KLCI Stock - YTLPOWR / 6742 - 2011 Quarter 4

Company Info

Market Capital (Capital Size)	13,180,770,273 (Very Large)
Par Value	RM 0.50

My Analysis

Forecast P/E now	(1.81-0.075)/0.121 = 14.34 (High)
Target Price	1.69+0.075 = 1.77 (PE 14.0, EPS 0.121, DPS 0.075)
Decision	Not interested unless stock price sustain above 1.94
Comment	Revenue increased 27.8% and also higher than preceding year corresponding quarter 13.6%, eps increased 35.2% and was second consecutive quarter increasing but still lower than preceding year corresponding quarter 2.7%, cash generated from operating enough to cover financing activities but still need 2.7% of Group cash to cover investing expenses, weaker liquidity ratio at low level now, lower gearing ratio but still at very high level now, all accounting ratio are good, mobile broadband division still recorded loss
First Support Price	1.79
Second Support Price	1.7
Risk Rating	MODERATE

Research House

RHB Target Price	2.57 (2011-03-21)
HwangDBS Target Price	2.75 (2011-03-29)
Credit Suisse Target Price	1.82 (2011-03-30)
AMMB Target Price	2.42 (2011-05-13)
MIDF Target Price	2.8 (2011-05-27)
CIMB Target Price	2.8 (2011-07-08)
Maybank Target Price	2.1 (2011-08-04)
ECM Target Price	1.97 (2011-08-26)
HLG Target Price	2.33 (2011-08-26)

Accounting Ratio

Return on Equity	15.69%
Dividend Yield	5.18%
Profit Margin	8.85%
Tax Rate	-
Asset Turnover	0.4161
Net Asset Value Per Share	1.09
Net Tangible Asset per share	0.26
Price/Net Tangible Asset Per Share	7.27
Cash Per Share	0.92
Liquidity Current Ratio	1.1157
Liquidity Quick Ratio	1.058
Liquidity Cash Ratio	0.7863
Gearing Debt to Equity Ratio	3.1442
Gearing Debt to Asset Ratio	0.7613
Working capital per thousand Ringgit sale	7.2%
Days to sell the inventory	15
Days to collect the receivables	59
Days to pay the payables	73

My notes based on 2011 quarter 4 report (number in '000):-
- Higher revenue due to better performance from all division

- Lower pbt mainly due to loss from mobile broadband network division

- Estimate next 4Q eps after 2011 Q4 result announced = 0.0275*4*1.1 = 0.121(exclude profit from minority interest and if vat 24%), estimate PE on current price 1.81 = 14.34(DPS 0.075)
- Estimate next 4Q eps after 2011 Q2 result announced = (0.04+0.0332)*2 = 0.1464(exclude profit from minority interest), estimate highest/lowest PE = 15.54/14.52 (DPS 0.075)
- Estimate next 4Q eps after 2011 Q1 result announced = 0.1717*1.1 = 0.1889, estimate highest/lowest PE = 11.65/10.85 (DPS 0.15)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.1717*1.1 = 0.1889, estimate highest/lowest PE = 13.82/11.12 (DPS 0.15)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.0404*4 = 0.1616, estimate highest/lowest PE = 13.37/12.56 (DPS 0.15)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.0356*4 = 0.1424, estimate highest/lowest PE = 15.1/14.04 (DPS 0.15)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.0328*4 = 0.1312, estimate highest/lowest PE = 16.23/15.02 (DPS 0.15)
- No Estimate next 4Q eps after 2009 Q4 result announced
- Estimate next 4Q eps after 2009 Q3 result announced = 0.0335*4 = 0.134, estimate highest/lowest PE = 15.45/14.48 (DPS 0.15)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.0334*4 = 0.1336, estimate highest/lowest PE = 14.6/12.72 (DPS 0.15)

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