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Friday, November 30, 2012

KLCI Stock - ORIENT / 4006 - 2012 Quarter 3

ORIENTAL HOLDINGS BHD


Company Description
ORIENTAL HOLDINGS BERHAD is engaged in investment holding, the provision of commission agency services and the provision of management services. The Company operates in six segments: the automotive and related products segment, which includes retailing, assembly and distribution of motor vehicles, and the manufacture of engines, seats and other related parts, as well as trading of spare parts, accessories and related component parts; the plastic products segment, which includes the manufacture, assembly and distribution of plastic component parts, and manufacture of plastic technical and industrial goods and equipment; the hotels and resorts segment; the investment holding and financial services segment, which includes investment in shares and bonds, letting of properties and leasing companies; the plantation segment, which includes cultivation of oil palm, and others segment, including property development, which includes development of residential and commercial properties.

Company Info
Listing Date1964-03-01
Market Capital (Capital Size)4,963,149,104 (Large)
Par ValueRM 1.00
BoardMain
SectorConsumer Products
Major IndustryAutomotive Manufacturing & Distribution
Sub IndustryAutomotive Related Services
Websitehttp://www.ohb.com.my/

My Analysis
Forecast P/E now(8.0-0.09)/0.4189 = 18.88 (Moderate)
Target Price7.96+0.09 = 8.05 (PE 19.0, EPS 0.4189, DPS 0.09)
DecisionNot interested unless when stock price got strong rebound from recent low price
Comment
Revenue increased 4.8% and was second consecutive quarter increasing but still lower than preceding year corresponding quarter 3.2%, eps increased 4.9% and also higher than preceding year corresponding quarter 86.1%, cash from operating enough to cover financing expenses but still spent 7.3% of Group cash to cover investing expenses, margin recovered from 5.8% to 9.5% but still lower than recent high 19.5%, liquidity ratio indicate very firm to meet current obligation but sit too many cash, gearing ratio indicate low risk on liabilities, all accounting turnover period is good which can generate free cash flow, plantation segment affect by significant drop in CPO price, benefit from foreign exchange gain of stronger Ringger against YEN
First Support Price7.8
Second Support Price7.6
Risk RatingMODERATE

Research House
CIMB Target Price10 (2012-11-23)

Accounting Ratio
Return on Equity5.45%
Dividend Yield1.12%
Operating Profit Margin9.52%
Net Profit Margin11.61%
Tax Rate20.67%
Asset Turnover0.4527
Net Asset Value Per Share7.29
Net Tangible Asset per share7.2
Price/Net Tangible Asset Per Share1.1
Cash Per Share4.21
Liquidity Current Ratio3.767
Liquidity Quick Ratio3.4264
Liquidity Cash Ratio2.9615
Gearing Debt to Equity Ratio0.2092
Gearing Debt to Asset Ratio0.154
Working capital per thousand Ringgit sale87.7%
Days to sell the inventory45
Days to collect the receivables48
Days to pay the payables45

Technical Analysis
SMA 107.902 (Uptrend)
SMA 207.835 (Uptrend 5 days)
SMA 507.803 (Uptrend)
SMA 1007.664 (Uptrend)
SMA 2006.975 (Uptrend)
MACD (26d/12d)0.039961 ( 0.007795 )
Signal (9)0.026072 ( 0.003472 )
MACD Histogram0.013889 (Bullish trend 9 days)
Bolinger Upper Band7.987
Bolinger Lower Band7.683

My notes based on 2012 quarter 3 report (number in '000):-
- Loss from automotive segment due to the level of activity is still recovering from the disruptions to supplies following the calamities in Japan and Thailand last year and current productions have to absorb the high cost of overheads

- Lower profit from plantation segment than FY11Q3 mainly due to the lower FFB and CPO productions due to climatic factors. Average selling price in current period was significantly lower than the corresponding period in 2011 (2012: RM2,400/MT; 2011: RM2,800/MT)

- Lower revenue from plastic segment due to fierce competition in the industry and the impact of declining demand for its main customer’s products but got higher profit mainly due to the implementation of costs saving exercise by management

- Higher revenue and profit from hospitality segment was due to the contributions from the two newly acquired hotels

- Higher profit from Investment Holding segment due to favourable unrealized foreign exchange gain from its JPY borrowings of stronger MYR against JPY

