Company Description THONG GUAN INDUSTRIES BERHAD is a Malaysia-based company. The Company is principally engaged in investment holding activities, and also in trading of plastic and paper products. It operates in three business segments: plastic products, which is engaged in the manufacturing and trading of plastic based products; food and beverages, which is engaged in the manufacturing and trading of consumer food products, such as tea, coffee, biscuits, snack food and curry powder, and operations of food and beverage outlet, and others, which is engaged in the manufacturing and trading of products, such as high-density monofilament ropes, polypropylene string, paper serviette, colonge paper towel, rubber band, drinking straw and machinery. The business segments are operated principally in Malaysia and China.
Company Info
Listing Date 1997-12-19 Market Capital (Capital Size) 140,974,030 (Small) Par Value RM 1.00 Board Main Sector Industrial Products Major Industry Plastic Products Sub Industry Food & Beverage Website http://www.thongguan.com/
My Analysis
Forecast P/E now (1.34-0.06)/0.2817 = 4.54 (Moderate) Target Price 1.41+0.06 = 1.47 (PE 5.0, EPS 0.2817, DPS 0.06) Decision BUY if stock price sustain and uptrend above 1.31 or wait rebound at lower price Comment Revenue increased 4.8% and was fifth consecutive quarter increasing (higher than preceding year corresponding quarter 18.8%), eps increased 32.1% but lower than preceding year corresponding quarter 4.5%, cash generated from operating more than enough to cover financing expenses and still got borrowings, maintain around 11% gross margin, quick liquidity ratio indicate liquid assets can meet current obligation, slightly higher gearing ratio also good indication the Group utilize higher leverage to generate more income since is business uptrend now, all accounting of turnover period also short which assets is liquid to turn into cash to cover payables, higher inventory and higher revenue can indicate Group products demand is good, plastics products division (main profit contributor) strong growth
First Support Price 1.31 Second Support Price 1.28 Risk Rating MODERATE
Research House
Kenanga Target Price 1.57 (2012-10-16)
Accounting Ratio
Return on Equity 11.38% Dividend Yield 4.48% Gross Profit Margin 11.68% Operating Profit Margin 5.06% Net Profit Margin 5.01% Tax Rate 3.12% Asset Turnover 1.5496 Net Asset Value Per Share 2.43 Net Tangible Asset per share 2.43 Price/Net Tangible Asset Per Share 0.54 Cash Per Share 0.62 Liquidity Current Ratio 2.3783 Liquidity Quick Ratio 1.4121 Liquidity Cash Ratio 0.6125 Gearing Debt to Equity Ratio 0.4656 Gearing Debt to Asset Ratio 0.3158 Working capital per thousand Ringgit sale 25.0% Days to sell the inventory 72 Days to collect the receivables 52 Days to pay the payables 47
Technical Analysis
