https://lcchong.wordpress.com/2014/06/09/pe...sis-9-jun-2014/

This is outdated research though

VITROX Analysis:-

http://lcchong.wordpress.com/2014/12/14/vi...is-14-dec-2014/

My View:-

- Valuation:
– Absolute EY%:
– Trailing:
– FY13 (EPS: 0.099) – Fair value 1.83 (Fair Value Uncertainty: VERY HIGH)
– R4Q (EPS: 0.175) – Fair value 3.21 (Fair Value Uncertainty: MEDIUM)
– Forward:
– FY15 (EPS: 0.196) – Fair value 3.6 (Fair Value Uncertainty: LOW)
– FY16 (EPS: 0.224) – Fair value 4.12 (Fair Value Uncertainty: LOW)
– EPS applied to reach the current stock price (2.28): 0.124
– At 2.28, the market assumed EPS 0.124. R4Q EPS already exceeded 0.124.
– Absolute PE:
– FY14 (EPS: 0.189) – Fair value 2.31 (Fair Value Uncertainty: HIGH)
– R4Q (EPS: 0.175) – Fair value 3.35 (Fair Value Uncertainty: LOW)
– VITROX is slightly undervalued.
- I still sees a lot of growth in Vitrox – the catalysts from Agilent’s exit in 2016 and competitive products should help it compete to get individual orders.

Latest Financial – Q3 2014 Financial Report (20 Nov 2014) http://www.bursamalaysia.com/market/listed...cements/1799725

At the time of writing, I did not own shares of VITROX.

Any chance to update it since it has drop so much

GTRONIC Analysis:-

http://lcchong.wordpress.com/2014/12/14/gt...is-14-dec-2014/

My View:-

- Valuation
– 5Y DCF
– Good Scenario: 5.57 (Fair value uncertainty: LOW)
– Base Scenario: 4.92 (Fair value uncertainty: MEDIUM)
– Bad Scenario: 4.34 (Fair value uncertainty: HIGH)
– Ugly Scenario: 3.83 (Fair value uncertainty: VERY HIGH)
– Absolute EY%:
– Trailing:
– FY13 (EPS: 0.19) – Fair value 3.96 (Fair Value Uncertainty: VERY HIGH)
– R4Q (EPS: 0.222) – Fair value 4.62 (Fair Value Uncertainty: MEDIUM)
– Forward:
– FY14 (EPS: 0.238) – Fair value 4.96 (Fair Value Uncertainty: MEDIUM)
– FY15 (EPS: 0.283) – Fair value 5.9 (Fair Value Uncertainty: LOW)
– EPS applied to reach the current stock price (4.26): 0.204
– Absolute PE:
– FY14 (EPS: 0.189) – Fair value 2.31 (Fair Value Uncertainty: HIGH)
– R4Q (EPS: 0.222) – Fair value 4.35 (Fair Value Uncertainty: HIGH)
- Shariah status – Globe could be trade at a premium given the ample domestic liquidity and strong participation by domestic institutions.
- GTRONIC has been consistently delivering steady earnings growth by keeping pace with market demands. This was shown in its latest quarterly results announcement. With a growing cash pile, the company mostly will continue its attractive dividend payouts. I believe that there is still slight room for the stock to appreciate further with expectation on another solid year ahead in FY15.
- As of now, GTRONIC’s DY% is only 4.2%. This is not so attractive.

Latest Financial – Q3 2014 Financial Report (28 Oct 2014) http://www.bursamalaysia.com/market/listed...cements/1778113

At the time of writing, I did not own shares of GTRONIC.

HAIO Analysis:-

http://lcchong.wordpress.com/2014/12/17/ha...is-17-dec-2014/

My View:-

- Valuation:
– 5Y DCF:
– Good Scenario: 2.67 (Fair value uncertainty: MEDIUM)
– Base Scenario: 2.34 (Fair value uncertainty: MEDIUM)
– Bad Scenario: 2.06 (Fair value uncertainty: VERY HIGH)
– Ugly Scenario: 1.8 (Fair value uncertainty: VERY HIGH)
– I will select bad and base scenario for HAIO valuation.
– Absolute EY%:
– Trailing:
– FY14 (EPS: 0.205) – Fair value 2.71 (Fair Value Uncertainty: MEDIUM)
– R4Q (EPS: 0.176) – Fair value 2.33 (Fair Value Uncertainty: MEDIUM)
– Forward:
– FY15 (EPS: 0.148) – Fair value 1.96 (Fair Value Uncertainty: VERY HIGH)
– FY16 (EPS: 0.16) – Fair value 2.12 (Fair Value Uncertainty: HIGH)
– EPS applied to reach the current stock price (2.19): 0.165
– Both models show that HAIO valuation is not attractive.
- Despite the current slump in its earnings, coupled with the possibility of longer-than-expected effect from the strategy shift, HAIO’s attractive dividend will be the main catalyst for the stock.
- I will continue to hold HAIO as I believe that HAIO has the ability to overcome the challenges ahead.

