by Blackjack » Mon Mar 01, 2010 8:58 pm
Full year results are out-
---------- 2009 2008
turnover 186,148 157,239 Revenue increased 18.3%, industrial revenue exceeded group revenue for FY08
cogs 132,177 113,875
stocks 38,943 46,216
Inventory turnover 76 107
PAT 13,894 14,537 If negative goodwill of $2.5million taken out of consideratio, PAT would grow 13.3% yoy
profit margin 7.4% 9.2%
Non-current assets 73,642 65,357
Current assets 126,516 120,789
Non-current liabilities -23,026 -17,929
Current liabilities -79,360 -81,020
total shareholder equity 97,772 87,197
debt/equity ratio 1.04 1.13
EPS 5.05cts 6.65cts Historical PE of 7x does not make it extremely attractive. Was expecting less.
NAV 40.4cts 36.1cts
Overall the distribution cost and adminstrative costs increased by 42.7% and 23.6% due to consolidation of gas business, and its strategy of offering closer support to her clients. Revenue may have increased but this was done so at the expense of its profitability. Question is can these 2 components can be reduced going forward, considering this is still the early stage of integration. To enhance its safety business manufacturing capability, the Group also invested in a manufacturing plant for its fire fighting equipment in China, operational by 2H10.