__Company Info__Market Capital (Capital Size) | 7,022,982,132 (Very Large) |

Par Value | RM 1.00 |

__My Analysis__Forecast P/E now | (3.4-0.12)/0.2254 = 14.55 (Moderate) |

Target Price | 3.61+0.12 = 3.73 (PE 16.0, EPS 0.2254, DPS 0.12) |

Decision | BUY if stock price next uptrend start above 3 |

Comment | Revenue increased 30.5% and was second consecutive quarter increasing and also higher than preceding year corresponding quarter 13.4%, eps increased 7.9% and was sixth consecutive quarter increasing(higher than preceding year corresponding quarter 39.3%), no cash generated from operating after deduct assets inceased if not will be enough to cover financing expenses hence spent 8.6% of Group cash to cover, weaker liquidity ratio at moderate level now, higher gearing ratio at above moderate level now, higher property development cost can indicate got new property project |

First Support Price | 3.0 |

Second Support Price | 2.7 |

Risk Rating | MODERATE |

__Research House__MIDF Target Price | 4.68 (2011-03-23) |

Kenanga Target Price | 4.12 (2011-03-25) |

AMMB Target Price | 3.82 (2011-06-14) |

UOB Target Price | 4.4 (2011-06-20) |

CIMB Target Price | 5.63 (2011-06-24) |

OSK Target Price | 4.8 (2011-06-24) |

TA Target Price | 4.32 (2011-06-24) |

HwangDBS Target Price | 5.1 (2011-08-09) |

Maybank Target Price | 4.1 (2011-09-12) |

ECM Target Price | 2.94 (2011-09-30) |

HLG Target Price | 3.81 (2011-09-30) |

RHB Target Price | 3.41 (2011-10-03) |

__Accounting Ratio__Return on Equity | 10.94% |

Dividend Yield | 3.53% |

Profit Margin | 18.64% |

Tax Rate | 16.37% |

Asset Turnover | 0.354 |

Net Asset Value Per Share | 1.72 |

Net Tangible Asset per share | 1.67 |

Price/Net Tangible Asset Per Share | 1.72 |

Cash Per Share | 0.64 |

Liquidity Current Ratio | 2.1605 |

Liquidity Quick Ratio | 1.5377 |

Liquidity Cash Ratio | 0.6386 |

Gearing Debt to Equity Ratio | 0.994 |

Gearing Debt to Asset Ratio | 0.4853 |

Working capital per thousand Ringgit sale | 94.2% |

Days to sell the inventory | 211 |

Days to collect the receivables | 263 |

Days to pay the payables | 142 |

__My notes based on 2011 quarter 4 report (number in '000):-__- Higher revenue and pbt than FY10Q4 mainly resulted from higher contributions from all divisions

- Lower pbt than FY11Q3 mainly due to lower contributions from all segment offset by higher profit from associated company

- Estimate next 4Q eps after 2011 Q4 result announced = (0.0542+0.0585)*2 = 0.2254, estimate PE on current price 3.4 = 14.55(DPS 0.12)

- Estimate next 4Q eps after 2011 Q3 result announced = 0.177*1.1 = 0.1947, estimate highest/lowest PE = 19.77/12.89 (DPS 0.12)

- Estimate next 4Q eps after 2011 Q2 result announced = 0.0439*4*1.05 = 0.1844, estimate highest/lowest PE = 20.77/18.71 (DPS 0.12)

- Estimate next 4Q eps after 2011 Q1 result announced = 0.0789*2*1.05 = 0.1657, estimate highest/lowest PE = 24.98/20.64 (DPS 0.12)

- Estimate next 4Q eps after 2010 Q4 result announced = 0.0371*4*1.1 = 0.1632, estimate highest/lowest PE = 23.84/20.47 (DPS 0.12)

- Estimate next 4Q eps after 2010 Q3 result announced = 0.0361*4 = 0.1444, estimate highest/lowest PE = 26.73/20.78 (DPS 0.12)

- Estimate next 4Q eps after 2010 Q2 result announced = 0.0336*4 = 0.1344, estimate highest/lowest PE = 23.14/19.2 (DPS 0.12)

- Estimate next 4Q eps after 2010 Q1 result announced = 0.0311*4 = 0.1244, estimate highest/lowest PE = 22.83/19.77 (DPS 0.12)

- Estimate next 4Q eps after 2009 Q4 result announced = 0.0215*4 = 0.086, estimate highest/lowest PE = 38.02/30.81 (DPS 0.08)

- Estimate next 4Q eps after 2009 Q3 result announced = 0.0231*4 = 0.0924, estimate highest/lowest PE = 36.36/27.81 (DPS 0.08)

- Estimate next 4Q eps after 2009 Q2 result announced = 0.0244*4 = 0.0976, estimate highest/lowest PE = 28.59/19.26 (DPS 0.08)

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