KLCI Stock - DAYA / 0091 - 2011 Quarter 1

Company Info

Market Capital (Capital Size)	250,614,879 (Small)
Par Value	RM 0.10

My Analysis

Forecast P/E now	(0.22-0.0024)/0.0194 = 11.22 (High)
Target Price	0.19+0.0024 = 0.20 (PE 10.0, EPS 0.0194, DPS 0.0024)
Decision	Not interested unless profit margin increase more
Comment	Revenue increased 8.9% and is second consecutive quarter increasing and also higher than preceding year corresponding quarter 43%, eps decreased 51% and also lower than preceding year corresponding quarter 14.3%, no cash generate from operating due to increased current assets however cash generated from financing activities enough to cover all expenses, weaker liquidity ratio at low level now, higher gearing ratio at moderate level now, slightly high receivables but offset by higher working capital, lower profit margin
First Support Price	0.21
Second Support Price	0.2
Risk Rating	MODERATE

Accounting Ratio

Return on Equity	9.89%
Dividend Yield	1.09%
Profit Margin	7.42%
Tax Rate	27.67%
Asset Turnover	0.6413
Net Asset Value Per Share	0.16
Net Tangible Asset per share	0.09
Price/Net Tangible Asset Per Share	2.56
Cash Per Share	0.03
Liquidity Current Ratio	1.9133
Liquidity Quick Ratio	1.7084
Liquidity Cash Ratio	0.5922
Gearing Debt to Equity Ratio	0.6518
Gearing Debt to Asset Ratio	0.3938
Working capital per thousand Ringgit sale	30.5%
Days to sell the inventory	28
Days to collect the receivables	110
Days to pay the payables	80

My notes based on 2011 quarter 1 report (number in '000):-
- Lower pbt primarily due to lower profits and margin from oil & gas and technical services divisions. Technical services division contributed meaningfully in last quarter as it completed some of the higher margin contracts

- Estimate next 4Q eps after 2011 Q1 result announced = 0.0216*0.9 = 0.0194, estimate PE on current price 0.22 = 11.22(DPS 0.0024)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.0049*4*1.1 = 0.0216, estimate highest/lowest PE = 12.16/9.61 (DPS 0.0024)

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