KLCI Stock - WINGTM / 2976 - 2013 Quarter 2

WING TAI MALAYSIA BERHAD


Company Description

The Group's principal activities are manufacturing textile garments, trading garments and developing and investing in properties. The trading segment currently has 32 retail outlets distributing fashion brands. Its portfolio of fashion labels include Topshop, Topman, Dorothy Perkins, Warehouse, Diva, Pumpkin Patch and Principles. The property development segment develops residential and commercial properties. These properties include The Meritz, Sering Ukay and Taman Seri Impian. The property investment division is engaged in investing commercial and hotel properties, project management and maintainance of properties. The Group has disposed its fast food operations and discontinued its garment manufacturing operations in Sri Lanka during the fiscal year 2007. Operations are carried out mainly in Malaysia.

Company Info

Listing Date	1979-01-19
Market Capital (Capital Size)	625,504,381 (Medium)
Par Value	RM 1.00
Board	Main
Sector	Consumer Products
Major Industry	Garments
Sub Industry	Property Development
Website	http://www.wingtai.com.my/

My Analysis

Forecast P/E now	(1.92-0.08)/0.3066 = 6.00 (Moderate)
Target Price	1.99+0.08 = 2.07 (PE 6.5, EPS 0.3066, DPS 0.08)
First Support Price	1.85
Second Support Price	1.7
Risk Rating	MODERATE

Research House

Jupiter Target Price	1.98 (2012-12-10)
HwangDBS Target Price	2.3 (2013-02-04)
OSK Target Price	2.25 (2013-02-04)

Accounting Ratio

Return on Equity	10.45%
Dividend Yield	4.17%
Operating Profit Margin	27.69%
Net Profit Margin	29.14%
Tax Rate	23.74%
Asset Turnover	0.3641
Net Asset Value Per Share	2.97
Net Tangible Asset per share	2.97
Price/Net Tangible Asset Per Share	0.64
Cash Per Share	0.2
Liquidity Current Ratio	4.6495
Liquidity Quick Ratio	1.1166
Liquidity Cash Ratio	0.29
Gearing Debt to Equity Ratio	0.4949
Gearing Debt to Asset Ratio	0.3311
Working capital per thousand Ringgit sale	159.7%
Days to sell the inventory	761
Days to collect the receivables	76
Days to pay the payables	129

Technical Analysis

SMA 10	1.928 (Downtrend)
SMA 20	1.926 (Uptrend 38 days)
SMA 50	1.85 (Uptrend)
SMA 100	1.749 (Uptrend)
SMA 200	1.726 (Uptrend)
MACD (26d/12d)	0.020757 ( 0.002122 )
Signal (9)	0.027202 ( 0.001611 )
MACD Histogram	0.006445 (Bearish trend 8 days)
Bolinger Upper Band	2.033
Bolinger Lower Band	1.819

My notes based on 2013 quarter 2 report (number in '000):-
- Higher revenue and pbt mainly due to the higher revenue from the property development division and retail division

- Estimate next 4Q eps after 2013 Q2 result announced = 0.292*1.05 = 0.3066, estimate PE on current price 1.92 = 6(DPS 0.08)
- Estimate next 4Q eps after 2013 Q1 result announced = 0.2829*1.05 = 0.297, estimate highest/lowest PE = 6.5/5.35 (DPS 0.08)
- Estimate next 4Q eps after 2012 Q4 result announced = 0.2704, estimate highest/lowest PE = 6.51/5.7 (DPS 0.08)

WINGTM latest news (English)

WINGTM latest news (Chinese)


Financial Quarter Summary   Open in New Window

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
2013-01-31	2013	2	N/A	N/A	-	3.79%	5.81%	154445	257179	45008	70907	34324	52634	0.1091	0.1672	1395491	1034114	462007	222416	-	933484	22705	14511	20597	35717	8194	28791	64508	314751	314717	598026	2012-12-31	27.69%	29.14%	23.74%	0.3641	-	2.97	2.97	0.64	0.2	4.6495	1.1166	0.29	0.4949	0.3311	159.7%	761	76	129
2012-11-22	2013	1	2.01	1.67	-	2.02%	2.02%	102734	102734	25899	25899	18310	18310	0.0582	0.0582	1332622	975923	408307	186041	-	924315	12143	6759	24777	35759	5384	30161	65920	314684	314684	566431	2012-09-30	25.15%	25.21%	29.30%	0.3591	-	2.94	2.94	0.61	0.21	5.2457	1.1013	0.3543	0.4417	0.3064	165.1%	801	63	109
2012-08-22	2012	4	1.84	1.62	0.08	1.77%	10.05%	134201	457684	23072	121210	14921	84885	0.0475	0.2704	1307602	964974	402306	196592	-	905296	12198	38791	7882	78964	50989	43107	35857	314166	313957	581207	2012-06-30	19.03%	17.19%	35.33%	0.35	6.8424	2.88	2.88	0.64	0.11	4.9085	1.0388	0.1824	0.4444	0.3077	167.9%	826	63	129
2012-05-14	2012	3	2.07	1.67	-	2.87%	8.28%	116742	323483	36540	98138	24280	69964	0.0773	0.2229	1246607	894117	355859	168139	-	890748	7031	5620	25427	80829	12651	38078	42751	313989	313909	518081	2012-03-31	31.60%	31.30%	33.55%	0.339	-	2.84	2.84	0.58	0.14	5.3177	1.0429	0.2543	0.3995	0.2855	171.8%	894	110	128
2012-02-15	2012	2	1.76	1.53	-	3.71%	5.41%	124832	206741	42101	61598	31318	45684	0.0998	0.1456	1234108	891233	369253	191256	-	864855	6176	2165	22391	79708	4011	18380	61328	313908	313862	492835	2011-12-31	31.01%	33.73%	25.61%	0.2478	-	2.76	2.76	0.57	0.2	4.6599	1.0199	0.3207	0.427	0.2992	228.9%	1190	151	204
2011-11-29	2012	1	1.67	1.47	-	1.70%	1.70%	81909	81909	19497	19497	14366	14366	0.0457	0.0457	1200961	861905	342796	160558	-	858165	16925	6524	10230	78775	23449	13219	65556	314120	314120	499450	2011-09-30	24.73%	23.80%	26.32%	0.1507	-	2.73	2.73	0.58	0.21	5.3682	1.1193	0.4083	0.3995	0.2854	387.5%	1955	193	267
2011-08-15	2011	4	1.86	1.45	0.08	N/A	N/A	99105	369816	32130	96773	53285	100411	0.1697	0.3207	1185375	844366	340625	173061	-	844750	35606	52040	100712	66771	87646	13066	79837	314033	313075	536996	2011-06-30	33.72%	32.42%	-	0.0836	5.3317	2.7	2.7	0.63	0.25	4.879	1.0969	0.4613	0.4032	0.2874	677.4%	3637	353	555

