Company Description GUINNESS ANCHOR BERHAD operates in the beer and stout market of the brewing industry, engaged in the production, Guinness Anchor Berhad operates in the brewing industry principally in Malaysia. The Company is principally engaged in the production, packaging, marketing and distribution of GUINNESS Stout, GUINNESS Draught, Anchor Smooth, Anchor Strong Beer, Tiger Beer, Heineken Beer, Kilkenny Draught, Anglia Shandy and Malta. The Company’s subsidiaries include Guinness Anchor Marketing Sdn Bhd, which is engaged in the marketing and promotion of GUINNESS Stout, GUINNESS Draught, Anchor Smooth, Anchor Strong Beer, Tiger Beer, Heineken Beer, Kilkenny Draught, Anglia Shandy and Malta in Malaysia, and Ramaha Corporation (M) Sdn Bhd, which is engaged in property holding and land development.
Company Info
Listing Date 1965-03-31 Market Capital (Capital Size) 4,827,526,040 (Large) Par Value RM 0.50 Board Main Sector Consumer Products Major Industry Beverages Products Sub Industry Breweries Website http://www.gab.com.my
My Analysis
Forecast P/E now (15.98-0.6)/0.7552 = 20.37 (Moderate) Target Price 15.71+0.6 = 16.31 (PE 20.8, EPS 0.7552, DPS 0.6) Decision Not interested unless stock price strong sustain above 16 or wait rebound at lower price or when got special dividend announce Comment Revenue decreased 5.1% and was second consecutive quarter decreasing and also lower than preceding year corresponding quarter 0.8%, eps decreased 32.4% and was second consecutive quarter decreasing but still higher than preceding year corresponding quarter 19.9%, cash generated from operating not enough to pay dividend hence increased borrowings to cover all other expenses, average operating margin per quarter still got around 17% which is quite good, current liquidity ratio indicate more than sufficient to meet current obligation, gearing ratio indicate Group is very efficient to generate income with higher leverage, all accounting of inventory/receivables/payables period is short hence can utilize the liquidity to improve efficiency
First Support Price 15.7 Second Support Price 13.9 Risk Rating MODERATE
Research House
Macquarie Target Price 13.5 (2012-05-24) AMMB Target Price 14.5 (2012-08-29) HLG Target Price 15.13 (2012-08-29) Maybank Target Price 14.5 (2012-08-29) TA Target Price 14.67 (2012-08-29) CIMB Target Price 17.1 (2012-08-30) OSK Target Price 17.47 (2012-09-20) Alliance Target Price 16.58 (2012-10-01)
Accounting Ratio
Return on Equity 40.15% Dividend Yield 3.75% Gross Profit Margin - Operating Profit Margin 13.91% Net Profit Margin 13.55% Tax Rate 25.69% Asset Turnover 2.0832 Net Asset Value Per Share 1.26 Net Tangible Asset per share 1.17 Price/Net Tangible Asset Per Share 13.47 Cash Per Share 0.53 Liquidity Current Ratio 2.4 Liquidity Quick Ratio 2.0966 Liquidity Cash Ratio 0.741 Gearing Debt to Equity Ratio 1.0527 Gearing Debt to Asset Ratio 0.5128 Working capital per thousand Ringgit sale 18.7% Days to sell the inventory 18 Days to collect the receivables 64 Days to pay the payables 42
Technical Analysis
