MIECO CHIPBOARD BERHAD (5001) Intrinsic Value calculation

KLSE stock selection criteria

EBIT growth (%)
EPS growth (%)
PER

Par Value = 1.00

>10%
>10%
<10

38.08%
70.96%
8.86

Description
Financial Year End : 31/12/201
Year
STD
2014
2015 Q3
Stock name
MIECO
MIECO
Share price
1.29
1.29
No. of shares
210,000
210,000
Market cap
270,900
270,900
Sales
321,890
327,688
Net profit
17,877
30,562
EBIT
28,342
39,136
EBIT Margin
8.8%
11.9%
Interest Cost
8,901
7,589
Interest Coverage
3.184
5.157
>9
EPS
0.085
0.146
P/E
15.15
8.86
<=10
Current Assets
142,078
111,527
Total Asset
533,023
512,395
Equity
273,567
289,687
Current Liabilities
182,618
185,379
Total liabilities
238,828
243,336
Stocks
47,143
53,842
Current Ratio
0.61
0.77
>1.8
Quick Ratio
0.35
0.48
>1.4
Borrowings
101,260
89,441
Minority interest
0
0
Cash & Securities
6,319
16,104
Cash per share
0.03
0.08
Net Debt
94,941
73,337
EV = Market Cap + Mi + Borrowings - Excess Cash
365,841
344,237
EV/EBIT
12.91
8.80
<8.0
Earnings Yield
7.75%
11.37%
>12%
NTA
1.3
1.38
-1,401
-2,235
-10,182

-6,945
-12,030
15,333

14,392
33,793

29,711
28,409

Proceeds from borrowings

Repayment of borrowings

295
-29,874

-16,090

Dividend (cent)
Dividend Yield
Net profit margin (N.profit/sales)
>8%
Asset turnover (sales/t.asset)
>0.5
Financial leverage (Total asset/equity<2.0

0.00
0.0%
5.55%
0.63
1.87

0.00
0.0%
9.33%
0.61
1.84

Change in inventories
Change in receivables
Change in payables

Cash Flow From Operation (CFFO)

Free cash flow

>Net profit
>10% sale

ROE
Price/Book Value

>10%
<1.5

6.53%
0.99

10.55%
0.94

Method 1
Target price (EV/EBIT=12)
Current Price
Margin of Safety
Potential gain
Method 2
ROE
Rr, %
NTA
IV= ROE/ Rr*NTA
Current Price
Margin of Safety
Potential gain
Method 3
(22.5*EPS*Book value per share)^0.5
EPS
Total equity
Number of shares
(22.5*EPS*Total Equity/share)^0.5
Current price
Margin of Safety
Potential gain
Checklist
PE Ratio
ROE
Free Cash Flow > 10% Sales
CFFO > Net Profit
Debt to Equity - (T.debt/T.equity)
Net Debt to Equity
Net Profit Margin (N.profit/Sales)
Asset Turnover (Sales/T.asset)
Financial Leverage (Total asset/Equity)
Interest Coverage
Current Ratio
Quick Ratio
EV/EBIT
Earnings Yield
Price / Book Value

Actual Price

Thank you.
Ooi Teik Bee
Remisier
Tel : 603-21482111 (Office hours)

1.17
1.29
-10.50%
-9.50%

1.89
1.29
31.64%
46.29%

6.53%
8.00%
1.30
1.06
1.29
-21.48%
-17.68%

10.55%
8.00%
1.38
1.82
1.29
29.12%
41.08%

0.09
273567
210000
1.58
1.29
18.33%
22.45%

0.15
289687
210000
2.13
1.29
39.30%
64.75%

STD
<=10
>10%
> 32769
> 30562
<=0.5 - 1
<=0.5 - 0.8
>8%
>0.5
<2.0
>9
>1.8
>1.4
<8.0
>12%
<1.5

Current
1.29

Actual
8.86
10.55%
28,409
29,711
0.84
0.25
9.33%
0.61
1.84
5.16
0.77
0.48
8.80
11.37%
0.94

Target
2.01
average 1+3

Gain %
56

: 31/12/2015
Growth

1.80%
70.96%
38.08%
35.64%
-14.74%
61.96%
70.96%
-41.51%
27.39%
4.03%
5.89%
1.51%
1.89%
14.21%
25.50%
35.01%
-11.67%
154.85%
154.85%
-22.76%
-5.91%
-31.86%
46.75%
6.15%
395.72%
438.26%
-250.59%
106.44%
-15.93%
-46.14%

67.93%
-2.14%
-1.76%

61.44%
-5.56%

Remarks
Good
Good
OK
OK
Good
Good
Good
Good
Good
Bad
Bad
Bad
Bad
OK
Good