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Wednesday, May 4, 2011

KLCI Stock - MALTON / 6181 - 2011 Quarter 2

Company Info
Market Capital (Capital Size)238,621,755 (Small)
Par ValueRM 1.00

My Analysis
Forecast P/E now(0.685-0.015)/0.0684 = 9.80 (Moderate)
Target Price0.68+0.015 = 0.70 (PE 10.0, EPS 0.0684, DPS 0.015)
DecisionNOT BUY unless price below 0.6
Revenue increased 58.9% but lower than preceding year corresponding quarter 6%, eps increased 150.9% and is third consecutive quarter increasing and also higher than preceding year corresponding quarter 114.5%, cash generated from operating is enough to cover all expenses and still go extra, liquidity ratio decreased at moderate ratio now, gearing ratio increased at moderate level now, all accounting periods also quite long time but working capital also quite high percentage to cover
First Support Price0.66
Second Support Price0.56

Research House
NetResearch Target Price0.83 (2011-03-01)

Accounting Ratio
Return on Equity6.29%
Dividend Yield2.19%
Profit Margin16.65%
Tax Rate23.60%
Asset Turnover0.4375
Net Asset Value Per Share1.32
Net Tangible Asset per share1.32
Price/Net Tangible Asset Per Share0.44
Cash Per Share0.25
Liquidity Current Ratio2.3312
Liquidity Quick Ratio1.2539
Liquidity Cash Ratio0.3887
Gearing Debt to Equity Ratio0.6379
Gearing Debt to Asset Ratio0.3895
Working capital per thousand Ringgit sale92.3%
Days to sell the inventory308
Days to collect the receivables216
Days to pay the payables177

My notes based on 2011 quarter 2 report (number in '000):-
- Revenue from the property development division increased marginally as compared to the previous corresponding quarter while total revenue and profit from construction and project management division declined as compared to the previous corresponding quarter due to completion of Carrefour Project in Bukit Rimau in December 2009

- Higher pre-tax profit due to higher billings with better margin from property development division and net fair value gain of RM1.8 million arising from the revaluation of the Group's investment properties, inventories and development property during the quarter

- In addition there was a higher contribution from share of the results of its associated company

- Estimate next 4Q eps after 2011 Q2 result announced = 0.0159*3+0.0159*1.3 = 0.0684, estimate PE on current price 0.685 = 9.8
- Estimate next 4Q eps after 2011 Q1 result announced = 0.0159*4 = 0.0636, estimate highest/lowest PE = 13.05/8.88 (0.015)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.0627*0.9 = 0.0564, estimate highest/lowest PE = 15.25/7.54
- Estimate next 4Q eps after 2010 Q3 result announced = 0.06*0.9 = 0.054, estimate highest/lowest PE = 10.09/6.67
- Estimate next 4Q eps after 2010 Q2 result announced = 0.0186*4 = 0.0744, estimate highest/lowest PE = 6.05/4.7
- Estimate next 4Q eps after 2010 Q1 result announced = 0.0184*4 = 0.0736, estimate highest/lowest PE = 6.05/4.76
- Estimate next 4Q eps after 2009 Q4 result announced = 0.005*4 = 0.02, estimate highest/lowest PE = 19.5/17.5
- Estimate next 4Q eps after 2009 Q3 result announced = 0.003*4 = 0.012, estimate highest/lowest PE = 35.83/25
- Estimate next 4Q eps after 2009 Q2 result announced = 0.0067*4 = 0.0268, estimate highest/lowest PE = 14.55/9.7

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