KLCI Stock - ASIABIO / 0150 - 2013 Quarter 2

ASIA BIOENERGY TECHNOLOGIES BERHAD


Company Description

ASIA BIOENERGY TECHNOLOGIES BERHAD is a Malaysia-based holding company. The principal activity of the Company is a technology incubator. Its wholly owned subsidiary, Asia Bioenergy Research Sdn Bhd (ABR), is engaged in research and stratergy advisory. On August 29, 2008, the Company completed the acquisition of ABR. The subsidiary companies of ABR are ALC Management Sdn Bhd, which is a corporate service provider, and STSB Technology Sdn Bhd, which is engaged in programmable logic controller (PLC), enterprise resource planning (ERP) systems and e-learning products and training provider. ABR’s associated companies are Grand Inizo Sdn Bhd, which is a technology provider for Biodiesel and oleochemical plants, and Eco-Sponge Sdn Bhd, which is a producer of a blend of compound used in Biodiesel plants as absorbent/filtration.

Company Info 

Listing Date	2008-12-12
Market Capital (Capital Size)	28,650,000 (Very Small)
Par Value	RM 0.10
Board	ACE
Sector	Trading/Services
Major Industry	Technology Incubation
Sub Industry	Biotechnology Products
Website	http://www.bioenergy.com.my/

My Analysis 

Forecast P/E now	N/A
Target Price	0.09
Decision	Purely base on technical analysis, BUY if stock price strong maintain above SMA200 uptrend
Comment	Revenue increased 160.7% but lower than preceding year corresponding quarter 64.5%, eps remained loss, no cash generated from operating hence spent cash from disposal and 73.3% of Group cash to cover investing expenses, remain unstable margin, current liquidity ratio indicate Group financial strength is very weak, higher gearing ratio than earlier year but did not bring in more profit, insufficient working capital to cover payables, benefit from high payables payment period which conserves cash
First Support Price	0.07
Second Support Price	0.06
Risk Rating	HIGH

Accounting Ratio 

Return on Equity	-35.77%
Dividend Yield	-
Gross Profit Margin	26.84%
Operating Profit Margin	-228.10%
Net Profit Margin	-228.10%
Tax Rate	-
Asset Turnover	0.1075
Net Asset Value Per Share	0.06
Net Tangible Asset per share	0.05
Price/Net Tangible Asset Per Share	1.5
Cash Per Share	0.0
Liquidity Current Ratio	0.3391
Liquidity Quick Ratio	0.3186
Liquidity Cash Ratio	0.0346
Gearing Debt to Equity Ratio	0.2129
Gearing Debt to Asset Ratio	0.1756
Working capital per thousand Ringgit sale	-108.0%
Days to sell the inventory	19
Days to collect the receivables	163
Days to pay the payables	918

Technical Analysis 

SMA 10	0.074 (Same)
SMA 20	0.074 (Downtrend 2 days)
SMA 50	0.074 (Same)
SMA 100	0.069 (Same)
SMA 200	0.069 (Same)
MACD (26d/12d)	-6e-006 ( 6e-005 )
Signal (9)	4.8e-005 ( 1.3e-005 )
MACD Histogram	0.000054 (Bearish trend 2 days)
Bolinger Upper Band	0.08
Bolinger Lower Band	0.068

My notes based on 2013 quarter 2 report (number in '000):-
- Loss mainly due to the writing off of certain fixed assets due to the relocation of the Group's incubation centre and some inter company write down as part of its reorganisation programme

- The incubator division is the cost centre of the Group, representing the resources utilised to support the acitivites of its incubatees going forward. Thus, it incurred a loss in the period

- The biofuel industry did not register any sales in the period as the Group currently holds less than 20% in its investment in the biofuel industry, thus it is not consolidated in the accounts. Whilst prospects remain in the long term for this sector, the near term outlook remains challenging

- The Information Technology division has been deconsolidated as the Group now refocus its activities into "green" technologies and thus has decided to divest its investee in this sector

- The biomass/biotechnology division registered sales in the period mainly due to the contract for bio-pelletizing technologies

- No estimate next 4Q eps after 2013 Q2 result announced
- No estimate next 4Q eps after 2013 Q1 result announced
- No estimate next 4Q eps after 2012 Q4 result announced
- Estimate next 4Q eps after 2012 Q3 result announced = 46532*0.01/360681 = 0.0013(if can achieve ROE of 1%), estimate highest/lowest PE = 80.77/38.46
- Estimate next 4Q eps after 2012 Q2 result announced = 0.0012*4 = 0.0048, estimate highest/lowest PE = 13.54/8.33
- Estimate next 4Q eps after 2012 Q1 result announced = 0.0004*4*1.05 = 0.0017, estimate highest/lowest PE = 44.12/23.53
- Estimate next 4Q eps after 2011 Q4 result announced = (0.001+0.0023)/2 = 0.0017, estimate highest/lowest PE = 47.06/32.35
- Estimate next 4Q eps after 2011 Q3 result announced = 0.0042, estimate highest/lowest PE = 20.24/13.1
- Estimate next 4Q eps after 2011 Q2 result announced = 0.0042, estimate highest/lowest PE = 19.05/14.29
- Estimate next 4Q eps after 2011 Q1 result announced = 0.0036+0.0006(average of eps per quarter in year 2009)*4 = 0.006, estimate highest/lowest PE = 14.17/10.08

