KLCI Stock - BSTEAD / 2771 - 2011 Quarter 4

BOUSTEAD HOLDINGS BERHAD



Company Description

Boustead Holdings Berhad is an investment holding company. It is also engaged in the cultivation of oil palms. The Company operates in seven segments: plantation, heavy industries, property development, property investment, finance and investment, trading, and manufacturing and services. Its major subsidiaries include Boustead Plantations Berhad, which is engaged in investment holdings and oil palm plantations; Boustead Properties Berhad, which is engaged in investment holding and property investment; Boustead Heavy Industries Corporation Berhad, which is engaged in investment holding; Boustead Naval Shipyard Sdn Bhd, which is engaged in construction, repair and maintenance of naval and merchant ships, and Boustead Emastulin Sdn Bhd, which is engaged in cultivation and processing of oil palm, and automobile dealership.

Company Info 

Listing Date	1961-03-17
Market Capital (Capital Size)	4,888,844,994 (Large)
Par Value	RM 0.50
Board	Main
Sector	Plantation
Major Industry	Oil Palm & Others Crop
Sub Industry	Finance & Investment
Website	http://www.boustead.com.my

My Analysis 

Forecast P/E now	(5.2-0.29)/0.5401 = 9.09 (Moderate)
Target Price	5.94+0.29 = 6.23 (PE 11.0, EPS 0.5401, DPS 0.29)
Decision	BUY if stock price can break and sustain above 5.3 or wait stock price below Bolinger lower band
Comment	Revenue increased 16.7% and also higher than preceding year corresponding quarter 51.2%, eps increased 44.6% but lower than preceding year corresponding quarter 16.3%, cash generated from operating enough to cover financing expenses and cash from borrowings more than enough to cover other expenses, operating margin decreasing, slightly better liquidity ratio but still at weak level now, higher gearing ratio at high level now, higher debt ratio and start move near to historical high level, all repayment period is good, strong cash, higher inventory can indicate better demand of Group products, lower property development cost can indicate slow down in property segment
First Support Price	5.0
Second Support Price	4.8
Risk Rating	MODERATE

Research House

ECM Target Price	6.41 (2011-11-22)
AMMB Target Price	4.3 (2011-12-19)
TA Target Price	6.21 (2011-12-21)
CIMB Target Price	5.24 (2012-02-28)
HwangDBS Target Price	7.3 (2012-02-28)
Jupiter Target Price	6.4 (2012-04-03)
HLG Target Price	6.45 (2012-04-16)

Accounting Ratio 

Return on Equity	11.73%
Dividend Yield	5.58%
Gross Profit Margin	0.00%
Operating Profit Margin	4.33%
Net Profit Margin	9.60%
Tax Rate	6.12%
Asset Turnover	0.6959
Net Asset Value Per Share	4.3
Net Tangible Asset per share	3.09
Price/Net Tangible Asset Per Share	1.75
Cash Per Share	1.1
Liquidity Current Ratio	0.6331
Liquidity Quick Ratio	0.5129
Liquidity Cash Ratio	0.1979
Gearing Debt to Equity Ratio	1.5932
Gearing Debt to Asset Ratio	0.5768
Working capital per thousand Ringgit sale	-24.7%
Days to sell the inventory	32
Days to collect the receivables	75
Days to pay the payables	78

Technical Analysis 

SMA 20	5.3 (Downtrend 14 days)
SMA 50	5.4 (Downtrend)
SMA 100	5.328 (Uptrend)
SMA 200	4.946 (Uptrend)
MACD (26d/12d)	-0.063524 ( 0.001863 )
Signal (9)	-0.056491 ( 0.001758 )
MACD Histogram	0.007033 (Bearish trend 14 days)
Bolinger Upper Band	5.564
Bolinger Lower Band	5.036

My notes based on 2011 quarter 4 report (number in '000):-
- Higher revenue mainly due to the consolidation of Pharmaniaga Berhad, higher sales volume for the Manufacturing & Trading Division and stronger palm product prices and better FFB crop in Plantation Division

- Lower pbt than FY10Q4 due to cost escalations in commercial ship building projects and higher finance charges in Heavy Industries Division and RM40.4 million of negative goodwill and Finance & Investment Division pbt in last year included the gain on disposal of BHInsurance and higher interest cost in current quarter

- Higher pbt than FY11Q3 mainly due to fair value gain on investment properties and negative goodwill of RM109.5 million and RM40.4 million respectively, if exclude then current quarter's result is weaker by RM71.9 million due to Plantation Division pbt in preceding quarter had included a RM14 million dividend income from Boustead REIT plus current quarter got lower crop production and lower CPO price due to cyclical swing in FFB crop production is generally at its lowest in the first half of the year and Heavy Industries Division as reason mention in above

