| CSCSTEL | |||||
| Income statement | |||||
| FY 31 Dec (RM m) | 2012 | 2011 | 2010 | 2009 | 2008 |
| Revenue | 1,126,993 | 1,206,148 | 1,034,733 | 869,935 | 1,372,850 |
| Cost of Sales | -1,072,542 | -1,150,909 | -935,295 | -745,460 | -1,261,035 |
| GP | 54,450 | 55,238 | 99,438 | 124,475 | 111,814 |
| Investment Income | 7,606 | 7,501 | 7,382 | 5,265 | 3,364 |
| Other Operation Income | 8,443 | 10,229 | 14,479 | 19,553 | 7,696 |
| sales and marketing Exp | -20,584 | -22,519 | -16,416 | -15,924 | -28,499 |
| General& Admin Exp. | -11,479 | -11,103 | -9,773 | -11,530 | -12,125 |
| Other Operation Exp | -924 | -782 | -290 | -4,589 | -28,093 |
| Finance costs | -0 | -1 | -44 | -688 | -2,183 |
| Core Profit | 21,463 | 20,833 | 72,914 | 91,744 | 40,913 |
| Profit b4 tax | 37,512 | 38,563 | 94,775 | 116,562 | 51,973 |
| Tax(expenses)/Income | -9,505 | -9,012 | -25,595 | -25,408 | 6,794 |
| Profit for the year | 28,031 | 29,550 | 69,180 | 91,153 | 58,768 |
| EPS | 7.51 | 7.92 | 18.54 | 24.42 | 15.66 |
| Balance Sheet | |||||
| FY 31 Dec (RM m) | 2012 | 2011 | 2010 | 2009 | 2008 |
| Ttl non current Assets | 286,155 | 284,894 | 305,706 | 337,488 | 366,542 |
| Inventories | 194,943 | 199,706 | 179,366 | 118,876 | 149,833 |
| Receivables | 96,888 | 86,920 | 91,284 | 79,340 | 67,750 |
| Other receivalble | 9,259 | 31,904 | 11,059 | 9,192 | 8,775 |
| Tax recover | 3,412 | 9,667 | 2,133 | 7,228 | 5,714 |
| amount due HQ | 0 | 1,828 | 40,416 | 0 | |
| amt due Sub co. | 43 | 0 | |||
| Fif, st, fd, cash | 236,832 | 233,190 | 291,069 | 312,046 | 183,109 |
| Total Current Assets | 561,422 | 561,389 | 576,741 | 526,725 | 415,183 |
| Total Assets | 847,578 | 846,283 | 882,448 | 864,213 | 781,726 |
| LT borrowings | 0 | 0 | 0 | 0 | 19,665 |
| Deffered Tax | 33,375 | 36,385 | 40,905 | 44,178 | 23,082 |
| ST borrowings | 0 | 0 | 258 | 0 | 8,845 |
| payables | 3,255 | 3,623 | 24,646 | 5,577 | 1,819 |
| other liabilities | 37,060 | 31,609 | 25,715 | 26,812 | 25,950 |
| Total Liabilities | 74,480 | 74,516 | 91,715 | 85,748 | 88,792 |
| Share capital | 380,000 | 380,000 | 380,000 | 380,000 | 380,000 |
| Treasury Shares | 7,992 | 7,415 | 7,415 | 7,415 | 7,391 |
| Reserves/retain Earning | 368,625 | 366,741 | 385,706 | 373,439 | 287,883 |
| Share Premium | 32,441 | 32,441 | 32,441 | 32,441 | 32,441 |
| Total Equity | 773,097 | 771,767 | 790,732 | 778,464 | 692,933 |
| Total Equity and Liabilities | 847,578 | 846,283 | 882,448 | 864,213 | 781,726 |
| Cash Flow Statement | |||||
| FY 31 Dec (RM m) | 2012 | 2011 | 2010 | 2009 | 2008 |
| Pretax profit | 28,007 | 29,550 | 69,180 | 91,153 | 58,768 |
| Depreciation &amortisation | 38,454 | 40,124 | 39,760 | 37,164 | 41,486 |
| Change in w.c | -10,816 | -58,603 | -74,121 | 28,712 | -5,916 |
| Net Interest received/(paid ) | -0 | -1 | -94 | -990,871 | -2,165 |
| Tax | -6,259 | -21,067 | -23,772 | 25,408 | -6,794 |
