KLCI Stock - KURASIA / 5097 - 2010 Quarter 4

Company Info

Market Capital (Capital Size)	592,500,000 (Medium)
Par Value	RM 0.25

My Analysis

Forecast P/E now	0.395/0.021 = 18.81 (High)
Target Price	0.021*9.0 = 0.19 (PE 9.0, EPS 0.021)
Decision	Not interested unless revenue and profit increase more
Comment	Revenue decreased 8.8% but higher than preceding year corresponding quarter 4.4%, eps decreased 128% and is third consecutive quarter decreasing and also lower than preceding year corresponding quarter 178.1%, cash generated from operating still not enough to cover financing activities, better liquidity ratio but still at weak level now, gearing ratio increased at very high level now
First Support Price	0.375
Second Support Price	0.34
Risk Rating	HIGH

Research House

JF APEX Target Price	0.342 (2011-03-01)
OSK Target Price	0.33 (2011-03-01)

Accounting Ratio

Return on Equity	4.51%
Dividend Yield	-
Profit Margin	-3.37%
Tax Rate	-
Asset Turnover	0.487
Net Asset Value Per Share	0.22
Net Tangible Asset per share	0.22
Price/Net Tangible Asset Per Share	1.66
Cash Per Share	0.03
Liquidity Current Ratio	0.2602
Liquidity Quick Ratio	0.0825
Liquidity Cash Ratio	0.0307
Gearing Debt to Equity Ratio	6.1414
Gearing Debt to Asset Ratio	0.86
Working capital per thousand Ringgit sale	-82.2%
Days to sell the inventory	25672
Days to collect the receivables	11
Days to pay the payables	144454

My notes based on 2010 quarter 4 report (number in '000):-
- The Group recorded an 8.3% year-on-year or RM81.555 million improvement in the gross premium income, driven by strong growth in the non-motor segment. In this respect, KIMB’s non-motor segment posted a strong growth of 26.6%

- The Group recorded pre-tax profit of RM29.407 million for year ended 31st December 2010 compared to RM102.353 million last year

- As at 31 December 2010, the net asset value of the Group improved to RM327.570 million (31 December 2009 restated: RM308.582 million)

- The Group recorded a pre-tax loss of RM9.230 million during the quarter, compared to RM2.386 million pre-tax loss in the preceding quarter, mainly due to the impairment losses on foreign operations

- Estimate next 4Q eps after 2010 Q4 result announced = 0.0055*4 = 0.021(profit margin 3% per quarter), estimate PE on current price 0.395 = 18.81
- Estimate next 4Q eps after 2010 Q3 result announced = 0.0081*4 = 0.0324(profit margin 4% per quarter), estimate highest/lowest PE = 12.96/10.49
- Estimate next 4Q eps after 2010 Q2 result announced = 0.0182*2 = 0.0364, estimate highest/lowest PE = 12.23/10.16
- Estimate next 4Q eps after 2010 Q1 result announced = 0.0233*2 = 0.0466, estimate highest/lowest PE = 12.23/9.33
- Estimate next 4Q eps after 2009 Q6 result announced = 0.0753, estimate highest/lowest PE = 8.9/6.71
- Estimate next 4Q eps after 2009 Q5 result announced = 0.0216*4 = 0.0864, estimate highest/lowest PE = 9.32/7.29
- Estimate next 4Q eps after 2009 Q4 result announced = 0.0287*4 = 0.1148, estimate highest/lowest PE = 6.88/4.53
- Estimate next 4Q eps after 2009 Q3 result announced = 0.0177*4 = 0.0708, estimate highest/lowest PE = 8.4/4.87

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