- Estimate next 4Q eps after 2011 Q4 result announced = 5203300*0.1/1034200 = 0.5031(excluded disposal gain), estimate PE on current price 5.2 = 9.09(DPS 0.29)
- Estimate next 4Q eps after 2011 Q3 result announced = 0.1286*4*1.05 = 0.5401, estimate highest/lowest PE = 10.44/9.15 (DPS 0.32)
- Estimate next 4Q eps after 2011 Q2 result announced = (0.1+0.12)*2 = 0.44, estimate highest/lowest PE = 12.11/9.48 (DPS 0.32)
- Estimate next 4Q eps after 2011 Q1 result announced = 0.5557, estimate highest/lowest PE = 10.94/8.53 (DPS 0.42)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.2646*2*1.05 = 0.5557(exclude RM52 million one off gained), estimate highest/lowest PE = 10.08/8.8 (DPS 0.39)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.1*4*1.1 = 0.44, estimate highest/lowest PE = 13.11/11.14 (DPS 0.37)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.08*4*1.05 = 0.336(0.08 is eps exclude non-repeatable income), estimate highest/lowest PE = 17.04/11.59 (DPS 0.325)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.4699*1.05 = 0.4934(5% increase), estimate highest/lowest PE = 8.3/6.58 (DPS 0.275)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.4934, estimate highest/lowest PE = 7.1/6.31 (DPS 0.275)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.1241*4 = 0.4964, estimate highest/lowest PE = 6.89/6.06 (DPS 0.25)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.0721*4 = 0.2884, estimate highest/lowest PE = 12.17/10.92 (DPS 0.2)
- Estimate next 4Q eps after 2009 Q1 result announced = 0.0934*4 = 0.3736, estimate highest/lowest PE = 11.78/8.94 (DPS 0.2)
- Estimate next 4Q eps after 2008 Q4 result announced = 0.1699*4 = 0.6796, estimate highest/lowest PE = 5.15/3.97 (DPS 0.3)

BSTEAD latest news (English)

