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Tuesday, November 15, 2011

KLCI Stock - RSAWIT / 5113 - 2011 Quarter 2

Company Info
Market Capital (Capital Size)1,301,962,419 (Large)
Par ValueRM 0.50

My Analysis
Forecast P/E now(0.995-0.02)/0.0622 = 15.68 (High)
Target Price0.87+0.02 = 0.89 (PE 14.0, EPS 0.0622, DPS 0.02)
DecisionBUY if stock price next uptrend start above 0.84
Revenue increased 26.6% and was second consecutive quarter increasing and also higher than preceding year corresponding quarter 138.2%, eps increased 52.6% and was second consecutive quarter increasing and also higher than preceding year corresponding quarter 89.4%, cash generated from operating enough for financing expenses but not enough for investing expenses even got borrowing and Group also got no cash , slightly higher liquidity ratio at very weak level now, slightly lower gearing ratio at high level now, payables ratio very high, higher inventory can indicate higher production, going to benefit from increasing of CPO price
First Support Price0.84
Second Support Price0.74
Risk RatingHIGH

Accounting Ratio
Return on Equity11.64%
Dividend Yield2.01%
Profit Margin34.85%
Tax Rate22.24%
Asset Turnover0.185
Net Asset Value Per Share1.33
Net Tangible Asset per share1.11
Price/Net Tangible Asset Per Share1.9
Cash Per Share0.01
Liquidity Current Ratio0.1695
Liquidity Quick Ratio0.1092
Liquidity Cash Ratio0.0089
Gearing Debt to Equity Ratio1.7071
Gearing Debt to Asset Ratio0.5787
Working capital per thousand Ringgit sale-162.0%
Days to sell the inventory66
Days to collect the receivables71
Days to pay the payables458

My notes based on 2011 quarter 2 report (number in '000):-
- Higher revenue and pbt than previous year corresponding quarter mainly attributed by more favourable average CPO and PK prices realised and additional volume of FFB production generated by the subsidiaries acquired in the second half of last financial period

- Higher revenue and pbt than FY11Q1 due to increase in volume of CPO, PK and FFB sold, despite of the slight decrease in CPO price

- Estimate next 4Q eps after 2011 Q2 result announced = 0.113/4*2*1.1 = 0.0622, estimate PE on current price 0.995 = 15.68

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