Category: SPH
SPH
Share Price: $4.12 @ 21 April 2010
Year End: 31-Aug
|
|
2009 |
2008 |
2007 |
2006 |
2005 |
Remark |
|
Cash |
29.5 |
30.5 |
31.9 |
26.1 |
24.8 |
From Balance Sheet |
|
Long Term Debt |
723.40 |
573.60 |
573.70 |
610.80 |
650.00 |
From Balance Sheet |
|
Total Current Asset |
1,232.80 |
1,138.30 |
1,126.00 |
900.90 |
868.80 |
From Balance Sheet |
|
Total Current Liabilities |
327.40 |
367.40 |
340.10 |
308.00 |
287.80 |
From Balance Sheet |
|
Outstanding Shares |
1,603.15 |
1,602.60 |
1,599.68 |
1,592.67 |
1,590.41 |
From Balance Sheet |
|
Total Shareholder Equity |
2,055.20 |
2,088.90 |
2,123.10 |
2,046.40 |
1,621.20 |
From Balance Sheet |
|
Net Cash Flow ($) |
88.2 |
88.9 |
40.8 |
11.2 |
-122.4 |
From CashFlow |
|
Total Cash Dividends ($) |
-416.70 |
-432.70 |
-416.40 |
-382.40 |
0.00 |
From CashFlow |
|
Cash Flow From Operating Activities |
-128.10 |
24.40 |
57.20 |
0.10 |
-62.50 |
From CashFlow |
|
Capital Expenditure |
-75.20 |
-101.90 |
-72.20 |
-21.10 |
-28.80 |
From CashFlow |
|
Revenue |
1,301.40 |
1,301.00 |
1,160.20 |
1,021.40 |
1,007.50 |
From Income Statement |
|
Gross Profit |
1,116.80 |
1,124.40 |
986.70 |
852.60 |
825.90 |
From Income Statement |
|
Net Income Before Taxes |
482.20 |
522.00 |
576.30 |
509.40 |
558.40 |
From Income Statement |
|
Net Income After Taxes |
418.40 |
435.90 |
498.70 |
428.30 |
488.40 |
From Income Statement |
|
EPS |
0.27 |
0.29 |
0.31 |
0.23 |
0.33 |
From Income Statement |
|
Share Price @ 31 Aug |
$3.66 |
$4.12 |
$4.34 |
$3.98 |
$4.52 |
|
|
Financial Strength Analysis of Company |
||||||
|
Cash Growth Rate |
-3.28% |
-4.39% |
22.22% |
5.24% |
#VALUE! |
Increase Good |
|
Long Term Debt Rate |
26.12% |
-0.02% |
-6.07% |
-6.03% |
#VALUE! |
Decrease Good |
|
Working Capital (CA – CL) |
905.40 |
770.90 |
785.90 |
592.90 |
581.00 |
Positive Good |
|
Finanical Strength |
35.20% |
27.46% |
27.02% |
29.85% |
40.09% |
Positive Good |
|
Size of Company |
-33.70 |
-34.20 |
76.70 |
425.20 |
#VALUE! |
Increase Good |
|
Debt Factor Benchmark |
Normal |
Normal |
Normal |
Normal |
Normal |
Very Good <25% Normal <50% Bad |
|
Performance Analysis of Company |
||||||
|
Gross Margin |
85.82% |
86.43% |
85.05% |
83.47% |
81.98% |
Increase Good (compare to Previous Year) |
|
Operating Margin |
37.05% |
40.12% |
49.67% |
49.87% |
55.42% |
Increase Good (compare to Previous Year) |
|
Net Margin |
32.15% |
33.50% |
42.98% |
41.93% |
48.48% |
Increase Good (compare to Previous Year) |
|
EPS Growth Rate |
-7.34% |
-8.63% |
33.76% |
-28.88% |
#VALUE! |
Increase Good (compare to Previous Year) |
|
ROE (Net Income After Tax/Equity) |
20.36% |
20.87% |
23.49% |
20.93% |
30.13% |
Increase Good (compare to Previous Year) |
|
Health Analysis of Company |
||||||
|
Net Cash Flow Growth Rate |
-0.79% |
117.89% |
264.29% |
109.15% |
#VALUE! |
Increase Good (compare to Previous Year) |
|
Net Cash Flow / Share Price @ 31 Dec Ratio |
1.50% |
1.35% |
0.59% |
0.18% |
-1.70% |
Increase Good (compare to Previous Year) |
|
Cash Flow Benchmark @ 31 Dec |
Normal |
Normal |
Normal |
Normal |
Bad |
Very Good >50% Good >20% Normal >0% Bad |
|
Net Cash Flow / Current Share Price Ratio |
1.34% |
1.35% |
0.62% |
0.17% |
-1.87% |
Increase Good (compare to Previous Year) |
|
Cash Flow Benchmark @ Current Price |
Normal |
Normal |
Normal |
Normal |
Bad |
Very Good >50% Good >20% Normal >0% Bad |
|
PE Analysis of Company |
||||||
|
P/E @ FY End |
13.81 |
14.41 |
13.87 |
17.01 |
13.74 |
