KLCI Stock - MPHB / 3859 - 2012 Quarter 2

MULTI-PURPOSE HOLDINGS BERHAD


Company Description

MULTI-PURPOSE HOLDINGS BERHAD is engaged in the core businesses of financial services, stock broking and gaming. The principal activities consist of investment holding and trading, operation of general insurance business, provision of leasing, hire purchase, factoring and general loan financing services, operation and management of a licensed four digit numbers forecast betting game, operation of hotels and of a golf club, securities broking and dealing, designing and construction of railway and related activities, property development, provision of share registration and management services, printing activities, and provision of computer software and other related services. In March 2008, it incorporated a wholly owned offshore subsidiary, Multi Purpose International Limited. In June 2008, the Company acquired Caribbean Gateway Sdn Bhd.

Company Info 

Listing Date	1981-01-11
Market Capital (Capital Size)	5,247,782,587 (Very Large)
Par Value	RM 1.00
Board	Main
Sector	Trading/Services
Major Industry	Gaming
Sub Industry	Diversified Business
Website	http://www.mphb.com.my

My Analysis 

Forecast P/E now	(3.65-0.1)/0.2747 = 12.92 (Moderate)
Target Price	3.71+0.1 = 3.81 (PE 13.5, EPS 0.2747, DPS 0.1)
Decision	BUY if stock price sustain above 3.6 or wait rebound signal at price below 3.4
Comment	Revenue decreased 4.4% and was second consecutive quarter decreasing but still higher than preceding year corresponding quarter 0.8%, eps increased 60.6% and also higher than preceding year corresponding quarter 49.2%, cash generated from operating not enough to cover financing expenses hence spent 42.7% of Group cash to cover all other expenses, gross margin still not yet recover to above 20% but got slightly improved, current liquidity ratio indicate Group financial strength is very strong, lower gearing ratio which indicate Group cannot operating in high leverage to bring more income, all accounting of turnover and repayment period is good, Gaming division recorded significant lower profit
First Support Price	3.5
Second Support Price	3.25
Risk Rating	MODERATE

Research House

Jupiter Target Price	3.5 (2012-06-06)
Alliance Target Price	4.53 (2012-08-30)
RHB Target Price	4.05 (2012-08-30)
AMMB Target Price	4 (2012-10-10)
HwangDBS Target Price	4.8 (2012-10-10)
Kenanga Target Price	4.31 (2012-10-10)
Maybank Target Price	3.77 (2012-10-10)
Public Target Price	4.28 (2012-10-10)

Accounting Ratio 

Return on Equity	17.74%
Dividend Yield	2.74%
Gross Profit Margin	19.75%
Operating Profit Margin	17.25%
Net Profit Margin	14.85%
Tax Rate	-
Asset Turnover	0.5778
Net Asset Value Per Share	2.36
Net Tangible Asset per share	0.35
Price/Net Tangible Asset Per Share	10.89
Cash Per Share	0.47
Liquidity Current Ratio	4.0679
Liquidity Quick Ratio	2.7808
Liquidity Cash Ratio	1.4914
Gearing Debt to Equity Ratio	0.7958
Gearing Debt to Asset Ratio	0.4406
Working capital per thousand Ringgit sale	39.6%
Days to sell the inventory	77
Days to collect the receivables	36
Days to pay the payables	56

Technical Analysis 

SMA 10	3.587 (Uptrend)
SMA 20	3.578 (Uptrend 4 days)
SMA 50	3.627 (Uptrend)
SMA 100	3.493 (Uptrend)
SMA 200	3.103 (Uptrend)
MACD (26d/12d)	-0.00198 ( 0.005498 )
Signal (9)	-0.01427 ( 0.003073 )
MACD Histogram	0.012290 (Bullish trend 6 days)
Bolinger Upper Band	3.733
Bolinger Lower Band	3.423

My notes based on 2012 quarter 2 report (number in '000):-
- Lower pbt than FY11Q2 mainly due to higher payout ratio in Gaming Division as well as lower brokerage, margin interest income and earning from proprietary trading in the Stockbroking Division. However, this is mitigated by improved performance in Financial Services Division as a result of higher underwriting income, gain on fair value adjustment and sale of shares in an associated company in Corporate and others Division

- Estimate next 4Q eps after 2012 Q2 result announced = 3409072*0.115/1427321 = 0.2747, estimate PE on current price 3.65 = 8.96(DPS 0.1)
- Estimate next 4Q eps after 2012 Q1 result announced = 3318715*0.115/1427321 = 0.2674, estimate highest/lowest PE = 14.17/11.26 (DPS 0.1)
- Estimate next 4Q eps after 2011 Q4 result announced = 3266898*0.12/1271485 = 0.3083, estimate highest/lowest PE = 10.28/8.33 (DPS 0.1)
- Estimate next 4Q eps after 2011 Q3 result announced = 0.0745*4 = 0.298(eps after acquire 47% remaining Magnum), estimate highest/lowest PE = 9.6/8.26 (DPS 0.1)
- Estimate next 4Q eps after 2011 Q2 result announced = 0.0949*4*1.1 = 0.4176(eps after acquire 47% remaining Magnum), estimate highest/lowest PE = 6.47/4.89 (DPS 0.1)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.164*4 = 0.656(eps after acquire 49% remaining Magnum), estimate highest/lowest PE = 4.73/3.67 (DPS 0.1)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.282, estimate highest/lowest PE = 11.24/8.26 (DPS 0.1)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.1368*2 = 0.2736, estimate highest/lowest PE = 9.76/7.38 (DPS 0.1)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.0563*4*0.95 = 0.2139, estimate highest/lowest PE = 10.52/9.35 (DPS 0.05)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.22*1.05 = 0.231 (5% grow adjustment from 0.22 due to positive result), estimate highest/lowest PE = 9.39/7.84 (DPS 0.09)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.05*4 = 0.2*1.1 = 0.22 (10% grow from 0.2, due to 4D Jackpot game and current economic environment, result exclude other income), estimate highest/lowest PE = 11.05/8.27 (DPS 0.1, correction to last quarter estimated)

