Saturday, 19 August 2017

Berkshire Hathaway P/B = 2.3 (19.7.2017)

Berkshire Hathaway
19.8.2017

INCOME STATEMENT
Millions USD
Year …. 2016 …. 2015 …. 2014 …. 2013 …. 2012
Revenues …. 222,935 …. 209,995 …. 194,864 …. 179,770 …. 160,837
GrProf …. 53,789 …. 52,944 …. 45,270 …. 41,134 …. 33,857
EBIT …. 35,572 …. 38,461 …. 31,549 …. 29,217 …. 23,354
Int Exp …. 3,497 …. 3,515 …. 3,253 …. 2801 …. 2,744
PBT …. 33,667 …. 34,946 …. 28,105 …. 28,796 …. 22,236
PAT …. 24,074 …. 24,083 …. 19,872 …. 19,476 …. 14,824
EPS (Dil) …. 9.76 …. 9.77 …. 8.06 …. 7.90 …. 5.98
No of shr (Dil) …. 2.466 …. 2.465 …. 2.465 …. 2.465 …. 2.477



GP Marg …. 24.13% …. 25.21% …. 23.23% …. 22.88% …. 21.05%
PBT Marg …. 15.10% …. 16.64% …. 14.42% …. 16.02% …. 13.83%
NP Marg …. 10.80% …. 11.47% …. 10.20% …. 10.83% …. 9.22%
EBIT/Int …. 10.17 …. 10.94 …. 9.70 …. 10.43 …. 8.51



BALANCE SHEET
Millions USD
Year …. 2016 …. 2015 …. 2014 …. 2013 …. 2012
CA …. 142,494 …. 119,721 …. 107,923 …. 91,454 …. 91,229
NCA …. 478,360 …. 432,536 …. 418,263 …. 393,477 …. 336,223
TA …. 620,854 …. 552,257 …. 526,186 …. 484,931 …. 427,452

CL …. 47,392 …. 33,260 …. 48,506 …. 44,469 …. 47,288
NCL …. (17,856) …. (5,922) …. (25,180) …. (21,685) …. (22,760)
TL …. 29,536 …. 27,338 …. 23,326 …. 22,784 …. 24,528
Eq …. 286,359 …. 258,627 …. 243,027 …. 224,485 …. 191,588
TL+Eq …. 620,854 …. 552,257 …. 526,186 …. 484,931 …. 427,452



Cash …. 86,370 …. 71,730 …. 63,269 …. 48,186 …. 46,992
ST Debt …. 12,350 …. 1,989 …. 8,283 …. 6,634 …. 11,927
LT Debt …. 89,294 …. 82300 …. 71926 …. 65590 …. 50809
Total Debt …. 101,644 …. 84,289 …. 80,209 …. 72,224 …. 62,736

Inventories …. 15,727 …. 11,916 …. 10,236 …. 9,945 …. 9,675
AR …. 40,397 …. 36,075 …. 34,418 …. 33,323 …. 34,562
AP …. 35,042 …. 31,271 …. 40,223 …. 37,835 …. 35,361

CA-CL …. 95,102 …. 86,461 …. 59,417 …. 46,985 …. 43,941

TD/Eq …. 35.5% …. 32.6% …. 33.0% …. 32.2% …. 32.7%
TD/TA …. 16.4% …. 15.3% …. 15.2% …. 14.9% …. 14.7%
TL/TA …. 4.8% …. 5.0% …. 4.4% …. 4.7% …. 5.7%

CR …. 3.01 …. 3.60 …. 2.22 …. 2.06 …. 1.93
QR …. 2.67 …. 3.24 …. 2.01 …. 1.83 …. 1.72



CE …. 659,832 …. 590,727 …. 540,949 …. 488,648 …. 427,156

Average of 2 years
CE (Avg) …. 625,280 …. 565,838 …. 514,799 …. 457,902 ….
TA (Avg) …. 586,556 …. 539,222 …. 505,559 …. 456,192 ….
Eq (Avg) …. 272,493 …. 250,827 …. 233,756 …. 208,037 ….






CASH FLOW STATEMENT
Millions USD
Year …. 2016 …. 2015 …. 2014 …. 2013 …. 2012
Net Inc …. 24,427 …. 24,414 …. 20,170 …. 19,845 …. 15,312
D&A …. 8,901 …. 7,779 …. 7,370 …. 6,508 …. 5,146
FFO …. 25,614 …. 23,571 …. 23,624 …. 22,661 …. 19,791
CWC …. 6,921 …. 7,920 …. 8,386 …. 5,043 …. 1,159
NetOCF …. 32,535 …. 31,491 …. 32,010 …. 27,704 …. 20,950

Capex …. (12,954) …. (16,082) …. (15,185) …. (11,087) …. (9,775)

FCF …. 19,581 …. 15,409 …. 16,825 …. 16,617 …. 11,175
Dividends …. - …. - …. - …. - …. -
RE …. 24,427 …. 24,414 …. 20,170 …. 19,845 …. 15,312


NetOCF/Net Inc …. 133.2% …. 129.0% …. 158.7% …. 139.6% …. 136.8%
FCF/Net Inc …. 80.2% …. 63.1% …. 83.4% …. 83.7% …. 73.0%
Capex/Net Inc …. 53.0% …. 65.9% …. 75.3% …. 55.9% …. 63.8%
Capex/NetOCF …. 39.8% …. 51.1% …. 47.4% …. 40.0% …. 46.7%
Capex/D&A …. 145.5% …. 206.7% …. 206.0% …. 170.4% …. 190.0%
DPO ratio …. 0.0% …. 0.0% …. 0.0% …. 0.0% …. 0.0%



VALUATION
Year …. 2016 …. 2015 …. 2014 …. 2013 …. 2012
Share Price RM …. 244,121 …. 200,150 …. 223,600 …. 187,350 …. 156,280
Market cap (m) …. 602,002 …. 493,370 …. 551,174 …. 461,818 …. 387,106

ROCE …. 5.7% …. 6.8% …. 6.1% …. 6.4% ….
ROA …. 4.1% …. 4.5% …. 3.9% …. 4.3% ….
ROE …. 8.8% …. 9.6% …. 8.5% …. 9.4% ….

FCF/Revenues …. 8.8% …. 7.3% …. 8.6% …. 9.2% …. 6.9%

FCF/Mkt Cap …. 3.3% …. 3.1% …. 3.1% …. 3.6% …. 2.9%
DY …. 0.0% …. 0.0% …. 0.0% …. 0.0% …. 0.0%

Mkt. cap/Equity (P/B) …. 2.10 …. 1.91 …. 2.27 …. 2.06 …. 2.02
Mkt. cap/Net Inc (PE) …. 25.01 …. 20.49 …. 27.74 …. 23.71 …. 26.11



Today's Price RM …. 267,377
Shares (m) …. 2.466
Market cap (m) today …. 659,352

Mkt. cap/Equity (P/B) …. 2.30
Mkt. cap/Net Inc (PE) …. 27.39




Comments:

Cash in book of 86.37 Billion

FCF generated in 2016 was 19.581 Billion

APM - re-look at a stock I used to own.

APM
19.8.2017

INCOME STATEMENT
Millions
Year …. T4Q
Revenues …. 1,255
PBT …. 88
PAT …. 62
EPS (RM) …. 0.247
No of shares (m) …. 201.6

PBT Marg …. 7.02%
NP Marg …. 4.93%

-------------------------------------------------------------

APM
19.8.2017

INCOME STATEMENT
Millions
Year …. 2016 …. 2015 …. 2014 …. 2013 …. 2012
Revenues …. 1,237 …. 1,153 …. 1,228 …. 1,259 …. 1,123
GrProf …. 211 …. 192 …. 224 …. 267 …. 229
EBIT …. 77 …. 85 …. 124 …. 173 …. 156
Int Exp …. 3 …. 1 …. 1 …. 0 …. 1
PBT …. 86 …. 98 …. 144 …. 173 …. 155
PAT …. 49 …. 60 …. 98 …. 128 …. 114
EPS (Dil) …. 0.25 …. 0.31 …. 0.5 …. 0.66 …. 0.58
No of shr (Dil) …. 196 …. 196 …. 196 …. 196 …. 196



GP Marg …. 17.06% …. 16.65% …. 18.24% …. 21.21% …. 20.39%
PBT Marg …. 6.95% …. 8.50% …. 11.73% …. 13.74% …. 13.80%
NP Marg …. 3.96% …. 5.20% …. 7.98% …. 10.17% …. 10.15%
EBIT/Int …. 25.67 …. 85.00 …. 124.00 …. #DIV/0! …. 156.00



BALANCE SHEET
Millions
Year …. 2016 …. 2015 …. 2014 …. 2013 …. 2012
CA …. 875 …. 893 …. 911 …. 891 …. 831
NCA …. 722 …. 666 …. 588 …. 398 …. 289
TA …. 1,597 …. 1,559 …. 1,499 …. 1,289 …. 1,120

CL …. 294 …. 284 …. 282 …. 259 …. 197
NCL …. 65 …. 54 …. 40 …. 16 …. 15
TL …. 359 …. 338 …. 322 …. 275 …. 212
Eq …. 1,238 …. 1,221 …. 1,177 …. 1,015 …. 908
TL+Eq …. 1,597 …. 1,559 …. 1,499 …. 1,289 …. 1,120



