Dutch Lady unlikely to raise prices
By Zurinna Raja Adam
Published: 2010/11/04
DUTCH Lady Milk Industries Bhd (3026) does not expect to raise prices of its products, at least until June next year, although the price of skimmed milk powder, the main dairy raw material, continues to rise.
As at yesterday, the average whole milk powder price was at US$3,345 (RM10,336) a tonne, while that of skimmed milk powder was at US$3,021 (RM9,335) a tonne. In the fourth quarter of 2009, its price stood at an average of US$2,100 (RM6,489) a tonne.
Managing director Bas van den Berg said Dutch Lady will cut cost by improving on its assortments and factory efficiency.
“We have no concrete plan to increase prices of our products. Being a global company, we try to keep the prices down as long as possible,” he said in Kuala Lumpur.
Dutch Lady’s parent is the FrieslandCampina group, with sales of some e9 billion (RM39 billion). Due to its sheer size and buying power, it is able to leverage and cope better with price fluctuations.
Friesland-Campina is the dairy cooperative owned by 16,000 farmers across Belgium, Germany and the Netherlands.
Yesterday, Dutch Lady launched its latest UHT dairy products made specifically for children of various ages.
The products are Dutch Lady Kid, produced for children aged between one and six years old, and Dutch Lady School milk, formulated with Omega 3 and Omega 6 for children aged six to 12 years old.
Omega 3 and 6, along with vitamin B3 and B6, in Dutch Lady School milk, can help enhance brain development.
“The two products are designed to meet the rapid growth in children’s nutritional needs,” said van der Berg.
Declining to comment on sales contribution target for the new milk products, he said they will help Dutch Lady achieve its growth and RM1 billion revenue target within three years.
The infant and child nutrition represents 60 per cent of Dutch Lady’s sales, liquid milk (30 per cent) andCompleta condensed milk and juice under the Joy brand (10 per cent).
In the financial year ended December 31 2009, Dutch Lady posted RM691.85 million in revenue and RM60.4 million in net profit.
Read more: Dutch Lady unlikely to raise prices http://www.btimes.com.my/Current_News/BTIMES/articles/20101104004120/Article/#ixzz14J2kqlSZ
Comment: A great company.
Thursday, 4 November 2010
Malaysia wants to be Asia's oil field services, equipment hub
By Kamarul Yunus
Published: 2010/11/04
MALAYSIA aims to become an oil field services and equipment (OFSE) hub for Asia, leveraging on its strategic location at the centre of the Asia Pacific region and adjacent to the international shipping lanes.
Under the Economic Transformation Programme (ETP), three entry point projects (EPPs) have been identified to attain the target.
As outlined under the National Key Economic Activity (NKEA) for oil, gas and energy sector, the three EPPs are to attract multinational companies (MNCs) to bring a sizeable share of their global operations to Malaysia, the ETP report said.
The projects are also geared at consolidating domestic fabrications, developing engineering, procurement and installation capabilities and capacity through strategic partnerships and joint ventures.
The global OFSE market is valued at RM800 billion and has undergone rapid growth of 25 per cent an annum in recent years.
With a burgeoning domestic oil and gas industry, proximity to oil fields and a cost-competitive workforce, Malaysia is well-placed to become Asia's OFSE hub.
In addition, by increasing competitive pressures in the domestic market, there is potential for Malaysian companies to first become domestic champions and subsequently regional champions as it captures a larger share of the regional market.
Under the sector's NKEA, the target is to attract 10 to 20 major international companies in the OFSE industry, bringing about 10 per cent of their business operations to Malaysia.
"This translates to around 40 per cent of their regional activities and would mean positioning Malaysia as a cost-competitive base for engineering, procurement and construction as well as strategic base for installation activities in the Asia Pacific region," the report noted.
If the goal is met, the OFSE industry will have considerable impact, creating over 20,000 jobs and almost RM6.1 billion of incremental gross national income (GNI) by 2020.
A permanent government body to be known as Oil Field Services Unit (OFSU) will be set up. It will be responsible for overseeing the oil field services industry's growth and development.
Comprising 20 people, with at least 10 of whom will have the oil and gas industry experience, OFSU will be fully operational within the next six months.
Among others, its responsibilities are to make recommendations on how to restructure the domestic industry to create a more competitive environment and position the industry and its companies for growth, and to promote the Malaysian OFSE industry and companies to overseas firms and investors.
OFSU will require only minimal funding of RM5 million a year to cover its operating expenses. However, the success of the EPP is contingent on attracting foreign players to set up operations here, which would require estimated funding totalling RM6.8 billion. This comprises of RM6.3 billion in private investment and RM500 million in public investment.
