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PGarden
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2002 EPS : 8 sen
1Q: 0.36
2Q: 0.78
3Q: 1.76
4Q: 5
2003 EPS : 15 sen
1Q: 1.68
2Q: 2.53
3Q: 5.8
4Q: 5
2004 EPS=?
1Q: 4sen
2003 EPSG=87.5%
2004F
1Q=4sen
EPS forecast:
A)EPS=4sen X 4 =16 , thus PE= 1.2/0.16=7.5
B)EPS= 15 X (EPSG/2) = 21sen , thus PE=1.2/0.21=5.71
C)EPS= 15 X EPSG = 24 Sen, thus PE=1.2/0.24=5
如果用A, 那么
PEG=7.5/87.5=0.08 少过 0.5
NTA:1.41
ROE= 16/141=11.35%,
这间公司, 负债非常底!所以非常安全!所以interest coverage 非常高!(例:用1Q: IT=250times)
它的fixed deposit就可以还完全部的debts! 所以它的current ratio 非常高!
它涉及的业务包括; 地产,旅店,保险,高尔夫球场等!
GPM (Gross Profit Margin):
2002=25.24%
2003=29.07%
2004F=?
cashflow statement,
它的net cashflow generated from operation,是negative, 是因为它的land held for development比较高的关系, 但是事实上, 它正常的operation 是 positive 的! |
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发表于 2-8-2004 06:22 PM
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这个公司Dynaquest上次有提过。。。应该不错吧! |
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楼主 |
发表于 3-8-2004 12:17 AM
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TREX 于 2-8-2004 18:22 说 :
这个公司Dynaquest上次有提过。。。应该不错吧!
TREX 兄, 什么是Dynaquest? 谢谢!![](static/image/smiley/default/icon_lol.gif) |
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发表于 3-8-2004 12:46 AM
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发表于 3-8-2004 09:58 AM
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but look at the graph..
it seems this few years the price is not stable..
up a lot . down a lot |
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楼主 |
发表于 3-8-2004 10:18 PM
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alfredfx 于 3-8-2004 09:58 说 :
but look at the graph..
it seems this few years the price is not stable..
up a lot . down a lot
7/8 日不是因为股价大跌, 那天是除权日。 因为它股息分得很高的关系, 5%dividend 和10% special dividend, 所以times 它的par value, 就是rm0.075 per share. 所以那天股价就被adjust啦! 它的cash 和equity 将会减少。 这样它的ROE 也就能被提高。 它的股量很多,大约381,000,000 unit. 至於它的流通量有多少,我就不知道了。 不过起码我还没有大户出货的消息。 至於后来, 在1.20-1.21 是它的支撑点, 然后, 1.26-1.27是很强的阻力, 看它在6/8日的成交量来看, 是大约1100lots, 是带量上涨,之后出现的成交量最多是666lots。抱歉,technical analysis 不是我的强项! 我也不知道会怎样! 从基本派来看, 它应该很值得买进吧!
谢谢!
注意:如果有什么不对的地方, do correct me ok, thanks! and thanks TREX兄! |
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发表于 3-8-2004 11:17 PM
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这文章叙述 PGarden远景.
年度财政报告陈述非常清楚有关公司财务的情况.
Cash-rich Petaling Garden Bhd plans to develop exclusive and upmarket residential and commercial properties on the 161ha land in Klang it is acquiring, to differentiate itself from developers that go for mass housing projects.
Its managing director Ang Guan Seng said the project would have a unique concept by targeting existing high-rise and small house owners who wanted to upgrade to larger houses.
“We are trying to design a project that will be different from other developers,” he told FinancialDaily recently.
Petaling Garden executive director (finance) Ahmad Fuaad Kenali said the project was estimated to have a gross development value of RM900 million. The development was expected to start in three to five years, he said.
On May 31, 2004, Petaling Garden announced that it proposed to acquire the land in Klang from two units of Sime Darby Bhd for RM98.07 million, to be financed by internal funds.
