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CSR
AUSTRALIA Edition buysellsignals.com | 1 MONTH PRICE VOLUME
Wednesday, March 21, 2012
3Mo
. 1Yr .
5Yr
PERCENT R
Shares Outstanding: 506,000,315 Market Cap: $898.2 million Closing Price: $1.78
7 Glossary
A publication of:
CSR ( CSR )
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Company Overview
Activities
CSR is a leading building products company with operations throughout Australia and New Zealand. For more than 150 years, CSR has been famous for the certainty built in to the company's range of leading products and services. Further details can be found at http://www.csr.com.au/.
Top Management
The chief financial officer is Greg Barnes, the chairman is Jeremy Sutcliffe and the managing director and chief executive officer is Rob Sindel.
Issued Capital
Based on 506,000,315 issued equity shares the market capitalisation is $898.2 million. It is Australia's 4th largest Capital Goods company by total revenue.
Financials
ANNUAL REPORT FOR THE YEAR ENDED MARCH 31, 2011
year-on-year comparisons with previous corresponding period
No. of Shares
81,843,103 80,072,382 58,930,930 220,846,415
% Held
16.17 15.82 11.65 43.64
FAVOURABLE CHANGES
A track record of profits in 3 of the last 5 years 5-years average annualized earnings growth rate of 24.4% Total debt to net tangible assets down from 51.4% to 0.4% Although the Total Liabilities to Operating Cash Flow ratio of 5.0 compares unfavourably with the Joseph Piotroski benchmark of <4, it had improved by 7.4% from the previous year. Total liabilities to total assets down 20.8% to 0.4 Current ratio up 13.5% to 1.8 Working capital to total assets up 40.8% to 15.0% Total revenue to total assets up 71.5% to 0.9.
Total
UNFAVOURABLE CHANGES
Total revenue down 1.9% to $A1.9b ($US2.0b) Net tangible assets per share down 32.1% to $A2.35 ($US2.4).
CSR ( CSR )
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CSR ( CSR )
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BEARISH SIGNALS:
Return on Capital Employed of 0.2% versus sector average of 5.3% and market average of 11.3%. The average annual compound return on the share price in the last 5 years was -28.0%, underperforming the average annual compound return on the All Ordinaries index of 1.6%
THE STOCK HAS A SCORE OF MERELY 4 OUT OF 9 SET BY JOSEPH PIOTROSKI [PASS MARK >=5 ]:
Positive net income; Positive operating cashflow; Improvement in current ratio from 1.56% to 1.77%; Improvement in gross margin [from 301.67% to 305.46%].
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CSR ( CSR )
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BEARISH SIGNALS:
The price weakened 2.5% in the last week. This was on volume of 1.1 times average for week. Compared with the All Ordinaries index which fell 0.6% for the week and 0.5% for the month, this represented a relative price decrease of 1.8% for the week and 6.1% for the month. In the Australian market of 1,284 stocks and 53 units traded today, the stock has a 6-month relative strength of 21 indicating it is trailing 79.0% of the market. The price to 50-day EMAP ratio is 0.9, a bearish indicator. In the past 50 days this ratio has been under 0.9 just thrice suggesting a support level. The 50-day EMAP has decreased to $1.93. A decrease is another bearish indicator. The Moving Average Convergence Divergence (MACD) indicator of 12-day Exponential Moving Average (EMA) of 1.8 minus the 26-day EMA of 1.9 is negative suggesting a bearish signal. Both the 12-day EMA as well as the 26-day EMA are falling, another bearish signal. In the past 200 days this ratio has been under 0.77 102 times suggesting further downside. The stock is trading below both its MAPs and the 50-day MAP of $1.94 is lower than the 200-day MAP of $2.31, a bearish indicator. The 200day MAP has decreased to $2.31. A decrease is another bearish indicator. The price to 200-day MAP ratio is 0.77, a bearish indicator. Breakdown: In the last three months the stock has hit a new 52-week low eight times, pointing to a significant downtrend. The bears are maintaining control with price open, high, low and close being below yesterday's levels.
