KLCI Stock - TGOFFS / 7228 - 2009 Quarter 4

Market Cap : 253179494*1.2 = 303,815,392.80 (Small)
NTA per share : (319866-11542)/253179 = 1.22
P/BV : 1.2/1.22 = 0.9836 (Moderate)
Forecast P/E now : 1.2/0.0346 = 34.68 (High)
ROE : 1.5% (Low)
DY : -
Fixed Asset Turnover(4 year) : (0.6204+0.5958+0.846+0.7925)/4 = 0.7137 (Low)
Liquidity Ratio : 260413/183727 = 1.4174 (Moderate)
Receivables Collection Period : (213424+265104)/2/(649502/365) = 134 days (Slightly longer)
My Target Price : Not interested now, re-evaluate next quarter
My Decision : NOT BUY
My Comment : Revenue dropping, bad cash flow, high debt, navps increased
Technical Support Price : 1.01, 0.94
Risk Rating : HIGH

My study based on 2009 Quarter 4 report (number in '000):-
- The Group recorded a 33% decrease of consolidated revenue and 82% lower profit after tax as compared to corresponding quarter. Lower revenue due to lesser contracts secured and lower profit after tax due to net losses of GBP1.63 million registered at subsidiary, Citech Energy Recovery Systems UK Limited (CERS), mainly due to the redundancy payments for the workforce and losses from completion of the last contract from the previous management, it also represents an end to the late delivery charges and cost overruns that has affected the financial performance of CERS.
- Estimate next 4Q eps after 2009 Q4 result announced = 0.0096*4 = 0.0384-(0.0384*0.1) = 0.0346, estimate PE on current price 1.2 = 34.68

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