On the whole, the ETP has identified 12 EPPs and two business opportunities within the NKEA for oil, gas and energy sector.
"These EPPs will contribute RM47.1 billion to GNI to meet the 2020 targets. An additional RM61.2 billion will come from business opportunities and baseline growth," the report said.
Thus, the NKEA expects to deliver a RM131.4 billion GNI impact and create an additional 52,300 jobs in this sector.
A significant proportion of these jobs will be highly-skilled jobs, with an estimated 21,000 or 40 per cent for qualified professionals such as engineers and geologies, with monthly salaries in the range of RM5,000 to RM10,000.
The incremental GNI includes RM23.1 billion of GNI from the multiplier effect created by EPPs from other sectors.
The largest sources of the multiplier effect on the oil, gas and energy NKEA are palm oil, tourism and electronics and electrical NKEAs, for example, an increase in usage of energy due to an increase in tourists visiting Malaysia.
The oil, gas and energy NKEA is targeting a 5 per cent annual growth for the sector from 2010 to 2020. This is an ambitious goal, particularly against a backdrop of the natural 2 per cent decline of oil and gas production.
Read more: Malaysia wants to be Asia's oil field services, equipment hub http://www.btimes.com.my/Current_News/BTIMES/articles/ogas/Article/index_html#ixzz14J1VBcRc
Comment: This news is positive for the oil and gas sector of Malaysia. It is also good for Coastal.
Published: 2010/11/04
MALAYSIA aims to become an oil field services and equipment (OFSE) hub for Asia, leveraging on its strategic location at the centre of the Asia Pacific region and adjacent to the international shipping lanes.
Under the Economic Transformation Programme (ETP), three entry point projects (EPPs) have been identified to attain the target.
As outlined under the National Key Economic Activity (NKEA) for oil, gas and energy sector, the three EPPs are to attract multinational companies (MNCs) to bring a sizeable share of their global operations to Malaysia, the ETP report said.
The projects are also geared at consolidating domestic fabrications, developing engineering, procurement and installation capabilities and capacity through strategic partnerships and joint ventures.
The global OFSE market is valued at RM800 billion and has undergone rapid growth of 25 per cent an annum in recent years.
With a burgeoning domestic oil and gas industry, proximity to oil fields and a cost-competitive workforce, Malaysia is well-placed to become Asia's OFSE hub.
In addition, by increasing competitive pressures in the domestic market, there is potential for Malaysian companies to first become domestic champions and subsequently regional champions as it captures a larger share of the regional market.
Under the sector's NKEA, the target is to attract 10 to 20 major international companies in the OFSE industry, bringing about 10 per cent of their business operations to Malaysia.
"This translates to around 40 per cent of their regional activities and would mean positioning Malaysia as a cost-competitive base for engineering, procurement and construction as well as strategic base for installation activities in the Asia Pacific region," the report noted.
If the goal is met, the OFSE industry will have considerable impact, creating over 20,000 jobs and almost RM6.1 billion of incremental gross national income (GNI) by 2020.
A permanent government body to be known as Oil Field Services Unit (OFSU) will be set up. It will be responsible for overseeing the oil field services industry's growth and development.
Comprising 20 people, with at least 10 of whom will have the oil and gas industry experience, OFSU will be fully operational within the next six months.
Among others, its responsibilities are to make recommendations on how to restructure the domestic industry to create a more competitive environment and position the industry and its companies for growth, and to promote the Malaysian OFSE industry and companies to overseas firms and investors.
OFSU will require only minimal funding of RM5 million a year to cover its operating expenses. However, the success of the EPP is contingent on attracting foreign players to set up operations here, which would require estimated funding totalling RM6.8 billion. This comprises of RM6.3 billion in private investment and RM500 million in public investment.
On the whole, the ETP has identified 12 EPPs and two business opportunities within the NKEA for oil, gas and energy sector.
"These EPPs will contribute RM47.1 billion to GNI to meet the 2020 targets. An additional RM61.2 billion will come from business opportunities and baseline growth," the report said.
Thus, the NKEA expects to deliver a RM131.4 billion GNI impact and create an additional 52,300 jobs in this sector.
A significant proportion of these jobs will be highly-skilled jobs, with an estimated 21,000 or 40 per cent for qualified professionals such as engineers and geologies, with monthly salaries in the range of RM5,000 to RM10,000.
The incremental GNI includes RM23.1 billion of GNI from the multiplier effect created by EPPs from other sectors.
The largest sources of the multiplier effect on the oil, gas and energy NKEA are palm oil, tourism and electronics and electrical NKEAs, for example, an increase in usage of energy due to an increase in tourists visiting Malaysia.
