Highlights
KLSE: E&O (3417)       EASTERN & ORIENTAL BHD MAIN : Property
Last Price Today's Change   Day's Range   Trading Volume
0.88   -0.015 (1.68%)  0.875 - 0.895  2,860,100
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Financials


Market Cap: 1,155 Million

Market Cap 1,155 Million
NOSH 1,313 Million

Latest Audited Result:  31-Mar-2018

Latest Audited Result: 31-Mar-2018
Announcement Date 25-Jul-2018
Next Audited Result: 31-Mar-2019
Est. Ann. Date: 25-Jul-2019
Est. Ann. Due Date: 27-Sep-2019

Latest Quarter:  31-Dec-2018 [#3]

Latest Quarter: 31-Dec-2018 [#3]
Announcement Date 22-Feb-2019
Next Quarter: 31-Mar-2019
Est. Ann. Date: 25-May-2019
Est. Ann. Due Date: 30-May-2019
QoQ | YoY   -146.72%  |    -140.02%

Annual (Unaudited) ( EPS: 7.68, P/E: 11.46 )

Revenue | NP to SH 981,265  |  100,790
RPS | P/RPS 74.75 Cent  |  1.18
EPS | P/E | EY 7.68 Cent  |  11.46  |  8.73%
DPS | DY | Payout % 0.00 Cent  |  0.00%  |  - %
NAPS | P/NAPS 1.41  |  0.63
YoY   16.38%
NP Margin | ROE 11.85%  |  5.46%
F.Y. | Ann. Date 31-Mar-2018  |  25-May-2018

T4Q Result ( EPS: 4.73, P/E: 18.62 )

Revenue | NP to SH 916,385  |  62,049
RPS | P/RPS 69.81 Cent  |  1.26
EPS | P/E | EY 4.73 Cent  |  18.62  |  5.37%
DPS | DY | Payout % 0.00 Cent  |  0.00%  |  - %
NAPS | P/NAPS 1.41  |  0.62
QoQ | YoY   -33.15%  |    -44.76%
NP Margin | ROE 8.24%  |  3.35%
F.Y. | Ann. Date 31-Dec-2018  |  22-Feb-2019

Annualized Result ( EPS: 2.45, P/E: 35.87 )

Revenue | NP to SH 848,446  |  32,201
RPS | P/RPS 64.63 Cent  |  1.36
EPS | P/E | EY 2.45 Cent  |  35.87  |  2.79%
DPS | DY | Payout % -
NAPS | P/NAPS -
QoQ | YoY   -51.13%  |    -61.60%
NP Margin | ROE 5.76%  |  1.75%
F.Y. | Ann. Date 31-Dec-2018  |  22-Feb-2019



Business Performance

Business Performance (By Quarter)

Trailing 4 Quarters Trailing 8 Quarters
Available Quarters 4 Quarters 8 Quarters
Continuous Quarters Of Revenue Growth 1 / 4 25.00% 1 / 8 12.50%
Total Positive Profit Years 3 / 4 75.00% 7 / 8 87.50%
Continuous Quarters Of Positive Profit 0 / 4 0.00% 0 / 8 0.00%
Continuous Quarters Of Profit Growth 0 / 4 0.00% 0 / 8 0.00%
Continuous Quarters Of Adjusted EPS Growth 0 / 4 0.00% 0 / 8 0.00%
Total Dividend Years 0 / 4 0.00% 0 / 8 0.00%
Continuous Quarters Of Dividend 0 / 4 0.00% 0 / 8 0.00%
Continuous Quarters Of Dividend Growth 0 / 4 0.00% 0 / 8 0.00%
Continuous Quarters Of Adjusted Dps Growth 0 / 4 0.00% 0 / 8 0.00%
Average ROE 0.84% 1.21%
Average Net Profit Margin 8.31% 11.28%

Business Performance (By Year)

Last 5 Financial Years Last 10 Financial Years
Available Years 5 Years 10 Years
Continuous Years Of Revenue Growth 2 / 5 40.00% 2 / 10 20.00%
Total Positive Profit Years 5 / 5 100.00% 9 / 10 90.00%
Continuous Years Of Positive Profit 5 / 5 100.00% 9 / 10 90.00%
Continuous Years Of Profit Growth 2 / 5 40.00% 2 / 10 20.00%
Continuous Years Of Adjusted EPS Growth 2 / 5 40.00% 2 / 10 20.00%
Total Dividend Years 2 / 5 40.00% 6 / 10 60.00%
Continuous Years Of Dividend 0 / 5 0.00% 0 / 10 0.00%
Continuous Years Of Dividend Growth 0 / 5 0.00% 0 / 10 0.00%
Continuous Years Of Adjusted Dps Growth 0 / 5 0.00% 0 / 10 0.00%
Average ROE 6.15% 5.30%
Average Net Profit Margin 18.58% 16.51%