Cash …. 331 …. 406 …. 358 …. 306 …. 425
ST Debt …. 55 …. 56 …. 37 …. 13 …. 21
LT Debt …. 16 …. 0 …. 0 …. 0 …. 0
Total Debt …. 71 …. 56 …. 37 …. 13 …. 21

Inventories …. 229 …. 231 …. 228 …. 260 …. 168
AR …. 273 …. 234 …. 289 …. 281 …. 221
AP …. 316 …. 270 …. 169 …. 145 …. 103

CA-CL …. 581 …. 609 …. 629 …. 632 …. 634

TD/Eq …. 5.7% …. 4.6% …. 3.1% …. 1.3% …. 2.3%
TD/TA …. 4.4% …. 3.6% …. 2.5% …. 1.0% …. 1.9%
TL/TA …. 22.5% …. 21.7% …. 21.5% …. 21.3% …. 18.9%

CR …. 2.98 …. 3.14 …. 3.23 …. 3.44 …. 4.22
QR …. 2.20 …. 2.33 …. 2.42 …. 2.44 …. 3.37



CE …. 1,634 …. 1,681 …. 1,575 …. 1,336 …. 1,348

Average of 2 years
CE (Avg) …. 1,658 …. 1,628 …. 1,456 …. 1,342 ….
TA (Avg) …. 1,578 …. 1,529 …. 1,394 …. 1,205 ….
Eq (Avg) …. 1,230 …. 1,199 …. 1,096 …. 962 ….






CASH FLOW STATEMENT
(thousand)
Year …. 2016 …. 2015 …. 2014 …. 2013 …. 2012
Net Inc …. 83,207 …. 95,026 …. 145,285 …. 182,004 …. 159,524
D&A …. 55,221 …. 46,045 …. 32,222 …. 25,394 …. 32,698
FFO …. 133,090 …. 121,228 …. 131,840 …. 167,590 …. 151,761
CWC …. (54,725) …. 47,754 …. 42,716 …. (122,270) …. (12,629)
NetOCF …. 78,365 …. 168,982 …. 174,556 …. 45,320 …. 139,132

Capex …. (94,247) …. (105,918) …. (91,311) …. (49,779) …. (38,760)

FCF …. (10,558) …. 73,321 …. 83,346 …. (3,648) …. 110,198
Dividends …. (33,249) …. (38,144) …. (38,159) …. (90,996) …. (46,966)
RE …. 49,958 …. 56,882 …. 107,126 …. 91,008 …. 112,558


NetOCF/Net Inc …. 94.2% …. 177.8% …. 120.1% …. 24.9% …. 87.2%
FCF/Net Inc …. -12.7% …. 77.2% …. 57.4% …. -2.0% …. 69.1%
Capex/Net Inc …. 113.3% …. 111.5% …. 62.8% …. 27.4% …. 24.3%
Capex/NetOCF …. 120.3% …. 62.7% …. 52.3% …. 109.8% …. 27.9%
Capex/D&A …. 170.7% …. 230.0% …. 283.4% …. 196.0% …. 118.5%
DPO ratio …. 40.0% …. 40.1% …. 26.3% …. 50.0% …. 29.4%



VALUATION
Year …. 2016 …. 2015 …. 2014 …. 2013 …. 2012
Share Price RM …. 3.46 …. 3.85 …. 4.84 …. 5.79 …. 4.71
Market cap (m) …. 678.2 …. 754.6 …. 948.6 …. 1134.8 …. 923.2

ROCE …. 4.6% …. 5.2% …. 8.5% …. 12.9% ….
ROA …. 3.1% …. 3.9% …. 7.0% …. 10.6% ….
ROE …. 4.0% …. 5.0% …. 8.9% …. 13.3% ….

FCF/Revenues …. -0.9% …. 6.4% …. 6.8% …. -0.3% …. 9.8%

FCF/Mkt Cap …. -1.6% …. 9.7% …. 8.8% …. -0.3% …. 11.9%
DY …. 4.9% …. 5.1% …. 4.0% …. 8.0% …. 5.1%

Mkt. cap/Equity (P/B) …. 0.55 …. 0.62 …. 0.81 …. 1.12 …. 1.02
Mkt. cap/Net Inc (PE) …. 13.84 …. 12.58 …. 9.68 …. 8.87 …. 8.10


19.8.2017

Today's Price RM …. 3.81
Shares (dil) …. 201.6
Market cap (m) today …. 768.1

Mkt. cap/Equity (P/B) …. 0.62
Mkt. cap/Net Inc (PE) …. 15.68



The Investment Portfolio of iCapital.biz Berhad

INVESTMENT PORTFOLIO of iCAP

As of 31 May 2017, your Fund has not invested in unlisted investments and all other investments apart from securities listed on Bursa Malaysia Securities Berhad. The investment objectives and policies of your Fund have been consistently applied to its investment portfolio. Details of the investment portfolio of your Fund are as follows :-

Companies .... Shares .... Cost (RM) ....Value (RM) 
....Impairment Loss (RM) .... Unrealised Profit/ (Loss) (RM) 

1 APM Automotive Holdings Berhad.... 1,420,500.... 5,306,991.... 5,838,255
.... -  .... 531,264

2 Boustead Holdings Berhad ....12,147,786.... 27,444,475 ....32,191,633
.... - .....4,747,158

3 Fraser & Neave Holdings Berhad ....517,600 ....3,923,846 ....12,588,032
.... - ....8,664,186

4 Malaysia Smelting Corp Berhad ....2,902,000 ....10,082,424 ....11,753,100
.... (2,392,124) ....4,062,800

5 MKH Bhd ....1,356,830.... 3,436,689 ....3,378,507
.... - .... (58,182) 

6 Oceancash Pacific Bhd.... 2,230,000 ....1,249,861.... 1,627,900
.... - .... 378,039

7 Padini Holdings Berhad.... 19,000,000 .... 5,490,389....  66,690,000
....  -  .... 61,199,611

8 Parkson Holdings Berhad ....10,742,298 .... 21,202,731 .... 6,176,821
.... (14,327,660) .... *(698,249) 

9 Selangor Properties Berhad ....1,666,400 .... 7,743,009 .... 8,282,008
.... - .... 538,999

10 Suria Capital Holdings Berhad ....9,244,400 .... 15,400,153 .... 19,690,572
....  - .... 4,290,419

11 Tong Herr Resources Berhad.... 2,579,300.... 6,045,732.... 9,388,652
.... (513,988) .... 3,856,908



Total 
Cost (RM)                                   107,326,299
Value (RM)                                 177,605,480
Impairment Loss (RM)               (17,233,772)
Unrealised Profit/ (Loss) (RM)    87,512,953



IMPAIRMENT LOSS

Parkson      RM  (14,327,660)
Tong Herr  RM       (513,988)
MSC           RM    (2,392,124)
Total            RM (17,233,772)

As at 31 May 2017, impairment loss on investment in Parkson Holdings Berhad was RM14,327,660 due to decline in market value of Parkson Holdings. The market value as at 31 May 2017 was RM6,176,821 and the cost was RM21,202,731. This is considered significant under FRSIC issued Consensus 14 – Impairment of Investment in Equity Instrument categorised as Available-for-Sale Financial Asset. A decline in fair value below the original cost of the equity instrument that had persisted for more than 9 to 12 months would generally be considered as “Prolonged” and hence, be impaired. *As at 31 May 2017, the net unrealised loss for Parkson Holdings Berhad was RM698,249 together with the impairment loss of RM14,327,660 recognised as at 31 May 2017, giving the total unrealised loss of RM15,025,909.

For Tong Herr Resources Berhad and Malaysia Smelting Corporation Berhad, the impairment loss of RM513,988 and RM2,392,124 were made in the financial year 2014 and financial year 2015 respectively



DISPOSAL

This share was disposed during the financial year ended 31 May 2017

Tong Herr Resources Berhad

Shares  900,000
Cost (RM) 1,809,579
Disposal Value (RM)  1,744,242
Realised Loss (RM)   65,337



Description of the Companies Businesses 

APM Automotive Holdings Berhad APM 

Automotive is a Malaysian automotive parts manufacturer that has expanded rapidly to become a major regional supplier and is expanding globally.

Boustead Holdings Berhad 

Boustead Holdings is one of the largest conglomerates in Malaysia, with business spanning 6 sectors; namely, plantation, heavy industries, property, finance and investment, pharmaceutical, and trading and industrial.

Fraser & Neave Holdings Berhad 

Fraser & Neave Holdings (F&N) is a leading manufacturer and distributor of soft drinks and dairy products under various brands. F&N’s property division was formed to unlock the value of its freehold properties in Klang Valley.

Malaysia Smelting Corporation Berhad 

The MSC Group is currently one of the world’s leading integrated producers of tin metal and tin based products and a global leader in tin smelting.

MKH Berhad 

MKH is a well-known property developer. Apart from property development, MKH has ventured into other businesses such as oil palm cultivation, furniture manufacturing and trading.

