KLCI Stock - DAYANG / 5141 - 2009 Quarter 4

Par Value: 0.50
Market Cap : 696,960,000 (13 April 2010)
NTA per share : (460425-137941)/352000=0.9214
P/B : 1.98/0.9214=2.1489 (Overvalue)
Fixed Asset Turnover(2 year) : (0.4278+0.4772)/2=0.4525 (Low)
Liquidity Ratio : 134931/34224=3.9426 (Strong)
Receivables Collection Period : (76098+106417)/2/(196989/365)=169 days (Long)

My Target Price: Not interested unless price below NTA per share
My Decison: NOT BUY
My Comment: Overvalue, revenue dropping
My Risk Rating: HIGH

My study based on 2009 Quarter 4 report (number in '000):-
- The Group’s revenue for the current quarter decreased by 39% while profit before tax for the current quarter decreased by 67%. The lower revenue in the current quarter as compared to the corresponding quarter is mainly due to fewer revenue from work orders received and performed in the current quarter. In view of the fact that the work orders in the current quarter have a much lower profit margin contribution
- Estimate next 4Q eps after 2009 Q4 result announced = 0.0583(decrease 53% from 0.1237), estimate PE on current price 4.22 = 14.48(DPS 0.05)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.1246, estimate highest/lowest PE = 16.21/9.71 (DPS 0.05)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.1548, estimate highest/lowest PE = 8.98/6.91 (DPS 0.07)
- Estimate next 4Q eps after 2009 Q1 result announced = 0.1338, estimate highest/lowest PE = 8.67/3.73 (DPS 0.14)
- Estimate next 4Q eps after 2008 Q4 result announced = 0.15, estimate highest/lowest PE = 7.87/ (DPS 0.14)

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