KLCI Stock - GAMUDA / 5398 - 2011 Quarter 3

Company Info

Market Capital (Capital Size)	7,725,748,755 (Very Large)
Par Value	RM 1.00

My Analysis

Forecast P/E now	(3.75-0.12)/0.1947 = 18.64 (Moderate)
Target Price	4.09+0.12 = 4.21 (PE 21.0, EPS 0.1947, DPS 0.12)
Decision	Watching, buy when lower sell volume
Comment	Revenue increased 2.3% and also higher than preceding year corresponding quarter 21.5%, eps increased 23.5% and is fifth consecutive quarter increasing(higher than preceding year corresponding quarter 31.2%), no cash generated from operating after deduct assets inceased if not will be enough to cover financing expenses, weaker liquidity ratio at moderate level now, higher gearing ratio at above moderate level now, all accounting ratio increasing to high level
First Support Price	3.7
Second Support Price	3.6
Risk Rating	MODERATE

Research House

ECM Target Price	3.99 (2011-03-15)
HLG Target Price	3.63 (2011-03-23)
MIDF Target Price	4.68 (2011-03-23)
CIMB Target Price	5.6 (2011-03-25)
Kenanga Target Price	4.12 (2011-03-25)
Maybank Target Price	4.45 (2011-03-25)
OSK Target Price	4.96 (2011-03-25)
HwangDBS Target Price	5.25 (2011-04-27)
AMMB Target Price	3.82 (2011-06-14)
RHB Target Price	4.03 (2011-06-16)
UOB Target Price	4.4 (2011-06-20)

Accounting Ratio

Return on Equity	9.90%
Dividend Yield	3.20%
Profit Margin	25.49%
Tax Rate	24.77%
Asset Turnover	0.3584
Net Asset Value Per Share	1.71
Net Tangible Asset per share	1.71
Price/Net Tangible Asset Per Share	2.19
Cash Per Share	0.65
Liquidity Current Ratio	2.2339
Liquidity Quick Ratio	1.6245
Liquidity Cash Ratio	0.7448
Gearing Debt to Equity Ratio	0.9071
Gearing Debt to Asset Ratio	0.4606
Working capital per thousand Ringgit sale	89.7%
Days to sell the inventory	184
Days to collect the receivables	230
Days to pay the payables	135

My notes based on 2011 quarter 3 report (number in '000):-
- The increase in profit before taxation for the current quarter and current year to-date resulted from higher contributions from all divisions

- Estimate next 4Q eps after 2011 Q3 result announced = 0.177*1.1 = 0.1947, estimate PE on current price 3.75 = 18.64(DPS 0.12)
- Estimate next 4Q eps after 2011 Q2 result announced = 0.0439*4*1.05 = 0.1844, estimate highest/lowest PE = 20.77/18.71 (DPS 0.12)
- Estimate next 4Q eps after 2011 Q1 result announced = 0.0789*2*1.05 = 0.1657, estimate highest/lowest PE = 24.98/20.64 (DPS 0.12)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.0371*4*1.1 = 0.1632, estimate highest/lowest PE = 23.84/20.47 (DPS 0.12)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.0361*4 = 0.1444, estimate highest/lowest PE = 26.73/20.78 (DPS 0.12)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.0336*4 = 0.1344, estimate highest/lowest PE = 23.14/19.2 (DPS 0.12)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.0311*4 = 0.1244, estimate highest/lowest PE = 22.83/19.77 (DPS 0.12)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.0215*4 = 0.086, estimate highest/lowest PE = 38.02/30.81 (DPS 0.08)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.0231*4 = 0.0924, estimate highest/lowest PE = 36.36/27.81 (DPS 0.08)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.0244*4 = 0.0976, estimate highest/lowest PE = 28.59/19.26 (DPS 0.08)

GAMUDA latest news (English)

GAMUDA latest news (Chinese)