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Parkway
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thomas_low
Veteran |
18-May-2009 16:59
Yells: "Gong Xi Money Made" |
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Recommend T/P DMG Sell $0.92 DBS Hold $1.29 Nomura Buy $1.85 Thomas Ignore $0.00 |
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chookk
Member |
18-May-2009 16:55
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All brokerage/research group have large difference in recommendation and price target. Recommend T/P DMG Sell $0.92 DBS Hold $1.29 Nomura Buy $1.85 |
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wongmx6
Veteran |
18-May-2009 06:40
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Earning for the all group is higher but Earning per share is lower. |
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Alligator
Veteran |
16-May-2009 07:57
Yells: "learning from past " |
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Price under heavy pressure and down a lot recently. Then when it was removed from MSCI index, it went south further. Last night it just released quarter result as follow: Parkway Holdings said it reported a 4% rise in Q1 2009 revenue to $237.8m for the first quarter of 2009 compared to $228.7m for the same period in 2008. Excluding exceptional items, the group notched up a 20% increase in net profit for the quarter, with $23.4m for 2009 versus $19.6m for the preceding year. Helping to propel this growth were Parkway’s international operations, which recorded a 20% increase in total revenue, from $72.9 million in Q1 of 2008 to $87.5 million for the same period in 2009. EBITDAR for the group’s international operations surged 29% to $18.2 million in 2009, compared to $14 million in 2008. The group’s healthcare services also performed well, with the services in Singapore registering 36% year-on-year increase in EBITDAR to $9 million. Inpatient admissions at Parkway’s Singapore hospitals fell slightly in Q1 of 2009, and were down 3.7% from the same quarter in 2008. The drop in admissions was also in line with a fall of 13.8% in tourist arrivals to Singapore in the first quarter of the year compared to the same period in 2008. However, this is mitigated by the strong growth shown by Parkway’s healthcare services in Q1 2009, which was fuelled by good performances across the services, such as Parkway Shenton’s primary healthcare services, and Parkway Laboratory Services’s diagnostic laboratory services. Parkway’s international operations also delivered outstanding performance in the first quarter of 2009, with revenue rising 20% to $87.5 million and EBITDAR growing 29% to $18.2 million. The main drivers of this growth were the group’s facilities in Malaysia, particularly the Pantai group of hospitals, and the Gleneagles JPMC Cardiac Centre in Brunei and Shanghai group of clinics. |
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Alligator
Veteran |
07-May-2009 19:05
Yells: "learning from past " |
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may be you did it again, today this one add 18cents more..
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Alligator
Veteran |
06-May-2009 16:00
Yells: "learning from past " |
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this one got scared off by the h1n1 flu and forgot to recover. but this one when recover can run | ||||
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des_khor
Supreme |
06-May-2009 15:55
Yells: "Tell me who is the God or MFT from this forum??" |
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must scold more counters as most still salted fish haven't come alive... haha...
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Alligator
Veteran |
06-May-2009 15:52
Yells: "learning from past " |
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wah hahah, on steroid out of sudden.. thanks for scolding him | ||||
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des_khor
Supreme |
06-May-2009 15:46
Yells: "Tell me who is the God or MFT from this forum??" |
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i scold from 1.24 all the way up to 1.33 !!1
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des_khor
Supreme |
06-May-2009 15:33
Yells: "Tell me who is the God or MFT from this forum??" |
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haha... finally moving !
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des_khor
Supreme |
06-May-2009 15:14
Yells: "Tell me who is the God or MFT from this forum??" |
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after i scold this counter.... big eat up @ 1.25 man...
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des_khor
Supreme |
06-May-2009 15:01
Yells: "Tell me who is the God or MFT from this forum??" |
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lousy counter.... | ||||
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jeremyow
Senior |
30-Apr-2009 01:35
Yells: "Passionate business investor" |
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Thanks. There is no competitors in the stock market. All are free players. I'll love to share anything that is useful. I will also be happy if investors can support an excellent business and remain invested long term in profitable companies. As the excellent company grows in earnings and value through a long period of time, all long term investors in the business grow and profit together with the business and see the intrinsic value of their shares increase through the years. Just a little bit of nuggets to share again about identifying excellent businesses:- Let's look at the well known Coca Cola company, one of the best performing businesses of all time. Established international brand and penetration:- It has an established international brand and penetration. Almost everywhere on earth people are drinking Coke. Low cost of operations for business:- It does not cost much to produce each can of coke as it is just a can of gased syrup water. But, it is selling at high profit margin per can. There is no extensive labour cost and research cost needed to maintain the business. Coke are mainly machine produced (low labour cost) and the ingredients that make coke have not changed much through the decades (negligible research cost for this product). Consumer monopoly business:- People have to keep using the products and services even if there is a rise in price. Coke is an all-time favourite beverage. It is a good thrist quencher and refreshes one after drinking it. Look around and one can easily identify with seeing coke being sold and drank each day by people at hawker centres, homes, 7-elevens, NTUCs, mini-marts and some restaurants. Increasing earnings per share:- Earnings per share has increased over more than 10 years at a remarkable consistent 20% range annual compounded growth. This is one of the best determinant of profitability over the long term (though management of a company can still do some accounting tatics to bring out a seemingly increase in earnings per share). However, we are talking about more than 10 years of consistency (Which company can successfully cover up for more than 10 years of fake escalated earnings per share?) Excellent sustained returns on equity:- Returns on equity has been consistent at around 30% range for more than 10 years. Now, this is a remarkable feat. This means consistent annual compounded returns of around 30% on shareholder's invested money for many years. Investing in this wonderful business is more consistently profitable than other investment tools around. It is rare if not possible, to find another investment tool/ strategy that can provide consistent 30% annual compounded returns on one's investment dollars. Imagine one has bought the shares of Coca Cola more than 10 years back. Now, the same person if still holding on to the same shares will have both a higher intrinsic value per share and also higher earnings per share from the company due to the already increased earnings per share through the many years. In conclusion, a consistent high annual compounded growth in earnings per share (at 20% for more than 10 years), together with a consistent annual high returns on equity (at 30% for more than 10 years) creates a rare wonderful business. Imagine compounding earnings and returns at such a high rate for a long period of time, it is no wonder why some investors like Buffet has remain vested in such a business at such a high compound rate of returns for so many years. |
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wongmx6
Veteran |
29-Apr-2009 12:00
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Your are great!!! Please don't stop sharing your knowledges to all the reader..... I like your post.
