2009年12月财报：cscsteel分析

SHARES OUTSTANDING
LARGEST 30 SHAREHOLDERS
BALANCE FLOAT
373,219,500
287,536,900
22.96%
TOP 30 SHAREHOLDERS
#
SHAREHOLDER SHARES
HELD
%
1
CHINA STEEL ASIA PACIFIC HOLDINGS PTE LTD
171,000,000
45.82%
2
LEMBAGA TABUNG ANGKATAN TENTERA
38,077,700
10.20%
3
LEMBAGA TABUNG HAJI
28,782,100
7.71%
4
HSBC NOMS SB EXE.AN-MORGAN STANLEY & CO. INT. PLC
8,769,600
2.35%
5
HSBC NOMS SB BNY BRUSSELS - QUEENSLAND INV.CORP.
4,600,000
1.23%
6
AMANAH RAYA NOMS SB PUBLIC ISLAMIC OPP. FUND
3,730,900
1.00%
7
DB NOMS SB EXE.AN-AMARA INV.MGMT SB
2,576,000
0.69%
8
MSIA NOMS SB GREAT EASTERN LIFE ASS.BHD
2,500,000
0.67%
9
LIM SENG QWEE
2,447,200
0.66%
10
AMANAH RAYA NOMS SB AMANAH SAHAM WAWASAN 2020
2,089,800
0.56%
11
PERMODALAN NASIONAL BHD
2,000,000
0.54%
12
AMANAN RAYA NOMS SB PUBLIC ISLAMIC DIV. FUND
1,988,100
0.53%
13
NEOH CHOO EE & CO. SB
1,700,000
0.46%
14
MSIA NOMS SB GREAT EASTERN LIFE ASS. BHD
1,600,600
0.43%
15
NAR SWEE KIM
1,320,900
0.35%
16
TOH KAM CHOY
1,235,000
0.33%
17
AMANAH RAYA NOMS SB SEKIM AMANAH SAHAM NASIONAL
1,228,900
0.33%
18
KURNIA INS. BHD QUARRY LANE SB
1,197,000
0.32%
19
QUAARY LANE SB
1,180,000
0.32%
20
HSBC NOMS SB HSBC TRUSTEE BHD - MAAKL AL-FAID
1,030,000
0.28%
21
CIMSEC NOMS SB CIMB BANK - MAK TIAN MENG
1,000,000
0.27%
22
CIMB BANK-TUANKU SYED SIRAJUDDIN IBNI SYED PUTRA JAMALULLAIL
982,800
0.26%
23
AMANAH RAYA NOMS SB PUBLIC ISLAMIC SECTOR SEL. FUND
978,800
0.26%
24
TIAH THEE SENG
948,300
0.25%
25
RHB CAPITAL NOMS SB PLED SEC ACC - FONG SILING
860,000
0.23%
26
GOH THONG BENG
853,000
0.23%
27
LOW MEI LAN
800,000
0.21%
28
MD NAZIR BIN MD ALI
700,000
0.19%
29
KENANGA NOMS SB PLED SEC ACC - HOW KIM CHAI
693,900
0.19%
30
YEO KHEE HUAT
666,300
0.18%

根据cscstel的财报，钢铁价在2009年12月开始复苏。
目前提议派息13%，特别息7%。

股票数额=373,219,500unit
EPS=24.42sen
NTA=RM2.09
total equity - total liability = RM1.856 (上次RM1.61)
ROE=11.68%
DE RATIO = 0.1101
债务方面保持良好，没有长期债，短期债也减少了。
property, plant and equipment/ total equity and liability=36.55%(成本控制降低了，有利竞争。）
应收赊账与收入比率=35%(减少了，竞争能力提高）

cash flow:
资本开支：净利润（purchaseproperty, plant and euipment/profit before tax)=7.45%
net cash per share=RM0.606[（cash equivalent-total liability)/total share]

net working capital:=current asset-total liabilities=RM1.18

结论：
净现金有RM0.606,派股息后剩下RM0.406。7倍PE目标价为RM1.71, 5倍PE则是RM1.22，保守估计目标价为RM1.62-RM2.11左右。