172898 1172898 95072 95072 110247 110247 0.0820 0.0820 N/A N/A - N/A 924820 42881 300750 765899 881939 581189 1347088 1344476 1344476 N/A 2010-06-30 - 8.16% 8.11% - N/A - N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A - N/A N/A
N/A 2010 4 N/A N/A - N/A N/A 1596239 6147012 177451 377206 115150 279203 0.0860 0.2090 4784127 3570963 14785 1213164 1243304 260042 452044 234681 983262 531218 765899 1338953 1335900 N/A 2010-03-31 - 11.19% 11.12% 33.83% 0.9338 - 0.9 0.9 N/A 0.57 1.1683 1.1564 0.2364 2.9798 0.7464 12.2% 3 243 277
N/A 2010 3 N/A N/A - N/A N/A 1459117 4550773 107386 199755 97990 164053 0.0730 0.1230 N/A N/A - N/A 1240372 233275 252100 234681 1007097 754997 989678 1342329 1333764 N/A 2009-12-31 - 7.49% 7.36% 6.76% N/A - N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A - N/A N/A
N/A 2010 2 N/A N/A - N/A N/A 1411901 3091656 45331 92369 30521 66063 0.2613 0.9890 N/A N/A - N/A 820143 159902 211400 234681 660241 448841 683522 116800 66800 N/A 2009-09-30 - 3.23% 3.21% 32.11% N/A - N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A - N/A N/A
Financial Quarter Balance Sheet
year qrt Deferred tax assets (A-0) Goodwill on consolidation (A-0) Investment in jointly controlled entity (A-0) Other investments (A-0) Prepaid lease payments (A-0) Property, plant and equipment (A-0) Cash and cash equivalents (A-1) Current tax assets (A-1) Derivative assets (A-1) Inventories (A-1) Trade receivables (A-1) Deferred income (L-0) Deferred tax liabilities (L-0) Loans & borrowings (L-0) Derivative liabilities (L-1) Loans & borrowings (L-1) Provision for taxation (L-1) Provisions (L-1) Trade and other payables (L-1) Minority interest (M-1)
2012 2 - 62783 69878 15 238141 1349545 1268001 789 305 15212 3537247 - 33195 - - - 28137 55321 3863807 3647
2012 1 57 - 62780 15 65054 1123745 1798738 787 152 26382 1598439 - 27529 - - - 25406 61625 2056086 3434
2011 7 57 - 61037 15 65569 1090619 2085585 2724 - 25593 1131267 - 26675 - 2328 - 21122 61625 1926504 3628
2011 6 - - 80624 15 66083 1045950 2309728 - - 22298 961893 96 23066 - - - 19870 64546 1997829 3567
2011 5 155 - 65199 15 66598 1029892 2014027 2453 - 27293 1501573 650 5385 - - - 24387 61625 2234202 3570
2011 4 9686 - 35019 15 67114 1030256 1448122 2453 - 30632 2303957 991 - - - - 28302 61327 2534942 3302
2011 3 - - 10435 15 67628 994342 1792855 1891 - 32337 2430226 1237 29192 - - 650 9814 49494 3059548 3430
2011 2 - - 12057 15 68143 989022 1118468 1891 - 30881 2047289 1713 28172 - - 1400 14921 49689 3081637 3896
2010 4 253 - 179 15 69173 928851 765899 1893 - 38523 2979341 2326 25693 302631 - 2900 48816 50399 3138198 14785
Financial Quarter Income Statement
year qrt Revenue Income tax expense Finance/interest costs Other income Administrative/Operating expenses Minority interest Share of net profit of jointly controlled entity
2012 2 965712 4969 876 34922 946992 213 7737
2012 1 665267 8679 738 22211 601731 194 1743
2011 7 716148 7665 - 36281 699495 61 1147
2011 6 463088 20144 - 19859 398006 3 15425
2011 5 957798 17112 - 7357 898934 268 30180
2011 4 923294 14433 4 19485 852275 128 23580
2011 3 1316353 20353 11 11328 1215322 466 981
2011 2 1022875 23521 21 724 922589 312 556
2011 1 1172898 15185 733 25215 1102436 10 128
2010 4 1596239 60029 1155 12064 1429696 2272 1
2010 3 1459117 7264 1887 2924 1352768 2132 -
2010 2 1411901 14555 216 2295 1368649 255 -
Financial Quarter Segments Revenue
year qrt Others Elimination/Adjustment Engineering & Construction Marine conversion & repair
2012 1 20 3228 516637 151838
2011 7 83 10097 594073 132089
2011 6 376 14485 379549 97648
2011 5 611 27387 866689 117885
2011 4 324 12763 884883 50850
2011 3 591 265 1269194 46303
2011 2 981 48696 2002811 240677
Financial Quarter Segments Profit
year qrt Others Elimination/Adjustment Engineering & Construction Marine conversion & repair
2012 1 9705 - 65786 10256
2011 7 26712 23024 33188 16058
2011 6 5894 608 71999 6440
2011 5 8259 390 51818 5754
2011 4 5487 918 98246 14147
2011 3 7076 1905 104864 2324
2011 2 1057117 1033756 112979 60347
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
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ARCHIVES
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