SMA 10 15.894 (Uptrend) SMA 20 15.698 (Uptrend 3 days) SMA 50 15.566 (Uptrend) SMA 100 14.554 (Uptrend) SMA 200 13.701 (Uptrend) MACD (26d/12d) 0.144586 ( 0.001319 ) Signal (9) 0.141788 ( 0.000699 ) MACD Histogram 0.002798 (Bullish trend 11 days)Bolinger Upper Band 16.261 Bolinger Lower Band 15.135
My notes based on 2012 quarter 4 report (number in '000):- GAB latest news (English) GAB latest news (Chinese) Material price 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 2012-08-28 2012 4 N/A N/A - 6.74% 40.15% 346028 1623687 46876 276981 34835 207399 0.1153 0.6865 779418 399715 - 379703 180272 54837 144392 179777 125435 18957 160820 302098 302098 4761064 2012-06-30 - 13.91% 13.55% 25.69% 2.0832 22.9561 1.26 1.17 13.47 0.53 2.4 2.0966 0.741 1.0527 0.5128 18.7% 18 64 42 2012-05-23 2012 3 15.92 12.7 - 9.98% 33.40% 364714 1277659 68721 230105 51534 172564 0.1706 0.5712 820030 445070 - 374960 161521 30397 114182 179777 131124 16942 196719 302098 302098 3927274 2012-03-31 - 19.16% 18.84% 25.01% 1.9834 - 1.24 1.17 11.11 0.65 2.7224 2.448 0.9258 1.187 0.5427 22.5% 16 72 53 2012-02-23 2012 2 13.8 12.6 0.1 12.74% 23.43% 468322 912946 87777 161385 65822 121031 0.2179 0.4006 936441 431741 - 504700 16019 16691 17077 179777 672 16405 196182 302098 302098 3818518 2011-12-31 - 18.55% 18.74% 25.01% 1.7231 - 1.67 1.62 7.8 0.65 2.8118 2.4632 0.7874 0.8554 0.461 28.0% 23 93 63 2011-11-02 2012 1 13.5 10.4 0.6 10.69% 10.69% 444623 444623 73607 73607 55208 55208 0.1827 0.1827 789307 217477 - 571830 11904 3892 N/A 179777 15796 15796 163981 302098 302098 3244532 2011-09-30 - 16.27% 16.55% 25.00% 1.9849 - 1.89 1.86 5.77 0.54 3.0223 2.6633 0.8869 0.3803 0.2755 23.9% 19 76 49 2011-08-04 2011 4 10.82 9.4 0.44 6.17% 38.52% 348759 1488720 37725 242883 29076 181378 0.0962 0.6004 685138 168522 - 516616 196345 30250 135944 149626 166095 30151 179777 302098 302098 3280784 2011-06-30 - 10.54% 10.82% 22.93% 2.1729 18.0881 1.71 1.68 6.46 0.6 3.3246 2.8434 1.3226 0.3262 0.246 21.2% 19 50 39 2011-05-05 2011 3 10.9 9.95 - 10.40% 32.34% 351916 1139961 67324 205158 48972 152302 0.1621 0.5041 724586 206944 - 517642 100344 19879 95734 149626 80465 15269 134357 302098 302098 3093483 2011-03-31 - 19.07% 19.13% 27.26% 1.9993 - 1.71 1.68 6.1 0.44 2.7829 2.3704 0.7673 0.3998 0.2856 21.5% 22 71 46 2011-01-28 2011 2 10.36 9.15 0.1 13.73% 21.94% 421414 788045 86196 137834 64635 103330 0.2140 0.3420 721704 253054 - 468650 4194 11225 85734 149626 15419 101153 48473 302098 302098 2909203 2010-12-31 - 20.36% 20.45% 25.01% 2.0335 - 1.55 1.52 6.34 0.16 2.195 1.7872 0.2191 0.54 0.3506 18.0% 27 86 56 2010-11-03 2011 1 11.0 8.8 - 8.22% 8.22% 366631 366631 51638 51638 38695 38695 0.1281 0.1281 719189 209532 - 509657 40609 974 N/A 149626 41583 41583 108043 302098 302098 2667525 2010-09-30 - 13.88% 14.08% 25.06% 1.9804 - 1.69 1.65 5.35 0.36 2.7352 2.271 0.6081 0.4111 0.2913 21.6% 25 75 52 2010-08-04 2010 4 8.84 8.0 0.35 8.02% 34.52% 308713 1358633 47822 204991 35477 152691 0.1174 0.5054 662562 191634 - 470928 143120 33406 123860 163772 109714 14146 149626 302098 302098 2446993 2010-06-30 - 15.27% 15.49% 25.81% 2.0506 16.0258 