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Friday, October 28, 2011

KLCI Stock - SCIENTX / 4731 - 2011 Quarter 4

Company Info
Market Capital (Capital Size)529,000,000 (Medium)
Par ValueRM 0.50

My Analysis
Forecast P/E now(2.3-0.05)/0.3602 = 6.25 (Moderate)
Target Price3.60+0.05 = 3.65 (PE 10.0, EPS 0.3602, DPS 0.05)
Revenue decreased 5.6% but higher than preceding year corresponding quarter 7.1%, eps increased 1.9% and was third consecutive quarter increasing and also higher than preceding year corresponding quarter 16.7%, cash generated from operating more than enough to cover all expenses, slightly stronger liquidity ratio at low level now, lower gearing ratio from moderate to below moderate level now, all accounting ratio are good, lower receivables can indicate sales slow down in Manufacturing division, property development cost also no significant increase which can indicate no new project
First Support Price2.25
Second Support Price2.14

Research House
TA Target Price2.9 (2011-09-22)

Accounting Ratio
Return on Equity15.26%
Dividend Yield2.17%
Profit Margin12.65%
Tax Rate16.04%
Asset Turnover1.1089
Net Asset Value Per Share2.17
Net Tangible Asset per share2.17
Price/Net Tangible Asset Per Share0.97
Cash Per Share0.19
Liquidity Current Ratio1.5425
Liquidity Quick Ratio0.8142
Liquidity Cash Ratio0.2248
Gearing Debt to Equity Ratio0.4685
Gearing Debt to Asset Ratio0.302
Working capital per thousand Ringgit sale12.3%
Days to sell the inventory69
Days to collect the receivables49
Days to pay the payables71

My notes based on 2011 quarter 4 report (number in '000):-
- Higher revenue and pbt than FY10Q4 was contributed by both manufacturing and property division

- Higher pbt than FY11Q3 mainly higher contribution from Manufacturing division despite lower in Property Development

- Estimate next 4Q eps after 2011 Q4 result announced = 0.0948*4*0.95 = 0.3602, estimate PE on current price 2.3 = 6.25(DPS 0.13)
- Estimate next 4Q eps after 2011 Q3 result announced = 0.0948*4*1.05 = 0.3982, estimate highest/lowest PE = 6.76/4.9 (DPS 0.05)

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