ADVENTA / 7191 - 2010 Q1

Market Cap : 514,950,001.50 (12 April 2010)
NTA per share : (194714-3244)/148364=1.2905
P/B : 3.45/1.2905=2.6734
Fixed Asset Turnover(3 year) : (0.8195+0.7518+0.7329)/3=0.7681
Liquidity Ratio : 162057/96653=1.6767
Receivables Collection Period : (68338+59839)/2/(282871/365)=82 days

OSK TP: 5.37 (04 March 2010)
My TP: 4.03+0.07 = 4.1 (PE 16, EPS 0.252, DPS 0.07)
My decison: BUY
Reason: Undervalue, revenue growth

My study based on 2010 Q1 report (number in '000):
- Improved revenue reflects some additional capacity coming on stream late in the quarter. The addition of capacity shall continue through out the year
- My estimate next 4Q eps after 2010 Q1 result announced = 0.063*4 = 0.252, estimate PE on current price 3.48 = 13.53(DPS 0.07)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.0372*4 = 0.1488, estimate highest/lowest PE = 28.83/18.28 (DPS 0.06)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.0319*4 = 0.1276, estimate highest/lowest PE = 23.2/11.36 (DPS 0.06)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.0272*4 = 0.1088, estimate highest/lowest PE = 19.39/7.77 (DPS 0.06)
- Estimate next 4Q eps after 2009 Q1 result announced = 0.0232*4 = 0.092, estimate highest/lowest PE = 13.04/8.26 (DPS 0.06)