Saturday, April 14, 2012

STOCK REVIEW: HAP SENG PLANTATIONS HOLDINGS BERHAD

HAP SENG PLANTATIONS HOLDINGS BERHAD
HSPLANT  5138



1. Quarterly results
Turnover consistent.Latest 4 quarters results EPS between 6.63 to 9.49. 
4Qs-Rolling EPS 31.6 = PE below 10x.
2. Dividend (policy and yield)
  • Twice a year for past 3 years. Last two payout 10 sen each, translate into 20 sen / RM3.05 = 6.5% net of tax (better than many REIT, around 6~7%, which subject to 10% withholding tax).
  • 55% owned by another listed company (Hap Seng Consolidated Berhad) and thus the dividend payout is more or less guaranteed
3.  Financial Position
  • Plantation land under valued?
  • Reasonable gearing with high cash balance
4. Cash Flow
  • Healthy with positive cash from operation since listed in 2007
  • High Free Cash Flow for 2008-2010, i.e. fund available for shareholder as dividend.
  • Increased additional RM87m cash during FY2011, after settle all borrowings and payment of good dividend (refer to Q4 2011 Quarterly Results)
5. Oil Palm Estate Profile (from official website)

  • The total area of Hap Seng Plantations estates is 39,803 hectares. 
  • Hap Seng Plantations operates on one contiguous block of plantation land of approximately 36,354 hectares between Lahad Datu and Sandakan region, in addition to two smaller plantations of 1,276 hectares in Tawau and 2,173 hectares in Kota Marudu. 
  • 34,467 hectares of planted area comprises 32,576 hectares of matured oil palm and 1,891 hectares of immature plantings.
Based on above info, the potential upside is low because above 90% planted area are matured and below 10% of immature plantings. The un-planted land almost low in term of % to total area.


 Share Price
13.4.2012 closed at RM3.05

52W High (Adjusted)3.230
52W Low (Adjusted)2.290



LIST OF 30 LARGEST SHAREHOLDERS

    Shareholder                      Shareholding  %
1. Hap Seng Consolidated Berhad 441,186,400 55.149
2. Innoprise Corporation Sdn Bhd 119,978,000 14.997
3. Lembaga Tabung Haji 47,007,900 5.876
4. Citigroup Nominees (Tempatan) Sdn Bhd 44,807,900 5.601
- Employees Provident Fund Board
5. RHB Capital Nominees (Asing) Sdn Bhd 10,813,000 1.351
- Kowa Company Ltd – (J)
6. Amanahraya Trustees Berhad 9,439,700 1.179
- Amanah Saham Wawasan 2020
7. HSBC Nominees (Asing) Sdn Bhd 6,600,000 0.825
- Exempt AN for JPMorgan Chase Bank, National Association
(Norges BK Nlend)
8. Malaysia Nominees (Tempatan) Sendirian Berhad 3,503,900 0.437
- Great Eastern Life Assurance (Malaysia) Berhad (Par 3)
9. AMSEC Nominees (Tempatan) Sdn Bhd 3,000,000 0.375
- Fulcrum Asset Management Sdn Bhd for Arab-Malaysian (CSL) Sdn Bhd
10. Malaysia Nominees (Tempatan) Sendirian Berhad 2,866,300 0.358
- Great Eastern Life Assurance (Malaysia) Berhad (LGF)
11. Malaysia Nominees (Tempatan) Sendirian Berhad 2,149,200 0.268
- Great Eastern Life Assurance (Malaysia) Berhad (LPF)
12. Citigroup Nominees (Asing) Sdn Bhd 2,139,200 0.267
- CBNY for Dimensional Emerging Markets Value Fund
13. CIMSEC Nominees (Tempatan) Sdn Bhd 2,000,000 0.250
- CIMB Bank for Koh Kin Lip (MY0502)


COMPARISON - Plantation Stock (by Market Cap)

o Stock Brd Par Value Total Shares Close (RM)  Market Cap 
1 IOICORP M RM 0.100 6423290 RM 5.390   34,685.77
2 KLK M RM 1.000 1067505 RM 24.300   25,961.72
3 BKAWAN M RM 1.000 435951 RM 18.840     8,178.44
4 GENP M RM 0.500 758846 RM 9.600     7,338.04
5 KULIM M RM 0.250 1234555 RM 4.380     5,333.28
6 UTDPLT M RM 1.000 208134 RM 25.000     5,182.54
7 TWSPLNT M RM 1.000 529153 RM 5.690     3,122.00
8 TWS M RM 1.000 296471 RM 10.120     3,024.00
9 SOP M RM 1.000 434477 RM 6.880     2,989.20
10 IJMPLNT M RM 0.500 801714 RM 3.380     2,709.79
11 HSPLANT M RM 1.000 800000 RM 3.050     2,440.00
12 TSH M RM 0.500 824124 RM 2.570     2,085.03
13 UMCCA M RM 1.000 203218 RM 7.650     1,544.45
14 KSENG M RM 1.000 361477 RM 4.050     1,471.21
15 THPLANT M RM 0.500 509096 RM 2.880     1,456.02
16 RSAWIT M RM 0.500 1308504 RM 1.090     1,400.10
17 TDM M RM 1.000 238046 RM 4.950     1,161.66
18 UNICO M RM 0.250 883200 RM 1.220     1,077.50
19 FAREAST M RM 1.000 139779 RM 7.500     1,048.34
20 SWKPLNT M RM 1.000 280000 RM 3.120        896.00
21 KRETAM M RM 1.000 365525 RM 2.340        862.64
22 CHINTEK M RM 1.000 91363 RM 9.050        831.40
23 GNEALY M RM 1.000 115362 RM 7.180        824.84
24 KMLOONG M RM 1.000 306280 RM 2.700        814.71
25 BLDPLNT M RM 1.000 85000 RM 9.350        784.55
26 KWANTAS M RM 0.500 311678 RM 2.400        751.14
27 NSOP M RM 1.000 70202 RM 6.200        432.44
28 CEPAT M RM 1.000 323185 RM 1.180        374.90
29 TAHPS M RM 1.000 74853 RM 4.800        359.29
30 PLS M RM 0.200 326700 RM 1.030        336.50
31 NPC M RM 1.000 120000 RM 2.590        301.20
32 DUTALND M RM 1.000 602271 RM 0.495        292.10
33 GLBHD M RM 1.000 222913 RM 1.270        274.18
34 MHC M RM 1.000 140389 RM 1.900        266.74
35 INCKEN M RM 0.600 420750 RM 0.600        250.35
36 RVIEW M RM 1.000 64850 RM 3.150        204.28
37 SBAGAN M RM 1.000 60492 RM 2.980        184.50
38 KLUANG M RM 1.000 60191 RM 2.800        174.55
39 HARNLEN M RM 1.000 185477 RM 0.905        168.78
40 GOPENG M RM 0.500 179329 RM 0.800        144.36
41 AASIA M RM 1.000 119997 RM 1.200        144.00
42 MALPAC M RM 1.000 75000 RM 1.580        113.25
43 AMOLEK M RM 1.000 1800 RM 18.800          33.84
44 PINEPAC M RM 1.000 74902 RM 0.445          32.96