Monday, 14 December 2015

Jaycorp (4) - Excellent Result

Author: icon8888   |   Publish date: Mon, 14 Dec 2015, 08:38 PM 

Today, Jaycorp released its October 2015 quarterly result (first quarter of FY2016). Result is excellent with net profit of RM5.5 mil. Based on 137 mil shares, EPS in latest quarter is 4 sen.

For details, please refer to table below, which is self explanatory :-

Key observations :-
(a) Furniture division's revenue reached all time high of RM62.9 mil. PBT came in at RM6.7 mil, 6.3% higher than previous quarter.
(b) Packaging division's PBT at RM0.6 mil is more or less same as previous quarter.
(c) Rubber wood division reported loss of RM0.8 mil due to weaker demand from China.
(d) Renewable division finally broke even.

Exceptional items totalled only RM0.8 mil (vs. RM4.6 mil in previous quarter), mostly due to derivative losses. Net profit of RM5.5 mil translates into EPS of 4 sen.

Based on annualised EPS of 16 sen and PER of 10 times, fair value should be RM1.60.

Simple and easy to understand, no rocket science.

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