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Wednesday, April 18, 2012

KLCI Stock - TIMECOM / 5031 - 2011 Quarter 4

Company Info
Market Capital (Capital Size)1,758,888,625 (Large)
Par ValueRM 1.00

My Analysis
Forecast P/E now0.695/0.0417 = 16.67 (Moderate)
Target Price0.0417*17.0 = 0.71 (PE 17.0, EPS 0.0417)
DecisionNot interested unless stock price can break 0.745 with very strong buy or wait MACD start move up from very low
Revenue increased 8.1% but lower than preceding year corresponding quarter 2.7%, eps decreased 38.5% and also lower than preceding year corresponding quarter 43.4%, cash generated from operating and investing enough to cover investing expenses, operating profit margin still high, slightly weaker liquidity ratio at moderate level now, lower gearing ratio at low level now, debt ratio at very low level now, receivables and payables repayment period still inline with revenue growth
First Support Price0.675
Second Support Price0.62

Research House
Macquarie Target Price0.94 (2011-02-14)
CIMB Target Price0.85 (2012-02-27)
HLG Target Price0.85 (2012-03-05)
OSK Target Price0.87 (2012-03-28)

Accounting Ratio
Return on Equity6.68%
Dividend Yield-
Gross Profit Margin0.00%
Operating Profit Margin16.38%
Net Profit Margin30.77%
Tax Rate1.66%
Asset Turnover0.1609
Net Asset Value Per Share0.69
Net Tangible Asset per share0.69
Price/Net Tangible Asset Per Share0.99
Cash Per Share0.09
Liquidity Current Ratio2.0393
Liquidity Quick Ratio2.0393
Liquidity Cash Ratio1.2164
Gearing Debt to Equity Ratio0.1098
Gearing Debt to Asset Ratio0.099
Working capital per thousand Ringgit sale63.8%
Days to sell the inventory-
Days to collect the receivables184
Days to pay the payables288

Technical Analysis
SMA 200.7 (Downtrend 14 days)
SMA 500.715 (Same)
SMA 1000.705 (Same)
SMA 2000.657 (Same)
MACD (26d/12d)-0.005606 ( 0.000234 )
Signal (9)-0.007104 ( 0.000375 )
MACD Histogram0.001498 (Bullish trend 3 days)

My notes based on 2011 quarter 4 report (number in '000):-
- Lower revenue than FY10Q4 primarily due to one-off global bandwidth sales recognised by the Group in Quarter 4, 2010. Excluding the one-off global bandwidth sales, consolidated revenue would have improved by 15%

- Lower pbt than FY11Q3 mainly due to one-time adjustments of RM3.2 million operating expenses in current quarter than RM19.7 million in previous quarter and also allowance for long outstanding construction deposits of RM3.0 million and impairment loss on a freehold land of RM2.1 million in the current quarter

- Estimate next 4Q eps after 2011 Q4 result announced = 1757657*0.06/2530775 = 0.0417, estimate PE on current price 0.695 = 16.67
- Estimate next 4Q eps after 2011 Q3 result announced = 0.0426, estimate highest/lowest PE = 18.19/15.38
- Estimate next 4Q eps after 2011 Q2 result announced = (0.009+0.0113)*2*1.05 = 0.0426, estimate highest/lowest PE = 16.31/9.74
- Estimate next 4Q eps after 2011 Q1 result announced = 0.009*4*1.05 = 0.0378, estimate highest/lowest PE = 22.22/14.02

TIMECOM latest news (English)

TIMECOM latest news (Chinese)

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