KLCI Stock - MAYBANK / 1155 - 2011 Quarter 5

Company Info

Market Capital (Capital Size)	59,451,816,937 (Very Large)
Par Value	RM 1.00

My Analysis

Forecast P/E now	(7.95-0.6)/0.6517 = 11.28 (Moderate)
Target Price	9.45+0.6 = 10.05 (PE 14.5, EPS 0.6517, DPS 0.6)
Decision	BUY if stock price below 7.2 or watch it after break resistance 8.15
Comment	Revenue increased 6.2% and was second consecutive quarter increasing and is highest all the time(higher than preceding year corresponding quarter 21.4%), eps increased 10.4% and was second consecutive quarter increasing and also higher than preceding year corresponding quarter 18.5%, no cash generated from operating after deducted assets expenses but cash from financing still more than enough to cover all expenses, most segment were better performance, although insurance recorded lower result but still high profit, allowances for losses on loans, advance & financing started increase
First Support Price	7.85
Second Support Price	7.5
Risk Rating	MODERATE

Research House

UOB Target Price	10.3 (2011-05-10)
Kenanga Target Price	10.6 (2011-05-13)
TA Target Price	10.9 (2011-05-13)
AMMB Target Price	10.3 (2011-08-23)
CIMB Target Price	11.2 (2011-08-23)
HwangDBS Target Price	10.6 (2011-09-08)
MIDF Target Price	8.5 (2011-10-07)
ECM Target Price	8 (2011-11-15)
HLG Target Price	8.87 (2011-11-15)
OSK Target Price	9.6 (2011-11-15)
RHB Target Price	6.98 (2011-11-21)

Accounting Ratio

Return on Equity	3.76%
Dividend Yield	7.55%
Profit Margin	28.98%
Tax Rate	25.81%
Asset Turnover	0.0514
Net Asset Value Per Share	4.4
Net Tangible Asset per share	3.5
Price/Net Tangible Asset Per Share	2.36
Cash Per Share	7.5
Liquidity Current Ratio	1.1201
Liquidity Quick Ratio	0.9342
Liquidity Cash Ratio	0.1581
Gearing Debt to Equity Ratio	12.0185
Gearing Debt to Asset Ratio	0.9205
Working capital per thousand Ringgit sale	193.2%
Days to sell the inventory	3351
Days to collect the receivables	4379
Days to pay the payables	17025

My notes based on 2011 quarter 5 report (number in '000):-
- Higher pbt than FY11Q1 due to better performance in every business segment, lower minority interest and no impairment loss

- Higher revenue and pbt than FY11Q4 due to the growth in Group's loans and advances and non interest income except insurance business due higher transfer of actuarial surplus from insurance and takaful revenue account in preceding quarter, lower minority interest and no impairment loss

- Estimate next 4Q eps after 2011 Q5 result announced = 0.1715*4*0.95 = 0.6517, estimate PE on current price 7.95 = 11.28(DPS 0.6)
- Estimate next 4Q eps after 2011 Q4 result announced = 0.1554*4*0.95 = 0.5905, estimate highest/lowest PE = 14.02/11.23 (DPS 0.72)
- Estimate next 4Q eps after 2011 Q3 result announced = 0.1552*4 = 0.6208, estimate highest/lowest PE = 13.34/12.05 (DPS 0.72)
- Estimate next 4Q eps after 2011 Q2 result announced = 0.1563*4*1.05 = 0.6565, estimate highest/lowest PE = 13.01/11.87 (DPS 0.72)
- Estimate next 4Q eps after 2011 Q1 result announced = 0.1447*4*1.05 = 0.6077, estimate highest/lowest PE = 14.3/12.87 (DPS 0.55)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.5394*1.1 = 0.5933, estimate highest/lowest PE = 14.88/12.73 (DPS 0.55)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.1456*4 = 0.5824, estimate highest/lowest PE = 13.68/11.59 (DPS 0.19)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.1404*4 = 0.5616, estimate highest/lowest PE = 13.48/11.75 (DPS 0.19)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.1246*4 = 0.4984, estimate highest/lowest PE = 14.04/13.1 (DPS 0.08)

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