__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

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