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Wednesday, October 17, 2012

KLCI Stock - ANNJOO / 6556 - 2012 Quarter 2

ANN JOO RESOURCES BERHAD



Company Description
ANN JOO RESOURCES BERHAD is a Malaysia-based investment holding and property management company. It operates in two business segments: iron and steel, which is engaged in the manufacture and trading of hardware, steel and iron products, building and construction materials of all kinds and operations of steel mill and steel services centre, and investment holding, property management, plantations and others. Some of its wholly owned subsidiaries include AJE Best-On Sdn Bhd, which is engaged in trading in hardware, steel and iron products and building and construction materials of all kinds; Ann Joo Metal Sdn Bhd, which is engaged in trading, retailing, importing, exporting and supplying of all kinds of metal products, and Ann Joo (Sarawak) Sdn Bhd, which is engaged in trading in hardware and steel materials. In June 2007, the Company acquired the remaining interest in Ann Joo Steel Berhad. As of September 6, 2007, Ann Joo Corporation Sdn Bhd held a 66.54% interest in the Company.

Company Info 
Listing Date1996-11-26
Market Capital (Capital Size)742,245,612 (Medium)
Par ValueRM 1.00
BoardMain
SectorIndustrial Products
Major IndustrySteel & Iron
Sub IndustryProperty Management
Websitehttp://www.annjoo.com.my

My Analysis 
Forecast P/E nowN/A
Target Price1.55
DecisionNot interested unless stock price got strong rebound and can sustain and uptrend above SMA5
Comment
Revenue decreased 1.4% but higher than preceding year corresponding quarter 8.8%, eps from profit turned into loss, cash generated from operating more than enough to cover financing expenses but still spent 2.9% of Group cash to cover investing expenses, liquidity ratio indicate Group financial strength can meet current obligation, higher gearing ratio at very high level now is very high risk during business decline, all turnover period is as usual
First Support Price1.39
Second Support Price1.31
Risk RatingHIGH

Research House
HLG Target Price1.34 (2012-02-29)
AMMB Target Price2.25 (2012-08-30)
CIMB Target Price2.06 (2012-08-30)
Kenanga Target Price1.32 (2012-08-30)
MIDF Target Price1.43 (2012-08-30)
OSK Target Price1.42 (2012-08-30)
RHB Target Price1.49 (2012-08-30)
Maybank Target Price1.3 (2012-09-10)

Accounting Ratio 
Return on Equity-0.43%
Dividend Yield-
Gross Profit Margin-
Operating Profit Margin-1.02%
Net Profit Margin-1.57%
Tax Rate-
Asset Turnover0.8352
Net Asset Value Per Share1.38
Net Tangible Asset per share1.37
Price/Net Tangible Asset Per Share1.11
Cash Per Share0.08
Liquidity Current Ratio1.2849
Liquidity Quick Ratio0.325
Liquidity Cash Ratio0.0474
Gearing Debt to Equity Ratio1.6635
Gearing Debt to Asset Ratio0.6236
Working capital per thousand Ringgit sale15.1%
Days to sell the inventory184
Days to collect the receivables51
Days to pay the payables33

Technical Analysis 
SMA 101.33 (Uptrend)
SMA 201.333 (Uptrend 1 day)
SMA 501.429 (Downtrend)
SMA 1001.549 (Downtrend)
SMA 2001.735 (Downtrend)
MACD (26d/12d)-0.022546 ( 0.009394 )
Signal (9)-0.035803 ( 0.003314 )
MACD Histogram0.013257 (Bullish trend 13 days)
Bolinger Upper Band1.461
Bolinger Lower Band1.205

My notes based on 2012 quarter 2 report (number in '000):-
- Higher revenue than FT11Q2 mainly due to higher sales tonnages contributed by both Manufacturing and Trading Divisions despite a significant slowdown in global steel demand

- The current quarter loss was mainly attributable to an unrealised foreign exchange loss of RM27.79 million

- Lower revenue than FY12Q1 mainly due to lower export tonnages that had been weighed down by a sluggish market condition

