Today bought in wthorse 1.4 x 4
why buy in? Based on analysis from investment guru Hutu
1. High DY, interim 5c, whole year 10C, tax exempted 7.14%
2. Eps 2005 to 2009 around 20cent, vy stable business , 2009 beat estimation to 25.77c, esp Q4 9.67
3. Cash per share = 0.31
4. NTA = 2.52
5. profit margin - 14.05%
6 net profit margin 10.00%
FY 09
current assets 339,310
current liabilities 131,084
long term liablilites 0 (improved)
cash 53,894 ( cash reduce, however long term liabilities 300,000 has cleared,good move!)
unit share 240,000
cash per share 53,894/240000 = 0.224c
% cash /share 0.224 /1.4 = 16 %
net cash
receivables turnover ration = net credit sales / average account receivables
whthorse = 128108/478201 x 365 = 97.78days
effiecitent
2nd brother investment technics
1.40 quality,eps 25.77, low pe = 5.43
strong cash flow, management translate cashflow to dividen, high dividen yield.
benchmark = 8-9
25.77cent x 8 = 206.16 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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