KLCI Stock - JCY / 5161 - 2013 Quarter 1

JCY INTERNATIONAL BERHAD


Company Description

JCY INTERNATIONAL BERHAD is a Malaysia-based company. It is a global manufacturer of hard disk drive (HDD) mechanical components. JCY manufactures base plates, top cover assembly, actuator pivot flex assembly (APFA) and antidiscs, which are the mechanical components of HDDs. The Company’s manufacturing facilities are located in the states of Johor, Penang and Malacca, in Malaysia, and in Saraburi, Thailand. The Company’s subsidiaries include JCY HDD Technology Sdn Bhd (JCY HDD Malaysia), JCY HDD Technology Pte Ltd (JCY HDD Singapore) and Minarex Holdings Limited (Minarex Holdings (Mauritius)).

Company Info

Listing Date	2010-02-25
IPO Price	1.6
Market Capital (Capital Size)	1,073,551,500 (Large)
Par Value	RM 0.25
Board	Main
Sector	Technology
Major Industry	HDD Components
Website	http://www.jcyinternational.com/

My Analysis

Forecast P/E now	N/A
Target Price	N/A
First Support Price	0.48
Second Support Price	0.44
Risk Rating	HIGH

Research House

HLG Target Price	0.45 (2013-02-22)
OSK Target Price	0.35 (2013-02-22)
CIMB Target Price	0.45 (2013-03-01)
Kenanga Target Price	0.58 (2013-03-06)

Accounting Ratio

Return on Equity	29.20%
Dividend Yield	-
Gross Profit Margin	-6.32%
Operating Profit Margin	-6.60%
Net Profit Margin	-6.66%
Tax Rate	-
Asset Turnover	1.3805
Net Asset Value Per Share	0.53
Net Tangible Asset per share	0.53
Price/Net Tangible Asset Per Share	1.11
Cash Per Share	0.08
Liquidity Current Ratio	1.9639
Liquidity Quick Ratio	1.2243
Liquidity Cash Ratio	0.3997
Gearing Debt to Equity Ratio	0.378
Gearing Debt to Asset Ratio	0.2743
Working capital per thousand Ringgit sale	17.9%
Days to sell the inventory	58
Days to collect the receivables	53
Days to pay the payables	51

Technical Analysis

SMA 10	0.512 (Downtrend)
SMA 20	0.565 (Downtrend 30 days)
SMA 50	0.612 (Downtrend)
SMA 100	0.653 (Downtrend)
SMA 200	0.963 (Downtrend)
MACD (26d/12d)	-0.029982 ( 0.001299 )
Signal (9)	-0.029914 ( 1.7e-005 )
MACD Histogram	0.000068 (Bearish trend 14 days)
Bolinger Upper Band	0.692
Bolinger Lower Band	0.438

My notes based on 2013 quarter 1 report (number in '000):-
- Lower revenue and loss due mainly to the reduction in volume shipped, moderation of Average Selling Prices, depreciating USD, higher operating cost for the reporting quarter as a result of lower output caused by reduction in global demand for the HDD and resumption by other suppliers of the mechanical components of the HDD after the Thailand floods. In addition, Group customers have also tightened up their quality requirement and this has resulted in lower yields for our output, our cost of sales has increased

- The foreign exchange gain due mainly to the revaluation of liabilities related to purchase of machineries which are denominated in Japanese Yen

- No earning estimate next 4Q eps after 2013 Q1 result announced, trade base on Technical Analysis only
- Estimate next 4Q eps after 2012 Q4 result announced = 1128577*0.05/2031567 = 0.0278, estimate highest/lowest PE = 28.06/20.86 (DPS 0.01)
- Estimate next 4Q eps after 2012 Q3 result announced = 1277647*0.14/2044760 = 0.0875, estimate highest/lowest PE = 16.8/7.2 (DPS 0.03)
- Estimate next 4Q eps after 2012 Q2 result announced = 1199900*0.28/2044760 = 0.1643, estimate highest/lowest PE = 9.13/7.3 (DPS 0.1)
- Estimate next 4Q eps after 2012 Q1 result announced = 1047414*0.25/2044760 = 0.1281, estimate highest/lowest PE = 12.72/8.2 (DPS 0.02)
- Estimate next 4Q eps after 2011 Q4 result announced = 0.0103*1.2*4 = 0.0494, estimate highest/lowest PE = 30.21/14.22 (DPS 0.0075)
- Estimate next 4Q eps after 2011 Q3 result announced = 0.0061*1.1*4 = 0.0268, estimate highest/lowest PE = 29.38/14.09 (DPS 0.0075)