- No estimate next 4Q eps after 2012 Q2 result announced
- Estimate next 4Q eps after 2012 Q1 result announced = 1074190*0.09/762504 = 0.1268, estimate highest/lowest PE = 12.74/11.91 (DPS 0.055)
- Estimate next 4Q eps after 2011 Q4 result announced = 1075033*0.06/763411 = 0.0845, estimate highest/lowest PE = 24.44/18.88 (DPS 0.055)
- Estimate next 4Q eps after 2011 Q3 result announced = (37880+22520-29476)*0.83/763444*4*0.9 = 0.121, estimate highest/lowest PE = 18.18/12.73 (DPS 0.07)
- Estimate next 4Q eps after 2011 Q2 result announced = 0.0477*4*0.8 = 0.1526, estimate highest/lowest PE = 16.56/11.25 (DPS 0.1234)
- Estimate next 4Q eps after 2011 Q1 result announced = (0.04+0.0602)*2 = 0.2004, estimate highest/lowest PE = 14.3/10.96 (DPS 0.1234)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.04*4 = 0.16, estimate highest/lowest PE = 19.31/16.69 (DPS 0.06)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.0517*4 = 0.2068(0.0517 is average eps of Q110,Q409,Q308, due to steel price decreasing), estimate highest/lowest PE = 15.91/11.9 (DPS 0.06)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.0591*4 = 0.2364, estimate highest/lowest PE = 12.39/9.31 (DPS 0.03)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.048*4 = 0.192, estimate highest/lowest PE = 15.68/13.54 (DPS 0.03)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.0682*4 = 0.2728, estimate highest/lowest PE = 12.17/8.69 (DPS 0.03)

ANNJOO latest news (English)

ANNJOO 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-0.12%0.13%6033621215492946910513125313700.00160.00182802965174780045171055165846992883057411537305586915425218876248476249411589752012-06-30-1.02%1.57%-0.8352-1.381.371.110.081.28490.3250.04741.66350.623615.1%1845133
2012-05-31201211.781.51-0.24%0.24%61213061213010431043262426240.00340.00342842946176875643211074190117212002443084536158303347818839676250476250412733812012-03-31-0.52%0.17%-0.8063-1.41.391.20.121.30890.32950.07561.65320.622216.9%1994930
2012-02-28201142.121.650.0351.38%7.11%500252223732089547950614858763640.01950.1000281990317416374059107826610571111895514325591601324410816024176328876341115723732011-12-31-2.18%1.79%-0.793420.59381.411.41.470.081.32830.28360.04921.62130.617618.0%2174630
2011-11-24201132.271.61-1.94%5.72%6252041737068294767055220830615060.02730.080626988301630060371910687702209358597992939592641349564201710128176344476345215116192011-09-30-4.41%4.71%-0.8024-1.41.381.430.131.42530.4040.09471.53050.60421.0%1925631
2011-08-26201122.651.840.043.39%7.66%55471511118644277310002736410823350.04770.1078285792617445713600111335578372576986073959147206748141314056076345076345719086252011-06-30-8.24%7.71%14.51%0.6558-1.451.441.740.181.45580.40120.11911.5720.610428.7%2616535
2011-05-26201112.992.32-4.27%4.27%557148557148572535725345925459250.06020.060226864341582084344411043501097934287564554591476691823646151176346376346322140422011-03-31-10.75%10.28%19.15%0.7129-1.441.432.030.081.02930.20120.04231.43710.58892.3%2624532
2011-02-24201043.112.620.06340.11%14.54%428564183187662321546379831347070.00130.17642710723163607314731107465035023816344754417828655513685304935914876347076355321835242010-12-31-1.35%1.45%80.04%0.675816.21121.391.382.070.081.02340.23140.03931.54360.60362.0%2706032
2010-11-26201033.152.73-1.52%14.43%333934140331217224148407140641337250.01840.17512461611145316414471100844721632211976534686028664336087107733943776347476358121835352010-09-30-5.82%5.16%21.90%0.6824-1.31.292.220.061.05010.16810.03161.4620.59034.1%2964034
2010-08-03201023.352.520.068.05%12.92%595431106937881172131182745521196600.09760.15672262171124091415083102125722487774751568432867299962568818555376348776363419468912010-06-30-13.78%13.63%7.36%0.7638-1.321.311.950.121.10440.24170.07631.23330.54867.0%2424035
2010-04-28201012.962.23-4.87%4.87%473947473947500095000945107451070.05910.059120413231080264144389610591122882913225742286728315610889813757076378476378421767842010-03-31-10.69%10.55%9.14%0.7627-1.241.232.320.191.10960.34360.14231.14120.52927.0%1984634
2010-02-25200943.042.63-2.77%4.55%2763941303005284704639125332416640.03320.054519782621051825143409264372842501194691737024069816478189213177776403076403921392842009-12-31-10.94%10.30%9.04%0.658751.34671.191.182.370.051.03890.17140.03411.15320.53173.1%2623738
2009-11-16200933.352.40.035.24%1.78%3821851026611513901792147995163310.06280.0214181807290920113777908871365157909202771603746327423729233454076403676404321010992009-09-30-14.03%13.45%6.31%0.6886-1.171.162.370.051.04160.26340.04251.01580.50012.9%1633626
2009-08-25200922.782.18-0.52%3.46%4242996444265184334684730316640.00620.04141836978974065136258629133107338068120627737697230052237756147276404376404617572982009-06-30-2.16%1.22%17.65%0.8104-1.111.12.090.091.39570.44890.09621.14690.530318.0%1344022
2009-05-26200912.461.7-3.96%3.96%220127220127385553855536297362970.04750.047520660991190862286108752377809564830199203769713265331857088276405076405015051782009-03-31-14.96%17.51%-0.8571-1.111.11.790.11.29180.33750.08641.40660.576415.1%1773121
2009-02-23200842.11.02-21.94%17.87%22538922220543253431359301913111558120.25040.204020750911159575-915516974812653693109599258936285051891406987640507639029015792008-12-31-142.70%144.35%-1.07085.78521.21.190.990.051.36180.28650.04481.26660.558815.1%1742417
2008-11-27200831.321.12-6.17%39.81%618851199666586150461273537623471230.07010.454421953211095454368571099867280391482711277669275317631048544442097668817638529739382008-09-30-14.22%13.92%35.39%1.2088-1.391.380.920.061.70860.37040.05011.03050.49923.8%2043823
2008-08-07200823.761.080.1221.18%33.64%70650413778132373843751231847152933620.23850.3848190951278414436900112536878992119731170139275367019499944275977461776232028505902008-06-30-32.87%33.60%19.59%1.3156-1.431.412.610.062.26360.68720.07150.72040.410730.7%1745426
2008-05-07200814.183.38-12.46%12.46%6713096713091377391377391086471086470.14490.1449177124477323050181998014142419999653024927531324237939917215275002275002228350832008-03-31-19.59%20.52%16.66%1.2266-1.261.253.020.232.040.8580.27680.81580.436529.8%1454325
2008-02-18200743.822.870.088.59%20.22%656935194785771041233960727971714200.14200.33791687395815383444338720121152032084281641652164993225709409258951265550731016712552007-12-31-10.74%10.81%-1.15449.64781.631.612.020.181.83090.6390.14320.98530.483227.7%1654124
2007-11-07200734.462.37-5.92%14.12%477319129092262153162918501511196550.14920.3553158693581641050566770525567511893421268192165013259157721587833606933674513913252007-09-30-12.77%13.02%11.61%1.0235-2.142.111.960.061.75170.46070.03861.1340.514525.5%1825225
2007-08-15200724.23.880.084.63%8.20%3669848136045423710076639266695050.11660.2062157420080745159064766749270921764131432042165014932161171553333688033701311723422007-06-30-14.85%14.78%14.21%0.7286-2.12.071.680.051.64360.38990.03141.1410.512932.3%2616543
2007-05-3020071N/AN/A-3.57%3.57%446620446620465294652930239302390.08690.0897144224054946222416389277878048647274416216508452010104317543479053370437479952007-03-31-11.00%10.42%12.66%0.5408-1.981.981.090.091.7950.61970.06960.82180.38146.5%28011648
2007-02-1420064N/AN/A0.06N/AN/A333297143839427576127150259191025540.07680.34201487487639780211997847707115828785583103415414372706236216503374992998474994982006-12-31-9.43%8.27%-0.22414.32722.122.110.70.071.60260.5220.0431.00640.430195.8%693269121

