ARMADA (5210) : ARMADA – Fundamental Analysis (30 Dec 2014)

ARMADA (5210) : ARMADA – Fundamental Analysis (30 Dec 2014)

ARMADA Analysis:-

Excel – http://1drv.ms/1Bfgpl4

Notes – http://tinyurl.com/ljr9qlb

My View:-

Valuation
       
Absolute EY%
           
Trailing:
               
FY13 (EPS: 0.076) – Fair value 2.34 (Fair Value Uncertainty: LOW)
               
R4Q (EPS: 0.076) – Fair value 2.34 (Fair Value Uncertainty: LOW)
           
Forward:
               
FY14 (EPS: 0.077) – Fair value 2.37 (Fair Value Uncertainty: LOW)
               
FY15 (EPS: 0.089) – Fair value 2.72 (Fair Value Uncertainty: LOW)
           
EPS applied to reach the current stock price (1.15): 0.037
       
Absolute PE
           
FY13 (EPS: 0.076) – Fair value 0.55 (Fair Value Uncertainty: EXTREME)
           
R4Q (EPS: 0.076) – Fair value 0.55 (Fair Value Uncertainty: EXTREME)
   
I am not comfortable with financial positions of ARMADA despite increasing revenue and PATAMI. Besides, its net profit declined YoY for 4 consecutive quarters.
   
Risks/Challenges (listed in my notes) are above my risk appetite.

Latest Financial – Q3 2014 Financial Report (20 Nov 2014) http://www.bursamalaysia.com/market/listed-companies/company-announcements/1800437

At the time of writing, I did not own shares of ARMADA.

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