KLCI Stock - MYEG / 0138 - 2010 Quarter 3

Market Cap : 601051000*0.765 = 459,804,015 (Small)
NTA per share : (81702-12016)/601051 = 0.12
P/BV : 0.765/0.12 = 6.375
Forecast P/E now : (0.765-0.01)/0.0352 = 21.45 (High)
ROE : 24.35% (High)
DY : 0.01/0.765*100 = 1.31% (Low)
Fixed Asset Turnover(3 year) : (0.6304+0.6352+0.7265)/3 = 0.664 (Low)
Liquidity Ratio : 34417/6698 = 5.1384 (Strong)
Receivables Collection Period : (13832+12009)/2/(58765/365) = 80 days (Acceptable)
My Target Price : Not interested unless revenue, profit or market capital increase more
My Decision : NOT BUY
My Comment : Revenue and profit increasing, good cash flow, low debt but slightly increased, navps increasing
Technical Support Price : 0.74, 0.56
Risk Rating : HIGH

My notes based on 2010 Quarter 3 report (number in '000):
- The Group recorded an increase of approximately 25.3% and 38.6% in revenue and profit after taxation (“PAT”) respectively as compared to the corresponding quarter (“Q3 FY2009”)
- The increase in revenue and PAT are primarily attributable to an overall increase in volume from all segment of services due to the ongoing marketing campaign which has enhanced MYEG’s
brand name. However, this was offset by the increase in marketing expenses as well as an increase in personnel related costs
- For the Quarter under review, the Group recorded an revenue increase of RM1.72 million as compared to Q2 FY2010 revenue. PAT increased by 22.8% as compared to Q2 FY2010 PAT. The increase in Revenue and PAT is primarily attributable an overall increase in volume from all segment of services due to the ongoing marketing campaign which has enhanced MYEG’s brand name
- Estimate next 4Q eps after 2010 Q3 result announced = 0.0088*4 = 0.0352, estimate PE on current price 0.765 = 21.45(DPS 0.01)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.0079*4 = 0.0316, estimate highest/lowest PE = 20.57/12.66 (DPS 0.01)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.0074*4 = 0.0296, estimate highest/lowest PE = 18.44/13.88 (DPS 0.0092)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.0069*4 = 0.0276, estimate highest/lowest PE = 19.63/14.37 (DPS 0.01835)

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