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jeremyow
Senior |
26-Apr-2009 23:10
Yells: "Passionate business investor" |
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Thanks all. I agree with you guys too. I have been following Parkway Holdings's developments. I hope they can find suitable COO and CEO in their succession plan to steer the company to better future. A good company always plans ahead for their succession plan decades down the road. Most often, their leaders are homegrown talents which have worked within the organisation for long periods and have been inculcated with the values and visions of the organisation. I do hope that Parkway can consider looking inwards towards their future leadership development and succession planning instead of outsourcing for leaders. Another thing I hope Parkway can improve on is it's cost reduction in business. Though it has a defensive nature of business (healthcare), if it's cost of operations is large, this may mean less profitability in terms of net earnings. I do hope the earnings per share for Parkway can grow consistently down the years since it has already done quite a fair bit of overseas expansion of it's business in recent years. It will be also good if Parkway can prudently use both the funds collected from last year's rights issue and also it's retained earnings from business wisely to grow it's business to become more profitable, while at same time reducing it's cost of operations. Let time decide whether Parkway is becoming a super-performer in future or not. It is agressively growing. Let's hope it takes off in future years. |
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Lazyhorse
Senior |
26-Apr-2009 14:36
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Jeremyow - Great posting. Thanks !!! I share same views as woonmx6 that it is a good defensive stock for mid term investing. I don't think it will go much too "wrong" at current price though. |
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wongmx6
Veteran |
26-Apr-2009 14:03
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Good sharing, I guess Health Care business is rather defensive moreover it's trading at below its Book Value as compare with Raffles Medical which is trading slightly more than 2 times and Its revenue is more than 4 times bigger than RM. Parkway is expanding fast therefore it's badly hurt by current crisis. Currently Parkway has 16 hospitals (3 in Singapore, 11 in Malaysia, 1 in Brunei, 1 in India), 49 medical centres and clinics (43 in Singapore, 6 in Shanghai, China), 9 Radiologic Clinics, 4 laboratories and 48 Parkway Health Patient Assistance Centres (PPAC) across the world. News of resignation for it's long service COO is bad, hoping that profit for the coming Quarterly Financial Report is sustainable. |
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jeremyow
Senior |
26-Apr-2009 01:15
Yells: "Passionate business investor" |
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Looking at some financial data: 2008 2007 2006 2005 2004 Earnings after tax and minority interest but before exceptional items 88,446 87,225 66,680 63,806 51,853 % of revenue 9.4% 10.0% 7.7% 11.3% 12.4% Profitability Ratios (%): Return on Shareholders' Funds Before exceptional items 6.9 15.0 15.7 15.4 12.2 Gearing Ratio: Net debt equity ratio 0.53 0.07 0.84 0.88 0.52 Earnings per share ($) Before exceptional items 0.09 0.10# 0.09 0.09 0.07 Net tangible asset backing per share ($) 0.88 0.48 0.35 0.32 0.54 Net asset value backing per share ($) 1.14 0.75 0.55 0.57 0.59 The earnings % of revenue (before exceptional items) is quite consistent. At least, it is maintained around 10% range of the revenue. However, this may not be an impressive % figure. There may be better companies that have higher earnings in % of the revenue. The returns on shareholders' funds (before exceptional items) is also quite consistent around 15% range. Year 2008 sees a dip. However, it maybe the same for most companies out there which are equally affected by the subprime financial crisis. 15% is an expected average figure for a company's returns on shareholders' funds. Anything consistently less than 15% maybe under-performing. It will be impressive for a company if the % returns on shareholders' funds is more than 15% consistently through the years. The most recent year's net debt to equity ratio is at 0.53 which is still tolerable. However, there are years 2005 and 2006 when the gearing ratio is higher at 0.80 range suggesting that the company maybe taking on large amounts of debts. If it is for expansion and growth purposes that will allow for better sustained earnings, it is still fine. If not, it does not justify the risk of taking on more debts than necessary. The earnings per share (before exceptional items) has been consistent through the years at $0.09 per share. This reflects ability to maintain stable earnings from the business through the years. However, the question to ask is whether Parkway can do better to grow it's earnings per share and not just only maintain it. Looking at it's peers (e.g. Raffless Medical Group), though Raffless