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Saturday, October 27, 2012

KLCI Stock - A&M / 5959 - 2012 Quarter 2

A & M REALTY BERHAD


Company Description
A & M Realty Berhad is engaged in investment holding and the provision of management services. The Company’s segments include property development, construction and services rendered, which includes construction and development of residential, commercial and industrial properties; manufacturing and trading, which includes manufacturing and trading of automotive parts and related products, and hotel and leisure related services, which includes provision of hospitality services, food and beverages. The Company’s subsidiaries include A & M Construction Sdn. Bhd., which is engaged in building construction, housing development, property management and investment holding; A & M Development Sdn. Bhd., which is engaged in housing development, property management and investment holding, A & M Lifestyle Connections Sdn. Bhd., which is engaged in investment holding and provision of management services, and A & M Vision Builders Sdn. Bhd., which is engaged in building construction.

Company Info 
Listing Date1995-01-20
Market Capital (Capital Size)178,881,262 (Small)
Par ValueRM 0.50
BoardMain
SectorProperties
Major IndustryProperty Development
Sub IndustryHotel & Leisure related Services
Websitehttp://www.amrealty.com.my

My Analysis 
Forecast P/E now0.49/0.0564 = 8.69 (Moderate)
Target Price0.0564*9.6 = 0.54 (PE 9.6, EPS 0.0564)
DecisionBUY if stock price sustain and uptrend above 0.47 or wait rebound at more lower price
Comment
Revenue decreased 1.3% and was second consecutive quarter decreasing but still higher than preceding year corresponding quarter 13.7%, eps increased 6.5% but lower than preceding year corresponding quarter 43.8%, cash generated from operating is more than enough to cover financing expenses but still increased borrowings and spent 2.3% of Group cash to cover investing expenses, operating margin is quite good got average 21% per quarter, quick liquidity ratio indicate sufficient to meet current obligation, gearing ratio already quite low especially borrowing hence is low risk but this also mean the Group no better strategic to generate more income through higher leverage, inventory turnover period took quite long time which is not liquid, receivables collection period is shorter than payables period which conserve cash
First Support Price0.47
Second Support Price0.45
Risk RatingMODERATE

Accounting Ratio 
Return on Equity4.77%
Dividend Yield-
Gross Profit Margin-
Operating Profit Margin21.23%
Net Profit Margin22.84%
Tax Rate28.02%
Asset Turnover0.23
Net Asset Value Per Share1.37
Net Tangible Asset per share1.31
Price/Net Tangible Asset Per Share0.4
Cash Per Share0.21
Liquidity Current Ratio5.2337
Liquidity Quick Ratio1.6334
Liquidity Cash Ratio0.9683
Gearing Debt to Equity Ratio0.2472
Gearing Debt to Asset Ratio0.1935
Working capital per thousand Ringgit sale224.1%
Days to sell the inventory883
Days to collect the receivables125
Days to pay the payables211

Technical Analysis 
SMA 100.48 (Same)
SMA 200.473 (Uptrend 2 days)
SMA 500.483 (Same)
SMA 1000.476 (Uptrend)
SMA 2000.466 (Uptrend)
MACD (26d/12d)0.001561 ( 0.000836 )
Signal (9)-0.001073 ( 0.000659 )
MACD Histogram0.002634 (Bullish trend 12 days)
Bolinger Upper Band0.504
Bolinger Lower Band0.442

My notes based on 2012 quarter 2 report (number in '000):
- Higher revenue than FY11Q2 mainly due to better performance from all business segments however lower pbt mainly due to lower pbt from Property development, construction & management services and Manufacturing and trading segment because of certain products with lower profit margin

- Higher pbt than FY12Q1 mainly due to higher pbt from Hotel & leisure related services segment

