AIRPORT / 5014 - 2009 Q4

Par Value: 1.00

OSK TP: 5.5 (12 March 2010)
My TP: 5.16+0.233=5.39 (PE 15, EPS 0.344, DPS 0.233), 14.68% price increase from price 4.7
My decison: BUY
Reason: Undervalue, revenue and profit growth

My study based on 2009 Q4 report (number in '000):
- The improved revenue in both current quarter and year-to-date under review was due to growth in airport operations as a result of stronger passenger movements
- The much improved revenue was also as a result of higher retail sales and rental derived from additional commercial space
- Higher profit before tax due to overall higher revenue and write-back in the provision for doubtful debts
- My estimate next 4Q eps after 2009 Q4 result announced = 0.086*4 = 0.344, estimate PE on current price 4.7 = 12.99(DPS 0.233)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.0758*4 = 0.3032, estimate highest/lowest PE = 15.72/11.36 (DPS 0.233)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.068*4 = 0.272, estimate highest/lowest PE = 13.18/11.6 (DPS 0.1855)
- Estimate next 4Q eps after 2009 Q1 result announced = 0.0695*4 = 0.278, estimate highest/lowest PE = 13.07/10.27 (DPS 0.1855)
- Estimate next 4Q eps after 2008 Q4 result announced = 0.069*4 = 0.276, estimate highest/lowest PE = 12.37/7.63 (DPS 0.1855)