Saturday, 15 January 2011

A Brief Look at Supermax

Supermax Corporation Berhad

Business Description:
Supermax Corporation Berhad is a Malaysia-based investment holding company. The Company operates in three segments:

  1. manufacturing of gloves; 
  2. trading of gloves, and 
  3. investment holding. 
It has nine factories that manufacture various types of latex gloves, which are exported to over 146 countries, including the United States, European Union, the Middle East, Asia and South Pacific countries. As of December 31, 2009, the Company's subsidiaries were Supermax Latex Products Sdn. Bhd., Supermax Glove Manufacturing Sdn. Bhd., Maxter Glove Manufacturing Sdn. Bhd., Supermax Incorporated, Spenser Glove Manufacturing Berhad, Supermax International Sdn. Bhd., Supermax Energy Sdn. Bhd., Seal Polymer Latex Products Sdn. Bhd. and SPI Gloves Sdn. Bhd.




Current Price (7/1/2011): 4.46
2009 Sales 803,632,619
Employees: 1,033
Market Cap: 1,514,004,980
Shares Outstanding: 339,463,000
Closely Held Shares: 253,143,204



Announcement
Date
Financial
Yr. End
QtrPeriod EndRevenue
RM '000
Profit/Lost
RM'000
EPSAmended
08-Nov-1031-Dec-10330-Sep-10235,10438,11711.24-
26-Aug-1031-Dec-10230-Jun-10234,82545,85613.51-
19-Apr-1031-Dec-10131-Mar-10220,65251,47315.18#-
19-Feb-1031-Dec-09431-Dec-09196,41744,11213.01#-


# adjusted for 2010  1/4 Bonus


Estimated EPS for 2011 = 4*11.24 = 44.96 sen
At price of 4.46, it is trading at prospective 2011 PE  = 4.46 / 0.4496 = 9.92x

Historical
5 Yr
PE range   5.6 - 11.2
DY range   3.2% - 1.3%

10 Yr
PE range    6.5 - 14.5
DY range   2.9% - 1.2%

Year     DPS     EPS
2000     0.0       3.7
2001     0.7       2.1
2002     0,7       4.3
2003     0.9       7.0
2004     1.4     11.9
2005     2.6     12.9
2006     1.4     14.0
2007     3.8     16.9
2008     2.6     19.2
2009     3.4     37.8
9M10    0.0    39.91     NTA 2.0300


Capital changes
2000  3/5 Rights @ RM 1.10
2003  1/3 Bonus, 2/3 Rights @ RM 1.00
2006   1/4 Bonus
2007   1 to 2 Share Split
2010   1/4 Bonus

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