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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	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
2012-08-29	2012	2	N/A	N/A	-	4.12%	6.68%	872209	1784963	129481	250997	134624	218348	0.0943	0.1530	6094364	2685292	34896	3409072	221509	32699	631450	1035723	188810	442640	593083	1427321	1427321	5438093	2012-06-30	19.75%	17.25%	14.85%	-	0.5778	-	2.36	0.35	10.89	0.47	4.0679	2.7808	1.4914	0.7958	0.4406	39.6%	77	36	56
2012-05-25	2012	1	3.89	3.11	0.05	2.56%	2.56%	912754	912754	121516	121516	83724	83724	0.0587	0.0587	6126945	2808230	39259	3318715	86342	39852	522125	1035723	46490	475635	560088	1427321	1427321	4553153	2012-03-31	19.70%	15.87%	13.31%	29.82%	0.5736	-	2.3	0.29	11.0	0.46	3.6009	2.54	1.3706	0.8563	0.4583	35.6%	68	45	61
2012-02-24	2011	4	3.27	2.67	0.05	8.90%	16.48%	913913	3535863	276727	675712	260137	482026	0.2046	0.3791	6600732	3333834	37706	3266898	730396	492171	215996	580941	238225	454221	1035162	1271485	1271485	3560158	2011-12-31	23.07%	33.39%	30.28%	5.68%	0.5374	7.3858	2.54	0.29	9.66	0.89	3.7201	2.8608	1.9262	1.0324	0.5051	45.0%	67	44	69
2011-11-23	2011	3	2.96	2.56	-	2.16%	7.59%	822281	2621950	99447	398985	63241	221889	0.0519	0.1820	7277223	4084761	303267	3192462	663017	857362	418021	580941	194345	223676	804617	1218969	1218969	3193698	2011-09-30	21.67%	16.46%	12.09%	35.18%	0.4848	-	2.37	N/A	N/A	0.73	2.5049	1.9131	1.0789	1.4138	0.5613	35.2%	65	43	97
2011-08-24	2011	2	2.8	2.14	0.05	2.38%	5.40%	865572	1810948	132935	300016	69694	157788	0.0632	0.1431	7228378	4038496	302736	3189882	435440	823587	522231	580941	388147	134084	715025	1102638	1102638	3032254	2011-06-30	23.37%	19.07%	15.36%	23.14%	0.492	-	2.62	N/A	N/A	0.74	2.5171	1.8207	1.1012	1.3988	0.5587	31.5%	68	43	87
2011-05-25	2011	1	3.2	2.51	-	3.01%	3.01%	945376	945376	167081	167081	88094	88094	0.0825	0.0825	6338284	3276611	603362	3061673	227283	648	143500	580941	226635	83135	664076	1067321	1067321	3340714	2011-03-31	23.93%	20.88%	17.67%	18.97%	0.562	-	2.3	-0.41	-7.63	0.7	3.0017	2.1507	1.2381	1.3329	0.517	34.1%	68	45	76
2011-02-23	2010	4	3.27	2.43	0.05	3.27%	11.52%	894455	3594662	146530	545022	85210	300038	0.0792	0.2789	6307795	3383712	556628	2924083	556460	341633	366804	732918	214827	151977	580941	1075633	1075633	2807402	2010-12-31	21.02%	19.25%	16.38%	19.94%	0.5722	9.3568	2.2	-0.49	-5.33	0.62	3.1292	2.2079	1.1614	1.4293	0.5364	33.7%	68	44	70
2010-11-23	2010	3	2.77	2.12	-	3.32%	8.25%	850703	2714683	138064	399998	86498	214828	0.0805	0.1998	6018418	3205872	525950	2812546	422808	290636	226871	757909	132172	94699	663210	1074980	1074980	2278957	2010-09-30	22.47%	20.06%	16.23%	8.38%	0.5964	-	2.13	-0.56	-3.79	0.71	2.4226	1.7651	0.9962	1.402	0.5327	30.4%	66	44	96
2010-08-26	2010	2	2.3	2.05	0.05	2.31%	4.93%	871360	1863980	122930	261934	60137	128330	0.0563	0.1201	5944254	3220365	485974	2723889	245187	251959	127236	805415	6772	134008	671407	1068625	1068625	2286857	2010-06-30	22.78%	18.00%	14.11%	21.93%	0.5976	-	2.09	-0.61	-3.51	0.84	2.5238	2.0146	1.2588	1.439	0.5418	30.6%	47	43	89
2010-05-21	2010	1	2.26	1.9	-	2.62%	2.62%	992620	992620	139004	139004	68193	68193	0.0633	0.0633	5905343	3276166	454887	2629177	40337	38483	45193	757909	1854	43339	714570	1076718	1076718	2131901	2010-03-31	20.18%	16.19%	14.00%	24.04%	0.5901	-	2.02	-0.67	-2.96	0.75	2.6717	2.0299	1.1347	1.5068	0.5548	34.3%	60	55	91
2010-02-25	2009	4	2.48	1.87	0.05	4.79%	14.16%	874959	3323417	136586	486657	114230	337387	0.1086	0.3207	5826508	3221050	439366	2605458	679656	190621	225251	468884	489035	263784	732668	1052079	1052079	2030512	2009-12-31	22.65%	23.96%	15.61%	16.23%	0.5704	6.0183	2.06	-0.69	-2.8	0.77	2.7058	2.1047	1.2536	1.487	0.5528	33.0%	53	49	88