CSR ( CSR )
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Short Volume
280,865
Days to Cover (Short Volume/Avg. Daily Volume): 0.1 days Short Sell (percent of issued shares): 0.1% Bullish Indicators: The current short volume is 0.5 times its own historical average of 0.1%. It crashed 50.7% from the previous day, crashed 62.2% from a week ago and crashed 33.6% from a month ago, a significant bullish indicator. Bearish Indicators: In the Australian Short Selling market of 467 stocks, short selling as a % of issued shares ranked 92nd and within the top quartile of stocks. This means it was higher than market average of 0.05%, a bearish indicator.
CSR ( CSR )
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Technical Analysis
Downtrend
SUPPORT
The support price is hovering at the $1.76 level. Volume traded at the weak support price zone was 0.7 times average during the three occasions when the support price was breached. In the last month the lowest price was $1.76 on Mar 21. The second lowest was $1.78 on Mar 20 and the third lowest was $1.80 on Mar 08.
BETA
The Beta of this stock is 0.8. A Beta lower than 1 suggests this is a low risk, low return stock with volatility less than that of the market.
RESISTANCE
Previous rallies have been met with resistance at $1.96. However, selling pressure at that level has been weak; volume was 0.5 times average during the six occasions when the resistance price was breached in the last one month. In the last one month the highest was at $1.96 on Feb 24, the second highest at $1.95 on Feb 28. The third advance halted at $1.95 on Feb 23, the 4th advance halted at $1.95 on Feb 27 and the 5th advance halted at $1.95 on Feb 29
FALLS TO RISES
The stock fell in four out of last 5 trading days, for a 5-day fall of 2.5% to close at $1.78. In the last three months the number of falls outnumbered rises 31:23 or 1.35:1.
TRAILING MONTH
In the 18 trading sessions there has been a net decline of 8.27%; the stock has retreated eleven times and the biggest one day decline was 3.7% on Mar 01.
PUT:CALL RATIO
Open interest contracts on exchange traded options included 87,095 put contracts and 72,727 call contracts.The put:call ratio was 1.2, up 1.5% for the day, down 69.1% in the past week and down 55.4% in the past month.
VOLUME
There were 2,326,935 shares worth $4.1 million traded. The volume was 0.7 times average trading of 3,375,514 shares.
% DISCOUNT TO HIGH
The last price is at a discount of 47.8% to the 12-month high of $3.40 a year ago on 04 Apr, 2011.
% PREMIUM TO LOW
The last price is at a premium of 0.7% to the 12-month low of $1.76.
CSR ( CSR )
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Sector Ranking
Market Share
CSR vs Capital Goods sector [Capital Goods sector Total in Brackets] Revenue of $1.9 billion[3.8% of aggregate sector revenue of $51.4 billion; down from 4.4% in the previous year.] Net Profit of $503.4 million [53.3% of aggregate sector net profit of $943.6 million]
THE FOLLOWING INDEX AND SECTORS FELL SETTING THE TREND FOR ITS FALL OF 1.1%:
Capital Goods sector of 73 stocks traded today, which was down 22.1 points or 0.7% to 3,054.4, The Total Australian Market of 1284 stocks and 53 units traded today, which was down 21.1 points or 0.5% to 4,578.2, All Ordinaries index of 412 stocks and 32 units traded today, which was down 18.6 points or 0.4% to 4,347.0
47.8 614 98.5 ONL 95.1 KIK 94.4 AEZ 0.1 ARP
Stock Ranking by Percentage Price Change, versus Index and Sectors for 1 day and 6 months
Total Rank of Rank of Number of Stock Stock Stocks in 6 1 Day Months Sector/Inde x
Capital Goods sector All Ordinaries index Total Australian Market 40 321 936 59 398 1004 106 460 1849
Lowest Rank
Size
Market Cap $ Total Australian Market Avg CSR Rank Rank 1 Rank 2 Rank 3 Lowest Rank 1.1 B 898.2 M 177 191.2 B BHP 128 B RIO 76.9 B CBA 305,450 ONL Revenue $ 599.3 M 1.9 B 73 68.9 B BHP 58.6 B RIO 55.1 B WES
CSR ( CSR )
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568.3 940 7,684.2 SYR 6,563.1 BRU 6,500.0 AGI 3.3 ESN
20.8 1004 99.9 TNC 99.8 SYR 99.8 WMN 0.1 WPG
0.9x 1022 2.5x TNC 1.9x RMP 1.6x ESI 0.1x ONL
-1.1 936
-2.5 838
-6.6 958
-10.8 1092
-45.6 948