- Estimate next 4Q eps after 2012 Q2 result announced = 514378*0.04/365064 = 0.0564, estimate PE on current price 0.49 = 8.69
- Estimate next 4Q eps after 2012 Q1 result announced = 509103*0.04/365064 = 0.0558, estimate highest/lowest PE = 9.5/7.44
- Estimate next 4Q eps after 2011 Q4 result announced = 504079*0.04/365064 = 0.0552, estimate highest/lowest PE = 9.42/7.43
- Estimate next 4Q eps after 2011 Q3 result announced = (0.0136+0.009)*2*0.9 = 0.0407, estimate highest/lowest PE = 12.53/10.2
- Estimate next 4Q eps after 2011 Q2 result announced = 0.0312*0.9 = 0.0281, estimate highest/lowest PE = 17.08/13.7
- Estimate next 4Q eps after 2011 Q1 result announced = (0.0066+0.009)*2 = 0.0312, estimate highest/lowest PE = 16.03/14.59
- Estimate next 4Q eps after 2010 Q3 result announced = 0.0417*1.05 = 0.0438, estimate highest/lowest PE = 13.13/11.07
- Estimate next 4Q eps after 2010 Q2 result announced = 0.0417*1.1 = 0.0459(0.0417 is recent 4Q cum_eps), estimate highest/lowest PE = 13.73/9.91
- Estimate next 4Q eps after 2010 Q1 result announced = 0.0376*1.05 = 0.0395(5% increase from 0.0376), estimate highest/lowest PE = 15.32/12.41
- Estimate next 4Q eps after 2009 Q4 result announced = 0.0376, estimate highest/lowest PE = 20.35/15.43
- Estimate 2009 eps after 2009 Q3 result announced = 0.0297+(0.041+0.0301)/2 = 0.0475, estimate highest/lowest PE = 17.79/11.05
- Estimate 2009 eps after 2009 Q2 result announced = 0.0518+(0.0089-0.0035) = 0.0572, estimate highest/lowest PE = 13.99/8.22
- Estimate 2009 eps after 2009 Q1 result announced = 0.0518+(0.0015-0.0007) = 0.0526, estimate highest/lowest PE = 17.02/7.41
- Estimate 2009 eps after 2008 Q4 result announced = 0.0518, estimate highest/lowest PE = 9.27/5.02