ASIABIO latest news (English)

ASIABIO 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
2012-09-27	2013	2	N/A	N/A	-	6.65%	6.60%	790	1093	1802	1793	1787	1775	0.0047	0.0046	27798	4881	-9	22917	3166	2702	N/A	633	464	464	169	382000	382000	28650	2012-07-31	26.84%	228.10%	228.10%	-	0.1075	-	0.06	0.05	1.5	N/A	0.3391	0.3186	0.0346	0.2129	0.1756	-108.0%	19	163	918
2012-06-20	2013	1	0.095	0.055	-	0.04%	0.04%	303	303	9	9	12	12	0.0000	0.0000	31596	6229	731	25367	5812	6027	N/A	633	215	215	418	382000	382000	24830	2012-04-30	90.43%	3.63%	2.97%	-	0.1401	-	0.06	0.03	2.17	N/A	0.4253	0.411	0.0671	0.2528	0.1971	-80.9%	17	165	1196
2012-03-29	2012	4	0.08	0.055	-	26.98%	30.20%	398	5517	11365	11050	11301	12650	0.0309	0.0346	31069	4191	2266	26878	1702	5176	3070	1037	3474	404	633	366055	366055	27454	2012-01-31	60.05%	2832.41%	2855.53%	-	0.1776	-	0.07	0.03	2.5	N/A	2.4819	2.3876	0.6355	0.1703	0.1349	26.8%	17	100	141
2011-12-05	2012	3	0.105	0.05	-	2.19%	3.22%	1497	5119	686	315	916	1349	0.0025	0.0037	50806	4274	3292	46532	1050	4895	4172	1037	3845	327	1364	360681	360681	19837	2011-10-31	21.51%	26.39%	45.82%	-	0.1159	-	0.12	0.09	0.61	N/A	3.5881	3.4855	1.0444	0.0988	0.0841	57.4%	23	184	190
2011-09-30	2012	2	0.065	0.04	-	0.72%	1.03%	2228	3622	486	1001	302	433	0.0009	0.0013	51801	4388	3305	47413	1205	5857	4466	1037	4652	186	851	334597	334597	15056	2011-07-31	76.71%	23.16%	21.81%	7.20%	0.1009	-	0.13	0.1	0.45	N/A	2.8695	2.1505	0.5164	0.0995	0.0847	59.0%	337	173	412
2011-06-23	2012	1	0.075	0.04	-	0.31%	0.31%	1394	1394	515	515	131	131	0.0004	0.0004	51029	4369	4750	46660	614	2967	2843	1037	2353	490	1527	337112	337112	18541	2011-04-30	91.10%	39.38%	36.94%	-	0.0598	-	0.12	0.08	0.69	N/A	3.991	3.3253	0.8579	0.1042	0.0856	174.6%	552	499	723
2011-03-29	2011	4	0.08	0.055	-	1.33%	0.83%	771	6258	15	1166	428	268	0.0016	0.0010	45986	4102	2812	41884	1761	10118	7562	5354	11879	4317	1037	267178	267178	16030	2011-01-31	61.48%	2.72%	1.95%	-	0.1363	59.816	0.15	0.11	0.55	N/A	3.4741	3.4065	0.7157	0.105	0.0892	57.2%	42	227	525
2010-12-13	2011	3	0.085	0.055	-	0.51%	2.16%	832	5498	115	1181	163	696	0.0006	0.0027	36497	675	1495	35822	1084	3417	2430	5354	4501	2071	3283	257875	257875	18051	2010-10-31	58.53%	16.35%	13.82%	-	0.1781	-	0.13	0.12	0.58	0.01	8.4756	8.3304	4.8637	0.0197	0.0185	77.6%	40	131	278
2010-09-27	2011	2	0.08	0.06	-	0.10%	2.67%	52	4666	40	1066	33	859	0.0001	0.0034	35884	178	1216	35706	475	2485	2429	5354	2960	531	4823	252948	252948	18971	2010-07-31	65.38%	136.54%	76.92%	-	0.197	-	0.14	0.12	0.62	0.02	35.9944	35.9944	27.0955	0.0052	0.0050	88.1%	-	82	37
2010-06-24	2011	1	0.085	0.065	-	2.77%	2.77%	4614	4614	1026	1026	892	892	0.0036	0.0036	33312	153	1138	33159	515	442	72	5354	957	1029	4325	250000	250000	17500	2010-04-30	95.88%	22.87%	22.24%	-	0.2195	-	0.13	0.11	0.64	0.02	40.1895	40.1895	28.268	0.0048	0.0046	82.0%	-	91	32
2010-03-29	2010	4	0.09	0.06	-	0.85%	1.85%	1002	3476	608	936	260	566	0.0010	0.0023	32378	172	1047	32206	1109	6690	165	11100	5581	5746	5354	250000	250000	22500	2010-01-31	66.87%	35.43%	60.68%	-	0.1074	39.7527	0.12	0.1	0.9	0.02	37.9302	37.9302	31.1221	0.0055	0.0053	182.7%	-	123	30
2009-12-23	2010	3	0.12	0.085	-	0.02%	1.00%	1401	2474	26	328	6	306	0.0000	0.0012	31057	134	21	30923	929	5504	45	11101	4575	4620	6481	250000	250000	26250	2009-10-31	13.70%	1.64%	1.86%	76.92%	0.0875	-	0.12	0.11	0.95	0.03	116.7258	116.7258	104.5323	0.0043	0.0043	264.2%	-	102	13
2009-09-25	2010	2	0.125	0.095	-	0.24%	0.98%	294	1073	73	302	73	299	0.0003	0.0012	31089	172	22	30917	711	1366	30	11101	2077	2107	8994	250000	250000	30000	2009-07-31	90.48%	25.51%	24.83%	1.37%	0.0456	-	0.12	0.11	1.09	0.04	106.64	106.05	89.94	0.0056	0.0055	745.5%	37	415	63
2009-06-23	2010	1	0.15	0.105	-	0.74%	0.74%	779	779	229	229	226	226	0.0009	0.0009	31068	223	-	30845	1050	731	15	11101	1781	1796	9305	250000	250000	28750	2009-04-30	36.07%	2.70%	29.40%	0.44%	0.0361	-	0.12	0.11	1.05	0.04	69.7758	69.4182	56.3939	0.0072	0.0072	1010.5%	39	698	109
2009-03-23	2009	4	0.17	0.07	-	N/A	N/A	242	344	528	5596	508	5599	0.0033	0.0369	30897	280	21	30617	1422	1027	11496	N/A	395	11101	11101	151721	151721	21240	2009-01-31	89.26%	112.40%	218.18%	3.41%	0.0111	3.7937	0.2	0.18	0.78	0.07	58.5385	58.5337	53.3702	0.0092	0.0091	3479.1%	7	1140	1380
2008-12-09	2009	3	0.41	0.1	-	N/A	N/A	102	102	5054	5054	5038	5038	0.2292	0.2292	17543	407	-	17136	944	3691	663	N/A	2747	2084	2084	21978	21978	6153	2008-10-31	71.57%	19.61%	4954.90%	0.32%	0.0058	-	0.78	0.78	0.36	0.09	10.5298	10.5298	6.9007	0.0238	0.0232	2821.6%	-	3922	3801

