FAVCO

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. 









Share this

Related Posts

Previous
Next Post »

最新回復