KELADI / 6769 - 2010 Q2

My opinion based on 2010 Q2 report (number in '000):
- ROE was dropping to 1.29%/Q, average were > 2%
- Profit also dropping to 2345, average were > 3500, profit drop due to lower contribution from the property development activities caused by the global financial crisis which has affected sales of houses.
- Watching liability (payables and accruals) whether will it drop at next Q, current at 19075, DE 11.55%
- Got FCF 13630, company cash increasing to 56658, average 45000
- Profit margin ~21%, second low compare to previous, profit margin has been substantially reduced by the higher development cost of projects
- 2008 highest/lowest PE = 8.13/3.11, 2009 = 8.26/4.82, 2010 estimated eps = 0.013, 2010 estimated PE on current price = 11.54
- Divident in sen 2009 = 0.015, 2008 = 0.025, 2007 = 0.015