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DescriptionQuarterFY2015QuarterFY2014QuarterFY2013QuarterFY2012Remarks
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Net ProfitNet ProfitNet ProfitNet ProfitShare capital 100,745
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Q1'15 $ 6,643 Q1'14 $ 1,697 Q1'13 $ 81 Q1'12 $ 8,374
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Q2'15 $ 21,827 Q2'14 $ 2,033 Q2'13 $ 1,042 Q2'12 $ 4,591
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Q3'15 $ 13,461 Q3'14 $ 3,339 Q3'13 $ 3,429 Q3'12 $ 3,910
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Q4'15 $ 7,974 Q4'14 $ 3,265 Q4'13 $ (314)Q4'12 $ (712)
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FY2015 $ 49,905 FY2014 $ 10,334 FY2013 $ 4,238 FY2012 $ 16,163
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Number of MV sold 10,997 9,419
Guesstimate for Dec'15 & Actual for the rest
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EPS (cents) $ 0.4954 $ 0.1026 $ 0.0421 $ 0.1604 Ties back to audited stats accounts
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Share price31/12/2015 $ 3.38 31/12/2014 $ 1.92 31/12/2013 $ 2.43 28/12/2012 $ 2.84
http://www.bloomberg.com/quote/CNCB:MK & CIMB i-trade
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P/E ratio 6.82 18.72 57.77 17.70
PE ratio drop from FY2012 to FY2015.
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Computing product mix & cash conversion cycle.
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FY15 3Q
FY14 4Q Act
FY13 4Q Act
FY12 4Q Act
Checking
Remarks for items highlighted in color
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Sales $ 1,192,398 $ 922,463 $ 644,976 $ 656,192
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COGS $ (1,089,508) $ (837,467) $ (597,256) $ (597,034)
Guesstimate
To compute the inventories turns. Unable to obtain COGS from quarterly results for FY15.
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Gross Profit $ 102,890 $ 84,996 $ 47,720 $ 59,158
Hence, assuming GP margin is the average of FY12 to FY14 to guesstimate the COGS.
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Gross Profit Margin (%)8.63%9.21%7.40%9.02% (0.00)
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Net Profit $ 41,931 $ 10,334 $ 4,238 $ 16,163
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Net Profit Margin (%)3.52%1.12%0.66%2.5%Fact
Higher net profit margin due to better product mix.
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Net Profit pu ($) $ 3.52 $ 1.10
Higher sales volume due to better design coupled with favourable product mix weighted towards
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Sales volume (units) 10,997 9,419
higher-priced vehicles which carries improved margin particularly the hybrid models.
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Checking - -
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Computing Stock Turnover days
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Stock turnover (days) 43.0 44.0 81.6 69.3 Fact
Better stock turnover days for FY15 & FY14 compared to FY13 & FY12.
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Computing Trade Receivables Turnover Days
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Trade Receivables (days) 28.3 19.9 29.2 22.9 Fact
Deteriorated by 10 days comparing btw. FY15 vs. FY14.
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Computing Trade Payables Turnover Days
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Trade Payables (days) 26.6 24.6 25.1 85.7
Consistent with cash flows statement that shows an increase in Trade AP.
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Cash conversion cycle (days)
 44.7 39.3 85.7 6.5 Fact
Poorer cash conversion cycle by 5 days due to longer
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collection period from AR comparing btw. FY14 to FY15.
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Conclusion:
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Reason for negative operating cashflows (FY15: RM35.6M) and drawdown of Bankers Acceptance (RM30M)
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During FY15, there is a two fold increase in inventories to $171.6M (FY14: $85M) to support higher sales. Indeed, inventories
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turnover days for FY15 remained the same with FY14 at 44 days.
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However, Trade AR turnover days deteriorated by 8 days (FY15: 28.3 vs. FY14: 19.9) and coupled with doubling down on inventories in FY15
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but offset slightly by better Trade AP turnover days of 2 days (FY15: 26.6 vs. FY14: 24.6)
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resulted in negative operating cashflows and drawdown its bankers acceptance.
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This is consistent with poorer cash conversion cycle by 5 days comparing btw. FY15 of 44.7 days vs. FY14 of 39.3 days.
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