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Friday, December 17, 2010

KLCI Stock - SEB / 5163 - 2010 Quarter 3

Company Info
Market Capital (Capital Size)48,400,000 (Very Small)
Par ValueRM 0.50

My Analysis
Forecast P/E now0.605/0.0722 = 8.38 (High)
Target Price0.0722*4.5 = 0.32 (PE 4.5, EPS 0.0722)
DecisionNot BUY unless revenue and profit increase more
Revenue increasing but still low, profit dropped a lot if compare to FY09, cash increasing from CFF, liquidity ratio decreased but still at moderate level, gearing ratio increased at moderate level now, expanding production capacity, steel price increasing, Europe market recovering
First Support Price0.6
Second Support Price0.585
Risk RatingHIGH

Accounting Ratio
Return on Equity0.84%
Dividend Yield-
Profit Margin0.92%
Tax Rate27.78%
Asset Turnover0.3321
Net Asset Value Per Share0.76
Net Tangible Asset per share0.76
Price/Net Tangible Asset Per Share0.86
Cash Per Share0.27
Liquidity Current Ratio2.2928
Liquidity Quick Ratio1.6352
Liquidity Cash Ratio0.8623
Gearing Debt to Equity Ratio0.5648
Gearing Debt to Asset Ratio0.3587
Working capital per thousand Ringgit sale115.7%
Days to sell the inventory222
Days to collect the receivables252
Days to pay the payables217

My notes based on 2010 quarter 3 report (number in '000):
- The current quarter results showed a Group revenue of RM27.91 million and a profit before taxation (PBT) of RM0.79 million as compared to a revenue of RM51.98 million and profit before taxation (PBT) of RM8.17 million in the corresponding quarter of the previous financial year respectively. The lower PBT was mainly due to lower sales and margin recorded in the current financial period to date

- The profit before taxation of RM0.11 million for the current quarter as compared to the profit before taxation in preceding quarter of RM0.95 million was mainly due to lower margin

- Revenue and profit dropped a lot when compared to FY09,08,07, average EPS in last 3 years was 0.1386, if FY10 still can achieve this result then PE base on current price 0.64 = 4.62

- Revenue QbQ increasing more than 15%, use 10% profit margin, estimate next 4Q eps after 2010 Q3 result announced = (0.0168+0.0193)*2 = 0.0722

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