FAVCO | |||||||
Income statement | |||||||
FY 31 Dec (RM m) | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 |
Revenue | 696,747 | 482,353 | 385,468 | 534,747 | 581,125 | 453,896 | 357,956 |
Cost of Sales | (579,515) | (376,581) | (311,234) | (442,231) | (498,412) | (383,476) | (299,688) |
GP | 117,232 | 105,772 | 74,234 | 92,516 | 82,713 | 70,420 | 58,268 |
Investment Income/int. | 7,854 | 2,092 | 3,686 | 447 | 1,377 | 1,369 | 417 |
Other Operation Income | 7,703 | 9,282 | 4,590 | 1,919 | 6,068 | 3,012 | - |
sales and marketing Exp | (9,878) | (9,550) | (8,912) | (11,388) | (9,800) | (7,718) | (5,401) |
General& Admin Exp. | (51,951) | (48,522) | (36,952) | (42,407) | (40,474) | (36,969) | (33,480) |
Other Operation Exp | - | - | - | (1,005) | (6,319) | (536) | (1,127) |
Finance costs | (3,440) | (6,199) | (2,199) | (5,028) | (6,197) | (7,921) | (7,535) |
Core Profit | 67,520 | 52,875 | 34,447 | 35,054 | 27,368 | 21,657 | 11,142 |
Profit b4 tax | 66,684 | 52,193 | 34,163 | 35,102 | 27,382 | 21,562 | 10,946 |
Tax(expenses)/Income | (5,529) | (4,601) | (5,555) | (7,319) | (5,558) | (2,627) | (1,078) |
Profit for the year | 61,155 | 47,592 | 28,608 | 27,783 | 21,824 | 18,935 | 9,868 |
other comp. income | 2,554 | 867 | |||||
total comp income | 63,709 | 48,459 | |||||
DPS | 8.00 | 5.00 | 4.00 | 4.00 | 2.50 | ||
EPS | 33.64 | 26.69 | 16.36 | 16.20 | 12.79 | 11.22 | 7.31 |
Dilute | 32.85 | 26.18 | 16.27 | 16.02 | 12.64 | 10.83 | 7.11 |
Balance Sheet | |||||||
FY 31 Dec (RM m) | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 |
Intangible Assets | 4,896 | 6,347 | 8,652 | 11,185 | 14,142 | 3,980 | |
Ttl non current Assets | 195,668 | 119,560 | 115,809 | 112,674 | 95,201 | 72,800 | 71,578 |
Inventories | 184,566 | 183,823 | 139,025 | 153,228 | 136,029 | 126,903 | 90,543 |
Receivables | 289,920 | 138,938 | 163,943 | 191,616 | 183,835 | 118,591 | 106,710 |
CONTRACT WIP | 124,040 | 120,052 | 78,344 | 100,312 | 141,819 | 138,024 | 136,326 |
Tax recover/TAX assets | 4,258 | 307 | 1,077 | 574 | 232 | 58 | 1,904 |
Derivative assets | 1,185 | 2,987 | 9,620 | 1,009 | |||
amt due Sub co. | |||||||
Fif, st, fd, cash | 102,867 | 114,896 | 84,430 | 126,509 | 53,163 | 73,531 | 27,208 |
Total Current Assets | 706,836 | 561,003 | 476,439 | 573,248 | 515,078 | 457,107 | 362,691 |
Total Assets | 902,504 | 680,563 | 592,248 | 685,922 | 610,279 | 529,907 | 434,269 |
LT borrowings | 3,683 | 5,999 | 8,450 | 11,189 | 13,680 | 15,285 | 27,278 |
Deffered Tax | 6,122 | 5,412 | 4,420 | 4,080 | 2,188 | 2,185 | 2,324 |
ST borrowings | 77,190 | 45,247 | 43,553 | 133,769 | 141,591 | 132,767 | 125,651 |
payables | 428,654 | 374,680 | 331,330 | 327,890 | 280,213 | 241,768 | 159,178 |
