Saturday 15 January 2011

A Brief Look at Boustead Holdings Bhd.

Boustead Holdings Berhad

Business Description:
Boustead Holdings Berhad is engaged in investment holding and oil palm cultivation. It operates in seven segments:
  1. Plantation, which is involved in the planting and processing of oil palm, and forestry and oil bulking installations; 
  2. Heavy Industries, which is involved in shipbuilding, fabrication of offshore structures, and repair and maintenance of vessels and defense related products; 
  3. Property Development; 
  4. Property Investment; 
  5. Finance and Investment, which is involved in the provision of commercial, Islamic and investment banking services, money broking and others; 
  6. Trading, which is involved in warehousing and distribution of fast moving consumer products, and 
  7. Manufacturing and Services, which is involved in manufacturing cellulose fiber cement boards and paints, and offering travel and tour related products. 
In 2009, the Company produced 1,106,000 metric tonne (MT) of fresh fruit bunches (FFB) and sold its entire stake in Associates Boustead Bulking Sdn Bhd and Riche Monde Sdn Bhd.



Current Price (1/7/2011): 5.54
2009 Sales 5,392,000,000
Employees: 8,022
Market Cap: 5,208,497,480
Shares Outstanding: 940,162,000
Closely Held Shares: 568,935,789







Announcement
Date
Financial
Yr. End
QtrPeriod EndRevenue
RM '000
Profit/Lost
RM'000
EPSAmended
29-Nov-1031-Dec-10330-Sep-101,513,900124,6009.77-
23-Aug-1031-Dec-10230-Jun-101,425,000161,40015.68-
31-May-1031-Dec-10131-Mar-101,553,100104,2009.75-
25-Feb-1031-Dec-09431-Dec-091,481,066179,32216.20-


Estimated EPS for 2011 =  35.21*4/3  =  46.9 sen
At price of 5.54, it is trading at prospective 2011 PE = 5.54 / 0.469 =  11.8 x
Dividend given to date = 27 sen
DY to date = 0.27 / 5.54 = 4.9%

Historical
5 Yr
PE range 7.7 - 13.5
DY range 7.9% - 4.0%

10 Yr
PE range 7.4 - 11.9
DY range 6.3% - 3.6%


Year      DPS    EPS
2003      4.2      18.7
2004      9.0      24.7
2005    10.5      16.2
2006    10.5        8.8
2007    12.3      55.0
2008    20.2      66.9
2009    20.4     36.4
9M10   27.0     35.21    NTA   4.35


Capital changes
2003   1/2 Rights @ RM 1.60 followed by 1/3 Bonus
2009   2/5 Rights @ RM 2.80


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