SMA 10 1.338 (Uptrend) SMA 20 1.312 (Uptrend 6 days) SMA 50 1.31 (Same) SMA 100 1.314 (Same) SMA 200 1.298 (Uptrend) MACD (26d/12d) 0.014102 ( 0.000625 ) Signal (9) 0.008028 ( 0.001518 ) MACD Histogram 0.006074 (Bullish trend 13 days)Bolinger Upper Band 1.382 Bolinger Lower Band 1.242
My notes based on 2012 quarter 2 report (number in '000):- TGUAN latest news (English) TGUAN 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 2012-08-27 2012 2 N/A N/A - 3.01% 5.30% 152271 297627 7630 14376 7325 12871 0.0696 0.1223 376721 118972 2217 257749 22728 1564 4441 36789 21164 25605 62394 105205 105205 137818 2012-06-30 11.68% 5.06% 5.01% 3.12% 1.5496 - 2.43 2.43 0.54 0.62 2.3783 1.4121 0.6125 0.4656 0.3158 25.0% 72 52 47 2012-05-24 2012 1 1.43 1.28 - 2.28% 2.28% 145356 145356 6746 6746 5546 5546 0.0527 0.0527 359168 112459 981 246709 8286 1372 1209 36366 6914 8123 44489 105205 105205 143078 2012-03-31 10.38% 4.67% 4.64% 17.88% 1.5583 - 2.34 2.34 0.58 0.45 2.3573 1.4065 0.4782 0.4577 0.3131 23.9% 68 59 46 2012-02-29 2011 4 1.47 1.31 0.06 3.55% 12.55% 143806 543415 6328 28116 7704 27204 0.0732 0.2586 368497 125422 986 243075 10765 32035 6195 51553 21270 15075 36478 105205 105205 140974 2011-12-31 11.87% 4.42% 4.40% - 1.4626 5.1821 2.3 2.3 0.58 0.37 2.066 1.0204 0.3353 0.5181 0.3404 22.8% 92 53 60 2011-11-24 2011 3 1.4 1.09 - 2.53% 9.00% 142325 395154 6297 21788 5479 19500 0.0521 0.1854 341534 107254 72 234280 9232 15278 5500 51494 6046 11546 39948 105205 105205 122037 2011-09-30 9.49% 4.47% 4.42% 13.59% 1.5654 - 2.23 2.23 0.52 0.4 2.3273 1.3341 0.4416 0.4579 0.314 23.9% 73 57 54 2011-08-25 2011 2 1.31 0.93 - 3.54% 6.47% 128202 252829 8304 15491 7674 14021 0.0729 0.1333 324819 93648 - 231171 3804 6275 5313 50833 10079 4766 46067 105205 105205 104152 2011-06-30 10.09% 6.53% 6.48% 7.59% 1.5889 - 2.2 2.2 0.45 0.47 2.6062 1.516 0.6046 0.4051 0.2883 25.6% 72 51 41 2011-05-27 2011 1 1.36 0.91 - 2.93% 2.93% 124627 124627 7187 7187 6347 6347 0.0603 0.0603 309743 87145 - 222598 5647 3046 2671 50629 8693 11364 39265 105205 105205 110465 2011-03-31 12.97% 5.84% 5.77% 11.69% 1.6109 - 2.12 2.12 0.5 0.4 2.6391 1.6316 0.5561 0.3915 0.2813 24.8% 63 57 45 2011-02-25 2010 4 1.1 0.95 0.05 3.49% 9.68% 139486 488599 8439 22659 7133 19795 0.0678 0.1882 323176 106465 - 216711 37415 20814 176 33953 16601 16777 50730 105205 105205 96788 2010-12-31 11.13% 6.13% 6.05% 15.48% 1.5114 4.8895 2.06 2.06 0.45 0.53 2.2421 1.3996 0.5894 0.4913 0.3294 24.0% 67 55 58 2010-11-30 2010 3 1.06 0.92 - 1.67% 6.47% 123787 348948 3550 14288 3407 13228 0.0324 0.1257 290468 80632 - 209836 21732 12166 288 33827 9566 9278 43105 105205 105205 102048 2010-09-30 13.54% 3.01% 2.87% 4.03% 1.5782 - 1.99 1.99 0.49 0.43 2.7431 1.7456 0.6705 0.3843 0.2776 25.7% 61 55 43 2010-08-26 2010 2 1.06 0.87 - 2.06% 4.80% 111067 225161 4408 10738 4220 9821 0.0401 0.0934 308432 96308 - 212124 1347 11188 13186 34237 9841 3345 37582 105205 105205 95736 2010-06-30 10.63% 4.06% 3.97% 4.26% 1.4204 - 2.02 2.02 0.45 0.39 2.4011 1.3732 0.4998 0.454 0.3123 26.5% 81 57 49 2010-05-27 2010 1 1.2 0.78 - 2.74% 2.74% 114094 114094 6330 6330 5601 5601 0.0532 