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Tuesday, May 31, 2011

KLCI Stock - KELADI / 6769 - 2011 Quarter 4


1997-05-28
Market Capital (Capital Size)140,287,350 (Small)
Par ValueRM 0.10

My Analysis
Forecast P/E now(0.185-0.015)/0.0196 = 8.67 (Moderate)
Target Price0.20+0.015 = 0.21 (PE 10.0, EPS 0.0196, DPS 0.015)
DecisionBUY
Comment
Revenue decreased 50% and also lower than preceding year corresponding quarter 33.5%, eps decreased 16.9% but higher than preceding year corresponding quarter 130%, cash generated from operating is more than enough to cover expenses, stronger liquidity ratio at very strong level now, lower gearing ratio at very low level now, inventory turnover period very long time but offset by higher working capital
First Support Price0.18
Second Support Price0.17
Risk RatingMODERATE

Accounting Ratio
Return on Equity8.34%
Dividend Yield8.11%
Profit Margin51.26%
Tax Rate-
Asset Turnover0.2624
Net Asset Value Per Share0.25
Net Tangible Asset per share0.25
Price/Net Tangible Asset Per Share0.76
Cash Per Share0.08
Liquidity Current Ratio9.7383
Liquidity Quick Ratio8.2089
Liquidity Cash Ratio5.0886
Gearing Debt to Equity Ratio0.0624
Gearing Debt to Asset Ratio0.0573
Working capital per thousand Ringgit sale190.7%
Days to sell the inventory333
Days to collect the receivables145
Days to pay the payables112

My notes based on 2011 quarter 4 report (number in '000):-
- The decrease in revenue was due to the lower sale of completed properties and the sale of properties with lower average selling prices in this financial year compared to previous year. The Group sold more shophouses, bungalow land and semi-detached houses in previous year, whereas in the current year, the types of units sold comprised mainly low and medium cost houses which contributed lower revenue. The higher profit was however attributed to better management of the development cost

- The decreased in the profit before tax is mainly due to decrease in profit from property development activities and increase in administrative expenses for the quarter

- In current quarter, the profit for property development activities was derived mainly from 5 phases of ongoing project of Taman Lagenda while for the preceding quarter there were 7 phases. Furthermore, there were increased provisions for annual administrative expenses for last quarter of financial year ended 31 January 2011. Therefore, the profit in current quarter appeared lower than the immediate preceding quarter

- Estimate next 4Q eps after 2011 Q4 result announced = (0.0212+0.018)/2 = 0.0196, estimate PE on current price 0.175 = 8.67(DPS 0.015)
- Estimate next 4Q eps after 2011 Q3 result announced = 0.017(recent 4 quarters eps), estimate highest/lowest PE = 12.06/9.41 (DPS 0.01)
- Estimate next 4Q eps after 2011 Q2 result announced = 0.0178*0.9 = 0.016, estimate highest/lowest PE = 12.19/9.06 (DPS 0.01)
- Estimate next 4Q eps after 2011 Q1 result announced = 0.0178 (based on last year), estimate highest/lowest PE = 8.99/7.87 (DPS 0.01)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.0155 (13% drop from 0.0178), estimate highest/lowest PE = 10/9.03 (DPS 0.01)
- Estimate next 4Q eps after 2010 Q3 result announced = (0.0218+0.0289+0.019)/3 = 0.0232, estimate highest/lowest PE = 6.9/5.6 (DPS 0.015)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.0031*4 = 0.0124, estimate highest/lowest PE = 12.5/10.48 (DPS 0.015)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.0042*4 = 0.0168, estimate highest/lowest PE = 9.52/7.74 (DPS 0.015)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.0031*4 = 0.0124, estimate highest/lowest PE = 14.11/8.06 (DPS 0.015)

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