JCY latest news (English)

JCY 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	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
2013-02-21	2013	1	N/A	N/A	-	2.28%	2.28%	376824	376824	25093	25093	25729	25729	0.0127	0.0127	1494329	751311	409904	382554	-	1084425	100513	9804	70658	132867	90709	20051	152918	2028913	2028913	1197058	2012-12-31	6.32%	6.60%	6.66%	-	1.3805	-	0.53	0.53	1.11	0.08	1.9639	1.2243	0.3997	0.378	0.2743	17.9%	58	53	51
2012-11-21	2012	4	0.79	0.59	0.01	1.18%	49.84%	536412	2245168	11501	442683	10477	441223	0.0052	0.2172	1636905	879768	508328	481009	-	1128577	378502	132892	212944	97112	245610	32666	129778	2031567	2031567	1716674	2012-09-30	5.05%	2.21%	2.14%	8.90%	1.3716	3.8907	0.56	0.56	1.51	0.06	1.829	1.1541	0.2698	0.4504	0.3105	17.8%	67	67	60
2012-08-16	2012	3	1.5	0.66	0.03	11.88%	48.65%	573138	1708756	105140	431182	105202	430746	0.0514	0.2107	1701716	957806	424069	402622	-	1277647	342454	89685	157645	96794	252769	95124	191918	2044760	2044760	3005797	2012-06-30	19.38%	18.50%	18.34%	-	1.2627	-	0.62	0.62	2.37	0.09	2.3789	1.5709	0.4767	0.3319	0.2492	25.8%	71	72	64
2012-05-17	2012	2	1.6	1.3	0.03	18.42%	36.77%	576584	1135618	163458	326042	163092	325544	0.0798	0.1592	1657613	948753	457713	436266	-	1199900	231784	28705	109083	83640	203079	93996	177636	2044760	2044760	3210273	2012-03-31	29.06%	28.48%	28.35%	0.22%	1.1889	-	0.59	0.59	2.66	0.09	2.1747	1.4632	0.4072	0.3815	0.2761	26.0%	70	83	72
2012-02-08	2012	1	1.65	1.07	0.02	18.35%	18.35%	559034	559034	162584	162584	162452	162452	0.0794	0.0794	1532514	810258	485100	463653	-	1047414	51556	14024	60226	90633	37532	22694	67939	2044760	2044760	2883111	2011-12-31	30.65%	29.27%	29.08%	0.08%	1.169	-	0.51	0.51	2.76	0.03	1.7476	1.1498	0.1483	0.4631	0.3165	19.3%	63	93	68
2011-11-29	2011	4	1.5	0.71	-	3.03%	1.67%	439917	1671420	26439	14723	26439	14553	0.0129	0.0071	1389784	659010	504477	483030	-	885307	140829	34509	143113	130261	106320	36793	93468	2044822	2044822	1554064	2011-09-30	6.45%	6.18%	6.01%	-	1.2026	106.7866	0.43	0.43	1.77	0.05	1.3643	0.8988	0.1935	0.5698	0.363	10.5%	50	74	58
2011-08-22	2011	3	0.795	0.385	-	3.65%	1.36%	395167	1231503	31792	11716	31856	11886	0.0156	0.0058	1326307	601516	476488	464598	-	849819	106537	32826	125230	130077	73711	51519	78558	2044860	2044860	961084	2011-06-30	6.54%	7.79%	8.05%	-	1.2949	-	0.42	0.42	1.12	0.04	1.2947	0.8474	0.1691	0.5607	0.3593	8.0%	45	67	50
2011-05-18	2011	2	0.645	0.415	-	1.43%	2.29%	397432	836336	12521	20076	12458	19970	0.0061	0.0098	1329813	597850	448864	436974	-	880949	90711	15968	133826	131927	74743	59083	72844	2044860	2044860	1329159	2011-03-31	5.56%	3.34%	3.15%	0.50%	1.3559	-	0.43	0.43	1.51	0.04	1.3682	0.8631	0.1667	0.5095	0.3375	8.9%	47	62	46