Key Result

Key Result

T4Q Annualized Annual (Unaudited) Last 10 FY Average Last 5 FY Average
Revenue 916,385 848,446 981,265 508,063 610,970
NP to SH 62,049 32,201 100,790 80,821 97,982
Dividend 0 - - 21,586 11,596
Adjusted EPS 4.73 2.45 7.68 6.16 7.46
Adjusted DPS 0.00 0.00 0.00 1.64 0.88

NP to SH = Net Profit Attributable to Shareholder, EPS = Earning Per Share, DPS = Dividend Per Share

All figures in '000 unless specified.

EPS & DPS's figures in Cent.


Growth

Growth (By Quarter)

LQ QoQ LQ YoY CQ YoY LQ vs Average of T4Q LQ vs Average of T8Q
Revenue 43.24% -22.58% -9.25% 12.16% 11.93%
NP to Owner -146.72% -140.02% -61.60% -156.70% -140.58%
Dividend 0.00% 0.00% 0.00% 0.00% 0.00%
Adj. EPS -146.72% -140.02% -61.60% -156.70% -140.58%
Adj. DPS 0.00% 0.00% 0.00% 0.00% 0.00%

LQ = Latest Quarter, CQ = Cumulative Quarter, T4Q = Trailing 4 Quarters, T8Q = Trailing 8 Quarters, QoQ = Quarter on Quarter, YoY = Year on Year

Growth (By Year)

T4Q vs LFY T4Q vs AL5FY T4Q vs AL10FY AQR vs LFY AQR vs AL5FY AQR vs AL10FY LFY YoY LFY vs AL5FY LFY vs AL10FY
Revenue -6.61% 49.99% 80.37% -13.54% 38.87% 67.00% 39.23% 60.61% 93.14%
NP to Owner -38.44% -36.67% -23.23% -68.05% -67.14% -60.16% 16.38% 2.87% 24.71%
Dividend 0.00% 0.00% 0.00% - % - % - % 0.00% 0.00% 0.00%
Adj. EPS -38.40% -36.63% -23.18% -68.05% -67.14% -60.16% 16.38% 2.87% 24.71%
Adj. DPS 0.00% 0.00% 0.00% - % - % - % 0.00% 0.00% 0.00%

T4Q = Trailing 4 Quarters, T8Q = Trailing 8 Quarters, AL5FY = Average of Last 5 Financial Years, AL10FY = Average of Last 10 Financial Years, LFY = Latest Financial Year AQR = Annualized Quarter Result, YoY = Year on Year

Analyze this stock with MQ Trader system
  16 people like this.
 
dompeilee Note that his biggest block holding via Paramount Spring is pledged to banks.
13/02/2019 09:51
pidan2014 Cash rich individual especially Corporation without project on hand may be interested investing but not me.
13/02/2019 11:41
commonsense Someone asked me about E&O. Just sharing for the benefit of others. Feel free to correct any mistakes found.

Regards.

Hi qqq3,

I actually made a comment on E&O back in January. But it was mostly on its valuation. Back then it was trading at around RM1.07 or a market cap of more than RM1.4bil which i thought was a bit on the high side given it's earnings outlook for FY20 (projected profit of around RM70mil). At that price it would have translated to a fwd PE of 20.7x which is a lot higher than the average property industry PE.

Just like most other property companies, E&O is currently trading at a discount to its book value. That being said, if you still like to have exposure to the property industry, i think you can find better value companies at the moment. As an example, there is a property developer in Klang Valley that is also trading at below 0.5x PB just like E&O. However, the company balance sheet is a lot stronger, with cash that represent 25% of the company's market cap and with zero debt. Some of the lands in the company's book has not been revalued for more than 20 years with market value estimate to be more than 10x what it recorded in the books. There are even some property companies that currently trading at below 5x PE and below 0.5x PB albeit at a market cap that is a lot lower compared to E&O. Most of the value property companies are in the mid and small cap.