other liabilities | 40,667 | 8,687 | 8,887 | 19,115 | 11,480 | 6,981 | 4,715 |
Total Liabilities | 556,316 | 440,025 | 396,640 | 496,043 | 449,152 | 398,986 | 319,146 |
Share capital | 106,000 | 89,584 | 88,568 | 86,175 | 85,514 | 85,178 | 84,000 |
Treasury Shares | |||||||
retain Earning | 182,308 | 131,311 | 84,896 | 74,745 | 51,265 | 35,766 | 19,791 |
Share Premium/reserve | 53,379 | 16,087 | 22,144 | 28,959 | 24,348 | 9,977 | 11,332 |
Total Equity | 341,687 | 236,982 | 195,608 | 189,879 | 161,127 | 130,921 | 115,123 |
non control nt. | 4,501 | 3,556 | |||||
Total Equity and Liabilities | 902,504 | 680,563 | 592,248 | 685,922 | 610,279 | 529,907 | 434,269 |
Cash Flow Statement | |||||||
FY 31 Dec (RM m) | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 |
Pretax profit | 66,684 | 52,193 | 34,163 | 35,102 | 27,382 | 21,562 | 10,946 |
Depreciation &amortisation | 14,644 | 14,806 | 12,145 | 11,355 | 10,343 | 11,996 | 10,439 |
Change in w.c | (65,783) | (107,615) | (28,109) | 37,959 | (9,082) | (40,833) | (10,980) |
Net Interest received/(paid ) | 5,906 | (173) | (934) | (3,514) | (2,962) | (3,355) | (3,591) |
Tax | (9,353) | (3,783) | (12,726) | (5,138) | (2,875) | 606 | (105) |
others Pro. Paid | (1,138) | (56) | (255) | (133) | (84) | (744) | (3,913) |
Operating Cash Flow | 42,567 | 63,135 | (934) | 94,821 | 23,484 | 80,419 | 10,176 |
Capex | (39,738) | (20,302) | (23,332) | (27,408) | (6,301) | (10,237) | (11,553) |
Other | 2,041 | 4,021 | 2,887 | 382 | 335 | 70 | 2,810 |
Investing Cash Flow | (37,697) | (16,281) | (20,445) | (27,026) | (5,966) | (10,167) | (8,743) |
Issue of shares(buy back) | 924 | 1,298 | 2,644 | 727 | 369 | 1,295 | 24,688 |
changes in borrowings | (2,421) | (2,865) | (16,504) | 7,065 | (15,730) | (17,570) | 11,514 |
Dividend paid | (10,749) | (8,957) | (7,074) | (4,303) | (4,112) | (2,960) | |
interest | (633) | (711) | (552) | (1,067) | (1,858) | (3,197) | (3,527) |
others/ repayment to hq | - | - | (24,887) | ||||
Financial Cash Flow | (12,879) | (11,235) | (21,486) | 2,422 | (21,331) | (22,432) | 7,788 |
exchange diff | (1,022) | (504) | 4,625 | 6,701 | (3,671) | (5,790) | (79) |
Net cash flow | (9,031) | 35,155 | (38,240) | 76,918 | (7,484) | 42,030 | 9,142 |
Beginning cash | 114,896 | 79,691 | 126,404 | 48,891 | 56,995 | 13,555 | 5,069 |
exchange diff of beg. | (5,748) | 90 | (8,473) | 595 | (620) | 1,410 | (656) |
Ending Cash | 100,117 | 114,936 | 79,691 | 126,404 | 48,891 | 56,995 | 13,555 |
Director fee | 1,681 | 1,452 | 1,365 | 1,337 | 1,214 | 1,203 | 755 |
out standing order | 645,000 | 555,000 | 857,000 | 655,000 | |||
segment Rev. | |||||||
M'sia | 302,561 | 228,966 | 149,920 | 202,530 | 191,317 | 176,758 | |
