MBMR

MBM Resources Berhad Company

Business Description:
MBM Resources Berhad (MBMR) is an investment holding company. The Company, through its subsidiaries, operates in four segments:

• motor vehicles, which is engaged in marketing and distribution of motor vehicles, spare parts and provision of related services; 
• automotive components, which is engaged in manufacturing of automotive parts and components, interior carpets, steel wheels and discs, and provision of tire assembly services; 
• vehicles body building, which is engaged in manufacturing and fabrication of vehicles body and provision of related services, and 
• others, which include investment holding. 

MBMR's direct subsidiaries are Daihatsu (Malaysia) Sdn Bhd, WSA Capital Corporation Sdn Bhd, Galaxy Waves Sdn Bhd, Summit Vehicles Body Works Sdn Bhd, Oriental Extrusions Sdn Bhd, Summer Gallery Sdn Bhd and Inai Benua Sdn Bhd.

Wright Quality Rating: DAD2 Rating Explanations

Stock Data
Current Price (2/11/2011): 3.19

2009 Sales 1,177,992,000
Employees: 1,528

Market Cap: 773,957,800
Shares Outstanding: 242,620,000
Closely Held Shares: 155,058,852

Recent Financial Results

Announcement Date		Financial Yr. End		Qtr	Period End		Revenue RM '000		Profit/Lost RM'000		EPS		Amended
11-Nov-10		31-Dec-10		3	30-Sep-10		388,704		38,768		14.16		-
17-Aug-10		31-Dec-10		2	30-Jun-10		404,816		43,154		16.02		-
24-May-10		31-Dec-10		1	31-Mar-10		363,835		45,426		16.50		-
11-Feb-10		31-Dec-09		4	31-Dec-09		323,832		25,551		9.31		-

Forecast EPS for next FY = 14.16 x 4 = 56.64 sen
Today's Price (17.2..2011) RM 3.22
Forward PE = 3.22 / 0.5664 = 5.7 x
P/BV = 3.22 / 4.08 = 79%


Historical

5 Yr 
Low PE 5.6
High PE 7.6

10 Yr
Low PE 6.2
High PE 8.9

2005   Revenue   944.82m    Earnings   73.78m    EPS 31.3 sen
2006   Revenue  1132.01m   Earnings   92.09m    EPS 38.6 sen
2007   Revenue 1080.91m    Earnings 110.52m    EPS 45.7 sen
2008   Revenue 1203.04m    Earnings 117.14m    EPS 46.5 sen
2009   Revenue 1177.99m    Earnings   66.53m    EPS 27.5 sen
9M10  Revenue 1157.355m  Earnings 112.787m  EPS 46.66 sen


Balance Sheet

Cash and bank balances 178.559 m
Long term borrowings 14.524m
Short term borrowings 21.598m
Net Cash 142.445m

Current Asset 464.043m  (Cash 178.559m, Acc. Receivables 101.129m, Inventories 178.363m)
Current Liabilities  129.346m
Current Ratio = 464.043 / 129.346 = 3.6 x
Quick Ratio = (178.559 + 101.129) / 129.346 = 2.2 x

Total Assets 1280.493m
Total Equity attributable to owners of the company 989.292m
Net Assets per Share RM 4.08


Cash Flow Statement
Net CFO 1.203m
Capex  -21.179m
FCF  -19.976m


Year  DPS   EPS
2000    8.0   16.2
2001    7.8   37.8
2002  25.9   38.9
2003  15.1   31.9
2004  13.0   19.7
2005  13.0   31.3
2006  13.0   38.6
2007    8.8   45.7
2008  14.1   46.5
2009    6.0   27.5
        124.7  334.1


DPO ratio = 124.7 / 334.1 =  37.3%
Amount of Retained Earnings = 334.1 - 124.7 = 209.4 sen
Earnings Growth = 27.5 - 16.2 = 11.3 sen
Total Return on Retained Earnings (RORE) over 9 years (2000-2009)
= 11.3 / 209.4 = 5.4%

Related:

Return on Retained Capital

A simple mathematical formula measures the capital requirements of maintaining a company's competitive advantage and management's ability to utilize retained earnings to improve shareholders' wealth. In essense this calculation takes theamount of earnings retained by a business for a certain period and measures its effect on the earning capacity of the company.

Updated:  4th quarter results released today.

Recent Financial Results

Announcement Date		Financial Yr. End		Qtr	Period End		Revenue RM '000		Profit/Lost RM'000		EPS		Profit Margin
17-Feb-11		31-Dec-10		4	31-Dec-10		389,879		32,215		11.64		8.26%
11-Nov-10		31-Dec-10		3	30-Sep-10		388,704		38,768		14.16		9.97%
17-Aug-10		31-Dec-10		2	30-Jun-10		404,816		43,154		16.02		10.7%
24-May-10		31-Dec-10		1	31-Mar-10		363,835		45,426		16.50		12.5%