如果之前没有，想要买进，现在的价位是RM0.115，假设回50,000的ICULS

RM25000 + (50000 x RM0.115)= RM30750

I can't understand this. Why if i buy Ibhd-la from open market, i still need to add in rm25000 cost? and not just the 50000xrm0.115=5750?

Hi KC, is it necessary to add back the equivalent cash? As i see some article do it without adding back the cash or less the debt. Please advice.

Base on this intrinsic valuation, should we always check the actual growth rate in future for comfirmation of this intrinsic value beucasue the growth rate apply in the calculation is base on assumption? Let say if next year the earning growth is less than 10%, the intrinsic value need to re-calculate with new set of assumption?

Hi kcchongz, the DCF you use for valuation.You make an assumption on the growth of future free cash flow. So does that mean the intrinsic value of RM3.64 for prestariang is the future value after 10years if the company perform according to the assumption?

SANG-Jero...not really understand..The common stock refer to the stock we are holding..so Pantech use those common stock to get a loan and as a return reward a fixed interest rate to the shareholder? Is this 3.5% interest rate pay to us?

what is loan stock interest? any sifu can share?

It seem like many converting warrant into mother to me...correct me if i'm wrong

what is the additonal listing in the latest announcement mean? new warrant is being issue?

what is "public shareholder spread" mean? anyone can explain? thanks

you need to top up the remaining to purchase 9.2 of maybank share?

Hi, can i have a copy too?

thiannh@gmail.com

thanks in advance

Hi kcchongz. Would like to know how you view redtone. Personally i think this counter going to perfrom well. The profit margin is high. From the financial report, it seem that the free cash flow is increasing.

The EPV for Kfima is done kcchongz. I'm trying to learn EPV from him.

Hi kcchongz, i think i can understand most of the answer you have provided. It really clear my doubt. Thanks.
However regarding the minority interest, i got no ideal what you mean. Are you assuming future cash flow for the company? What is the relationship between this future cash flow and minority interest? Sorry, i don't have any finance background so simple explanation and example will be appreciate.

hi kcchong,
Thanks i got the number.However there are still some problem for me to compute the EPV.

1.less income tax: is this value get "income tax expenses" in incomestatement. These are the value i got:
year 2012 2011 2010 av
tax 37269 33428 29293 33330 (which is a huge different from yours)

2. Average D&A: I get this number from "note to financial statement"

year 2012 2011 2010
Depreciation: 21743 20872 19449
Amortisation: 6081 5310 5744

avarage of D&A=20688( which is near to the number you got)

3. average capex" I get this number from " note to financial Statement"

year 2012 2011 2010
capex 41038 19918 30806

average= 30587 (which is a huge different from yours)

4. Cash: Is this "Cash and cash equivalents at end of year" in Cash flow statement?

year 2012 2011 2010
Cash 270410 214758 212270

average=232479 (which is a huge different from yours)

6.Dept: as for dept, i got no idea where to get this. Is is from "long term borrowing" and "short term borrowing" in balance sheet?

7.minority interest: wonder is it the same as the non-controlling interest in income statement. However the value i got is far from the one you got.

8.Cost of capital: any guideline to come out with this percentage?


Hope this is not too much. Thanks :)

Posted by kcchongnz > Jan 1, 2013 08:01 AM | Report Abuse

Using EPV, the details of computation for the intrinsic value of Kfima is summarized below.
Average 3-year Ebit 120655
less income tax -30164
NOPAT 90492
Add average D&A 20154
Less average capex -22546
Adjusted ttm Ebit 88100
Cost of capital, R 9.8%
Capitalized earnings=Ad Ebit/R 898190
Add cash 265593
Less debts -20977
EPV 1142806
Less minority interest -295611
EPV to common shareholders 847194
Number of shares 267684
EPV/share 3.16


hi kccchongz, i try to calculate the EPV as you did. However i can't get the same value like yours.

I looking at the annual report of 2010 2011 and 2012. How to get the EBIT? I sum up all the profit before tax and divide by 3 but the number are not the same. Do you mind to point out how to get those number? Thanks in advance.

hi guys..after reading from the first comment, i really benefit from how to do fundamental analysis. I did bought cold eyes book but due to less example, i still have difficulty in FA. There are few question i would like to ask kcchongnz..

1)
APM 4.96 20/03/2013
Period 2-week 6-month 1 year 2-year 3 year 4 year 5 year
Price 5.00 4.96 4.40 4.85 3.00 1.50 2.00
Return of stock -0.8% 0.0% 12.7% 2.3% 65.3% 230.7% 148.0%
CAR -19% 0.0% 12.7% 1.1% 18.2% 34.8% 19.9%
Dividend 0 2.5% 4.3% 3.1% 3.3% 8.0% 5.0%
Stock price appreciation -19% -2.5% 8.4% -2.0% 14.9% 26.8% 14.9%

i wonder how to get those data? and how to calculate CAR?


2)
The cash flow from operations (CFFO) is 142m. This is 114% of its earnings of 125.2m. This shows the quality of the earnings is good.

i) 114% is good then how much consider bad?
ii)what is the theory for this calculation? i mean what does it mean if the percentage is low?


3)
This FCF is at 8% (<5%) of its revenue which is good.
ROE is 12.8% (not bad)

What is the reference for this data? Why <5% is good?
For ROE should it compare to other company in same industry?

4)
Margin of safety: Min 30%

what is margin of safety and how to get this number?


5)
Debts/capital < 60%

Is this mean that (total liabilities)/(share capital)?


Hope this is not too much :)

Thanks.

how to calculate net gearing...wct for example, from the analysis of some back, the net gearing for 2012 is 45.5% and that seem to be very high...if the gearing is high how can wct consider as a fundamentally strong company?

is this uptrend going to support by good news?

why need wait 11/3/2013? how sukuk affect share price?

may i know how to check HRC price? and from where can see they obtain megasteel stake? thanks

sukuk programme..is this a good news or bad news? any expert can explain?

If I buy wb now...I can still get a discount of and I
0.1 right? After expire it will convert to mother share automatically?

So if got announcement mother will fall? I'm not really understand here