Financial Quarter Balance Sheet
yearqrtBiological assets (A-0)Deferred tax assets (A-0)Intangible assets (A-0)Investment in associated companies (A-0)Investment properties (A-0)Other investments (A-0)Prepaid lease payments (A-0)Property, plant and equipment (A-0)Rolls & Moulds (A-0)Cash and cash equivalents (A-1)Current asset classified as held for sales (A-1)Current tax assets (A-1)Derivative assets (A-1)Inventories (A-1)Other receivables, deposits and prepayments (A-1)Deferred tax liabilities (L-0)Employee benefits (L-0)Loans & borrowings (L-0)Bank overdraf (L-1)Current tax liabilities (L-1)Derivative liabilities (L-1)Dividend payable (L-1)Liabilities directly associated with assets classified as held for sale (L-1)Loans & borrowings (L-1)Payables and accruals (L-1)Minority interest (M-1)
20122-37955773612994223254119611150317-58661495611173-1187282327148166267573486710-1550---10194092159324517
20121-2717878741281689127376611148734-9486941008886-1229471305728159167364490220-1023---10710491831844321
20114-19253801212806912262121201144470-60241-6328-1280143280882154237154493730-1975---10438421795134059
20113-19909815113036994252122001125323-101281-1075-1092472329870168026249537240-9499---8819471783233719
20112-6828828912706994304122801104131-140560-1063-1244413331794170946772540750-8564---10060861653053600
20111-5979842811866994325123601093786-63952-1854-125292723864317250752044260-4122---13534101555223444
20104-9403856611666994303124391070052-61572-1726-123967629882616693759146600-3699---141464414684614731
20103-1724287041124596429657881917822795743478-1479-121337818628618260787551280-1055417--122596913920914471
20102-162578843100759642275811888006275968866015161595117100311918909014680870354790210935---100818114362315083
20101-1372989818535964240583568371787807142141300414655327650661960071487583815830014663357---86224813163714438
20094-140129120775596424712646868501-3503130044970-890981133011165408232--1162---89638512950614340
20093-163959258694748024859636793612813637660-72481-689298123174144048999-151438---77535110899413777
20092-191209396622735624859879787995825265065-76940-640431161674145358857274227593448---57198510342013625
20091-196439535520735624860122775158856079219392577320-875355149138145548557250445533698---80788410418428610
20084-1803896735067356248603667098498559414261119069269-995316143295146198190211153728396---82702597464-
20083--99504831660724860608576979764744639-6380-1192645279135474411023914653143057478---69888313445236857
20082--98204271661224852451440773725943669-5572-962376370305472361041911600391056393---40956714361636900
20081-1171016239116619249526444148286869172213995553672-7355052584204630310135945626116870--2686745175712667550181
20074-11797913561662424952840412834663592940989584702-77332621802340623991511600335110722--2965449614811196744433
2007351960-97911521387024584690453341677021279-3419-71203922937959274-205607540112625---4373359616850566
2007252643-93781421387028884983459373603218073-3370-72269320335557294-17367125409439---44528111922659064
2007153326-21271381387032185275462414635831754-3854-53587124693258664-34860-3937---36053191470224163
2006454009-21271341387032293417468347573222798-8434-57284224545566648-4304011483434-9855-41574399912211997

