MPHB financial result update

>> Saturday, August 28, 2010

FY30/6/10
Financial Result
Quarter to quarter comparison, MPHB recorded a 8.4% higher revenue to RM871.36m from RM804.36m last financial year. However, PBT is 44.7% lower to RM95.97m from RM173.54m. The diferrence is mainly due to the exceptional gains from the disposal of quoted investment and dividend income of RM74.6m received in previous corresponding quarter. For individual segment:
~Gaming Division which contribute 91% to company's revenue see its PBT drop slightly to RM92.6m from RM101.3m.
~Stock Broking Division lost RM3.5m due to lower brokerage income and provision for doubtful debt.
~Financial Services Division sees PBT increase to RM15.4m from RM10.8m thanks to improved underwriting performance especially in non-performing classes and greater emphasis on risk management and selection.


Compare with immediate preceding quarter, company PBT drop RM18m mainly due to recognition of losses on the fair value of derivative liability and quoted investment within company.
Technical Outlook
After breaking up to a high of RM2.45 in the early April, MPHB share price consolidate slowly and close at RM2.10 on 27/8/10. It is trapped in a symmetrical triangle with support at RM2.04 and resistance RM2.20. Keep a close eye on them within the nexr 2 weeks.
Stock Valuation
With yesterday closing price RM2.10, MPHB trading at PE8.1x  (EPS RM0.26ttm). I think MPHB is still attractive and can revalue with PE10x, TP RM2.60.

Overall
MPHB has been a profitable company for the last four financial year. I think it will remain the same, given it higher market shares among other NGO. I think we should ACCUMULATE this stock before it take off.

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