KLCI Stock - AFFIN / 5185 - 2011 Quarter 2

Company Info

Market Capital (Capital Size)	4,633,184,998 (Large)
Par Value	RM 1.00

My Analysis

Forecast P/E now	(3.1-0.09)/0.3377 = 8.91 (Moderate)
Target Price	4.05+0.09 = 4.14 (PE 12.0, EPS 0.3377, DPS 0.09)
Decision	Not interested unless moving average got uptrend signal
Comment	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 Price	3.0
Second Support Price	2.8
Risk Rating	MODERATE

Research House

RHB Target Price	4.3 (2011-03-15)
CIMB Target Price	3.4 (2011-08-16)
HLG Target Price	3.54 (2011-08-16)

Accounting Ratio

Return on Equity	9.07%
Dividend Yield	2.90%
Profit Margin	27.64%
Tax Rate	24.47%
Asset Turnover	0.0503
Net Asset Value Per Share	3.64
Net Tangible Asset per share	2.97
Price/Net Tangible Asset Per Share	1.05
Cash Per Share	5.57
Liquidity Current Ratio	1.1157
Liquidity Quick Ratio	0.8715
Liquidity Cash Ratio	0.1958
Gearing Debt to Equity Ratio	8.0783
Gearing Debt to Asset Ratio	0.8898
Working capital per thousand Ringgit sale	198.3%
Days to sell the inventory	5697
Days to collect the receivables	4207
Days to pay the payables	23320

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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