Tuesday 22 August 2017

Pentamaster (22.8.2017)


Pentamaster
21.8.2017

INCOME STATEMENT
Thousands
Year …. T4Q
Revenues …. 170,580
PBT …. 33,609
PAT …. 34,346
EPS (RM) …. 0.2118
No of shr (m) …. 146.7

PBT Marg …. 19.70%
NP Marg …. 20.13%


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Pentamaster
21.8.2017

INCOME STATEMENT
Thousands
Year …. 2016 …. 2015 …. 2014 …. 2013 …. 2012
Revenues …. 151,939 …. 83,604 …. 81,047 …. 67,344 …. 56,896
GrProf …. 47,868 …. 23,831 …. 20,845 …. 11,788 …. 9,472
EBIT …. 27,514 …. 11,640 …. 5,759 …. 28 …. (3,979)
Int Exp …. 94 …. 10 …. 258 …. 358.2 …. 566
PBT …. 28,838 …. 14,682 …. 7,352 …. 3,918 …. (2,083)
Tax …. (747) …. 2,392 …. 1,309 …. 1,066 …. 52
PAT …. 27,028 …. 11,953 …. 4,531 …. 2,385 …. (1,333)
EPS (Dil) …. 0.19 …. 0.09 …. 0.03 …. 0.02 …. -0.01
No of shr (Dil) …. 144,072.2 …. 133,265.0 …. 133,243.1 …. 133,243.1 …. 133,243.1



GP Marg …. 31.51% …. 28.50% …. 25.72% …. 17.50% …. 16.65%
PBT Marg …. 18.98% …. 17.56% …. 9.07% …. 5.82% …. -3.66%
NP Marg …. 17.79% …. 14.30% …. 5.59% …. 3.54% …. -2.34%
EBIT/Int …. 293.6 …. 1187.7 …. 22.3 …. 0.1 …. -7.0



BALANCE SHEET
Thousands
Year …. 2016 …. 2015 …. 2014 …. 2013 …. 2012
CA …. 94,749 …. 43,656 …. 43,563 …. 35,579 …. 36,774
NCA …. 48,723 …. 52,899 …. 46,490 …. 51,294 …. 56,757
TA …. 143,471 …. 96,555 …. 90,053 …. 86,873 …. 93,531

CL …. 30,578 …. 14,927 …. 22,845 …. 24,483 …. 31,299
NCL …. 269 …. 2,646 …. 4,266 …. 3,129 …. 2,591
TL …. 30,847 …. 17,573 …. 27,111 …. 27,612 …. 33,890
Eq …. 112,174 …. 77,851 …. 62,942 …. 56,879 …. 54,067
TL+Eq …. 143,471 …. 96,555 …. 90,053 …. 86,873 …. 93,531



Cash …. 33,406 …. 15,388 …. 10,359 …. 4,899 …. 5,112
ST Debt …. 178 …. 101 …. 132 …. 6,507 …. 10,642
LT Debt …. 269 …. 141.4 …. 56.6 …. 188.4 …. -
Total Debt …. 447 …. 243 …. 188 …. 6,695 …. #VALUE!

Inventories …. 17,617 …. 6,543 …. 11,105 …. 10,738 …. 11,085
AR …. 41,530 …. 20,784 …. 20,387 …. 18,790 …. 19,942
AP …. 2,799 …. 3,280 …. 602 …. 653 …. 944

CA-CL …. 64,171 …. 28,729 …. 20,718 …. 11,096 …. 5,475

TD/Eq …. 0.4% …. 0.3% …. 0.3% …. 11.8% …. #VALUE!
TD/TA …. 0.3% …. 0.3% …. 0.2% …. 7.7% …. #VALUE!
TL/TA …. 21.5% …. 18.2% …. 30.1% …. 31.8% …. 36.2%

CR …. 3.10 …. 2.92 …. 1.91 …. 1.45 …. 1.17
QR …. 2.52 …. 2.49 …. 1.42 …. 1.01 …. 0.82



CE …. 146,300 …. 97,016 …. 77,568 …. 67,289 …. 67,344

Average of 2 years
CE (Avg) …. 121,658 …. 87,292 …. 72,428 …. 67,316 ….
TA (Avg) …. 120,013 …. 93,304 …. 88,463 …. 90,202 ….
Eq (Avg) …. 95,013 …. 70,396 …. 59,910 …. 55,473 ….






CASH FLOW STATEMENT
Thousands
Year …. 2016 …. 2015 …. 2014 …. 2013 …. 2012
Net Inc …. 28,838 …. 14,682 …. 7,352 …. 3,918 …. (2,083)
D&A …. 8,356 …. 4,436 …. 3,928 …. 6,315 …. 5,545
FFO …. 35,899 …. 13,454 …. 11,127 …. 6,314 …. 4,784
CWC …. (17,999) …. (5,405) …. 913 …. (771) …. (8,571)
NetOCF …. 17,899 …. 8,050 …. 12,040 …. 5,543 …. (3,787)

Capex …. (4,288) …. (3,790) …. (2,125) …. (1,787) …. (65)

