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Tuesday, May 31, 2011

KLCI Stock - ICAP / 5108 - 2011 Quarter 3

Company Info
Market Capital (Capital Size)313,600,000 (Small)
Par ValueRM 1.00

My Analysis
DecisionBUY
Comment
Revenue increased 145.7% and also higher than preceding year corresponding quarter 38.7%, eps increased 313.6% and also higher than preceding year corresponding quarter 45%, got cash generated from operating, latest NAV at RM2.78, still increasing
First Support Price2.16
Second Support Price2.05
Risk RatingMODERATE

Accounting Ratio
Return on Equity15.66%
Dividend Yield-
Profit Margin79.90%
Tax Rate8.17%
Asset Turnover0.1308
Net Asset Value Per Share2.56
Net Tangible Asset per share2.56
Price/Net Tangible Asset Per Share0.85
Cash Per Share0.76
Liquidity Current Ratio70.3143
Liquidity Quick Ratio70.3143
Liquidity Cash Ratio68.2789
Gearing Debt to Equity Ratio0.0043
Gearing Debt to Asset Ratio0.0043
Working capital per thousand Ringgit sale229.3%
Days to sell the inventory-
Days to collect the receivables11
Days to pay the payables2

My notes based on 2011 quarter 3 report (number in '000):-
- For the nine months ended 28 February 2011, the Company recorded a profit before tax of RM9.878 million compared with a profit before tax of RM5.698 million in the corresponding period of last year

- As the company is a closed-end fund, a better indication of its performance would be the movement of its NAV. The NAV per share as at 28 February 2011 was RM2.56, compared with NAV per share of RM2.1 as at 31 May 2010

- In the third quarter ended 28 February 2011, the Company's NAV increased by 22% from 31 May 2010

- In the third quarter ended 28 February 2011, the Company recorded a profit after tax of RM5.089 million compared with RM1.225 million in the preceding quarter. The difference between the two quarter's performance is due mainly to higher dividend income in the current quarter. For the current quarter, the revenue and operating expenses were RM6.936 million and RM1.394 million respectively, compared with RM2.823 million and RM1.229 million for the preceding quarter

- The NAV per share increased by 4% in the third quarter ended 28 February 2011 to RM2.56, compared with the preceding quarter of RM2.47
- The NAV per share increased by 6% in the second quarter ended 30 November 2010 to RM2.47, compared with the preceding quarter of RM2.32
- The NAV per share increased by 10% in the first quarter ended 31 August 2010 to RM2.32, compared with the preceding quarter of RM2.1

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