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Wednesday, November 10, 2010

KLCI Stock - ICAP / 5108 - 2011 Quarter 1

Par Value: 1.00
Market Cap : 140000000*2.04 = 285,600,000 (Small)
NTA per share : 324291/140000 = 2.32
P/BV : 2.04/2.32 = 0.8793
Forecast P/E now : Not applicable
ROE : 15.49% (Moderate)
DY : Not applicable
Fixed Asset Turnover(3 year) : Not applicable
Liquidity Ratio : Not applicable
Receivables Collection Period : Not applicable
My Target Price : 2.3
My Decision : BUY
My Comment : NAV increasing
Technical Support Price : 1.92
Risk Rating : HIGH

My notes based on 2011 quarter 1 report (number in '000):

- For the three months ended 31 August 2010, the Company recorded a 73.2% higher pbt compared with corresponding period of last year

- The NAV per share as at 31 August 2010 was RM2.32 which is increased of 10% compared with NAV per share of RM2.1 as at 31 May 2010

- In the first quarter ended 31 August 2010, the Company recorded a profit after tax of RM2.032 million, compared with RM31.067 million in the preceding quarter. The difference between the two quarter's performance is due mainly to sales of its holdings in Astro All Asia Netwroks Plc, Kuala Lumpur Kepong Berhad, Lion Diversified Holdings Bhd, Poh Kong Holdings Berhad, Swee Joo Berhad and Hai-O Enterprise Berhad in the preceding quarter. In the current quarter, the Company sold the balance 69,200 shares in Hai-O Enterprise Berhad, resulting in a gain of RM151,251.03 and in the said quarter, the Company added to its investment in Malaysia Smelting Corporation Berhad

- The NAV per share increased by 10% in the first quarter ended 31 August 2010 to RM2.32, compared with the preceding quarter of RM2.1

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