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Tuesday, June 7, 2011

KLCI Stock - SEB / 5163 - 2011 Quarter 1

Company Info
Market Capital (Capital Size)40,800,000 (Very Small)
Par ValueRM 0.50

My Analysis
Forecast P/E now(0.51-0.01)/0.0496 = 10.08 (High)
Target Price0.22+0.01 = 0.23 (PE 4.5, EPS 0.0496, DPS 0.01)
DecisionNot interested profit margin more stabilize
Revenue decreased 27.4% but higher than preceding year corresponding quarter 159.6%, eps decreased 95% and also lower than preceding year corresponding quarter 136.4%, cash generated from operating is more than enough to cover financing activities but still generated cash from financing activities to cover investing activity, weaker liquidity ratio at low level now, higher gearing ratio at moderate level now, all accounting turnover periods also slightly long, profit margin still unstable
First Support Price0.51
Second Support Price0.46
Risk RatingHIGH

Accounting Ratio
Return on Equity6.32%
Dividend Yield1.96%
Profit Margin0.92%
Tax Rate8.61%
Asset Turnover0.6319
Net Asset Value Per Share0.7
Net Tangible Asset per share0.7
Price/Net Tangible Asset Per Share0.81
Cash Per Share0.24
Liquidity Current Ratio1.9228
Liquidity Quick Ratio1.4743
Liquidity Cash Ratio0.5862
Gearing Debt to Equity Ratio0.6974
Gearing Debt to Asset Ratio0.4084
Working capital per thousand Ringgit sale49.6%
Days to sell the inventory95
Days to collect the receivables174
Days to pay the payables104

My notes based on 2011 quarter 1 report (number in '000):
- The Group showed a PBT for current quarter as compared to the loss before tax in the preceding year corresponding quarter was mainly due to higher sales

- The profit before taxation of RM0.15 million for the current quarter as compared to the profit before taxation in preceding quarter of RM3.32 million was mainly due to lower sales and lower margin

- Estimate next 4Q eps after 2011 Q1 result announced = 0.0496, estimate PE on current price 0.51 = 10.08(DPS 0.01)
- Next quarter Q1 result maybe low, use year 2010 cum_eps to estimate next 4Q eps after 2010 Q4 result announced = 0.0431*1.15 = 0.0496(revenue, profit and receivables also largely increased), estimate highest/lowest PE = 12.9/9.98 (DPS 0.01)
- Revenue QbQ increasing more than 15%, use 10% profit margin, estimate next 4Q eps after 2010 Q3 result announced = (0.0168+0.0193)*2 = 0.0722, estimate highest/lowest PE = 9.63/8.1

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