KLCI Stock - MITRA / 9571 - 2011 Quarter 3

Company Info
bgcolor="deepskyblue">1994-12-08

Market Capital (Capital Size)	210,796,196 (Small)
Par Value	RM 0.50

My Analysis

Forecast P/E now	(0.52-0.03)/0.0891 = 5.50 (Moderate)
Target Price	0.62+0.03 = 0.65 (PE 7.0, EPS 0.0891, DPS 0.03)
Decision	BUY if stock price near to SMA20 and buying volume is stronger than selling
Comment	Revenue decreased 3.9% and was fifth consecutive quarter decreasing (lower than preceding year corresponding quarter 30%), eps increased 31.9% but lower than preceding year corresponding quarter 29.3%, cash generated from operating not enough cover all financing expenses hence generated some cash from financing activity but still negative cash flow, lower liquidity ratio at moderate level now, lower gearing ratio at moderate level now, lower property development cost can indicate reduced of property development, lower inventory can indicate reduced construction works
First Support Price	0.5
Second Support Price	0.48
Risk Rating	MODERATE

Accounting Ratio

Return on Equity	11.72%
Dividend Yield	23.08%
Profit Margin	30.35%
Tax Rate	36.26%
Asset Turnover	0.5701
Net Asset Value Per Share	0.83
Net Tangible Asset per share	0.82
Price/Net Tangible Asset Per Share	0.57
Cash Per Share	0.01
Liquidity Current Ratio	2.3231
Liquidity Quick Ratio	0.8632
Liquidity Cash Ratio	0.0209
Gearing Debt to Equity Ratio	0.5027
Gearing Debt to Asset Ratio	0.3188
Working capital per thousand Ringgit sale	57.4%
Days to sell the inventory	290
Days to collect the receivables	128
Days to pay the payables	150

Technical Analysis

SMA 20	0.488 (Uptrend 13 days)
SMA 50	0.482 (Uptrend)
SMA 100	0.471 (Same)
SMA 200	0.562 (Downtrend)
MACD	0.004959 (Uptrend 4 days)
MACD Histogram	0.004779 (Uptrend 18 days)

My notes based on 2011 quarter 3 report (number in '000):-
- Lower revenue mainly derived from the Group property development and construction division

- Higher pbt mainly due to improved profit margin derived from both construction and property development division

- Estimate next 4Q eps after 2011 Q3 result announced = (0.021+0.0285)*2*0.9 = 0.0891, estimate PE on current price 0.52 = 5.5(DPS 0.03)
- Estimate next 4Q eps after 2011 Q2 result announced = 0.021*4*0.8 = 0.0672, estimate highest/lowest PE = 7.66/4.99 (DPS 0.03)
- Estimate next 4Q eps after 2011 Q1 result announced = (0.0796+0.0812)*2*1.1 = 0.3538, estimate PE on current price 2.43 = 6.53(DPS 0.12), after split & bonus & free warrants then eps = 0.1049, price = 0.81, PE = 7.34(DPS 0.04)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.36(due to receivables increased), estimate highest/lowest PE = 6.69/4.94 (DPS 0.12)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.28, estimate highest/lowest PE = 7.43/3.75 (DPS 0.1)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.2*0.7*2 = 0.28, estimate highest/lowest PE = 3.25/3 (DPS 0.1)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.12(average of 0.03 per quarter), estimate highest/lowest PE = 10.5/7.5 (DPS 0.1)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.08(average of 0.02 per quarter if no new big project secure for construction division), estimate highest/lowest PE = 15.13/7.63 (DPS 0.1)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.08, estimate highest/lowest PE = 9/7
- Estimate next 4Q eps after 2009 Q2 result announced = 0.08, estimate highest/lowest PE = 7.88/6.63
- Estimate next 4Q eps after 2009 Q1 result announced = 0.08, estimate highest/lowest PE = 7.44/5.38

MITRA latest news (English)

MITRA latest news (Chinese)