KLCI Stock - MITRA / 9571 - 2009 Quarter 4

Market Cap : 127989267*1.17 = 149,747,442.39 (Small)
NTA per share : (260940-3653)/127989 = 2.01
P/BV : 1.17/2.01 = 0.5821 (Undervalue)
Forecast P/E now : 1.17/0.08 = 14.63 (High)
ROE : 14.76% (Moderate)
DY : 0.1/1.17*100 = 8.55% (High)
Fixed Asset Turnover(4 year) : (0.6768+0.4512+0.7101+0.6123)/4 = 0.6126 (Low)
Liquidity Ratio : 289563/155965 = 1.8566 (Moderate)
Receivables Collection Period : (69422+71361)/2/(326355/365) = 78 days (Acceptable)
My Target Price : 2.14/3.6981 = 0.58 (Based on quarter 3 navps/support price)
My Decision : NOT BUY (unless construction division secure more project)
My Comment : Historical quarter 1 low result(risk), bad cash flow(lead to more borrowing)especially coming soon dividend require 10.28 million, debt decreasing, navps increasing, construction division expecting drop(recent new project only from Iskandar Johor), property division expecting grow(asset under land held increased)
Technical Support Price : 1, 0.945
Risk Rating : HIGH

My study based on 2009 Quarter 4 report (number in '000):-
- The Group's revenue has increased substantially 235% as compared to a revenue in the preceding year's corresponding quarter. The increase in revenue was mainly derived from higher revenue recognition from construction division from both on-going and completed projects upon finalisation of account with clients. Apart from that, better sales performance from Group's property projects has also contributed higher revenue in the current quarter
- Estimate next 4Q eps after 2009 Q4 result announced = 0.08(average of 0.02 per quarter if no new big project secure for construction division), estimate PE on current price 1.17 = 13.38(DPS 0.1)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.08, estimate highest/lowest PE = 9/7
- Estimate next 4Q eps after 2009 Q2 result announced = 0.08, estimate highest/lowest PE = 7.88/6.63
- Estimate next 4Q eps after 2009 Q1 result announced = 0.08, estimate highest/lowest PE = 7.44/5.38

MITRA latest news The Star

Related companies: WCT, IJM