- Revenue from other segments including property development, trading of building materials and nursing college operations increased 4.6% than FY11Q3 mainly due to the increase in trading of building materials products. Operating profit however decreased 97.8% mainly due to the performance of the nursing college which was affected by the reduction in students intake following the higher entry requirements set by the authority

- Higher profit from Plantation segment than FY12Q2 due to favourable foreign exchange

- Estimate next 4Q eps after 2012 Q3 result announced = 5197966*0.05/620362 = 0.4189, estimate highest/lowest PE = 18.88(DPS 0.09)
- Estimate next 4Q eps after 2012 Q2 result announced = 5212383*0.05/620362 = 0.4201, estimate highest/lowest PE = 19.07/17.69 (DPS 0.09)
- Estimate next 4Q eps after 2012 Q1 result announced = 5128964*0.05/620362 = 0.4134, estimate highest/lowest PE = 19.3/14.73 (DPS 0.09)

ORIENT latest news (English)

ORIENT latest news (Chinese)


Financial Quarter Summary
a_dateyearqrth_pricel_pricedivroec_roerevc_revpbtc_pbtprofc_profepsc_epsassetc_assetliabc_liabminoequicfocficffcashfcfnetfinalsharec_sharem_capdateoper_mprof_mvatasset_tpenavpsntapsp/ntapscpsl_curl_quil_cashg_deg_daavg_winv_drec_dpay_d
2012-11-2220123N/AN/A-1.08%3.15%740879206310185980259965547451598960.08820.257761442373319706946271881256674898519796681313324560392292806246243247204018260222862036262036249194702012-09-309.52%11.61%20.67%0.4527-7.297.21.14.213.7673.42642.96150.20920.15487.7%454845
2012-08-27201228.17.52-1.03%2.07%707228132222268974173985521781051510.08410.169561091283311036896745835659684014521238324196302160339872839184277964243977259520762036262036249008592012-06-305.80%9.75%20.97%0.4593-7.37.211.14.23.96223.5963.11870.1980.146888.2%454644
2012-05-24201218.076.180.061.05%1.05%61499461499410501110501152973529730.08540.085459024783424352773514731270690995512896419593723288145572803516219225233782256973462036262036238276332012-03-3114.54%17.08%19.94%0.4997-7.157.060.874.164.68274.29083.52660.17430.13191.3%416640
2012-02-23201146.86.00.032.30%6.09%71854731322281451814612611087722885030.17530.465159655663511549897271856211669594506829540775394432170842537435313321296237283367262036262036239330952011-12-3119.48%20.20%14.58%0.525113.63287.097.00.914.644.10133.78133.3640.2040.150484.8%373842
2011-11-18201136.344.3-0.62%3.79%765083241368161380316080293901797310.04740.28975950520346510693140589648268580850191152799239940242032567670180521184724275239462036262036226799632011-09-307.97%8.02%31.49%0.5476-6.996.870.634.513.86523.57863.12010.21490.156578.8%334544
2011-08-25201124.84.31-2.20%3.17%85057116485981432932547001041481503410.16790.242358410193515550873157837675672584496786218633614427313812547419171909203290275070962036262036229157012011-06-3016.14%16.85%14.35%0.5643-6.926.840.694.584.19683.89183.39270.20330.149581.2%334545
2011-05-31201115.34.7-0.97%0.97%79802779802711140711140746193461930.07450.074556693483403747837518801644649521483183056465210634955525071173540284957259207462036262036232196782011-03-3112.95%13.96%26.03%0.5691-6.746.690.784.354.2463.89033.36390.20030.147780.7%374740
2011-02-24201045.485.070.032.79%5.57%84505432304551781683844121247432495900.20110.402355115243262515772794736698613301473873040735519695460922118067427050380958249902562036262036231886602010-12-3117.82%21.08%17.91%0.586112.77566.656.60.784.194.42864.0463.52430.18730.140278.2%364040
2010-11-30201035.725.10.031.30%2.79%802613238540187249206244580201248470.09350.20125241716307835073890370125559605645028132665168595418622096365257921216059231242462036262036233499542010-09-309.29%10.87%21.24%0.617-6.36.250.863.884.38983.96523.43360.18910.14173.5%373938
2010-08-30201025.445.130.030.50%1.49%78067515827884777611899522572668270.03640.10775142511301526571359967541158535744289121578658013247622092519165878190640228315962036262036231948642010-06-306.14%6.12%20.47%0.6284-6.26.140.843.764.46434.00933.45080.18570.138872.4%384035
2010-05-27201016.325.15-0.99%0.99%802113802113712197121944255442550.08560.085650959382922468673175633475570070442276313964815248182942108354124400106106221446051696851696830139232010-03-318.57%8.88%22.80%0.6575-7.457.390.794.384.61344.11893.57080.17470.132168.3%383837
2010-02-25200946.255.740.051.84%6.67%848935343830790108431102746312706560.14440.52355183313300495870549866786855914644778153452625084728571897723350346277489217521251696851696828950202009-12-319.56%10.61%3.13%0.663310.69637.587.520.744.314.49933.8883.33870.180.136168.0%493936
2009-11-19200935.855.480.051.28%4.83%799822258937287458340994518481960250.10030.37925203754296576179689175776654464944068633198929380624881898013310512248024214603751696851696829363782009-09-3010.11%10.93%21.07%0.7045-7.477.410.774.253.91383.29252.90120.20630.153160.2%513037
2009-08-27200925.795.36-2.25%3.55%8996321789550159635253536912341441770.17650.278951572472955988839162799940527826431808523981912173452881874795251992206704208149951696851696827916272009-06-3016.50%17.74%29.08%0.8072-7.337.270.744.183.69533.12462.69980.22140.162751.8%443034
2009-05-28200915.74.86-1.31%1.31%889918889918939019390152943529430.10240.1024506612229120929308948914814968034135228126841528323243818376877400941571187925851696851696825538212009-03-3110.77%10.55%27.93%0.9371-7.046.960.713.83.26662.56682.2020.25590.183742.6%532528
2009-02-23200845.154.280.060.29%8.45%1076725513179324204477509109433136570.02120.6067505361829869499977629584164747394055856300908128806104051176956717210268051183761851696851696824814462008-12-312.39%2.25%-1.01557.91136.936.850.73.713.11652.40861.99970.27860.197439.5%532828
2008-11-27200835.254.70.13.21%8.75%129674240550681752315017131190183246000.23020.62795120610296285596440491771447254441562064049481511891080461809049253759145713195476251696851696824297492008-09-3013.06%13.51%20.85%1.0379-7.137.040.673.793.22852.64032.1340.26180.188338.5%423236
2008-08-28200825.64.3-3.50%5.54%148410527583261937613264821299322055820.25130.39775049157286612197793593008344421440712222644861686223904117980679586456823185489051696851696828433242008-06-3012.68%13.06%20.89%0.7957-7.026.930.793.593.08162.53441.99730.26960.193748.2%524546
2008-05-28200816.05.1-2.04%2.04%1274221127422113272213272275651756510.14630.146347688872831756947006901227412423382188140307247694122317466036507623853177045651696851696830501112008-03-319.93%10.42%26.44%0.5313-6.66.530.93.433.14212.57651.96720.27780.198676.2%817967
2008-02-27200746.055.40.13N/AN/A12594814510896123974510066778763239250.15060.6266469362927311999827119369993835893710918478895759749621278715471298466336174505151696851696831018082007-12-319.35%9.84%23.21%0.26839.57576.446.350.943.392.91482.41531.86950.29530.2094142.5%150148134

