| 8.3.2012 | ||||
| Oriental Holdings | ||||
| Income Statement | ||||
| 31/12/2011 | 31/12/2010 | Absolute Chg | Change | |
| RM (m) | RM (m) | |||
| Revenue | 3132.23 | 3220.46 | -88.23 | -2.74% |
| Gross Profit | 0.00 | #DIV/0! | ||
| Operating Profit | 441.63 | 341.86 | 99.77 | 29.18% |
| Financing costs | -10.36 | -7.81 | -2.55 | 32.66% |
| PBT | 461.26 | 384.41 | 76.85 | 19.99% |
| PAT | 371.20 | 307.95 | 63.25 | 20.54% |
| PAT (to shareholders) | 288.50 | 249.59 | 38.91 | 15.59% |
| EPS (basic) sen | 46.51 | 40.23 | 6.28 | 15.61% |
| Balance Sheet | ||||
| NCA | 2475.054 | 2249.009 | 226.05 | 10.05% |
| CA | 3530.074 | 3262.515 | 267.56 | 8.20% |
| Total Assets | 6005.128 | 5511.524 | 493.60 | 8.96% |
| Total Equity | 5092.038 | 4738.73 | 353.31 | 7.46% |
| NCL | 30.315 | 36.096 | -5.78 | -16.02% |
| CL | 882.775 | 736.698 | 146.08 | 19.83% |
| Total Liabilities | 913.09 | 772.794 | 140.30 | 18.15% |
| Total Eq + Liab | 6005.128 | 5511.524 | 493.60 | 8.96% |
| Net assets per share | 709.230 | 664.970 | 44.26 | 6.66% |
| Cash & Eq | 2882.239 | 2596.361 | 285.88 | 11.01% |
| LT Borrowings | 9.415 | 11.76 | -2.35 | -19.94% |
| ST Borrowings | 525.567 | 406.643 | 118.92 | 29.25% |
| Net Cash | 2347.257 | 2177.958 | 169.30 | 7.77% |
| Inventories | 259.525 | 267.138 | -7.61 | -2.85% |
| Trade receivables | 359.536 | 356.18 | 3.36 | 0.94% |
| Trade payables | 326.945 | 316.499 | 10.45 | 3.30% |
| Quick Ratio | 3.70 | 4.07 | -0.36 | -8.88% |
| Current Ratio | 4.00 | 4.43 | -0.43 | -9.70% |
| Cash flow statement | ||||
| PBT | 461.261 | 384.412 | 76.85 | 19.99% |
| OPBCWC | 415.149 | 366.555 | 48.59 | 13.26% |
| Cash from Operations | 480.743 | 518.110 | -37.37 | -7.21% |
| Net CFO | 407.753 | 407.355 | 0.40 | 0.10% |
| CFI | -94.432 | 19.695 | -114.13 | -579.47% |
| CFF | -17.084 | -46.092 | 29.01 | -62.93% |
| Capex | -53.798 | -46.713 | -7.09 | 15.17% |
| FCF | 353.955 | 360.642 | -6.69 | -1.85% |
| Dividends paid | -56.052 | -38.772 | -17.28 | 44.57% |
| DPS (sen) | 9.04 | 6.25 | 2.79 | 44.57% |
| No of ord shares (m) | 620.362 | 620.362 | 0.00 | 0.00% |
| Financial Ratios | ||||
| Gross Profit Margin | - | - | #VALUE! | #VALUE! |
| Net Profit Margin | 9.21% | 7.75% | 1.46% | 18.85% |
| Asset Turnover | 0.52 | 0.58 | -0.06 | -10.73% |
| Financial Leverage | 1.18 | 1.16 | 0.02 | 1.40% |
| ROA | 4.80% | 4.53% | 0.28% | 6.09% |
| ROC | 10.51% | 9.75% | 0.76% | 7.84% |
| ROE | 5.67% | 5.27% | 0.40% | 7.57% |
| Valuation | 8.3.2012 | 8.3.2011 | ||
| Price | 6.27 | 5.12 | 1.15 | 22.46% |
| Market cap (m) | 3889.67 | 3176.25 | 713.42 | 22.46% |
| P/E | 13.48 | 12.73 | 0.76 | 5.94% |
| P/BV | 0.76 | 0.67 | 0.09 | 13.96% |
| P/FCF | 10.99 | 8.81 | 2.18 | 24.77% |
| P/Div | 69.39 | 81.92 | -12.53 | -15.29% |
| DPO ratio | 0.19 | 0.16 | 0.04 | 25.07% |
| EY | 7.42% | 7.86% | -0.44% | -5.61% |
| FCF/P | 9.10% | 11.35% | -2.25% | -19.86% |
| DY | 1.44% | 1.22% | 0.22% | 18.05% |
| Announcement Date | Financial Yr. End | Qtr | Period End | Revenue RM '000 | Profit/Lost RM'000 | EPS | Amended | ||||||
| 23-Feb-12 | 31-Dec-11 | 4 | 31-Dec-11 | 718,547 | 124,009 | 17.53 | - | ||||||
| 18-Nov-11 | 31-Dec-11 | 3 | 30-Sep-11 | 765,083 | 42,053 | 4.74 | - | ||||||
| 25-Aug-11 | 31-Dec-11 | 2 | 30-Jun-11 | 850,571 | 122,725 | 16.79 | - | ||||||
| 31-May-11 | 31-Dec-11 | 1 | 31-Mar-11 | 798,027 | 82,413 | 7.45 | - | ||||||
I have posted that cash hoard can be a boon or bane.
A company with a lot of cash and no debt is good. This indicates their business is good and they are generating cash.
It is how the management allocates this cash that the shareholders should be aware of.
What can the management do with this cash?
- Pay down debt.
- Return un-allocated cash back to the shareholders through capital repayment or dividends.
- Grow the company's existing business.
- Expand the company's business into new areas, e.g. through acquisition.
- Buy back own shares.
The cash actually belongs to the shareholders. When the management cannot find better use for the cash, the cash should ideally be returned, so that the shareholders can then reinvest it for higher returns.
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