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Tuesday, May 31, 2011

KLCI Stock - ASIABIO / 0150 - 2011 Quarter 4

Company Info
Market Capital (Capital Size)21,420,000 (Very Small)
Par ValueRM 0.10

My Analysis
Forecast P/E now0.06/0.0017 = 35.29 (High)
Target Price0.0017*4.0 = 0.01 (PE 4.0, EPS 0.0017)
DecisionNot interested unless revenue and profit stabilize more
Revenue decreased 7.3% and also lower than preceding year corresponding quarter 77.8%, eps decreased 166.7% and is third consecutive quarter decreasing and also lower than preceding year corresponding quarter 260%, no cash generated from operating and cash generated from financing activity also finish spent on investing activities, weakeaning liquidity but still at high level now, higher gearing ratio but still at low level now, receivables turnover period getting longer but working capital no increase, IT division back to contribution again
First Support Price0.06
Second Support Price0.055
Risk RatingHIGH

Accounting Ratio
Return on Equity0.64%
Dividend Yield-
Profit Margin-1.95%
Tax Rate-
Asset Turnover0.1363
Net Asset Value Per Share0.15
Net Tangible Asset per share0.11
Price/Net Tangible Asset Per Share0.55
Cash Per Share0.0
Liquidity Current Ratio3.4741
Liquidity Quick Ratio3.4065
Liquidity Cash Ratio0.7157
Gearing Debt to Equity Ratio0.105
Gearing Debt to Asset Ratio0.0892
Working capital per thousand Ringgit sale57.2%
Days to sell the inventory7
Days to collect the receivables227
Days to pay the payables87

My notes based on 2011 quarter 4 report (number in '000):-
- The ABT Group achieved a total comprehensive income for the year of approximately RM0.99 million on the back of a consolidated revenue of RM6.26 million due mainly to the dividend received from its incubatees. As the Group is involved in incubation activities especially on high technology areas, it hold investments particularly in start-ups. In view thereof, its performance is subjected to various volatilities

- Revenue for the period was mainly derived from IT services revenue of eCompazz, our new incubate whilst the slight loss incurred is due to relocation expenditure for the Group's new incubation centre in Pandamaran

- Estimate next 4Q eps after 2011 Q4 result announced = (0.001+0.0023)/2 = 0.0017, estimate PE on current price 0.06 = 35.29
- Estimate next 4Q eps after 2011 Q3 result announced = 0.0042, estimate highest/lowest PE = 20.24/13.1
- Estimate next 4Q eps after 2011 Q2 result announced = 0.0042, estimate highest/lowest PE = 19.05/14.29
- Estimate next 4Q eps after 2011 Q1 result announced = 0.0036+0.0006(average of eps per quarter in year 2009)*4 = 0.006, estimate highest/lowest PE = 14.17/10.08

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