The oil, gas and energy NKEA is targeting a 5 per cent annual growth for the sector from 2010 to 2020. This is an ambitious goal, particularly against a backdrop of the natural 2 per cent decline of oil and gas production.
Read more: Malaysia wants to be Asia's oil field services, equipment hub http://www.btimes.com.my/Current_News/BTIMES/articles/ogas/Article/index_html#ixzz14J1VBcRc
Comment: This news is positive for the oil and gas sector of Malaysia. It is also good for Coastal.
Malaysia glove makers may raise prices
Published: 2010/11/04
Malaysian manufacturers are likely to raise latex glove prices as floods inundate rubber plantations in Thailand, the world’s No.1 exporter of the commodity, and cut off supplies.
Malaysia’s glove making industry, the largest in the world, meets most of its rubber requirements from Thailand. Trucks cross the border to Malaysia from southern Thailand almost daily, carrying 1,000-1,500 tonnes on average.
“We have revised the latex glove price twice for the past one month, and will continue to monitor the situation and adjust if necessary,” said Lim Cheong Guan, executive director of Top Glove, the world’s largest glove maker.
Regional traders said deliveries of rubber had slowed thanks to the chest-high floods in main growing areas in southern Thailand, pushing the Thai RSS3 grade to a record high again on Thursday. - Reuters
Read more: Malaysia glove makers may raise prices http://www.btimes.com.my/Current_News/BTIMES/articles/20101104132043/Article/index_html#ixzz14J0eMBYd
Malaysian manufacturers are likely to raise latex glove prices as floods inundate rubber plantations in Thailand, the world’s No.1 exporter of the commodity, and cut off supplies.
Malaysia’s glove making industry, the largest in the world, meets most of its rubber requirements from Thailand. Trucks cross the border to Malaysia from southern Thailand almost daily, carrying 1,000-1,500 tonnes on average.
“We have revised the latex glove price twice for the past one month, and will continue to monitor the situation and adjust if necessary,” said Lim Cheong Guan, executive director of Top Glove, the world’s largest glove maker.
Regional traders said deliveries of rubber had slowed thanks to the chest-high floods in main growing areas in southern Thailand, pushing the Thai RSS3 grade to a record high again on Thursday. - Reuters
Read more: Malaysia glove makers may raise prices http://www.btimes.com.my/Current_News/BTIMES/articles/20101104132043/Article/index_html#ixzz14J0eMBYd
Boustead
Date announced 23/08/2010
Quarter 30/06/2010 Qtr 2
FYE 31/12/2010
STOCK BSTEAD
C0DE 2771
Price $ 5.87 Curr. PE (ttm-Eps) 10.86 Curr. DY 2.49%
LFY Div 14.64 DPO ratio 36%
ROE 12.5% PBT Margin 13.0% PAT Margin 10.3%
Rec. qRev 1425000 q-q % chg -8% y-y% chq 12%
Rec qPbt 185900 q-q % chg 38% y-y% chq 127%
Rec. qEps 15.68 q-q % chg 61% y-y% chq 204%
ttm-Eps 54.04 q-q % chg 24% y-y% chq 28%
Using VERY CONSERVATIVE ESTIMATES:
EPS GR 5% Avg.H PE 9.00 Avg. L PE 6.00
Forecast High Pr 6.21 Forecast Low Pr 3.38 Recent Severe Low Pr 3.38
Current price is at Upper 1/3 of valuation zone.
RISK: Upside 12% Downside 88%
One Year Appreciation Potential 1% Avg. yield 4%
Avg. Total Annual Potential Return (over next 5 years) 5%
CPE/SPE 1.45 P/NTA 1.35 NTA 4.34 SPE 7.50 Rational Pr 4.05
Decision:
Already Owned: Buy Hold Sell Filed; Review (future acq): Filed; Discard: Filed
Guide: Valuation zones Lower 1/3 Buy Mid. 1/3 Maybe Upper 1/3 Sell
Aim:
To Buy a bargain: Buy at Lower 1/3 of Valuation Zone
To Minimise risk of Loss: Buy when risk is low i.e UPSIDE GAIN > 75% OR DOWNSIDE RISK <25%
To Double every 5 years: Seek for POTENTIAL RETURN of > 15%/yr.
