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Sunday, June 12, 2011

KLCI Stock - MAS / 3786 - 2011 Quarter 1

Company Info
Market Capital (Capital Size)4,779,283,423 (Large)
Par ValueRM 1.00

My Analysis
Forecast P/E now1.43/0.07 = 20.43 (High)
Target Price0.07*12.0 = 0.84 (PE 12.0, EPS 0.07)
DecisionNot interested unless oil price decrease
Revenue decreased 12.5% but higher than preceding year corresponding quarter 8%, eps decreased 208.5% and is second consecutive quarter decreasing and also lower than preceding year corresponding quarter 170%, no cash generated from operating and cash generated from financing not enough to cover all expenses, weaker liquidity ratio at weak level now, higher gearing ratio at very high level now, payables ratio slightly high, continue affecting by high oil price
First Support Price1.35
Second Support Price1.0
Risk RatingHIGH

Research House
Maybank Target Price1.8 (2011-05-23)
CIMB Target Price1.52 (2011-05-26)
ECM Target Price1.3 (2011-05-26)
HLG Target Price1.27 (2011-05-26)
OSK Target Price1.1 (2011-05-26)
MIDF Target Price1.24 (2011-06-07)

Accounting Ratio
Return on Equity-10.59%
Dividend Yield-
Profit Margin-7.58%
Tax Rate-
Asset Turnover1.0379
Net Asset Value Per Share0.99
Net Tangible Asset per share0.95
Price/Net Tangible Asset Per Share1.66
Cash Per Share0.56
Liquidity Current Ratio0.6537
Liquidity Quick Ratio0.5812
Liquidity Cash Ratio0.3208
Gearing Debt to Equity Ratio2.843
Gearing Debt to Asset Ratio0.739
Working capital per thousand Ringgit sale-15.3%
Days to sell the inventory11
Days to collect the receivables41
Days to pay the payables114

My notes based on 2011 quarter 1 report (number in '000):-
- The Group recorded an operating loss due to higher operating expenses mainly from the increase in fuel cost and lower other operating income

- Estimate next 4Q eps after 2011 Q1 result announced = 0.07, estimate PE on current price 1.43 = 20.43

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