Latest Financial – Q2 2015 Financial Report (16 Dec 2014) http://www.bursamalaysia.com/market/listed...cements/1827421

At the time of writing, I owned shares of HAIO.

SCIENTX Analysis:-

http://lcchong.wordpress.com/2014/12/18/sc...is-18-dec-2014/

My View:-

- Valuation:
– 5Y DCF:
– Good Scenario: 10.91 (Fair value uncertainty: LOW)
– Base Scenario: 9.49 (Fair value uncertainty: MEDIUM)
– Bad Scenario: 8.23 (Fair value uncertainty: MEDIUM)
– Ugly Scenario: 7.12 (Fair value uncertainty: HIGH)
– If growth of FCFF in the next 5 years is 1%, SCIENTX still worth 6.98.
– Absolute EY%:
– Trailing:
– FY14 (EPS: 0.671) – Fair value 6.2 (Fair Value Uncertainty: VERY HIGH)
– R4Q (EPS: 0.675) – Fair value 6.24 (Fair Value Uncertainty: VERY HIGH)
– Forward:
– FY15 (EPS: 0.73) – Fair value 6.74 (Fair Value Uncertainty: HIGH)
– FY16 (EPS: 0.844) – Fair value 7.8 (Fair Value Uncertainty: HIGH)
– EPS applied to reach the current stock price (6.98): 0.756
– Absolute PE:
– FY14 (EPS: 0.671) – Fair value 8.78 (Fair Value Uncertainty: MEDIUM)
– R4Q (EPS: 0.675) – Fair value 8.83 (Fair Value Uncertainty: MEDIUM)
- SCIENTX is still under valued. In overall, uncertainty of fair values is from MEDIUM to HIGH.

Latest Financial – Q1 2015 Financial Report (17 Dec 2014) http://www.bursamalaysia.com/market/listed...cements/1828657

At the time of writing, I did not own shares of SCIENTX.

lcchong, have you done any research for MHB?

ALAM Analysis:-

http://lcchong.wordpress.com/2014/12/24/al...is-24-dec-2014/

My View:-
•Valuation: ◦Absolute EY% ◾Trailing: ◾FY13 (EPS: 0.094) – Fair value 1.13 (Fair Value Uncertainty: MEDIUM)
◾R4Q (EPS: 0.072) – Fair value 0.88 (Fair Value Uncertainty: MEDIUM)

◾Forward: ◾FY14 (EPS: 0.087) – Fair value 1.05 (Fair Value Uncertainty: MEDIUM)
◾FY15 (EPS: 0.098) – Fair value 1.19 (Fair Value Uncertainty: MEDIUM)

◾EPS applied to reach the current stock price (0.68): 0.056

◦Absolute PE ◾FY13 (EPS: 0.094) – Fair value 0.9 (Fair Value Uncertainty: MEDIUM)
◾R4Q (EPS: 0.072) – Fair value 0.7 (Fair Value Uncertainty: HIGH)


•Earnings of ALAM have been highly erratic and unpredictable.
•ALAM is highly leveraged.
•Lower vessel utilisation rates will be lower in light of the volatile/weak oil price environment.
•I will give it a pass.

Latest Financial – Q3 2015 Financial Report (20 Nov 2014) http://www.bursamalaysia.com/market/listed...cements/1800009

At the time of writing, I did not own shares of ALAM.

This post has been edited by lcchong76: Dec 24 2014, 09:40 AM

ARMADA Analysis:-

http://lcchong.wordpress.com/2014/12/30/ar...is-30-dec-2014/

My View:-
- Valuation
- Absolute EY%
- Trailing:
- FY13 (EPS: 0.076) – Fair value 2.34 (Fair Value Uncertainty: LOW)
- R4Q (EPS: 0.076) – Fair value 2.34 (Fair Value Uncertainty: LOW)
- Forward:
- FY14 (EPS: 0.077) – Fair value 2.37 (Fair Value Uncertainty: LOW)
- FY15 (EPS: 0.089) – Fair value 2.72 (Fair Value Uncertainty: LOW)
- EPS applied to reach the current stock price (1.15): 0.037
- Absolute PE
- FY13 (EPS: 0.076) – Fair value 0.55 (Fair Value Uncertainty: EXTREME)
- R4Q (EPS: 0.076) – Fair value 0.55 (Fair Value Uncertainty: EXTREME)
- I am not comfortable with financial positions of ARMADA despite increasing revenue and PATAMI. Besides, its net profit declined YoY for 4 consecutive quarters.
- Risks/Challenges (listed in my notes) are above my risk appetite.

