Today bought in wthorse 1.4 x 4
why buy in? Based on analysis from investment guru Hutu
1. High DY, interim 5c, estimated 12c whole year tax exempted 8.6%
2. Eps 2005 to 2009 around 20cent,vy stable business estimate 2009 will be 22cent
3. Cash per share = 0.31
4. NTA = 2.48
5. profit margin - 14.05%
6 net profit margin 10.00%
3Q FY 09
current assets 373,396
current liabilities 137,936
long term liablilites 30,000
cash 72,408
unit share 240,000
cash per share 72,408/240000 = 0.30
% cash /share 0.30 /1.4 = 21 %
receivables turnover ration = net credit sales / average account receivables
whthorse = 133844/342992 x 273.75 = 106.8days (3Q)
effiecitent
2nd brother investment technics
1.40 quality low pe = 6.36
strong cash flow, management translate cashflow to dividen, high dividen yield.
benchmark = 8-9
22cent x 8 = 176 target p9rice
charts price (march) vs eps FYend
2004 2.43 vs 0.3434 pe 7
2005 1.48 vs 0.207 pe 7
2006 1.30 vs 0.1915 pe 7
2007 1.19 vs 0.2098 pe 6 (cash 0.21)
2008 1.07 vs 0.2269 pe 5 (cash 0.27)
2009 1.4 vs 0.22*
pe = 7 , 1.54
speculate on the announcement of DY
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