P/E 2013 : 7.3 (Price 0.53 /Basic EPS 7.29) – Price closing as at 5/12/2014
Rolling 4Q P/E : 815 (Price 0.53/Basic EPS 0.065)
0.05 Q4 2013 + (0.28) Q1 2014 + 0.08 Q2
2014 + 0.19 Q3 2014
Forward P/E : [(Q1 2014 + Q2 2014 + Q3 2014)/3] X 4
: [(-0.28 + 0.08 + 0.19)/3] X 4
= 0 (VALUE IS NEGATIVE)
(To estimate full year 2014)
NTA : 0.757 - PASS
Dividend yield : 0 - FAIL
Quick Ratio : 0.7 – FAIL
Debts/Equity Ratio : 0.5 – PASS
Secondly, the OPPORTUNITY TO GROW THE BUSINESS. A quick glance on Perisai details, they have a SGD700m MTN Facility issued on 19 Aug 2013. SGD102m has been issued (drawdown) at 6.875% around July 2014.
=poor in collecting money
Long term debts has balloon from 273m (2013) to 1b (2014)
-Total borrowings around RM1.1b, hence IF THE
EARNINGS DOES NOT COMES IN FAST, PERISAI
WILL BE HAVING A TOUGH TIME TO SERVICE THEIR
- In a layman term, borrow in SGD, repayment also in SGD. When Perisai did drawdown the facility on July 2014, the forex for MYR/SGD is around 2.5. Now is around 2.65. Most analysts anticipating a further drops in RM. Now you know why Perisai prices never recovers.
- As a minority, normally I would follow our Institutional Funds. If EPF disposing the shares consistently (with all their market intelligence), I would not dare to touch yet.
2. Their Jack up rigs is god to use but market foresee a soften charter rates (no one can guess what will be the future rates are but the cost is fixed while future income is not confirmed).
2. EPF stops selling
3. Able to service their Interests for the next few quarters