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Stock With Momentum: Far East Holding
by Cals Tue 26 May 2015, 19:55
Stock With Momentum: Far East Holding
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By Asia Analytica / The Edge Financial Daily | May 26, 2015 : 10:31 AM MYT
Far [size=14]East Holding Bhd ([You must be registered and logged in to see this image.] Financial Dashboard) (-ve)
Far East (Fundamental: 1.65/3, Valuation: 1.4/3) is a small and low profile — but cash rich — oil palm plantation company. Liquidity is very low.
Historically, earnings have not been exciting. Revenue ranged between RM428-RM480 million from 2010-2014, while net profit fluctuated between RM73-RM120 million. In 1Q2015, revenue declined 32.7% y-y while profit fell 56% to RM71 million and RM9.1 million, respectively — due to lower selling prices and FFB output.
However, net cash has been building steadily over the last four years — on the back of low capex and dividend payout of less than 50% annually. The company is now sitting on cash of RM257.4 million with zero borrowings. This is equivalent to RM1.82 per share or roughly 22% of its market capitalisation.
Dividends for 2014 totaled 30 sen per share, translating into a decent yield of 3.6%. The stock will trade ex-entitlement for a final dividend of 20 sen per share on June 29.
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This article first appeared in The Edge Financial Daily, on May 26, 2015.
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[You must be registered and logged in to see this image.]
By Asia Analytica / The Edge Financial Daily | May 26, 2015 : 10:31 AM MYT
Far [size=14]East Holding Bhd ([You must be registered and logged in to see this image.] Financial Dashboard) (-ve)
Far East (Fundamental: 1.65/3, Valuation: 1.4/3) is a small and low profile — but cash rich — oil palm plantation company. Liquidity is very low.
Historically, earnings have not been exciting. Revenue ranged between RM428-RM480 million from 2010-2014, while net profit fluctuated between RM73-RM120 million. In 1Q2015, revenue declined 32.7% y-y while profit fell 56% to RM71 million and RM9.1 million, respectively — due to lower selling prices and FFB output.
However, net cash has been building steadily over the last four years — on the back of low capex and dividend payout of less than 50% annually. The company is now sitting on cash of RM257.4 million with zero borrowings. This is equivalent to RM1.82 per share or roughly 22% of its market capitalisation.
Dividends for 2014 totaled 30 sen per share, translating into a decent yield of 3.6%. The stock will trade ex-entitlement for a final dividend of 20 sen per share on June 29.
[You must be registered and logged in to see this image.]
This article first appeared in The Edge Financial Daily, on May 26, 2015.
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