KLCI Stock - AJIYA / 7609 - 2012 Quarter 3

AJIYA BERHAD


Company Description

AJIYA BERHAD is a Malaysia-based investment holding company. The principal activities of the Company’s subsidiaries are manufacturing and trading of roofing materials, manufacturing and trading of all kinds of glass, trading of building materials and investment holding. The Company, through its subsidiaries, operates in three divisions: manufacturing, which includes glass base and metal base; marketing and trading, which includes glass base and metal base, and investment holding. Its major subsidiaries include Asia Roofing Industries Sdn. Bhd., Ajiya Marketing Sdn. Bhd., ARI Utara Sdn. Bhd., ABM Industries Sdn. Bhd., Ajiya Metal Industries Sdn Bhd, ASG Marketing Sdn. Bhd. and ASG Project Services Sdn. Bhd. In April 2007, Ajiya Safety Glass Sdn Bhd acquired the remaining 45% interest in Ajiya Glass Industries Sdn Bhd. During the fiscal year ended November 30, 2007, the Company acquired additional 45% equity interest in Ajiya Glass Industries Sdn. Bhd.

Company Info 

Listing Date	1996-12-20
Market Capital (Capital Size)	116,988,257 (Small)
Par Value	RM 1.00
Board	Main
Sector	Industrial Products
Major Industry	Building Materials
Sub Industry	Investment Holding
Website	http://www.ajiya.com/

My Analysis 

Forecast P/E now	(1.69-0.06)/0.2323 = 7.02 (Moderate)
Target Price	1.86+0.06 = 1.92 (PE 8.0, EPS 0.2323, DPS 0.06)
Decision	BUY if stock price sustain above SMA200 and SMA50 turn uptrend
Comment	Revenue decreased 5.5% but higher than preceding year corresponding quarter 6.8%, eps decreased 32.4% but higher than preceding year corresponding quarter 27.8%, cash generated from operating more than enough to cover all expenses, current assets indicate Group slowly expanding, operating margin remain low, liquidity ratio indicate very firm can meet current obligation, gearing ratio indicate low liabilities risk especially borrowings, all accounting turnover period is good which can generate free cash
First Support Price	1.65
Second Support Price	1.55
Risk Rating	MODERATE

Research House

OSK Target Price

1.94 (2012-01-19)

Accounting Ratio 

Return on Equity	6.58%
Dividend Yield	3.55%
Operating Profit Margin	7.56%
Net Profit Margin	7.53%
Tax Rate	27.47%
Asset Turnover	1.0594
Net Asset Value Per Share	3.21
Net Tangible Asset per share	3.2
Price/Net Tangible Asset Per Share	0.56
Cash Per Share	0.54
Liquidity Current Ratio	3.3294
Liquidity Quick Ratio	2.2697
Liquidity Cash Ratio	0.6219
Gearing Debt to Equity Ratio	0.3324
Gearing Debt to Asset Ratio	0.2091
Working capital per thousand Ringgit sale	37.8%
Days to sell the inventory	68
Days to collect the receivables	98
Days to pay the payables	56

Technical Analysis 

SMA 10	1.668 (Uptrend)
SMA 20	1.67 (Downtrend 32 days)
SMA 50	1.722 (Downtrend)
SMA 100	1.727 (Same)
SMA 200	1.676 (Same)
MACD (26d/12d)	-0.009242 ( 0.002111 )
Signal (9)	-0.016261 ( 0.001755 )
MACD Histogram	0.007019 (Bullish trend 6 days)
Bolinger Upper Band	1.741
Bolinger Lower Band	1.599

My notes based on 2012 quarter 3 report (number in '000):-
- Higher revenue and pbt than FY11Q3 mainly due to the deliveries of orders outstanding since previous quarters

- Lower revenue and pbt than FY12Q2 mainly due to stiff market competition which eroded the profit margin of certain products