Decrease Good Provided Earning Increase |
|
EPS Growth Rate / PE |
-0.01 |
-0.01 |
0.02 |
-0.02 |
#VALUE! |
Increase Good |
|
PE Benchmark @ 31 Dec |
Bad |
Bad |
Normal |
Bad |
#VALUE! |
Good > 1 Normal > 0 Bad |
|
P/E Based on Current Price |
15.55 |
14.41 |
13.16 |
17.61 |
12.52 |
Decrease Good Provided Earning Increase |
|
EPS Growth Rate / PE Based on Current Price |
0.00 |
-0.01 |
0.03 |
-0.02 |
#VALUE! |
Increase Good |
|
P/E Benchmark @ Current Price |
Bad |
Bad |
Normal |
Bad |
#VALUE! |
Good > 1 Normal > 0 Bad |
|
Dividend Analysis of Company |
||||||
|
Dividend Per Share ($) |
$ 0.26 |
$ 0.27 |
$ 0.26 |
$ 0.24 |
$ – |
Increase Good |
|
Dividend Yield (%) |
7.10% |
6.55% |
6.00% |
6.03% |
0.00% |
|
|
Dividend Yield (%) Based on Current Price |
6.31% |
6.55% |
6.32% |
5.83% |
0.00% |
|
|
Payout Ratio |
98.09% |
94.41% |
83.16% |
102.61% |
0.00% |
|
|
Free Cash Flow |
-203.30 |
-77.50 |
-15.00 |
-21.00 |
-91.30 |
|
|
Free Cash Flow / Revenue Ratio |
-15.62% |
-5.96% |
-1.29% |
-2.06% |
-9.06% |
|
|
(Free Cash Flow / Revenue Ratio) |
162.24% |
360.75% |
-37.12% |
-77.31% |
#DIV/0! |
|
|
Peter Lynch Analysis |
||||||
|
Cash Net of Long Term Debt |
-$0.34 |
-$0.26 |
-$0.26 |
-$0.29 |
-$0.39 |
Increase Good |
|
Actual Price you are paying for the share |
$4.00 |
$4.38 |
$4.60 |
$4.27 |
$4.91 |
Lower than share price is good |
|
New P/E @ 31 Dec |
15.09 |
15.31 |
14.68 |
18.23 |
14.91 |
Decrease Good Provided Earning Increase |
|
EPS Growth Rate / New PE |
0.00 |
-0.01 |
0.02 |
-0.02 |
#VALUE! |
Increase Good |
|
New PE Benchmark @ 31 Dec |
Bad |
Bad |
Normal |
Bad |
#VALUE! |
Good > 1 Normal > 0 Bad |
|
Actual Price you are paying for the share |
$4.46 |
$4.38 |
$4.38 |
$4.41 |
$4.51 |
Lower than share price is good |
|
New P/E @ Current Price |
16.82 |
15.31 |
13.98 |
18.83 |
13.69 |
Decrease Good Provided Earning Increase |
|
EPS Growth Rate/ New PE @ Current Price |
0.00 |
-0.01 |
0.02 |
-0.02 |
#VALUE! |
Increase Good |
|
New PE Benchmark @ Current Price |
Bad |
Bad |
Normal |
Bad |
#VALUE! |
Good > 1 Normal > 0 Bad |
|
Free Cash Flow/Stock price |
-3.46% |
-1.17% |
-0.22% |
-0.33% |
-1.27% |
Standard=10% ; Good=20%; Mortgage your house to buy if its 100%!! |
|
Free Cash Flow/Current Stock Price |
-3.08% |
-1.17% |
-0.23% |
-0.32% |
-1.39% |
Standard=10% ; Good=20%; Mortgage your house to buy if its 100%!! |
SPH – Dividend Projection
Data for EPS, DPS and Payout Ratio
|
EPS (ct) |
DPS (ct) |
Payout Ratio |
|||||||
|
Q1 |
Q2 |
Q3 |
Q4 |
Total |
1H |
2H |
Total |
||
|
FY10 |
9 |
? |
? |
||||||
|
FY09 |
5 |
5 |
8 |
8 |
26 |
7 |
18 |
25 |
96.2% |
|
FY08 |
7 |
6 |
8 |
6 |
27 |
8 |
19 |
27 |
100.0% |
|
FY07 |
7 |
7 |
10 |
8 |
32 |
7 |
19 |
26 |
81.3% |
|
FY06 |
6 |
5 |
11 |
5 |
27 |
7 |
17 |
24 |
88.9% |
Note : FY is End-Aug
Observation
– 1H DPS is 7ct or 8ct for the past 4 years
– Q110 EPS is the highest for the past 5 years
Projection
– Q210 EPS is not expected to differ too much from Q110 EPS (likely 8-10ct)
= Revenue continues to be recognized for Sky@Eleven
= Business condition continues to improve as our economy recovers (double dip nowhere in sight)
– Projected DPS for 1H10 to be at least 8ct with a very high chance of an even higher payout
Caution
– Share price had gone up in tandem with market from a low of ~ $2.80
– At $3.80 and using FY09 results, PE = 14.62 and Yield = 6.579%
– EPS to drop once revenue ceases from Sky@Eleven
– Fear due to SPH high bid for Clementi Mall may return 😉