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Tuesday, December 15, 2009

LCL / 7177 - 2009 Q3

My decision: NOT BUY
Reason: PN17, drop revenue, loss, bad cash flow and DE too high

My opinion based on 2009 Q3 report (number in '000):
- Revenue keep droping to 57786, highest at 14790, mainly due to the lower progress billing for most of the on-going Dubai projects
- Loss increasing to 58635 compare to previous quarter 15155, mainly attributed to the unexpected delay in the project resulting in cost overrun arising from the prolongation of projects
- DE too high at 6.2091, loan too much
- Totally negative cash flow
- Asset reduced a lot

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