SAPURAKENCANA PETROLEUM BHD (SKPETRO)

As of 21/04/2016 @ 1.82 for FY 2015-01-31 QTR 2016-01-31

MYR in '000s except per share data

Financial
Fundamentals

2012-01-31

2013-01-31

2014-01-31

2015-01-31

2016-01-31

ROIC %

23.6%

23.0%

13.2%

10.5%

7.7%

CROIC %

7.2%

12.4%

8.1%

1.8%

13.4%

EBITDA

658,209

1,285,837

2,272,494

3,342,194

3,088,152

Total Assets

4,219,765

15,196,691

26,614,491

34,562,784

36,491,998

EBIT Margin %

22.0%

14.8%

19.5%

20.6%

16.3%

EBIT/Assets

13.3%

6.7%

6.1%

5.9%

4.5%

Total Debt

1,410,662

5,940,972

12,360,623

16,953,266

18,329,167

Debt / EBITDA

2.14 x

4.62 x

5.44 x

5.07 x

5.94 x

EBITDA/Interest

12.58 x

5.65 x

5.12 x

5.01 x

4.06 x

EPS

0.1048

0.1892

0.2393

-0.1325

Normalised EPS

0.0964

0.1910

0.2032

0.2226

Diluted Normalised EPS

0.0964

0.1910

0.2032

0.2226

DPS

0.0000

0.0000

0.0000

0.0000

0.0135

Dividend Payout %

0%

0%

0%

-10%

Shares

5,004,366

5,745,208

5,987,066

5,971,797

Financial Year End

Scale

Profitability

Leverage & Coverage

Returns to Shareholders

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Diluted Shares

L. C. Chong

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5,004,366

5,745,208

5,987,066

5,971,797

http://lcchong.wordpress.com

Financial Statements
Income Statement

Financial Year End

Cumulative

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Revenue

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Cost of Revenue/Goods Sold

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(327,032)

(723,758)

(927,892)

Other (losses)/gains

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Net Finance (Cost)/Income

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Share of profits from associates/JCE

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2.4%

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2,394,466

2,231,537

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(8,176,303)

(8,734,536)

(8,176,303)

(8,734,536)

(6.8%)

(2,211,698)

(2,295,405)

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(148,141)

(205,509)

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504

(1,949,176)

504

(1,949,176)

(386841.3%)

(66,141)

(1,143,811)

Non-operating Income

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2,343

88,004

Non-operating Expenses

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Income Before Taxes

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Net Income Tax Income/(Expense)

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Profit from Discontinued Operations

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Profit from Share of Pre-acquisition

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129,165

(1,286,886)

Non-controlling Interests

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Holders of perpetual capital securities of a subsidia

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Net P/L To Owners

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EPS

(155.4%)

0.0216

-0.2154

Normalised EPS

0.0964

0.1910

0.2032

0.2226

0.2032

0.2226

9.5%

0.0276

0.0050

Diluted Normalised EPS

0.0964

0.1910

0.2032

0.2226

0.2032

0.2226

9.5%

0.0276

0.0050

DPS

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Shares

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Diluted Shares

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MYR in '000s except per share data

Gross Profit
Other Operating Income
Other Operating Expenses

Provisions

Net Income

L. C. Chong

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YoY (%)

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TTM

YoY (%)

QoQ (%)

10,184,031

(6.8%)

(22.8%)

10,184,031

(6.8%)

(22.8%)

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(8,734,535)

(3.8%)

6.6%

(741,925)

(38.7%)

(6.7%)

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(1,949,176)

(1629.4%)

(330.8%)

320,746

3656.0%

(28.9%)

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(791,446)

(1096.3%)

(1090.3%)

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-0.1325

(1096.0%)

(1090.5%)

0.2227

(81.7%)

(92.4%)

0.2227

(81.7%)

(92.4%)

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5,971,797
5,971,797

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Financial Statements
Balance Sheet

Financial Year End

FY15-Q4

FY16-Q4

2012-01-31

2013-01-31

2014-01-31

2015-01-31

2016-01-31

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Total Current Assets

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19.4%

(18.7%)

Total Long-Term Assets

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2.8%

(6.0%)

Assets held for sale

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5.6%

(8.7%)

Total Current Liabilities

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46.9%

(52.2%)

Total Long-Term Liabilities

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(2.1%)

42.2%

Liabilities held for sale

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7.6%

(7.2%)

Shareholders' Equity

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1.8%

(11.6%)

Non-Controlling Interests

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(12.9%)

(7.1%)

Holders of perpetual capital securities of a subsidia

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Negative Goodwill

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Share application monies

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Reserve on consolidation

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11,992,972

12,213,007

1.8%

(11.6%)

MYR in '000s except per share data

Total Assets

Total Liabilities

Total Equity

L. C. Chong

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YoY (%)

QoQ (%)

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Financial Statements
13

Cash Flow

Financial Year End

FY15-Q4

17
FY16-Q4

2012-01-31

2013-01-31

2014-01-31

2015-01-31

2016-01-31

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Net Cash From Operations

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46.9%

Net Cash From Investing Activities

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84.8%

Net Cash From Financing Activities

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(151.6%)

Net Cash

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347.7%

MYR in '000s except per share data

L. C. Chong

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YoY (%)

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Ownership
Top 5 Shareholders
Holder

SAPURA HOLDINGS SDN. BHD.

