KLCI Stock - ICAP / 5108 - 2013 Quarter 1

ICAPITAL.BIZ BERHAD


Company Description

ICAPITAL.BIZ BERHAD is a closed-end fund operating in Malaysia. It is engaged in investing in a diversified portfolio of quoted securities. The Fund principally invests in undervalued companies, which are listed on the Main and Second Boards of Bursa Malaysia Securities Berhad (Bursa Securities) and the MESDAQ Market of Bursa Securities. It can also invest up to 10% of its asset value in unlisted companies. During the fiscal year ended May 31, 2009, the Fund sold its holdings in Axiata Group Berhad (formerly known as TM International Berhad), VADS Berhad and Air Asia Berhad. The Fund is managed by a fund manager, Capital Dynamics Asset Management Sdn. Bhd.

Company Info 

Listing Date	2005-10-19
Market Capital (Capital Size)	326,200,000 (Small)
Par Value	RM 1.00
Board	Main
Sector	Closed/Fund
Major Industry	Securities Investment
Sub Industry	Fund Management
Website	http://www.icapital.biz

My Analysis 

Forecast P/E now	N/A
Target Price	2.6
Decision	BUY if stock price uptrend with SMA5 or wait steady sustain above SMA50
Comment	Revenue increased 12.9% but lower than preceding year corresponding quarter 43.7%, eps increased 50% but lower than preceding year corresponding quarter 61.8%, got cash generated from operating but lower than preceding year, latest NAV at RM3.01, increased from RM2.86 and still continue increasing
First Support Price	2.28
Second Support Price	2.2
Risk Rating	MODERATE

Accounting Ratio 

Return on Equity	2.96%
Dividend Yield	-
Operating Profit Margin	68.91%
Net Profit Margin	68.91%
Tax Rate	28.41%
Asset Turnover	0.0494
Net Asset Value Per Share	3.01
Net Tangible Asset per share	3.01
Price/Net Tangible Asset Per Share	0.75
Cash Per Share	0.99
Liquidity Current Ratio	430.7108
Liquidity Quick Ratio	430.7108
Liquidity Cash Ratio	426.4646
Gearing Debt to Equity Ratio	8.0E-4
Gearing Debt to Asset Ratio	8.0E-4
Working capital per thousand Ringgit sale	671.6%
Days to sell the inventory	-
Days to collect the receivables	24
Days to pay the payables	13

Technical Analysis 

SMA 10	2.329 (Downtrend)
SMA 20	2.387 (Uptrend 3 days)
SMA 50	2.325 (Uptrend)
SMA 100	2.286 (Uptrend)
SMA 200	2.241 (Same)
MACD (26d/12d)	-0.006648 ( 0.000513 )
Signal (9)	0.005665 ( 0.003078 )
MACD Histogram	0.012313 (Bearish trend 10 days)
Bolinger Upper Band	2.581
Bolinger Lower Band	2.193

My notes based on 2013 quarter 1 report (number in '000):-
- The NAV per share increased by 5.2% in the first quarter ended 31 August 2012 to RM3.01, compared with the preceding quarter of RM2.86
- The NAV per share increased by 0.04% in the fourth quarter ended 31 May 2012 to RM2.86, compared with the preceding quarter of RM2.85
- The NAV per share increased by 6.7% in the third quarter ended 29 February 2012 to RM2.85, compared with the preceding quarter of RM2.67
- The NAV per share increased by 1.5% in the second quarter ended 30 November 2011 to RM2.67, compared with the preceding quarter of RM2.63
- The NAV per share decreased by 5% in the first quarter ended 31 August 2011 to RM2.63, compared with the preceding quarter of RM2.77
- The NAV per share increased by 8% in the fourth quarter ended 31 May 2011 to RM2.77, compared with the preceding quarter of RM2.56
- The NAV per share increased by 4% in the third quarter ended 28 February 2011 to RM2.56, compared with the preceding quarter of RM2.47
- The NAV per share increased by 6% in the second quarter ended 30 November 2010 to RM2.47, compared with the preceding quarter of RM2.32
- The NAV per share increased by 10% in the first quarter ended 31 August 2010 to RM2.32, compared with the preceding quarter of RM2.1

