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Sunday, August 21, 2011

KLCI Stock - AFFIN / 5185 - 2011 Quarter 2

Company Info
Market Capital (Capital Size)4,633,184,998 (Large)
Par ValueRM 1.00

My Analysis
Forecast P/E now(3.1-0.09)/0.3377 = 8.91 (Moderate)
Target Price4.05+0.09 = 4.14 (PE 12.0, EPS 0.3377, DPS 0.09)
DecisionNot interested unless moving average got uptrend signal
Revenue increased 3.4% and is continuous increasing since FY09Q2(higher than preceding year corresponding quarter 20.2%), eps increased 26.5% and also higher than preceding year corresponding quarter 20.1%, no cash generated from operating hence spent 16.3% of Group cash to cover all expenses, all division except insurance also growth
First Support Price3.0
Second Support Price2.8

Research House
RHB Target Price4.3 (2011-03-15)
CIMB Target Price3.4 (2011-08-16)
HLG Target Price3.54 (2011-08-16)

Accounting Ratio
Return on Equity9.07%
Dividend Yield2.90%
Profit Margin27.64%
Tax Rate24.47%
Asset Turnover0.0503
Net Asset Value Per Share3.64
Net Tangible Asset per share2.97
Price/Net Tangible Asset Per Share1.05
Cash Per Share5.57
Liquidity Current Ratio1.1157
Liquidity Quick Ratio0.8715
Liquidity Cash Ratio0.1958
Gearing Debt to Equity Ratio8.0783
Gearing Debt to Asset Ratio0.8898
Working capital per thousand Ringgit sale198.3%
Days to sell the inventory5697
Days to collect the receivables4207
Days to pay the payables23320

My notes based on 2011 quarter 2 report (number in '000):-
- Higher pbt mainly due to increase in both net interest income, Islamic banking income, lower allowance for loan impairment and higher net brokerage income

- Estimate next 4Q eps after 2011 Q2 result announced = (0.071+0.0898)*2*1.05 = 0.3377, estimate PE on current price 3.1 = 8.91 (DPS 0.09)
- Estimate next 4Q eps after 2011 Q1 result announced = (0.071+0.077)*2 = 0.296, estimate highest/lowest PE = 11.76/9.8 (DPS 0.09)

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