2009-11-25	2009	3	1.96	1.75	-	2.13%	9.37%	813244	2448458	64556	350071	50727	223157	0.0499	0.2195	5805712	3258468	473680	2547244	462533	170190	141515	468940	292343	150828	619768	1016649	1016649	1931633	2009-09-30	15.71%	12.39%	7.94%	20.11%	0.5642	-	2.04	-0.8	-2.37	0.94	2.784	2.0286	1.4135	1.5714	0.5613	36.8%	71	35	93
2009-08-26	2009	2	2.16	1.8	0.04	5.35%	7.24%	804013	1635214	182320	285515	127406	172430	0.1255	0.1698	5829719	3267012	479466	2562707	447449	111902	131861	468940	335547	203686	672626	1015399	1015399	2101875	2009-06-30	21.48%	28.19%	22.68%	4.82%	0.5526	-	2.05	-0.8	-2.59	1.01	3.0926	2.373	1.6817	1.5682	0.5604	39.8%	63	39	86
2009-05-26	2009	1	2.1	1.32	-	1.89%	1.89%	831201	831201	103195	103195	45024	45024	0.0464	0.0464	5776956	3276616	547320	2500340	149392	91057	57762	468940	58335	116097	585037	970209	970209	1338888	2009-03-31	22.31%	17.82%	12.42%	27.43%	0.549	-	2.01	-0.97	-1.42	1.01	3.2401	2.5862	1.7235	1.6777	0.5672	40.3%	54	49	80
2009-02-20	2008	4	1.49	1.02	0.05	0.75%	6.01%	827066	3137244	72561	262864	19772	158618	0.0173	0.1389	5645839	3263297	518025	2382542	522494	315915	178237	440598	206579	28342	468940	1141937	1141937	1199033	2008-12-31	22.32%	15.20%	8.77%	6.33%	0.5557	7.5593	1.63	-0.9	-1.17	0.72	3.1671	2.4772	1.5047	1.7502	0.578	37.7%	54	53	74
2008-11-19	2008	3	1.21	1.0	-	1.56%	5.40%	759149	2310820	39057	195962	41025	142300	0.0358	0.1241	5698139	2967808	865441	2730331	29234	35830	82985	440598	65064	148049	588647	1146994	1146994	1204343	2008-09-30	18.36%	9.91%	5.14%	8.77%	0.5429	-	1.63	-0.94	-1.12	0.75	2.6293	1.9017	1.259	1.5914	0.5208	35.8%	72	47	80
2008-08-27	2008	2	1.46	0.96	0.04	1.97%	3.84%	753961	1551029	73886	154700	52036	101275	0.0453	0.0881	5762907	772733	856558	4990174	68525	78368	182315	440598	146893	329208	769806	1149899	1149899	1621357	2008-06-30	18.69%	14.11%	9.80%	40.81%	0.545	-	3.59	1.06	1.33	0.89	2.8425	2.129	1.5052	0.1869	0.1341	40.1%	71	48	81
2008-05-28	2008	1	1.82	1.36	0.05	1.87%	1.87%	797068	797068	80814	80814	49239	49239	0.0427	0.0427	3654043	934015	839761	2720028	9881	9372	11356	440598	19253	30609	471207	1153866	1153866	2100036	2008-03-31	18.20%	16.93%	10.14%	31.45%	0.8698	-	1.63	0.97	1.88	0.66	2.1218	1.5276	0.8954	0.4967	0.2556	30.0%	71	60	64
2008-02-29	2007	4	2.05	1.56	0.06	1.74%	14.42%	783240	3206046	72723	684184	46998	389350	0.0407	0.3375	3766487	1129282	807805	2637205	424030	442252	435792	858168	18222	417570	440598	1153706	1153706	2376634	2007-12-31	22.63%	9.97%	9.28%	4.21%	0.8512	6.1041	1.59	0.89	2.31	0.67	1.9792	1.4065	0.8172	0.6173	0.2998	28.8%	77	60	74
2007-11-16	2007	3	2.59	1.88	-	1.82%	12.68%	806365	2422806	105151	611461	49083	342352	0.0425	0.2968	3721064	1175173	847344	2545891	119920	253071	847222	858168	372991	474231	383937	1153652	1153652	2976422	2007-09-30	21.08%	13.95%	13.04%	28.23%	0.7294	-	1.47	0.81	3.19	0.56	1.9884	1.4108	0.6571	0.6919	0.3158	36.1%	97	97	89
2007-08-21	2007	2	2.58	2.14	-	4.41%	10.86%	791614	1616441	160699	506310	119196	293269	0.1033	0.2542	4202463	1534795	1013745	2667668	261845	478616	627821	858168	740461	112640	970808	1153548	1153548	N/A	2007-06-30	12.84%	21.77%	20.30%	16.38%	0.4539	-	1.43	0.79	N/A	1.1	1.885	1.4853	0.9656	0.928	0.3652	60.9%	126	127	173
2007-05-21	2007	1	N/A	N/A	0.05	6.45%	6.45%	824827	824827	345611	345611	174073	174073	0.1509	0.1509	4855466	1896839	1386388	2958627	85239	398769	74980	858168	484008	409028	1267196	1153230	1153230	2675493	2007-03-31	25.26%	43.45%	41.90%	14.14%	0.2298	-	1.36	0.65	3.57	1.33	2.1191	1.8074	1.0538	1.2065	0.3907	145.9%	201	353	402
2007-02-15	2006	4	N/A	N/A	-	N/A	N/A	291153	451627	83175	199750	56807	164932	0.0492	0.1429	4168686	1467873	1302191	2700813	625272	226067	301944	157019	399205	701149	858168	1153867	1153867	1523104	2006-12-31	28.35%	16.62%	28.57%	24.23%	0.0698	9.2347	1.21	0.74	1.78	0.94	2.5667	1.686	1.0447	1.0495	0.3521	559.5%	1602	812	752