0.0532 291492 83418 - 208074 2431 2704 3328 34297 5135 8463 25834 105205 105205 82059 2010-03-31 12.05% 5.64% 5.55% 11.52% 1.4723 - 1.98 1.98 0.39 0.28 2.5011 1.4992 0.3893 0.4009 0.2862 26.2% 73 67 55 2010-02-25 2009 4 0.84 0.75 0.04 1.62% 7.41% 109458 403060 3846 17509 3101 14209 0.0295 0.1351 288998 84591 - 204407 67620 5694 34666 7610 61926 27260 34870 105205 105205 84690 2009-12-31 11.52% 3.60% 3.51% 19.37% 1.3947 5.9603 1.94 1.94 0.41 0.37 2.4049 1.458 0.5142 0.4138 0.2927 26.4% 74 61 55 2009-11-20 2009 3 0.88 0.75 - 2.67% 5.79% 103464 293602 5581 13663 5117 11108 0.0486 0.1056 263089 62841 - 200248 59740 4466 40988 7631 55274 14286 21917 105205 105205 82059 2009-09-30 14.34% 5.52% 5.39% 8.31% 1.5395 - 1.9 1.9 0.41 0.25 2.7986 1.5468 0.4842 0.3138 0.2389 24.4% 68 50 36 2009-08-27 2009 2 0.9 0.775 - 2.36% 3.13% 102139 190138 5705 8082 4531 5991 0.0431 0.0569 271784 72890 - 198894 60786 3615 38497 7674 57171 18674 26348 105205 105205 82059 2009-06-30 13.55% 5.72% 5.59% 20.58% 1.7454 - 1.89 1.89 0.41 0.28 2.4255 1.4235 0.4444 0.3665 0.2682 19.7% 54 47 38 2009-05-28 2009 1 0.85 0.68 - 0.76% 0.76% 87999 87999 2377 2377 1460 1460 0.0139 0.0139 268151 71923 - 196228 36794 1431 28358 7631 35363 7005 14636 105205 105205 75747 2009-03-31 10.81% 3.18% 2.70% 38.58% 1.923 - 1.87 1.87 0.39 0.15 2.3574 1.2255 0.2496 0.3665 0.2682 17.0% 56 43 29 2009-02-27 2008 4 0.8 0.55 0.02 3.84% 2.53% 111419 564558 10126 3815 7067 4646 0.0672 0.0442 297774 106069 - 191705 2703 2160 5150 17644 4863 10013 7631 105205 105205 71539 2008-12-31 2.29% 8.48% 9.09% - 1.896 15.3981 1.82 1.82 0.37 0.13 1.8435 0.9242 0.1338 0.5533 0.3562 14.8% 63 49 28 2008-11-28 2008 3 0.8 0.65 - 1.48% 6.29% 172802 453165 3489 13916 2721 11567 0.0259 0.1099 364160 166033 - 198127 10634 504 5188 17644 11138 5950 11694 105205 105205 84164 2008-09-30 7.92% 2.26% 2.02% 22.01% 1.6252 - 1.88 1.88 0.43 0.17 1.5819 0.7518 0.1136 0.838 0.4559 15.2% 87 60 60 2008-08-28 2008 2 1.0 0.795 - 3.16% 4.81% 143431 280363 7135 10427 5809 8846 0.0552 0.0841 332758 140078 - 192680 1071 203 6047 17644 868 5179 12465 105205 105205 89424 2008-06-30 10.96% 5.40% 4.97% 18.58% 1.6725 - 1.83 1.83 0.46 0.15 1.6757 0.7823 0.1246 0.727 0.421 15.5% 82 55 57 2008-05-29 2008 1 1.0 0.8 - 1.65% 1.65% 136932 136932 3292 3292 3037 3037 0.0289 0.0289 320276 133406 - 186870 5250 936 8838 17644 4314 13152 4492 105205 105205 91002 2008-03-31 8.74% 3.03% 2.40% 7.75% 1.6851 - 1.78 1.78 0.49 0.1 1.6554 0.8199 0.0881 0.7139 0.4165 14.6% 74 59 54 2008-02-29 2007 4 1.1 0.81 0.03 0.50% 6.87% 138651 518215 1395 14993 871 12008 0.0083 0.1141 336393 152529 - 183864 34014 9132 17775 10537 24882 7107 17644 105205 105205 86268 2007-12-31 7.71% 2.67% 1.01% 38.71% 1.5405 7.1842 1.75 1.75 0.47 0.24 1.529 0.7548 0.1862 0.8296 0.4534 14.1% 83 55 63 2007-11-23 2007 3 1.07 0.81 - 3.04% 6.37% 137515 379564 5390 12762 5308 11137 0.0505 0.1059 338722 155977 16 182745 23624 7707 11939 10537 15917 3978 14515 105205 105205 105205 2007-09-30 