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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
2012-09-19	2013	1	N/A	N/A	-	0.64%	0.64%	5179	5179	3569	3569	2555	2555	0.0183	0.0183	421355	139981	325	325	-	421030	4866	N/A	N/A	133735	4866	4866	138601	140000	140000	316400	2011-08-31	68.91%	68.91%	28.41%	0.0494	-	3.01	3.01	0.75	0.99	430.7108	430.7108	426.4646	8.0E-4	8.0E-4	671.6%	-	24	13
2012-07-24	2012	4	2.35	2.18	-	0.44%	4.05%	4586	24822	1997	17690	1709	15731	0.0122	0.1124	400022	137364	263	263	-	399759	14180	3647	N/A	115908	17827	17827	133735	140000	140000	305200	2012-05-31	43.55%	43.55%	14.42%	0.062	19.4012	2.86	2.86	0.76	0.96	522.2966	522.2966	508.4981	7.0E-4	7.0E-4	552.4%	-	48	13
2012-04-30	2012	3	2.24	2.08	-	0.95%	3.61%	5514	20235	4009	15692	3707	14022	0.0265	0.1002	403268	139525	4132	4132	-	399136	14609	3648	N/A	115908	18257	18257	134165	140000	140000	310800	2012-02-29	72.71%	72.71%	7.53%	0.0654	-	2.85	2.85	0.78	0.96	33.7669	33.7669	32.4697	0.0104	0.0102	513.4%	-	19	N/A
2011-12-21	2012	2	2.3	2.03	-	0.93%	2.66%	5515	14720	3989	11683	3606	10316	0.0258	0.0737	377626	135542	3856	3856	-	373770	14834	N/A	N/A	115908	14834	14834	130742	140000	140000	287000	2011-11-30	72.33%	72.33%	9.60%	0.0736	-	2.67	2.67	0.77	0.93	35.1509	35.1509	33.9061	0.0103	0.0102	473.8%	-	14	2
2011-09-13	2012	1	2.06	1.9	-	1.73%	1.73%	9205	9205	7694	7694	6710	6710	0.0479	0.0479	371191	129582	3658	3658	-	367533	8668	N/A	N/A	115908	8668	8668	124576	140000	140000	282800	2011-08-31	83.59%	83.59%	12.79%	0.0676	-	2.63	2.63	0.77	0.89	35.4243	35.4243	34.0558	0.01	0.0099	501.7%	-	23	13
2011-07-06	2011	4	2.2	1.92	-	1.33%	4.88%	6136	19936	4039	13917	3113	11459	0.0222	0.0819	388865	118358	635	635	-	388230	11983	N/A	N/A	103925	11983	11983	115908	140000	140000	306600	2011-05-31	65.82%	65.82%	22.93%	0.0513	26.7563	2.77	2.77	0.79	0.83	186.3906	186.3906	182.5323	0.0016	0.0016	590.5%	-	42	39
2011-04-26	2011	3	2.37	2.14	-	2.17%	3.55%	6936	13800	5542	9878	5089	8346	0.0364	0.0596	359444	109409	1556	1556	-	357888	2317	N/A	N/A	103925	2317	2317	106242	140000	140000	303800	2011-02-28	79.90%	79.90%	8.17%	0.1308	-	2.56	2.56	0.85	0.76	70.3143	70.3143	68.2789	0.0043	0.0043	229.3%	-	11	2
2011-01-10	2011	2	2.21	2.05	-	0.52%	1.39%	2823	6864	1524	4336	1225	3257	0.0088	0.0233	346278	105693	N/A	N/A	-	346278	723	N/A	N/A	103925	723	723	103202	140000	140000	302400	2010-11-30	53.99%	53.99%	19.62%	0.1302	-	2.47	2.47	0.87	0.74	N/A	N/A	N/A	N/A	N/A	234.4%	-	20	N/A
2010-10-29	2011	1	2.17	2.02	-	0.87%	0.87%	4041	4041	2812	2812	2032	2032	0.0145	0.0145	324536	105006	245	245	-	324291	577	N/A	N/A	103925	577	577	103348	140000	140000	288400	2010-08-31	69.59%	69.59%	27.74%	0.1346	-	2.32	2.32	0.89	0.74	428.5959	428.5959	421.8286	8.0E-4	8.0E-4	239.9%	-	11	18
2010-06-22	2010	4	2.08	1.78	-	15.76%	18.37%	33227	42224	31946	37644	31294	36477	0.2235	0.2606	234993	106266	149	149	-	234844	66483	N/A	N/A	37442	66483	66483	103925	140000	140000	257600	2010-05-31	96.14%	96.14%	2.04%	0.1797	7.062	1.68	1.68	1.1	0.74	713.1946	713.1946	697.4832	6.0E-4	6.0E-4	251.3%	-	15	12
2010-04-23	2010	3	1.84	1.66	-	1.77%	2.61%	5002	8997	3756	5698	3509	5183	0.0251	0.0370	203838	38518	61	61	-	203777	2496	N/A	N/A	37442	2496	2496	34946	140000	140000	245000	2010-02-28	75.09%	75.09%	6.58%	-0.0139	-	1.46	1.46	1.2	0.25	631.4426	631.4426	572.8852	3.0E-4	3.0E-4	-1358.9%	-	-331	7