Latest Financial – Q3 2014 Financial Report (20 Nov 2014) http://www.bursamalaysia.com/market/listed...cements/1800437

At the time of writing, I did not own shares of ARMADA.

PERISAI Analysis:-

http://lcchong.wordpress.com/2014/12/30/pe...is-30-dec-2014/

My View:-
•Due to very high uncertainties in PERISAI’s growth drivers and high volatility in its earnings, I am not confident to estimate valuation for PERISAI.
•You can refer to my notes for more details.
•PERISAI will be in my Research List.

Latest Financial – Q3 2014 Financial Report (5 Nov 2014) http://www.bursamalaysia.com/market/listed...cements/1786065

At the time of writing, I did not own shares of PERISAI.

PERDANA Analysis:-

http://lcchong.wordpress.com/2014/12/31/pe...is-31-dec-2014/

My View:-
•Valuation: ◦Absolute EY% ◾Trailing: ◾FY13 (EPS: 0.086) – Fair value 1.64 (Fair Value Uncertainty: MEDIUM)
◾R4Q (EPS: 0.129) – Fair value 2.44 (Fair Value Uncertainty: LOW)

◾Forward: ◾FY14 (EPS: 0.136) – Fair value 2.58 (Fair Value Uncertainty: LOW)
◾FY15 (EPS: 0.142) – Fair value 2.69 (Fair Value Uncertainty: LOW)

◾EPS applied to reach the current stock price (1.14): 0.06

◦Absolute PE ◾FY13 (EPS: 0.086) – Fair value 1 (Fair Value Uncertainty: HIGH)
◾R4Q (EPS: 0.129) – Fair value 1.49 (Fair Value Uncertainty: MEDIUM)


•In my opinion, PERDANA is currently undervalued, and looks attractive.
•Next year, PERDANA will continue to grow from existing long-term contracts coupled with a new contract anticipated for Perdana Emerald.
•Albeit there being no new vessel deliveries until 2016, the 5 vessel deliveries in the past 1.5years would continue to contribute positively to the Group.
•Perdana’s exposure to oil price fluctuations is minimal due to its vessels serving brownfield and maintenance assets. Thus regardless of oil price levels, these existing fields should continue to operate.
•2016 is expected to see higher earnings from the partial contribution of SK316 and 317 before full contribution is realised in 2017. Perdana’s fleet is well balanced with its AHTS catering to the development and exploration stage while its AWBs focus on the production stage/brownfield segment.

Latest Financial – Q3 2014 Financial Report (25 Nov 2014) http://www.bursamalaysia.com/market/listed...cements/1804417

At the time of writing, I did not own shares of PERDANA.


This post has been edited by lcchong76: Dec 31 2014, 01:26 PM

Mr L C Chong, would you mind to share your thought about plenitude(5075) and padini (7052). thank you very much

Gadang quarter result coming soon , estimate this week, excellent result sure push the price up... time to buy in more asap

https://lcchong.wordpress.com/2016/05/20/fu...-101-english-2/

Fundamental Analysis 101 (ENGLISH)

This course will be delivered in ENGLISH!

Organizer: Investalks Academy

Venue: Investalks Academy, 12-1, Jalan Perubatan 3, Pandan Indah, 55100 KL.

Date: Saturday, May 28 at 9 AM – 6 PM

Fee: RM288 for public; RM188 for student

Learning Objectives:
1. Learn the basic techniques in analysing financial statements
2. Learn how to analyse important information in Annual Report and Quarterly Report.

Contents:
1. What is Fundamental Analysis?
2. Contents in Annual Report and Quarterly Report
3. Financial Statements
4. Income Statement
5. Balance Sheet
6. Cash Flow Statement
7. Linking the 3 Financial Statements
8. Financial Ratio Analysis
9. Other Important Information in AR and QR

101 doesn’t cover estimation of intrinsic value. creative accounting and other advanced topics. This course is designed for beginner. If you are veteran investor or accountant, you may find it boring.

Maximum of registration: 20

Participants will be invited to join Investalks Academy group, where participants can get support from instructor.

Registration:
1. Bank in
a. Bank： Maybank
b. Account No.: 514383562062
c. Account Name: Ivestalks Enterprise

Send the payment receipt to investalksacademy@gmail.com
For student, please scan your student ID and then send to investalksacademy@gmail.com
Please register yourself by filling in this form: http://goo.gl/forms/ZMvoiQM2rB

Lcchong...Allianz ain't getting anywhere