Oceancash Pacific Berhad 

Oceancash Pacific is a manufacturer of resonated and thermoplastic felts. The group has expanded its range of product and services.

Padini Holdings Berhad 

Padini is a leading retailer of its own fashion labels through freestanding stores, franchised outlets and consignment counters in Malaysia and abroad.

Parkson Holdings Berhad 

Parkson is a leading operator of department stores in Malaysia, China, Vietnam, Indonesia, etc.

Selangor Properties Berhad 

Selangor Properties is involved in property investment and development, and investment holding.

Suria Capital Holdings Berhad 

Suria Capital is the leading port operator in Sabah. Apart from the port operations, the group has ventured into other businesses, including property development.

Tong Herr Resources Berhad 

Tong Herr Resources is a leading manufacturer of stainless steel fasteners and has expanded into manufacture of aluminum extrusion products in Malaysia.



Ref:  2017 Annual Report of iCAP
http://disclosure.bursamalaysia.com/FileAccess/apbursaweb/download?id=182076&name=EA_DS_ATTACHMENTS

iCAP 2017 Annual Report

The portfolio of your Fund, as at 31 May 2017, ranked in terms of the market value of each stock and the quantity held, is shown in Charts 1 and 2 below.


Chart 1: Market Value of Holdings
as at 31 May 2017 (RM ‘000)
Padini 66,690
Boustead 32,192
Suria 19,691
F&N 12,588
MSC 11,753
Tongher 9,389
Selprop 8,282
Parkson 6,177
APM 5,838
MKH 3,379
Oceancash 1,628




Chart 2: Size of Holdings
as at 31 May 2017 (‘000 shares)
Padini 19,000
Boustead 12,148
Parkson 10,742
Suria 9,244
MSc 2,902
Tongher 2,579
Oceancash 2,230
Selprop 1,666
APM 1,421
MKH 1,357
F&N 518



ii. INVESTMENTS SOLD

For the financial year ended 31 May 2017, your Fund sold 900,000 shares of Tong Herr Resources Berhad, generating a loss of RM65,336.95 with a cost of RM1.810 million.

As at 31 May 2017, your Fund invested RM107.326 million with a market value of RM177.605 million, giving unrealised gains of RM87.513 million.

Of your Fund’s investments as at 31 May 2017, Boustead Holdings Berhad, Fraser & Neave Holdings Bhd, Malaysia Smelting Corporation Berhad, Padini Holdings Berhad, Suria Capital Holdings Berhad and Tong Herr Resources Berhad have substantial unrealised gains out of which Padini Holdings Berhad has the highest substantial unrealised gain of RM61.2 million.


iii. INVESTMENTS MADE

For the financial year ended 31 May 2017, your Fund made 4 new investments shown in Chart 3. These were

  • APM Automotive Holdings Berhad, 
  • MKH Berhad, 
  • Oceancash Pacific Berhad, and 
  • Selangor Properties Berhad. 
APM Automotive Holdings Berhad is an established manufacturer of auto components. MKH Berhad and Selangor Properties Berhad are essentially property development and investment companies. Oceancash Pacific Berhad manufactures felt and non-woven fabric.

Chart 3: Purchases made after 31 May 2016 (‘000 shares)
Oceancash 2,230
Selprop 1,666
APM 1,421
MKH 1,251


Your Fund received 511,538 shares as share dividends from Parkson Holdings Berhad and 3,470,796 shares as share dividends from Boustead Holdings Berhad.

Your Fund also subscribed to 53,010 rights shares and received 106,020 bonus shares from the rights subscription of MKH Berhad.


v. PERFORMANCE: NAV & MARKET PRICE

From 1 June 2016 to 31 May 2017, the NAV per share of your Fund increased from RM3.01 to RM3.31 (a gain of 10%) and the market price increased from RM2.31 to RM2.64 (a gain of 14%). In the same period, FBMKLCI gained 9%.


The performance of icapital.biz Berhad since its listing is shown in Tables 1 and 2.

Table 1 : Cumulative Return From 19 Oct 2005 To
Ending Date... Fund's NAV (%)... Fund's Market Price (%)... FBMKLCI (%)... Fund’s Cash Level (%)
31-May-17............ 242.53........................ 172.11........................... 93.17..................... 61.29

Table 2 : Annualised Return From 19 Oct 2005 To
Ending Date ... Fund's NAV (%) ... Fund's Market Price (%) ... FBMKLCI (%)... Fund’s Cash Level (%) 
31-May-17 ..................11.18........................ 9.00 ...............................5.83 ...................... 61.29



Chart 6 : Performance as at 31 May 2017 (from the peak in 8 Jul 2014)

FBMKLCI  -6.70%
ICAP NAV  +7.82%
ICAP Price +6.02%


Chart 6 shows the performance of the FBMKLCI from its peak on 8 July 2014 until 31 May 2017, and the NAV and share price of icapital.biz Berhad during the same period.

The FBMKLCI lost 6.70%, your Fund’s NAV appreciated 7.82%, and its price increased 6.02%.



LONG TERM CAPITAL APPRECIATION

icapital.biz Berhad is a long-term capital appreciation fund, managed based on an eclectic value investing philosophy.

For those who are familiar with long-term value investing, there will be times when this time-proven investing style will yield superior returns, and there will be times when it will yield lower returns.

Even Buffett’s Berkshire Hathaway experiences such phases. We often read about Warren Buffett’s impressive longterm performance but one needs to bear in mind the times when Berkshire Hathaway was not performing.

In June 1998, Berkshire Hathaway traded at a high of US$84,000 per ‘A’ share. More than seven years later, it traded at a high of US$84,600 or a measly gain of less than 1% in total.

In that same period, the S&P 500 gained 8.6%, measured from a high of 1,145 points in  June 1998 and a high of 1,243 points in September 2005.

Investors who are not long-term focused or not genuine value investors would have been disappointed with Buffett’s performance (Berkshire Hathaway was having US$35.96 billion cash in 2003) and could have called for his retirement.

Fortunately for Berkshire Hathaway, it has plenty of like-minded investors who have stayed with Warren Buffett (in March 2009, Berkshire Hathaway fell to a low of US$70,050).

A good fund manager should not get distracted by shorter-term noises; similarly, share owners who believe in long-term value investing should not get distracted by shorter-term investors.

For your Fund to succeed year in, year out, attracting the right share owners is very crucial.


DIRECTORS

The name of the directors of your Fund who served during the financial year until the date of this report are as follows:-
1. Datuk Ng Peng Hong @ Ng Peng Hay
2. Dato’ Seri Md Ajib Bin Anuar
3. Dato’ Tan Ang Meng
4. Dato’ Sri Syed Ismail Bin Dato’ Haji Syed Azizan
5. Leong So Seh
6. David Loo Kean Beng (Retired on 24.9.2016)
7. Harun Bin Halim Rasip (Retired on 24.9.2016)


Directors Fees 
Total (RM)  315,437




STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
FOR THE FINANCIAL YEAR ENDED 31 MAY 2017



2017 (RM) ….  2016 (RM) …. % Change
REVENUE
Interest income  7,941,121 …. 8,778,199 …. -9.5%
Dividend income  5,563,953 …. 4,399,147 …. 26.5%
Net (loss)/gain on disposal of quoted investments  -65,337 …. 30,857,557 …. -100.2%
13,439,737 …. 44,034,903 …. -69.5%
LESS: OPERATING EXPENSES
Accounting and administrative fees  108,855 …. 91,000 …. 19.6%
Advertisements  189,942 …. 185,956 …. 2.1%
Annual general meeting expenses 289,083 …. 329,206 …. -12.2%
Auditors’ remuneration  38,000 …. 38,000 …. 0.0%
Custodian expenses 147,151 …. 55,209 …. 166.5%
Directors’ fees 315,437 …. 309,493 …. 1.9%
Fund management fee 3,263,523 …. 3,075,342 …. 6.1%
Impairment loss on quoted investments  1,821,075 …. 12,506,585 …. -85.4%
Investment advisory fee 3,263,523 …. 3,075,342 …. 6.1%
Professional fee  203,364 …. 139,097 …. 46.2%
GST expenses  449,542 …. 420,066 …. 7.0%
Others 246,022 …. 92,028 …. 167.3%
10,335,517 …. 20,317,324 …. -49.1%
PROFIT BEFORE TAXATION  3,104,220 …. 23,717,579 …. -86.9%
INCOME TAX EXPENSE 12 -1,492,912 …. -2,357,991 …. -36.7%
PROFIT AFTER TAXATION 1,611,308 …. 21,359,588 …. -92.5%
OTHER COMPREHENSIVE INCOME/(EXPENSE) 13  37,477,213 …. -2,779,855 …. -1448.2%
TOTAL COMPREHENSIVE INCOME
FOR THE FINANCIAL YEAR  39,088,521 …. 18,579,733 …. 110.4%
PROFIT AFTER TAXATION ATTRIBUTABLE TO:-
Owners of the Company 1,611,308 …. 21,359,588 …. -92.5%
TOTAL COMPREHENSIVE INCOME
 ATTRIBUTABLE TO:-
Owners of the Company 39,088,521 …. 18,579,733 …. 110.4%
Basic earnings per ordinary share 14  0.01 …. 0.15 …. -93.3%



4.4 IMPAIRMENT

(a) Impairment of Financial Assets All financial assets (other than those categorised at fair value through profit or loss), are assessed at the end of each reporting period whether there is any objective evidence of impairment as a result of one or more events having an impact on the estimated future cash flows of the asset.

