KLCI Stock - KAF / 5096 - 2010 Quarter 3

KAF-SEAGROATT & CAMPBELL BERHAD

Listing Date: 02.08.1991
Market: MAIN
Sector: FINANCE
Par Value: 1.00
Major Industry: Financial
Sub Industry : Securities Brokerage
Market Cap : 120000000*1.42 = 170,400,000 (Small)
NTA per share : (220934-7500)/120000 = 1.78
P/BV : 1.42/1.78 = 0.7978 (Undervalue)
Forecast P/E now : (1.42-0.075)/0.1772 = 7.59 (Moderate)
ROE : 12.93% (Moderate)
DY : 0.075/1.42*100 = 5.28% (Moderate)
Fixed Asset Turnover(3 year) : Not applicable
Liquidity Ratio : 352593/153408 = 2.2984 (Moderate)
Receivables Collection Period : Not applicable
My Target Price : Not interested unless revenue grow more and stable
My Decision : NOT BUY (unless price below 1.1)
My Comment : Unstable other income, small fcf, high debt, navps decreased
Technical Support Price : 1.23, 1.17
Risk Rating : HIGH

KAF-SEAGROATT & CAMPBELL BERHAD is a Malaysia-based investment holding company. The Company, along with its subsidiaries, is engaged in stockbroking and related services in Malaysia. The Company’s subsidiaries include KAF-Refco Futures Sdn. Bhd., which is engaged in financial and commodity futures broking on behalf of customers, KAF Research Sdn. Bhd., which is engaged in providing research and analysis services of securities and capital market, and KAF-Seagroatt & Campbell Securities Sdn. Bhd., which is engaged in stock broking. KAF-Seagroatt & Campbell Securities Sdn. Bhd.’s subsidiaries include KAF Nominees (Tempatan) Sdn. Bhd. and KAF Nominees (Asing) Sdn. Bhd., both engaged in providing nominee services and the safe custody and management of securities.

My notes based on 2010 quarter 3 report (number in '000):-
- The Group's profit before tax for the current interim period reported on, is lower than the preceding interim period mainly due to lower other income for the current interim period
Estimate next 4Q eps after 2010 Q3 result announced = 0.0443(average from recent 3 quarter)*4 = 0.1772, estimate PE on current price 1.42 = 7.59(DPS 0.075)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.2262, estimate highest/lowest PE = 6.26/5.11 (DPS 0.075)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.2184, estimate highest/lowest PE = 6.8/4.97 (DPS 0.075)

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