9.50% 4.44% 3.92% 1.52% 1.4854 - 1.74 1.74 0.57 0.18 1.5186 0.7073 0.1379 0.8536 0.4605 14.4% 92 58 68 2007-08-30 2007 2 1.13 0.985 - 1.42% 3.33% 126584 242049 3734 7372 2487 5819 0.0236 0.0553 337142 156548 26 180594 18268 5005 9199 10537 13263 4064 14601 105205 105205 N/A 2007-06-30 9.36% 3.55% 2.95% 33.40% 1.0844 - 1.72 1.72 N/A 0.19 1.5084 0.7496 0.1447 0.867 0.4643 19.4% 118 84 90 2007-05-31 2007 1 N/A N/A - 1.91% 1.91% 115465 115465 3638 3638 3332 3332 0.0317 0.0317 310277 132171 26 178106 20280 3325 13327 10537 16955 3628 14165 105205 105205 150443 2007-03-31 9.22% 3.90% 3.15% 8.41% 0.7704 - 1.69 1.69 0.85 0.17 1.591 0.8078 0.1602 0.7422 0.426 28.1% 153 112 109 2007-02-28 2006 4 N/A N/A 0.03 N/A N/A 123563 469514 6378 26905 2691 21572 0.0256 0.2050 312038 137264 26 174774 17436 24049 4707 12045 6613 1906 10139 105205 105205 150443 2006-12-31 12.73% 6.09% 5.16% 57.79% 0.396 6.974 1.66 1.66 0.86 0.14 1.5545 0.8129 0.1276 0.7855 0.4399 52.9% 296 238 186
Financial Quarter Balance Sheet
year qrt 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) Deposits with licensed banks (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) Minority interest (M-1) 2012 2 1714 11478 112080 36083 1350 28670 102157 83189 7709 5536 215 38492 67020 2217 2012 1 1857 11317 113622 28717 1037 18420 93725 90473 7876 6007 247 34891 63438 981 2011 4 1838 11545 117449 21220 1295 17351 120275 77524 7536 2848 259 35912 78867 986 2011 3 1891 11596 103896 24374 2173 18156 95660 83788 7625 3317 1930 24230 70152 72 2011 2 2052 9188 99317 29568 2630 20136 89625 72303 7962 3474 1103 30325 50784 - 2011 1 2026 9164 99362 29099 2858 12870 76048 78316 7880 3789 495 20875 54106 - 2010 4 1966 9279 100323 49031 3013 6600 79511 73453 8051 4034 487 25363 68530 - 2010 3 1890 7473 95939 41514 3584 3750 67333 68985 7899 5230 - 19819 47684 - 2010 2 1985 7609 99531 34050 4305 7438 85322 68192 8160 5143 - 30789 52216 - 2010 1 2017 6665 95758 26715 4384 2400 74931 78622 8426 203 - 18475 56314 - 2009 4 2017 6826 97704 36059 3943 2950 71835 67664 8517 207 172 22332 53363 - 2009 3 2067 6723 100728 26570 2728 - 68690 55583 7732 235 2509 16212 36153 - 2009 2 1997 6993 103934 29108 2630 - 65624 61498 7078 316 4858 14527 46111 - 2009 1 2100 7127 106583 16128 2425 - 73144 60644 7044 256 3976 22926 37721 - 2008 4 2100 7012 106645 13215 1734 - 90770 76298 7044 291 3109 55193 40432 - 2008 3 2427 7030 110915 17508 454 - 127933 97893 8960 2961 3361 62638 88113 - 2008 2 2874 6763 109447 15887 - - 113914 83873 8960 3601 3229 45466 78822 - 2008 1 2874 6801 111761 10585 - - 100360 87895 9000 4287 2305 44660 73154 - 2007 4 2873 6847 115895 25666 415 - 106729 77968 9280 5398 2211 54285 81355 - 2007 3 2204 6879 117151 19300 - - 113515 79673 9438 6615 255 55637 84032 16 2007 2 1273 6917 118946 20140 - - 105637 84229 9738 7583 3085 55009 81133 26 2007 1 1401 6954 120959 18217 - - 89079 73667 9739 8692 2106 48284 63350 26 2006 4 1368 6961 120633 15030 - - 87336 80710 9738 9754 1941 60990 54841 26
