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Saturday, September 17, 2011

KLCI Stock - TIMECOM / 5031 - 2011 Quarter 2

Company Info
Market Capital (Capital Size)1,442,541,750 (Large)
Par ValueRM 1.00

My Analysis
Forecast P/E now0.57/0.0426 = 13.38 (Moderate)
Target Price0.0426*14.0 = 0.60 (PE 14.0, EPS 0.0426)
DecisionNot interested unless stock price sustain above 0.6
Revenue increased 19.4% and also higher than preceding year corresponding quarter 0.6%, eps increased 25.6% and also higher than preceding year corresponding quarter 24.2%, cash generated from operating and investing enough to cover all expenses, slightly stronger liquidity ratio at low level now, lower gearing ratio at low level now, payables and receivables ratio also high, benefit from lower wayleave fees
First Support Price0.56
Second Support Price0.52

Research House
Macquarie Target Price0.94 (2011-02-14)
HLG Target Price0.97 (2011-08-26)

Accounting Ratio
Return on Equity8.92%
Dividend Yield-
Profit Margin34.19%
Tax Rate-
Asset Turnover0.204
Net Asset Value Per Share0.56
Net Tangible Asset per share0.56
Price/Net Tangible Asset Per Share0.96
Cash Per Share0.08
Liquidity Current Ratio1.9972
Liquidity Quick Ratio1.9972
Liquidity Cash Ratio1.2201
Gearing Debt to Equity Ratio0.1245
Gearing Debt to Asset Ratio0.1107
Working capital per thousand Ringgit sale53.7%
Days to sell the inventory-
Days to collect the receivables152
Days to pay the payables277

My notes based on 2011 quarter 2 report (number in '000):-
- Higher revenue primarily due to higher revenue from data services offset by lower voice and global bandwidth sales

- Higher pbt than mainly due to the reduction in wayleave fees to PLUS as mentioned in Note 5 above and higher dividend income from available-for-sale financial asset

- Estimate next 4Q eps after 2011 Q2 result announced = (0.009+0.0113)*2*1.05 = 0.0426, estimate PE on current price 0.57 = 13.38
- Estimate next 4Q eps after 2011 Q1 result announced = 0.009*4*1.05 = 0.0378, estimate highest/lowest PE = 22.22/14.02

TIMECOM latest news (English)

TIMECOM latest news (Chinese)

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