Financial Quarter Balance Sheet
yearqrtBiological assets (A-0)Deferred expenditures (A-0)Deferred tax assets (A-0)Goodwill on consolidation (A-0)Intangible assets (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)Cash and cash equivalents (A-1)Current tax assets (A-1)Inventories (A-1)Property development costs (A-1)Trade receivables (A-1)Deferred income (L-0)Deferred tax liabilities (L-0)Loans & borrowings (L-0)Provisions (L-0)Current tax liabilities (L-1)Dividend payable (L-1)Loans & borrowings (L-1)Trade and other payables (L-1)Minority interest (M-1)
20123196176-6054-57428357756488412357733049093998913380342609832452662850091516536443413210209332694039329372-568156303728674898
20122194141-6233-5747335351648992235723267274403231353487260613842912289620163723559949524209732750330869351-525512300796684014
20121174790-6193-5722032465348879135686244063401291106601257890628816270899157495299829524209278707308620441-434975275854690995
20114166195-6334-5726131165548791937750228527405211117855288033028859259598143393284238131207669127303622557-525762307892669594
20113153997-3796-69057294482788812025242467905383413820532797128963123581921105401423-2468410239-14586-540451341445685808
20112142987-3780-53552299670740491999412462165292312523512841990721623510420386410854-2465510827-17311-467740352624672584
20111139002-3755-32279298506740491828522548085268512276652696632683026816216927415196-2461711257-20531-466919314194649521
20104137133-3752-322952921307264616754624984552450124121225963612814326713814693356180-2433611760-13556-406643316499613301
20103136746-4612-322102641106738116414722077151755122163424078322764128403113699345147-2328614362---394252307003596056
20102141130-4522-321902485127178515932621228852273120522023307172710829680010551350089-2333014858---389300286111585357
20101142166-4604-320672491768710215837021547210047911840342261999-3043838844347242-2410915591-674-328175304626570070
20094144487-9474-32088245955622971582261616035313213110932229832-3998698411366846-2369413936-15961-351649300258559146
20093141583-13321-321472587565577722969418070017048411555312198403-4636387149296571-2405515070-24297-392634340835544649
20092136753-13193-321872464395580420617218086716997411598702159711-4494737049339755-2400315219-41434-407670350836527826
20091126040-12791-420632444215583019544118897317004011184311963048-6172876511325246-2399015423-50833-504208336440496803
20084128208-12359-423812432665585718062616949113743710970441916564-6722486282391855-2407715269-4228738773513720363636474739
20083147794-6787-426662374285586716643322596112890211459171958434-5337556032464634-2950717183-59736-397949460029472544
20082144398-6781-428712188705589414635825275512869111864181857671-5046574218499575-3041717435-66170-409174454739444214
2008114254211399669531865-212044559205983513425612561811569571772923-5061853523549125-2866017119-72864-405901422462412423
20074149281-6682-44027205170559475946614422612538211722491751696-4649243149511430-2983115881-8385338256396774418116383589