BSTEAD 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	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
2012-02-27	2011	4	N/A	N/A	0.09	3.70%	11.73%	2554300	8555800	245100	831000	192300	610600	0.1859	0.5904	12295200	7091900	751900	5203300	959500	1366000	1097900	398500	406500	691400	1089900	1034200	1034200	5595022	2011-12-31	-	4.33%	9.60%	6.12%	0.6959	9.1632	4.3	3.09	1.75	1.1	0.6331	0.5129	0.1979	1.5932	0.5768	-24.7%	32	75	78
2011-11-21	2011	3	5.96	5.26	0.12	2.43%	8.40%	2188700	6001500	167100	585900	120900	418300	0.1286	0.4449	11494600	6513900	624300	4980700	188000	702500	664200	398800	514500	149700	548500	940200	940200	5011266	2011-09-30	-	7.74%	7.63%	13.64%	0.6691	-	4.63	2.86	1.86	0.62	0.6149	0.5024	0.1095	1.4952	0.5667	-26.5%	31	99	87
2011-08-18	2011	2	5.65	4.49	-	3.75%	6.02%	2225300	3812800	250600	418800	185200	297400	0.1970	0.3163	11493300	6551000	598800	4942300	600	513700	726400	398300	514300	212100	610400	940200	940200	5171100	2011-06-30	-	7.74%	11.26%	11.01%	0.6105	-	4.62	2.79	1.97	0.7	0.6314	0.5235	0.1258	1.5082	0.57	-27.6%	33	109	101
2011-05-27	2011	1	6.5	5.16	0.08	2.37%	2.37%	1587500	1587500	168200	168200	112200	112200	0.1193	0.1193	10805800	6066900	513800	4738900	4600	532200	691700	398300	536800	154900	553200	940200	940200	5377944	2011-03-31	-	9.90%	10.60%	20.04%	0.5753	-	4.49	2.71	2.11	0.66	0.5766	0.4807	0.1203	1.4359	0.5614	-35.2%	32	104	110
2011-02-25	2010	4	5.99	5.28	0.12	4.45%	11.44%	1689800	6181800	252000	726200	208900	537500	0.2222	0.5749	9268200	4569500	470800	4698700	173400	176200	148800	549900	2800	151600	398300	940200	935000	5077080	2010-12-31	-	11.48%	14.91%	6.87%	0.667	9.3935	4.52	2.95	1.83	0.45	0.5581	0.4836	0.1137	1.0808	0.493	-26.7%	18	76	72
2010-11-29	2010	3	6.14	5.27	0.12	2.02%	7.22%	1513900	4492000	153700	474200	91900	328600	0.0983	0.3534	9014000	4462000	459800	4552000	89900	1400	253300	549900	88500	164800	385100	934700	929900	4907175	2010-09-30	-	10.28%	10.15%	18.93%	0.6626	-	4.4	2.82	1.86	0.45	0.4991	0.4156	0.1044	1.0904	0.495	-34.0%	23	77	77
2010-08-23	2010	2	6.05	4.22	0.1	3.26%	5.26%	1425000	2978100	185900	320500	146500	236700	0.1567	0.2545	8781100	4284700	413800	4496400	37800	48700	193100	549900	10900	182200	367700	934700	929900	4065945	2010-06-30	-	7.27%	13.05%	13.18%	0.6694	-	4.39	2.81	1.55	0.42	0.4701	0.4066	0.1026	1.0495	0.4879	-34.8%	17	73	64
2010-05-31	2010	1	4.37	3.52	0.05	2.03%	2.03%	1553100	1553100	134600	134600	90200	90200	0.0975	0.0975	9203800	4765800	461200	4438000	75300	900	5900	318700	76200	82100	236600	925100	925100	3274854	2010-03-31	-	8.29%	8.67%	22.59%	0.6225	-	4.3	2.71	1.31	0.32	0.5193	0.4618	0.0682	1.1984	0.5178	-36.3%	17	73	69
2010-02-25	2009	4	3.78	3.39	0.1	3.46%	7.99%	1481066	5392006	208094	501648	147698	341620	0.1620	0.4699	9087800	4813100	446400	4274700	604881	345779	323939	614793	259102	64837	549956	911445	726986	3098913	2009-12-31	-	8.58%	14.05%	13.83%	0.5933	7.2354	5.27	3.24	1.05	0.44	0.5214	0.4611	0.0907	1.2572	0.5296	-38.8%	19	71	70
2009-11-23	2009	3	3.67	3.26	0.075	2.08%	4.68%	1419107	3910940	125473	293554	86163	193922	0.1241	0.2914	8839714	4691960	424608	4147754	271960	229051	200529	614694	42909	157620	457074	694434	665499	2374964	2009-09-30	-	7.89%	8.84%	13.55%	0.5813	-	5.59	3.29	1.04	0.76	0.4669	0.3999	0.1327	1.2602	0.5308	-41.2%	20	75	84
2009-08-21	2009	2	3.71	3.35	0.05	1.40%	3.22%	1276249	2491833	82021	168081	46941	107759	0.0721	0.1655	8703861	5359700	405323	3344161	218074	185458	195597	614694	32616	162981	451713	651032	651032	2369756	2009-06-30	-	6.02%	6.43%	23.38%	0.6515	-	4.51	2.16	1.69	0.82	0.387	0.3369	0.1158	1.8237	0.6158	-49.9%	16	66	71
2009-05-18	2009	1	4.6	3.54	0.05	1.81%	1.81%	1215584	1215584	86060	86060	60818	60818	0.0934	0.0934	8593240	5233752	388237	3359488	79651	18882	128253	614694	98533	29720	584974	651032	651032	2304653	2009-03-31	-	7.36%	7.08%	21.25%	0.7449	-	4.56	2.22	1.59	1.0	0.4135	0.3611	0.1459	1.7615	0.6091	-41.1%	14	55	66
2009-02-26	2008	4	3.8	3.0	0.125	3.36%	17.56%	1227869	7029818	20411	678902	110587	578786	0.1718	0.9069	8679091	5383076	385244	3296015	756402	529504	326429	714225	226898	99531	614694	643700	638202	1982596	2008-12-31	-	4.10%	1.66%	-	0.81	3.3962	4.56	2.17	1.42	1.04	0.4488	0.3884	0.1445	1.8494	0.6202	-36.3%	16	59	61
2008-11-19	2008	3	3.68	2.92	0.075	4.99%	14.23%	1951232	5801949	208696	658491	163996	468199	0.2548	0.7386	8653882	5364155	443510	3289727	298103	444595	15266	714693	146492	161758	552935	643700	633926	1995470	2008-09-30	-	8.65%	10.70%	13.60%	0.9234	-	4.49	2.22	1.4	0.92	0.5392	0.4497	0.1369	1.8847	0.6199	-24.9%	20	58	61
2008-08-19	2008	2	5.0	2.18	0.05	4.38%	8.78%	2006833	3850717	216258	449795	151891	304203	0.2415	0.4836	8673428	5207173	908112	3466255	230096	63418	277723	714693	166678	111045	603648	629039	629039	3019387	2008-06-30	-	12.32%	10.78%	14.83%	0.8688	-	4.07	1.86	2.58	1.05	0.5945	0.5157	0.1606	2.0355	0.6004	-22.2%	18	66	73
2008-05-20	2008	1	5.7	4.66	0.05	4.48%	4.48%	1843884	1843884	233537	233537	152312	152312	0.2421	0.2421	8506703	5103156	890232	3403547	133091	22806	152120	714693	110285	41835	672858	629039	629039	3333906	2008-03-31	-	13.46%	12.67%	15.36%	0.7793	-	4.0	1.76	3.01	1.16	0.5846	0.4954	0.1873	2.0304	0.5999	-24.5%	22	61	94
2008-02-29	2007	4	5.6	4.24	0.18	5.58%	14.89%	2188811	5751919	326317	828814	179170	477736	0.2896	0.7904	8441110	5232276	847913	3208834	464087	147411	294701	103316	316676	611377	714693	618782	604423	3081534	2007-12-31	-	14.48%	14.91%	18.26%	0.6814	6.3006	3.91	1.54	3.23	1.22	0.5622	0.4848	0.1902	2.2162	0.6199	-30.2%	22	68	105
2007-11-26	2007	3	7.2	4.96	0.07	4.83%	9.90%	1495566	3563108	288509	502497	145739	298566	0.2244	0.4596	8222736	5207525	879966	3015211	446847	332858	420833	103616	113989	534822	638438	649551	649551	3832350	2007-09-30	-	19.78%	19.29%	27.35%	0.55	-	3.29	1.99	2.96	1.08	0.5775	0.5097	0.1814	2.4388	0.6333	-36.0%	23	102	146
2007-08-29	2007	2	6.85	5.4	0.05	3.35%	5.73%	1100809	2067542	115769	213988	89444	152827	0.1495	0.2554	5706513	3039329	631502	2667184	217181	89841	160966	103616	127340	33626	69990	598269	598269	1806772	2007-06-30	-	6.08%	10.52%	12.25%	0.5304	-	3.4	3.22	0.94	0.26	0.563	0.4412	0.0703	1.493	0.5326	-32.4%	35	100	88
2007-05-15	2007	1	N/A	N/A	-	2.37%	2.37%	966733	966733	98219	98219	63383	63383	0.1059	0.1059	5448648	2777392	689582	2671256	216663	113123	319229	103616	329786	10557	114173	598269	598269	1364053	2007-03-31	-	7.19%	10.16%	21.99%	0.3535	-	3.31	3.13	0.73	0.23	0.5346	0.4085	0.0684	1.4015	0.5097	-49.2%	51	126	144
2007-02-27	2006	4	N/A	N/A	-	5.99%	7.71%	959285	4114326	260388	384860	162276	208613	0.2498	0.3218	5765860	3058975	783220	2706885	47117	272990	56459	273030	225873	169414	103616	649551	648188	1253633	2006-12-31	-	2.33%	27.14%	-	0.1664	5.9968	2.97	2.8	0.69	0.29	0.6991	0.5884	0.084	1.5902	0.5305	-71.2%	98	424	237

