KLCI Stock - BPURI / 5932 - 2009 Quarter 4

My Target Price: Not interested at the moment
My Decison: NOT BUY
My Comment: Bad cash flow, high debt, receivables per assets too high, low ROE
My Risk Rating: HIGH

My study based on 2009 Quarter 4 report (number in '000):-
- Compared to the previous corresponding year, the construction division recorded improved performance of this division was mainly due to commencement of the projects secured in 2009, namely housing development in Brunei, Nippon Factory at Lahore, medium cost apartment at Menggatal, building works for Universiti Malaysia Kelantan, housing development at Papar, sub-structure work for Plaza Merdeka and commercial development at Jalan Tun Fuad Stephens
- The property division recorded decrease in revenue, mainly due to completion of Jesselton Condominiums and Taman Malawa Apartment during the year
- The quarry and ready mix concrete division recorded decrease because affected by lower road paving works secured during the period
- The polyol division recorded decrease because affected by lack of export market due to the global economic slowdown
- The current value of contract work in progress is approximately RM2.39 billion, which is expected to provide a steady stream of revenue for the Group over the next three years
- Estimate next 4Q eps after 2009 Q4 result announced = 0.0781(10% grow from 0.071), estimate PE on current price 1.2 = 14.85(DPS 0.04)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.078, estimate highest/lowest PE = 10.9/8.91 (DPS 0.04)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.06, estimate highest/lowest PE = 15.17/11.08 (DPS 0.04)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.0484, estimate highest/lowest PE = 18.39/15.08 (DPS 0.04)
- Estimate next 4Q eps after 2009 Q1 result announced = 0.0465, estimate highest/lowest PE = 19.78/14.19 (DPS 0.04)

BPURI latest news The Star

BPURI latest news from Sin Chew(Chinese)

Related companies: GAMUDA, IJM, MRCB, MUDAJYA, MUHIBAH, WCT