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Date of Analysis: Company Name: Stock Code (Bursa): Stock Code (Bloomberg): Stock Code (Reuters): Price as of Analysis: Stock Grade 4-Jun-11 PETRONAS GAS BERHAD PETGAS PTG:MK PGAS.KL 11.54 Dividend Cash Cows Main Y INDUSTRIAL PRODUCTS Industrial PE: 39.75 Rolling EPS: 0.73 Board: FBMKLCI: Sector:
Financial Statements: Year over year, Petronas Gas Bhd has been able to grow revenues from 3.2B to 3.5B. Most impressively, the company has been able to reduce the percentage of sales devoted to cost of goods sold from 63.43% to 49.30%. This was a driver that led to a bottom line growth from 940.9M to 1.4B.
4 - Conservative Debt
4.1. Long term debt < 4 times Net Profit 4.2. Debt/Equity Ratio < 1 4.3. Current Ratio > 1
5.2. FQA Score > 60% 5.3. SWC Score > 7% p.a.
1.053881279 1.580821918
3.161643836
TOTAL REVENUES NET INCOME
1.2. Cash Flows -> Net Cash from Operations increasing in the past 4 years. RM ('000) NET CASH FROM OPERATIONS
2,000,000 1,800,000 1,600,000 1,400,000 1,200,000 1,000,000 800,000 600,000 400,000 200,000 0 2006 2007 2008 2009 2010 NET CASH FROM OPERATIONS
2006 1,590,774
2007 1,740,778
2008 1,584,533
2009 1,420,743
2010 1,537,786
1.3. Growing/consistent revenue in EPS, revenue and net profit in the last 4 quarters.
1000000 900000 800000 700000 600000 500000 400000 300000 200000 100000 0
872645 802211
868430
892687
891190
3/1/2010
6/1/2010
9/1/2010
12/1/2010
3/1/2011
EPS Trend
25 20 15 10 5 0 Mar-10 Quarter Jun-10 Sep-10 Dec-10 Mar-11 10.18 19.35 19.66 20.25 13.48
1.4. The current quarter's EPS is up more than 15% from the same quarter the year before. EPS Growth: 32%
2.2. Gross Profit Margin (> 40%) & Net Profit Margin (> 10%) high & consistent
1,787,200 940,896
3,221,843 1,131
ROE
18 16 14 12 10 8 6 4 2 0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
4 - Conservative Debt
4.1. Long term debt < 4 times Net Profit Long Term Debt: Long Term Debt < 4 times Current Net Earnings (After Tax): 4.2. Debt/Equity Ratio < 1 0.45 423,600
Debt/Equity Ratio:
0.23
EBIT (1-Tax rate%) Total Equity Short Term Debt Long Term Debt Cash & Equiv ROIC
21.50% 21.00% 20.50% 20.00% 19.50% 19.00% 18.50% 18.00% 17.50% 17.00% 16.50% 16.00% 2007
ROIC
2008
2009
2010
Sales Revenue Sales Growth YOY Inventory Accounts Receivable Accounts Payable Working Capital Working Capital Growth YOY Inventory Days Days Receivable Days Payable Cash Conversion Cycle
20% 10% 0% 2007 -10%
2008
2009
6.3. Free Cash Flow / Sales > 5% Free Cash Flow/Sales: 37.64%
Discount from IV is not more than 20% Based on PEG, it is currently slightly undervalued.
10.1. Stock price breaks out of consolidation/dip on an uptrend and above 20 and 50 moving averages on monthly char