For an equity instrument, a significant or prolonged decline in the fair value below its cost is considered to be objective evidence of impairment. 

An impairment loss in respect of held-to-maturity investments and loans and receivables financial assets is recognised in profit or loss and is measured as the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

An impairment loss in respect of available-for-sale financial assets is recognised in profit or loss and is measured as the difference between its cost (net of any principal payment and amortisation) and its current fair value, less any impairment loss previously recognised in the fair value reserve.

In addition, the cumulative loss recognised in other comprehensive income and accumulated in equity under fair value reserve, is reclassified from equity to profit or loss.

With the exception of available-for-sale equity instruments, if, in a subsequent period, the amount of the impairment loss decreases and the decrease can be related objectively to an event occurring after the impairment was recognised, the previously recognised impairment loss is reversed through profit or loss to the extent that the carrying amount of the investment at the date the impairment is reversed does not exceed what the amortised cost would have been had the impairment not been recognised.

In respect of available-for-sale equity instruments, impairment losses previously recognised in profit or loss are not reversed through profit or loss. Any increase in fair value subsequent to an impairment loss made is recognised in other comprehensive income.



5. INVESTMENTS 

                                                                       2017 (RM)                    2016 (RM)

At market value:-
Quoted securities in Malaysia, at 1.6.2016/2015           126,022,371                 145,596,798
Additions during the financial year                              17,736,550                      6,321,817
Disposals during the financial year                                 (1,809,579)                 (10,609,805)
Changes in fair value adjustments                                   35,656,138                  (15,286,439)
Quoted securities in Malaysia, at 31.5.2017/2016         177,605,480                  126,022,371
Impairment loss recognised due to fair value changes      1,821,075                    12,506,585


7. SHORT-TERM DEPOSITS

                                                                           2017 (RM)                   2016 (RM)

Deposits with licensed financial institutions                   282,769,489                  302,759,351

The deposits with licensed financial institutions of your Fund at the end of the reporting period bore effective interest rates ranging from 3.35% to 3.60% (2016 - 2.90% to 3.65%) per annum.

The deposits with licensed financial institutions have maturity periods ranging from 1 to 3 months (2016 - 1 to 3 months).



Significant Related Party Transactions and Balances 

Other than those disclosed elsewhere in the financial statements, your Fund also carried out the following significant transactions with the related parties during the financial year:-

                                                                                          2017 (RM)                2016 (RM)

Fund management fees paid to CDAM                             3,263,523                  3,075,342
Investment advisory fees paid to CDSB                            3,263,523                  3,075,342
Prepayment to CDAM and CDSB Note: 6                        1,207,808                  1,131,427



Thirty Largest Shareholders 

No.     Name      No. of shares    Percentage holding (%)

1. DB (MALAYSIA) NOMINEE (ASING) SDN BHD THE BANK OF NEW YORK MELLON FOR EMERGING MARKETS COUNTRY FUND 4,891,200   3.4937 
2. CHONG AH HIM @ CHONG KUM KWAN 4,711,500   3.3654 
3. TUNKU SARA BINTI TUNKU AHMAD YAHAYA 2,800,000   2.0000 
4. DB (MALAYSIA) NOMINEE (ASING) SDN BHD THE BANK OF NEW YORK MELLON FOR THE WORLD MARKETS UMBRELLA FUND PLC 2,670,500   1.9075 
5. DB (MALAYSIA) NOMINEE (ASING) SDN BHD THE BANK OF NEW YORK MELLON FOR GLOBAL EMERGING MARKETS FUND 2,273,200   1.6237 
6. HSBC NOMINEES (ASING) SDN BHD TNTC FOR UNITED MINE WORKERS OF AMERICA 1974 PENSION TRUST 2,101,300   1.5009 
7. ANNHOW HOLDINGS SDN BHD 2,000,000   1.4286 
8. MAYBANK NOMINEES (TEMPATAN) SDN BHD YEOH AH TU 1,910,200   1.3644
9. LAM FOOK SHIN 1,832,200   1.3087 
10. DB (MALAYSIA) NOMINEE (ASING) SDN BHD THE BANK OF NEW YORK MELLON FOR EMERGING MARKETS GLOBAL FUND 1,661,300   1.1866 
11. DB (MALAYSIA) NOMINEE (ASING) SDN BHD THE BANK OF NEW YORK MELLON FOR SCHOOL EMPLOYEES RETIREMENT SYSTEM OF OHIO 1,574,100   1.1244 
12. OCUVAS SDN.BHD. 1,370,000   0.9786 
13. DB (MALAYSIA) NOMINEE (ASING) SDN BHD THE BANK OF NEW YORK MELLON FOR CORNELL UNIVERSITY 1,357,400   0.9696 
14. DB (MALAYSIA) NOMINEE (ASING) SDN BHD THE BANK OF NEW YORK MELLON FOR EMERGING MARKETS INVESTABLE FUND 1,284,300   0.9174 
15. LEOW KOK MEOW & SONS SENDIRIAN BERHAD 1,250,000   0.8929 
16. HENG KIM SIANG 1,238,100   0.8844 
17. WONG YOON TET 1,080,000   0.7714 
18. VOHRAH - MERICAN SDN BHD 1,078,200   0.7701 
19. LAI HUI ENG 1,058,400   0.7560 
20. TONG CHONG KONG 1,041,000   0.7436 
21. LEE SIEW LIN 1,038,000   0.7414 
22. SOON KHIAT VOON 1,002,000   0.7157 
23. LOH KIAN CHONG 1,000,000   0.7143 
24. DB (MALAYSIA) NOMINEE (ASING) SDN BHD THE BANK OF NEW YORK MELLON FOR UNIVERSITY OF PITTSBURGH 961,000   0.6864 
25. CARTABAN NOMINEES (ASING) SDN BHD EXEMPT AN FOR RBC INVESTOR SERVICES TRUST (CLIENTS ACCOUNT) 895,900   0.6399 
26. YEOH AH TU 832,200   0.5944 
27. DB (MALAYSIA) NOMINEE (ASING) SDN BHD BNYM SA/NV FOR DESERET MUTUAL MASTER RETIREMENT PLAN 828,700   0.5919 
28. DB (MALAYSIA) NOMINEE (ASING) SDN BHD THE BANK OF NEW YORK MELLON FOR CITIGROUP PENSION PLAN 824,500  0.5889 
29. HSBC NOMINEES (ASING) SDN BHD TNTC FOR THE TRUSTEES OF THE HENRY SMITH CHARITY 791,500   0.5654 
30. CAPITAL DYNAMICS ASSET MANAGEMENT SDN BHD 739,000   0.5279 

Total 48,095,700   34.35


Friday, 18 August 2017

POS 18.8.2017

POS
18.8.2017

INCOME STATEMENT
Millions
Year T4Q
Revenues 2,278
PBT 135
PAT 90
No of shr (Dil) 783.3
EPS (Dil) 0.1115


PBT Marg 5.94%
NP Marg 3.95%

----------------------------------------------------

POS
18.8.2017

INCOME STATEMENT
Millions
Year …. 2017 …. 2016 …. 2015 …. 2014
Revenues …. 2,082 …. 1,717 …. 1,494 …. 1,427
GrProf …. 397 …. 249 …. 311 …. 339
EBIT …. 111 …. 64 …. 138 …. 203
Int Exp …. 9 …. 4 …. 2 …. 2
PBT …. 134 …. 95 …. 184 …. 226
PAT …. 84 …. 63 …. 127 …. 159
No of shr (Dil) …. 672 …. 537 …. 537 …. 537
EPS (Dil) …. 0.13 …. 0.12 …. 0.24 …. 0.30


GP Marg …. 19.07% …. 14.50% …. 20.82% …. 23.76%
PBT Marg …. 6.44% …. 5.53% …. 12.32% …. 15.84%
NP Marg …. 4.03% …. 3.67% …. 8.50% …. 11.14%
EBIT/Int …. 12.33 …. 16.00 …. 69.00 …. 101.50



BALANCE SHEET
Millions
Year …. 2017 …. 2016 …. 2015 …. 2014
CA …. 1,655 …. 1,168 …. 904 …. 882
NCA …. 1,710 …. 722 …. 797 …. 795
TA …. 3,365 …. 1,890 …. 1,701 …. 1,677

CL …. 1,235 …. 717 …. 512 …. 578
NCL …. 192 …. 57 …. 66 …. 65
TL …. 1,427 …. 774 …. 578 …. 643
Eq …. 1,939 …. 1,116 …. 1,123 …. 1,034
TL+Eq …. 3,365 …. 1,890 …. 1,701 …. 1,677



Cash …. 784 …. 723 …. 524 …. 557
ST Debt …. 224 …. 99 …. 49 …. 49
LT Debt …. 16 …. - …. - …. -
Total Debt …. 240 …. 99 …. 49 …. 49

Inventories …. 15 …. 11 …. 11 …. 14
AR …. 753 …. 413 …. 351 …. 292
AP …. 316 …. 270 …. 169 …. 145