As at March 31, 2004, the group had fixed deposits and cash totalling RM129.46 million.
Ahmad said the Klang project was expected to be the group’s major revenue contributor in the future. He added that the project was expected to be fully developed over seven to eight years.
On Petaling Garden’s developments in Bandar Baru Seri Petaling, Glenmarie and Skudai, Ahmad said they would be enough to keep the group busy for the next two to three years.
For the first quarter ended March 31, 2004, Petaling Garden’s net profit rose 149% to RM16 million from RM6.42 million a year earlier. Its revenue increased to RM73.30 million from RM53.21 million.
The substantial increase in earnings was mainly due to higher progress billings recognised for residential project and improved sale of completed properties in Bandar Baru Seri Petaling. |
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发表于 4-8-2004 01:46 AM
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PASDEC is better
khimkhim 于 2-8-2004 06:16 PM 说 :
2002 EPS : 8 sen
1Q: 0.36
2Q: 0.78
3Q: 1.76
4Q: 5
2003 EPS : 15 sen
1Q: 1.68
2Q: 2.53
3Q: 5.8
4Q: 5
2004 EPS=?
1Q: 4sen
2003 EPSG=87.5%
2004F
1Q=4sen
EPS forecast:
A)EPS=4se ...
I believe the PASDEC is much better. The first quarter earn 4.11 sen already. The share price is just 0.5x. It's 13% share in YTLCMT will generate EPS of 1 sen for every 10 sen EPS in YTLCMT. Assuming YTLCMT's PE is close to 10, it will generate more than 1 sen EPS for PASDEC per quarter. Assuming other PASDEC business including development project doesn't earn any money at all for the rest of the 3 financial quarters, Pasdec can still earn ~8 sen EPS. That makes the PE = 0.52/0.08 = 6.5!!! Remember, I would say this could be the very worst scenario where we are assuming other business is generating 0 income which I believe it is not going to be the case. Otherwise, better put the capital in bank to generate interest.
The Q2 earning is around the corner. I believe it is going to be good. |
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楼主 |
发表于 5-8-2004 12:57 AM
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esupu 于 4-8-2004 01:46 说 :
I believe the PASDEC is much better. The first quarter earn 4.11 sen already. The share price is just 0.5x. It's 13% share in YTLCMT will generate EPS of 1 sen for every 10 sen EPS in YTLCMT. A ...
请问esupu兄,
pasdec 拥有ytlcmt 13% 的股, 并不代表ytlcmt 是pasdec的子公司,所以何以会帮pasdec增进1sen 的EPS呢?除非,ytlcmt 分股息,否则, 我们也得不到什么, 不是吗?那pasdec也不是照样拿不到任何的东西吗?怎会帮pasdec增进1sen 的EPS呢?
小弟愚蠢, 还望前辈赐教! 谢谢!
关于, PGarden, 它有点像EON, Delloyd 拥有很多cash or equivalents, 而且又很低的负债! klse.8k 曾经说过, 难道这公司(EON)不会好好的利用它所拥有庞大的现金吗? 同样的, PGarden一定会有所作为! 谢谢! |
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发表于 5-8-2004 07:02 AM
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khimkhim 于 5/8/04 12:57 AM 说 :
请问esupu兄,
pasdec 拥有ytlcmt 13% 的股, 并不代表ytlcmt 是pasdec的子公司,所以何以会帮pasdec增进1sen 的EPS呢?除非,ytlcmt 分股息,否则, 我们也得不到什么, 不是吗?那pasdec也不是照样拿不 ...
有一点道理,假如不是子公司的话,比如说你之买进了 100 units 的 maybank, maybank 赚了钱,可是maybank 不给股息,那么做 accountant 的不是忙死?