Financial Quarter Balance Sheet

year	qrt	Available-for-sale investment (A-0)	Intangible assets (A-0)	Investment in associated companies (A-0)	Property, plant and equipment (A-0)	Amount due from customers (A-1)	Cash and cash equivalents (A-1)	Current tax assets (A-1)	Inventories (A-1)	Other receivables, deposits and prepayments (A-1)	Trade receivables (A-1)	Deferred tax liabilities (L-0)	Hire purchase liabilities (L-0)	Lease payables (L-0)	Term loans (L-0)	Amount due to customers (L-1)	Current tax liabilities (L-1)	Hire purchase liabilities (L-1)	Lease payables (L-1)	Term loans (L-1)	Trade and other payables (L-1)	Minority interest (M-1)
2013	2	19146	5603	-	1394	580	169	51	100	755	-	-	-	-	-	-	-	-	-	-	4881	9
2013	1	15146	12243	-	1558	-	418	142	89	2000	-	-	-	-	-	60	-	-	-	-	6169	731
2012	4	6414	12328	3419	6436	-	633	231	94	1514	-	9	833	8	2345	-	39	187	91	104	575	2266
2012	3	23085	12463	4252	6320	-	1364	223	134	2965	-	9	561	31	2367	-	19	109	89	95	994	3292
2012	2	21185	11479	4484	9924	-	851	220	1185	2473	-	9	287	54	2390	-	18	67	87	94	1382	3305
2012	1	18685	15337	-	9903	1925	1527	225	1185	2242	-	9	92	76	2412	-	48	22	85	93	1532	4750
2011	4	18685	10077	1874	10316	1981	1037	-	98	1918	-	9	97	98	2449	-	57	21	84	85	1202	2812
2011	3	18685	3621	1912	6558	2063	3283	-	98	277	-	-	-	-	-	-	-	-	-	-	675	1495
2011	2	18685	3549	1933	5310	1333	4823	-	-	251	-	-	-	-	-	-	-	-	-	-	178	1216
2011	1	18685	3549	1963	2966	1278	4325	-	-	546	-	-	-	-	-	-	-	-	-	-	153	1138
2010	4	14631	6139	1992	3092	807	5353	-	-	364	-	-	-	-	-	-	-	-	-	-	172	1047
2010	3	18230	2592	1679	1319	-	6481	-	-	756	-	23	49	-	-	-	-	14	-	-	48	21
2010	2	16767	2829	-	829	-	8994	-	59	1380	231	23	49	-	-	-	-	29	-	-	71	22
2010	1	16167	2829	-	559	-	9305	-	59	1991	158	23	35	-	-	-	-	56	-	-	109	-
2009	4	5504	2750	9921	546	-	11101	-	1	1037	37	23	49	-	-	-	-	56	-	-	152	21
2009	3	5504	26	8378	455	-	2084	-	-	1096	-	23	82	-	-	-	-	37	-	-	265	-