Financial Quarter Balance Sheet

year	qrt	Deferred tax assets (A-0)	Intangible assets (A-0)	Investment in associated companies (A-0)	Investment properties (A-0)	Investment securities (A-0)	Property, plant and equipment (A-0)	Receivables (A-0)	Reinsurance assets (A-0)	Cash and cash equivalents (A-1)	Current asset classified as held for sales (A-1)	Current tax assets (A-1)	Deposits with licensed banks (A-1)	Inventories (A-1)	Investment securities (A-1)	Loans to customers (A-1)	Other receivables (A-1)	Deferred tax liabilities (L-0)	Derivative financial liabilities (L-0)	Insurance contract liabilities (L-0)	Loans & borrowings (L-0)	Provision for retirement benefits (L-0)	RCULS (L-0)	Current tax liabilities (L-1)	Derivative financial liabilities (L-1)	Liabilities directly associated with assets classified as held for sale (L-1)	Loans & borrowings (L-1)	Other payables (L-1)	Minority interest (M-1)
2012	2	3791	2878865	1781	660565	224936	111593	-	363706	94541	117951	122051	583394	3731	581319	-	346140	26724	-	685284	1517565	1154	-	16563	2134	-	11295	424573	34896
2012	1	4010	2860794	67203	705107	224821	151768	24684	358597	57660	39305	84413	600793	4192	505489	-	438109	21488	4298	673093	1627820	1104	-	15668	-	-	7474	457285	39259
2011	4	4447	2860498	112402	703823	201183	155010	24684	357054	65010	36568	80955	1064577	4083	499884	-	430554	37222	-	657227	2051858	1088	-	19338	7246	-	52304	507551	37706
2011	3	97530	2892385	106136	506353	1076253	163079	14966	354333	76257	173757	97875	813734	4140	484033	-	416392	17165	8667	644768	2190016	663	398614	36379	-	-	58446	730043	303267
2011	2	96167	2892305	105513	647464	1080952	191989	14966	339649	138068	1500	110975	675366	4835	509582	-	419047	17323	8255	622579	2240156	646	410849	26500	-	-	54916	657272	302736
2011	1	104659	2892352	107608	643588	205611	192584	14966	354376	135025	-	117345	616694	5162	511532	-	436782	17188	11615	636228	1578267	643	425501	24182	-	-	9019	573968	603362
2010	4	111683	2892964	106621	643091	205575	195489	14966	352148	121339	-	164603	541256	5189	520446	-	432425	22962	16885	619948	1715453	679	437276	22349	-	-	5773	542387	556628
2010	3	111237	2892229	105706	645300	185574	184613	33833	-	111743	-	153917	653072	5419	499331	-	436444	19104	23295	92373	1854029	668	448658	21022	-	-	6302	740421	525950
2010	2	115585	2892231	106519	642660	164917	189056	33833	-	514337	-	123741	383177	5309	357761	-	415128	19913	28977	85800	1911934	643	460116	23757	-	-	1722	687503	485974
2010	1	114736	2891551	106743	639624	13222	194295	33833	-	104234	-	111701	707519	5180	453912	-	528793	19825	34446	84662	1949981	644	471195	16696	-	-	2536	696181	454887
2009	4	120533	2891863	106343	640750	95794	198270	33833	-	51699	-	103835	754030	5344	380978	-	443236	22498	-	81572	1991299	659	482274	7254	-	-	314	635180	439366
2009	3	120061	2891094	106078	567454	-	203919	36738	-	119020	-	99698	835674	5682	504541	-	315753	20379	-	80271	1988715	674	493018	2843	-	4387	6241	661940	473680
2009	2	126850	2890884	105293	562173	-	213624	36593	-	137548	-	76375	892549	5971	434824	-	347035	20379	-	80507	2049186	654	503764	662	-	6454	4645	600761	479466
2009	1	125485	2890884	104372	558493	-	208376	39966	-	122933	-	62439	860771	5797	367475	-	429965	20379	-	72507	2098122	653	514185	431	-	14008	7138	549193	547320
2008	4	136332	2890463	104509	541074	-	205119	39966	-	59013	-	72128	762164	6297	370208	-	458566	24468	-	72452	2095381	653	524607	315	-	6682	28136	510603	518025
2008	3	8439	2947615	123115	612457	-	181701	39864	-	112129	-	40631	742567	5203	488721	99451	296246	12006	-	74243	2200000	2682	-	7255	-	118231	4641	548750	865441
2008	2	8439	2916077	122388	543285	-	189666	39864	-	213975	-	10807	814990	7106	480685	93359	322266	11996	-	74582	-	2540	-	7656	-	118231	4536	553192	856558
2008	1	9182	755914	130551	651883	-	265234	39864	-	130735	-	13953	629447	8707	495736	183829	339008	13627	-	68740	-	2649	-	6890	-	121520	269767	450822	839761
2007	4	13621	800439	130861	642732	-	275342	39864	-	50831	-	31472	718688	9000	530281	188565	334791	18075	-	65129	102861	1616	-	11346	-	260500	156172	513583	807805
2007	3	-	759245	132773	602289	-	258283	-	-	249914	-	21471	400636	9568	562255	387347	337283	15958	-	61256	106752	1217	-	30300	-	260500	173991	525199	847344
2007	2	-	746455	132117	632161	-	217115	-	-	866971	-	17573	400661	8328	516438	331599	333045	16150	-	59682	145000	1167	-	28461	-	260500	306996	716839	1013745
2007	1	-	819543	130715	612676	-	208291	-	-	1148201	-	17261	385650	7934	445667	763608	315920	15951	-	61432	363974	-	-	32017	-	265500	250169	907796	1386388
2006	4	-	547639	132781	555076	-	264305	-	-	61517	-	19346	1024842	8257	907521	332520	314882	16064	-	53613	356612	1753	-	13100	-	300000	297118	429613	1302191