1.56 1.52 5.33 0.5 2.6465 2.1728 0.9364 0.4069 0.2892 19.4% 24 53 49 2010-05-07 2010 3 8.16 6.9 - 10.55% 26.50% 370817 1049920 62723 157169 46679 117214 0.1545 0.3880 682604 216927 - 465677 63237 14107 78650 163772 49130 29520 134252 302098 302098 2087497 2010-03-31 - 16.88% 16.91% 25.58% 1.9428 - 1.54 1.52 4.55 0.44 2.4415 2.1361 0.7223 0.4658 0.3178 20.2% 18 72 51 2010-02-09 2010 2 7.22 6.68 0.1 9.91% 15.95% 378134 679103 58645 94476 43818 70565 0.1450 0.2336 636001 216785 - 419216 37246 7379 78650 163772 44625 123275 40497 302098 302098 1993846 2009-12-31 - 15.43% 15.51% 25.28% 1.9972 - 1.39 1.36 4.85 0.13 2.1891 1.5991 0.218 0.5171 0.3409 17.4% 36 74 53 2009-11-26 2010 1 7.57 6.6 - 6.05% 6.05% 300969 300969 35831 35831 26747 26747 0.0885 0.0885 649492 180444 - 469048 24066 1628 N/A 163772 25694 25694 138078 302098 302098 2292923 2009-09-30 - 11.72% 11.91% 25.35% 1.8793 - 1.55 1.53 4.96 0.46 2.8039 2.3697 0.9242 0.3847 0.2778 22.1% 22 65 49 2009-08-28 2009 4 7.68 6.5 0.31 6.66% 34.52% 276274 1285423 38012 191178 27391 141988 0.0907 0.4700 646150 203849 - 442301 121193 29774 111021 183374 91419 19602 163772 302098 302098 1975720 2009-06-30 - 13.52% 13.76% 27.94% 1.9894 13.9147 1.46 1.44 4.54 0.54 2.3727 1.9708 0.9477 0.4609 0.3155 18.5% 23 50 54 2009-05-15 2009 3 6.54 5.9 - 7.93% 27.86% 314826 1009149 43606 153166 32599 114597 0.1079 0.3793 679614 234494 - 445120 86903 12850 52911 183374 74053 21142 204516 302098 302098 1797483 2009-03-31 - 13.78% 13.85% 25.24% 1.8532 - 1.47 1.46 4.08 0.68 2.2241 1.9682 1.0014 0.5268 0.345 19.8% 18 57 55 2009-02-27 2009 2 5.95 5.35 0.1 8.43% 19.93% 328519 694323 46308 109560 34675 81998 0.1148 0.2714 673327 260806 - 412521 45824 11412 49311 183374 57236 106547 76827 302098 302098 1601119 2008-12-31 - 13.87% 14.10% 25.12% 1.8912 - 1.37 1.35 3.93 0.25 1.92 1.5791 0.3332 0.6322 0.3873 16.7% 26 82 60 2008-11-26 2009 1 5.45 4.96 - 11.50% 11.50% 365804 365804 63252 63252 47323 47323 0.1566 0.1566 663803 205146 - 458657 93018 7093 N/A 183374 100111 100111 83263 302098 302098 1601119 2008-09-30 - 17.08% 17.29% 25.18% 1.8608 - 1.52 1.51 3.51 0.28 2.4664 2.0924 0.4761 0.4473 0.309 20.8% 22 84 54 2008-08-29 2008 4 5.45 4.46 0.31 5.06% 32.68% 250310 1194602 25258 168898 19486 125857 0.0645 0.4166 623449 212115 - 411334 156126 27725 99632 154605 128401 28769 183374 302098 302098 1616224 2008-06-30 - 9.52% 10.09% 22.85% 1.9161 12.8418 1.36 1.35 3.96 0.61 2.1537 1.7964 1.0084 0.5157 0.3402 17.6% 23 44 61 2008-05-23 2008 3 5.65 5.1 - 9.45% 27.62% 328741 944292 49141 143640 36392 106371 0.1205 0.3521 657487 236577 - 420910 108834 13798 34480 154605 95036 60556 215161 302098 302098 1661539 2008-03-31 - 14.85% 14.95% 25.94% 1.7908 - 1.39 1.38 3.99 0.71 2.1116 1.8862 1.0483 0.5621 0.3598 19.4% 17 53 56 2008-02-22 2008 2 5.85 5.2 0.13 6.98% 18.17% 290351 615551 36307 94499 26873 69979 0.0890 0.2316 603672 219154 - 384518 12306 6654 70570 154605 18960 89530 65075 302098 302098 1631329 2007-12-31 - 12.16% 12.50% 25.98% 1.8718 - 1.27 1.26 4.29 0.22 2.0263 1.5449 0.3465 0.5699 0.363 17.1% 34 73 66 2007-11-29 2008 1 5.9 5.25 - 