A&M 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
2012-08-2920122N/AN/A-0.96%1.86%3209064597732813849483393700.01320.025763775612337815214514378172743448537685826171764750943650643650641898332012-06-30-21.23%22.84%28.02%0.23-1.371.310.40.215.23371.63340.96830.24720.1935224.1%883125211
2012-05-30201210.530.415-0.90%0.90%325073250765216521453745370.01240.01246281801190771477250910333526738047685830082204746543650643650641606282012-03-31-18.52%20.06%22.96%0.2273-1.351.30.340.25.47531.66561.02890.24090.1896227.7%923114214
2012-02-29201140.520.41-1.87%5.39%4261713974012293337528928257410.02450.070562583412175514285504079226222044112520562466624778768343650643650641715802011-12-31-27.44%28.85%24.85%0.22336.66561.341.290.360.215.321.58721.03070.24860.1945231.1%946105231
2011-11-23201130.510.415-1.04%3.52%39446971237092214594949168130.01360.046162991313457013944495343242734942272520562921529487815433650643650641533262011-09-30-16.83%17.98%24.53%0.1935-1.321.270.330.224.68321.55360.9390.27950.2136262.5%1013155276
2011-08-23201120.480.385-1.80%2.49%28226576779314143678578118640.02350.032562636413630513609490059147796115581520562089421475735313650643650641770562011-06-30-31.83%33.00%2.75%0.1783-1.311.250.390.24.611.4680.83910.28610.2176283.2%1119175316
2011-05-27201110.50.41-0.69%0.69%294512945150535053328632860.00900.00906077461267451312948100132714487445205628233567556233650643650641752302011-03-31-16.25%17.16%23.97%0.199-1.281.230.390.155.03631.38820.72690.27090.2085255.4%971148246
2011-02-25201040.580.44-0.52%2.23%247481253693872155902408103980.00660.0285605132127973125734771592328211609327400561167312000520563650643650641788812010-12-31-14.31%15.65%28.23%0.20717.20341.271.220.40.144.97321.31450.67640.27550.2115244.1%929139239
2010-11-25201030.5750.485-0.73%1.74%29278100535490411891341781160.00940.0222623002147837128614751652741966551015400562076421779618353650643650642044352010-09-30-15.70%16.75%24.25%0.217-1.271.210.460.174.15281.23270.63460.31980.2373227.3%867153273
2010-08-26201020.630.455-0.53%1.01%374677125732776987246446990.00680.012964185817148612563470372205745575240400561499914759548153629083629081778242010-06-30-8.08%8.75%17.64%0.2341-1.261.210.40.153.51671.09130.45710.37460.2672200.9%816181314
2010-05-25201010.6050.49-0.48%0.48%337903379037103710223522350.00620.0062629264161495124864677691403997929400561306013089531453627843627842140422010-03-31-10.46%10.98%32.96%0.2465-1.251.20.490.153.82551.11370.48670.35470.2566199.0%802158277
2010-02-23200940.7650.58-0.64%3.03%346291422654458183382879136490.00790.0376623881158624122344652571263942783343202983618027400563627343627342357772009-12-31-12.31%12.87%28.87%0.22817.27431.251.190.550.113.92241.02560.37890.35010.2543217.2%897172295
2009-11-30200930.8450.525-1.67%2.39%443601076369491138807530107700.02080.029768433622240012190461936815311616284320291976920053520823627343627342176402009-09-30-20.97%21.40%17.61%0.2042-1.241.180.510.142.45190.64810.3050.49450.325177.4%1014148552
2009-08-27200920.80.47-0.60%0.72%423106327634334388271232400.00750.008969749924333011953454169630611667215320291797317758497873627343627342212672009-06-30-7.71%8.11%14.68%0.1812-1.221.150.530.142.24030.62870.26020.55030.3489187.8%1091195668
2009-05-27200910.8950.39-0.12%0.12%20966209669559555285280.00150.00155935131422731173645124030691097873202919722059340883627343627341414662009-03-31-3.88%4.55%28.48%0.2083-1.211.160.340.093.13920.88940.32660.32370.2397180.6%838168367
2009-02-26200840.480.26-3.37%4.24%32116120891156332106314864187100.04100.051659843814788111581450557859994784855188071807713222320293627343627341088202008-12-31-48.30%48.68%4.25%0.20385.81621.211.150.260.093.00850.86220.29130.33690.2471181.1%856185394
2008-11-26200830.350.29-0.57%0.89%310138983037306289251439190.00690.01085997891579281767644186112914N/A375618785129149158279433627343627341106332008-09-30-11.58%12.03%21.55%0.1897-1.171.110.270.082.53740.76240.23730.37230.2633160.6%807196443
2008-08-26200820.450.25-0.23%0.29%395255881715842557103612820.00290.003560675316379617383442957859994784855188071807713222320293627343627341596022008-06-30-3.76%4.01%7.64%0.1812-1.171.120.390.12.48250.71860.2860.38490.27167.7%920177510
2008-05-29200810.690.40.0150.06%0.06%19291192919739732462460.00070.00076005311589181707544161310759N/A120187851075910879296643627343627342103852008-03-31-3.91%5.04%26.93%0.1529-1.171.110.520.082.57830.71130.25060.37430.2646204.6%1254216652
2008-02-28200740.750.415-2.57%4.54%23966124808126342766410913192880.03010.053258774614684416610440902335662616843901577773983008187853627343627342248952007-12-31-52.32%52.72%9.56%0.17111.65981.171.110.560.052.88040.66960.17620.34610.2498199.7%1216189530
2007-11-23200731.050.62-1.21%2.82%27143765558241176865127119850.01410.033058338414911517329434269126721342589215776753139159153627343627343482242007-09-30-29.83%30.36%32.08%0.1723-1.151.090.880.052.77680.84780.15830.35760.2556189.3%1065255514
2007-08-29200721.030.87-1.05%1.61%214114941259279444446968580.01230.018956020612756916858432637140021480456515776802237155393627343627344824362007-06-30-26.88%27.68%18.83%0.131-1.151.091.220.053.29340.93550.19150.30680.2277266.9%1420306574
2007-05-3020071N/AN/A-0.56%0.56%280012800135193519239023900.00660.0066553141125313165174278282053139565157762049221057368333627343627343010692007-03-31-11.83%12.57%20.09%0.0939-1.131.080.770.13.35821.05240.4260.30470.2265397.1%2039376858
2007-02-2720064N/AN/A-N/AN/A2396691980126342439810913186800.12050.206354326411824816095425016234152743214447176113291577690559905591304042006-12-31-52.32%52.72%9.56%0.04416.9814.524.310.330.183.52540.78980.19750.28920.2177846.9%70237132522

