KLCI Stock - MAYBANK / 1155 - 2011 Quarter 3

Company Info

Market Capital (Capital Size)	65,434,303,086 (Very Large)
Par Value	RM 1.00

My Analysis

Forecast P/E now	(8.75-0.72)/0.6208 = 12.93 (Moderate)
Target Price	9.93+0.72 = 10.65 (PE 16.0, EPS 0.6208, DPS 0.72)
Decision	BUY
Comment	Revenue decreased 1.2% but higher than preceding year corresponding quarter 11.8%, eps decreased 0.7% but higher than preceding year corresponding quarter 6.6%, got cash generated from operating, investing and financing activities, allowances for losses on loans, advance & financing is low or else profit will be more lower, most segments revenue slow down, rising inflationary pressure, OPR increased 25 points
First Support Price	8.6
Second Support Price	8.2
Risk Rating	LOW

Research House

AMMB Target Price	10.4 (2011-04-22)
UOB Target Price	10.3 (2011-05-10)
MIDF Target Price	10.4 (2011-05-12)
CIMB Target Price	10.3 (2011-05-13)
ECM Target Price	10 (2011-05-13)
HLG Target Price	10.48 (2011-05-13)
Kenanga Target Price	10.6 (2011-05-13)
OSK Target Price	10.07 (2011-05-13)
RHB Target Price	10.5 (2011-05-13)
TA Target Price	10.9 (2011-05-13)
HwangDBS Target Price	10.8 (2011-05-16)

Accounting Ratio

Return on Equity	13.92%
Dividend Yield	8.23%
Profit Margin	30.72%
Tax Rate	24.71%
Asset Turnover	0.0527
Net Asset Value Per Share	4.13
Net Tangible Asset per share	3.54
Price/Net Tangible Asset Per Share	2.47
Cash Per Share	6.1
Liquidity Current Ratio	1.1104
Liquidity Quick Ratio	0.906
Liquidity Cash Ratio	0.1419
Gearing Debt to Equity Ratio	11.704
Gearing Debt to Asset Ratio	0.9193
Working capital per thousand Ringgit sale	174.3%
Days to sell the inventory	3714
Days to collect the receivables	4260
Days to pay the payables	17168

My notes based on 2011 quarter 3 report (number in '000):-
- Lower net interest income due to seasonal factor and narrowing net interest margin across all
markets

- Lower non-interest income mainly attributable to lower gain on sale of securities and foreign exchange profits

- Estimate next 4Q eps after 2011 Q3 result announced = 0.1552*4 = 0.6208, estimate PE on current price 8.75 = 12.93(DPS 0.72)
- Estimate next 4Q eps after 2011 Q2 result announced = 0.1563*4*1.05 = 0.6565, estimate highest/lowest PE = 13.01/11.87 (DPS 0.72)
- Estimate next 4Q eps after 2011 Q1 result announced = 0.1447*4*1.05 = 0.6077, estimate highest/lowest PE = 14.3/12.87 (DPS 0.55)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.5394*1.1 = 0.5933, estimate highest/lowest PE = 14.88/12.73 (DPS 0.55)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.1456*4 = 0.5824, estimate highest/lowest PE = 13.68/11.59 (DPS 0.19)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.1404*4 = 0.5616, estimate highest/lowest PE = 13.48/11.75 (DPS 0.19)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.1246*4 = 0.4984, estimate highest/lowest PE = 14.04/13.1 (DPS 0.08)

MAYBANK latest news (English)

MAYBANK latest news (Chinese)