CA-CL …. 420 …. 451 …. 392 …. 304

TD/Eq …. 12.4% …. 8.9% …. 4.4% …. 4.7%
TD/TA …. 7.1% …. 5.2% …. 2.9% …. 2.9%
TL/TA …. 42.4% …. 41.0% …. 34.0% …. 38.3%

CR …. 1.34 …. 1.63 …. 1.77 …. 1.53
QR …. 1.33 …. 1.61 …. 1.74 …. 1.50



CE …. 2,914 …. 1,896 …. 1,713 …. 1,656

Average of 2 years
CE (Avg) …. 2,405 …. 1,805 …. 1,685 …. 1,667
TA (Avg) …. 2,628 …. 1,796 …. 1,689 …. 1,659
Eq (Avg) …. 1,528 …. 1,120 …. 1,079 …. 991






CASH FLOW STATEMENT
(thousand)
Year …. 2017 …. 2016 …. 2015 …. 2014
Net Inc …. 131,379 …. 92,501 …. 181,311 …. 223,390
D&A …. 127,148 …. 102,762 …. 88,818 …. 81,346
FFO …. 205,081 …. 152,029 …. 205,536 …. 253,216
CWC …. 9,154 …. 105,702 …. (82,804) …. (131,772)
NetOCF …. 214,235 …. 257,731 …. 122,732 …. 121,444

Capex …. (120,706) …. (112,017) …. (104,472) …. (121,265)

FCF …. 93,529 …. 145,714 …. 18,260 …. 179
Dividends …. (62,832) …. (70,350) …. (38,130) …. (70,485)
RE …. 68,547 …. 22,151 …. 143,181 …. 152,905


NetOCF/Net Inc …. 163.1% …. 278.6% …. 67.7% …. 54.4%
FCF/Net Inc …. 71.2% …. 157.5% …. 10.1% …. 0.1%
Capex/Net Inc …. 91.9% …. 121.1% …. 57.6% …. 54.3%
Capex/NetOCF …. 56.3% …. 43.5% …. 85.1% …. 99.9%
DPO ratio …. 47.8% …. 76.1% …. 21.0% …. 31.6%
Capex/D&A …. 94.9% …. 109.0% …. 117.6% …. 149.1%



VALUATION
Year …. 2017 …. 2016 …. 2015 …. 2014
Share Price RM …. 4.58 …. 2.7 …. 5.29 …. 4.77
Market cap (m) …. 3077.8 …. 1449.9 …. 2840.7 …. 2561.5

ROCE …. 4.6% …. 3.5% …. 8.2% …. 12.2%
ROA …. 3.2% …. 3.5% …. 7.5% …. 9.6%
ROE …. 5.5% …. 5.6% …. 11.8% …. 16.0%

FCF/Revenues …. 4.5% …. 8.5% …. 1.2% …. 0.0%

FCF/Mkt Cap …. 3.0% …. 10.0% …. 0.6% …. 0.0%
DY …. 2.0% …. 4.9% …. 1.3% …. 2.8%




Today's Price RM …. 5.22
Shares (dil) .... 783.3
Market cap (m) today …. 4089.0


MKH

MKH
18.8.2017

INCOME STATEMENT
Millions
Year …. 2016 …. 2015 …. 2014 …. 2013 …. 2012
Revenues …. 1,266 …. 1,042 …. 807 …. 688 …. 545
GrProf …. 423 …. 325 …. 281 …. 248 …. 183
EBIT …. 293 …. 207 …. 158 …. 94 …. -
Int Exp …. 52 …. 50 …. 38 …. 17 …. 21
PBT …. 305 …. 137 …. 163 …. 134 …. 99
PAT …. 205 …. 87 …. 105 …. 104 …. 76
No of shr (Dil) …. 523 …. 524 …. 530 …. 502 …. 526
EPS (Dil) …. 0.39 …. 0.17 …. 0.2 …. 0.21 …. 0.15


GP Marg …. 33.41% …. 31.19% …. 34.82% …. 36.05% …. 33.58%
PBT Marg …. 24.09% …. 13.15% …. 20.20% …. 19.48% …. 18.17%
NP Marg …. 16.19% …. 8.35% …. 13.01% …. 15.12% …. 13.94%
EBIT/Int …. 5.63 …. 4.14 …. 4.16 …. 5.53 …. #VALUE!



BALANCE SHEET
Millions
Year …. 2016 …. 2015 …. 2014 …. 2013 …. 2012
CA …. 1,242 …. 1,196 …. 867 …. 687 …. 480
NCA …. 2,011 …. 1,403 …. 1,276 …. 1,174 …. 1,015
TA …. 3,253 …. 2,599 …. 2,143 …. 1,861 …. 1,495

CL …. 859 …. 767 …. 493 …. 344 …. 359
NCL …. 1,084 …. 705 …. 592 …. 561 …. 340
TL …. 1,943 …. 1,472 …. 1,085 …. 905 …. 699
Eq …. 1,311 …. 1,127 …. 1,058 …. 956 …. 796
TL+Eq …. 3,253 …. 2,599 …. 2,143 …. 1,861 …. 1,495



Cash …. 305 …. 269 …. 196 …. 122 …. 110
ST Debt …. 384 …. 332 …. 226 …. 107 …. 193
LT Debt …. 982 …. 622 …. 521 …. 415 …. 307
Total Debt …. 1,366 …. 954 …. 747 …. 522 …. 500

Inventories …. 502 …. 507 …. 384 …. 321 …. 172
AR …. 400 …. 334 …. 245 …. 229 …. 184
AP …. 316 …. 270 …. 169 …. 145 …. 103

CA-CL …. 383 …. 429 …. 374 …. 343 …. 121

TD/Eq …. 104.2% …. 84.6% …. 70.6% …. 54.6% …. 62.8%
TD/TA …. 42.0% …. 36.7% …. 34.9% …. 28.0% …. 33.4%
TL/TA …. 59.7% …. 56.6% …. 50.6% …. 48.6% …. 46.8%

CR …. 1.45 …. 1.56 …. 1.76 …. 2.00 …. 1.34
QR …. 0.86 …. 0.90 …. 0.98 …. 1.06 …. 0.86



CE …. 2,699 …. 2,101 …. 1,846 …. 1,639 …. 1,246

Average of 2 years
CE (Avg) …. 2,400 …. 1,974 …. 1,743 …. 1,443 ….
TA (Avg) …. 2,926 …. 2,371 …. 2,002 …. 1,678 ….
Eq (Avg) …. 1,219 …. 1,093 …. 1,007 …. 876 ….






CASH FLOW STATEMENT
(thousand)
Year …. 2016 …. 2015 …. 2014 …. 2013 …. 2012
Net Inc …. 304,669 …. 137,314 …. 162,560 …. 134,453 …. 98,546
D&A …. 32,797 …. 25,809 …. 19,468 …. 13,918 …. 9,524
FFO …. 232,458 …. 156,096 …. 153,998 …. 146,222 …. 70,663
CWC …. (12,553) …. 18,319 …. 44,987 …. (8,343) …. (51,161)
NetOCF …. 219,905 …. 174,415 …. 198,985 …. 137,879 …. 19,502

Capex …. (108,426) …. (168,835) …. (184,789) …. (104,802) …. (142,259)

FCF …. 116,326 …. 5,581 …. 14,196 …. 33,078 …. (122,757)
Dividends …. (29,360) …. (33,552) …. (26,194) …. (13,097) …. (9,922)
RE …. 275,309 …. 103,762 …. 136,366 …. 121,356 …. 88,624


NetOCF/Net Inc …. 72.2% …. 127.0% …. 122.4% …. 102.5% …. 19.8%
FCF/Net Inc …. 38.2% …. 4.1% …. 8.7% …. 24.6% …. -124.6%
Capex/Net Inc …. 35.6% …. 123.0% …. 113.7% …. 77.9% …. 144.4%
Capex/NetOCF …. 49.3% …. 96.8% …. 92.9% …. 76.0% …. 729.5%
DPO ratio …. 9.6% …. 24.4% …. 16.1% …. 9.7% …. 10.1%
Capex/D&A …. 330.6% …. 654.2% …. 949.2% …. 753.0% …. 1493.7%



VALUATION
Year …. 2016 …. 2015 …. 2014 …. 2013 …. 2012
Share Price RM …. 2.93 …. 2.27 …. 3.7 …. 2.63 …. 2.23
Market cap (m) …. 1532.4 …. 1189.5 …. 1961.0 …. 1320.3 …. 1173.0

ROCE …. 12.2% …. 10.5% …. 9.1% …. 6.5% ….
ROA …. 7.0% …. 3.7% …. 5.2% …. 6.2% ….
ROE …. 16.8% …. 8.0% …. 10.4% …. 11.9% ….

