KLCI Stock - EPIC / 8265 - 2010 Quarter 1

Market Cap : 169503400*1.59 = 269,510,406 (Small)
NTA per share : (329162-9767)/168454 = 1.9
P/BV : 1.59/1.9 = 0.8368 (Moderate)
Forecast P/E now : (1.59-0.06)/0.2747 = 5.57 (Low)
ROE : 12.77% (Moderate)
DY : 0.06/1.59*100 = 3.77% (Low)
Fixed Asset Turnover(3 year) : (0.433+0.5598+0.5359)/3 = 0.5096 (Low)
Liquidity Ratio : 152860/38232 = 3.9982 (Strong)
Receivables Collection Period : (50877+51309)/2/(189109/365) = 98 days (Acceptable)
My Target Price : 1.92+0.06 = 1.98 (PE 7, EPS 0.2747, DPS 0.06)
My Decision : BUY
My Comment : Revenue growing, good cash flow, low debt and decreased, navps increasing, strong cash
Technical Support Price : 1.54, 1.44
Risk Rating : LOW
MBB Target Price : 1.95 (27 Apr 10)
OSK Target Price : 2.19 (27 Apr 10)

My study based on 2010 Quarter 1 report (number in '000):-
- The Group achieved 12% increase of revenue and 27% increase of profit before tax compared to same quarter in the preceding year. The increase in revenue and profit before tax was mainly due to increase in port operations and oil and gas activities
- Compared to preceding quarter, the Group recorded 20% increase of profit before tax due to increase in port operations and oil and gas activities
- Estimate next 4Q eps after 2010 Q1 result announced = 0.2747(still within expectation), estimate PE on current price 1.59 = 5.57(DPS 0.06)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.2747(10% grow from 0.2497), estimate highest/lowest PE = 6.01/5.39 (DPS 0.06)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.2327, estimate highest/lowest PE = 6.68/5.82 (DPS 0.085)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.2221, estimate highest/lowest PE = 7.18/6.33 (DPS 0.085)
- Estimate next 4Q eps after 2009 Q1 result announced = 0.1868, estimate highest/lowest PE = 8.94/6.48 (DPS 0.09)

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