KLCI Stock - KURASIA / 5097 - 2011 Quarter 3

KURNIA ASIA BERHAD

Company Description

Kurnia Asia Berhad (KAB) is a Malaysia-based investment holding company. The Company's segment includes investment holding and general insurance. General insurance segment includes underwriting of all classes of general insurance business. The general insurance business is operated mainly in Malaysia, as well as Indonesia, whilst investment holding are carried out in Malaysia and Singapore. Its subsidiaries include Kurnia Insurans (Malaysia) Berhad (KIMB), PT. Kurnia Insurance Indonesia, Kurnia Auto Assist Sdn. Bhd. and Kurnia Asia Pte. Ltd. Its associate include Kurnia Insurance (Thailand) Co., Ltd. The Company acquired 25% equity interest in PT. Kurnia Insurance Indonesia (KII) and Kurnia Insurance (Thailand) Co., Ltd. (KIT) in December 2008.

Company Info 

Listing Date	2005-01-27
Market Capital (Capital Size)	900,000,000 (Medium)
Par Value	RM 0.25
Board	Main
Sector	Finance
Major Industry	Underwriting of General Insurance
Sub Industry	Investment Holding
Website	http://www.kurnia.com

My Analysis 

Forecast P/E now	N/A
Target Price	0.598 to 0.65
Decision	BUY if sell volume reduce and got strong buy volume
Comment	Revenue increased 2.8% and was third consecutive quarter increasing and also higher than preceding year corresponding quarter 2.8%, eps decreased 51.5% but higher than preceding year corresponding quarter 296%, no cash generated hence spent 24% of Group cash to cover, weaker liquidity ratio at moderate level now, securities holding decreasing which could lead to lower income
First Support Price	0.59
Second Support Price	0.56
Risk Rating	MODERATE

Research House

RHB Target Price	0.51 (2011-12-19)
OSK Target Price	0.68 (2011-12-20)
TA Target Price	0.65 (2011-12-20)

Accounting Ratio 

Return on Equity	6.77%
Dividend Yield	-
Profit Margin	3.06%
Tax Rate	19.49%
Asset Turnover	0.4279
Net Asset Value Per Share	0.26
Net Tangible Asset per share	0.26
Price/Net Tangible Asset Per Share	1.83
Cash Per Share	0.07
Liquidity Current Ratio	2.8668
Liquidity Quick Ratio	1.1096
Liquidity Cash Ratio	0.1466
Gearing Debt to Equity Ratio	5.816
Gearing Debt to Asset Ratio	0.8533
Working capital per thousand Ringgit sale	108.8%
Days to sell the inventory	354
Days to collect the receivables	195
Days to pay the payables	61

Technical Analysis 

SMA 20	0.585 (Uptrend 24 days)
SMA 50	0.514 (Uptrend)
SMA 100	0.487 (Uptrend)
SMA 200	0.453 (Uptrend)
MACD	0.037384 (Uptrend 26 days)
MACD Histogram	0.007568 (Uptrend 24 days)

My notes based on 2011 quarter 3 report (number in '000):-
- Higher pbt than FY10Q3 mainly due to the stronger underwriting performance. Gross premium income rose by 1.9% year-on-year, driven by non-motor segment which posted a growth rate of 18.0%

- Lower pbt than FY11Q2 mainly due to higher charge in unearned premium reserve resulting from higher gross premium income as well as lower investment income