FCF/Revenues …. 9.2% …. 0.5% …. 1.8% …. 4.8% …. -22.5%

FCF/Mkt Cap …. 7.6% …. 0.5% …. 0.7% …. 2.5% …. -10.5%
DY …. 1.9% …. 2.8% …. 1.3% …. 1.0% …. 0.8%

Today's Price RM …. 2.18
Market cap (m) today …. 1140.14



Vitrox 18.8.2017 (Good but not cheap)

Vitrox
18.8.2017

INCOME STATEMENT
Thousands.
Year T4Q
Revenues 268,587
PBT 76,520
PAT 74,846
No of shr (Dil) 470,092
EPS (Dil) 0.1592

PBT Marg 28.49%
NP Marg 27.87%


---------------------------------------------------


Vitrox
18.8.2017

INCOME STATEMENT
Thousands.
Year …. 2016 …. 2015 …. 2014 …. 2013
Revenues …. 234,026 …. 160,288 …. 169,939 …. 106,104
GrProf …. 153,694 …. 109,427 …. 73,782 …. 43,882
EBIT …. 52,419 …. 40,079 …. 40,926 …. 19,838
Int Exp …. 74 …. 98 …. 187 …. 299
PBT …. 60,920 …. 55,730 …. 50,023 …. 24,807
PAT …. 64,849 …. 44,322 …. 49,109 …. 24,063
No of shr (Dil) …. 469,538 …. 468,247 …. 465,262 …. 462,172
EPS (Dil) …. 0.14 …. 0.09 …. 0.11 …. 0.05


GP Marg …. 65.67% …. 68.27% …. 43.42% …. 41.36%
PBT Marg …. 26.03% …. 34.77% …. 29.44% …. 23.38%
NP Marg …. 27.71% …. 27.65% …. 28.90% …. 22.68%
EBIT/Int …. 705.51 …. 411.06 …. 219.32 …. 66.46



BALANCE SHEET
Thousands.
Year …. 2016 …. 2015 …. 2014 …. 2013
CA …. 282,149 …. 215,884 …. 189,098 …. 130,789
NCA …. 94,161 …. 39,618 …. 38,669 …. 36,596
TA …. 376,310 …. 255,503 …. 227,767 …. 167,385


CL …. 82,284 …. 39,672 …. 46,522 …. 21,922
NCL …. 27,744 …. 3,557 …. 3,463 …. 11,617
TL …. 110,027 …. 43,229 …. 49,985 …. 33,539
Eq …. 261,862 …. 208,920 …. 174,820 …. 131,220
TL+Eq …. 376,310 …. 255,503 …. 227,767 …. 167,385



Cash …. 110,106 …. 63,985 …. 60,629 …. 40,458
ST Debt …. 5,076 …. 1,725 …. 1,407 …. 1,338
LT Debt …. 27,033 …. 2,179 …. 3,172 …. 10,854
Total Debt …. 32,109 …. 3,904 …. 4,579 …. 12,192

Inventories …. 65,146 …. 56,555 …. 50,266 …. 36,978
AR …. 105,292 …. 75,973 …. 70,233 …. 52,001
AP …. 5,511 …. 2,710 …. 3,065 …. 610

CA-CL …. 199,865 …. 176,213 …. 142,576 …. 108,867

TD/Eq …. 12.3% …. 1.9% …. 2.6% …. 9.3%
TD/TA …. 8.5% …. 1.5% …. 2.0% …. 7.3%
TL/TA …. 29.2% …. 16.9% …. 21.9% …. 20.0%

CR …. 3.43 …. 5.44 …. 4.06 …. 5.97
QR …. 2.64 …. 4.02 …. 2.98 …. 4.28



CE …. 404,132 …. 279,815 …. 241,875 …. 185,921

Average of 2 years
CE (Avg) …. 341,974 …. 260,845 …. 213,898 …. 178,529
TA (Avg) …. 315,906 …. 241,635 …. 197,576 …. 156,498
Eq (Avg) …. 235,391 …. 191,870 …. 153,020 …. 122,836






CASH FLOW STATEMENT
(thousand)
Year …. 2016 …. 2015 …. 2014 …. 2013
Net Inc …. 60,920 …. 55,730 …. 50,023 …. 24,807
D&A …. 5,109 …. 4,289 …. 4,219 …. 2,847
FFO …. 56,315 …. 46,172 …. 49,545 …. 26,207
CWC …. 24,627 …. (30,195) …. (14,259) …. (17,868)
NetOCF …. 80,942 …. 15,977 …. 35,287 …. 8,339

Capex …. (59,228) …. (5,325) …. (6,260) …. (6,089)

FCF …. 21,714 …. 11,291 …. 29,194 …. 4,554
Dividends …. (11,688) …. (13,980) …. (6,957) …. (5,203)
RE …. 49,232 …. 41,750 …. 43,066 …. 19,605


NetOCF/Net Inc …. 132.9% …. 28.7% …. 70.5% …. 33.6%
FCF/Net Inc …. 35.6% …. 20.3% …. 58.4% …. 18.4%
Capex/Net Inc …. 97.2% …. 9.6% …. 12.5% …. 24.5%
Capex/NetOCF …. 73.2% …. 33.3% …. 17.7% …. 73.0%
DPO ratio …. 19.2% …. 25.1% …. 13.9% …. 21.0%
Capex/D&A …. 1159.4% …. 124.2% …. 148.4% …. 213.9%



VALUATION
Year …. 2016 …. 2015 …. 2014 …. 2013
Share Price RM …. 3.71 …. 3.44 …. 2.27 …. 1.23
Market cap (m) …. 1742.0 …. 1610.8 …. 1056.1 …. 568.5

ROCE …. 15.3% …. 15.4% …. 19.1% …. 11.1%
ROA …. 20.5% …. 18.3% …. 24.9% …. 15.4%
ROE …. 27.5% …. 23.1% …. 32.1% …. 19.6%

FCF/Revenues …. 9.3% …. 7.0% …. 17.2% …. 4.3%

FCF/Mkt Cap …. 1.2% …. 0.7% …. 2.8% …. 0.8%
DY …. 0.7% …. 0.9% …. 0.7% …. 0.9%

Today's Price RM …. 4.65
Market cap (m) today …. 2183.35




Vitrox posts 48% increase in 2Q net profit [Goreng Goreng]

Author:   |    Publish date: 

KUALA LUMPUR (Aug 17): Vitrox Corporation Bhd’s net profit increased 48% to RM21.34 million for the second quarter ended June 30, 2017 (2QFY17) from RM14.42 million, mainly due to higher customer orders of its machine vision system and automated board inspection products.

Earnings per share rose to 9.09 sen per share for 2QFY7 compared with 6.17 sen per share in 2QFY16.
Revenue rose 37% to RM77.62 million from RM56.64 million a year ago.

In its bourse filing today, the group said the increase in earnings was driven by higher demand from a wider customer base and positive acceptance of products.

For its cumulative first half, the group’s net profit increased 33% to RM39.91 million from RM30.02 million. Cumulative revenue increased 31% to RM147.23 million from RM112.67 million a year ago.

Moving forward Vitrox said it will continue to focus on market expansion activities, customer relationship building and product innovation to grow its business further in the new financial year.

It also said the group had taken steps to minimise its monetary assets in order to mitigate financial impact arising from currency fluctuation.

Vitrox shares closed 25 sen higher or 5.5% to an all-time high at RM4.80, with a market capitalisation of RM2.19 billion.

https://klse.i3investor.com/blogs/Vitrox/130229.jsp

Elsoft 18.8.2017

Elsoft
18.8.2017

INCOME STATEMENT
Thousands.
Year T4Q
Revenues 65,131
PBT 32,599
PAT 32,362
No of shr (Dil) 274,070
EPS (Dil) 0.12

PBT Marg 50.05%
NP Marg 49.69%


------------------------


Elsoft
18.8.2017

INCOME STATEMENT
Thousands.
Year …. 2016 …. 2015 …. 2014 …. 2013 …. 2012
Revenues …. 63,613 …. 49,741 …. 45,143 …. 25,218 …. 18,758
Gprof …. 34,397 …. 22,611 …. 21,483 …. 11,947 …. 7,309
EBIT …. 28,237 …. 18,707 …. 16,219 …. 8,557 …. 4,733
Int Exp …. - …. - …. - …. - …. -
PBT …. 31,409 …. 26,387 …. 20,792 …. 10,434 …. 6,585
PAT …. 31,103 …. 26,045 …. 20,133 …. 10,823 …. 6,620
No of shr (Dil) …. 273,620 …. 271,479 …. 271,542 …. 271,603 …. 271,628
EPS (Dil) …. 0.11 …. 0.1 …. 0.07 …. 0.04 …. 0.02


GP Marg …. 54.07% …. 45.46% …. 47.59% …. 47.37% …. 38.97%
PBT Marg …. 49.38% …. 53.05% …. 46.06% …. 41.38% …. 35.11%
NP Marg …. 48.89% …. 52.36% …. 44.60% …. 42.92% …. 35.29%
EBIT/Int …. #DIV/0! …. #DIV/0! …. #DIV/0! …. #DIV/0! …. #DIV/0!