Financial Quarter Balance Sheet   Open in New Window

year	qrt	Deferred tax assets (A-0)	Investment in associated companies (A-0)	Investment in jointly controlled entity (A-0)	Investment properties (A-0)	Land held for property development (A-0)	Prepaid lease payments (A-0)	Property, plant and equipment (A-0)	Receivables (A-0)	Cash and cash equivalents (A-1)	Current asset classified as held for sales (A-1)	Current tax assets (A-1)	Inventories (A-1)	Other assets (A-1)	Property development costs (A-1)	Trade receivables (A-1)	Deferred income (L-0)	Deferred tax liabilities (L-0)	Loans & borrowings (L-0)	Provision for retirement benefits (L-0)	Current tax liabilities (L-1)	Loans & borrowings (L-1)	Other liabilities (L-1)	Retirement benefit obligations (L-1)	Trade and other payables (L-1)
2013	2	18276	36	20209	132057	62017	2411	126371	-	64508	-	5459	78323	73072	707435	105317	22484	3654	213453	-	7253	82346	-	-	132817
2013	1	18292	36	15815	132057	61994	2431	126074	-	65920	-	3368	74671	52985	696365	82614	20287	3655	198324	-	2940	76383	1613	-	105105
2012	4	18324	36	14024	123820	58025	2451	125948	-	35857	-	4689	56851	84537	703910	79130	19382	3655	182677	-	7247	67917	2387	-	119041
2012	3	13710	35	13540	129790	55931	2472	124976	12036	42751	-	5308	50054	-	668711	127293	15416	3925	168379	-	13158	51912	-	-	103069
2012	2	13719	35	12346	122950	55148	2492	124081	12104	61328	-	7069	56632	-	639534	126670	13913	3847	160237	-	8915	63086	-	-	119255
2012	1	10319	35	9976	122950	56777	2513	124490	11996	65556	2851	15666	51749	-	630448	95635	11347	4004	166887	-	3439	64008	-	-	93111
2011	4	14289	35	9091	122950	56493	2533	124445	11173	79837	2718	11396	53000	-	601543	95872	10330	4042	153192	-	5476	67728	-	-	99857

Financial Quarter Income Statement   Open in New Window

year	qrt	Revenue	Income tax expense	Cost of sales	Finance/interest costs	Other income	Administrative/Operating expenses	Share of profit/ (loss) of associates	Discontinued operation
2013	2	154445	10684	-	2040	805	112486	4309	25
2013	1	102734	7589	-	1719	714	77606	1801	25
2012	4	134201	8151	-	1760	904	109571	478	1180
2012	3	116742	12260	-	1599	1292	81139	1165	79
2012	2	124832	10783	-	1633	1268	87385	2348	2671
2012	1	81909	5131	-	1622	954	62604	885	25
2011	4	99105	21155	-	1240	1261	66949	204	251

Financial Quarter Segments Revenue

year	qrt	Retails	Property development	Manufacturing	Property investment
2013	2	51174	96119	1769	5383
2013	1	44439	51257	1371	5667
2012	4	37256	89430	2425	5090
2012	3	40333	70624	1126	4659
2012	2	48401	69725	1471	5235
2012	1	41744	32940	1498	5727
2011	4	34306	58086	1761	4952

Financial Quarter Segments Profit

year	qrt	Retails	Property development	Manufacturing	Property investment
2013	2	11135	29733	425	1965
2013	1	9512	15154	57	2203
2012	4	6167	34241	1047	4108
2012	3	10476	26278	20	1025
2012	2	12487	23791	716	1941
2012	1	9850	7092	122	2141
2011	4	5388	25158	29	1617

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

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