I was a bit surprise with the company announcement of the right issue exercise as i thought any future funding can be done via the sales of assets/ reclaim lands. Anyway, if you decide to buy into E&O today, i would advice you to subscribe to the right issue to prevent any future dilution and also be able to benefit from the issuance of the free warrants. Given the minimum target amount to be raised from the exercises is RM250mil and the and assuming the private placement can raised 10% of the current market cap (translating to around RM130mil), the right issue will need to raise around RM120mil. This means you will need to be prepared for an additional cash investment of at least RM0.09 per share (based on the 4 ordinary shares to 1 rights, the price of the rights would be RM0.37 per rights). Basically if you buy the stock at RM0.85 today, you will need to prepare another 9 sens for your future right issue subscription. Which means your total investment into E&O is actually RM0.94. Again this is based on the minimum case scenario. The maximum case is for the company to raised up to RM550 mil, again assuming the private placement raises RM130mil, this would mean the right issue needs to raise around RM420mil. This translate to an additional RM0.32 per share (or right issue at a price of RM1.28 based on 4 ordinary shares to 1 right issue ratio). This would mean your total investment of E&O is actually RM 1.17 per share.

However to entice investors to subscribe to the right issue, most of the time the company need to price the right issue at a discount to the price of the ordinary share ( if not people might not want to subscribe). Assuming the price of the shares ends up at around RM0.90 before the price fixing date, and assuming a discount of around 10%, i would assume the most optimum case is for the company to fixed the right issue price at around RM0.80 (the company would end up raising around RM400mil of cash from both the PP and RI exercises). This would mean you need to prepare an additional RM0.20 per share of your original investment of RM0.85 bring your total investment in E&O to RM1.05.

In conclusion, you need to make sure to prepare at least 20 sens extra per share for you to subscribe to the right issue.

Sorry for the long post. Hope you understand it.

Good luck.
13/02/2019 11:59
qqq3 Posted by qqq3 > Feb 13, 2019 12:07 PM | Report Abuse X

sense...


RI 1 for 4 is ok....not like Sapura 4 for 1.....

If it does not work out, I will go the distance, maybe average down a few days later.....if it works out , I may sell....RI with warrants....makes good sense to me....

I do not want exposures to properties per se......other property shares with better BV/ price no interest.....reputation is more valuable than BV. Some investments in E&O ok one......


anyway....I am looking for more details......thanks.....
13/02/2019 12:11
qqq3 remember the history of IJM and how it became a $ 10 billion company? well......this could be the next IJM?


can or not?
13/02/2019 12:14
commonsense_ No more promoting MBM meaning already sold?
13/02/2019 12:18
qqq3 icon dont sell so fast one....

mbm is attractive but not a contrarian stock.....same like Serba....

actually between MBM and Serba.....which is prefered?

both are known as promoted stocks......both are known as hot favorites.....not contrarian stocks.......
13/02/2019 12:24
qqq3 maybe I too should choose one....Serba or MBM?
13/02/2019 12:25
TheContrarian Bought E&O first time in my life at 0.89 today.
13/02/2019 16:12
qqq3 y TheContrarian > Feb 13, 2019 04:12 PM | Report Abuse

Bought E&O first time in my life at 0.89 today.
==========

good, if it does not work....go the full distance.....
13/02/2019 16:13
TheContrarian I always enjoy the food at the prestigious E&O Hotel in Penang, thought it's time to own some E&O shares.
13/02/2019 16:24
apolloang enjoy cheap buffet ar? haha
13/02/2019 16:26
TheContrarian Buffet there where got cheap?
13/02/2019 16:27
TheContrarian You didn't buy Toyoink before release of QR this month? You already know it will be good.
13/02/2019 16:29
apolloang cheap lah buy 2 free 1 for old folks like u isn't it? hehe
13/02/2019 16:30
apolloang later announce rights issue drop like mflour then u know.....hehe
13/02/2019 16:32
Shinnzaii still need a long time to know right issue can work or not...if cant work become wrong issue already...hehe
13/02/2019 16:40
dompeilee In this mkt environment, all investors, whether small punters/ big funds want to buy shares WHICH WILL PAY THEM rather than make them pay MORE than their investment in future! So good dividend payers with reasonable valuations will be supported. Anything else will be under selling pressure & worst of all are those with pending rights issues! Witness MFlour plunging from 1.20 to 0.465 or SymLife plunging from 80c to 32.5c & you'll agree.
13/02/2019 17:21
qqq3 MFlour plunging from 1.20 to 0.465 or SymLife plunging from 80c to 32.5c & you'll agree.
=================

Mflour and Sym got no followers......

