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Wednesday, November 30, 2011

KLCI Stock - WASEONG / 5142 - 2011 Quarter 3

Company Info
Market Capital (Capital Size)1,559,898,786 (Large)
Par ValueRM 0.50

My Analysis
Forecast P/E now(2.07-0.055)/0.1232 = 16.36 (High)
Target Price1.72+0.055 = 1.78 (PE 14.0, EPS 0.1232, DPS 0.055)
DecisionNot interested unless stock price got strong buy volume above 2.06
Revenue increased 18.2% and also higher than preceding year corresponding quarter 38.1%, eps decreased 17.2% and was second consecutive quarter decreasing but higher than preceding year corresponding quarter 70.7%, cash generated from operating more than enough to cover all expenses and still got borrowings, stronger liquidity ratio but still at low level now, higher gearing ratio at high level now, all accounting ratio are good, high inventory can indicate works amount still good trend
First Support Price2.0
Second Support Price1.9

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)
MIDF Target Price2.73 (2011-09-15)
HwangDBS Target Price3.1 (2011-09-21)
ECM Target Price2.48 (2011-11-16)
RHB Target Price1.49 (2011-11-24)

Accounting Ratio
Return on Equity10.80%
Dividend Yield2.66%
Profit Margin7.66%
Tax Rate19.45%
Asset Turnover0.8041
Net Asset Value Per Share1.3
Net Tangible Asset per share1.15
Price/Net Tangible Asset Per Share1.78
Cash Per Share0.68
Liquidity Current Ratio1.9926
Liquidity Quick Ratio1.6289
Liquidity Cash Ratio0.7258
Gearing Debt to Equity Ratio1.14
Gearing Debt to Asset Ratio0.5103
Working capital per thousand Ringgit sale39.8%
Days to sell the inventory59
Days to collect the receivables128
Days to pay the payables69

My notes based on 2011 quarter 3 report (number in '000):-
- Higher revenue due to better performance in all divisions of the Group

- Higher pbt than FY10Q3 mainly due to a higher contribution from the Oil & Gas division

- Estimate next 4Q eps after 2011 Q3 result announced = 0.028*4*1.1 = 0.1232, estimate PE on current price 2.07 = 16.36(DPS 0.055)
- Estimate next 4Q eps after 2011 Q2 result announced = 0.0338*4*1.05 = 0.142, estimate highest/lowest PE = 15.11/12.85 (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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