2011-02-25	2011	1	0.83	0.575	-	0.86%	0.86%	438904	438904	7555	7555	7512	7512	0.0037	0.0037	1409733	650949	527135	515244	-	882598	74896	11437	64230	129780	63459	771	129009	2044860	2044860	1339383	2010-12-31	3.83%	2.16%	1.72%	0.57%	1.387	-	0.43	0.43	1.52	0.06	1.2634	0.8632	0.2504	0.5973	0.3739	6.9%	42	59	48
2010-11-30	2010	4	0.865	0.63	0.0075	2.81%	21.97%	485970	2044648	15674	184292	22557	176387	0.0110	0.0863	1469550	696465	596327	507299	-	873223	184337	189222	99239	232958	4885	104124	128834	2044860	2044860	1830149	2010-09-30	0.24%	2.70%	3.23%	-	1.3913	10.3758	0.43	0.43	2.08	0.06	1.3729	0.9524	0.254	0.6829	0.4058	9.3%	43	63	49
2010-08-20	2010	3	1.2	0.875	-	6.93%	24.78%	480789	1558678	55949	199966	55599	198944	0.0272	0.0973	1516426	723207	608341	521076	-	908085	168803	175857	78409	230365	7054	85463	144902	2044860	2044860	2392486	2010-06-30	13.77%	11.94%	11.64%	0.63%	1.3584	-	0.44	0.44	2.66	0.07	1.3879	0.9248	0.2781	0.6699	0.4012	9.8%	50	60	50
2010-05-20	2010	2	1.6	1.1	-	8.21%	17.86%	549687	1077889	66229	144017	65879	143345	0.0322	0.0701	1575253	845417	638934	518666	-	936319	103532	86906	3856	234762	16626	20482	255244	2044860	2044860	3333121	2010-03-31	13.84%	12.50%	12.05%	0.53%	1.3076	-	0.46	0.46	3.54	0.12	1.63	1.2089	0.4921	0.6824	0.4056	15.9%	45	66	56
2010-02-23	2010	1	1.98	1.44	-	9.65%	9.65%	528202	528202	77788	77788	77466	77466	0.0379	0.0379	1585214	907884	707671	581935	-	877543	71658	11669	76203	238396	59989	136192	374588	2044860	2044860	N/A	2009-12-31	16.01%	14.96%	14.73%	0.41%	1.1711	-	0.43	0.43	N/A	0.18	1.5601	1.2289	0.6437	0.8064	0.4464	17.6%	45	66	83
N/A	2009	4	N/A	N/A	-	N/A	N/A	501216	1758077	72031	205911	73499	207279	0.0359	0.1014	1461099	798078	658413	652877	-	802686	275011	140558	41254	145471	134453	93199	238670	2044860	2044860	N/A	2009-09-30	17.00%	14.79%	14.37%	-	1.2033	-	0.39	0.39	N/A	0.12	1.2224	0.9385	0.3656	0.8203	0.4506	8.3%	45	72	112
N/A	2009	3	N/A	N/A	-	N/A	N/A	480669	1256861	55415	133880	55378	133780	0.0271	0.0654	N/A	N/A	N/A	N/A	-	N/A	92850	108649	20732	141594	15799	4933	146527	2044860	2044860	N/A	2009-06-30	12.46%	11.96%	11.53%	0.07%	N/A	-	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	-	N/A	N/A
N/A	2009	2	N/A	N/A	-	N/A	N/A	346400	776192	54440	78465	54402	78402	0.0266	0.0383	N/A	N/A	N/A	N/A	-	N/A	63729	51490	9503	149017	12239	21742	170759	2044860	2044860	N/A	2009-03-31	14.25%	16.23%	15.72%	0.07%	N/A	-	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	-	N/A	N/A
N/A	2009	1	N/A	N/A	-	N/A	N/A	429792	429792	24025	24025	24000	24000	0.0117	0.0117	N/A	N/A	N/A	N/A	-	N/A	5809	39253	42730	145734	33444	9286	155020	2044860	2044860	N/A	2008-12-31	11.76%	5.93%	5.59%	0.10%	N/A	-	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	-	N/A	N/A

