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Saturday, July 9, 2011

KLCI Stock - WASEONG / 5142 - 2011 Quarter 1

Company Info
Market Capital (Capital Size)1,776,108,113 (Large)
Par ValueRM 0.50

My Analysis
Forecast P/E now(2.41-0.05)/0.1766 = 13.36 (Moderate)
Target Price2.65+0.05 = 2.70 (PE 15.0, EPS 0.1766, DPS 0.05)
DecisionWatching, buy when MACD histogram uptrend
Revenue increased 23.6% and is second consecutive quarter increasing and also higher than preceding year corresponding quarter 19.8%, eps increased 75.9% and is third consecutive quarter increasing and also higher than preceding year corresponding quarter 150.2%, null, weaker liquidity ratio at moderate level now, higher gearing ratio at high level now, receivables ratio slightly high, other accounting ratio are good, most division result improve
First Support Price2.15
Second Support Price2.0

Research House
MIDF Target Price2.35 (2011-04-19)
CIMB Target Price2.7 (2011-04-28)
OSK Target Price3.5 (2011-05-06)
AMMB Target Price2.85 (2011-07-04)
ECM Target Price3.06 (2011-07-04)
Kenanga Target Price3.04 (2011-07-04)
Maybank Target Price3.1 (2011-07-04)
RHB Target Price3 (2011-07-04)

Accounting Ratio
Return on Equity7.72%
Dividend Yield1.87%
Profit Margin13.99%
Tax Rate24.66%
Asset Turnover0.7173
Net Asset Value Per Share1.26
Net Tangible Asset per share1.12
Price/Net Tangible Asset Per Share1.95
Cash Per Share0.75
Liquidity Current Ratio2.0568
Liquidity Quick Ratio1.7604
Liquidity Cash Ratio0.8133
Gearing Debt to Equity Ratio1.1801
Gearing Debt to Asset Ratio0.5116
Working capital per thousand Ringgit sale46.8%
Days to sell the inventory52
Days to collect the receivables139
Days to pay the payables73

My notes based on 2011 quarter 1 report (number in '000):-
- Higher revenue and profit due to increasing activities recorded in all divisions of the Group, especially in the Pipeline Services division

- Estimate next 4Q eps after 2011 Q1 result announced = (0.0563+0.032)*2 = 0.1766, estimate PE on current price 2.41 = 13.36(DPS 0.05)

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