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Tuesday, October 4, 2011

KLCI Stock - WASEONG / 5142 - 2011 Quarter 2

Company Info
Market Capital (Capital Size)1,469,469,871 (Large)
Par ValueRM 0.50

My Analysis
Forecast P/E now(1.95-0.055)/0.142 = 13.35 (Moderate)
Target Price1.99+0.055 = 2.04 (PE 14.0, EPS 0.142, DPS 0.055)
DecisionNot interested unless stock price sustain above 2
Revenue decreased 17.5% but higher than preceding year corresponding quarter 9.6%, eps decreased 40% but largely recovered from loss than preceding year corresponding quarter%, cash generated from operating more than enough to cover all expenses, weaker liquidity ratio from moderate to low level now, slightly lower gearing ratio at high level now, receivables ratio slightly high, other accounting ratio are good
First Support Price1.9
Second Support Price1.8

Research House
MIDF Target Price2.35 (2011-04-19)
CIMB Target Price2.7 (2011-04-28)
OSK Target Price3.5 (2011-05-06)
AMMB Target Price2.85 (2011-07-04)
Kenanga Target Price3.04 (2011-07-04)
Maybank Target Price3.1 (2011-07-04)
ECM Target Price3.06 (2011-08-26)
RHB Target Price2.66 (2011-08-29)
MIDF Target Price2.73 (2011-09-15)
HwangDBS Target Price3.1 (2011-09-21)

Accounting Ratio
Return on Equity9.96%
Dividend Yield2.82%
Profit Margin8.49%
Tax Rate14.58%
Asset Turnover0.7658
Net Asset Value Per Share1.27
Net Tangible Asset per share1.12
Price/Net Tangible Asset Per Share1.91
Cash Per Share0.26
Liquidity Current Ratio1.5957
Liquidity Quick Ratio1.1744
Liquidity Cash Ratio0.3196
Gearing Debt to Equity Ratio1.0729
Gearing Debt to Asset Ratio0.4901
Working capital per thousand Ringgit sale23.2%
Days to sell the inventory66
Days to collect the receivables116
Days to pay the payables65

My notes based on 2011 quarter 2 report (number in '000):-
- Higher revenue than FY10Q2 due to increasing activities recorded in all divisions

- Higher pbt than FY10Q2 mainly due to a higher contribution from the Pipeline Services and Engineering divisions

- Lower revenue and pbt than FY11Q1 mainly due to the lower revenue generated by the Pipeline Services division in the current quarter

- Estimate next 4Q eps after 2011 Q2 result announced = 0.0338*4*1.05 = 0.142, estimate PE on current price 1.95 = 13.35(DPS 0.055)
- Estimate next 4Q eps after 2011 Q1 result announced = (0.0563+0.032)*2 = 0.1766, estimate highest/lowest PE = 13.59/10.76 (DPS 0.05)

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