To Prevent Loss: Sell immediately when fundamentals deteriorate
To Maximise Gain & Reduce Loss: Sell when CPE/SPE > 1.5, when in Upper 1/3 of Valuation Zone & Returns < 15%/yr
KFima
Date announced 3-Nov-10
Quarter 31/09/2010 Qtr 2
FYE 31/03/2011
STOCK KFIMA
C0DE 6491
Price $ 1.3 Curr. PE (ttm-Eps) 5.46 Curr. DY 0.00%
LFY Div 0.00 DPO ratio 0%
ROE 14.6% PBT Margin 28.4% PAT Margin 13.9%
Rec. qRev 106645 q-q % chg -4% y-y% chq 12%
Rec qPbt 30336 q-q % chg -22% y-y% chq 45%
Rec. qEps 5.63 q-q % chg -15% y-y% chq 50%
ttm-Eps 23.79 q-q % chg 9% y-y% chq 14%
Using VERY CONSERVATIVE ESTIMATES:
EPS GR 5% Avg.H PE 5.00 Avg. L PE 4.00
Forecast High Pr 1.52 Forecast Low Pr 0.85 Recent Severe Low Pr 0.85
Current price is at Middle 1/3 of valuation zone.
RISK: Upside 33% Downside 67%
One Year Appreciation Potential 3% Avg. yield 0%
Avg. Total Annual Potential Return (over next 5 years) 3%
CPE/SPE 1.21 P/NTA 0.80 NTA 1.63 SPE 4.50 Rational Pr 1.07
Decision:
Already Owned: Buy Hold Sell Filed Review (future acq): Filed Discard: Filed
Guide: Valuation zones Lower 1/3 Buy Mid. 1/3 Maybe Upper 1/3 Sell
Aim:
To Buy a bargain: Buy at Lower 1/3 of Valuation Zone
To Minimise risk of Loss: Buy when risk is low i.e UPSIDE GAIN > 75% OR DOWNSIDE RISK <25%
To Double every 5 years: Seek for POTENTIAL RETURN of > 15%/yr.
To Prevent Loss: Sell immediately when fundamentals deteriorate
To Maximise Gain & Reduce Loss: Sell when CPE/SPE > 1.5, when in Upper 1/3 of Valuation Zone & Returns < 15%/yr
Comment: Probably worth having an in-depth look to understand more of this company's underlying business.
M’sian capital market need more informed investors
by Chin Kee Leong. Posted on November 1, 2010, Monday
MIRI: The Malaysian capital market need more informed investors who are encouraged to trade online.
Q&A SESSION: (From left) Shin, Mo and Tan on stage fielding questions from the floor during the roadshow.
OSK Investment Bank Bhd (OSK) organised Market Chat 2010 roadshow in Grand Palace Hotel here recently that provided insights on stock market investment to educate and create awareness on the securities market as well as to encourage online trading amongst retail investors.
“A good investor is an informed investor – creating more informed investors is one of the goals of our Market Chat roadshows,” said Bursa Malaysia Bhd (Bursa Malaysia) head of surveillance research and development (R&D) and market surveillance, Arshad Azizi Kamaruddin in his opening speech.
Arshad welcomed some 150 participants who turned up at the fourth season of Market Chat roadshow.
“Retail investors have always been a crucial investor segment of our Malaysian capital market.
“We have been steadfast in working hand-in-hand with our stakeholders and broker partners to stimulate interest amongst Malaysians to invest in our stock market,” said Arshad who explained the main aim in boosting the retail stock market with Market Chat started in 2006.
According to him, Bursa partnered with nine selected brokers which included OSK, and has since conducted 117 roadshows and reaching nearly 18,000 investors in the past three years.
“We were able to generate nearly 3,600 new CDS accounts over the period.Naturally, we intend to make Market Chat bigger and better each year,” he said.
He hoped to see expansion to more cities and non-urban areas, and eventually reach out to all segments of society.
“Our government is committed to make Malaysia more business-friendly to investors.
“The call for the divestment of government stakes in public listed companies are examples of measures to promote vibrancy, free float and liquidity in our market to enhance the attractiveness of the Malaysian capital market.
“These developments hold opportunities for all investors like you,” he said.
In order to achieve greater efficiency and offering convenience to the public, Bursa has introduced the eDividend to enhance payment efficiency.
“We would like to see the younger generations take keener interest in the stock market. It is very important for stakeholders to collaborate in enhancing the pool of retail investors,” he said.
He urged participants to spread the word and encourage others to participate in future roadshows.
“I believe that there are always opportunities if we know what we’re looking for. And yes, there are hidden gems in our capital market,” he added.
During the Q&A session, he replied to a participant that he will bring up the matter with Bursa of introducing similar e-payment systems for the Warrants and Futures trade, which involve larger sums of money.
The main speakers were Shin Kao Jack of OSK Research Sdn Bhd, Kuala Lumpur (KL) who presented ‘Market sOutlook’, Eric Tan of OSK Investment Bank (Derivatives and Structured Products), KL with ‘Understand Call Warrants and ETF’, and Grace Mo of OSK Investment Bank, Sibu with ‘How to trade KLCI Futures and CPO Futures’.
