KLCI Stock - JOBST / 0058 - 2009 Quarter 4

Market Cap : 317215800*2.03 = 643,948,074 (Small)
NTA per share : (126287-2978)/315245= 0.39
P/BV : 2.03/0.39 = 5.2051 (Overvalue)
Forecast P/E now : (2.03-0.03)/0.0895 = 22.35 (High)
ROE : 20.71% (High)
DY : 0.03/2.03*100 = 1.48% (Low)
Fixed Asset Turnover(4 year) : (0.5929+0.7374+0.7247+0.8402)/4 = 0.7238 (Moderate)
Liquidity Ratio : 68609/25679 = 2.6718 (Moderate)
Receivables Collection Period : (9613+11516)/2/(92341/365) = 41 days (Acceptable)
My Target Price : 1.43 + 0.03 = 1.46 (PE 16, EPS 0.0895, DPS 0.03)
My Decision : NOT BUY
My Comment : Revenue forecast not grow much, high ROE, got negative net cash flow, low debt, navps growing slowly
Technical Support Price : 2, 1.8, 1.5
Risk Rating : HIGH (now)

My notes based on 2009 quarter 4 report (number in '000):-
- The increased revenue is mainly attributed to higher revenues from JobStreet ESSENTIAL (online job posting service) by 18.8% year on year. The increase was partially offset by a decrease in revenues from JobStreet RESOURCE (provision of contact staffing) by 20.8%
- Compared to preceding quarter, decreased revenue was mainly due to the timing of dividends received from the Group’s quoted investments in Hong Kong and Taiwan which favourably impacted revenue in Q3
- Estimate next 4Q eps after 2009 Q4 result announced = 0.0895 (around 5% grow from 0.085), estimate PE on current price 2.03 = 22.35(DPS 0.03)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.0892, estimate highest/lowest PE = 17.49/15.02 (DPS 0.03)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.084, estimate highest/lowest PE = 16.49/13.63 (DPS 0.035)
- Estimate next 4Q eps after 2009 Q1 result announced = 0.0899, estimate highest/lowest PE = 14.07/11.4 (DPS 0.035)

JOBST latest news The Star