给股息才算 eps ,有道理的。另外一方面,假如 maybank 的股价上升, 它是可以算去 gain on investment 那里的。
假如是子公司的话,,,,,,,
可以加的,不一定要分股息才能增加 eps 的。看 consolidated income statement, 然后再看 "company" 和 "group" 的差别(这个不大重要)
然后,看他的 segmenting report, 由于 1sen eps 不是什么大数目,你可能查不到的,你可以试看看 manufacturing 那个项目, 也有可能是 investment holding xxx 的那里(如前面所讲的)。
至于 "子公司的定义" ???? 我不懂。
还是要总结一下, 13% 的股权 应该是大数目来的, 所以很很很很 有可能算进 eps 里面。
假如 分析员 讲 能加 的话, 那就一定 能加。
(可能有错,请更正)
[ Last edited by tekyong on 5-8-2004 at 05:17 PM ] |
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发表于 5-8-2004 08:48 PM
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For the pasdac owing 13% ytlcmt shares case,the outcome depends.If one company own another company, there may be in 3 forms: subsidary, associate, or jz current investment.
If it is subsidary, then all asset of subsidary will be incorporate into parent company consolidated account.However, the profit will be incorporate into parent consolidated account according to % of shares owned.
If it is associate, then only the profit will be included according tio the shares owned.
If it is current investment,then no profit included but the dividend will recorded.
However, what amount to subsidary , associate , current investment is a problem here.I study australian accounting stardard, i dunno whether it is same with here or not. In Australia, the 51% owned company not really a subsidary. Only those company controlled by the parent company can be subsidary. For example, A company own B company 51%, C own B company 49%. If A company do not has interest to control the business (eg. assigning any directors to company B) of B company,then B company is not subsidary of A company.
In this case, if Pasdec own 13% of ytlcmt but it dun want to bother operation of ytlcmt, then ytlcmt only the current investment of Pasdec. Instead, if Pasdec have a significant influence on ytlcmt, then ytlcmt is associate of Pasdec.
(Sorry for my poor English, n correct me if wrong)
Thank you. |
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楼主 |
发表于 5-8-2004 09:50 PM
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谢谢tekyong大大, 和fcthow 大大! ! |
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楼主 |
发表于 5-8-2004 11:14 PM
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ytlcorp 于 5-8-2004 22:16 说 :
其实你说很对。
根据我所知,
1.subsidiary 公司的定义是母公司必须拥有51%股份 到99.9%为 止。
2.。associate 公司的定义是母公司拥有少过51%股份到大约10%为止。
3. current investment, 我就不知道。 ...
谢谢ytlcorp大大! ! |
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发表于 6-8-2004 12:48 AM
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khimkhim 于 5-8-2004 12:57 AM 说 :
请问esupu兄,
pasdec 拥有ytlcmt 13% 的股, 并不代表ytlcmt 是pasdec的子公司,所以何以会帮pasdec增进1sen 的EPS呢?除非,ytlcmt 分股息,否则, 我们也得不到什么, 不是吗?那pasdec也不是照样拿不 ...
I checked on the KLSE website. The definitions for Malaysia company are:
i) more than 50% = subsidiary
ii) 20-50% = associate
I asked OSK dealers and they told me the profit will be roll under minority interest item. I am not sure how true is it. Maybe someone here who know exactly how it is calculate can help me out. I also want to know the real calculation.
Sorry if the statement I made earlier is incorrect ![](static/image/smiley/default/icon_redface.gif) . Anyway, that is the reason I supported the counter all these while.
[ Last edited by esupu on 6-8-2004 at 01:00 AM ] |
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发表于 6-8-2004 10:49 AM
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我把以前的 "赃话" cut n paste 出来![](static/image/smiley/default/tongue.gif)
http://chinese.cari.com.my/myfor ... ghlight=&page=1
minority interest :
就是 "小股东权益"。
举个例子, EON 拥有 50% 的 EONCAP,假如 EONCAP 赚 1亿,那么 EON 的net profit 也就要加一亿,可是 EON 只持有 50% 的 EONCAP 啊??????????