The guest speakers were Sarawak Plantation Bhd (SPB) corporate finance manager Koay Bee Eng, and Naim Cendera Holdings Bhd senior director Ricky Kho who enlightened participants with the portfolios of their respective companies listed on the stock exchange.
What have happened to these companies since December 2009?
On 28th December 2009, I posted the charts of a few companies that had gone up continuously from the lows of March 2009.
Click here to see what have happened to these companies since Dec. 2009.
Adventa, Latexx, Latexx WA and HaiO have corrected significantly since the end of 2009. Their prices now are at levels of the end of 2009. The prices of these companies have corrected due to deteriorating fundamentals in their businesses, which maybe temporary but for a prolonged period (as per the glove companies) or permanent (as per the MLM company).
Sime Darby shares dropped precipitously in May 2010 due to reported losses in their business. However, it has since rebounded, almost back to its previous price levels.
As for the other companies, Petdag, PBB, LPI, GAB, HLBank, QL, KPJ, JobSt, KLK, & IOICorp,, their prices reached new highs in the present bull market.
Lessons derived from the above:
1. Sell when the fundamentals of the companies deteriorate. Often this is evident from one or two quarters of "bad" results, especially in those companies with businesses having no durable competitive advantage.
2. A good company that hits a temporary setback and where its price is sold down may presents a good opportunity to invest. A large established good company is resilient and has the resources to recover.
3. Buying high quality companies at fair or bargain prices, but not overpaying for them, will often turn out to be profitable investments long term.
Click here to see what have happened to these companies since Dec. 2009.
Adventa, Latexx, Latexx WA and HaiO have corrected significantly since the end of 2009. Their prices now are at levels of the end of 2009. The prices of these companies have corrected due to deteriorating fundamentals in their businesses, which maybe temporary but for a prolonged period (as per the glove companies) or permanent (as per the MLM company).
Sime Darby shares dropped precipitously in May 2010 due to reported losses in their business. However, it has since rebounded, almost back to its previous price levels.
As for the other companies, Petdag, PBB, LPI, GAB, HLBank, QL, KPJ, JobSt, KLK, & IOICorp,, their prices reached new highs in the present bull market.
Lessons derived from the above:
1. Sell when the fundamentals of the companies deteriorate. Often this is evident from one or two quarters of "bad" results, especially in those companies with businesses having no durable competitive advantage.
2. A good company that hits a temporary setback and where its price is sold down may presents a good opportunity to invest. A large established good company is resilient and has the resources to recover.
3. Buying high quality companies at fair or bargain prices, but not overpaying for them, will often turn out to be profitable investments long term.
Wednesday, 3 November 2010
Guinness
Date announced 3-Nov-10
Quarter 30/09/2010 Qtr 1
FYE 30/06/2011
STOCK GUINNESS
C0DE 3255
Price $ 8.83 Curr. PE (ttm-Eps) 16.20 Curr. DY 5.10%
LFY Div 45.00 DPO ratio 89%
ROE 32.2% PBT Margin 14.1% PAT Margin 10.6%
Rec. qRev 366631 q-q % chg 19% y-y% chq 22%
Rec qPbt 51638 q-q % chg 8% y-y% chq 44%
Rec. qEps 12.81 q-q % chg 8% y-y% chq 45%
ttm-Eps 54.50 q-q % chg 8% y-y% chq 36%
Using VERY CONSERVATIVE ESTIMATES:
EPS GR 5% Avg.H PE 14.00 Avg. L PE 12.00
Forecast High Pr 9.74 Forecast Low Pr 6.80 Recent Severe Low Pr 6.80
Current price is at Upper 1/3 of valuation zone.
RISK: Upside 31% Downside 69%
One Year Appreciation Potential 2% Avg. yield 7%
Avg. Total Annual Potential Return (over next 5 years) 9%
CPE/SPE 1.25 P/NTA 5.22 NTA 1.69 SPE 13.00 Rational Pr 7.09
Decision:
Already Owned: Buy Hold Sell Filed Review (future acq): Filed Discard: Filed
Guide: Valuation zones Lower 1/3 Buy Mid. 1/3 Maybe Upper 1/3 Sell
Aim:
To Buy a bargain: Buy at Lower 1/3 of Valuation Zone
To Minimise risk of Loss: Buy when risk is low i.e UPSIDE GAIN > 75% OR DOWNSIDE RISK <25%
To Double every 5 years: Seek for POTENTIAL RETURN of > 15%/yr.
