Steady and Old Fashioned

Author: Icon8888 | Publish date: Sun, 22 Mar 2015, 01:47 PM

Pie Industrial Bhd (PIE) Snapshot

Open 6.77		Previous Close 6.73
Day High 7.00		Day Low 6.77
52 Week High 06/10/14 - 7.75		52 Week Low 12/16/14 - 5.20
Market Cap 537.7M		Average Volume 10 Days 3.2K
EPS TTM 0.51		Shares Outstanding 76.8M
EX-Date 05/27/14		P/E TM 13.6x
Dividend 0.10		Dividend Yield 2.43%

P.I.E. Industrial Berhad is engaged in the manufacture and assembly of cables and wiresfor various industries, PCB assemblies and contract manufacturing of barcode readers, etc.

The company was incorporated in 1997 and is based in Seberang Perai, Malaysia.

The group has strong balance sheets. It has cash and loans of RM210 mil and RM95 mil respectively. Net cash per share is RM115 mil / 76.8 = RM1.50.

Cash flow statement as follows :-

For a technology company, the group's performance has been surprisingly consistent and resilient. Even during 2008 and 2009, earnings only dropped by approximately 20%.

Annual Result:

F.Y.	Revenue ('000)	Profit Attb. to SH ('000)	EPS (Cent)	PE	DPS (Cent)	DY	NAPS	ROE (%)
TTM	561,710	39,486	51.43	13.62	20.00	2.86	4.1500	12.39
2014-12-31	561,710	39,486	51.43	11.44	20.00	3.40	4.1500	12.39
2013-12-31	449,027	38,032	49.55	14.05	32.00	4.60	4.5000	11.01
2012-12-31	348,816	34,349	53.69	8.05	39.00	9.03	4.1500	12.94
2011-12-31	349,650	37,227	58.19	6.74	35.00	8.93	3.8900	14.96
2010-12-31	287,203	25,663	40.10	9.86	35.00	8.86	3.6500	10.99
2009-12-31	225,902	25,282	39.51	10.64	35.00	8.33	3.4800	11.35
2008-12-31	291,784	33,936	53.02	7.13	36.00	9.52	3.3100	16.02
2007-12-31	280,949	35,591	56.84	10.47	26.00	4.37	3.0600	18.58

The group reported a huge jump in earnings in December 2014 quarter to RM14.2 mil. The spike in earnings was due to forex gain and net reversal of inventories of RM2.6 mil and RM5.5 mil respectively.

As a matter of fact, out of FY2014 net profit of RM39.5 mil, RM10.5 mil was due to forex gain (please refer to table below).

Excluding the forex gain, full year net profit would be RM29 mil. EPS would be 37.8 sen. Based on RM6.73, PER would be 17.8 times.

Quarter Result:

F.Y.	Quarter	Revenue ('000)	Profit before Tax ('000)	Profit Attb. to SH ('000)	EPS (Cent)	DPS (Cent)	NAPS
2014-12-31	2014-12-31	157,687	19,639	14,179	18.46	-	4.1500
2014-12-31	2014-09-30	131,428	10,532	8,286	10.79	-	3.9300
2014-12-31	2014-06-30	115,228	10,038	7,902	10.29	20.00	3.8100
2014-12-31	2014-03-31	157,367	11,866	9,119	14.26	-	4.6500
2013-12-31	2013-12-31	142,711	15,671	12,462	16.24	-	-
2013-12-31	2013-09-30	116,394	13,315	10,483	16.39	-	4.3400
2013-12-31	2013-06-30	108,332	13,228	9,551	14.93	32.00	4.1600
2013-12-31	2013-03-31	81,590	7,016	5,535	8.65	-	4.2800
2012-12-31	2012-12-31	92,663	17,532	13,710	21.43	-	-
2012-12-31	2012-09-30	84,740	8,351	6,473	10.12	-	4.0200
2012-12-31	2012-06-30	91,386	11,144	8,277	12.94	39.00	3.9300
2012-12-31	2012-03-31	80,026	7,187	5,889	9.20	-	4.0800