16-01-2013, 10:54 AM (This post was last modified: 16-01-2013, 10:55 AM by brattzz.)
???
Some funds/person brought in 6 millions worth of MTQ at 85cts just last week, and this Monday, Brokerhouse published a 22 pgs of GREATX report, pushing the price up all the way to $1.40... waos....64% rise just a few days...
Funds/person net in total 9 millions… 3 millions is pure profit… maybe they are selling 1-2 millions per day slowly to retailer investors…
3 millions profit in just a few trading days…
These are SMART $ at work indeed!! :O
Or funds/person are not selling and still holding on to reach brokerhouse target of $1.6!!
If still holding, means more upside to come!
1) Try NOT to LOSE money!
2) Do NOT SELL in BEAR, BUY-BUY-BUY! invest in managements/companies that does the same!
3) CASH in hand is KING in BEAR!
4) In BULL, SELL-SELL-SELL!
30-01-2013, 09:30 PM (This post was last modified: 30-01-2013, 09:32 PM by Musicwhiz.)
MTQ released its 3Q 2013 results this evening. Some highlights:-
3Q 2013 Income Statement
1) Revenue +14% yoy to $36.5m, GP +22% to $14.08m.
2) GPM increased from 35.8% to 38.5%.
3) NPAT in 3Q 2012 was affected by a $3.3m tax credit which was added to PBT to obtained a higher NPAT. Stripping this out, NPAT for 3Q 2012 would have been about $2.9m, which implies a +38% increase to $4.1m (for 3Q 2013).
9M 2013 Income Statement
1) Revenue +21% to $115m, GP +24% to $42.4m
2) GPM constant at 36.9% for 9M 2013 versus 36.1% for 9M 2012
3) NPAT for 9M 2012 again included a $3.3m tax credit, stripping this out will give $7.3m. This implies a +89% increase in NPAT to $13.8m for 9M 2013.
Balance Sheet
1) Balance Sheet now incorporates Neptune Marine Services, of which MTQ owns 83.36% as at Jan 30, 2013.
2) Trade Receivables and Payables has shown a significant jump after consolidating NMS' books.
3) Long-term debt more than doubled to $52.3m, up from $20.9m as at 31.03.2012. Total debt jumped to $58.8m from $45m.
4) Though debt increased significantly, note that finance costs remained essentially flat yoy.
5) Investment securities has been reduced to zero from $18m, possibly due to their sale of their entire stake in Hai Leck, which wasn't a very good investment in the first place.
Cash Flow Statement
1) OCF generated for 3Q 2013 was $7m, higher than last period's $4.8m. For 9M 2013, OCF was $15.7m, significantly higher than 9M 2012's OCF of $8.1m.
2) Capex remained very low after the completion of their Bahrain Facility; and 9M 2013 only saw capex of $2m, versus capex of $6.3m in 9M 2012.
3) Most of the ICF was for acquisition of a subsidiary of $20.1m.
4) FCF was very strong at about $6.2m for 3Q 2013 and $13.8m for 9M 2013.
5) Note that sale of treasury shares netted about $6m for the Group in 3Q 2013.
6) With this level of FCF generation, MTQ can easily service the FY finance costs of about $1.2m. But with more loans taken up, this figure may jump higher in future (double?). Once MTQ integrates NMS and PSL and when Bahrain starts contributing positively, FCF should be even better and they can start to progressively pay down debt.
Others
1) 9M 2013 EPS was 15.13c/share. Assuming we take 3Q 2013's EPS of 4.38 and add it to 9M 2013, we get an approximate FY 2013 EPS of 19.51c/share. At the last closing price of $1.315 for MTQ, the business is valued at about 6.7x PER.
NextInsight has written an article on MTQ and provided some Q&A as well which is helpful in understanding the direction of the business moving forward.
While it is difficult to project numbers accurately into the future, in MTQ's case, if we simply add/include NMS's numbers (latest FY12 ended 30Jun12: Revenue, AUD116.3m (approx. $151.0m); Net Loss: AUD39.9m (approx. $51.0m), inclusive a AUD35.0m one-off goodwill impairment charge)..... http://www.neptunems.com/sites/neptunems...nline).pdf
, and also project a take-off of business volume in the Bahrain facility (which is now being ramped up), I think there is a good chance that the enlarged MTQ Group's Revenue could well hit $300.0m in FY14 (ending 31Mar14).
Assuming NMS achieves a profit turnaround and the Bahrain facility starts contributing profits in the next 12 months, I think there is a fair chance that the enlarged MTQ Group could post a NP of as much as $25.0m in FY13, which will translate to an EPS of $0.25 based on the lastest (as at 31Dec12) 99.0m issued shares. I guess MTQ's latest 3Q (ended 31Dec12) result/numbers..... http://info.sgx.com/webcoranncatth.nsf/V...300365ED3/$file/MTQ_3QFY2013_SGX_Financial_Statements_Announcement.pdf?openelement
are already pointing to better things coming and form a good basis for our financial projections into say the next 3 years.
IMHO, it is already quite clear that MTQ will be a much bigger and more profitable company in 3 years' time.
"The Board of Directors of MTQ Corporation Limited (the “Company”) would like to refer to the attached announcement on the ASX by its listed-subsidiary, Neptune Marine Services Limited (“Neptune”). With the newly awarded contracts and existing contracts, the business outlook for Neptune has improved."
I think ngcheeki missed a critical part of the announcement:
Quote: The preliminary assessment of the Neptune’s unaudited financial results indicate that Neptune is poised to record a profitable quarter for the period ended 31 March 2013. Arising from this, the Directors expect MTQ Group to report a significantly higher profit for the fourth quarter ended 31 March 2013.
Further information on the Group’s performance for the 4Q2013 and full year ended 31 March 2013 would be provided when the Company releases it results announcement.
(Note: Emphasis mine)
I think its refreshing to see a company reporting an expected higher profit from a 'profit guidance' announcement. In this instance, the word 'profit' is not a misnomer.
22-04-2013, 12:13 PM (This post was last modified: 22-04-2013, 12:24 PM by Musicwhiz.)
(22-04-2013, 11:24 AM)dydx Wrote: I think we have in MTQ's senior management a good operator of the existing businesses as well as a good and skillful investor.
Maybe you can label me as a constant pessimist, but one quarter of good results still does not demonstrate that NMS has what it takes for sustained long-term improved performance and better cash flows. I think we have to closely monitor NMS post-acquisition for at least a couple more quarters before passing judgement on the investing acumen of KKK and his son.
Nevertheless, I look forward to the upcoming FY 2013 results and hopefully a nice final dividend as well.
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