- Estimate next 4Q eps after 2012 Q3 result announced = 0.23*1.01 = 0.2323, estimate PE on current price 1.69 = 7.02
- Estimate next 4Q eps after 2012 Q2 result announced = 0.23, estimate highest/lowest PE = 7.87/6.91 (DPS 0.06)
- Estimate next 4Q eps after 2012 Q1 result announced = 265402*0.06/69224 = 0.23, estimate highest/lowest PE = 7.26/6.43 (DPS 0.06)
- Estimate next 4Q eps after 2011 Q4 result announced = 265072*0.06/69224 = 0.2298, estimate highest/lowest PE = 7.44/6.88 (DPS 0.06)
- Estimate next 4Q eps after 2011 Q3 result announced = 0.0395*4*1.05 = 0.1659, estimate highest/lowest PE = 10.19/9.4 (DPS 0.06)
- Estimate next 4Q eps after 2011 Q2 result announced = 0.157*2*0.9 = 0.2826, estimate highest/lowest PE = 6.26/5.1 (DPS 0.06)
- Estimate next 4Q eps after 2011 Q1 result announced = 0.0529*4*1.05 = 0.2222, estimate highest/lowest PE = 8.46/7.11 (DPS 0.06)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.07(average eps from recent 3 quarter)*4 = 0.28, estimate highest/lowest PE = 7.46/6.25 (DPS 0.06)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.08(average eps)*4*0.95 = 0.304, estimate highest/lowest PE = 6.84/6.38 (DPS 0.06)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.3427, estimate highest/lowest PE = 6.19/5.46 (DPS 0.06)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.0816*4 = 0.3264+0.0163 = 0.3427 (5% grow from 0.3264 due to recovery from previous weak market), estimate highest/lowest PE = 6.16/4.99 (DPS 0.06)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.312(2% drop from 0.3184), estimate PE on current price 2.14 = 6.67(DPS 0.06)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.28, estimate highest/lowest PE = 6.39/5.18 (DPS 0.06)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.23, estimate highest/lowest PE = 6.52/5.22 (DPS 0.06)
- Estimate next 4Q eps after 2009 Q1 result announced = 0.26, estimate highest/lowest PE = 5.15/4.46 (DPS 0.06)
- Estimate next 4Q eps after 2008 Q4 result announced = 0.26, estimate highest/lowest PE = 4.69/3.65 (DPS 0.06)

AJIYA latest news (English)