Financial Quarter Income Statement

year	qrt	Revenue	Income tax expense	Cost of sales	Finance/interest costs	Other income	Administrative/Operating expenses	Minority interest	Share of profit/ (loss) of associates	Discontinued operation	After tax effect of interest on exercise of warrants	Other expenses
2012	2	872209	1740	699927	23189	43961	20946	3403	2241	-	-	44868
2012	1	912754	36239	732914	24446	26867	19728	1553	1090	-	-	42107
2011	4	913913	15720	703046	39621	211431	23930	870	9855	1376	-	93251
2011	3	822281	34990	644076	39290	7483	17061	1216	1623	1750	-	33263
2011	2	865572	30765	663274	33594	17210	19437	32476	1505	-	-	35047
2011	1	945376	31689	719184	31762	25238	18855	47298	1487	-	-	35219
2010	4	894455	29213	706457	26988	30520	16846	32107	1415	73	-	29496
2010	3	850703	11566	659526	33885	31919	16006	40000	1294	0	-	36435
2010	2	871360	26953	672826	36464	25096	16552	35840	651	1857	-	-
2010	1	992620	33415	792278	22823	22053	17612	37396	1150	-	-	-
2009	4	874959	22167	676797	40776	29221	17757	189	1545	33809	-	-
2009	3	813244	12982	685523	34274	18127	8866	847	785	2683	-	-
2009	2	804013	8779	631345	45410	73505	19529	46135	821	265	-	-
2009	1	831201	28303	645780	42580	17762	19536	29868	137	2211	-	-
2008	4	827066	4594	642494	52067	20665	38231	48195	1048	0	-	-
2008	3	759149	3425	619802	38515	49389	14703	5393	1209	-	1108	-
2008	2	753961	30151	613071	1424	17423	17063	8301	392	32634	1148	-
2008	1	797068	25418	651999	4502	9616	19741	6157	184	51010	1198	-
2007	4	783240	3063	605958	7568	60458	38741	22662	1080	-	1128	-
2007	3	806365	29687	636406	9806	40445	17050	26381	1366	-	1127	-
2007	2	791614	26319	689980	14065	90614	19948	15184	1393	-	1071	-
2007	1	824827	48871	616482	14226	169865	19791	122667	234	-	1184	-
2006	4	291153	20150	208615	9954	8695	25442	6218	43475	-	1253	-

Financial Quarter Segments Revenue

year	qrt	Elimination/Adjustment	Financial Services	Corporate & Others	Gaming	Stockbroking
2012	2	18432	62550	64449	758635	5007
2012	1	1362	56557	10768	839926	6865
2011	4	3118	62788	47588	800416	6239
2011	3	1736	60289	12977	744248	6503
2011	2	35747	59136	51438	783017	7728
2011	1	1314	58582	16229	863583	8296
2010	4	2163	61653	10114	816536	8315
2010	3	2582	56191	18033	772325	6736
2010	2	1856	55953	15351	795216	6696
2010	1	999	51474	15092	919148	7905
2009	4	3938	49280	40859	779758	7709
2009	3	819	48274	15403	741570	8816
2009	2	278460	48709	290618	732454	10692
2009	1	1418	44414	14899	767930	5376
2008	4	1753	45607	27010	748282	7920
2008	3	742	44316	13232	695448	6895
2008	2	4956	42276	13734	694971	7936
2008	1	783	36879	17366	733745	9861
2007	4	59375	41079	66579	721541	13416
2007	3	-	30360	646577	730156	16613
2007	2	783	37637	5685	734744	14331
2007	1	706	34606	5803	766582	18542
2006	4	5315	33744	9302	237975	15447

Financial Quarter Segments Profit

year	qrt	Elimination/Adjustment	Financial Services	Corporate & Others	Gaming	Stockbroking
2012	2	48073	20581	88032	68514	427
2012	1	32413	2277	49026	99079	3547
2011	4	18223	12475	192981	84070	4048
2011	3	20174	17652	12670	85564	1985
2011	2	51557	14517	66320	99928	3727
2011	1	17394	18498	33046	126100	7280
2010	4	13879	18053	47408	90017	5004
2010	3	17433	17728	42423	89111	6236
2010	2	16549	15363	33221	92558	3520
2010	1	-	7926	33288	93492	4298
2009	4	195436	16857	294173	45763	3702
2009	3	7145	18049	38960	12772	4603
2009	2	262366	10797	322119	101292	10213
2009	1	2131	793	32873	70703	2623
2008	4	40549	22975	68546	68578	1039
2008	3	-	3779	9589	34366	2227
2008	2	-	2294	58717	42677	1684
2008	1	-	5309	37710	86717	890
2007	4	-	34060	28261	77164	11368
2007	3	-	11008	883	79838	14061
2007	2	-	10265	56674	76728	15961
2007	1	-	6592	30383	292805	14647
2006	4	-	9735	5921	24451	10533

