KLCI Stock - UEMLAND / 5148 - 2011 Quarter 3

Company Info

Market Capital (Capital Size)	9,945,704,065 (Very Large)
Par Value	RM 0.50

My Analysis

Forecast P/E now	2.3/0.08 = 28.75 (High)
Target Price	0.08*28.0 = 2.24 (PE 28.0, EPS 0.08)
Decision	Not 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 Price	2.2
Second Support Price	2.0
Risk Rating	MODERATE

Research House

MIDF Target Price	2.7 (2011-02-28)
OSK Target Price	3.52 (2011-04-19)
Credit Suisse Target Price	3.8 (2011-08-05)
UOB Target Price	2.68 (2011-11-09)
RHB Target Price	2.38 (2011-11-14)
Maybank Target Price	2.02 (2011-12-16)

Accounting Ratio

Return on Equity	6.51%
Dividend Yield	-
Profit Margin	14.66%
Tax Rate	20.56%
Asset Turnover	0.1777
Net Asset Value Per Share	1.02
Net Tangible Asset per share	0.88
Price/Net Tangible Asset Per Share	2.38
Cash Per Share	0.28
Liquidity Current Ratio	4.7795
Liquidity Quick Ratio	3.1311
Liquidity Cash Ratio	1.8093
Gearing Debt to Equity Ratio	0.5568
Gearing Debt to Asset Ratio	0.3365
Working capital per thousand Ringgit sale	197.8%
Days to sell the inventory	395
Days to collect the receivables	252
Days to pay the payables	144

Technical Analysis

SMA 20	2.304 (Uptrend 18 days)
SMA 50	2.151 (Uptrend)
SMA 100	2.003 (Uptrend)
SMA 200	2.302 (Downtrend)
MACD	0.091442 (Downtrend 7 days)
MACD Histogram	0.007032 (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

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