Financial Quarter Balance Sheet

year	qrt	Available-for-sale investment (A-0)	Biological assets (A-0)	Deferred tax assets (A-0)	Development properties (A-0)	Intangible assets (A-0)	Investment in associated companies (A-0)	Investment properties (A-0)	Long term prepayment (A-0)	Prepaid lease payments (A-0)	Property, plant and equipment (A-0)	Amount due from customers (A-1)	Cash and cash equivalents (A-1)	Current asset classified as held for sales (A-1)	Inventories (A-1)	Other receivables (A-1)	Property development costs (A-1)	Deferred tax liabilities (L-0)	Loans & borrowings (L-0)	Long term payables (L-0)	Amount due to customers (L-1)	Current tax liabilities (L-1)	Dividend payable (L-1)	Liabilities directly associated with assets classified as held for sale (L-1)	Loans & borrowings (L-1)	Trade and other payables (L-1)	Minority interest (M-1)
2011	4	592800	347600	105500	227100	1257400	1274700	1212900	143300	39600	3445000	231300	1140700	50700	680300	1534100	12200	140500	1159300	27500	59700	59400	-	4800	3936200	1704500	751900
2011	3	519200	359300	78100	211100	1669300	1259600	1105400	136000	52300	2851100	244100	579100	-	557800	1835000	37200	145700	1050600	26900	98600	50700	94000	-	3382800	1664600	624300
2011	2	530700	358300	77200	214200	1719300	1229700	1100000	136100	51800	2756900	253200	661100	2000	533600	1835600	33600	144200	1122800	26900	105200	57600	-	-	3343800	1750500	598800
2011	1	526200	354800	80700	210900	1674100	1199300	1097900	136500	52000	2490300	305300	622500	91700	461400	1467200	35000	121100	745700	26800	129000	37800	-	-	3310900	1695600	513800
2010	4	528000	357200	65500	216100	1472300	1165300	1074700	136100	49500	2119000	195900	424500	91700	244000	1093900	34500	121100	687400	26300	124600	34000	-	-	2475800	1100300	470800
2010	3	487300	359800	60600	181200	1472600	1147600	1000700	135000	49200	2099300	131300	422700	-	252900	1128800	85000	110500	277200	25600	216800	52500	-	-	2623600	1155800	459800
2010	2	475700	359600	60400	223100	1470400	1129600	987700	135100	49800	2074700	158800	396200	-	209300	1015100	35600	107600	290400	25500	330300	48400	-	-	2537900	944600	413800
2010	1	486900	358700	61700	228400	1470400	1110100	976200	133700	56900	2072400	131200	295300	565500	220800	1007300	28300	105300	306000	25200	370700	36000	55900	239700	2631100	995900	461200
2009	4	375900	356500	66000	220100	1470400	1087000	960300	132900	50000	2089500	111200	396500	565500	234600	942500	28900	105800	310600	25200	525100	23000	-	239700	2633800	949900	446400
2009	3	591679	358685	65115	205795	1531139	1088915	913427	133890	160873	1936503	110390	526973	-	230039	950421	35870	112870	583682	24798	436447	32840	24414	-	2353031	1123878	424608
2009	2	574616	358112	63473	212309	1531139	1066658	912154	136169	156267	1905823	112571	534663	-	207539	908535	23833	107493	613563	20911	517636	29529	24414	-	2998990	1047164	405323
2009	1	498767	356523	66008	205949	1523799	1049471	915037	134968	156622	1832349	89055	653922	-	195573	875846	39351	106858	622967	20562	444090	30714	-	-	2939337	1069224	388237
2008	4	524926	357142	67969	208347	1523799	1045947	763050	134050	157510	1817193	76783	669449	-	230752	1052845	49329	105714	624719	20217	630232	21359	36621	-	2878661	1065553	385244
2008	3	538980	354568	68691	197754	1440240	1065414	684882	135326	142942	1694663	86201	591777	81831	326007	1183846	60760	100536	921188	20219	261184	55853	24088	7273	2792927	1180887	443510
2008	2	548871	353425	76194	191591	1385108	1051910	684579	133495	142952	1652895	54081	662418	97036	261473	1313589	63811	100954	961092	20098	339943	48952	23275	12147	2422061	1278651	908112
2008	1	572028	351562	78725	194496	1408098	1020491	634673	134346	144142	1680952	94332	732813	97036	243819	1014310	104880	98871	1071037	20550	140118	33968	-	12147	2263244	1463221	890232
2007	4	603458	345468	81225	190936	1427625	983475	634562	134132	150935	1661484	53972	753831	97475	195370	1015937	111225	97638	1152124	19992	231392	22392	32584	12228	2231109	1432817	847913
2007	3	672323	190661	270292	202438	843055	970393	611917	141495	143930	1948333	-	699605	-	191343	1266546	70405	105106	1188469	56301	-	10507	21837	-	2201872	1623433	879966
2007	2	188030	187180	79449	197973	107949	1381702	608683	141560	125857	1423306	-	157827	-	165208	833343	108446	78158	665725	48879	-	12362	-	-	1543999	690206	631502
2007	1	188111	186857	80075	265939	107949	1317352	554898	139406	281030	1237758	-	139414	29990	152612	662973	104284	79740	615656	44301	-	19906	-	-	1296005	721784	689582
2006	4	7318	185292	82844	314784	107949	1272545	554898	140378	150963	1362636	-	190553	29990	186983	1114607	64120	72598	672775	44640	-	11024	21837	-	1628272	607829	783220

