KLCI Stock - YTLPOWR / 6742 - 2012 Quarter 1

Company Info

Market Capital (Capital Size)	13,550,126,176 (Very Large)
Par Value	RM 0.50

My Analysis

Forecast P/E now	(1.85-0.075)/0.108 = 16.44 (High)
Target Price	1.73+0.075 = 1.80 (PE 16.0, EPS 0.108, DPS 0.075)
Decision	Not interested unless stock price break 1.91
Comment	Revenue decreased 14.7% but higher than preceding year corresponding quarter 4.4%, eps decreased 45% and also lower than preceding year corresponding quarter 8.9%, cash generated from operating enough to cover all expenses, stronger liquidity ratio but still at low level now, lower gearing ratio but still at very high level now, all accounting ratio are good, mobile broadband division recorded lower loss but other segments also recorded lower profit
First Support Price	1.75
Second Support Price	1.6
Risk Rating	MODERATE

Research House

RHB Target Price	2.57 (2011-03-21)
HwangDBS Target Price	2.75 (2011-03-29)
Credit Suisse Target Price	1.82 (2011-03-30)
AMMB Target Price	2.42 (2011-05-13)
MIDF Target Price	2.8 (2011-05-27)
CIMB Target Price	2.8 (2011-07-08)
HLG Target Price	2.33 (2011-08-26)
ECM Target Price	1.7 (2011-11-18)
Maybank Target Price	2.02 (2011-11-18)

Accounting Ratio

Return on Equity	15.49%
Dividend Yield	4.05%
Profit Margin	8.19%
Tax Rate	29.43%
Asset Turnover	0.4101
Net Asset Value Per Share	1.16
Net Tangible Asset per share	0.32
Price/Net Tangible Asset Per Share	5.62
Cash Per Share	1.06
Liquidity Current Ratio	1.2117
Liquidity Quick Ratio	1.1518
Liquidity Cash Ratio	0.909
Gearing Debt to Equity Ratio	3.0313
Gearing Debt to Asset Ratio	0.7485
Working capital per thousand Ringgit sale	12.8%
Days to sell the inventory	15
Days to collect the receivables	50
Days to pay the payables	66

My notes based on 2012 quarter 1 report (number in '000):-
- Lower pbt than FY11Q1 principally due to a loss of RM94.9 million recorded by Mobile Broadband Network segment

- Lower pbt than FY11Q4 principally due to:
i) a one-off accounting non-cash credit adjustment of RM64.0 million in the preceding quarter relating to full year effects on application of IC 12 Service Concession Arrangements from a foreign associated company
ii) a lower volume of electricity sales recorded by the Multi Utilities Business (Merchant) segment
iii) unrealised foreign exchange losses, fair value loss on quoted investment and higher finance cost

- Estimate next 4Q eps after 2012 Q1 result announced = 0.027*4 = 0.108(exclude RM36 million minority interest), estimate PE on current price 1.85 = 16.44(DPS 0.075)
- Estimate next 4Q eps after 2011 Q4 result announced = 0.0275*4*1.1 = 0.121(exclude profit from minority interest and if vat 24%), estimate highest/lowest PE = 15.5/12.85 (DPS 0.075)
- Estimate next 4Q eps after 2011 Q2 result announced = (0.04+0.0332)*2 = 0.1464(exclude profit from minority interest), estimate highest/lowest PE = 15.54/14.52 (DPS 0.075)
- Estimate next 4Q eps after 2011 Q1 result announced = 0.1717*1.1 = 0.1889, estimate highest/lowest PE = 11.65/10.85 (DPS 0.15)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.1717*1.1 = 0.1889, estimate highest/lowest PE = 13.82/11.12 (DPS 0.15)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.0404*4 = 0.1616, estimate highest/lowest PE = 13.37/12.56 (DPS 0.15)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.0356*4 = 0.1424, estimate highest/lowest PE = 15.1/14.04 (DPS 0.15)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.0328*4 = 0.1312, estimate highest/lowest PE = 16.23/15.02 (DPS 0.15)
- No Estimate next 4Q eps after 2009 Q4 result announced
- Estimate next 4Q eps after 2009 Q3 result announced = 0.0335*4 = 0.134, estimate highest/lowest PE = 15.45/14.48 (DPS 0.15)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.0334*4 = 0.1336, estimate highest/lowest PE = 14.6/12.72 (DPS 0.15)

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