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Saturday, February 19, 2011

KLCI Stock - ASIAPAC / 4057 - 2011 Quarter 2

Company Info
Market Capital (Capital Size)112,161,220 (Small)
Par ValueRM 0.20

My Analysis
Forecast P/E now0.115/0.0263 = 4.37 (Moderate)
Target Price0.0263*6.0 = 0.16 (PE 6.0, EPS 0.0263)
Revenue third consecutive quarter largely decreasing and also largely lower than preceding year corresponding period, eps increased from loss but 50% lower than preceding year corresponding period, negative free cash flow increased and net cash flow turn into negative from positive, liquidity ratio largely increasing to high level now, gearing ratio decreased but still at above moderate level now, inventory and payables period very high, receivables period increasing but still acceptable
First Support Price0.095
Second Support Price0.08
Risk RatingHIGH

Accounting Ratio
Return on Equity3.74%
Dividend Yield-
Profit Margin30.45%
Tax Rate29.11%
Asset Turnover0.1029
Net Asset Value Per Share0.31
Net Tangible Asset per share0.28
Price/Net Tangible Asset Per Share0.36
Cash Per Share0.03
Liquidity Current Ratio3.537
Liquidity Quick Ratio0.6489
Liquidity Cash Ratio0.4446
Gearing Debt to Equity Ratio0.8173
Gearing Debt to Asset Ratio0.4497
Working capital per thousand Ringgit sale321.0%
Days to sell the inventory1730
Days to collect the receivables94
Days to pay the payables336

My notes based on 2011 quarter 2 report (number in '000):-
- The Group recorded a turnover and pre-tax profit of RM12.3 million and RM484K respectively for the period ended 30 September 2010. This represents a decrease of 79% and 96% in turnover and pre-tax profit respectively as compared to the preceding year corresponding period

- The decrease in turnover and pre-tax profit were mainly due to lower revenue recognised for development activities and the effect of adopting FRS 139 whereby the write back of quoted investments was adjusted in the statement of comprehensive income

- The Group recorded a pre-tax profit of RM1.539 million in the current quarter as compared to the pre-tax loss of RM1.055 million in the preceding quarter. The improved in performance was mainly due to write back of allowance for doubtful debts and profit from sale of quoted investments

- Due to property development costs largely increasing, so estimate future eps will be based on average eps of year 2007 and 2008 which is 0.0263, estimate PE on current price 0.115 = 4.37
- Estimate next 4Q eps after 2011 Q1 result announced = 0.005*4 = 0.02, estimate highest/lowest PE = 6.25/4
- Estimate next 4Q eps after 2010 Q4 result announced = 0.005*4 = 0.02, estimate highest/lowest PE = 5/3.75
- Estimate next 4Q eps after 2010 Q3 result announced = 0.0141, estimate highest/lowest PE = 7.09/4.96
- Estimate next 4Q eps after 2010 Q2 result announced = 0.018, estimate highest/lowest PE = 6.11/4.72
- Estimate next 4Q eps after 2010 Q1 result announced = 0.0106, estimate highest/lowest PE = 10.85/8.49

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