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Friday, January 21, 2011

KLCI Stock - KURASIA / 5097 - 2010 Quarter 3

Company Info
Market Capital (Capital Size)577,500,000 (Medium)
Par ValueRM 0.25

My Analysis
Forecast P/E now0.385/0.0324 = 11.88 (High)
Target Price0.0324*10.0 = 0.32 (PE 10.0, EPS 0.0324)
DecisionNOT BUY
Revenue fourth consecutive quarter increasing and also higher than preceding year corresponding quarter, eps second consecutive quarter decreasing and also lower than preceding year corresponding quarter, free cash flow increasing but negative net cash flow, weak liquidity ratio, gearing ratio decreasing but still very high
First Support Price0.34
Second Support Price0.34
Risk RatingHIGH

Research House
JF APEX Target Price0.25 (2010-12-01)
OSK Target Price0.325 (2010-12-01)

Accounting Ratio
Return on Equity10.46%
Dividend Yield-
Profit Margin-0.79%
Tax Rate-
Asset Turnover0.4823
Net Asset Value Per Share0.23
Net Tangible Asset per share0.23
Price/Net Tangible Asset Per Share1.65
Cash Per Share0.02
Liquidity Current Ratio0.2124
Liquidity Quick Ratio0.0827
Liquidity Cash Ratio0.0277
Gearing Debt to Equity Ratio5.8742
Gearing Debt to Asset Ratio0.8545
Working capital per thousand Ringgit sale-83.4%
Days to sell the inventory11971
Days to collect the receivables17
Days to pay the payables92291

My notes based on 2010 quarter 3 report (number in '000):-
- The Group recorded an 8.8% year-on-year or RM64.849 million improvement in the gross premium income, driven by strong growth in the non-motor segment. In this respect, KIMB’s non-motor segment posted a strong growth of 30.4%

- The Group recorded pre-tax profit of RM38.637 million for the nine months of FYE 2010 compared to RM83.655 million last year

- As at 30 September 2010, the net asset value of the Group improved to RM340.775 million (31 December 2009 restated: RM308.582 million)

- The Group recorded a pre-tax loss of RM2.386 million during the quarter, compared to RM5.978 million pre-tax profits in the preceding quarter

- Estimate next 4Q eps after 2010 Q3 result announced = 0.0081*4 = 0.0324(profit margin 4% per quarter), estimate PE on current price 0.385 = 11.88
- Estimate next 4Q eps after 2010 Q2 result announced = 0.0182*2 = 0.0364, estimate highest/lowest PE = 12.23/10.16
- Estimate next 4Q eps after 2010 Q1 result announced = 0.0233*2 = 0.0466, estimate highest/lowest PE = 12.23/9.33
- Estimate next 4Q eps after 2009 Q6 result announced = 0.0753, estimate highest/lowest PE = 8.9/6.71
- Estimate next 4Q eps after 2009 Q5 result announced = 0.0216*4 = 0.0864, estimate highest/lowest PE = 9.32/7.29
- Estimate next 4Q eps after 2009 Q4 result announced = 0.0287*4 = 0.1148, estimate highest/lowest PE = 6.88/4.53
- Estimate next 4Q eps after 2009 Q3 result announced = 0.0177*4 = 0.0708, estimate highest/lowest PE = 8.4/4.87

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