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Tuesday, August 17, 2010

KLCI Stock - MAS / 3786 - 2010 Quarter 2

Market Cap : 3342156240*2.28 = 7,620,116,227.20 (Very Large)
NTA per share : (3141239-120561)/3342156 = 0.9
P/BV : 2.28/0.9 = 2.5333
Forecast P/E now : Not interested
ROE : Not applicable
DY : Not applicable
Fixed Asset Turnover(3 year) : (1.0476+1.5191+1.4543)/3 = 1.3403 (High)
Liquidity Ratio : 4269381/5425514 = 0.7869 (Weak)
Receivables Collection Period : (1356798+1644246)/2/(12508291/365) = 43 days (Acceptable)
My Target Price : Not interested unless revenue and profit increase more
My Decision : NOT BUY
My Comment : Revenue increasing if compared to preceding year, profit still not stable, negative cash flow and caused cash reduce around 20%, high debt and increased, navps decreased, crude oil price hit recent quarter high (above $80), passenger and cargo traffic growing, new B737-800 aircraft entering into service
Technical Support Price : 1.8
Risk Rating : HIGH
OSK Target Price : 1.5(18 May 10)

My notes based on 2010 quarter 2 report (number in '000):-
- The Group recorded a lower operating loss of RM285.6 million for the second quarter ended 30 June 2010 (Quarter ended 30 June 2009: RM425.6 million loss). The lower operating loss was mainly due to higher incremental operating revenue as compared to operating expenses
- The Group recorded an operating loss for the quarter of RM285.6 million compared to operating profit of RM289.5 million in the previous quarter mainly because of the compensation for the delay of A380 aircraft included in the other operating income in the previous quarter. The Group recorded a loss after tax of RM533.6 million including derivative loss of RM217.2 million for the quarter as compared to profit after tax of RM310.6 million in previous quarter

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