Financial Quarter Income Statement

year	qrt	Revenue	Income tax expense	Finance/interest costs	Administrative/Operating expenses	Minority interest	Finance/interest income	Share of profit/ (loss) of associates	Negative goodwill	Investment gain/loss	Gain/loss on disposal of non-current assets held for sale	After tax effect of potential dilution upon conversion of a subsidiary's RCB	After tax effect of interest on BGRCB
2011	4	2554300	15000	61500	2443700	37800	1900	42500	-	151600	0	-	-
2011	3	2188700	22800	51600	2019400	23400	2300	33400	-	13700	0	-	-
2011	2	2225300	27600	50000	2053100	37800	3000	29400	-	1400	94600	-	-
2011	1	1587500	33700	37900	1430300	22300	1100	26400	-	21400	-	-	-
2010	4	1689800	17300	36600	1495800	25800	1900	35300	-	57400	-	-	-
2010	3	1513900	29100	26700	1358200	32700	1000	23000	-	700	-	-	-
2010	2	1425000	24500	24400	1321400	14900	700	25600	-	80400	-	-	-
2010	1	1553100	30400	25900	1424400	14000	600	23100	-	8100	-	-	-
2009	4	1481066	28772	31490	1353989	31624	4439	33732	-	74336	-	-	-
2009	3	1419107	16999	28991	1307200	22311	5591	27107	-	9859	-	-	-
2009	2	1276249	19175	28487	1199406	15905	3607	20296	-	9762	-	-	-
2009	1	1215584	18289	38054	1126072	6953	3874	22196	-	8532	-	-	-
2008	4	1227869	85090	40650	1278231	5086	6261	15944	-	13615	75603	-	-
2008	3	1951232	28375	42823	1782377	16325	4283	13504	42517	22360	-	-	-
2008	2	2006833	32065	35669	1759580	32302	5395	16783	22990	5486	-	-	-
2008	1	1843884	35878	33900	1595650	45347	6161	22511	19527	10058	-	-	-
2007	4	2188811	59584	46400	1871776	87563	8467	17475	-	29740	0	-	-
2007	3	1495566	78915	35204	1199703	63855	2329	19123	-	6398	0	-	-
2007	2	1100809	14176	31024	1033844	12149	658	24979	-	12991	41200	-	-
2007	1	966733	21603	28384	897220	13233	985	22365	-	33740	-	-	-
2006	4	959285	5900	27772	936929	104012	1282	30932	-	11095	248841	5841	1685

Financial Quarter Segments Revenue

year	qrt	Trading	Plantation	Manufacturing & trading	Property	Heavy Industries	Financial & Investment	Manufacturing & Services	Pharmaceutical
2011	4	-	277200	1200500	137900	516500	22800	-	399400
2011	3	-	246300	1179800	108200	214900	28500	-	397600
2011	2	-	253400	1211300	106500	200600	28300	-	432000
2011	1	-	254400	1027000	96100	162500	25400	-	28700
2010	4	870400	208400	-	137500	371000	2300	100200	-
2010	3	751000	192300	-	94800	352500	2000	121300	-
2010	2	833000	164100	-	104100	212100	2000	109700	-
2010	1	819400	241700	-	62400	230400	94600	104600	-
2009	4	763000	146700	-	67700	336500	64900	102300	-
2009	3	734100	161800	-	93000	256000	72200	102000	-
2009	2	631800	160700	-	108600	208900	60300	105900	-
2009	1	525900	164800	-	103400	243100	85300	93100	-
2008	4	576708	166372	-	114859	228061	60417	81452	-
2008	3	1116423	236142	-	168787	259790	70926	99165	-
2008	2	1195068	245728	-	96816	309305	57639	102276	-
2008	1	955952	239290	-	100437	371186	81027	95992	-
2007	4	877974	214673	-	112726	852357	50444	80637	-
2007	3	840224	211631	-	65459	276940	20643	80669	-
2007	2	790241	165898	-	103957	-	1631	39082	-
2007	1	666294	155334	-	105096	-	1591	38418	-
2006	4	698417	127973	-	89931	-	2714	40245	-

Financial Quarter Segments Profit

year	qrt	Trading	Plantation	Manufacturing & trading	Property	Heavy Industries	Financial & Investment	Manufacturing & Services	Pharmaceutical
2011	4	-	25700	40300	33500	11500	1800	-	24400
2011	3	-	74300	25800	25300	22900	1200	-	22200
2011	2	-	70500	31100	27700	10900	3000	-	35000
2011	1	-	74700	33500	16200	24400	2000	-	10400
2010	4	37700	41800	-	40400	60700	1600	11800	-
2010	3	16800	39900	-	21800	59300	2100	20000	-
2010	2	19800	20300	-	29400	34800	6900	6200	-
2010	1	24600	53000	-	11400	34100	1000	6600	-
2009	4	30200	9000	-	9900	46000	24600	7400	-
2009	3	18300	6000	-	21100	55600	5600	5300	-
2009	2	9200	4700	-	24400	39500	900	7500	-
2009	1	10400	9400	-	25100	37400	600	6600	-
2008	4	38589	7966	-	24016	43114	9448	5843	-
2008	3	1250	50485	-	59104	46492	5260	6264	-
2008	2	30512	61535	-	40276	110216	4993	9707	-
2008	1	31624	89114	-	25624	92177	3550	6145	-
2007	4	24349	57742	-	20077	194084	100	5278	-
2007	3	17917	51452	-	20140	198308	1629	37	-
2007	2	18427	28429	-	24420	-	2395	4538	-
2007	1	11870	26855	-	34815	-	2716	1311	-
2006	4	12068	422	-	12075	-	1177	1032	-

