Beruflich Dokumente
Kultur Dokumente
20 May 2013
Company Update
OUTPERFORM
Price: Target Price:
Share Price Performance
RM4.10 RM4.88
2.80 May-12
Jul-12
Sep-12
Nov-12
Jan-13
Mar-13
May-13
KLCI YTD KLCI chg YTD stock price chg Stock Information Bloomberg Ticker Market Cap (RM m) Issued shares 52-week range (H) 52-week range (L) 3-mth avg daily vol: Free Float Beta Major Shareholders KOSSAN HOLDINGS S/B KWAP INVESCO HK LTD Summary Earnings Table FYE Dec (RMm) 2012A Turnover 1235.5 EBIT 147.2 PBT 140.8 Net Profit (NP) 104.5 Consensus (NP) NM Earnings Revision EPS (sen) 32.7 EPS growth (%) 16.3 NDPS (sen) 5.5 BVPS (RM) 1.93 PER 12.5 PBV (x) 2.1 Net Gearing (%) 14.4 Net Div. Yield (%) 3.0
2013E 1371.5 165.8 158.3 123.6 120.6 +6.3 38.7 18.4 12.5 2.19 10.6 1.9 13.9 3.0
2014E 1541.6 188.2 181.6 141.9 136.9 +5.2 44.4 14.8 12.5 2.51 9.2 1.6 9.5 3.0
PP7004/02/2013(031762)
KENANGA RESEARCH
20 May 2013
Cashflow Statement FY Dec (RM m) Operating CF Investing CF Financing CF Change In Cash Free CF 2010A 137.8 (39.4) (35.2) 63.2 52.7 2011A 45.9 (47.4) (31.5) (32.9) 6.1 2012A 126.6 (85.7) 3.7 44.5 40.5 2013E 111.4 (60.0) (76.3) (24.9) 51.4 2014E 160.1 (60.0) (80.0) 20.1 100.1
6
4
5
3.5
4
3
2.5
1.5
1
1
0
Fe b09 M ay -0 9 A ug -0 9 Fe b10 M ay -1 0 A ug -1 0 Fe b13 M ay -1 3 ov -1 0 Fe b11 M ay -1 1 A ug -1 1 N ov -1 1 Fe b12 M ay -1 2 A ug -1 2 N ov -1 2 M ay -0 8 A ug -0 8 ov -0 9 ov -0 8
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ay -0 8
0.5
KENANGA RESEARCH
Stock Ratings are defined as follows: Stock Recommendations OUTPERFORM : A particular stocks Expected Total Return is MORE than 10% (An approximation to the 5-year annualised Total Return of FBMKLCI of 10.2%) MARKET PERFORM : A particular stocks Expected Total Return is WITHIN the range of 3% to 10% UNDERPERFORM : A particular stocks Expected Total Return is LESS than 3% (An approximation to the 12-month Fixed Deposit Rate of 3.15% as a proxy to Risk-Free Rate)
Sector Recommendations*** OVERWEIGHT NEUTRAL UNDERWEIGHT : A particular sectors Expected Total Return is MORE than 10% (An approximation to the 5-year annualised Total Return of FBMKLCI of 10.2%) : A particular sectors Expected Total Return is WITHIN the range of 3% to 10% : A particular sectors Expected Total Return is LESS than 3% (An approximation to the 12-month Fixed Deposit Rate of 3.15% as a proxy to Risk-Free Rate)
***Sector recommendations are defined based on market capitalisation weighted average expected total return for stocks under our coverage.
This document has been prepared for general circulation based on information obtained from sources believed to be reliable but we do not make any representations as to its accuracy or completeness. Any recommendation contained in this document does not have regard to the specific investment objectives, financial situation and the particular needs of any specific person who may read this document. This document is for the information of addressees only and is not to be taken in substitution for the exercise of judgement by addressees. Kenanga Investment Bank Berhad accepts no liability whatsoever for any direct or consequential loss arising from any use of this document or any solicitations of an offer to buy or sell any securities. Kenanga Investment Bank Berhad and its associates, their directors, and/or employees may have positions in, and may effect transactions in securities mentioned herein from time to time in the open market or otherwise, and may receive brokerage fees or act as principal or agent in dealings with respect to these companies. Published and printed by: KENANGA INVESTMENT BANK BERHAD (15678-H) 8th Floor, Kenanga International, Jalan Sultan Ismail, 50250 Kuala Lumpur, Malaysia Telephone: (603) 2166 6822 Facsimile: (603) 2166 6823 Website: www.kenangaresearch.com Chan Ken Yew Head of Research
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KENANGA RESEARCH