11.19% 11.19% 325200 325200 58192 58192 43106 43106 0.1427 0.1427 616449 188234 - 428215 46023 2459 N/A 154605 48482 48482 106123 302098 302098 1706853 2007-09-30 - 17.61% 17.89% 25.92% 1.7638 - 1.42 1.4 4.04 0.35 2.4965 2.1864 0.6763 0.4396 0.3054 21.6% 19 80 57 2007-08-28 2007 4 6.1 5.65 0.32 N/A N/A 233110 1072112 21388 152159 17147 112561 0.0568 0.3726 562060 176951 - 385109 145195 18374 91747 119531 126821 35074 154605 302098 302098 1782378 2007-06-30 - 8.61% 9.18% 19.83% 1.3559 15.8348 1.27 1.26 4.68 0.51 2.2961 2.0218 1.0616 0.4595 0.3148 24.8% 22 67 77 2007-05-04 2007 3 N/A N/A - N/A N/A 281266 839002 45374 130771 33935 95414 0.1123 0.3158 605635 209004 - 396631 105258 6260 20478 119531 98998 78520 198051 302098 302098 1842797 2007-03-31 - 16.08% 16.13% 25.21% 0.8735 - 1.31 1.3 4.69 0.66 2.1892 1.9916 1.1247 0.5269 0.3451 39.6% 28 105 101 2007-02-26 2007 2 N/A N/A 0.13 N/A N/A 247728 557736 33942 85397 24406 61479 0.0808 0.2035 543967 181271 - 362696 2364 2974 63078 119531 610 63688 55843 302098 302098 1842797 2006-12-31 - 13.43% 13.70% 28.09% N/A - 1.2 1.19 5.13 0.18 2.1613 1.6476 0.3764 0.4998 0.3332 N/A - N/A N/A
Financial Quarter Balance Sheet
year qrt Deferred tax assets (A-0) Intangible assets (A-0) Property, plant and equipment (A-0) Receivables (A-0) Cash and cash equivalents (A-1) Current tax assets (A-1) Inventories (A-1) Trade receivables (A-1) Deferred tax liabilities (L-0) Loans & borrowings (L-0) Current tax liabilities (L-1) Loans & borrowings (L-1) Trade and other payables (L-1) 2012 4 - 25873 231549 1132 160820 9733 65833 284478 32685 150000 12318 50000 154712 2012 3 - 20333 220107 1136 196719 4779 58317 318639 32592 200000 16116 - 196362 2012 2 - 14898 219759 1233 196182 4807 86857 412705 32592 150000 17150 - 231999 2012 1 - 10080 219177 1264 163981 3025 66378 325402 32592 - 8713 - 176172 2011 4 - 9124 222953 1152 179777 764 65402 205966 32592 - 3353 - 132577 2011 3 1412 9362 225537 1001 134357 - 72216 280701 31846 - 14367 10000 150731 2011 2 1412 9379 224385 981 48473 1260 90201 345613 31846 - 14575 20000 186633 2011 1 1412 10004 221070 697 108043 3030 82484 292449 31846 - 7024 - 170662 2010 4 1412 10434 227103 728 149626 1433 75691 196135 31846 - 4724 - 155064 2010 3 1924 7064 218511 1279 134252 - 56761 262813 31048 - 11590 15000 159289 2010 2 1924 6862 219216 1406 40497 - 109574 256522 31048 - 11409 15000 159328 2010 1 1924 5932 221268 1481 138078 - 64868 215941 31048 - 7332 - 142064 2009 4 1924 6529 226110 1585 163772 - 69453 176777 31048 - 9831 - 162970 2009 3 2338 5120 216304 1634 204516 - 52255 197447 30266 - 13522 27900 162806 2009 2 2338 5086 221560 1697 76827 - 78590 287229 30266 - 18130 31500 180910 2009 1 2338 3848 224507 1783 83263 - 65415 282649 30266 - 15997 - 158883 2008 4 2338 2953 224645 1858 183374 - 64976 143305 30266 - 9568 - 172281 2008 3 2809 2572 216762 1930 215161 - 46254 171999 31323 - 12709 36090 156455 2008 2 2809 2641 215787 1836 65075 - 90420 225104 31323 - 12658 - 175173 2008 1 2809 3895 215889 2120 106123 - 48661 236952 31323 - 11050 - 145861 2007 4 2809 3148 219462 2271 154605 - 39939 139826 31323 - 5381 - 140247 2007 3 3971 3527 212624 - 198051 - 34798 152664 32910 - 9017 42600 124477 2007 2 3971 3936 215410 - 55843 - 76212 188595 32910 - 5258 - 143103