所以 minority interset 就是要还给 EONCAP 的那部分,也就是 50000000。
所以 profit and loss 就是这样的------>
profit after tax - minority interest = profit attribute to shareholder.
*************************************************
假如是 100% 独资子公司的话,那就不能算在 minority interest 里面。
正常情况下, minority 扣得越多,越好!!!!原因是你的子公司在帮你赚钱,所以你不要误解!!!
**************************************************
名词解释: 简单的说
positive minority interest :子公司赚钱的意思。
negative minority interest :子公司亏钱的意思。
***************************************************
结论 :既然有牵涉到 minority interest ,那么就一定 有 EPS (也可能是 -eps)
客套话: 有错请更正。 |
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发表于 6-8-2004 03:16 PM
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annual report,第 22 到 第 24 面,,,,corporate structure.
里面没有讲到 ytl cement 是 pgarden 的 subsidiary 或 assosiated company, 所以我猜 它是 investment 来的。
http://announcements.bursamalays ... 2003%20(1.35MB).pdf
esupu, 可能我们之中有一人讲错了,其中 你的 rimiser 最有可能讲错。
我有可能弄错的地方在这里,不过我 80% 肯定我是对的。
minority interest 只能用来算 subsidiary company, 不能用来算 associated company.
既然 ytl cement 不是 pgargen 的 subsidiary, 怎么能算在 minority interest 里面呢?
你的 rimiser 要打屁股了。
有可能要打屁股的人是我, 你请更厉害的人来帮你吧, bye bye![](static/image/smiley/default/tongue.gif) |
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发表于 6-8-2004 03:47 PM
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我已经看过pasdec的annual report,我在notes里查过了,ytlcmt不是pasdec的subsidary 或associate。因此,ytlcmt的利润是不会算到pasdec的report去,除了它分的dividend.
还有一点,我觉得这些关于会计的东西最好还是问回身边懂会计的朋友,remisier不代表一定知道这些东西的。除了交易的程序,我是不会问我的remisier其他的东西的。。。。。。 |
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发表于 6-8-2004 03:53 PM
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fcthow 于 6/8/04 03:47 PM 说 :
我已经看过pasdec的annual report,我在notes里查过了,ytlcmt不是pasdec的subsidary 或associate。因此,ytlcmt的利润是不会算到pasdec的report去,除了它分的dividend.
还有一点,我觉得这些关于会计的东西最 ...
认同认同,多谢 fcthow 多年来的鼎立支持。![](static/image/smiley/default/cool.gif) |
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楼主 |
发表于 6-8-2004 09:41 PM
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ytlcorp 大大, 帮帮忙!
还记得您说的ops, 所以,我就试试算一算。 然后, 结果是OPS统统大过eps, 这又是何解呢?小过又如何?
如果把它 P/ops, 瓦老, P/OPS 超小耶?(例: 2003 P/OPS=1.2/0.59=2.03!)
EPS 升时,OPS 不一定升, 同样的OPS升时, EPS也见不得会跟着升? 这又何解呢?
总结: 要怎样好好的利用OPS呢? 您介绍的web sites, 我已经看过了, 小弟只懂皮毛而已, 不得深入!
谢谢! |
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发表于 6-8-2004 10:14 PM
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khimkhim 于 6-8-2004 09:41 PM 说 :
ytlcorp 大大, 帮帮忙!
还记得您说的ops, 所以,我就试试算一算。 然后, 结果是OPS统统大过eps, 这又是何解呢?小过又如何?
如果把它 P/ops, 瓦老, P/OPS 超小耶?(例: 2003 P/OPS=1.2/0.59=2.03!)
EP ...
ops和eps最大的分别是前者是cash basis,后者是accrual basis.
其实,ops和eps两马东西,各有它的长处和短处。不要用p/ops来算他的pe,这是错的。
[ Last edited by fcthow on 6-8-2004 at 10:17 PM ] |
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