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Friday, May 28, 2010

KLCI Stock - MPHB / 3859 - 2010 Quarter 1


Listing Date: 11.01.1982
Market: MAIN
Par Value: 1.00
Major Industry: Recreation
Sub Industry : Miscellaneous Recreation
Market Cap : 1077748654*1.97 = 2,123,164,848.38 (Moderate)
NTA per share : (2174290-2891551)/1076718 = -0.67
P/BV : Not Applicable
Forecast P/E now : (1.97-0.09)/0.231 = 8.14 (Moderate)
ROE : 13.74% (Moderate)
DY : 0.09/1.97*100 = 4.57% (Moderate)
Fixed Asset Turnover(3 year) : (0.5901+0.549+0.8698)/3 = 0.6696 (Low)
Liquidity Ratio : 1614157/715413 = 2.2563 (Moderate)
Receivables Collection Period : (528793+429965)/2/(3484836/365) = 50 days (Acceptable)
My Target Price : 2.31+0.05 = 2.36 (EPS 0.231, PE 10, DPS 0.05)
My Decision : BUY
My Comment : Revenue and profit increased, negative net cash flow, high debt, navps decreased
Technical Support Price : 1.9, 1.8
Risk Rating : MODERATE

MULTI-PURPOSE HOLDINGS BERHAD is engaged in the core businesses of financial services, stock broking and gaming. The principal activities consist of investment holding and trading, operation of general insurance business, provision of leasing, hire purchase, factoring and general loan financing services, operation and management of a licensed four digit numbers forecast betting game, operation of hotels and of a golf club, securities broking and dealing, designing and construction of railway and related activities, property development, provision of share registration and management services, printing activities, and provision of computer software and other related services. In March 2008, it incorporated a wholly owned offshore subsidiary, Multi Purpose International Limited. In June 2008, the Company acquired Caribbean Gateway Sdn Bhd.

My notes based on 2010 Quarter 1 report (number in '000):-
- The Group recorded 31.87% higher than previous corresponding period profit before taxation due to overall improvement in the Gaming, Stockbroking and Financial Service Divisions
- The profit before taxation of the Gaming Division is 32.23% higher than previous corresponding quarter. The improvement is contributed by increase in the number of draws, contributions from the 4D Jackpot game and lower finance cost
- Gains from proprietary trading, foreign exchange earned from foreign trades and other income in the Stockbroking Division have resulted 64.12% higher in profit before tax as compared to previous corresponding quarter
- The Financial Service Division reported a profit as compared to loss in the previous corresponding period due to improved underwriting performance with the tightening of underwriting in the non-performing classes has contributed to the higher results
- The Group recorded a 18.43% dropped of profit before taxation from the continuing operations as compared to the immediate preceding quarter. The higher profit in preceding quarter is mainly due to the gains on disposal of investments
- Estimate next 4Q eps after 2010 Q1 result announced = 0.22*1.05 = 0.231 (5% grow adjustment from 0.22 due to positive result), estimate PE on current price 1.97 = 8.14(DPS 0.09)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.05*4 = 0.2*1.1 = 0.22 (10% grow from 0.2, due to 4D Jackpot game and current economic environment, result exclude other income), estimate highest/lowest PE = 11.05/8.27 (DPS 0.1, correction to last quarter estimated)

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