KLCI Stock - MALTON / 6181 - 2011 Quarter 4

Company Info

Market Capital (Capital Size)	165,467,640 (Small)
Par Value	RM 1.00

My Analysis

Forecast P/E now	0.475/0.1736 = 2.74 (Moderate)
Target Price	0.1736*10.0 = 1.74 (PE 10.0, EPS 0.1736)
Decision	BUY if stock price sustain above 0.45 and break resistance 0.495
Comment	Revenue increased 44.3% and was third consecutive quarter increasing and also higher than preceding year corresponding quarter 95.2%, eps decreased 15.1% but higher than preceding year corresponding quarter 303.1%, cash generated from operating is more than enough to cover all expenses, weaker liquidity ratio at low level now, higher gearing ratio at above moderate level now, inventories and receivables ratio got slightly high, payables ratio is very high
First Support Price	0.45
Second Support Price	0.4
Risk Rating	MODERATE

Research House

NetResearch Target Price

1.5 (2011-05-23)

Accounting Ratio

Return on Equity	14.25%
Dividend Yield	-
Profit Margin	19.85%
Tax Rate	19.55%
Asset Turnover	0.4814
Net Asset Value Per Share	1.22
Net Tangible Asset per share	1.22
Price/Net Tangible Asset Per Share	0.37
Cash Per Share	0.54
Liquidity Current Ratio	1.5324
Liquidity Quick Ratio	1.0865
Liquidity Cash Ratio	0.5718
Gearing Debt to Equity Ratio	0.8869
Gearing Debt to Asset Ratio	0.47
Working capital per thousand Ringgit sale	45.5%
Days to sell the inventory	174
Days to collect the receivables	156
Days to pay the payables	317

My notes based on 2011 quarter 4 report (number in '000):-
- Higher revenue mainly due to higher revenue recognition from advanced stages of construction of on-going projects launched during the year with good take up rates, construction and project management division commencement of two new external contracts during the year

- Higher profit largely due to achieved higher sales and better margins from its development projects and continuous cost savings and re-engineering exercise

- Estimate next 4Q eps after 2011 Q4 result announced = 0.1736, estimate PE on current price 0.475 = 2.74
- Estimate next 4Q eps after 2011 Q3 result announced = 0.0684*1.2 = 0.0821, estimate highest/lowest PE = 9.68/5.54 (DPS 0.015)
- Estimate next 4Q eps after 2011 Q2 result announced = 0.0159*3+0.0159*1.3 = 0.0684, estimate highest/lowest PE = 11.18/7.97 (DPS 0.015)
- Estimate next 4Q eps after 2011 Q1 result announced = 0.0159*4 = 0.0636, estimate highest/lowest PE = 13.05/8.88 (DPS 0.015)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.0627*0.9 = 0.0564, estimate highest/lowest PE = 15.25/7.54
- Estimate next 4Q eps after 2010 Q3 result announced = 0.06*0.9 = 0.054, estimate highest/lowest PE = 10.09/6.67
- Estimate next 4Q eps after 2010 Q2 result announced = 0.0186*4 = 0.0744, estimate highest/lowest PE = 6.05/4.7
- Estimate next 4Q eps after 2010 Q1 result announced = 0.0184*4 = 0.0736, estimate highest/lowest PE = 6.05/4.76
- Estimate next 4Q eps after 2009 Q4 result announced = 0.005*4 = 0.02, estimate highest/lowest PE = 19.5/17.5
- Estimate next 4Q eps after 2009 Q3 result announced = 0.003*4 = 0.012, estimate highest/lowest PE = 35.83/25
- Estimate next 4Q eps after 2009 Q2 result announced = 0.0067*4 = 0.0268, estimate highest/lowest PE = 14.55/9.7

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