Financial Quarter Segments Associate

year	qrt	Trading	Plantation	Manufacturing & trading	Property	Heavy Industries	Financial & Investment	Manufacturing & Services	Pharmaceutical
2011	4	-	1800	100	12400	100	28600	-	-
2011	3	-	1600	-	800	-	30500	-	-
2011	2	-	600	-	700	-	29700	-	200
2011	1	-	2300	-	800	700	25600	-	-
2010	4	100	3100	-	2500	1000	30000	800	-
2010	3	1300	800	-	200	-	20300	400	-
2010	2	800	900	-	200	-	23200	500	-
2010	1	1200	900	-	-	2400	22500	900	-
2009	4	2100	2800	-	4700	2200	21300	600	-
2009	3	1100	900	-	100	800	22000	2200	-
2009	2	700	400	-	-	900	18600	300	-
2009	1	400	800	-	-	900	18900	1200	-
2008	4	635	1240	-	2684	1995	17437	2679	-
2008	3	589	953	-	445	750	11150	1685	-
2008	2	1294	1756	-	316	750	12864	435	-
2008	1	63	777	-	1008	750	18844	1069	-
2007	4	650	984	-	3255	1362	11936	588	-
2007	3	366	1321	-	703	1450	16040	1381	-
2007	2	686	1739	-	212	2183	17925	2234	-
2007	1	531	677	-	495	2069	15996	3587	-
2006	4	722	169	-	2157	6085	22121	5436	-

Monthly Business Data

year	mth	FFB
2012	3	74471
2012	2	73754
2012	1	125648
2011	12	48312
2011	11	97455
2011	10	106737
2011	9	103984
2011	8	90132
2011	7	97091
2011	6	97940
2011	5	92076
2011	4	87439
2011	3	82399
2011	2	66108
2011	1	104064
2010	12	38624
2010	11	85187
2010	10	96701
2010	9	90992
2010	8	93631
2010	7	89537
2010	6	83062
2010	5	81929
2010	4	80766
2010	3	87338
2010	2	73623
2010	1	139585
2009	12	50669
2009	11	98870
2009	10	119752
2009	9	96633

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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●CHANGES IN SHAREHOLDING

ARCHIVES

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●CHANGES IN SHAREHOLDING

KLCI Stock - BSTEAD / 2771 - 2011 Quarter 3

Company Info

Market Capital (Capital Size)	5,443,540,869 (Very Large)
Par Value	RM 0.50

My Analysis

Forecast P/E now	(5.79-0.32)/0.5401 = 10.13 (Moderate)
Target Price	7.02+0.32 = 7.34 (PE 13.0, EPS 0.5401, DPS 0.32)
Decision	BUY if stock price next uptrend start above 5.5
Comment	Revenue decreased 1.6% but higher than preceding year corresponding quarter 44.6%, eps decreased 34.7% and was third consecutive quarter decreasing but still higher than preceding year corresponding quarter 30.8%, cash generated from operating not enough for financing expenses hence increased borrowings to cover other expenses and still got extra, weaker liquidity ratio at weak level now, slightly lower gearing ratio at high level now, all accounting ratio are good, CPO price in uptrend
First Support Price	5.5
Second Support Price	5.2
Risk Rating	MODERATE

Research House

CIMB Target Price	2.79 (2011-11-22)
ECM Target Price	6.41 (2011-11-22)
AMMB Target Price	4.3 (2011-12-19)
HLG Target Price	6.5 (2011-12-19)
HwangDBS Target Price	6.8 (2011-12-19)
TA Target Price	6.21 (2011-12-21)

Accounting Ratio

Return on Equity	12.85%
Dividend Yield	5.53%
Profit Margin	7.63%
Tax Rate	13.64%
Asset Turnover	0.6691
Net Asset Value Per Share	4.63
Net Tangible Asset per share	2.86
Price/Net Tangible Asset Per Share	1.86
Cash Per Share	0.62
Liquidity Current Ratio	0.6149
Liquidity Quick Ratio	0.5024
Liquidity Cash Ratio	0.1095
Gearing Debt to Equity Ratio	1.4952
Gearing Debt to Asset Ratio	0.5667
Working capital per thousand Ringgit sale	-26.5%
Days to sell the inventory	31
Days to collect the receivables	99
Days to pay the payables	87

Technical Analysis

SMA 20	5.438 (Uptrend 18 days)
SMA 50	5.318 (Uptrend)
SMA 100	5.187 (Uptrend)
SMA 200	5.357 (Uptrend)
MACD	0.124877 (Uptrend 8 days)
MACD Histogram	0.051948 (Uptrend 53 days)

My notes based on 2011 quarter 3 report (number in '000):-
- Higher revenue and pbt than FY10Q3 due to higher sales volume for the Manufacturing & Trading Division, while the Plantation Division's revenue had also increased by 26% mainly on stronger palm product prices and consolidation of Pharmaniaga in Pharmaceutical Division

- Lower revenue and pbt in Heavy division than FY10Q3 due to the work on the second generation patrol vessels remained at the preliminary stage, higher interest expense and cost escalations in completing certain commercial shipbuilding projects

- Lower pbt than FY11Q2 due to previous quarter had included a RM94.6 million gain from the disposal of plantation assets