AJIYA 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	c_asset	liab	c_liab	mino	equi	cfo	cfi	cff	cash	fcf	net	final	share	c_share	m_cap	date	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
2012-10-23	2012	3	N/A	N/A	-	1.32%	4.76%	92248	279049	6949	22140	3498	12644	0.0505	0.1827	352600	201945	73743	60655	56974	278857	27042	8758	14944	34383	18284	3340	37723	69224	69224	123218	2012-08-31	7.56%	7.53%	27.47%	1.0594	-	3.21	3.2	0.56	0.54	3.3294	2.2697	0.6219	0.3324	0.2091	37.8%	68	98	56
2012-07-24	2012	2	1.87	1.65	-	1.95%	3.45%	97665	186801	8993	15191	5172	9146	0.0747	0.1321	348090	200550	74187	61099	55429	273903	20456	3683	13282	34383	16773	3491	37874	69224	69224	114911	2012-05-31	8.99%	9.21%	24.39%	1.0561	-	3.16	3.15	0.53	0.55	3.2824	2.1698	0.6199	0.3396	0.2131	37.9%	73	94	57
2012-04-20	2012	1	1.73	1.54	-	1.50%	1.50%	89136	89136	6198	6198	3974	3974	0.0574	0.0574	337400	190060	67182	54094	53797	270218	10815	1737	8013	34383	9078	1065	35448	69224	69224	116296	2012-02-29	7.14%	6.95%	17.73%	1.0993	-	3.13	3.12	0.54	0.51	3.5135	2.2992	0.6553	0.3104	0.1991	36.7%	70	88	48
2012-01-18	2011	4	1.77	1.64	0.06	1.82%	7.27%	94496	362551	7450	30125	4527	18128	0.0654	0.2619	350343	202700	84941	71853	52709	265402	35766	40844	4468	35132	5078	610	34522	69224	69224	114911	2011-11-30	7.96%	7.88%	26.94%	1.0348	6.3389	3.07	3.07	0.54	0.5	2.821	1.8696	0.4785	0.3994	0.2425	36.1%	75	101	60
2011-10-20	2011	3	1.75	1.62	-	1.10%	5.46%	86337	268055	5132	22675	2732	13601	0.0395	0.1965	325372	188963	60977	52933	57549	264395	19112	22354	5533	35132	3242	8775	26357	69224	69224	116296	2011-08-31	6.08%	5.94%	30.87%	1.0697	-	2.99	2.99	0.56	0.38	3.5699	2.2605	0.4979	0.2948	0.1874	39.1%	79	98	47
2011-07-19	2011	2	1.83	1.5	-	2.89%	4.36%	100949	181718	11001	17543	7204	10869	0.1041	0.1570	316927	190138	56103	48559	56729	260824	8472	10907	9413	35132	2435	11848	23284	69224	69224	121834	2011-05-31	10.77%	10.90%	12.71%	1.0964	-	2.95	2.95	0.6	0.34	3.9156	2.5408	0.4795	0.2749	0.177	40.7%	77	105	48
2011-04-22	2011	1	1.94	1.64	-	1.47%	1.47%	80769	80769	6542	6542	3665	3665	0.0529	0.0529	309602	183537	55335	47791	54291	254267	1740	5232	3295	35132	3492	6787	28345	69224	69224	133602	2011-02-28	8.27%	8.10%	18.02%	1.0786	-	2.89	2.89	0.67	0.41	3.8404	2.4735	0.5931	0.2767	0.1787	40.7%	79	98	42
2011-01-14	2010	4	2.15	1.81	0.06	1.85%	8.48%	80005	329690	5665	33759	4161	19076	0.0601	0.2756	313991	191279	64682	57138	52645	249309	16929	19232	393	37285	2303	2696	34589	69224	69224	145370	2010-11-30	7.20%	7.08%	7.26%	1.0504	7.6206	2.84	2.84	0.74	0.51	3.3477	2.2235	0.6149	0.3289	0.206	40.7%	79	102	49
2010-10-19	2010	3	2.14	2.0	-	2.06%	7.40%	85766	249810	8677	28410	4637	16657	0.0670	0.2406	305046	189707	59148	52927	51500	245898	11954	10208	6773	37285	1746	5027	32258	69224	69224	141909	2010-08-31	10.20%	10.12%	24.64%	1.0776	-	2.81	2.81	0.73	0.47	3.5843	2.3359	0.6095	0.3043	0.1939	41.6%	83	101	49
2010-07-14	2010	2	2.18	1.93	-	2.83%	5.34%	87394	164044	9806	19733	6371	12020	0.0920	0.1736	295156	184095	56521	50300	48804	238635	10978	4886	3857	37285	6092	2235	39520	69224	69224	138448	2010-05-31	11.47%	11.22%	13.21%	1.1047	-	2.74	2.74	0.73	0.57	3.6599	2.412	0.7857	0.2977	0.1915	41.0%	81	92	46
2010-04-23	2010	1	2.17	1.77	-	2.51%	2.51%	76650	76650	9927	9927	5649	5649	0.0816	0.0816	288609	178781	55352	49131	46671	233257	3247	1346	1010	37285	1901	2911	40196	69224	69224	148831	2010-02-28	13.10%	12.95%	17.16%	1.1049	-	2.7	2.7	0.8	0.58	3.6389	2.4472	0.8181	0.2967	0.1918	40.7%	77	92	43