Rank 2
Rank 3
Lowest Rank
CSR ( CSR )
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Financial Results
Year-on-year Comparisons
GENERAL INFORMATION
Company Name Company ISIN Company CODE Industry 2011-03-31 Native Currency Basic Shares Outstanding AUD 505600000 CSR Limited AU000000CSR5 CSR Capital Goods sector 2010-03-31 AUD 456200000
CSR ( CSR )
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Net profit from continuing operations attributable to non- 23 controlling interests Net profit from discontinued operations attributable to non- 7.6 controlling interests Net profit attributable to non-controlling interests 30.6
Net loss from continuing operations attributable to shareholders of -78 CSR Limited Net profit from discontinued operations attributable to 581.4 shareholders of CSR Limited Net profit (loss) attributable to shareholders of CSR Limited Net profit before significant items from continuing operations attributable to shareholders of CSR Limited Net profit before significant items from discontinued operations attributable to shareholders of CSR Limited 39.3 90.2 503.4
80
Up 12.8
93.4 173.4
Net profit before significant items attributable to shareholders of 129.5 CSR Limited From continuing and discontinued operations Basic earnings per share - based on net profit (loss) attributable to shareholders of CSR Limitedb Diluted earnings per share - based on net profit (loss) attributable to shareholders of CSR Limitedb $1.0 $1.0
-25.0c
Recovery
-25.0c
Recovery
CSR ( CSR )
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CSR ( CSR )
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2011-03-31
2010-03-31
Change %
8.5 762.3
30.9 1,149.5
29.1 32.1 33.4 97.4 2,246.4 69.8 36.3 106.1 164.8 15.8 2,725.1 3,874.6
Down 7.2 Down 45.2 Down 56.6 Down 94.0 Down 49.5 Down 80.2 Down 11.6 Down 56.7 Up 18.1 Down 13.3 Down 46.7 Down 42.8
Down 50.6 Down 87.9 Down 86.6 Down 9.2 Down 13.2 Down 41.6
Up 316.7 Down 99.8 Down 88.7 Down 2.0 Down 20.5 Down 61.8 Down 54.5 Down 29.5
CSR ( CSR )
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CSR ( CSR )
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CSR ( CSR )
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PERFORMANCE RATIOS
2011-03-31 Return on Assets (%) Total debt to net tangible assets (%) Total Liabilities to Operating Cash Flow Debt/Equity Total Liabilities/Total Assets Interest Cover Current Ratio 22.72 0.38 5.04 0.003648 0.42 0.05 1.77 2010-03-31 -2.88 51.43 5.44 0.48 0.53 -0.57 1.56 Down 99.3 Down 7.2 Down 99.2 Down 20.5 Recovery Up 13.6 Change %
CSR ( CSR )
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CSR ( CSR )
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February 16: CSR: UBS AG and its associates becomes substantial shareholder
UBS AG and its associates bought 26,285,498 shares worth approximately $51.9 million of CSR (CSR.AU) between October 14, 2011 and February 13, 2012, becoming a substantial shareholder with 26,285,498 shares (or 5.2%).
02022012 , 27022012
5,075,278 shares
Nil
0602National 38,989,9 net 31,991,88 2012 Australia Bank 80 $2.0 6,998,097 3 shares , 07- Limited and Its shares 4 shares (6.323%) 02Associates (7.706%) 2012 22112011 UBS AG 69,084 shares Not Not $2.1 Availabl Available 8 e
CSR ( CSR )
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September 30, 2011: CSR sells Brendale residential development site to Defence Housing Australia
[News Story] CSR Limited announced today that it has entered into an agreement to sell its 535 lot residential development site at Brendale, north of Brisbane, to Defence Housing Australia (DHA).The project has been sold on deferred settlement terms with CSR receiving the proceeds in stages, commencing this financial year and concluding by August 2013."We are pleased to complete this transaction in line with our previous advice to the market," said Rob Sindel, managing director of CSR."The transaction is another good example of our strategy in our Property division to reduce project risk and monetise our property portfolio to maximise value," he said.The Brendale site was a former quarry which DHA intends to re-develop for housing. Open Full Announcement.
