KLCI Stock - CARLSBG / 2836 - 2011 Quarter 1

Company Info

Market Capital (Capital Size)	2,307,504,220 (Large)
Par Value	RM 0.50

My Analysis

Forecast P/E now	(7.49-0.58)/0.5716 = 12.09 (Moderate)
Target Price	8.00+0.58 = 8.58 (PE 14.0, EPS 0.5716, DPS 0.58)
Decision	BUY
Comment	Revenue increased 24.9% and also higher than preceding year corresponding quarter 7.6%, eps increased 60.6% and also higher than preceding year corresponding quarter 29.3%, no cash generated from operating and financing, spent 41.6% of total cash, stronger liquidity ratio but still at low level now, lower gearing ratio at below moderate level now, all accounting ratio are good, Malaysia & Singapore business growth
First Support Price	7.16
Second Support Price	6.8
Risk Rating	MODERATE

Research House

AMMB Target Price	7.3 (2011-03-10)
RHB Target Price	7.96 (2011-04-21)
Maybank Target Price	8 (2011-05-12)
OSK Target Price	8 (2011-05-12)

Accounting Ratio

Return on Equity	24.57%
Dividend Yield	7.74%
Profit Margin	15.79%
Tax Rate	23.20%
Asset Turnover	1.5009
Net Asset Value Per Share	2.06
Net Tangible Asset per share	0.75
Price/Net Tangible Asset Per Share	9.64
Cash Per Share	0.19
Liquidity Current Ratio	1.6093
Liquidity Quick Ratio	1.3958
Liquidity Cash Ratio	0.2644
Gearing Debt to Equity Ratio	0.4717
Gearing Debt to Asset Ratio	0.3194
Working capital per thousand Ringgit sale	9.8%
Days to sell the inventory	14
Days to collect the receivables	66
Days to pay the payables	59

My notes based on 2011 quarter 1 report (number in '000):-
- The higher revenue & profit were primarily driven by a successful Chinese New Year sales campaign

- Estimate next 4Q eps after 2011 Q1 result announced = (0.1601+0.0997)*2*1.1 = 0.5716, estimate PE on current price 7.49 = 12.09(DPS 0.58)

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