Financial Quarter Income Statement
year qrt Revenue Income tax expense Cost of sales Finance/interest costs Other income Administrative/Operating expenses Minority interest Finance/interest income Share of profit/ (loss) of associates Selling and distribution costs Investment gain/loss Other expenses 2012 2 152271 238 134491 186 341 5372 67 112 - 5354 - 309 2012 1 145356 1206 130263 169 3262 5101 6 127 - 5009 - 1457 2011 4 143806 1540 126738 168 1090 5062 164 133 - 5357 - 804 2011 3 142325 856 128814 205 3020 4890 38 140 - 5173 - 106 2011 2 128202 630 115265 171 5811 4508 - 104 - 4749 - 1120 2011 1 124627 840 108458 158 1385 4661 - 63 - 4798 - 813 2010 4 139486 1306 123962 174 2321 4497 - 62 - 5437 - 640 2010 3 123787 143 107030 214 360 13385 - 32 - - - - 2010 2 111067 188 99258 128 1633 8928 - 22 - - - - 2010 1 114094 729 100344 127 1108 8422 - - - - 21 - 2009 4 109458 745 96851 105 1202 5572 - - - 4300 14 - 2009 3 103464 464 88627 147 624 4849 - - - 3653 17 - 2009 2 102139 1174 88301 153 422 4483 - - - 3930 11 - 2009 1 87999 917 78482 426 922 7639 - - - - 3 - 2008 4 111419 3059 113975 712 2256 4409 - - - 4740 35 - 2008 3 172802 768 159120 460 287 4021 - - - 5476 51 - 2008 2 143431 1326 127705 645 44 3439 - - - 4491 28 - 2008 1 136932 255 124965 902 677 3995 - - - 4505 50 - 2007 4 138651 540 127956 2397 3837 5725 16 - 57 5106 34 - 2007 3 137515 82 124453 819 781 3614 0 - 38 4127 69 - 2007 2 126584 1247 114734 693 152 3611 - - 128 3589 57 - 2007 1 115465 306 104816 959 794 3642 - - 33 3296 59 - 2006 4 123563 3686 107829 1099 712 4859 1 - 143 4067 100 -
Financial Quarter Segments Revenue
year qrt Plastics Products Food, Beverages and Other Consumable products 2012 2 143322 8949 2012 1 136163 9193 2011 4 134664 9142 2011 3 134770 7555 2011 2 121871 9328 2011 1 117164 7463 2010 4 130923 8563 2010 3 117473 6314 2010 2 104512 6555 2010 1 107323 6771 2009 4 102389 7069 2009 3 97171 6293 2009 2 95714 6425 2009 1 81533 6466 2008 4 105625 5794 2008 3 166012 6790 2008 2 136145 7286 2008 1 130255 6677 2007 4 136202 7241 2007 3 134140 3375 2007 2 85262 6237 2007 1 142646 7904 2006 4 137972 5617
Financial Quarter Segments Profit
year qrt Plastics Products Food, Beverages and Other Consumable products 2012 2 6910 720 2012 1 5784 962 2011 4 6286 42 2011 3 5717 645 2011 2 7089 1215 2011 1 6964 223 2010 4 8008 431 2010 3 3567 165 2010 2 4359 155 2010 1 6193 243 2009 4 3992 55 2009 3 5621 90 2009 2 5692 155 2009 1 2671 129 2008 4 9210 240 2008 3 3229 217 2008 2 7258 492 2008 1 3729 414 2007 4 10407 1449 2007 3 6015 87 2007 2 4147 351 2007 1 4352 153 2006 4 4990 2529
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 = working capital per thousand Ringgit saleinv_d = days to sell the inventory, rec_d = days to collect the receivablespay_d = days to pay the payablesCURRENT ● CHANGES IN SHAREHOLDING ● ANNUAL REPORTS HISTORICAL ● CHANGES IN SHAREHOLDING ARCHIVES ● CHANGES IN SHAREHOLDING 
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