A Brief Look at QL Resources Bhd.

QL Resources Bhd

Business Description:
QL Resources Berhad is a Malaysia-based company engaged in investment holding and provision of management services. The Company operates in three segments:

1. marine products manufacturing segment, which is engaged in deep sea fishing, manufacture and sale of fishmeal, surimi and surimi-based products; 
2. palm oil activities segment, which is engaged in crude palm oil milling and oil palm cultivations, and 
3. integrated livestock farming segment, which is engaged in the distribution of animal feed raw materials, food related products and livestock farming. 

Its subsidiaries include QL Feedingstuffs Sdn. Bhd, QL Agrofood Sdn. Bhd., QL Agrobio Sdn. Bhd., QL Feedmills Sdn. Bhd., QL Poultry Farms Sdn. Bhd., QL Realty Sdn. Bhd., Pacific Vet Group (M) Sdn. Bhd. and Maxincome Resources Sdn. Bhd.

Current Price (7/1//2011): 5.84
2010 Sales 1,476,396,000
Employees: 3,557
Market Cap: 2,307,804,480
Shares Outstanding: 395,172,000
Closely Held Shares: 243,318,301

Recent Financial Results

Announcement Date		Financial Yr. End		Qtr	Period End		Revenue RM '000		Profit/Lost RM'000		EPS		Amended
22-Nov-10		31-Mar-11		2	30-Sep-10		438,725		36,405		8.43		-
23-Aug-10		31-Mar-11		1	30-Jun-10		384,514		28,207		6.86		-
24-May-10		31-Mar-10		4	31-Mar-10		413,024		27,695		6.45#		-
22-Feb-10		31-Mar-10		3	31-Dec-09		370,133		33,674		7.80#		-

# adjusted for 2010 1/5 Bonus

Estimated EPS for 2011 = 2*15.28 = 30.56 sen
At price of 5.84, it is trading at forward PE = 5.84 / 0.3058 = 19.1 x

Historical
5 Yr
PE range 9.8 - 14.6
DY range 2.5% - 1.7%

10 Yr
PE range 9.2 - 13.8
DY range 2.6% - 1.7%

Year    DPS    EPS
2000    0.0     1.1
2001    1.0     4.6
2002    1.4     5.0
2003    1.4     6.0
2004    1.4     7.5
2005    2.3   10.0
2006    3.6   12.2
2007    4.1   16.0
2008    3.6   20.4
2009    5.8   22.6
1H10   0.0   15.28   NTA  1.400

Capital Changes

2000    1.4/10 Rights @ RM 1.20

2001   1/2 Bonus

2004   1/4 Bonus, 1 to 2 Share Split

2005   1/3 Bonus

2008   1/2 Bonus

2010   1/5 Bonus