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 - MPHB / 3859 - 2011 Quarter 3

Company Info

Market Capital (Capital Size)	3,982,563,771 (Large)
Par Value	RM 1.00

My Analysis

Forecast P/E now	(2.77-0.1)/0.298 = 8.96 (Moderate)
Target Price	2.98+0.1 = 3.08 (PE 10.0, EPS 0.298, DPS 0.1)
Decision	BUY if stock price below or near to SMA20
Comment	Revenue decreased 5% and was second consecutive quarter decreasing and also lower than preceding year corresponding quarter 2.8%, eps decreased 18.4% and was second consecutive quarter decreasing and also lower than preceding year corresponding quarter 35.5%, cash generated from operating more than enough to cover dividend payout however still increased borrowing so that can cover investing expenses, slightly weaker liquidity ratio at moderate level now, higher gearing ratio at high level now, all accounting ratio are good, most division recorded lower result
First Support Price	2.7
Second Support Price	2.55
Risk Rating	MODERATE

Research House

AMMB Target Price	3.7 (2011-07-11)
HwangDBS Target Price	3.5 (2011-11-10)
Maybank Target Price	3.64 (2011-11-24)
RHB Target Price	3.1 (2011-12-07)

Accounting Ratio

Return on Equity	9.98%
Dividend Yield	3.61%
Profit Margin	12.09%
Tax Rate	35.18%
Asset Turnover	0.4858
Net Asset Value Per Share	2.37
Net Tangible Asset per share	0.0
Price/Net Tangible Asset Per Share	0.0
Cash Per Share	0.73
Liquidity Current Ratio	2.5049
Liquidity Quick Ratio	1.9131
Liquidity Cash Ratio	1.0789
Gearing Debt to Equity Ratio	1.4138
Gearing Debt to Asset Ratio	0.5613
Working capital per thousand Ringgit sale	35.1%
Days to sell the inventory	60
Days to collect the receivables	43
Days to pay the payables	90

Technical Analysis

SMA 20	2.686 (Uptrend 13 days)
SMA 50	2.646 (Uptrend)
SMA 100	2.594 (Same)
SMA 200	2.731 (Uptrend)
MACD	0.032803 (Uptrend 3 days)
MACD Histogram	0.007926 (Uptrend 57 days)

My notes based on 2011 quarter 3 report (number in '000):-
- Lower revenue and pbt mainly due to less draws and higher payout ratio

- Estimate next 4Q eps after 2011 Q3 result announced = 0.0745*4 = 0.298(eps after acquire 47% remaining Magnum), estimate PE on current price 2.77 = 8.96(DPS 0.1)
- Estimate next 4Q eps after 2011 Q2 result announced = 0.0949*4*1.1 = 0.4176(eps after acquire 47% remaining Magnum), estimate highest/lowest PE = 6.47/4.89 (DPS 0.1)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.164*4 = 0.656(eps after acquire 49% remaining Magnum), estimate highest/lowest PE = 4.73/3.67 (DPS 0.1)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.282, estimate highest/lowest PE = 11.24/8.26 (DPS 0.1)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.1368*2 = 0.2736, estimate highest/lowest PE = 9.76/7.38 (DPS 0.1)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.0563*4*0.95 = 0.2139, estimate highest/lowest PE = 10.52/9.35 (DPS 0.05)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.22*1.05 = 0.231 (5% grow adjustment from 0.22 due to positive result), estimate highest/lowest PE = 9.39/7.84 (DPS 0.09)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.05*4 = 0.2*1.1 = 0.22 (10% grow from 0.2, due to 4D Jackpot game and current economic environment, result exclude other income), estimate highest/lowest PE = 11.05/8.27 (DPS 0.1, correction to last quarter estimated)

MPHB latest news (English)

MPHB latest news (Chinese)

KLCI Stock - MPHB / 3859 - 2011 Quarter 2

Company Info

Market Capital (Capital Size)	3,709,391,527 (Large)
Par Value	RM 1.00

My Analysis

Forecast P/E now	(2.58-0.1)/0.4176 = 5.94 (Moderate)
Target Price	4.18+0.1 = 4.28 (PE 10.0, EPS 0.4176, DPS 0.1)
Decision	Not interested unless stock price sustain above 2.75
Comment	Revenue decreased 8.4% and also lower than preceding year corresponding quarter 0.7%, eps decreased 23.4% but higher than preceding year corresponding quarter 13%, cash generated from operating more than enough to cover dividend however increased borrowing so that can cover investing expenses, weaker liquidity ratio from high to moderate level now, higher gearing ratio at high level now, all accounting ratio are good
First Support Price	2.55
Second Support Price	2.4
Risk Rating	MODERATE

Research House

AMMB Target Price	3.7 (2011-07-11)
Maybank Target Price	3.6 (2011-08-16)

Accounting Ratio

Return on Equity	11.08%
Dividend Yield	3.88%
Profit Margin	15.41%
Tax Rate	23.07%
Asset Turnover	0.493
Net Asset Value Per Share	2.62
Net Tangible Asset per share	0.0
Price/Net Tangible Asset Per Share	0.0
Cash Per Share	0.74
Liquidity Current Ratio	2.5171
Liquidity Quick Ratio	1.8207
Liquidity Cash Ratio	1.1012
Gearing Debt to Equity Ratio	1.3988
Gearing Debt to Asset Ratio	0.5587
Working capital per thousand Ringgit sale	31.4%
Days to sell the inventory	63
Days to collect the receivables	43
Days to pay the payables	81

