Friday, March 24, 2006

That Silver Birdie..

One of the quarterly earnings that caught my eye tonight was from Silver Bird Group.

Quarterly rpt on consolidated results for the financial period ended 31/1/2006

Back in Sept 2005, as I was updating some quaterly earnings, Silver Bird's
quarterly earnings caught my attention. I thought Silver Bird's performance was not too bad.

Net earnings was at 15.3 mil for 3 quarters of the fiscal year which is up from 11.7 mil the same period a year ago.

I thought it was pretty ok since it would appear that Silver Bird has some sort of earnings growth.

Anywayyyy... I then remembered that OSK had a massive write-up,
Silver Bird: 'Bread'ing Value to Shareholders, on Aug 2005.

What caught my eye was OSK earnings forecast.

Now, if u look at the 05 numbers, OSK's estimates were wayyyyyyyyy too optimistic at 32 million!!!

Here's my reasoning. OSK report was made in Aug 2005. Silver Bird's last quarterly earnings was made on June 2005.

Silverbird made a half year profit of only 9.7 million. And what does OSK do a couple of weeks later? They project a net profit of over 32 million for the whole fiscal year.

Don't you wonder how did they work out such a rosy earnings projections?

Isn't it totally unreal?

See why I said OSK's estimates were wayyyyyyyyy too optimistic at 32 million?

And in Dec 2005, Silver Bird announced its 2005 Q4 quarterly earnings. Silver Bird made only a net earnings of 19.4 million for its fy 2005!


This is how Silver Bird did for its 2006 Q1.

Good ah?

ps... OSK projected ... err... a total net profit of 47 million for fy 2006 for Silver Bird!

Silver Bird Group Bhd (7136.KU) - Malaysia
1st quarter ended Jan. 31:
Figures are in Ringgit (MYR).
2006 2005
Revenue MYR141,358,000 MYR126,044,000
Pretax Profit 1,213,000 3,815,000
Net Profit 1,123,000 3,725,000
Earnings Per Share 0.53 Sen 2.63 Sen
Dividend Omitted Omitted