FCF …. 14,084 …. 4,969 …. 11,632 …. 5,314 …. (3,852)
Dividends …. - …. - …. - …. - …. -
RE …. 28,838 …. 14,682 …. 7,352 …. 3,918 …. (2,083)
Owner's Cash …. 32,906 …. 15,328 …. 9,154 …. 8,447 …. 3,397
FFO less Capex …. 31,611 …. 9,664 …. 9,002 …. 4,527 …. 4,719


NetOCF/Net Inc …. 62.1% …. 54.8% …. 163.8% …. 141.5% …. 181.8%
FCF/Net Inc …. 48.8% …. 33.8% …. 158.2% …. 135.6% …. 184.9%
Capex/Net Inc …. 14.9% …. 25.8% …. 28.9% …. 45.6% …. -3.1%
Capex/NetOCF …. 24.0% …. 47.1% …. 17.7% …. 32.2% …. -1.7%
Capex/D&A …. 51.3% …. 85.4% …. 54.1% …. 28.3% …. 1.2%
DPO ratio …. 0.0% …. 0.0% …. 0.0% …. 0.0% …. 0.0%



VALUATION
Year …. 2016 …. 2015 …. 2014 …. 2013 …. 2012
Share Price RM …. 1.70 …. 0.71 …. 0.49 …. 0.22 …. 0.21
Market cap (m) …. 245 …. 95 …. 65 …. 29 …. 27

ROCE …. 22.6% …. 13.3% …. 8.0% …. 0.0% …. #DIV/0!
ROA …. 22.5% …. 12.8% …. 5.1% …. 2.6% …. #DIV/0!
ROE …. 28.4% …. 17.0% …. 7.6% …. 4.3% …. #DIV/0!

FCF/Revenues …. 9.3% …. 5.9% …. 14.4% …. 7.9% …. -6.8%

FCF/Mkt Cap …. 5.8% …. 5.3% …. 17.8% …. 18.1% …. -14.1%
DY …. 0.0% …. 0.0% …. 0.0% …. 0.0% …. 0.0%

Mkt. cap/Equity (P/B) …. 2.18 …. 1.22 …. 1.04 …. 0.52 …. 0.51
Mkt. cap/Net Inc (PE) …. 9.06 …. 7.92 …. 14.41 …. 12.29 …. -20.50



Today's Price RM …. 4.71
Shares (m) …. 146.653
Market cap (m) today …. 691

Mkt. cap/Equity (P/B) …. 6.16
Mkt. cap/Net Inc (PE) …. 20.11





Pentamaster

Quarterly Report History
Qtr Financial Revenue PBT  PAT PBT 
No Quarter (RM,000) (RM,000) (RM,000)
Margin
1 31-Mar-17 47,572 9,341 7,538 19.6%
4 31-Dec-16 43,476 7,337 9,548 16.9%
3 30-Sep-16 40,684 8,377 7,315 20.6%
2 30-Jun-16 38,848 8,554 6,664 22.0%
1 31-Mar-16 28,599 4,238 3,169 14.8%
4 31-Dec-15 19,256 2,411 1,482 12.5%
3 30-Sep-15 20,908 6,826 5,469 32.6%
2 30-Jun-15 24,089 4,021 3,251 16.7%
1 31-Mar-15 19,351 1,424 1,751 7.4%
4 31-Dec-14 22,293 3,109 2,114 13.9%
3 30-Sep-14 22,307 2,439 2,011 10.9%
2 30-Jun-14 26,689 2,544 1,607 9.5%
No. Financial ttm-Rev ttm-PBT  ttm-PAT ttm-PBT 
Qtr. Quarter (RM,000) (RM,000) (RM,000) Margin

1
31-Mar-17 170,580 33,609 31,065 19.7%
4 31-Dec-16 151,607 28,506 26,696 18.8%
3 30-Sep-16 127,387 23,580 18,630 18.5%
2 30-Jun-16 107,611 22,029 16,784 20.5%
1 31-Mar-16 92,852 17,496 13,371 18.8%
4 31-Dec-15 83,604 14,682 11,953 17.6%
3 30-Sep-15 86,641 15,380 12,585 17.8%
2 30-Jun-15 88,040 10,993 9,127 12.5%
1 31-Mar-15 90,640 9,516 7,483 10.5%
4 31-Dec-14
3 30-Sep-14
2 30-Jun-14
Qtr Financial EPS  DPS NTA ttm-EPS
No Quarter (Cent) (Cent) (RM) (Cent)
1 31-Mar-17 5.14 0 0.79 21.21
4 31-Dec-16 6.51 0 0.733 18.38
3 30-Sep-16 4.99 0 0.671 12.98
2 30-Jun-16 4.57 0 0.621 12.09
1 31-Mar-16 2.31 0 0.576 9.96
4 31-Dec-15 1.11 0 0.554 8.96
3 30-Sep-15 4.1 0 0.539 9.44
2 30-Jun-15 2.44 0 0.498 6.85
1 31-Mar-15 1.31 0 0.474 5.62
4 31-Dec-14 1.59 0 0.462 #REF!
3 30-Sep-14 1.51 0 0.446 #REF!
2 30-Jun-14 1.21 0 0.431 #REF!

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