- Plantation Division’s pre-tax profit was better than FY11Q2 was boosted by RM14 million dividend income from Boustead REIT, while the 5% increase in FFB crop helped to cushion against a 5% decline in CPO price

- Estimate next 4Q eps after 2011 Q3 result announced = 0.1286*4*1.05 = 0.5401, estimate PE on current price 5.79 = 10.13(DPS 0.32)
- Estimate next 4Q eps after 2011 Q2 result announced = (0.1+0.12)*2 = 0.44, estimate highest/lowest PE = 12.11/9.48 (DPS 0.32)
- Estimate next 4Q eps after 2011 Q1 result announced = 0.5557, estimate highest/lowest PE = 10.94/8.53 (DPS 0.42)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.2646*2*1.05 = 0.5557(exclude RM52 million one off gained), estimate highest/lowest PE = 10.08/8.8 (DPS 0.39)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.1*4*1.1 = 0.44, estimate highest/lowest PE = 13.11/11.14 (DPS 0.37)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.08*4*1.05 = 0.336(0.08 is eps exclude non-repeatable income), estimate highest/lowest PE = 17.04/11.59 (DPS 0.325)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.4699*1.05 = 0.4934(5% increase), estimate highest/lowest PE = 8.3/6.58 (DPS 0.275)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.4934, estimate highest/lowest PE = 7.1/6.31 (DPS 0.275)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.1241*4 = 0.4964, estimate highest/lowest PE = 6.89/6.06 (DPS 0.25)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.0721*4 = 0.2884, estimate highest/lowest PE = 12.17/10.92 (DPS 0.2)
- Estimate next 4Q eps after 2009 Q1 result announced = 0.0934*4 = 0.3736, estimate highest/lowest PE = 11.78/8.94 (DPS 0.2)
- Estimate next 4Q eps after 2008 Q4 result announced = 0.1699*4 = 0.6796, estimate highest/lowest PE = 5.15/3.97 (DPS 0.3)

BSTEAD latest news (English)

BSTEAD latest news (Chinese)

KLCI Stock - BSTEAD / 2771 - 2011 Quarter 2

Company Info

Market Capital (Capital Size)	5,114,483,994 (Very Large)
Par Value	RM 0.50

My Analysis

Forecast P/E now	(5.44-0.32)/0.44 = 11.64 (Moderate)
Target Price	6.16+0.32 = 6.48 (PE 14.0, EPS 0.44, DPS 0.32)
Decision	Not interested unless stock price can sustain above 5.3
Comment	Revenue increased 40.2% and also higher than preceding year corresponding quarter 56.2%, eps decreased 18.9% and was second consecutive quarter decreasing and also lower than preceding year corresponding quarter 38.3% (exclude gain on disposal), cash generated from operating just enough for operating expenses, however managed to generated cash from financing activities to cover other expenses and still got extra, better liquidity ratio but but still at weak level now, higher gearing ratio at high level now, receivables and payable ratio got slightly high, CPO price still in downtrend
First Support Price	5.25
Second Support Price	4.9
Risk Rating	MODERATE

Research House

HwangDBS Target Price	8.1 (2011-02-07)
AMMB Target Price	5.2 (2011-03-29)
CIMB Target Price	6.45 (2011-05-31)
TA Target Price	7.62 (2011-07-07)
HLG Target Price	7.71 (2011-08-11)
ECM Target Price	6.41 (2011-08-19)

Accounting Ratio

Return on Equity	12.49%
Dividend Yield	5.88%
Profit Margin	11.26%
Tax Rate	11.01%
Asset Turnover	0.6105
Net Asset Value Per Share	4.62
Net Tangible Asset per share	2.79
Price/Net Tangible Asset Per Share	1.97
Cash Per Share	0.7
Liquidity Current Ratio	0.6314
Liquidity Quick Ratio	0.5235
Liquidity Cash Ratio	0.1258
Gearing Debt to Equity Ratio	1.5082
Gearing Debt to Asset Ratio	0.57
Working capital per thousand Ringgit sale	-27.6%
Days to sell the inventory	33
Days to collect the receivables	109
Days to pay the payables	101

My notes based on 2011 quarter 2 report (number in '000):-
- Higher revenue mainly due to higher sales volume for the Manufacturing & Trading Division, while the Plantation revenue had increased by 25% on stronger palm product prices and the first-
time consolidation of Pharmaniaga for the Pharmaceutical Division

- During the half year, the Division achieved an average palm oil price of RM3,441 per MT

- Lower operating profit from Plantation Division due to no dividend income from Boustead REIT booked in during this quarter, while the 10% increase in FFB crop had been offset by a 5% decline in CPO price

- The Finance & Investment Division’s profit for the current quarter was marginally higher, mainly due to a better contribution from the Affin group. Manufacturing and Trading Division registered a lower pre-tax profit during the current quarter on lower stockholding gain at BH Petrol

- Property Division’s pre-tax profit for the current quarter of RM24.1 million was almost double that of the preceding quarter mainly due to gains from the sale of properties and a corporate lot. The Heavy Industries Division posted a weaker result for the current quarter due to cost escalations

