Saturday, 15 January 2011

A Brief Look at Latexx

Latexx Partners Berhad

Business Description:
Latexx Partners Berhad is a Malaysia-based company engaged in investment holding and trading of rubber gloves. The Company, through its subsidiaries, is engaged in manufacturing and sale of examination rubber gloves. Its subsidiaries are Latexx Manufacturing Sdn. Bhd., which is engaged in manufacturing of rubber gloves; Medtexx Manufacturing Sdn. Bhd., which is engaged in trading of rubber gloves and letting of glove manufacturing plant and machinery, and Total Glove Company Sdn. Bhd.







Announcement
Date
Financial
Yr. End
QtrPeriod EndRevenue
RM '000
Profit/Lost
RM'000
EPSAmended
10-Nov-1031-Dec-10330-Sep-10129,87817,6258.19-
06-Aug-1031-Dec-10230-Jun-10134,48321,55110.39-
03-May-1031-Dec-10131-Mar-10126,17120,71510.52-
02-Nov-0931-Dec-09330-Sep-0980,83914,2747.33-

Current Price (7/1/2011): 2.68
2009 Sales 328,473,188
Employees: 1,976
Market Cap: 586,448,320
Shares Outstanding: 218,824,000
Closely Held Shares: 59,489,900

Estimated basic EPS for 2011 = 4*8.19 = 32.76 sen
Estimated diluted EPS for 2011 = (4*8.19) x [218.824 / (218.824 + 57.55)] = 25.94 sen
At price of 2.68, the prospective basic PE = 2.68 / 0.3276 = 8.2 x
At price of 2.68, the prospective diluted PE = 2.68 / 0.2594 = 10.3 x

Year    DPS    EPS
2002    0.0      -29.7
2003    0.0     -16.9
2004    0.0     -12.0
2005    0.0        5.2
2006    0.0        4.8
2007    0.0        2.7
2008    0.0        8.4
2009    2.0       27.0
9M10   5.0       28.76   NTA  1.07

Historical
5 Yr
PE range 6.8 - 20.3
DY range 1.3% - 0.3%

10 Yr
PE range 6.6 - 19.3
DY range 0.6% - 0.2%

Capital Changes
2006 Capital Reconstruction
Warrant   57.55m units   Maturity 6/6/2017   Ex Pr RM 0.53

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