PARAMON (Paramount Corporation Berhad 百乐园)
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1. 营收:今年的主要营收来自建筑方面以及教育方面。季报指出:
直到2011年第三季9月30日为止的报告:
营收:For Q3 FY11, the Group recorded higher revenue of RM108.9 million compared with RM98.3 million recorded in Q3 FY10 mainly due to higher revenue recorded by the construction division.
税后净利:
Q3 FY11:
Profit before tax (PBT) for Q3 FY11 was, however, lower at RM23.0 million compared with Q3 FY10’s RM31.8 million mainly due to lower contribution from the construction division and the educational services division.
Q3 FY10:
The higher contribution from construction in Q3 FY10 was due to the inclusion of share of profit from an associated company on a joint venture external project and compensation on material price escalation on an external project.
总合2011年3季的报告:
营收:For 9 mths FY11, the Group recorded marginally higher revenue of RM334.8 million compared with RM329.3 million recorded in 9 mths FY10 due to the same reason as mentioned above.
税后净利:
9 months FY11:
PBT for 9 mths FY11 was, however, lower at RM81.2 million compared with 9 mths FY10's RM90.1 million.
9 months FY10:
The higher PBT for 9 mths FY10 was due to the inclusion of share of profit of RM8.8 million mainly from Jerneh Insurance Berhad, an associated company, which was disposed of in Q4 FY10.
与去年的营收329,344相比,今年营收334,776实际上比去年增加了2%左右。
今年的盈利为55,546 ,或每股16.44仙;去年63,007,或每股19.47仙。
但是去年的净利是有包括第四季百乐园卖出的Jerneh Insurance的收入,净利大约是8.8百万。
扣除Jerneh Insurance的8.8百万的收入,每股盈利应该是16.75仙才是。(63,007减去8,800,然后除与发行了的323,610股 [ 是根据拆细后的股数 ] )
严格来说,今年16.44仙和去年的16.75仙来比,实际上盈利是下滑了2%左右。
结论是:虽然营收比去年同期增加了2%左右,实际上盈利比去年同期来说却下滑了2%左右。
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2. 资产负债情况:
Total Current Asset : 484,869
Total Current Liabilities : 272,196
虽然流动债务占了流动资产的56%,但显然还是可以应付,还不是什么大问题。
再留意百乐园的现金流,就可发现集团握有大量的现金:
Cash and bank balances : 225,425
拥有2亿2千5百万的现金在手,几乎可以把全部的流动债务完全偿还,可见这笔现金足以让集团应付突发事件。
关于长期债务方面:
Non current liabilities : 54,393
5千4百万的长期债务,只占集团资产的11%,无须担心。
整体而言:
Total Asset : 927,895
Total Liabilities : 272,196
债务占了资产的29%,换句话说你有1元资产,0.29是别人的钱。
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3. 回酬率:
ROE 8% (盈利 56 / 股东基金 656)
ROA 6% (盈利 56 / 资产 928)
2011年集团有927,895的资产,取得334,776的营收,最后取得55,546的净利。利润率为17%。
而2010年集团有963,708的资产,取得329,344的营收,最后取得63,007的净利。利润率为19%。
NTA为RM 1.94。
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季报的结论:
集团的产业发展仍然是公司的主要业务,其表现将直接影响集团接下来季度的表现。
集团教育业将会取得良好的发展,主要原因是集团于今年第三季度新开的国际学校将投入运作。而教育业也开始出现转好的迹象。
总的来说,百乐园的基本面仍然强劲,预计今年集团的表现仍然是令人满意的。
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我大胆的预测:
2011年全年的EPS:21.92仙
预测合理的价位为:马币2.19令吉
购入的价位为:马币1.55令吉
现在的价位为:马币1.64令吉
预测本益比为:7 (< 10 = 暂时被低估)
以上文章纯属个人意见,任何买卖都将与本人无关。
请大家多多指教。
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