- Estimate next 4Q eps after 2011 Q1 result announced = (0.1+0.12)*2 = 0.44, estimate PE on current price 5.44 = 11.64(DPS 0.32)
- Estimate next 4Q eps after 2011 Q1 result announced = 0.5557, estimate highest/lowest PE = 10.94/8.53 (DPS 0.42)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.2646*2*1.05 = 0.5557(exclude RM52 million one off gained), estimate highest/lowest PE = 10.08/8.8 (DPS 0.39)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.1*4*1.1 = 0.44, estimate highest/lowest PE = 13.11/11.14 (DPS 0.37)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.08*4*1.05 = 0.336(0.08 is eps exclude non-repeatable income), estimate highest/lowest PE = 17.04/11.59 (DPS 0.325)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.4699*1.05 = 0.4934(5% increase), estimate highest/lowest PE = 8.3/6.58 (DPS 0.275)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.4934, estimate highest/lowest PE = 7.1/6.31 (DPS 0.275)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.1241*4 = 0.4964, estimate highest/lowest PE = 6.89/6.06 (DPS 0.25)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.0721*4 = 0.2884, estimate highest/lowest PE = 12.17/10.92 (DPS 0.2)
- Estimate next 4Q eps after 2009 Q1 result announced = 0.0934*4 = 0.3736, estimate highest/lowest PE = 11.78/8.94 (DPS 0.2)
- Estimate next 4Q eps after 2008 Q4 result announced = 0.1699*4 = 0.6796, estimate highest/lowest PE = 5.15/3.97 (DPS 0.3)

BSTEAD latest news (English)

BSTEAD latest news (Chinese)

KLCI Stock - BSTEAD / 2771 - 2011 Quarter 1

Company Info

Market Capital (Capital Size)	5,838,409,118 (Very Large)
Par Value	RM 0.50

My Analysis

Forecast P/E now	(6.21-0.42)/0.5557 = 10.42 (Moderate)
Target Price	7.78+0.42 = 8.20 (PE 14.0, EPS 0.5557, DPS 0.42)
Decision	Watching, buy when sell volume is low
Comment	Revenue decreased 6.1% but higher than preceding year corresponding quarter 2.2%, eps decreased 46.3% but higher than preceding year corresponding quarter 22.4%, cash generated from operating just enough for operating expenses, however managed to generated cash from financing activities to cover other expenses, better liquidity ratio but but still at weak level now, higher gearing ratio at high level now, receivables and payable ratio getting higher, CPO price still supported at end of April price, venture into aviation business, working on to involve in the land development, PHARMA business going to merge into Group
First Support Price	5.6
Second Support Price	5.15
Risk Rating	MODERATE

Research House

HwangDBS Target Price	8.1 (2011-02-07)
AMMB Target Price	5.2 (2011-03-29)
HLG Target Price	7.87 (2011-04-13)
ECM Target Price	5.96 (2011-05-30)
CIMB Target Price	6.45 (2011-05-31)

Accounting Ratio

Return on Equity	12.10%
Dividend Yield	6.76%
Profit Margin	10.60%
Tax Rate	20.04%
Asset Turnover	0.5753
Net Asset Value Per Share	4.49
Net Tangible Asset per share	2.71
Price/Net Tangible Asset Per Share	2.11
Cash Per Share	0.66
Liquidity Current Ratio	0.5766
Liquidity Quick Ratio	0.4807
Liquidity Cash Ratio	0.1203
Gearing Debt to Equity Ratio	1.4359
Gearing Debt to Asset Ratio	0.5614
Working capital per thousand Ringgit sale	-35.2%
Days to sell the inventory	32
Days to collect the receivables	104
Days to pay the payables	110

My notes based on 2011 quarter 1 report (number in '000):-
- The new Pharmaceutical Division reported pre-tax profit mainly to higher sales revenue while margins have also improved. The Division’s profit for the current quarter had not incorporated the result of Pharmaniaga Berhad which became a Subsidiary at the end of March 2011

- Higher pre-tax profit from Plantation Division’s for the current quarter than the preceding
quarter’s mainly due to the stronger CPO price which averaged at RM3,541 (Previous quarter: RM2,977) per MT, dividend income from Boustead REIT and a 9% increase in FFB crop

- Lower profit from Finance & Investment Division mainly due to a marginal decrease in contribution from the Affin group. Manufacturing and Trading Division registered a lower pre-tax profit during the current quarter on lower contributions from the building materials segment and the comparatively lower stockholding gain at BH Petrol

- Lower pre-tax profit from Property Division because having benefited from the recognition of fair value gain on investment properties and higher progress billings in preceding quarter

- Estimate next 4Q eps after 2011 Q1 result announced = 0.5557, estimate PE on current price 6.21 = 10.42(DPS 0.42)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.2646*2*1.05 = 0.5557(exclude RM52 million one off gained), estimate highest/lowest PE = 10.08/8.8 (DPS 0.39)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.1*4*1.1 = 0.44, estimate highest/lowest PE = 13.11/11.14 (DPS 0.37)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.08*4*1.05 = 0.336(0.08 is eps exclude non-repeatable income), estimate highest/lowest PE = 17.04/11.59 (DPS 0.325)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.4699*1.05 = 0.4934(5% increase), estimate highest/lowest PE = 8.3/6.58 (DPS 0.275)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.4934, estimate highest/lowest PE = 7.1/6.31 (DPS 0.275)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.1241*4 = 0.4964, estimate highest/lowest PE = 6.89/6.06 (DPS 0.25)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.0721*4 = 0.2884, estimate highest/lowest PE = 12.17/10.92 (DPS 0.2)
- Estimate next 4Q eps after 2009 Q1 result announced = 0.0934*4 = 0.3736, estimate highest/lowest PE = 11.78/8.94 (DPS 0.2)
- Estimate next 4Q eps after 2008 Q4 result announced = 0.1699*4 = 0.6796, estimate highest/lowest PE = 5.15/3.97 (DPS 0.3)

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