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Tuesday, October 11, 2011

KLCI Stock - UEMLAND / 5148 - 2011 Quarter 2

Company Info
Market Capital (Capital Size)7,566,210,268 (Very Large)
Par ValueRM 0.50

My Analysis
Forecast P/E now1.75/0.08 = 21.88 (High)
Target Price0.08*18.0 = 1.44 (PE 18.0, EPS 0.08)
DecisionBUY if stock price sustain above 1.8
Revenue increased 171.4% and also higher than preceding year corresponding quarter 478.8%, eps increased 436.4% and also higher than preceding year corresponding quarter 52.6%, no cash generated from operating however still got cash generated from investing and financing to cover all expenses, slightly weaker liquidity ratio at strong level now, lower gearing ratio at moderate level now, all accounting ratio from moderate to very high level
First Support Price1.7
Second Support Price1.5

Research House
MIDF Target Price2.7 (2011-02-28)
OSK Target Price3.52 (2011-04-19)
RHB Target Price3.35 (2011-06-28)
UOB Target Price3.44 (2011-07-11)
Credit Suisse Target Price3.8 (2011-08-05)
Maybank Target Price2.7 (2011-09-08)

Accounting Ratio
Return on Equity6.18%
Dividend Yield-
Profit Margin19.87%
Tax Rate17.03%
Asset Turnover0.1401
Net Asset Value Per Share0.92
Net Tangible Asset per share0.78
Price/Net Tangible Asset Per Share2.69
Cash Per Share0.2
Liquidity Current Ratio4.7751
Liquidity Quick Ratio2.8514
Liquidity Cash Ratio1.4975
Gearing Debt to Equity Ratio0.6256
Gearing Debt to Asset Ratio0.361
Working capital per thousand Ringgit sale232.1%
Days to sell the inventory554
Days to collect the receivables304
Days to pay the payables159

My notes based on 2011 quarter 2 report (number in '000):-
- Higher revenue and pbt mainly due to improved performance from the Group’s developed land sales, SiLC and direct development projects, namely East Ledang, Nusa Bayu and Nusa Idaman. The current quarter also includes the consolidation of the results from a new subsidiary, Sunrise

- Estimate next 4Q eps after 2011 Q2 result announced = 0.0663*1.2 = 0.08, estimate PE on current price 1.75 = 21.88
- Estimate next 4Q eps after 2011 Q1 result announced = 0.051*1.3 = 0.0663, estimate highest/lowest PE = 43.89/30.17

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