Financial Quarter Balance Sheet
yearqrtBiological assets (A-0)Deferred tax assets (A-0)Fixed deposits (A-0)Goodwill on consolidation (A-0)Investment in associated companies (A-0)Investment properties (A-0)Land held for property development (A-0)Other investments (A-0)Prepaid lease payments (A-0)Property, plant and equipment (A-0)Amount due from associated companies (A-1)Amount due from customers (A-1)Cash and cash equivalents (A-1)Current tax assets (A-1)Fixed deposits with licensed banks (A-1)Inventories (A-1)Property development costs (A-1)Trade receivables (A-1)Deferred tax liabilities (L-0)Finance lease liabilities (L-0)Amount due to associated companies (L-1)Amount due to customers (L-1)Bank overdraf (L-1)Current tax liabilities (L-1)Finance lease liabilities (L-1)Loans & borrowings (L-1)Progress billings (L-1)Trade and other payables (L-1)Minority interest (M-1)
20122382772517021940714842693962003527-114779-2465597231585654616814421139525400456478756056150903503101229396842137315214
20121382772516621940714842617861986527-114623-20588107201459640266794920881524204463448756054696922461161134357242291814772
20114375072516521940714842453461981527-114160-16037230501512539806911720987224046469298756053554172265523313383612405614285
20113363772516381940714822123660661587-113833-26968146901721668536815720362824690476973056059171-25401031181457342250913944
20112351672516311940714822120760656587-113176-22933226431555508886842720690830623486453056055937-2443211497476122451513609
20111345172517061940714822122260634587-113132-17007226731514329506870621046232088501913056052420-1620301726376312749213129
20104335772516671940714822122260584587-113371-15736231731464288836942921213631909509843056052363-130433940328913382312573
201033356-155519719148217552605695874811108743-5347318221588300136860921591451335503406258313216-3378161211287785500512861
201023341-151319719148217605605645874824110516-10756273341352274816859222224763945515096258284158-291925983436596234312563
201013315-1506197191482176585802358748371043747912047213711238317746845022769555109522286258283424-2251411158433935311012486
200943310-15032038914821771157929587484910147179683182611148317956915523708260299528506258282281-1447631104428485214112234
20093--149420397148417764116650587486210236125235-68462049452366358224447231317514911252153--13594017175705810845712190
20092--147823362148417817116649587487510250717664-69263073428616328924513349794518291252908--14427010685203013385811953
20091--149720377148417870116649587488810252013300-25151717315735986017495343723377761252983--1531001359531574662011736
20084--138320509148417923115552308749011027718228-42541015277756110917490353544377901252727--3171381120526705299411581
20083--12562050214831410813277730871640210851220034-84081280197986077415025141117388941492251-2418491351950548325862717676
20082--12562050214831414913291230871641610828415587-24164422113986071615859637781392831782727--9531351782603295840917383
20081--12562050214831423213275430871642910396615546-235273806291613151608613890239830872729-13316722701608626584993117075
20074--12562050214831423211466730871644410864311397-914759696606176417420440664398472642680--23681351446479835212116610
20073--1240208141482142741366383173-10840922935-11643359353065587815068847311418331964144-99846761061680-9548217329
20072--1240208141482143151294173173-10853623658-6994199993605570514564237871419592193002-40618611021708-7831216858
20071--1240188131482143571114703173-10873017085-105671340267095472014705836397375572453904-4079091021308-8088116517
20064--1240188131482143981114313173-10938016892-3059779128165522816464029933375573195511-63691119652-7333616095

Financial Quarter Income Statement
yearqrtRevenueIncome tax expenseFinance/interest costsOther incomeAdministrative/Operating expensesMinority interestFinance/interest income
201223209020537-25277442522
201213250714976-26488487508
2011442617305527030925310628
201133944617400032807403453
20112282262560449023731480329
201112945112111-24664556267
201042474810931-21207371332
201032927811891-24680298307
20102374675781-34438235249
201013379012232-30254252176
200943462912871-30367292197
200934436016712-35057290190
20092423105042-39047217172
20091209662722-20153155144
20084321166650-16604104121
2008331013804--27422412139
2008239525121--3803742796
20081192912621-18537465220
200742396612084-1142751399
200732714326441-19047470146
200722141111161-15656342173
20071280017071-24689422208
200642396612084-1142751399

Financial Quarter Segments Revenue
yearqrtPlantationManufacturing & tradingProperty development, construction & management servicesHotel & leisure related services
20122189212885142853028
20121187211772163982465
20114147312052257363356
20113140711853238822304
20112154012298114292956
20111158011692138272355
201047841057297703708
2010349711134155922055
2010245210678235842753
201015109916216311733
200946399285224423158
2009368811395299822295
2009274910251283352975
20091493907792312165
200844687898196613034
2008373010630176761977
20082170010140246663020
20081-978472552252
20074-9962355702721
20073-9377151092657
20072-898695962829
20071-8207180841710
20064-7780138572360

Financial Quarter Segments Profit
yearqrtPlantationManufacturing & tradingProperty development, construction & management servicesHotel & leisure related services
2012271086639941243
201219298293705556
20114265110845031326
201137128244907196
2011266610546299966
2011111247522342569
201041989385601705
20103635196072351333
2010238590341101167
201012325982550156
200947702373111863425
20093844143354262316
200926567058511864
20091319205315604
200849952498139063154
20083112218669111935
200821122117019441893
20081-568321507
20074-2330224652636
20073-1386139511825
20072-9527236877
20071-4412737134
20064-2076199292115

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 = average working capital per thousand Ringgit sale
inv_d = average days to sell the inventory, rec_d = Average days to collect the receivables


CURRENT


CHANGES IN SHAREHOLDING
ANNUAL REPORTS


HISTORICAL


CHANGES IN SHAREHOLDING


ARCHIVES


CHANGES IN SHAREHOLDING


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