Financial Quarter Income Statement
yearqrtRevenueIncome tax expenseFinance/interest costsAdministrative/Operating expensesMinority interestShare of profit/ (loss) of associates
201237408791777424256703231346117849
20122707228144652434666228233130408
201216149942093923405255993109917956
20114718547211724451578558152379643
20113765083193273632704089126634018
20112850571205681148713281185777151
20111798027289941131694673362209184
201048450543191620926944302150929636
201038026131853022577280711069914964
2010278067597811828732720154231649
20101802113162401634733377107244117
20094848935282117907677441265610707
20093799822184312728718939171799303
200928996324642132727512162198014491
20091889918262313756794095147271834
200841076725335939711102453166205495
2008312967423653638411127373196779703
2008214841054048544341295909233449999
20081127422135097409311476432197410237
2007412594812877236861141771173269950

Financial Quarter Segments Revenue
yearqrtElimination/AdjustmentProperty developmentPlantationPlastics ProductsAutomotive & related productsHotels & resortsInvestment holding & financial services
20123481110707799023781643708205587134735
2012214485110092111063822503253895595036969
201213150107994125987743442357765182822215
201143671119138135055926722868435398034530
201133383112464130495963813500374970729382
201128347101587129646937974065224272984817
20111154894563137807967974001894697723242
20104-895401463211059194126304977035876
20103-79307977991072894560744175820386
20102-8812068395906324586523419140685
20101-8607398706957934544454161925477
20094-85261976291019524937715201410912
20093-854271031531064294476014693510277
20092-818131054291080545101094302151206
20091-721437487571710619254428209116
20084-13962537481108397825234542215213
20083-1124911172171429758430224973131306
20082-11079912091212658110585735389413346
20081-870781111161213068858215475814142

Financial Quarter Segments Profit
yearqrtElimination/AdjustmentProperty developmentPlantationPlastics ProductsAutomotive & related productsHotels & resortsInvestment holding & financial services
201231542410773554753763297767626331
2012227974111695879751318412423880
201211561649534887636743735434484
20114519242334412532728362951108419990
201133863401389993349457165974077
2011260035924699520438216474974695
2011180537156507531153941898321525
20104-18407468336769143657046836
20103-6144014492582552182813693
20102-29691072334615463841633755
20101-32843681912534154272920497
20094-16586089712048551095044343
20093-23383536641222045985811688
20092-135547051588287691475151644
20091-28472207155124240731075416933
20084-55554537845618840600411522
20083-45164377557798433287431841
20082-618070364604876566927819759
20081-335939420303610911033612069




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, c_asset = current asset, liab = total liability, c_liab = current 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


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