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Monday, June 20, 2011

KLCI Stock - P&O / 6009 - 2011 Quarter 2

Company Info
Market Capital (Capital Size)193,033,070 (Small)
Par ValueRM 0.50

My Analysis
Forecast P/E now(0.785-0.0060)/0.1325 = 5.88 (Moderate)
Target Price1.06+0.0060 = 1.07 (PE 8.0, EPS 0.1325, DPS 0.0060)
Revenue increased 34.2% and also higher than preceding year corresponding quarter 14.2%, eps decreased 7.1% and is second consecutive quarter decreasing but still higher than preceding year corresponding quarter 23.1%, no cash generated and largely over spent in operating activities but cash generated from financing enough to cover all expenses, stronger liquidity ratio at strong level now, better gearing ratio, higher reinsurance assets which should turn into higher revenue, insurance division profit decreasing but PAT still above RM9 million which equals to eps around 0.04
First Support Price0.75
Second Support Price0.71

Accounting Ratio
Return on Equity22.62%
Dividend Yield0.76%
Profit Margin8.32%
Tax Rate29.39%
Asset Turnover0.4826
Net Asset Value Per Share0.83
Net Tangible Asset per share0.81
Price/Net Tangible Asset Per Share0.98
Cash Per Share2.51
Liquidity Current Ratio5.9137
Liquidity Quick Ratio4.7989
Liquidity Cash Ratio4.078
Gearing Debt to Equity Ratio4.1004
Gearing Debt to Asset Ratio0.8039
Working capital per thousand Ringgit sale149.6%
Days to sell the inventory144
Days to collect the receivables80
Days to pay the payables38

My notes based on 2011 quarter 2 report (number in '000):-
- Higher revenue mainly attributable to higher gross premium recorded by the insurance subsidiary and higher pbt mainly attributable to lower net claims incurred at the insurance subsidiary

- Estimate next 4Q eps after 2011 Q2 result announced = 0.0368*4*0.9 = 0.1325, estimate PE on current price 0.785 = 5.88(DPS 0.006)
- Estimate next 4Q eps after 2011 Q1 result announced = 0.0277*4 = 0.1108(ROE 3.5% per quarter), estimate highest/lowest PE = 8.66/6.35 (DPS 0.006)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.05*4/2 = 0.1(ROE 3.5% per quarter), estimate highest/lowest PE = 9.6/7.7

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