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Monday, July 11, 2011

KLCI Stock - TIMECOM / 5031 - 2011 Quarter 1

Company Info
Market Capital (Capital Size)1,885,427,375 (Large)
Par ValueRM 1.00

My Analysis
Forecast P/E now0.745/0.0378 = 19.71 (High)
Target Price0.0378*14.0 = 0.53 (PE 14.0, EPS 0.0378)
DecisionNot interested unless revenue and profit increase more
Revenue decreased 18.1% but higher than preceding year corresponding quarter 7.7%, eps decreased 48.6% but higher than preceding year corresponding quarter 21.6%, cash generated from operating is enough to cover all expenses, weaker liquidity ratio at low level now, higher gearing ratio but still at low level now, payables and receivables ratio also high, benefit from lower wayleave fees
First Support Price0.695
Second Support Price0.63
Risk RatingHIGH

Research House
Macquarie Target Price0.94 (2011-02-14)
HLG Target Price0.95 (2011-04-01)

Accounting Ratio
Return on Equity8.97%
Dividend Yield-
Profit Margin32.66%
Tax Rate-
Asset Turnover0.2039
Net Asset Value Per Share0.55
Net Tangible Asset per share0.55
Price/Net Tangible Asset Per Share1.45
Cash Per Share0.09
Liquidity Current Ratio1.7812
Liquidity Quick Ratio1.7812
Liquidity Cash Ratio1.0437
Gearing Debt to Equity Ratio0.1565
Gearing Debt to Asset Ratio0.1353
Working capital per thousand Ringgit sale50.8%
Days to sell the inventory-
Days to collect the receivables174
Days to pay the payables331

My notes based on 2011 quarter 1 report (number in '000):-
- Lower revenue than FY10Q4 mainly arising from global bandwidth sales recognised in the immediately preceding quarter. Global bandwidth is a non-recurring business and no sales were recorded in the current quarter

- Lower pbt than FY10Q4 mainly due to lower dividend income received from the investment in
quoted securities in the current quarter and lower revenue

- Higher revenue than FY10Q1 mainly due to higher revenue from the Group’s data business offset by a reduction in voice revenue

- Higher pbt than FY10Q1 attributed mainly to higher revenue, improved margins and lower wayleave fees

- Estimate next 4Q eps after 2011 Q1 result announced = 0.009*4*1.05 = 0.0378, estimate PE on current price 0.745 = 19.71

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