KLCI Stock - INGRESS / 7112 - 2012 Quarter 1

Company Info

Market Capital (Capital Size)	59,904,000 (Very Small)
Par Value	RM 1.00

My Analysis

Forecast P/E now	0.78/0.1209 = 6.45 (High)
Target Price	0.1209*5.0 = 0.60 (PE 5.0, EPS 0.1209)
Decision	Not interested unless PEP division recover from loss
Comment	Revenue decreased 7.6% and is second consecutive quarter decreasing and also lower than preceding year corresponding quarter 3%, eps increased 229.9% and is second consecutive quarter increasing but still lower than preceding year corresponding quarter 33.7%, no cash generated from operating after deduct operating expenses however cash generated from financing almost enough to cover financing expenses, stronger liquidity ratio but still at low level now, lower gearing ratio but still at very high level now, all accounting periods are good, automotive division revenue decreasing, power and engineering projects remaining loss
First Support Price	0.755
Second Support Price	0.7
Risk Rating	HIGH

Accounting Ratio

Return on Equity	6.05%
Dividend Yield	-
Profit Margin	6.04%
Tax Rate	1.59%
Asset Turnover	1.3049
Net Asset Value Per Share	2.12
Net Tangible Asset per share	2.08
Price/Net Tangible Asset Per Share	0.37
Cash Per Share	0.84
Liquidity Current Ratio	1.2107
Liquidity Quick Ratio	0.9739
Liquidity Cash Ratio	0.2852
Gearing Debt to Equity Ratio	2.1217
Gearing Debt to Asset Ratio	0.5958
Working capital per thousand Ringgit sale	6.3%
Days to sell the inventory	27
Days to collect the receivables	74
Days to pay the payables	56

My notes based on 2012 quarter 1 report (number in '000):-
- Automotive Division recorded higher profit before tax was mainly attributed to better product sales mix for the quarter

- Power Engineering and Projects Division previous financial year corresponding quarter profit before tax includes a one time gain on disposal of 19% shares in an associate company, amounted to RM7.6 million

- Estimate next 4Q eps after 2012 Q1 result announced = 0.1151*1.05 = 0.1209(exclude RM4.7 million other income), estimate PE on current price 0.78 = 6.45
- Estimate next 4Q eps after 2011 Q4 result announced = 0.0274*4*1.05 = 0.1151, estimate highest/lowest PE = 7.86/6.47
- Estimate next 4Q eps after 2011 Q3 result announced = 0.0272*4*1.05 = 0.1142, estimate highest/lowest PE = 7.36/5.95
- Estimate next 4Q eps after 2011 Q2 result announced = 0.1288*1.05 = 0.1352, estimate highest/lowest PE = 6.62/5.18
- Estimate next 4Q eps after 2011 Q1 result announced = 0.0322*4 = 0.1288(0.0322 is eps after exclude 8 million from other income), estimate highest/lowest PE = 7.41/4.81
- Estimate next 4Q eps after 2010 Q4 result announced = 0.0346*4 = 0.1384, estimate highest/lowest PE = 4.99/3.76
- Estimate next 4Q eps after 2010 Q3 result announced = 0.0357*4 = 0.1428, estimate highest/lowest PE = 5.67/4.1
- Estimate next 4Q eps after 2010 Q2 result announced = 0.023*4 = 0.092, estimate highest/lowest PE = 9.24/3.53

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