Financial Quarter Balance Sheet Open in New Window

year	qrt	Deferred tax assets (A-0)	Leasehold land use rights (A-0)	Property, plant and equipment (A-0)	Restricted bank deposits (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)	Trade receivables (A-1)	Deferred tax liabilities (L-0)	Employee benefits (L-0)	Term loans (L-0)	Amount due to associated companies (L-1)	Current tax liabilities (L-1)	Dividend payable (L-1)	Loans & borrowings (L-1)	Trade and other payables (L-1)
2013	1	11926	18433	711847	812	152918	-	691	282966	12563	302173	26955	395	-	-	1	20289	113430	248834
2012	4	12533	18515	725281	808	129778	-	671	324648	13298	411373	26926	393	-	-	15	60867	129083	291044
2012	3	9458	18642	715810	-	191918	-	-	325317	15773	424798	21447	-	-	-	582	-	107958	294082
2012	2	9458	18922	680480	-	177636	-	-	310397	14573	446147	21447	-	-	-	680	-	115625	319961
2012	1	9458	18920	693878	-	68743	-	-	277172	7028	457315	21447	-	-	-	660	-	164482	298511
2011	4	9458	19005	702311	-	93468	-	-	224864	3669	337009	21447	-	-	-	582	-	224708	257740
2011	3	-	18977	705814	-	78558	-	-	207810	-	315148	11890	-	-	-	575	-	230179	233844
2011	2	-	19273	712690	-	72844	-	-	220715	-	304291	11890	-	-	-	956	-	221583	214435
2011	1	-	19288	739496	-	129009	-	-	206194	-	315746	11891	-	-	-	956	-	275843	238445
2010	4	-	19239	753846	-	128834	-	-	213321	-	354310	11890	-	77138	-	956	-	262935	243408
2010	3	-	19336	773883	-	144903	-	-	241297	-	337007	6352	-	80913	-	654	-	279991	240431
2010	2	-	19585	710251	-	255244	-	-	218411	-	371762	6080	-	114188	-	728	-	249027	268911
2010	1	-	19652	657678	-	374588	4335	-	192715	-	336246	5808	-	119928	93237	618	-	222397	265683
2009	4	-	19593	643428	-	238670	28801	-	185339	-	345268	5536	-	-	173236	1364	-	186122	292155

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	Foreign exchange (loss)/gain
2013	1	376824	636	400630	229	632	8901	7211
2012	4	536412	1024	509346	347	330	9958	4930
2012	3	573138	62	462087	898	946	8821	2862
2012	2	576584	366	409022	775	675	7349	3345
2012	1	559034	132	387663	1050	889	6143	2483
2011	4	439917	0	411546	746	573	7207	5448
2011	3	395167	64	420997	1008	678	5386	246
2011	2	397432	63	375324	771	1182	6617	3381
2011	1	438904	43	422104	1932	964	5931	2346
2010	4	485970	6883	484809	2553	734	8102	6914
2010	3	480789	350	414565	1450	724	5890	3659
2010	2	549687	350	473628	2458	841	5849	2364
2010	1	528202	322	443624	1225	1353	5610	1308
2009	4	501216	1468	416023	2074	5443	8663	7868
2009	3	480669	37	420754	2054	902	3058	290
2009	2	346400	38	297034	1794	781	4583	10670
2009	1	429792	25	379260	1475	666	6507	19191

Financial Quarter Segments Revenue

year	qrt	Others	Elimination/Adjustment	Malaysia	Thailand
2013	1	15117	60168	351352	70523
2012	4	18820	41722	475588	83726
2012	3	22662	99124	575779	119145
2012	2	78287	203545	584122	117720
2012	1	36179	137940	537589	123206
2011	4	104430	114686	450173	-
2011	3	100021	80428	375574	-
2011	2	17196	89363	384920	84679
2011	1	16960	83040	413837	91147
2010	4	108619	81634	458983	-
2010	3	92137	73217	461869	-
2010	2	121573	107873	535987	-
2010	1	127301	131448	532349	-
2009	4	118828	347050	729438	-
2009	3	108819	59748	431598	-
2009	2	66105	79569	359865	-
2009	1	67866	69687	431612	-

Financial Quarter Segments Profit

year	qrt	Others	Elimination/Adjustment	Malaysia	Thailand
2013	1	4865	1873	14924	7813
2012	4	6048	69892	56076	2709
2012	3	1503	62524	184175	14946
2012	2	2983	8680	148929	8466
2012	1	18	2913	160226	705
2011	4	48250	25027	3216	-
2011	3	4895	1224	28185	-
2011	2	2130	1251	13081	256
2011	1	224	3254	5430	5112
2010	4	11263	84428	52610	-
2010	3	9426	918	62107	-
2010	2	2839	9035	59682	-
2010	1	5986	3795	75275	-
2009	4	3531	215325	292356	-
2009	3	15065	491	39821	-
2009	2	3149	6282	63833	-
2009	1	3083	3629	24546	-

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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●CHANGES IN SHAREHOLDING
●ANNUAL REPORTS

HISTORICAL

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ARCHIVES

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