My notes based on 2011 quarter 2 report (number in '000):-
- Higher pbt than FY10Q2 mainly contributed by better results from the Gaming and Stockbroking divisions because lower prizes payout ratio and finance cost and higher revenue from non-margin accounts and fair value gain on investments

- Lower pbt in than FY10Q2 Financial Services Division due to higher fair value loss on quoted investments

- Lower pbt than FY11Q1 mainly due to lower sales and higher payout ratio in the Gaming Division

- Estimate next 4Q eps after 2011 Q2 result announced = 0.0949*4*1.1 = 0.4176(eps after acquire 47% remaining Magnum), estimate PE on current price 2.58 = 5.94(DPS 0.1)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.164*4 = 0.656(eps after acquire 49% remaining Magnum), estimate highest/lowest PE = 4.73/3.67 (DPS 0.1)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.282, estimate highest/lowest PE = 11.24/8.26 (DPS 0.1)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.1368*2 = 0.2736, estimate highest/lowest PE = 9.76/7.38 (DPS 0.1)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.0563*4*0.95 = 0.2139, estimate highest/lowest PE = 10.52/9.35 (DPS 0.05)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.22*1.05 = 0.231 (5% grow adjustment from 0.22 due to positive result), estimate highest/lowest PE = 9.39/7.84 (DPS 0.09)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.05*4 = 0.2*1.1 = 0.22 (10% grow from 0.2, due to 4D Jackpot game and current economic environment, result exclude other income), estimate highest/lowest PE = 11.05/8.27 (DPS 0.1, correction to last quarter estimated)

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MPHB latest news (Chinese)

KLCI Stock - MPHB / 3859 - 2011 Quarter 1

Company Info

Market Capital (Capital Size)	4,327,623,448 (Large)
Par Value	RM 1.00

My Analysis

Forecast P/E now	(3.01-0.1)/0.656 = 4.44 (Moderate)
Target Price	6.56+0.1 = 6.66 (PE 10.0, EPS 0.656, DPS 0.1)
Decision	BUY
Comment	Revenue increased 4.8% and is second consecutive quarter increasing and but lower than preceding year corresponding quarter 4.8%, eps increased 1% and is third consecutive quarter increasing and also higher than preceding year corresponding quarter 31.1%, cash generated from operating more than enough to cover all expenses, weaker liquidity ratio but still at high level now, lower gearing ratio at high level now, all accounting periods are good, acquiring 49% remaining shares
First Support Price	3.0
Second Support Price	2.75
Risk Rating	MODERATE

Accounting Ratio

Return on Equity	11.21%
Dividend Yield	3.32%
Profit Margin	17.72%
Tax Rate	18.92%
Asset Turnover	0.5631
Net Asset Value Per Share	2.3
Net Tangible Asset per share	-0.41
Price/Net Tangible Asset Per Share	-7.63
Cash Per Share	0.7
Liquidity Current Ratio	3.0017
Liquidity Quick Ratio	2.1507
Liquidity Cash Ratio	1.2381
Gearing Debt to Equity Ratio	1.3329
Gearing Debt to Asset Ratio	0.517
Working capital per thousand Ringgit sale	34.1%
Days to sell the inventory	64
Days to collect the receivables	45
Days to pay the payables	71

My notes based on 2011 quarter 1 report (number in '000):-
- Higher pbt mainly due to the better performance of the Gaming and Stockbroking Division

- Higher pbt from Gaming Division mainly due to lower payout ratio, increase in the number of draws and reduced finance cost

- Higher pbt from Financial Services Division mainly due to the better underwriting results, higher interest income from loan financing activities as well as fair value gain on assets

- Higher pbt from Stockbroking Division mainly due to the recovery of bad debts and the write back of specific provision for doubtful debts of the margin accounts

- Estimate next 4Q eps after 2010 Q4 result announced = 0.164*4 = 0.656(eps after acquire 49% remaining Magnum), estimate PE on current price 3.01 = 4.44(DPS 0.1)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.282, estimate highest/lowest PE = 11.24/8.26 (DPS 0.1)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.1368*2 = 0.2736, estimate highest/lowest PE = 9.76/7.38 (DPS 0.1)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.0563*4*0.95 = 0.2139, estimate highest/lowest PE = 10.52/9.35 (DPS 0.05)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.22*1.05 = 0.231 (5% grow adjustment from 0.22 due to positive result), estimate highest/lowest PE = 9.39/7.84 (DPS 0.09)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.05*4 = 0.2*1.1 = 0.22 (10% grow from 0.2, due to 4D Jackpot game and current economic environment, result exclude other income), estimate highest/lowest PE = 11.05/8.27 (DPS 0.1, correction to last quarter estimated)

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MPHB latest news (Chinese)

KLCI Stock - MPHB / 3859 - 2010 Quarter 4

Company Info

Market Capital (Capital Size)	3,427,240,719 (Large)
Par Value	RM 1.00

My Analysis

Forecast P/E now	(3.18-0.1)/0.282 = 10.92 (High)
Target Price	2.82+0.1 = 2.92 (PE 10.0, EPS 0.282, DPS 0.1)
Decision	Not interested unless revenue and profit increase more
Comment	Revenue increased 6% and also higher than preceding year corresponding quarter 3.1%, eps increased 2.1% and is second consecutive quarter increasing but lower than preceding year corresponding quarter 24.3%, cash generated from operating enough to cover financing activities but not for investing activities, weaker liquidity ratio at moderate level now, better gearing ratio at very high level now, all accounting periods are good, 100% Magnum
First Support Price	3.0
Second Support Price	2.75
Risk Rating	MODERATE