Financial Quarter Income Statement
year qrt Revenue Income tax expense Finance/interest costs Administrative/Operating expenses Finance/interest income 2012 4 346028 12041 2553 297892 1293 2012 3 364714 17187 1907 294844 758 2012 2 468322 21955 51 381440 946 2012 1 444623 18399 17 372270 1271 2011 4 348759 8649 20 311998 984 2011 3 351916 18352 134 284802 344 2011 2 421414 21561 220 335594 596 2011 1 366631 12943 55 315728 790 2010 4 308713 12345 22 261586 673 2010 3 370817 16044 147 308214 267 2010 2 378134 14827 150 319777 438 2010 1 300969 9084 70 265694 626 2009 4 276274 10621 33 238922 693 2009 3 314826 11007 295 271445 520 2009 2 328519 11633 336 282952 1077 2009 1 365804 15929 70 303328 846 2008 4 250310 5772 49 226474 1471 2008 3 328741 12749 379 279921 700 2008 2 290351 9434 88 255045 1089 2008 1 325200 15086 86 267940 1018 2007 4 233110 4241 50 213042 1370 2007 3 281266 11439 442 236030 580 2007 2 247728 9536 95 214462 771
Short form reference a_date = announcement date, yr = financial year end, qrt = quarterh_price = stock highest price during the quarter, l_price = stock lowest price during the quarterdiv = dividend recommend or declare in the quarter, roe = return on equityc_roe = cumulative of return on equity during the financial yearrev = revenue in the current quarter, c_rev = cumulative of revenue during the financial yearpbt = profit before tax in the current quarter, c_pbt = cumulative of profit before tax during the financial yeareps = earnings per share in the current quarter, c_eps = cumulative of earnings per share during the financial yearasset = total asset, liab = total liability, mino = minority interest, equi = total equitycfo = net cash flow from operating activities, cfi = net cash flow from investing activitiescff = net cash flow from financing activities, cash = cash and cash equivalents as at beginning of financial yearfinal = cash and cash equivalents as at current financial period endedshare = diluted/basic weighted average number of ordinary sharesc_share = cumulative of diluted/basic weighted average number of ordinary shares during the financial yearm_cap = market capital at announcement date of quarterly report, date = current financial period ended dateprof_m = profit margin, vat = income tax rate, pe = price earning per share ratio of recent four quarternavps = net asset value per share, ntaps = net tangible asset per share, cps = cash per sharel_cur = liquidity current ratio, l_qui = liquidity quick ratio, l_cash = liquidity cash ratiog_de = gearing debt to equity ratio, g_da = gearing debt to assets ratioavg_w = average working capital per thousand Ringgit saleinv_d = average days to sell the inventory, rec_d = Average days to collect the receivablesCURRENT ● CHANGES IN SHAREHOLDING ● ANNUAL REPORTS HISTORICAL ● CHANGES IN SHAREHOLDING ARCHIVES ● CHANGES IN SHAREHOLDING 
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