- Estimate next 4Q eps after 2011 Q3 result announced = (0.0049+0.0101)*2*1.05 = 0.0315 but due to disposal, estimate price = NTA*2.3 to NTA*2.5 = 0.598 to 0.65
- Estimate next 4Q eps after 2011 Q2 result announced = 0.0101*4*1.01 = 0.0408, estimate highest/lowest PE = 13.24/11.27
- Estimate next 4Q eps after 2011 Q1 result announced = 0.021*1.01 = 0.0212, estimate highest/lowest PE = 27.36/17.69
- Estimate next 4Q eps after 2010 Q4 result announced = 0.0055*4 = 0.021(profit margin 3% per quarter), estimate highest/lowest PE = 23.1/15.48
- Estimate next 4Q eps after 2010 Q3 result announced = 0.0081*4 = 0.0324(profit margin 4% per quarter), estimate highest/lowest PE = 12.96/10.49
- Estimate next 4Q eps after 2010 Q2 result announced = 0.0182*2 = 0.0364, estimate highest/lowest PE = 12.23/10.16
- Estimate next 4Q eps after 2010 Q1 result announced = 0.0233*2 = 0.0466, estimate highest/lowest PE = 12.23/9.33
- Estimate next 4Q eps after 2009 Q6 result announced = 0.0753, estimate highest/lowest PE = 8.9/6.71
- Estimate next 4Q eps after 2009 Q5 result announced = 0.0216*4 = 0.0864, estimate highest/lowest PE = 9.32/7.29
- Estimate next 4Q eps after 2009 Q4 result announced = 0.0287*4 = 0.1148, estimate highest/lowest PE = 6.88/4.53
- Estimate next 4Q eps after 2009 Q3 result announced = 0.0177*4 = 0.0708, estimate highest/lowest PE = 8.4/4.87

KURASIA latest news (English)

