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Friday, January 13, 2012

KLCI Stock - UEMLAND / 5148 - 2011 Quarter 3

Company Info
Market Capital (Capital Size)9,945,704,065 (Very Large)
Par ValueRM 0.50

My Analysis
Forecast P/E now2.3/0.08 = 28.75 (High)
Target Price0.08*28.0 = 2.24 (PE 28.0, EPS 0.08)
DecisionNot interested unless stock price below SMA20
Comment
Revenue decreased 19.9% but higher than preceding year corresponding quarter 521.7%, eps decreased 26% but higher than preceding year corresponding quarter 204.7%, cash generated from operating enough to cover financing repayment and still got strong cash generated from financing activities, slightly stronger liquidity ratio at strong level now, lower gearing ratio at moderate level now, all accounting ratio still acceptable, property development cost decreasing
First Support Price2.2
Second Support Price2.0
Risk RatingMODERATE

Research House
MIDF Target Price2.7 (2011-02-28)
OSK Target Price3.52 (2011-04-19)
Credit Suisse Target Price3.8 (2011-08-05)
UOB Target Price2.68 (2011-11-09)
RHB Target Price2.38 (2011-11-14)
Maybank Target Price2.02 (2011-12-16)

Accounting Ratio
Return on Equity6.51%
Dividend Yield-
Profit Margin14.66%
Tax Rate20.56%
Asset Turnover0.1777
Net Asset Value Per Share1.02
Net Tangible Asset per share0.88
Price/Net Tangible Asset Per Share2.38
Cash Per Share0.28
Liquidity Current Ratio4.7795
Liquidity Quick Ratio3.1311
Liquidity Cash Ratio1.8093
Gearing Debt to Equity Ratio0.5568
Gearing Debt to Asset Ratio0.3365
Working capital per thousand Ringgit sale197.8%
Days to sell the inventory395
Days to collect the receivables252
Days to pay the payables144

Technical Analysis
SMA 202.304 (Uptrend 18 days)
SMA 502.151 (Uptrend)
SMA 1002.003 (Uptrend)
SMA 2002.302 (Downtrend)
MACD0.091442 (Downtrend 7 days)
MACD Histogram0.007032 (Uptrend 63 days)

My notes based on 2011 quarter 3 report (number in '000):-
- Higher revenue and pbt than FY10Q3 mainly due to improved performance from the Group’s developed land sales, SiLC and direct development projects, namely East Ledang, Nusa Idaman, Symphony Hills and Nusa Bayu. The current quarter also includes the consolidation of the results from a new subsidiary, Sunrise

- Lower revenue and pbt than FY11Q2 mainly due to lower contribution from the overall developments. Lower developed land sales mainly due to stronger sales performance for the Southern Industrial & Logistics Clusters (“SiLC”) project in the immediate preceding quarter

- Estimate next 4Q eps after 2011 Q3 result announced = 0.08, estimate PE on current price 2.3 = 28.75
- Estimate next 4Q eps after 2011 Q2 result announced = 0.0663*1.2 = 0.08, estimate highest/lowest PE = 28.63/19.25
- Estimate next 4Q eps after 2011 Q1 result announced = 0.051*1.3 = 0.0663, estimate highest/lowest PE = 43.89/30.17

UEMLAND latest news (English)

UEMLAND latest news (Chinese)

1 comment:

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