KLCI Stock - MITRA / 9571 - 2010 Quarter 4

Company Info

Market Capital (Capital Size)	309,438,006 (Small)
Par Value	RM 1.00

My Analysis

Forecast P/E now	(2.29-0.12)/0.36 = 6.03 (Moderate)
Target Price	2.52+0.12 = 2.64 (PE 7.0, EPS 0.36, DPS 0.12)
Decision	BUY
Comment	Revenue increased 5.6% but lower than preceding year corresponding quarter 43.6%, eps decreased 38.7% and is second consecutive quarter decreasing and also lower than preceding year corresponding quarter 44.4%, cash generated from operating just right enough to cover all financing activities, got investment activity on-going, maintained moderate liquidity ratio, improving gearing ratio at moderate level now, all accounting periods are getting longer but offset by working capital increased, construction segment revenue increasing but profit largely decreased, property development segment revenue decreasing but profit increased
First Support Price	1.9
Second Support Price	1.7
Risk Rating	MODERATE

Accounting Ratio

Return on Equity	15.84%
Dividend Yield	5.24%
Profit Margin	18.63%
Tax Rate	27.57%
Asset Turnover	0.6543
Net Asset Value Per Share	2.47
Net Tangible Asset per share	2.45
Price/Net Tangible Asset Per Share	0.82
Cash Per Share	0.04
Liquidity Current Ratio	2.3893
Liquidity Quick Ratio	0.7934
Liquidity Cash Ratio	0.0322
Gearing Debt to Equity Ratio	0.6344
Gearing Debt to Asset Ratio	0.3706
Working capital per thousand Ringgit sale	59.3%
Days to sell the inventory	322
Days to collect the receivables	116
Days to pay the payables	124

My notes based on 2010 quarter 4 report (number in '000):-
- For this current quarter, the Group's decrease in revenue mainly derived from Group's construction division & property development division

- Estimate next 4Q eps after 2010 Q4 result announced = 0.36(due to receivables increased), estimate PE on current price 2.29 = 6.03(DPS 0.12), after split & bonus & free warrants then eps = 0.1067, price = 0.76, PE = 6.75(DPS 0.04)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.28, estimate highest/lowest PE = 7.43/3.75 (DPS 0.1)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.2*0.7*2 = 0.28, estimate highest/lowest PE = 3.25/3 (DPS 0.1)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.12(average of 0.03 per quarter), estimate highest/lowest PE = 10.5/7.5 (DPS 0.1)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.08(average of 0.02 per quarter if no new big project secure for construction division), estimate highest/lowest PE = 15.13/7.63 (DPS 0.1)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.08, estimate highest/lowest PE = 9/7
- Estimate next 4Q eps after 2009 Q2 result announced = 0.08, estimate highest/lowest PE = 7.88/6.63
- Estimate next 4Q eps after 2009 Q1 result announced = 0.08, estimate highest/lowest PE = 7.44/5.38

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