BALANCE SHEET
Thousands.
Year …. 2016 …. 2015 …. 2014 …. 2013 …. 2012
CA …. 73,013 …. 53,677 …. 48,938 …. 37,509 …. 37,654
NCA …. 38,577 …. 39,424 …. 32,322 …. 27,569 …. 22,834
TA …. 111,589 …. 93,101 …. 81,260 …. 65,079 …. 60,488

CL …. 12,782 …. 9,271 …. 7,150 …. 3,820 …. 5,050
NCL …. 588 …. 571 …. 525 …. 530 …. 86
TL …. 13,370 …. 9,843 …. 7,675 …. 4,350 …. 5,136
Eq …. 98,220 …. 83,258 …. 73,585 …. 60,729 …. 55,352
TL+Eq …. 111,589 …. 93,101 …. 81,260 …. 65,079 …. 60,488



Cash …. 45,078 …. 30,605 …. 32,338 …. 28,312 …. 26,205
ST Debt …. - …. - …. - …. - …. -
LT Debt …. - …. - …. - …. - …. -
Total Debt …. - …. - …. - …. - …. -

Inventories …. 5,116 …. 2,610 …. 3,231 …. 2,029 …. 2,529
AR …. 22,611 …. 19,914 …. 13,157 …. 7,125 …. 8,838
AP …. 5,511 …. 2,710 …. 3,065 …. 610 …. 2,091

CA-CL …. 60,231 …. 44,406 …. 41,787 …. 33,689 …. 32,604

TD/Eq …. 0.0% …. 0.0% …. 0.0% …. 0.0% …. 0.0%
TD/TA …. 0.0% …. 0.0% …. 0.0% …. 0.0% …. 0.0%
TL/TA …. 12.0% …. 10.6% …. 9.4% …. 6.7% …. 8.5%

CR …. 5.71 …. 5.79 …. 6.84 …. 9.82 …. 7.46
QR …. 5.31 …. 5.51 …. 6.39 …. 9.29 …. 6.96



CE …. 143,885 …. 114,435 …. 106,448 …. 89,570 …. 81,643

Average of 2 years
CE (Avg) …. 129,160 …. 110,441 …. 98,009 …. 85,607 ….
TA (Avg) …. 102,345 …. 87,180 …. 73,169 …. 62,783 ….
Eq (Avg) …. 90,739 …. 78,422 …. 67,157 …. 58,040 ….






CASH FLOW STATEMENT
(thousand)
Year …. 2016 …. 2015 …. 2014 …. 2013 …. 2012
Net Inc …. 31,409 …. 26,387 …. 20,792 …. 11,344 …. 6,664
D&A …. 521 …. 620 …. 608 …. 410 …. 394
FFO …. 33,602 …. 22,742 …. 18,026 …. 10,096 …. 6,045
CWC …. (648) …. (4,009) …. (3,719) …. 1,090 …. (601)
NetOCF …. 32,954 …. 18,733 …. 14,307 …. 11,186 …. 5,444

Capex …. (429) …. (278) …. (651) …. (4,363) …. (6,049)

FCF …. 32,525 …. 18,455 …. 13,657 …. 6,822 …. (604)
Dividends …. (18,099) …. (16,288) …. (7,241) …. (5,432) …. (1,811)
RE …. 13,310 …. 10,099 …. 13,551 …. 5,912 …. 4,853


NetOCF/Net Inc …. 104.9% …. 71.0% …. 68.8% …. 98.6% …. 81.7%
FCF/Net Inc …. 103.6% …. 69.9% …. 65.7% …. 60.1% …. -9.1%
Capex/Net Inc …. 1.4% …. 1.1% …. 3.1% …. 38.5% …. 90.8%
Capex/NetOCF …. 1.3% …. 1.5% …. 4.5% …. 39.0% …. 111.1%
DPO ratio …. 57.6% …. 61.7% …. 34.8% …. 47.9% …. 27.2%
Capex/D&A …. 82.5% …. 44.8% …. 107.0% …. 1063.7% …. 1534.4%



VALUATION
Year …. 2016 …. 2015 …. 2014 …. 2013 …. 2012
Share Price RM …. 1.42 …. 1.89 …. 1.37 …. 0.71 …. 0.37
Market cap (m) …. 388.5 …. 513.1 …. 372.0 …. 192.8 …. 100.5

ROCE …. 21.9% …. 16.9% …. 16.5% …. 10.0% ….
ROA …. 30.4% …. 29.9% …. 27.5% …. 17.2% ….
ROE …. 34.3% …. 33.2% …. 30.0% …. 18.6% ….

FCF/Revenues …. 51.1% …. 37.1% …. 30.3% …. 27.1% …. -3.2%

FCF/Mkt Cap …. 8.4% …. 3.6% …. 3.7% …. 3.5% …. -0.6%
DY …. 4.7% …. 3.2% …. 1.9% …. 2.8% …. 1.8%

Today's Price RM …. 2.76
Market cap (m) today …. 755.19




August 18, 2017 18:27 pm MYT

KUALA LUMPUR (Aug 18): Automated test equipment solutions provider Elsoft Research Bhd posted a net profit of RM7.1 million for the second financial quarter ended June 30, 2017 (2QFY17), down 32% from RM10.4 million a year ago on lower revenue, a share of losses in associated companies and unfavourable foreign exchange.

Quarterly revenue fell 19% to RM14.9 million from RM18.4 million in 2QFY16, no thanks to lower demand from general lighting and smart devices industry.

The group declared a single-tier interim dividend of three sen per share, with Sept 13 as the ex-date and Sept 29 as payment date.

For the first half of FY17 (1HFY17), net profit climbed 10% to RM13.1 million from RM11.9 million in 1HFY15, while revenue increased 5% to RM30.1 million from RM28.6 million a year earlier mainly due to greater demand from automotive industry but was partially offset by lower demand from smart devices industry.

In its filing with Bursa Malaysia, Elsoft said it is optimistic about the group's prospects for FY17.

Elsoft closed down four sen or 1.43% to RM2.76, with 138,200 shares traded for a market capitalisation of RM759.15 million. Year to date, the stock has gained about 97%.


A lot of lessons can be learned from Parkson Holdings Berhad

Parkson
17.8.2017

INCOME STATEMENT
Millions
Year …. 2016 …. 2015 …. 2014 …. 2013 …. 2012
Revenues …. 3,884 …. 3,739 …. 3,554 …. 3,455 …. 3,423
Gprof …. 1,527 …. 1,640 …. 1,685 …. 1,713 …. 1,800
EBIT …. (421) …. (126) …. 441 …. 688 …. 976
Int Exp …. 116 …. 90 …. 78 …. 73 …. 88
PBT …. (90) …. 56 …. 363 …. 615 …. 888
PAT …. (96) …. 47 …. 138 …. 238 …. 380
No of shr (Dil) …. 1,132 …. 1,107 …. 1,316 …. 1,423 …. 1,429
EPS (Dil) …. -0.08 …. 0.04 …. 0.1 …. 0.17 …. 0.27


GP Marg …. 39.32% …. 43.86% …. 47.41% …. 49.58% …. 52.59%
PBT Marg …. -2.32% …. 1.50% …. 10.21% …. 17.80% …. 25.94%
NP Marg …. -2.47% …. 1.26% …. 3.88% …. 6.89% …. 11.10%
EBIT/Int …. -3.63 …. -1.40 …. 5.65 …. 9.42 …. 11.09



BALANCE SHEET
Millions
Year …. 2016 …. 2015 …. 2014 …. 2013 …. 2012
CA …. 2,865 …. 3,615 …. 3,832 …. 4,121 …. 3,830
NCA …. 6,598 …. 6,208 …. 4,640 …. 4,417 …. 3,956
TA …. 9,463 …. 9,823 …. 8,472 …. 8,538 …. 7,786


CL …. 2,681 …. 3,118 …. 2,252 …. 2,225 …. 2,063
NCL …. 2,856 …. 2,553 …. 2,039 …. 1,929 …. 1,503
TL …. 5,537 …. 5,671 …. 4,291 …. 4,154 …. 3,566
Eq …. 3,926 …. 4,152 …. 4,181 …. 4,384 …. 4,220
TL+Eq …. 9,463 …. 9,823 …. 8,472 …. 8,538 …. 7,786



Cash …. 1,933 …. 2,831 …. 2,957 …. 2,987 …. 3,031
ST Debt …. 525 …. 477 …. 143 …. - …. -
LT Debt …. 2,051 …. 1,874 …. 1,575 …. 1,580 …. 1,246
Total Debt …. 2,576 …. 2,351 …. 1,718 …. 1,580 …. 1,246

Inventories …. 554 …. 403 …. 396 …. 290 …. 280
AR …. 238 …. 173 …. 133 …. 227 …. 282
AP …. 1,205 …. 1,155 …. 1,073 …. 1,133 …. 1,135

CA-CL …. 184 …. 497 …. 1,580 …. 1,896 …. 1,767

TD/Eq …. 65.6% …. 56.6% …. 41.1% …. 36.0% …. 29.5%
TD/TA …. 27.2% …. 23.9% …. 20.3% …. 18.5% …. 16.0%
TL/TA …. 58.5% …. 57.7% …. 50.6% …. 48.7% …. 45.8%

CR …. 1.07 …. 1.16 …. 1.70 …. 1.85 …. 1.86
QR …. 0.86 …. 1.03 …. 1.53 …. 1.72 …. 1.72



CE …. 8,715 …. 9,536 …. 9,177 …. 9,300 …. 8,754

Average of 2 years
CE (Avg) …. 9,126 …. 9,357 …. 9,239 …. 9,027 ….
TA (Avg) …. 9,643 …. 9,148 …. 8,505 …. 8,162 ….
Eq (Avg) …. 4,039 …. 4,167 …. 4,283 …. 4,302 ….