Financial Quarter Income Statement

year	qrt	Revenue	Income tax expense	Cost of sales	Finance/interest costs	Other income	Administrative/Operating expenses	Minority interest	Share of profit/ (loss) of associates	Impairment loss	Listing expenses	Excess of fair value of net assets acquired over the consideration
2013	2	790	-	578	-	535	2124	15	0	425	-	-
2013	1	303	-	29	-	11	274	3	2	-	-	-
2012	4	398	35	159	54	0	1350	99	38	10162	-	-
2012	3	1497	22	1175	34	490	1207	208	257	-	-	-
2012	2	2228	35	519	30	18	1211	753	0	-	-	-
2012	1	1394	-	124	22	7	728	646	12	-	-	-
2011	4	771	47	297	19	1	494	366	25	-	-	-
2011	3	832	0	345	-	17	368	278	21	-	-	-
2011	2	52	5	18	-	14	23	78	31	-	-	-
2011	1	4614	-	190	-	85	3454	134	29	-	-	-
2010	4	1002	0	332	5	8	323	348	221	-	-	37
2010	3	1401	20	1209	0	78	293	-	49	-	-	-
2010	2	294	1	28	2	36	227	1	0	-	-	-
2010	1	779	1	498	1	29	331	2	251	-	-	-
2009	4	242	18	26	1	50	538	2	1527	-	726	0
2009	3	102	16	29	1	2	95	-	932	-	450	4593

Financial Quarter Segments Revenue

year	qrt	Technology incubation	Biofuel related products	Biotechnology products	Information technology training & related services & equipment	Management & corporate services
2013	2	150	-	-	640	-
2013	1	-	-	-	303	-
2012	4	-	-	466	864	-
2012	3	-	-	500	997	-
2012	2	505	-	1	1722	-
2012	1	-	-	25	1369	-
2011	4	-	-	11	771	-
2011	3	-	-	832	-	-
2011	2	-	-	52	-	-
2011	1	4074	-	540	-	-
2010	4	60	-	942	4	-
2010	3	1336	65	-	-	352
2010	2	60	-	-	231	3
2010	1	160	493	-	125	1
2009	4	39	22	-	180	1
2009	3	22	-	-	79	1

Financial Quarter Segments Profit

year	qrt	Technology incubation	Biofuel related products	Biotechnology products	Information technology training & related services & equipment	Management & corporate services
2013	2	44	-	-	367	-
2013	1	44	-	-	156	-
2012	4	264	5	838	343	-
2012	3	406	-	794	774	-
2012	2	333	-	289	1274	-
2012	1	225	5	44	1000	-
2011	4	258	23	48	634	-
2011	3	195	155	488	-	-
2011	2	101	149	33	-	-
2011	1	3765	373	348	-	-
2010	4	72	21	604	18	18
2010	3	73	7	-	6	319
2010	2	29	5	-	200	303
2010	1	60	12	-	101	2
2009	4	423	13	-	137	1
2009	3	66	-	-	48	2

Financial Quarter Segments Associate

year	qrt	Technology incubation
2013	2	-
2013	1	-
2012	4	-
2012	3	-
2012	2	-
2012	1	-
2011	4	-
2011	3	-
2011	2	-
2011	1	-
2010	4	-
2010	3	-
2010	2	-
2010	1	-
2009	4	1527
2009	3	932

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

ARCHIVES

---

●CHANGES IN SHAREHOLDING