2010-01-07	2009	4	2.32	1.65	0.06	3.00%	10.90%	78918	312399	10103	37058	5939	21602	0.0858	0.3121	286039	176031	61011	54790	44095	225028	38226	21240	8619	28917	16986	8367	37284	69224	69224	116988	2009-11-30	13.01%	12.80%	20.80%	1.0946	5.4156	2.61	2.61	0.65	0.54	3.2128	2.2101	0.6805	0.3372	0.2133	38.7%	73	98	52
2009-10-07	2009	3	1.85	1.51	-	3.78%	8.12%	83091	234182	11827	27203	7500	16103	0.1083	0.2326	274225	170528	56459	51174	42336	217766	28039	13545	9814	28917	14494	4680	33597	69224	69224	101067	2009-08-31	14.38%	14.23%	18.58%	1.1546	-	2.53	2.53	0.58	0.49	3.3323	2.3478	0.6565	0.3218	0.2059	37.7%	65	100	48
2009-07-07	2009	2	1.56	1.26	-	2.53%	4.34%	80217	151091	8818	15376	5019	8603	0.0725	0.1243	260435	160020	52316	47031	40199	208119	21439	8766	10745	28917	12673	1928	30845	69224	69224	87222	2009-05-31	11.10%	10.99%	16.47%	1.2306	-	2.43	2.43	0.52	0.45	3.4024	2.4817	0.6558	0.3116	0.2009	35.3%	55	98	45
2009-04-24	2009	1	1.4	1.22	-	1.81%	1.81%	70874	70874	6558	6558	3584	3584	0.0518	0.0518	259506	162500	55624	50339	37857	203882	11104	3968	215	28917	7136	6921	35838	69224	69224	83761	2009-02-28	9.69%	9.25%	13.89%	1.2367	-	2.4	2.4	0.5	0.52	3.2281	2.3381	0.7119	0.335	0.2143	34.9%	57	93	39
2009-01-22	2008	4	1.28	1.01	0.06	2.25%	13.17%	82435	318593	6748	37537	3828	22363	0.0553	0.3231	266466	171526	68228	60922	35792	198238	30735	24773	2770	20185	5962	8732	28917	69224	69224	76838	2008-11-30	9.63%	8.19%	12.20%	1.1954	3.436	2.35	2.35	0.47	0.42	2.8155	1.863	0.4747	0.42	0.256	34.7%	75	96	55
2008-10-23	2008	3	1.15	0.98	-	4.15%	10.49%	86976	236111	11541	29630	7047	17809	0.1018	0.2573	266492	178591	75184	66623	33479	191308	26358	15234	278	20185	11124	11402	31587	69224	69224	69916	2008-08-31	12.93%	13.27%	18.17%	1.1514	-	2.28	2.28	0.44	0.46	2.6806	1.7865	0.4741	0.4764	0.2821	36.5%	81	104	69
2008-07-10	2008	2	1.3	1.01	-	3.80%	6.34%	80656	149135	10388	18089	6455	10762	0.0932	0.1555	244142	164983	59140	50495	31107	185002	12114	5034	306	20185	7080	7386	27571	69224	69224	79607	2008-05-31	12.83%	12.88%	17.77%	1.2	-	2.22	2.22	0.52	0.4	3.2673	2.3201	0.546	0.3843	0.2422	39.1%	67	112	54
2008-04-25	2008	1	1.5	1.05	-	2.54%	2.54%	68479	68479	7701	7701	4307	4307	0.0622	0.0622	230150	152516	54336	45487	28218	175814	11533	2414	1419	20185	9119	7700	27885	69224	69224	101067	2008-02-29	11.23%	11.25%	22.57%	1.2408	-	2.13	2.13	0.69	0.4	3.353	2.4127	0.613	0.3681	0.2361	37.5%	61	105	52
2008-01-24	2007	4	1.5	1.2	0.06	N/A	N/A	70732	274490	7668	29220	4693	17442	0.0678	0.2520	223268	146640	53417	44342	26562	169851	13664	10446	4592	12679	3218	7810	20489	69224	69224	93452	2008-11-30	10.58%	10.84%	10.92%	1.2294	5.3579	2.07	2.07	0.65	0.3	3.307	2.3985	0.4621	0.3728	0.2393	37.3%	60	114	50
2007-10-18	2007	3	1.57	1.3	-	N/A	N/A	73103	203758	7607	21758	4475	12457	0.0646	0.1800	214953	138728	50784	45603	25865	164169	4669	8219	2932	12679	3550	618	12061	69224	69224	112835	2007-08-31	10.18%	10.41%	20.68%	0.9479	-	2.0	2.0	0.81	0.17	3.0421	2.0903	0.2645	0.3672	0.2363	45.7%	87	149	63
2007-07-24	2007	2	N/A	N/A	-	N/A	N/A	73259	130655	8786	14151	4884	7981	0.0706	0.1153	213392	136624	55258	50077	24306	158134	4299	7312	1796	12679	3013	1217	11462	69224	69224	107989	2007-05-31	11.80%	11.99%	21.22%	0.6123	-	1.93	1.93	0.81	0.17	2.7283	1.7863	0.2289	0.4129	0.259	66.2%	-	218	N/A
2007-04-27	2007	1	N/A	N/A	-	N/A	N/A	57396	57396	5365	5365	3097	3097	0.0447	0.0447	193848	121492	39256	34075	22616	154592	4546	1026	1750	12679	3520	5270	17949	69224	69224	77530	2007-02-28	9.19%	9.35%	14.28%	0.2961	-	1.91	1.91	0.59	0.26	3.5654	2.3878	0.5267	0.2974	0.2025	152.3%	-	403	N/A