Financial Quarter Income Statement
yearqrtRevenueIncome tax expenseFinance/interest costsOther incomeAdministrative/Operating expensesMinority interestShare of profit/ (loss) of associatesInvestment gain/lossGain/loss on disposal of non-current assets held for saleAfter tax effect
20122603362841269928707618230196-18-3666
201216121303929791426555635480262-1-3665
20114500252624456593809493152340-1-3705
20113625204876556351400654182119-32-3705
20112554715620766661931510957156-85-3665
201115571481096462858032505287364-20-3625
20104428564498832864542427334261-41-3705
201033339343772602315453329962612-117-3705
20102595431597546783820517221645-155-3665
20101473947457343772387425650329-78-3624
2009427639425754372406246571563-81-2532
20093382185324248332208330775153-72-2533
2009242429991565761586416739461-103-2511
200912201271200821526302556801058-14-2569
20084225389129196871315125485324836-237244254
2008361885130485616546635355091903-5604254
2008270650446492458564744807796177-3655274207
2008167130922954571438505436196138-3581793699
200746569356148707458385922484392-87582-
200734773197219706826404190024783-108254-
2007236698477074357207131455072644-4085-
20071446620589042723768401244104004-1653-
200643332975785383714303032837442-2318661920

Financial Quarter Segments Revenue
yearqrtOthersElimination/AdjustmentManufacturingTrading
201227956215871585476225801
201217958201926608148197950
20114108627267100460685198040
201137235280067723584174452
201128065122967468670200948
201118084183553555312177305
20104112290168696333854151116
201037169108445253621181589
20102473266787475600191350
20101224649279758408811120245
2009449494432524965466116
200936246411477835324081259
2009251854566437748387295
20091103785155818120880099
20084101881978917619358797
20083160392510055348374430
200828192610284263191695504
2008135531671060439380073
2007419512941855878860308
2007313348212729041431370094
20072141332639930113286863
2007193994033038970593645
20064273174359926918286875

Financial Quarter Segments Profit
yearqrtOthersElimination/AdjustmentManufacturingTrading
20122222591136684612
201212842141363313760
201141035151012273368748
201131554-30110447
201122614-2814314651
20111219217804268816505
2010410843111288932256929
20103175568134633768
20102102696858413291
20101209507209212427677444
200945253046252397468
200935787457808453937762
20092380-9065579
2009155324825321511930
200841338-30302720481
200836747-7418519417
200825637-21226524643
200813502-12095213206
200741881315506489810090
200735383-5231110834
200722796-4252713171
20071909-1163337359
20064103-239289414

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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