2010-01-21	2010	2	1.9	1.69	-	0.17%	0.84%	1397	3995	318	1942	335	1674	0.0024	0.0120	200303	32128	35	35	-	200268	7534	N/A	N/A	37442	7534	7534	29908	140000	140000	254800	2009-11-30	22.76%	22.76%	-	-0.0247	-	1.43	1.43	1.27	0.21	917.9429	917.9429	854.5143	2.0E-4	2.0E-4	-648.7%	-	-95	3
2009-09-14	2010	1	1.86	1.74	-	0.67%	0.67%	2598	2598	1624	1624	1339	1339	0.0096	0.0096	199964	37880	31	31	-	199933	1205	N/A	N/A	37442	1205	1205	36237	140000	140000	253400	2009-08-31	62.51%	62.51%	17.55%	0.048	-	1.43	1.43	1.27	0.26	1221.9355	1221.9355	1168.9355	2.0E-4	2.0E-4	394.3%	-	27	3
2009-06-25	2009	4	1.86	1.63	-	6.03%	3.26%	-11827	11414	11879	7489	11600	6269	0.0829	0.0448	198728	42287	134	134	-	198594	23790	N/A	N/A	61232	23790	23790	37442	140000	140000	231000	2009-05-31	100.44%	100.44%	-	0.0574	36.848	1.42	1.42	1.16	0.27	315.5746	315.5746	279.4179	7.0E-4	7.0E-4	369.3%	-	129	12
2009-04-08	2009	3	1.71	1.45	-	0.26%	9.29%	2885	23241	1034	19368	496	17869	0.0035	0.1276	210200	65202	6	6	-	210194	1826	N/A	N/A	61232	1826	1826	63058	140000	140000	201600	2009-02-28	35.84%	35.84%	52.03%	0.1281	-	1.5	1.5	0.96	0.45	10867.0	10867.0	10509.6667	N/A	N/A	242.1%	-	28	N/A
2009-01-08	2009	2	1.48	1.25	-	7.66%	9.03%	15944	20356	15007	18334	14737	17373	0.1053	0.1241	211182	76736	1484	1484	-	209698	14328	N/A	N/A	61232	14328	14328	75560	140000	140000	196000	2008-11-30	94.12%	94.12%	1.80%	0.2577	-	1.5	1.5	0.93	0.54	51.7089	51.7089	50.9164	0.0071	0.0070	138.3%	-	8	112
2008-09-09	2009	1	1.79	1.15	-	1.37%	1.37%	4412	4412	3327	3327	2636	2636	0.0188	0.0188	195042	57993	81	81	-	194961	4449	N/A	N/A	61232	4449	4449	56783	140000	140000	250600	2008-08-31	75.41%	75.41%	20.77%	0.245	-	1.39	1.39	1.29	0.41	715.963	715.963	701.0247	4.0E-4	4.0E-4	121.2%	-	9	1
2008-06-20	2008	4	2.0	1.69	-	1.11%	25.50%	3693	45666	2422	41119	1698	39081	0.0121	0.2792	195093	62955	2768	2768	-	192325	5813	N/A	N/A	55419	5813	5813	61232	140000	140000	278600	2008-05-31	65.58%	65.58%	29.89%	0.2341	7.1288	1.37	1.37	1.45	0.44	22.7439	22.7439	22.1214	0.0144	0.0142	131.8%	-	14	218
2008-04-23	2008	3	2.3	1.94	-	18.71%	24.39%	30367	41974	29181	38698	28678	37371	0.2048	0.2669	190622	75445	7	7	-	190615	11361	N/A	N/A	55419	11361	11361	66780	140000	140000	305200	2008-02-29	96.09%	96.09%	1.72%	0.2308	-	1.36	1.36	1.6	0.48	10777.8571	10777.8571	9540.0	N/A	N/A	171.5%	-	70	1
2008-01-08	2008	2	2.81	2.02	-	5.11%	5.67%	9314	11607	8190	9517	7838	8693	0.0560	0.0621	161948	50160	11	11	-	161937	6252	N/A	N/A	55419	6252	6252	49167	140000	140000	392000	2007-11-30	87.93%	87.93%	4.30%	0.0954	-	1.16	1.16	2.41	0.35	4560.0	4560.0	4469.7273	1.0E-4	1.0E-4	324.6%	-	19	1
2007-10-30	2008	1	2.82	2.28	-	0.56%	0.56%	2293	2293	1327	1327	855	855	0.0061	0.0061	154110	43340	11	11	-	154099	13806	N/A	N/A	55419	13806	13806	41613	140000	140000	327600	2007-08-31	57.87%	57.87%	35.57%	0.0398	-	1.1	1.1	2.13	0.3	3940.0	3940.0	3783.0	1.0E-4	1.0E-4	706.4%	-	90	1
2007-06-26	2007	4	N/A	N/A	-	N/A	N/A	2022	19876	1037	16754	700	14600	0.0050	0.1043	153370	57369	126	126	-	153244	5165	N/A	N/A	60584	5165	5165	55419	140000	140000	221200	2007-05-31	50.89%	51.29%	32.50%	0.025	15.1507	1.09	1.09	1.45	0.4	455.3095	455.3095	439.8333	8.0E-4	8.0E-4	1490.3%	-	170	26
2007-03-14	2007	3	N/A	N/A	-	N/A	N/A	1819	17854	1071	15717	572	13900	0.0041	0.0993	153407	60374	863	863	-	152544	898	N/A	N/A	60584	898	898	59686	140000	140000	208600	2007-02-28	59.04%	58.88%	46.59%	0.0119	-	1.09	1.09	1.37	0.43	69.9583	69.9583	69.1611	0.0057	0.0056	3271.6%	-	132	423

