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Friday, June 1, 2012

KLCI Stock - BJCORP / 3395 - 2012 Quarter 3

Company Info 
Market Capital (Capital Size)3,333,355,602 (Large)
Par ValueRM 1.00

My Analysis 
Forecast P/E now(0.78-0.02)/0.1026 = 7.41 (Moderate)
Target Price0.92+0.02 = 0.94 (PE 9.0, EPS 0.1026, DPS 0.02)
DecisionBUY if stock price sustain and uptrend above 0.77 or wait lower sustain and uptrend price at 0.74
Revenue increased 6.4% and also higher than preceding year corresponding quarter 1.7%, eps decreased 32.7% and was second consecutive quarter decreasing and also lower than preceding year corresponding quarter 52.7%, cash generated from operating not enough to cover all financing expenses hence generated cash from disposal, financing activities and spend 1.1% of Group cash to cover all other expenses, operating margin dropped below 10%, weaker liquidity ratio at low level now, lower gearing ratio but still at high level now, lower 9.5% debt ratio from recent high level, all repayment period is good, high inventory and development properties can indicate still strong in business operation
First Support Price0.77
Second Support Price0.74

Research House
CIMB Target Price0.89 (2012-05-07)
Jupiter Target Price0.75 (2012-05-15)

Accounting Ratio 
Return on Equity3.82%
Dividend Yield2.56%
Gross Profit Margin0.00%
Operating Profit Margin8.95%
Net Profit Margin7.49%
Tax Rate34.09%
Asset Turnover0.4039
Net Asset Value Per Share1.43
Net Tangible Asset per share0.07
Price/Net Tangible Asset Per Share13.29
Cash Per Share0.3
Liquidity Current Ratio1.063
Liquidity Quick Ratio0.6323
Liquidity Cash Ratio0.3069
Gearing Debt to Equity Ratio1.0378
Gearing Debt to Asset Ratio0.3663
Working capital per thousand Ringgit sale3.7%
Days to sell the inventory104
Days to collect the receivables66
Days to pay the payables115

Technical Analysis 
SMA 200.771 (Downtrend 52 days)
SMA 500.851 (Downtrend)
SMA 1000.903 (Downtrend)
SMA 2000.942 (Downtrend)
MACD (26d/12d)-0.02177 ( 0.002659 )
Signal (9)-0.030926 ( 0.002289 )
MACD Histogram0.009156 (Bullish trend 6 days)
Bolinger Upper Band0.881
Bolinger Lower Band0.661

My notes based on 2012 quarter 3 report (number in '000):-
- Higher revenue mainly from toto betting operations due to the traditionally high sales during the Chinese Lunar New Year festive season coupled with higher number of draws

- Lower pbt in Marketing of consumer products and services segment due to the expansion of the retail distribution division into new markets involved high initial expenses in terms of pre-operating, setting up and operating overheads, which had eroded profits

- Higher loss in Property investment and development segment due to lower progress billings as several residential and commercial development projects are nearing completion

- Estimate next 4Q eps after 2012 Q3 result announced = 11241538*0.04/4384136 = 0.1026, estimate PE on current price 0.78 = 7.41(DPS 0.02)
- Estimate next 4Q eps after 2012 Q2 result announced = 11078723*0.04/4385470 = 0.101, estimate highest/lowest PE = 10.2/8.86 (DPS 0.02)
- Estimate next 4Q eps after 2012 Q1 result announced = 11086601*0.04/4401658 = 0.1007, estimate highest/lowest PE = 10.43/9.29 (DPS 0.02)

BJCORP latest news (English)

BJCORP latest news (Chinese)

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