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Tuesday, June 21, 2011

KLCI Stock - MHB / 5186 - 2011 Quarter 4

Company Info
Market Capital (Capital Size)13,536,000,000 (Very Large)
Par ValueRM 0.50

My Analysis
Forecast P/E now(8.46-0.05)/0.28 = 30.04 (High)
Target Price4.48+0.05 = 4.53 (PE 16.0, EPS 0.28, DPS 0.05)
DecisionNot interested unless revenue and profit(exclude tax income) increase more
Revenue decreased 29.9% and also lower than preceding year corresponding quarter 42.2%, eps decreased 9% and also lower than preceding year corresponding quarter 6.5%, no cash generated from operating but cash generated from financing more than enough to cover all expenses, stronger liquidity ratio but still at low level now, lower gearing ratio but still at high level now, receivables and payables ratio quite high
First Support Price7.7
Second Support Price6.75

Research House
Credit Suisse Target Price7.15 (2011-01-27)
ECM Target Price7.41 (2011-05-09)
Kenanga Target Price6.61 (2011-05-09)
Maybank Target Price6.5 (2011-05-09)
RHB Target Price5.75 (2011-05-09)
AMMB Target Price8.25 (2011-05-30)
OSK Target Price8.23 (2011-05-30)
TA Target Price7.21 (2011-06-06)
UOB Target Price8.7 (2011-06-07)
MIDF Target Price6.7 (2011-06-10)

Accounting Ratio
Return on Equity19.58%
Dividend Yield0.59%
Profit Margin12.36%
Tax Rate-
Asset Turnover0.6621
Net Asset Value Per Share1.59
Net Tangible Asset per share1.59
Price/Net Tangible Asset Per Share4.3
Cash Per Share0.91
Liquidity Current Ratio1.4422
Liquidity Quick Ratio1.4305
Liquidity Cash Ratio0.5518
Gearing Debt to Equity Ratio1.1423
Gearing Debt to Asset Ratio0.5329
Working capital per thousand Ringgit sale35.6%
Days to sell the inventory4
Days to collect the receivables258
Days to pay the payables309

My notes based on 2011 quarter 4 report (number in '000):-
- The decrease of pbt compare to preceding year mainly due to lower revenue in Engineering and Construction and Marine Repair and Conversion segments

- The higher profit achieved in this quarter than preceding quarter mainly due to improved performance in Engineering and Construction segment

- Estimate next 4Q eps after 2011 Q4 result announced = (0.08+0.06)*2 = 0.28, estimate PE on current price 8.46 = 30.04(DPS 0.05)

- Yearly revenue, 2008 = 1741922, 2009 = 4021147, 2010 = 6147012
- Yearly PAT, 2008 = 194645, 2009 = 282221, 2010 = 284115

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