EMPLOYEES PROVIDENT FUND OF MALAYSIA
KHASERA BARU SDN. BHD
PERMODALAN NASIONAL BERHAD
THE VANGUARD GROUP, INC.

Common Stock Held

As At Date

1,007,544,718

27-Jul-2015

829,792,600
610,000,313
595,355,305
111,450,946

1-Apr-2016
31-Jul-2015
29-Jul-2015
29-Feb-2016

Ownership Summary
Investor Type

PUBLIC AND OTHER

INSTITUTIONS
CORPORATIONS (PRIVATE)
INDIVIDUALS/INSIDERS
Total

% of Total Shares
Outstanding
2,421,470,155
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Common Stock Held

1,877,069,070
1,617,545,031
55,712,744
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% of Total Shares
Outstanding
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Discount Rate & Uncertainty

Systematic Risk
0.9
Revenue Cyclicality:

1.1

Low

1
Operating Leverage:

Medium

Financial Leverage:

Uncertainty Risk
Uncertainty Risk:*

Medium

Nonsystematic/Company-Specific Risk
Local Political Risk:
Concentrated Customer Risk:
Disintermediation Risk:
Litigation Risk:
Commodity Risk:
Price Taker:

0.9

1.1

Medium

Foreign Political Risk:

Low

IP/Patent Expirations Risk:

Medium

0.9

High

Concentrated Product Risk

Medium

Service Disruption Risk:

Large License Expirations Risk: Medium

Medium

Environmental Risk:

1.1

0.9

0.9

1.1

High

Currency Risk:

Low

Unpredictable Management:

1.1
Large Impairment Charges:

1.1

Large Contract Expirations

Medium
1.1
High
1
Medium

0.9

High

Cost of Equity
0.1
17.36% 0.5156567
0.99

Cost of Equity:

Discount Rate (WACC)

Total Capital:
WD:
Discount Rate:
Self Defined Discount Rate

30,536,120
60.02%

WE:

39.98%

COD:

8.88%

8.88%

4.31%

Project Delivery Risk:

0.9
Changing Competition:

Questionable Capital Alloc

inancial Leverage:

1.1

0.9

High

Medium
1.1
High
ervice Disruption Risk:
1.1
arge Contract Expirations Risk:High
1.1
High
roject Delivery Risk:
1.1
High
hanging Competition:
1
uestionable Capital Allocation:Medium

oncentrated Product Risk:

0.9
0.9
0.9
0.9
1

Absolute EY% Valuation

Trailing
EY%
Historical
Absolute PE
Ind. Avg. EY%

FY16-EPS
4.75%
8.47%

Forward

R4Q-EPS

-5%

FY17-EPS
Estimated

5%

0.223

0.223

0.157

0.165

0.173

4.688
2.628

4.688
2.628

3.301
1.851

3.475
1.948

3.649
2.046

Historical EY%:
Trailing:
FY16 (EPS: 0.223) 4.688 (Uncertainty Risk: LOW)
R4Q (EPS: 0.223) 4.688 (Uncertainty Risk: LOW)
Forward:
FY17 (EPS: 0.165 5%) From 3.301 to 3.649 (Uncertainty Risk: LOW)
FY18 (EPS: 0.178 5%) From 3.551 to 3.925 (Uncertainty Risk: LOW)
EPS applied to reach the current stock price (1.82): 0.086
EY% (Absolute PE):
Trailing:
FY16 (EPS: 0.223) 2.628 (Uncertainty Risk: LOW)
R4Q (EPS: 0.223) 2.628 (Uncertainty Risk: LOW)
Forward:
FY17 (EPS: 0.165 5%) From 1.851 to 2.046 (Uncertainty Risk: MEDIUM to HIGH)
FY18 (EPS: 0.178 5%) From 1.991 to 2.201 (Uncertainty Risk: MEDIUM to HIGH)
EPS applied to reach the current stock price (1.82): 0.154
Industrial Avg. EY%:
Trailing:

Forward:

Simple Yield Valuation

FY16:
EY%: -7.3%
DY%: 0.7%

R4Q:
EY%: 12.2%
DY%: 0.7%

EY% History
1200.0%
1000.0%
800.0%
600.0%

L. C. Chong

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1000.0%
800.0%
600.0%
400.0%
200.0%
0.0%
2/8/2013

6/8/2013

10/8/2013

2/8/2014

6/8/2014
EY%

L. C. Chong

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10/8/2014

EY% HI

2/8/2015

6/8/2015

10/8/2015

EY% LO

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Forward
-5%

FY18-EPS
Estimated

5%

0.169

0.178

0.186

3.551
1.991

3.738
2.096

3.925
2.201

L. C. Chong

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/8/2015

2/8/2016

L. C. Chong

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