| others | -6,054 | -3,112 | 0 | 0 | 0 |
| Operating Cash Flow | 63,240 | 2,652 | 45,629 | 166,679 | 173,754 |
| Capex | -39,114 | -18,851 | -8,061 | -8,662 | -27,463 |
| Other | 6,217 | 6,864 | 7,240 | 5,229 | 1,077 |
| Investing Cash Flow | -32,897 | -11,987 | -821 | -3,433 | -26,386 |
| Issue of shares(buy back) | -576 | 0 | 0 | -23 | -3,872 |
| changes in borrowings | 0 | -21,700 | |||
| Dividend paid | -26,124 | -48,516 | -56,913 | -5,598 | -51,472 |
| Others | -900 | -28,665 | |||
| Financial Cash Flow | -26,700 | -48,516 | -65,913 | -34,287 | -77,044 |
| net cash flow | 3,642 | -57,851 | -21,105 | 128,959 | 70,323 |
| Beginning cash | 233,190 | 290,810 | 312,046 | 183,100 | 113,194 |
| Ending Cash | 236,832 | 233,190 | 290,810 | 312,046 | 183,100 |
| Price Date: | 5 Nov 2013 | ||||
| Price: | 1.330 | ||||
| Key Statistics &Ratios | |||||
| FY 31 Dec (RM m) | 2012 | 2011 | 2010 | 2009 | 2008 |
| Growth | |||||
| Revenue | -6.6% | 16.6% | 18.9% | -36.6% | |
| EBITDA | |||||
| Pretax profit | -2.7% | -59.3% | -18.7% | 124.3% | |
| Net profit | -5.1% | -57.3% | -24.1% | 55.1% | |
| Core EPS | -5.2% | -57.3% | -24.1% | 55.9% | |
| Profitability | |||||
| EBITDA/GP margin | 4.8% | 4.6% | 9.6% | 14.3% | 8.1% |
| Net profit margin | 2.5% | 2.4% | 6.7% | 10.5% | 4.3% |
| Effective tax rate | -25% | -23% | -27% | -22% | 13% |
| Return on asserts | 3.3% | 3.5% | 7.8% | 10.5% | 7.5% |
| Return on equity | 3.6% | 3.8% | 8.7% | 11.7% | 8.5% |
| Leverage | |||||
| Total debt/total assets (x) | 0 | 0 | 0 | 0 | 0.04 |
| Total debt/total equity (x) | 0 | 0 | 0 | 0 | 0.04 |
| Net debt/equity (x) | 0 | 0 | 0 | 0 | 0.00 |
| Key Drivers | |||||
| FY 31 DEC (RM m) | 2012 | 2011 | 2010 | 2009 | 2008 |
| Sales volume (Qty) | |||||
| ASP per unit (sen) | |||||
| Valuation | |||||
| FY 31 DEC (RM m) | 2012 | 2011 | 2010 | 2009 | 2008 |
| Share Price | 1.190 | 1.330 | 1.720 | 1.300 | 0.840 |
| No of share | 372715900 | 373200000 | 373200000 | 373200000 | 376432500 |
| EBITDA | 20.38 | 21.08 | 36.05 | 41.19 | 24.83 |
| Core EPS (sen) b4 tax | 5.76 | 5.58 | 19.54 | 24.58 | 10.87 |
| EPS (sen) | 7.51 | 7.92 | 18.54 | 24.42 | 15.66 |
| P/E (x) | 15.85 | 16.79 | 9.28 | 5.32 | 5.36 |
| Net DPS (sen) | 7.00 | 7.00 | 13.00 | 22.00 | 18.50 |
| Net divident yield | 5.88% | 5.26% | 7.56% | 16.92% | 22.02% |
| BV per share (RM) | 2.07 | 2.07 | 2.12 | 2.09 | 1.84 |
| P/BV (x) | 0.57 | 0.64 | 0.81 | 0.62 | 0.46 |
| FCF | 96,137 | 14,639 | 46,450 | 170,112 | 200,140 |
| FCF/S | 25.79 | 3.92 | 12.45 | 45.58 | 53.17 |
| Director fee/Net profit | |||||
| DPS/EPS | 93% | 88% | 70% | 90% | 118% |
觀望中，頻繁替換管理層讓我有些某不著頭腦。
擁有高現金， 0負載， 也是優點之一。
年報中沒有年銷售量(噸數）， 對於鋼鐵這種價錢跟著大市走， 銷售噸數是非常重要的指標。
鋼鐵行業本身的週期性， 中國嚴重超產對於國際鋼價肯定會有影響。而這個相信不是短期內會有大改變的問題
傳私有化， 收購mega steel， 可能也不是空穴來風。
逐步購回公司股票， 增加股東的利益。
派息大方， 達到利潤的90%， 可能更回饋總公司有關。 總公司佔45%股權。
跟進發展， 如果價格1-1.2 不失為一個購入的好價格。