KLCI Stock - AJIYA / 7609 - 2009 Quarter 4

Market Cap : 148,138,976.94 (12 April 2010)
NTA per share : 2.6199
P/B : 0.8168 (Undervalue)
Fixed Asset Turnover(3 year) : 1.1723
Liquidity Ratio : 3.1607 (Strong)
Receivables Collection Period : 96 days (Standard)

My Target Price: 2.5+0.06=2.56 (PE 8, EPS 0.312, DPS 0.06)
My Decison: BUY
My Comment: Undervalue, dividend per year 2.8%, good cash flow, low debt, revenue dropping however expenses reduced
My Risk Rating: LOW

My study based on 2009 Quarter 4 report (number in '000):-
- The Group achieved a 4% lower turnover compared to preceding year corresponding quarter
- The Group recorded a lower profit before tax due to the decrease in sales for the current quarter. The other operating income was due to contribution from small scale property development
- Estimate next 4Q eps after 2009 Q4 result announced = 0.312(2% drop from 0.3184), estimate PE on current price 2.14 = 6.67(DPS 0.06)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.28, estimate highest/lowest PE = 6.39/5.18 (DPS 0.06)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.23, estimate highest/lowest PE = 6.52/5.22 (DPS 0.06)
- Estimate next 4Q eps after 2009 Q1 result announced = 0.26, estimate highest/lowest PE = 5.15/4.46 (DPS 0.06)
- Estimate next 4Q eps after 2008 Q4 result announced = 0.26, estimate highest/lowest PE = 4.69/3.65 (DPS 0.06)

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