Financial Quarter Balance Sheet

year	qrt	Other investments (A-0)	Cash and cash equivalents (A-1)	Current tax assets (A-1)	Deposits with licensed banks (A-1)	Other receivables, deposits and prepayments (A-1)	Payables and accruals (L-1)	Provision for taxation (L-1)
2013	1	281374	139	-	138462	1380	262	63
2012	4	262658	164	376	133571	3253	263	-
2012	3	263743	154	3999	134011	1361	4	4128
2012	2	242084	127	3717	130615	1083	30	3826
2012	1	241609	314	3441	124262	1565	216	3442
2011	4	270507	204	179	115704	2271	635	-
2011	3	250035	2644	1765	103598	1402	24	1532
2011	2	240585	44	75	103158	2416	-	-
2011	1	219530	648	318	102700	1340	245	-
2010	4	128727	248	558	103677	1783	149	-
2010	3	165320	29	1003	34917	2569	61	-
2010	2	168175	18	928	29890	1292	35	-
2010	1	162084	968	922	35269	721	31	-
2009	4	156441	22	800	37420	4045	134	-
2009	3	144998	8	43	63050	2101	6	-
2009	2	134446	104	-	75456	1176	1375	109
2009	1	137049	992	-	55791	1210	9	72
2008	4	132138	2642	-	58590	1723	2721	47
2008	3	115177	24	199	66756	8466	7	-
2008	2	111788	76	188	49091	805	11	-
2008	1	110770	213	211	41400	1516	11	-
2007	4	96001	319	157	55100	1793	126	-
2007	3	93033	153	29	59533	659	863	-

Financial Quarter Income Statement

year	qrt	Revenue	Income tax expense	Administrative/Operating expenses	Listing expenses
2013	1	5179	1014	1610	-
2012	4	4586	288	2589	-
2012	3	5514	302	1505	-
2012	2	5515	383	1526	-
2012	1	9205	984	1511	-
2011	4	6136	926	2097	-
2011	3	6936	453	1394	-
2011	2	2823	299	1299	-
2011	1	4041	780	1229	-
2010	4	33227	652	1281	-
2010	3	5002	247	1246	-
2010	2	1397	17	1079	-
2010	1	2598	285	974	-
2009	4	11827	279	52	-
2009	3	2885	538	1851	-
2009	2	15944	270	937	-
2009	1	4412	691	1085	-
2008	4	3693	724	1271	-
2008	3	30367	503	1186	-
2008	2	9314	352	1124	-
2008	1	2293	472	966	-
2007	4	2022	337	993	8
2007	3	1819	499	745	3

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

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