CASH FLOW STATEMENT
(thousand)
Year …. 2016 …. 2015 …. 2014 …. 2013 …. 2012
Net Inc …. (89,718) …. 56,416 …. 382,504 …. 614,872 …. 887,663
D&A …. 310,828 …. 290,458 …. 268,124 …. 217,546 …. 190,934
FFO …. 96,425 …. 411,688 …. 496,438 …. 635,107 …. 832,086
CWC …. (205,817) …. (120,255) …. (164,755) …. 86,482 …. 48,536
NetOCF …. (109,392) …. 291,433 …. 331,683 …. 721,589 …. 880,622

Capex …. (663,990) …. (716,857) …. (403,015) …. (368,864) …. (524,759)

FCF …. (754,318) …. (421,399) …. (70,278) …. 356,415 …. 360,975
Dividends …. - …. - …. - …. (195,141) …. (228,311)
RE …. (89,718) …. 56,416 …. 382,504 …. 419,731 …. 659,352


NetOCF/Net Inc …. 121.9% …. 516.6% …. 86.7% …. 117.4% …. 99.2%
FCF/Net Inc …. 840.8% …. -746.9% …. -18.4% …. 58.0% …. 40.7%
Capex/Net Inc …. -740.1% …. 1270.7% …. 105.4% …. 60.0% …. 59.1%
Capex/NetOCF …. -607.0% …. 246.0% …. 121.5% …. 51.1% …. 59.6%
DPO ratio …. 0.0% …. 0.0% …. 0.0% …. 31.7% …. 25.7%
Capex/D&A …. 213.6% …. 246.8% …. 150.3% …. 169.6% …. 274.8%



VALUATION
Year …. 2016 …. 2015 …. 2014 …. 2013 …. 2012
Share Price RM …. 0.775 …. 1.12 …. 3.13 …. 3.3 …. 4.67
Market cap (m) …. 877.3 …. 1239.8 …. 4119.1 …. 4695.9 …. 6673.4

ROCE …. -4.6% …. -1.3% …. 4.8% …. 7.6% ….
ROA …. -1.0% …. 0.5% …. 1.6% …. 2.9% ….
ROE …. -2.4% …. 1.1% …. 3.2% …. 5.5% ….

FCF/Revenues …. -19.4% …. -11.3% …. -2.0% …. 10.3% …. 10.5%

FCF/Mkt Cap …. -86.0% …. -34.0% …. -1.7% …. 7.6% …. 5.4%
DY …. 0.0% …. 0.0% …. 0.0% …. 4.2% …. 3.4%


Today's Price RM …. 0.55
Market cap (m) today …. 0.62





Thursday, 17 August 2017

Pentamaster (17.8.2017)

Pentamaster
17.8.2017

INCOME STATEMENT
Thousands
Year …. 2016 …. 2015 …. 2014 …. 2013 …. 2012
Revenues …. 151,939 …. 83,604 …. 81,047 …. 67,344 …. 56,896
GProf …. 47,868 …. 23,831 …. 20,845 …. 11,788 …. 9,472
EBIT …. 27,514 …. 11,640 …. 5,759 …. 28 …. (3,979)
Int Exp …. 94 …. 10 …. 258 …. 358 …. 566
PBT …. 28,838 …. 14,682 …. 7,352 …. 3,918 …. (2,083)
PAT …. 27,028 …. 11,953 …. 4,531 …. 2,385 …. (1,333)
No of shr (Dil) …. 144,072 …. 133,265 …. 133,243 …. 133,243 …. 133,243
EPS (Dil) …. 0.19 …. 0.09 …. 0.03 …. 0.02 …. -0.01


GP Marg …. 31.51% …. 28.50% …. 25.72% …. 17.50% …. 16.65%
PBT Marg …. 18.98% …. 17.56% …. 9.07% …. 5.82% …. -3.66%
NP Marg …. 17.79% …. 14.30% …. 5.59% …. 3.54% …. -2.34%
EBIT/Int …. 293.64 …. 1187.73 …. 22.31 …. 0.08 …. -7.03



BALANCE SHEET
Thousands.
Year …. 2016 …. 2015 …. 2014 …. 2013 …. 2012
CA …. 94,749 …. 43,656 …. 43,563 …. 35,579 …. 36,774
NCA …. 48,723 …. 52,899 …. 46,490 …. 51,294 …. 56,757
TA …. 143,471 …. 96,555 …. 90,053 …. 86,873 …. 93,531


CL …. 30,578 …. 14,927 …. 22,845 …. 24,483 …. 31,299
NCL …. 269 …. 2,646 …. 4,266 …. 3,129 …. 2,591
TL …. 30,847 …. 17,573 …. 27,111 …. 27,612 …. 33,890
Eq …. 112,174 …. 77,851 …. 62,942 …. 56,879 …. 54,067
TL+Eq …. 143,471 …. 96,555 …. 90,053 …. 86,873 …. 93,531



Cash …. 33,406 …. 15,388 …. 10,359 …. 4,899 …. 5,112
ST Debt …. 178 …. 101 …. 132 …. 6,507 …. 10,642
LT Debt …. 269 …. 141 …. 57 …. 188 …. -
Total Debt …. 447 …. 243 …. 188 …. 6,695 …. #VALUE!

Inventories …. 17,617 …. 6,543 …. 11,105 …. 10,738 …. 11,085
AR …. 41,530 …. 20,784 …. 20,387 …. 18,790 …. 19,942
AP …. 10,279 …. 4,521 …. 9,601 …. 10,465 …. 15,671


TD/Eq …. 0.4% …. 0.3% …. 0.3% …. 11.8% …. #VALUE!
TD/TA …. 0.3% …. 0.3% …. 0.2% …. 7.7% …. #VALUE!
TL/TA …. 21.5% …. 18.2% …. 30.1% …. 31.8% …. 36.2%

CR …. 3.10 …. 2.92 …. 1.91 …. 1.45 …. 1.17
QR …. 2.52 …. 2.49 …. 1.42 …. 1.01 …. 0.82



CE …. 146,300 …. 97,016 …. 77,568 …. 67,289 …. 67,344

Average of 2 years
CE (Avg) …. 121,658 …. 87,292 …. 72,428 …. 67,316 ….
TA (Avg) …. 120,013 …. 93,304 …. 88,463 …. 90,202 ….
Eq (Avg) …. 95,013 …. 70,396 …. 59,910 …. 55,473 ….






CASH FLOW STATEMENT
(thousand)
Year …. 2016 …. 2015 …. 2014 …. 2013 …. 2012
Net Inc …. 28,838 …. 14,682 …. 7,352 …. 3,918 …. (2,083)
D&A …. 8,356 …. 4,436 …. 3,928 …. 6,315 …. 5,545
FFO …. 35,899 …. 13,454 …. 11,127 …. 6,314 …. 4,784
CWC …. (17,999) …. (5,405) …. 913 …. (771) …. (8,571)
NetOCF …. 17,899 …. 8,050 …. 12,040 …. 5,543 …. (3,787)

Capex …. (4,288) …. (3,790) …. (2,125) …. (1,787) …. (65)

FCF …. 14,084 …. 4,969 …. 11,632 …. 5,314 …. (3,852)
Dividends …. - …. - …. - …. - …. -
RE …. 28,838 …. 14,682 …. 7,352 …. 3,918 …. (2,083)


NetOCF/Net Inc …. 62.1% …. 54.8% …. 163.8% …. 141.5% …. 181.8%
FCF/Net Inc …. 48.8% …. 33.8% …. 158.2% …. 135.6% …. 184.9%
Capex/Net Inc …. 14.9% …. 25.8% …. 28.9% …. 45.6% …. -3.1%
Capex/NetOCF …. 24.0% …. 47.1% …. 17.7% …. 32.2% …. -1.7%
DPO ratio …. 0.0% …. 0.0% …. 0.0% …. 0.0% …. 0.0%
Capex/D&A …. 51.3% …. 85.4% …. 54.1% …. 28.3% …. 1.2%



VALUATION
Year …. 2016 …. 2015 …. 2014 …. 2013 …. 2012
Share Price RM …. 1.35 …. 0.72 …. 0.375 …. 0.215 …. 0.20
Market cap (m) …. 194.5 …. 96.0 …. 50.0 …. 28.6 …. 26.6

ROCE …. 22.6% …. 13.3% …. 8.0% …. 0.0% ….
ROA …. 22.5% …. 12.8% …. 5.1% …. 2.6% ….
ROE …. 28.4% …. 17.0% …. 7.6% …. 4.3% ….

FCF/Revenues …. 9.3% …. 5.9% …. 14.4% …. 7.9% …. -6.8%

FCF/Mkt Cap …. 7.2% …. 5.2% …. 23.3% …. 18.5% …. -14.5%
DY …. 0.0% …. 0.0% …. 0.0% …. 0.0% …. 0.0%

Today's Price RM …. 4.78
Market cap (m) today …. 688.7