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Monday, December 20, 2010

KLCI Stock - JOBST / 0058 - 2010 Quarter 3


Company Info
Market Capital (Capital Size)890,423,828 (Medium)
Par ValueRM 0.20

My Analysis
Forecast P/E now(2.8-0.055)/0.1441 = 19.05 (Moderate)
Target Price2.88+0.055 = 2.94 (PE 20.0, EPS 0.1441, DPS 0.055)
DecisionNOT BUY unless price below 2.6 (due to high PE)
Revenue increasing, profit decreased but still high, good cash flow, strong cash, better liquidity ratio at moderate level, low gearing ratio, good receivables collection period and pay the payables period, consumer price index still high
First Support Price2.2
Second Support Price2.0
Risk RatingHIGH

Research House
OSK Target Price2.32 (2010-11-18)

Accounting Ratio
Return on Equity23.47%
Dividend Yield1.96%
Profit Margin48.86%
Tax Rate30.83%
Asset Turnover0.5876
Net Asset Value Per Share0.47
Net Tangible Asset per share0.46
Price/Net Tangible Asset Per Share6.3
Cash Per Share0.21
Liquidity Current Ratio2.4139
Liquidity Quick Ratio2.4139
Liquidity Cash Ratio1.9925
Gearing Debt to Equity Ratio0.2255
Gearing Debt to Asset Ratio0.1824
Working capital per thousand Ringgit sale43.3%
Days to sell the inventoryN/A
Days to collect the receivables47
Days to pay the payables165

My notes based on 2010 quarter 3 report (number in '000):-
- For the quarter ended 30 September 2010, consolidated revenue is 24.0% higher than the corresponding quarter in the preceding financial year. The increase was led by strong sales of JobStreet ESSENTIAL (online job posting service) which grew 41.1% year on year driven by the momentum of economic recovery in the core markets that the Group operates in. Sales in JobStreet IMPACT (career website management service) also increased 82.0% year on year. However, the current quarter saw a decrease in revenue from JobStreet RESOURCE (provision of contract staffing services) by 12.1% and lower dividend income amounting to RM0.4 million after the elimination of dividends from associate, 104 Corporation (Taiwan)(“104 Corp”) amounting to RM3.07 million. During the corresponding quarter in 2009, dividend income including those from 104 Corp which was not an associate then, amounted to RM1.5 million

- Results from operating activities rose 26.8% as a result of higher revenues from JobStreet
ESSENTIAL and JobStreet IMPACT. Operating profit margins had also improved. Operating
expenses increased by 20.6% mainly due to higher staff costs and marketing expenses. On a
pre-tax basis, the Group’s profit before taxation (“PBT”) recorded growth of 42.3% compared with corresponding quarter in the preceding financial year. During the current quarter, the Group’s share of profit in associates and a jointly-controlled entity amounted to RM1.4 million which positively impacted profitability

- For the current quarter under review, the Group recorded a 2.3% increase revenue compared with preceding quarter. This increase was mainly due to higher sales from JobStreet IMPACT and JobStreet SELECT (technology assisted executive search services). JobStreet ESSENTIAL revenue had increased marginally quarter-on-quarter in view of the Hari Raya Aidilfitri holidays which fell in the third quarter of this year and negatively impacted sales during this period

- In terms of profitability, PBT in the current quarter declined by 5.5% mainly due to higher
marketing expenses. In addition, PBT in the previous quarter was higher due to the grant
income received amounting to RM0.6 million

- Estimate next 4Q eps after 2010 Q3 result announced = 0.0343*4*1.05 = 0.1441, estimate PE on current price 2.8 = 19.05(DPS 0.055)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.0343*4*1.05 = 0.1441, estimate highest/lowest PE = 20.78/13.98 (DPS 0.055)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.0991 (5% grow from 0.0944), estimate highest/lowest PE = 20.66/18.54 (DPS 0.0425)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.0895 (around 5% grow from 0.085), estimate highest/lowest PE = 23.8/16.54 (DPS 0.03)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.0892, estimate highest/lowest PE = 17.49/15.02 (DPS 0.03)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.084, estimate highest/lowest PE = 16.49/13.63 (DPS 0.035)
- Estimate next 4Q eps after 2009 Q1 result announced = 0.0899, estimate highest/lowest PE = 14.07/11.4 (DPS 0.035)

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