Friday, 14 January 2011

A Brief Look at Berjaya Corporation Berhad: A very complicated conglomerate

Berjaya Corporation Berhad Company

Business Description:
Berjaya Corporation Berhad is an investment holding company and is engaged in the provision of management services. The principal activities of the Company and its subsidiaries include financial services; marketing of consumer products and services; restaurants; property development and investment in properties; development and operation of vacation time share, hotels and resorts, water theme park and operating of a casino; operations of toto betting; leasing of online lottery equipment; manufacture and distribution of computerized lottery and voting systems; publication, printing and distribution of daily newspaper; manufacturing, and investment holding and others. During the fiscal year ended April 30, 2009 (fiscal 2009), the Company acquired 100% interest in Berjaya North Asia Holdings Pte Ltd (BNAH). In September 2009, the Company announced that acquisition of a wholly owned subsidiary, ecosway Japan K.K.

1Q11 Turnover:
Toto betting operations 47.8%
Financial services 8%
Property investment & development 2.8%
Hotel & resort 4.2%
Marketing 32.8%
Others 4.4%


2002 EPS -106 DPS 0.0
2003 EPS -80.6 DPS 0.0
2004 EPS 15.9 DPS 0.0
2005 EPS -30.9 DPS 0.0
2006 EPS -2.8 DPS 0.0
2007 EPS 4.0 DPS 2.9
2008 EPS 2.8 DPS 4.3
2009 EPS 3.7 DPS 3.3
2010 EPS 2.1 DPS 1.0
1H11 EPS 4.85 DPS 5.0(Proposed)

Current Price (7/1/2011): 1.23
Market Cap: 5,179,003,560
Shares Outstanding: 4,210,572,000
Closely Held Shares: 1,953,945,595

Estimated EPS for FYE 2011 = 2*4.85 = 9.7 sen
Projected PE for FY 2011 = 12.7 x

Historical
5 Yr
PE range 13.3 - 41.6
DY range 6.6% - 1.8%

10 Yr
PE range 11.3 - 34.3
DY range 3.3% - 0.9%






Announcement
Date
Financial
Yr. End
QtrPeriod EndRevenue
RM '000
Profit/Lost
RM'000
EPSAmended
30-Dec-1030-Apr-11231-Oct-101,719,909137,4271.97-
29-Sep-1030-Apr-11131-Jul-101,744,567187,3902.88-
30-Jun-1030-Apr-10430-Apr-101,887,330253,7383.41-
31-Mar-1030-Apr-10331-Jan-101,660,417-97,041-3.72-






Capital Changes
2010 25/1000 Distribution of BjMedia shares
ICULS Amount 233.53m Maturity 30/10/2015 Rate 0% Conv. Pr. RM 1.00

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