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Financial Quarter Summary

a_date	year	qrt	h_price	l_price	div	roe	c_roe	rev	c_rev	pbt	c_pbt	prof	c_prof	eps	c_eps	asset	liab	mino	equi	cfo	cfi	cff	cash	fcf	net	final	share	c_share	m_cap	date	prof_m	vat	asset_t	pe	navps	ntaps	p/ntaps	cps	l_cur	l_qui	l_cash	g_de	g_da	avg_w	inv_d	rec_d	pay_d
2011-11-24	2011	3	N/A	N/A	-	1.85%	9.37%	295062	869044	9027	50960	7268	36731	0.0049	0.0247	2671427	2279490	6	391937	9610	5383	15860	128565	14993	30853	97712	1488423	1488423	707000	2011-09-30	3.06%	19.49%	0.4279	-	0.26	0.26	1.83	0.07	2.8668	1.1096	0.1466	5.816	0.8533	108.8%	354	195	61
2011-08-16	2011	2	0.54	0.46	-	3.84%	7.54%	287131	573982	20656	41933	15012	29463	0.0101	0.0198	2644796	2253880	6	390916	60744	5321	10389	129360	66065	76454	52906	1488423	1488423	699558	2011-06-30	7.19%	27.32%	0.4291	-	0.26	0.26	1.81	0.04	2.9779	1.0682	0.083	5.7657	0.8522	111.1%	365	191	57
2011-05-25	2011	1	0.58	0.375	-	4.23%	4.23%	286851	286851	21277	21277	14451	14451	0.0097	0.0097	2577859	2236031	6	341828	38540	3454	5039	129477	41994	47033	82444	1488423	1488423	587927	2011-03-31	7.42%	32.08%	0.4335	-	0.23	0.23	1.72	0.06	3.303	1.1933	0.1404	6.5415	0.8674	121.0%	371	191	51
2011-02-28	2010	4	0.485	0.325	-	2.60%	4.51%	274084	1069178	9230	29407	8516	14783	0.0057	0.0099	2584350	2256553	6	327797	50372	7820	60839	57103	42552	18287	38816	1488423	1488423	543274	2010-12-31	3.37%	-	0.4218	36.7499	0.22	0.22	1.66	0.09	3.3555	1.325	0.2229	6.8841	0.8732	125.6%	363	204	45
2010-11-30	2010	3	0.42	0.34	-	1.10%	6.84%	286920	816111	2386	38637	3747	23299	0.0025	0.0157	2342522	2001747	7	340775	45884	5910	15706	169298	51794	67500	101798	1488423	1488423	565600	2010-09-30	0.83%	-	0.4614	-	0.23	0.23	1.65	0.02	3.9066	0.2323	0.0659	5.8742	0.8545	135.5%	778	23	60
2010-08-30	2010	2	0.445	0.37	-	0.96%	7.99%	269728	529191	5978	41023	3237	27046	0.0022	0.0182	2370577	2031970	5	338607	16106	4223	10181	169125	20329	30510	138615	1488423	1488423	647464	2010-06-30	2.22%	45.85%	0.4533	-	0.23	0.22	1.98	0.04	3.865	0.2956	0.1162	6.0011	0.8572	135.8%	1210	29	73
2010-05-11	2010	1	0.57	0.435	-	7.18%	7.18%	259463	259463	35045	35045	23809	23809	0.0160	0.0160	2368859	2037173	-	331686	16184	1802	5021	169356	17986	23007	146349	1488423	1488423	773979	2010-03-31	13.51%	32.06%	0.4613	-	0.22	0.22	2.36	0.04	3.9188	0.2644	0.1083	6.1419	0.86	133.5%	2518	23	137
2010-02-23	2009	6	0.67	0.505	-	3.62%	14.35%	262578	517544	18698	51321	10860	43075	0.0073	0.0289	2351197	2051112	-	300085	16734	8310	8831	57903	8424	407	57496	1488423	1488423	1004685	2009-12-31	7.12%	41.92%	0.452	-	0.2	0.2	3.37	0.04	3.8508	0.2951	0.1145	6.8351	0.8724	134.7%	121253	24	6922
2009-10-29	2009	5	0.805	0.63	-	14.76%	14.76%	254966	254966	32623	32623	32215	32215	0.0216	0.0216	2299048	2080788	-	218260	759	2906	3929	57976	3665	7594	50382	1488423	1488423	1116317	2009-09-30	12.80%	1.25%	0.4733	-	0.15	0.14	5.36	0.03	3.8963	0.3085	0.0962	9.5335	0.9051	139.4%	103227	31	6793
2009-08-27	2009	4	0.79	0.52	-	20.62%	27.57%	264656	1137719	24574	39068	42655	57050	0.0287	0.0383	2296896	2089991	-	206905	393972	25988	383930	94105	419960	36030	58075	1488423	1488423	863285	2009-06-30	9.29%	-	0.4953	15.1321	0.14	0.14	4.14	0.04	3.9074	0.3288	0.1114	10.1012	0.9099	133.2%	86238	31	5608
2009-05-07	2009	3	0.595	0.345	-	16.03%	8.75%	280623	873063	26458	14494	26391	14395	0.0177	0.0097	2358634	2194026	-	164608	383219	22115	388769	94100	405334	16565	77535	1488423	1488423	535832	2009-03-31	9.43%	0.25%	0.5008	-	0.11	0.1	3.6	0.05	4.3018	0.3895	0.1587	13.3288	0.9302	136.6%	80216	30	3718
2009-02-27	2009	2	0.41	0.24	-	0.08%	8.67%	287945	592440	116	11964	112	11996	0.0001	0.0081	2373395	2235033	-	138362	404026	19859	394212	94141	423885	29673	64468	1488423	1488423	543274	2008-12-31	0.04%	3.45%	0.5066	-	0.09	0.09	4.06	0.04	4.3046	0.4261	0.1314	16.1535	0.9417	134.9%	75802	30	3614
