MIDF: Buy Faber Group with Target Price RM3.60

MIDF Research has reiterated its "buy" recommendation on Faber Group Bhd with the target price unchanged at RM3.60 despite the renewal risk of Faber's Hospital Support Services (HSS) concession in Sabah and Sarawak. 

It said the unchanged target price was based on Sum-of-Parts (SOP) valuation with an implied price earning ratio of 12.2 times and estimated financial year 2011 earnings-per-share growth of 12.5 per cent. - Bernama 

Read more: Buy Faber Group: MIDF http://www.btimes.com.my/Current_News/BTIMES/articles/20110112140225/Article/index_html#ixzz1ApNmMwqA

PRICE INDICATORS as at 07-Jan-2011

CLOSING PRICE 2.690 MARKET CAP 976.473 52-WEEK HIGH ( Adjusted ) 3.290 52-WEEK LOW ( Adjusted ) 1.520 3-YR HIGH ( Adjusted ) 3.290 3-YR LOW ( Adjusted ) 0.460 CU PE RATIO 11.81 CU DIV YIELD 2.23 MC RATIO 2.51 MIV RATIO 1.10 BD WTG 0.08 BD-SECT WTG 0.00 SYAR WTG 0.14

ACCOUNTING RATIOS CURRENT RATIO 2.80 CREDIT DAYS OUTSTANDING 160.77 ACID TEST RATIO 2.63 DIVIDEND TIMES COVER 3.80 DEBT EQUITY RATIO 1.12 INTEREST TIMES COVER 12.30

PER SHARE INDICES (Based On Latest Audited FYE NOSH) EARNING PS 0.228 NET FREE CASH PS -0.357 DIVENDENDS PS NET FREE CURRENT ASSET PS 0.737 TURNOVER PS 2.218 NET WORTH PS 1.072 OPERATING CASH PS 0.174 NET TANGIBLE ASSET PS 0.972 CURRENT ASSETS PS 1.93 CURRENT LIABILITIES PS 0.69 INTANGIBLE ASSETS PS 0.10 LONG TERM LIABILITIES PS 0.51 FIXED ASSETS PS 0.41 TOTAL BORROWINGS PS 1.196 LONG TERM ASSETS PS 0.01 GROSS MARGIN PS TOTAL ASSETS PS 2.453 HISTORICAL DIVIDEND PAYOUT No Announcement Date FYE Date Ex Date Pay Date Par Value(RM) Normal Dividend (RM) Special Dividend (RM) 2010 1 23 Apr 2010 31 Dec 2009 04 Jun 2010 23 Jun 2010 1.000 0.06000 - 2009 2 17 Apr 2009 31 Dec 2008 27 May 2009 24 Jun 2009 1.000 0.04000 - 2008 3 25 Apr 2008 31 Dec 2007 26 Jun 2008 18 Jul 2008 1.000 0.05000 - 4 25 Apr 2008 31 Dec 2007 26 May 2008 27 Jun 2008 1.000 0.03000 - 2007 5 29 Apr 2007 31 Dec 2006 24 May 2007 27 Jun 2007 1.000 0.02000 - Source: OSK Investment