FELDA GLOBAL VENTURES HOLDINGS BERHAD: Short Insight

Based on FELDA GLOBAL VENTURES HOLDINGS BERHAD (FGVH) Prospectus reports:

Profit after tax in 2011 is RM1,014,665,000.
Net asset in 2011 is RM5,483,830,000.

However, last three months ended at 31 March, PAT is only RM192,165,000 compared to RM359,048,000 in the same period in the preceding year (2011).

Total IPO share number is 2,188,890,900 shares (institution offering up to 1,915,279,900 shares + retail offering of 273,611,000 shares.

GAS MALAYSIA BERHAD (GASMSIA) : Little Analysis and Insight

Based on the Prospectus notes of GAS MALAYSIA BERHAD (GASMSIA) from Bursa Malaysia,
page 159: Historical audited consolidated Financial information: profit after tax (PAT) in 2011 is around RM229million.

Next, go to page 187: 12.4 Proforma consolidated balance sheets: Proforma II - After proforma I and IPO: total number of share is 1,284million.

Based on these two informations, we can get EPS of GASMSIA = 17.83sen.

Since the IPO price for retailer is RM2.20, PE = 2.2/0.1783 = 12.34.

NTA = RM0.71.

Compared to KENCANA PETROLEUM BERHAD PE, GASMSIA looks more attractive.

However, can GASMSIA maintains or even grow its EPS in future? More investigation and time are needed.