To Prevent Loss: Sell immediately when fundamentals deteriorate
To Maximise Gain & Reduce Loss: Sell when CPE/SPE > 1.5, when in Upper 1/3 of Valuation Zone & Returns < 15%/yr
Integrax
Date announced 26/08/2010
Quarter 30/06/2010 Qtr 2
FYE 31/12/2010
STOCK Integra
C0DE 9555
Price $ 1.33 Curr. PE (ttm-Eps) 9.42 Curr. DY 2.26%
LFY Div 3.00 DPO ratio 21%
ROE 8.1% PBT Margin 77.1% PAT Margin 58.4%
Rec. qRev 23483 q-q % chg 2% y-y% chq 17%
Rec qPbt 18094 q-q % chg 38% y-y% chq 33%
Rec. qEps 4.56 q-q % chg 54% y-y% chq 50%
ttm-Eps 14.12 q-q % chg 12% y-y% chq 14%
Using VERY CONSERVATIVE ESTIMATES:
EPS GR 3% Avg.H PE 8.00 Avg. L PE 4.00
Forecast High Pr 1.31 Forecast Low Pr 0.88 Recent Severe Low Pr 0.88
Current price is at Upper 1/3 of valuation zone.
RISK: Upside -5% Downside 105%
One Year Appreciation Potential 0% Avg. yield 3%
Avg. Total Annual Potential Return (over next 5 years) 2%
CPE/SPE 1.57 P/NTA 0.76 NTA 1.75 SPE 6.00 Rational Pr 0.85
Decision:
Already Owned: Buy Hold Sell Filed; Review (future acq): Filed; Discard: Filed
Guide: Valuation zones Lower 1/3 Buy; Mid. 1/3 Maybe; Upper 1/3 Sell
Aim:
To Buy a bargain: Buy at Lower 1/3 of Valuation Zone
To Minimise risk of Loss: Buy when risk is low i.e UPSIDE GAIN > 75% OR DOWNSIDE RISK <25%
To Double every 5 years: Seek for POTENTIAL RETURN of > 15%/yr.
To Prevent Loss: Sell immediately when fundamentals deteriorate
To Maximise Gain & Reduce Loss: Sell when CPE/SPE > 1.5, when in Upper 1/3 of Valuation Zone & Returns < 15%/yr
Padini
Date announced 26/08/2010
Quarter 30/06/2010 Qtr 4
FYE 30/06/2010
STOCK PADINI
C0DE 7052
Price $ 5.2 Curr. PE (ttm-Eps) 11.27 Curr. DY 4.33%
LFY Div 22.50 DPO ratio 49%
ROE 24.9% PBT Margin 16.3% PAT Margin 10.3%
Rec. qRev 114389 q-q % chg -18% y-y% chq 16%
Rec qPbt 18654 q-q % chg -22% y-y% chq 182%
Rec. qEps 8.97 q-q % chg -32% y-y% chq 320%
ttm-Eps 46.15 q-q % chg 17% y-y% chq 145%
Using VERY CONSERVATIVE ESTIMATES:
EPS GR 5% Avg.H PE 9.00 Avg. L PE 7.00
Forecast High Pr 5.30 Forecast Low Pr 3.10 Recent Severe Low Pr 3.10
Current price is at Middle 1/3 of valuation zone.
RISK: Upside 5% Downside 95%
One Year Appreciation Potential 0% Avg. yield 6%
Avg. Total Annual Potential Return (over next 5 years) 6%
CPE/SPE 1.41 P/NTA 2.81 NTA 1.85 SPE 8.00 Rational Pr 3.69
Decision: Already Owned: Buy Hold Sell Filed; Review (future acq): Filed; Discard: Filed
Guide: Valuation zones Lower 1/3 Buy; Mid. 1/3 Maybe; Upper 1/3 Sell
Aim:
To Buy a bargain: Buy at Lower 1/3 of Valuation Zone
To Minimise risk of Loss: Buy when risk is low i.e UPSIDE GAIN > 75% OR DOWNSIDE RISK <25%
To Double every 5 years: Seek for POTENTIAL RETURN of > 15%/yr.
To Prevent Loss: Sell immediately when fundamentals deteriorate
To Maximise Gain & Reduce Loss: Sell when CPE/SPE > 1.5, when in Upper 1/3 of Valuation Zone & Returns < 15%/yr
Parkson
Date announced 24/08/2010
Quarter 30/06/2010 Qtr 4
FYE 30/06/2010
STOCK Parkson
C0DE 5657
Price $ 5.95 Curr. PE (ttm-Eps) 21.33 Curr. DY 1.01%
LFY Div 6.00 DPO ratio 22%
ROE 15.2% PBT Margin 24.2% PAT Margin 9.0%
Rec. qRev 620370 q-q % chg -18% y-y% chq 8%
Rec qPbt 150129 q-q % chg -27% y-y% chq -2%
Rec. qEps 5.46 q-q % chg -33% y-y% chq -1%
ttm-Eps 27.89 q-q % chg 0% y-y% chq -4%
Using VERY CONSERVATIVE ESTIMATES:
EPS GR 5% Avg.H PE 20.00 Avg. L PE 17.00
Forecast High Pr 7.12 Forecast Low Pr 4.74 Recent Severe Low Pr 4.74
Current price is at Middle 1/3 of valuation zone.