November 09, 2011: CSR Limited half year results for period ended 30 Sept 2011
[Company Release]http://www.asx.com.au/asx/statistics/displayAnnounce ment.dodisplay=pdf&idsId=01239002 Open Full Announcement.
CSR ( CSR )
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CSR ( CSR )
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As at June 07, 2011 the top twenty shareholders of CSR. held 61.33%.Major holdings :
Shareholders Shares % Value, $M HSBC Custody Nominees 81,843,103 (Australia) Limited J.P. Morgan Nominees Australia Limited-1 National Nominees Limited
2,445,725
0.48
6.8
16.17
227.52
Citicorp Nominees Pty 2,342,849 Limited-3 Australian Reward Investment Alliance Csr Share Plan Pty Limited RBC Dexia Investor Services Australia
0.46
6.51
80,072,382
15.82
222.6
1,680,652
0.33
4.67
58,930,930
11.65
163.83
1,641,690
0.32
4.56
Citicorp Nominees Pty 15,676,588 Limited-1 Gpg Australia 14,505,271 Nominees Ltd RBC Dexia Investor Services 14,003,820 Australia Nominees Pty Limited-1 Cogent Nominees Pty 9,358,882 Limited J.P. Morgan Nominees Australia Limited-2 AMP Life Limited
3.1
43.58
1,620,160
0.32
4.5
2.87
40.32
Gpg Nominees Pty 1,392,816 Limited 2.77 38.93 Open Full Announcement.
0.28
3.87
6,247,141
1.23
17.37
3,832,535
0.76
10.65
RBC Dexia Investor Services 3,433,702 Australia Nominees Pty Limited-2 UBS Nominees Pty 2,923,009 Ltd Citicorp Nominees Pty 2,900,000 Limited-2 The Senior Master Of The 2,863,028 Supreme Court
May 11, 2011: CSR Full year results for year ended 31 March 2011
0.58 8.13 [News Story]http://www.asx.com.au/asx/statistics/displayAnnouncem ent.dodisplay=pdf&idsId=01179583Source: Australian Securities Exchange Open Full Announcement.
0.57
8.06
0.57
7.96
CSR ( CSR )
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Glossary
DEBT/EQUITY
Net Debt/Net Assets (times) Dividends received during the Period
CURRENT RATIO
Current Assets/Current Liabiliites (times)
INTEREST COVER
Earnings Before Interest and Tax/Interest (times)
EBIT MARGIN
Earnings Before Interest and Tax/Revenue (%)
RETURN ON ASSETS
Net Profit/Total Assets (%)
ANNUAL RETURN
Dividends Paid In a 12-Month Period/Price at the Beginning of the Period + Capital Gain or Loss over 1 Year/Price 1 Year Ago (%)
PRICE/EARNINGS
Share Price/Earnings Per Share (times)
PRICE/SALES PS
Share Price/Sales Per Share (times)
PRICE/NTA
Closing Share Price/Net Tangible Assets Per Share (times)
CASH/MCAP
Cash plus Liquids/Market Capitalisation (times)
VOLUME INDEX
Number of shares traded in the period/Average number of shares traded for the period
DIVIDEND YIELD
Dividend Per Share/Share Price (%)
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BST MOMENTUM COLOUR GUIDE Momentum Up Weak Momentum Up Momentum Down Weak Momentum Down Strong Unchanged Weak Unchanged Untraded
Price increase fuelled by above average Volume Price increase on below average Volume Price decrease fuelled by above average Volume Price decrease on below average Volume Price unchanged on above average Volume Price unchanged on below average Volume Untraded
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