A&M / 5959 - 2009 Q4

Market Cap : 362804400*0.65 = 235,822,860 (Small)
NTA per share : (452520-20389)/362734= 1.19
P/BV : 0.65/1.19 = 0.5462 (Undervalue)
Forecast P/E now : 0.65/0.0475 = 13.68 (High)
ROE : 2.94% (Low)
DY : -
Fixed Asset Turnover(4 year) : (0.2258+0.202+0.2124+0.1693)/4 = 0.2024 (Low)
Liquidity Ratio : 426512/112094 = 3.8049 (High)
Receivables Collection Period : (50258+53544)/2/(142265/365) = 133 days
My Target Price : Not interested unless EPS and ROW increase
My Decision : NOT BUY
My Comment : Profit uncertain, good cash flow, NAVPS improving, revenue growth but cost increased more, low debt
Technical Support Price : 0.6
Risk Rating : HIGH

My study based on 2009 Q4 report (number in '000):
- The reduction in the profit before taxation and minority interest for the current financial year ended 31 December 2009 as compared to financial year of the preceding year ended 31 December 2008 was mainly due to the disposal of land in the preceeding financial year ended 31 December 2008
- The lower profit before taxation and minority interest for the current quarter was mainly due to the completion of certain development projects