RISK: Upside 49% Downside 51%
One Year Appreciation Potential 4% Avg. yield 1%
Avg. Total Annual Potential Return (over next 5 years) 5%
CPE/SPE 1.15 P/NTA 3.25 NTA 1.83 SPE 18.50 Rational Pr 5.16
Decision: Already Owned: Buy Hold Sell Filed; Review (future acq): Filed; Discard: Filed
Guide: Valuation zones Lower 1/3 Buy; Mid. 1/3 Maybe; Upper 1/3 Sell
Aim:
To Buy a bargain: Buy at Lower 1/3 of Valuation Zone
To Minimise risk of Loss: Buy when risk is low i.e UPSIDE GAIN > 75% OR DOWNSIDE RISK <25%
To Double every 5 years: Seek for POTENTIAL RETURN of > 15%/yr.
To Prevent Loss: Sell immediately when fundamentals deteriorate
To Maximise Gain & Reduce Loss: Sell when CPE/SPE > 1.5, when in Upper 1/3 of Valuation Zone & Returns < 15%/yr
HAI-O
Date announced 29/09/2010
Quarter 31/07/2010 Qtr 1
FYE 30/4/2011
STOCK HAI-O
C0DE 7668
Price $ 3.08 Curr. PE (ttm-Eps) 11.85 Curr. DY 3.86%
LFY Div 11.88 DPO ratio 38%
ROE 24.5% PBT Margin 19.7% PAT Margin 14.3%
Rec. qRev 54751 q-q % chg -45% y-y% chq -63%
Rec qPbt 10785 q-q % chg -32% y-y% chq -59%
Rec. qEps 3.91 q-q % chg 31% y-y% chq -58%
ttm-Eps 26.00 q-q % chg -17% y-y% chq -8%
Using VERY CONSERVATIVE ESTIMATES:
EPS GR 1% Avg.H PE 10.00 Avg. L PE 5.00
Forecast High Pr 2.73 Forecast Low Pr 1.30 Recent Severe Low Pr 2.85
Current price is at Upper 1/3 of valuation zone.
RISK: Upside -24% Downside 124%
One Year Appreciation Potential -2% Avg. yield 3%
Avg. Total Annual Potential Return (over next 5 years) 1%
CPE/SPE 1.58 P/NTA 2.91 NTA 1.06 SPE 7.50 Rational Pr 1.95
Decision:
Already Owned: Buy Hold Sell Filed Review (future acq): Filed Discard: Filed
Guide: Valuation zones Lower 1/3 Buy Mid. 1/3 Maybe Upper 1/3 Sell
Aim:
To Buy a bargain: Buy at Lower 1/3 of Valuation Zone
To Minimise risk of Loss: Buy when risk is low i.e UPSIDE GAIN > 75% OR DOWNSIDE RISK <25%
To Double every 5 years: Seek for POTENTIAL RETURN of > 15%/yr.
To Prevent Loss: Sell immediately when fundamentals deteriorate
To Maximise Gain & Reduce Loss: Sell when CPE/SPE > 1.5, when in Upper 1/3 of Valuation Zone & Returns < 15%/yr
UMW
Date announced 20/08/2010
Quarter 30/06/2010 Qtr 2
FYE 31/12/2010
STOCK UMW
C0DE 4588
Price $ 6.83 Curr. PE (ttm-Eps) 13.38 Curr. DY 2.93%
LFY Div 20.00 DPO ratio 59%
ROE 14.1% PBT Margin 13.5% PAT Margin 6.5%
Rec. qRev 3282075 q-q % chg 8% y-y% chq 27%
Rec qPbt 442266 q-q % chg 45% y-y% chq 138%
Rec. qEps 18.74 q-q % chg 59% y-y% chq 159%
ttm-Eps 51.04 q-q % chg 29% y-y% chq 34%
Using VERY CONSERVATIVE ESTIMATES:
EPS GR 5%
Avg.H PE 12.00
Avg. L PE 8.00
Forecast High Pr 7.82
Forecast Low Pr 5.50
Recent Severe Low Pr 5.50
Current price is at Middle 1/3 of valuation zone.