Oversea | 394,186 | 253,387 | 235,548 | 332,217 | 389,808 | 277,138 |
Key Statistics &Ratios | |||||||
FY 31 Dec (RM m) | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 |
Growth | |||||||
Revenue | 44.4% | 25.1% | -27.9% | -8.0% | 28.0% | 26.8% | #DIV/0! |
Pretax profit | 27.8% | 52.8% | -2.7% | 28.2% | 27.0% | 97.0% | #DIV/0! |
Net profit | 28.5% | 66.4% | 3.0% | 27.3% | 15.3% | 91.9% | #DIV/0! |
Core EPS | 26.0% | 63.1% | 1.0% | 26.7% | 14.0% | 53.5% | #DIV/0! |
Profitability | |||||||
EBITDA/GP margin | 16.8% | 21.9% | 19.3% | 17.3% | 14.2% | 15.5% | 16.3% |
Net profit margin | 8.8% | 9.9% | 7.4% | 5.2% | 3.8% | 4.2% | 2.8% |
Effective tax rate | -8% | -9% | -16% | -21% | -20% | -12% | -10% |
Return on asserts | 6.8% | 7.0% | 4.8% | 4.1% | 3.6% | 3.6% | 2.3% |
Return on equity | 17.9% | 20.1% | 14.6% | 14.6% | 13.5% | 14.5% | 8.6% |
Leverage | |||||||
Total debt/total assets (x) | 0.62 | 0.65 | 0.67 | 0.72 | 0.74 | 0.75 | 0.73 |
Total debt/total equity (x) | 1.63 | 1.86 | 2.03 | 2.61 | 2.79 | 3.05 | 2.77 |
Net debt/equity (x) | -0.06 | -0.27 | -0.17 | 0.10 | 0.63 | 0.57 | 1.09 |
Valuation | |||||||
FY 31 DEC (RM m) | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 |
Share Price | 1.650 | 1.220 | 1.050 | 0.820 | 0.700 | 1.800 | 0.800 |
No of share | 187,950 | 187,951 | 187,952 | 187,953 | 187,954 | 187,955 | 187,956 |
EPS (sen) | 33.64 | 26.69 | 16.36 | 16.20 | 12.79 | 11.22 | 7.31 |
P/E (x) | 4.90 | 4.57 | 6.42 | 5.06 | 5.47 | 16.04 | 10.94 |
Net DPS (sen) | 8.00 | 6.00 | 5.00 | 4.00 | 2.50 | 3.25 | 1.75 |
Net divident yield | 4.85% | 4.92% | 4.76% | 4.88% | 3.57% | 1.81% | 2.19% |
DPS | 33% | 20% | 25% | 60% | -23% | 86% | #DIV/0! |
NTA | 1.61 | 1.32 | 1.10 | 1.10 | 0.94 | 0.77 | 0.69 |
P/BV (x) | 1.02 | 0.92 | 0.95 | 0.75 | 0.74 | 2.34 | 1.16 |
FCF | 80,264 | 79,416 | 19,511 | 121,847 | 29,450 | 90,586 | 18,919 |
FCF/S | 42.70 | 42.25 | 10.38 | 64.83 | 15.67 | 48.20 | 10.07 |
Director fee/Net profit | 2.75% | 3.05% | 4.77% | 4.81% | 5.56% | 6.35% | 7.65% |
DPS/EPS | 24% | 22% | 31% | 25% | 20% | 29% | 24% |
DPS/FCF | 19% | 14% | 48% | 6% | 16% | 7% | 17% |
Strength
1. Muhibah Engineering Berhand 子公司, 拥有61%股权, 而且不断增加持有.
2. 盈利增长快速, 国际化的业务, 中国业务的前景看好。
3. 负债合理, liabilities/equity 1.63 逐年减少
4. 现金超过1亿, 每股净现金 0.55
5.股息每年增加, dividend yieLd 大概在4-5%
6.ROE 一直都在14-20左右, 一直积极扩张
7. DIRECTOR FEE 占盈利2-3%左右, 还算合理。
8. capex 不断增加,超越Depreciation, 盈利也相对的同时增加, 证明管理层的资金投入报酬率还算不错。
9. 税率优惠, 到期年份需要注意。
10. research development, 不断有新的产品进入市场, 也按客户的要求提供。
Weakness
1. 虽然业绩一直增长, 可是不断稀释股东权益, OPTION每年增加, 最近又用股权来购买总公司新的土地。
2. 股价2.98, NTA 1.72 最新PRICE/NTA 1.73左右, 从2,3年前的1.1, 增加的非常多。
3. NP MARGIN 偏低, 不过有在进步, 主要是service &租凭的收入增加。从以前的4%到现在8-9%左右。
4.手上握有大量新订单。 6-7亿元的到2015的新订单。
5.