Financial Quarter Balance Sheet

year	qrt	Intangible assets (A-0)	Investment in associated companies (A-0)	Investment properties (A-0)	Land held for property development (A-0)	Leasehold land use rights (A-0)	Other investments (A-0)	Property, plant and equipment (A-0)	Cash and cash equivalents (A-1)	Current asset classified as held for sales (A-1)	Inventories (A-1)	Property development costs (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	3	165	-	5505	-	4406	6545	134034	37723	-	64279	-	99943	8616	4472	1247	6365	53043	56974
2012	2	165	-	5524	-	4432	6845	130574	37874	-	67976	-	94700	8616	4472	197	7903	52999	55429
2012	1	165	-	5543	-	4459	7345	129828	35448	-	65689	-	88923	8616	4472	826	10078	44842	53797
2011	4	165	-	5562	-	4672	7345	129899	34383	-	68367	-	99950	8616	4472	616	17786	54683	52709
2011	3	-	-	6417	-	-	5345	124647	26357	-	69310	-	93296	8044	-	900	12257	41576	57549
2011	2	-	-	8316	-	-	5345	113128	23284	-	66760	-	100094	7544	-	1721	8378	41902	56729
2011	1	-	-	7683	-	-	5345	113037	28345	-	65328	-	89864	7544	-	1576	14714	34653	54291
2010	4	-	-	7704	-	4781	5345	104882	35132	-	64233	-	91914	7544	-	689	17791	40036	52645
2010	3	-	-	7724	-	3433	5345	98837	32258	-	66073	-	91376	6221	-	1824	12124	38979	51500
2010	2	-	-	7744	-	3398	5345	94574	39520	-	62772	-	81803	6221	-	1086	13781	35433	48804
2010	1	-	-	7764	-	2911	5345	93808	40196	-	58549	-	80036	6221	-	1090	15532	32509	46671
2009	4	-	-	7784	-	2929	5345	93950	37285	-	54940	-	83806	6221	-	720	14522	39548	44095
2009	3	-	-	7922	-	2271	5345	88159	33597	-	49913	468	86550	5180	105	660	13302	37212	42336
2009	2	-	-	7022	-	2284	5345	85764	30845	193	41168	2136	85678	5180	105	319	12370	34980	40199
2009	1	-	-	7038	-	2297	5345	82326	35838	438	43116	1686	81422	5180	105	216	19786	30769	37857
2008	4	-	-	7054	-	2310	3345	82231	28917	438	56855	1172	84144	4993	2313	645	17793	42484	35792
2008	3	-	3553	10268	-	2322	345	71413	31587	-	59171	399	87434	4498	4063	2071	13551	51001	33479
2008	2	-	3089	10286	-	2335	345	63104	27571	-	47666	165	89581	4298	4347	1794	10221	38480	31107
2008	1	-	4291	10305	-	2347	345	60346	27885	-	41469	1299	81863	4163	4686	1215	8157	36115	28218
2007	4	-	2644	10324	-	2312	345	61003	20489	-	39559	725	85867	4214	4861	805	9704	33833	26562
2007	3	-	2161	10308	706	2325	345	60380	12061	-	43406	-	83261	4460	721	1992	11880	31731	25865
2007	2	-	1901	10326	706	2753	382	60700	11462	-	47171	-	77991	4460	721	1141	10744	38192	24306
2007	1	-	1682	10345	706	2767	382	56474	17949	-	40127	-	63416	4460	721	143	7667	26265	22616

Financial Quarter Income Statement

year	qrt	Revenue	Income tax expense	Finance/interest costs	Other income	Administrative/Operating expenses	Minority interest	Finance/interest income	Share of profit/ (loss) of associates	Depreciation & amortisation	Investment gain/loss
2012	3	92248	1909	124	318	83618	1542	101	-	1976	-
2012	2	97665	2193	20	98	87044	1628	191	-	1937	-
2012	1	89136	1099	304	345	81222	1125	134	-	1891	-
2011	4	94496	2007	73	530	87503	916	-	-	-	-
2011	3	86337	1584	175	604	79906	816	60	-	1788	-
2011	2	100949	1398	66	474	88922	2399	196	-	1630	-
2011	1	80769	1179	218	1892	74427	1698	79	-	1553	-
2010	4	80005	411	92	1202	75450	1093	-	-	-	-
2010	3	85766	2138	72	313	77330	1902	-	-	-	-
2010	2	87394	1295	216	296	77668	2140	-	-	-	-
2010	1	76650	1703	111	577	67189	2575	-	-	-	-
2009	4	78918	2101	162	1642	70295	2063	-	-	-	-
2009	3	83091	2197	125	1755	72894	2130	-	-	-	-
2009	2	80217	1452	87	556	71868	2347	-	-	-	-
2009	1	70874	911	311	633	64638	2063	-	-	-	-
2008	4	82435	823	279	2512	77010	2097	-	910	-	-
2008	3	86976	2097	171	170	75899	2397	-	-	-	465
2008	2	80656	1846	118	518	70825	2087	-	-	-	157
2008	1	68479	1738	274	585	61377	1656	-	-	-	288
2007	4	70732	837	216	543	63789	2138	-	-	-	398
2007	3	73103	1573	102	390	66052	1559	-	-	-	268
2007	2	73259	1864	147	566	65177	2038	-	-	-	285
2007	1	57396	766	99	403	52527	1502	-	-	-	192

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