Accounting Ratio

Return on Equity	10.36%
Dividend Yield	3.14%
Profit Margin	16.27%
Tax Rate	17.63%
Asset Turnover	0.6073
Net Asset Value Per Share	2.2
Net Tangible Asset per share	-0.48
Price/Net Tangible Asset Per Share	-5.44
Cash Per Share	0.85
Liquidity Current Ratio	2.379
Liquidity Quick Ratio	2.372
Liquidity Cash Ratio	1.231
Gearing Debt to Equity Ratio	1.2771
Gearing Debt to Asset Ratio	0.5084
Working capital per thousand Ringgit sale	28.4%
Days to sell the inventory	1
Days to collect the receivables	42
Days to pay the payables	90

My notes based on 2010 quarter 4 report (number in '000):-
- Higher gaming sales, lower payout ratio and lower finance cost have contributed primarily to the increase in the results

- Financial Services Division increased pretax mainly due to improved underwriting performance as a result of tightening of underwriting especially in the non-performing classes and greater emphasis on risk management of the insurance business

- Higher pbt in Stockbroking Division mainly due to increase in proprietary trading income and gain on fair value adjustment on investments

- Estimate next 4Q eps after 2010 Q4 result announced = 0.282, estimate PE on current price 3.18 = 10.92(DPS 0.1)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.1368*2 = 0.2736, estimate highest/lowest PE = 9.76/7.38 (DPS 0.1)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.0563*4*0.95 = 0.2139, estimate highest/lowest PE = 10.52/9.35 (DPS 0.05)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.22*1.05 = 0.231 (5% grow adjustment from 0.22 due to positive result), estimate highest/lowest PE = 9.39/7.84 (DPS 0.09)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.05*4 = 0.2*1.1 = 0.22 (10% grow from 0.2, due to 4D Jackpot game and current economic environment, result exclude other income), estimate highest/lowest PE = 11.05/8.27 (DPS 0.1, correction to last quarter estimated)

MPHB latest news (English)

MPHB latest news (Chinese)

KLCI Stock - MPHB / 3859 - 2010 Quarter 3

Company Info

Market Capital (Capital Size)	2,543,486,823 (Large)
Par Value	RM 1.00

My Analysis

Forecast P/E now	(2.36-0.05)/0.2736 = 8.44 (Moderate)
Target Price	2.74+0.05 = 2.79 (PE 10.0, EPS 0.2736, DPS 0.05)
Decision	BUY
Comment	Revenue second consecutive quarter decreasing but still higher than preceding year corresponding quarter, eps increased and higher than preceding year corresponding quarter, free cash flow increasing but still negative net cash flow, moderate liquidity ratio, very high gearing ratio, all accounting period as usual, possible of joint development of lands
First Support Price	2.1
Second Support Price	2.0
Risk Rating	MODERATE

Accounting Ratio

Return on Equity	12.02%
Dividend Yield	2.12%
Profit Margin	16.23%
Tax Rate	8.38%
Asset Turnover	0.5964
Net Asset Value Per Share	2.13
Net Tangible Asset per share	-0.56
Price/Net Tangible Asset Per Share	-3.79
Cash Per Share	0.92
Liquidity Current Ratio	2.4226
Liquidity Quick Ratio	2.4155
Liquidity Cash Ratio	1.2943
Gearing Debt to Equity Ratio	1.402
Gearing Debt to Asset Ratio	0.5327
Working capital per thousand Ringgit sale	30.4%
Days to sell the inventory	1
Days to collect the receivables	44
Days to pay the payables	94

My notes based on 2010 quarter 3 report (number in '000):-
- The pbt and minority interests from the continuing operations at RM138.1 million for the current quarter was 105.5% higher than the pbt and minority interests of RM67.2 million achieved in the previous corresponding financial quarter due to improved performances in the Gaming, Stockbroking and Corporate & Other Divisions

- The pbt of Gaming Division at RM89.1 million achieved in the current quarter is higher by RM76.3 million compared to the pbt of RM12.8 million recorded in the previous corresponding period. 4D Jackpot sales which was launched in September last year, lower prizes payout ratio as well as reduced finance costs have contributed to the substantial increase in the profit

- Finance Services Division's pretax profit in the current quarter dropped slightly to RM17.7 million from the pretax profit of RM18 million recorded in the previous corresponding period. This is mainly due to write back of provision for impairment of investments in the previous corresponding period

- Recovery of debts and higher net gain from proprietary trading in the Stockbroking Division have resulted in a pbt of RM6.2 million which is 34.8% higher than RM4.6 million reported in the previous corresponding financial quarter

- The Group recorded a pbt of RM138.1 million for the current quarter which is RM17 million higher than RM121.1 million achieved in the immediate preceding quarter. The improvement is mainly due to higher contribution from Stockbroking and Corporate & Others Divisions

- Estimate next 4Q eps after 2010 Q3 result announced = 0.1368*2 = 0.2736, estimate PE on current price 2.36 = 8.44(DPS 0.05)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.0563*4*0.95 = 0.2139, estimate highest/lowest PE = 10.52/9.35 (DPS 0.05)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.22*1.05 = 0.231 (5% grow adjustment from 0.22 due to positive result), estimate highest/lowest PE = 9.39/7.84 (DPS 0.09)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.05*4 = 0.2*1.1 = 0.22 (10% grow from 0.2, due to 4D Jackpot game and current economic environment, result exclude other income), estimate highest/lowest PE = 11.05/8.27 (DPS 0.1, correction to last quarter estimated)

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