tag:blogger.com,1999:blog-29462482.post3315592451017513792..comments2023-10-17T15:46:53.662+08:00Comments on nexttrade: QL's top-line & bottom-line dipped a bitAlex Luhttp://www.blogger.com/profile/08920196030603399063noreply@blogger.comBlogger2125tag:blogger.com,1999:blog-29462482.post-56404157799777113162012-05-24T10:01:18.170+08:002012-05-24T10:01:18.170+08:00Hi Kerry Lee,
I have just studied the prospectus ...Hi Kerry Lee,<br /><br />I have just studied the prospectus of Gas Malaysia. I would put the EPS at a range of 8-10 sen for FY2012. The uncertainty which led to the range is:<br /><br />1) When would the new selling price, cost price & margin kick in? Margin is supposed to drop to 11.5% in 1/12/2011 but it has not been implemented yet!<br />2) What will be the growth in sales volume for FY2012?<br /><br />If I chose to be generous and assume the new pricing will not kick in for FY2012 and factor in a volume growth of 10%, the net profit could be RM126 million and EPS about 10 sen. If I chose to be less generous and assume the new pricing will kick in on 1/7/2012 and no sales volume increase (unlikely!), then the net profit could be RM100 million and EPS about 8 sen.<br /><br />If we used Petgas's PE multiple of 24 times but factoring in a discount of 10%, then the value of Gas Malaysia would be in the range of RM1.72 and RM2.16.Alex Luhttps://www.blogger.com/profile/08920196030603399063noreply@blogger.comtag:blogger.com,1999:blog-29462482.post-63381548649788133432012-05-23T14:06:37.057+08:002012-05-23T14:06:37.057+08:00Invest into something else like? What about Gas Ma...Invest into something else like? What about Gas Malaysia as long term buy?<br />TQkerry leehttps://www.blogger.com/profile/12940526768329469038noreply@blogger.com