A&M / 5959 - 2009 Q3

My TP: 0.78 (PE 12, EPS 0.0652)
My decison: BUY
Reason: Undervalue

My study based on 2009 Q3 report (number in '000):
- ROE compare to last Q increased 1.03% to 1.63% and also higher than last year 1.06%
- Revenue compare to last Q growth 4.85% to 44360 and profit also growth 177.65% to 7530, mainly due to the launch of Amverton Park @ Bukit Kemuning Golf & Country Club project; As compare to last year revenue growth 43.04% and profit also growth 199.52%, mainly due to the launch of Amverton Park @ Bukit Kemuning Golf & Country Club project
- Equity compare to last Q increased 1.71% to 461936, assets decreased 1.89% to 684336 and liabilities decreased 8.6% to 222400; As compare to last year equity increased 4.54%, assets increased 14.1% and liabilities increased 40.82%
- Minority interest compare to last Q increased 1.98% to 12190 but compared to last year decreased 31.04%
- Got FCF 19769, NCF 20053
- Profit margin compare to last Q increased 10.56% to 16.97% and also higher than last year 8.86%
- DE compare to last Q decreased 0.0543 to 0.4815 but compare to last year increased 0.1241
- No dividend recommended
- Divident in sen 2007 = 0.015 (proposed 1.5 sen on 2008 Q1), 2006 = 0.015 (declared 1.5 sen on 2007 Q1)