RISK: Upside 43% Downside 57%
One Year Appreciation Potential 3%; Avg. yield 6%
Avg.Total Annual Potential Return (over next 5 years) 9%
CPE/SPE 1.34
P/NTA 1.89
NTA 3.62
SPE 10.00
Rational Pr 5.10
Decision:
Already Owned: Buy Hold Sell Filed Review (future acq): Filed Discard: Filed
Guide: Valuation zones Lower 1/3 Buy Mid. 1/3 Maybe Upper 1/3 Sell
Aim:
To Buy a bargain: Buy at Lower 1/3 of Valuation Zone
To Minimise risk of Loss: Buy when risk is low i.e UPSIDE GAIN > 75% OR DOWNSIDE RISK <25%
To Double every 5 years: Seek for POTENTIAL RETURN of > 15%/yr.
To Prevent Loss: Sell immediately when fundamentals deteriorate
To Maximise Gain & Reduce Loss: Sell when CPE/SPE > 1.5, when in Upper 1/3 of Valuation Zone & Returns < 15%/yr
Coastal
Date announced 24/08/2010
Quarter 30/06/2010 Qtr 2
FYE 31/12/2010
STOCK COASTAL
C0DE 5071
Price $ 2.42 Curr. PE (ttm-Eps) 4.52 Curr. DY 1.24%
Rec. qRev 138619 q-q % chg -2% y-y% chq 46%
Rec qPbt 48583 q-q % chg 13% y-y% chq 44%
Rec. qEps 13.32 q-q % chg 11% y-y% chq 43%
ttm-Eps 53.55 q-q % chg 8% y-y% chq 65%
Using VERY CONSERVATIVE ESTIMATES:
EPS GR 5% Avg.H PE 5.00 Avg. L PE 4.00
Forecast High Pr 3.42 Forecast Low Pr 1.56 Recent Severe Low Pr 1.56
Current price is at Middle 1/3 of valuation zone.
RISK: Upside 54% Downside 46%
One Year Appreciation Potential 8% Avg. yield 2%
Avg. Total Annual Potential Return (over next 5 years): 10%
CPE/SPE 1.00
P/NTA 1.64
NTA 1.47
SPE 4.50
Rational Pr 2.41
Decision:
Already Owned: Buy Hold Sell Filed; Review (future acq): Filed; Discard: Filed
Guide: Valuation zones Lower 1/3 Buy; Mid. 1/3 Maybe; Upper 1/3 Sell.
Aim:
To Buy a bargain: Buy at Lower 1/3 of Valuation Zone
To Minimise risk of Loss: Buy when risk is low i.e UPSIDE GAIN > 75% OR DOWNSIDE RISK <25%
To Double every 5 years: Seek for POTENTIAL RETURN of > 15%/yr.
To Prevent Loss: Sell immediately when fundamentals deteriorate
To Maximise Gain & Reduce Loss: Sell when CPE/SPE > 1.5, when in Upper 1/3 of Valuation Zone & Returns < 15%/yr
LATEXX
Date announced 6/8/2010
Quarter 30/6/2010 Qtr 2
FYE 21/12/2010
STOCK LATEXX
C0DE 7064
Price $ 3.11
Curr. PE (ttm-Eps) 8.38
Curr. DY 0.64%
Rec. qRev 134483 q-q % chg 7% y-y% chq 81%
Rec qPbt 24115 q-q % chg 4% y-y% chq 111%
Rec. qEps 10.39 q-q % chg -1% y-y% chq 77%
ttm-Eps 37.10 q-q % chg 14% y-y% chq 113%
Using VERY CONSERVATIVE ESTIMATES:
EPS GR 5%
Avg.H PE 8.00
Avg. L PE 6.00
Forecast High Pr 3.79
Forecast Low Pr 2.37
Recent Severe Low Pr 2.37
Current price is at Middle 1/3 of valuation zone.
RISK: Upside 48% Downside 52%
One Year Appreciation Potential 4% Avg. yield 1% Avg.
Total Annual Potential Return (over next 5 years): 5%
CPE/SPE 1.20
P/NTA 2.99
NTA 1.04
SPE 7.00
Rational Pr 2.60
Decision:
Already Owned: Buy Hold Sell Filed
Review (future acq): Filed
Discard: Filed
Guide: Valuation zones Lower 1/3 Buy; Mid. 1/3 Maybe; Upper 1/3 Sell.
Aim:
To Buy a bargain: Buy at Lower 1/3 of Valuation Zone
To Minimise risk of Loss: Buy when risk is low i.e UPSIDE GAIN > 75% OR DOWNSIDE RISK <25%
To Double every 5 years: Seek for POTENTIAL RETURN of > 15%/yr.
To Prevent Loss: Sell immediately when fundamentals deteriorate
To Maximise Gain & Reduce Loss: Sell when CPE/SPE > 1.5, when in Upper 1/3 of Valuation Zone & Returns < 15%/yr
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