A Brief Look at Integrax

Integrax Berhad Company

Business Description:
Integrax Berhad is a Malaysia-based investment holding company. The Company, through its subsidiaries, operates in five segments:

1. port operations, 
2. marine services, 
3. investment holding, 
4. industrial property and 
5. mining. 

It owns and operates two port facilities, namely

1. Lumut Maritime Terminal, which is a port facility for dry and liquid bulk, breakbulk and containers, and 
2. Lekir Bulk Terminal, which is a port facility for dry and liquid bulk comprising Lumut Port. 

In addition, the Company also involved in the provision of luggage services, sale of industrial property and extraction and smelting of nickel ore. Its direct subsidiaries are Pelabuhan Lumut Sdn. Bhd., Integrax Resources Pte Ltd, Segmen Kembara Sdn Bhd, Trek Kembara Sdn Bhd, LBT Two Sdn. Bhd., P.T. Integra Jasa Energi, P.T. Integrax Indonesia, Integrax Philippines, Inc and P.T. Indoexchange Tbk.

Current Price (7/1/2011): 1.72
2009 Sales 91,055,758
Employees: 14
Market Cap: 517,386,320
Shares Outstanding: 300,806,000
Closely Held Shares: 156,655,772

Recent Financial Results

Announcement Date		Financial Yr. End		Qtr	Period End		Revenue RM '000		Profit/Lost RM'000		EPS		Amended
22-Nov-10		31-Dec-10		3	30-Sep-10		24,918		12,526		3.68		-
26-Aug-10		31-Dec-10		2	30-Jun-10		23,483		15,198		4.56		-
04-Jun-10		31-Dec-10		1	31-Mar-10		23,023		10,372		2.96		-
27-May-10		31-Dec-10		1	31-Mar-10		23,023		10,372		2.96		-

Estimated EPS for 2011 = (3.68+4.56+2.96)*4/3 = 11.2*4/3 = 14.93 sen
At price of 1.72, it is trading at a prospective 2011 PE = 1.72 / 0.1493 = 11.5 x

Historical
5 Yr
PE range 5.3 - 9.4
DY range 2.6% - 1.2%

10 Yr
PE range 7.4 - 14.5
DY range 1.3% - 0.6%

Year     DPS    EPS
2004     0.0      8.7
2005     0.0      9.2
2006     2.0    11.9
2007     1.7    12.2
2008     2.0    -1.0
2009     0.0    12.3
9M10    0.0    11.20    NTA  1.79

Capital changes

Nil