Sunday, May 19, 2013

PRK Corp

Perak Corporation Berhad is engaged in property and investment holding, real property development and provision of management services. The Company operates in three segments: Infrastructure engaged in maritime services in respect of the development of an integrated privatized project and encompassing operations of multipurpose port facilities, operation and maintenance of a bulk terminal, sales and rental of port related land and other ancillary activities; Township development, which is engaged in township development of real property and ancillary services, and Management services and others that provides provision of management services and other business segments, which include property investment and distribution. The Company's township developments include government offices, shop lot, bungalow, semi detached and other type houses. In October 2011, the Company disposed of its associate, West Coast Expressway Sdn Bhd.

For the financial year ended 30.12. 2012,  the key statistics of the company are as follows:
Paid capital: RM100 million
Par Value: RM1 per share
EPS: 38.10 sen
Reference Price RM2.02
NTA: RM4.68 per share
Dividend Paid: 8.5 sen less tax and 1.1 sen tax free
Current Assets: RM511,455,796 of which RM184.95 million is in cash
Current Liabilities:RM135,427,648
Major Shareholder: Perbadanan Kemajuan Negeri Perak

Most of the earnings in 2012 came in the last two quarters. (3Q = 12.58 sen and 4Q = 15.93 sen)

The above figures show that the company is fundamentally strong and solid.

As at 31 December 2012, PRKCorp has sufficient credit in the 108 balance and balance in the tax exempt income account to pay dividends amounting to approximately RM19,642,000 (31.12.2011 : RM21,892,000) out of its retained earnings. The Company may distribute the balance of the retained earnings of approximately RM50,064,000 (31.12.2011 : RM43,069,000) as dividends under the single tier system.
Technically speaking, the stock is now in an uptrend and undergoing a small correction. 

I am long on the stock and intend to buy more.

As usual, you buy, sell or hold at your own risk.

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