they got hotel bufett or not?
13/02/2019 17:42
newbie4444 QR not out on Feb 13th? Delay bec bad?
14/02/2019 01:54
James Ng https://klse.i3investor.com/blogs/general/193326.jsp
[转贴] [Facebook live:浅谈Eastern & Oriental bhd (E&O)] - James的股票投资James Share Investing
14/02/2019 09:45
dompeilee No share buybacks at this huge discount even though silly co. bought 20+ million shares at higher than 1.02...Major holders also not increasing stakes. 2day T + 2 for 37 mil shares & T + 1 for 43 mil shares.
14/02/2019 10:13
5354_ No wonder need RI. Buta gaji CFO. No money ask from shareholders easiest way out.

dompeilee No share buybacks at this huge discount even though silly co. bought 20+ million shares at higher than 1.02...Major holders also not increasing stakes. 2day T + 2 for 37 mil shares & T + 1 for 43 mil shares.
14/02/2019 10:13
14/02/2019 11:31
RedEmperor @dompeilee @5354_ speak too soon!!
https://klse.i3investor.com/insider/company/shareBuyback/3417/14-Feb-2019/63473_1466741341.jsp
15/02/2019 07:23
dompeilee 1m shares kacang putih...out of 1307m shares outstanding.
15/02/2019 16:02
Oh Ling Hee I feel this coming quarter will come together with bonus share to shareholders as so consistent buy up treasury share which same case with ytl last year..
16/02/2019 08:46
enid888 The company should just do private placement. At the same time, it should sell off some unstrategic landbank in The UK and Malaysia.
19/02/2019 10:30
4444 RI on.
20/02/2019 03:00
RVI123 Very quiet even though price went up. Directors, pls listen to the shareholders and scrap the Right Issues.
20/02/2019 21:17
Nicholasming91 Come back here after RI.
20/02/2019 22:16
qqq3 hahahaha...at least I am already above water....
20/02/2019 23:12
rikki https://klse.i3investor.com/blogs/bursakakis/194305.jsp
21/02/2019 00:08
newbie4444 Is QR bad coming sifus? Why announce RI before QR?
22/02/2019 15:56
newbie4444 Why KWAP sold 500K shares?
https://klse.i3investor.com/insider/substantialShareholder/3417/15-Feb-2019/450605_357585544.jsp
22/02/2019 15:59
22/02/2019 18:28
apolloang below 80cts can buy and keep cos company got a lot of worthy assets
22/02/2019 18:29
dompeilee Oops! Los$ & topline shrunk & NTA down...no wonder need to beg for $$$ loh LOL
22/02/2019 18:31
Nicholasming91 I will enter after RI.
22/02/2019 18:35
SmallFish8 Why so high tax like 90percent of pbt
22/02/2019 18:58
birkincollector alamak...may drop to 0.700
22/02/2019 19:46
shpg22 Its a double whammy. Rights issue followed by heavy losses.
22/02/2019 20:03
newbie4444 Chun chun prediction. Next week 70 sen? By RI 50 sen?

newbie4444 Is QR bad coming sifus? Why announce RI before QR?
22/02/2019 15:56
22/02/2019 22:58
newbie4444 Why supporters eg Contrarian, qqq3, etc dare not post after QR? ks55 no more E&O?
22/02/2019 23:00
qqq3 PBT $ 35 million on $ 250 million revenue.....better than expected already......
22/02/2019 23:31
SmallFish8 KUALA LUMPUR (Feb 22): Eastern & Oriental Bhd (E&O) slipped into the red in the third financial quarter ended Dec 31, 2018 (3QFY19), posting a net loss of RM8.8 million compared with a net profit of RM21.98 million a year ago.

The lifestyle property developer attributed the loss to a RM11.6 million unrealised foreign exchange (forex) loss, as well as an estimated one-off RM44.6 million holding cost payable for the option to purchase land which was not exercised.

In a statement today, E&O managing director Kok Tuck Cheong said stripping out the holding cost and forex loss, its pre-tax profit for 3QFY19 would have been RM91.6 million, 10.39% higher than RM82.9 million in 3QFY18.

http://www.theedgemarkets.com/article/eo-posts-3q-net-loss-forex-loss-holding-cost
23/02/2019 01:22
4444 Limit down on Monday? 58 sen?
23/02/2019 03:53
TillyLovers So can buy at 59 cent?
23/02/2019 11:57
beso reported quarterly loss widen,habislah, ini kalilah limit down
23/02/2019 16:11
dompeilee Lesson to learn from past rights issues MNRB, SymLife, MFlour, JAKS, Naim etc...you get it MUCH cheaper AFTER rights issue!
23/02/2019 20:44
besos Buy after RI? <50 sen can get? Why buy now?
23/02/2019 20:48