Medical has only one operating hospital compared to Parkway having many more operating hospitals, the former's earnings per share is quite close to Parkway. This leaves one to consider whether Parkway is delivering good earnings per share considering it's larger size of business. Both the net tangible asset and net asset backing per share are growing through the years. The revenue through the years is also increasing. This reflects the continual growing size of the business through the years. Lastly, at current share price of $1.13, the earnings yield is only around 8%. (Earnings yield is calculated from earnings per share divided by current share price in % terms). This is a low figure at current share price which means one maybe paying too high a price for the earnings of the business at current share price. There are other businesses out there which have much higher earnings yield based on their current share price. In conclusion, the investor has to form an opinion about the financial strength and competitive advantage of a business. Investing is both a science and an art. Some may think that Parkway based on the above key financial data may not be an exceptional company to look at. However, others may form a different opinion looking at the consistency in the business (reflected by the consistent financial data) and the future expansion plans and growth of the company which may reflect better earnings in future. There is no right and wrong. Fundamentals of a business may also change over time if the management does stupid things to hurt earnings or external factors may also affect future earnings. "Time is the friend of an exceptional business but the foe of an under-performing business." Only time will tell a good business apart from a lousy one. Even if a business is perceived as excellent, the price to pay for a business is equally important. The price that one pays for the shares of an excellent company determines the amount of returns one gets eventually. Pay lesser for the shares of an excellent company so that one earns more returns from the company eventually. <Just my two cents worth> <There are other ways to play the market to have lucrative returns> <All the best to all market players out there> |
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Alligator
Veteran |
25-Apr-2009 17:33
Yells: "learning from past " |
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Before you consider INVESTING , please take a look at their 5-year financial highlight. the text file might not align in SJ forum, however, if you copy, print in one page, probably you can see a lot of information about parkway over 5 years. FINANCIAL HIGHLIGHTS its e 2008 2007 2006 2005 2004 $'000 $1000 $'000 $'000 $1000 Profit and Loss Account Revenue Healthcare 936,584 865,210 864,508 560,876 416,232 Others 8,802 4,472 3,496 2,740 2,797 945,386 869,682 868,004 563,616 419,029 Earnings before interest expense, tax, depreciation, amortisation and REIT Rental (EBITDAR)- 217,526 194,686 189,366 142,401 112,658 % of revenue 23.0% 22.4% 21.8% 25.3% 26.9% Earnings before interest expense, tax and exceptional items (EBIT) 119,600 129,590 129,102 101,792 77,549 % of revenue 12.7% 14.9% 14.9% 18.1% 18.5% Earnings after tax and minority interest but before exceptional items 88,446 87,225 66,680 63,806 51,853 % of revenue 9.4% 10.0% 7.7% 11.3% 12.4% Profit attributable to equity holders of the Company 34,829 297,959 55,283 61,969 50,463 % of revenue 3.7% 34.3% 6.4% 11.0% 12.0% Balance Sheet Total Assets 2,934,064 1,102,997 1,231,403 1,344,042 975,889 Net Borrowings 681,373 43,191 354,570 367,497 222,780 Total Shareholders' Funds 1,284,279 580,262 423,928 415,517 425,027 Profitability Ratios (%): Return on Shareholders' Funds Before exceptional items 6.9 15.0 15.7 15.4 12.2 After exceptional items 2.7 51.3 13.0 14.9 11.9 Return on Assets Before exceptional items 3.0 7.9 5.4 4.7 5.3 After exceptional items 1.2 27.0 4.5 4.6 5.2 Gearing Ratio: Net debt equity ratio 0.53 0.07 0.84 0.88 0.52 Per share Data: Earnings per share ($) Before exceptional items 0.09 0.10# 0.09 0.09 0.07 After exceptional items 0.03 0.34# 0.08 0.09 0.07 Gross dividend ($)** 0.032 0.245 0.223 0.105 0.09 Net tangible asset backing per share ($) 0.88 0.48 0.35 0.32 0.54 Net asset value backing per share ($) 1.14 0.75 0.55 0.57 0.59 - Earnings before exceptional items, exchange differences and share of results of associates. - Gross dividend comprises interim dividend declared during the year and final dividend proposed by directors in respect of that financial year under review. Includes special dividend of 13.45 cents and 11.25 cents per share less tax paid in 2007 and 2006 respectively. s De-+.,+e,a f,,. +He „ffe,.+, ,.f +1,- .4,.k+,. Ia l,.,-,-.')nnQ |
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Lazyhorse
Senior |
25-Apr-2009 16:33
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I have been watching this counter for a while. Seems like it is slowly slipping down and down. Anyone knows of any bad news ?? Current price looks very very attractive though.... |
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