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Thursday, June 9, 2011

KLCI Stock - DAYA / 0091 - 2011 Quarter 1

Company Info
Market Capital (Capital Size)250,614,879 (Small)
Par ValueRM 0.10

My Analysis
Forecast P/E now(0.22-0.0024)/0.0194 = 11.22 (High)
Target Price0.19+0.0024 = 0.20 (PE 10.0, EPS 0.0194, DPS 0.0024)
DecisionNot interested unless profit margin increase more
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 Price0.21
Second Support Price0.2

Accounting Ratio
Return on Equity9.89%
Dividend Yield1.09%
Profit Margin7.42%
Tax Rate27.67%
Asset Turnover0.6413
Net Asset Value Per Share0.16
Net Tangible Asset per share0.09
Price/Net Tangible Asset Per Share2.56
Cash Per Share0.03
Liquidity Current Ratio1.9133
Liquidity Quick Ratio1.7084
Liquidity Cash Ratio0.5922
Gearing Debt to Equity Ratio0.6518
Gearing Debt to Asset Ratio0.3938
Working capital per thousand Ringgit sale30.5%
Days to sell the inventory28
Days to collect the receivables110
Days to pay the payables80

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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