2008-11-27	2009	1	0.425	0.18	-	8.64%	8.64%	304495	304495	12080	12080	12108	12108	0.0081	0.0081	2418138	2277965	-	140173	383474	1334	400000	95855	384808	15192	111047	1488423	1488423	305126	2008-09-30	3.97%	-	0.5032	-	0.09	0.09	2.28	0.07	4.4782	0.5149	0.2292	16.2511	0.942	138.5%	87559	30	3844
2008-10-06	2008	4	0.475	0.185	-	199.41%	198.55%	308038	1203092	319927	314405	303093	301789	0.2036	0.2026	2115289	1963292	-	151997	4340	33307	11971	70016	37647	25676	95692	1488423	1489936	744211	2008-06-30	103.86%	-	0.5688	-	0.1	0.09	5.56	0.06	22.7213	2.8961	1.1673	12.9166	0.9281	148.0%	91871	33	4620
2008-05-30	2008	3	0.74	0.475	-	5.60%	0.29%	301991	895054	33800	5522	25416	1304	0.0171	0.0009	2238364	1784353	-	454011	3454	8755	11972	69804	5301	17273	52531	1488423	1490438	1086548	2008-03-31	11.19%	-	0.5423	-	0.3	0.3	2.43	0.04	26.0956	2.6371	0.6959	3.9302	0.7972	156.1%	115578	28	4914
2008-02-25	2008	2	0.87	0.72	-	2.58%	5.57%	302312	593063	18404	39322	12369	26720	0.0083	0.0179	2271540	1792155	-	479385	177	5773	11972	69852	5596	17568	52284	1488423	1491440	1280043	2007-12-31	6.09%	32.79%	0.5328	-	0.32	0.31	2.77	0.04	26.4065	2.4876	0.6899	3.7384	0.789	159.1%	155715	29	6486
2007-11-14	2008	1	1.0	0.84	-	3.08%	3.08%	290751	290751	20918	20918	14351	14351	0.0096	0.0096	2238066	1771950	-	466116	1614	4270	11971	70074	5884	17855	52219	1494491	1494491	1494491	2007-09-30	7.19%	31.39%	0.5315	-	0.31	0.3	3.33	0.03	24.3999	2.2513	0.6461	3.8015	0.7917	159.0%	164883	28	7421
2007-08-29	2007	4	1.02	0.985	-	19.54%	0.54%	318784	1183975	119557	13381	90870	2527	0.0606	0.0017	2223262	1758296	-	464966	25131	30849	20000	95822	5718	25718	70104	1500000	1500000	1590000	2007-06-30	37.50%	-	0.5325	629.2048	0.31	0.3	3.53	0.05	23.5194	2.5494	0.846	3.7816	0.7909	157.6%	145133	34	6901
2007-05-07	2007	3	N/A	N/A	-	5.86%	16.80%	298469	865191	46269	132968	32599	93428	0.0217	0.0623	2081503	1525406	-	556097	28414	27596	20000	96134	818	19182	76952	1500000	1500000	1665000	2007-03-31	15.50%	29.54%	0.558	-	0.37	0.36	3.08	0.05	23.9708	2.6342	1.0173	2.7431	0.7328	149.6%	191461	27	8951
2007-02-08	2007	2	N/A	N/A	-	7.07%	11.61%	281537	566722	52824	86669	37038	60799	0.0247	0.0405	2058612	1534771	-	523841	24699	7264	20000	96401	17435	2565	93836	1500000	1500000	1680000	2006-12-31	18.76%	29.88%	0.4192	-	0.35	0.35	3.2	0.06	21.9418	2.4531	1.1442	2.9298	0.7455	199.0%	238797	28	12253
2006-11-08	2007	1	N/A	N/A	0.01826	4.69%	4.69%	285185	285185	33845	33845	23761	23761	0.0158	0.0158	2019407	1512605	-	506802	4405	4442	N/A	96400	8847	8847	87553	1500000	1500000	1575000	2006-09-30	11.87%	29.79%	0.2879	-	0.34	0.34	3.09	0.06	25.5307	2.8929	1.2699	2.9846	0.749	290.9%	456115	42	20148
2006-08-29	2006	4	N/A	N/A	-	14.23%	6.17%	296273	1166335	97992	42716	68748	29819	0.0458	0.0199	1975934	1492893	-	483041	164176	65330	97553	95107	98846	1293	96400	1500000	1500000	1590000	2006-06-30	33.07%	-	0.1499	53.3217	0.32	0.32	3.31	0.06	27.6787	4.0756	1.5542	3.0906	0.7555	558.5%	3002040	145	127188

Financial Quarter Balance Sheet

year	qrt	Deferred acquisition cost (A-0)	Deferred tax assets (A-0)	Goodwill on consolidation (A-0)	Investment in associated companies (A-0)	Investment properties (A-0)	Property, plant and equipment (A-0)	Reinsurance assets (A-0)	Available-for-sale securities (A-1)	Cash and cash equivalents (A-1)	Current tax assets (A-1)	Held-for-trading securities (A-1)	Held-to-maturity securities (A-1)	Insurance receivables (A-1)	Investments in debt and equity securities (A-1)	Loan receivables (A-1)	Other receivables, deposits and prepayments (A-1)	Deferred tax liabilities (L-0)	Insurance contract liabilities (L-0)	Current tax liabilities (L-1)	Financial liabilities (L-1)	Insurance payables (L-1)	Other payables (L-1)	Retirement benefit obligations (L-1)	Minority interest (M-1)
2011	3	26313	1235	-	14276	7713	231294	480238	974157	97712	31614	133716	63074	46422	-	472770	90893	6191	1606922	273	464833	83458	89054	28759	6
2011	2	24720	1208	-	13572	7713	233112	466210	1007237	52906	33815	146971	63153	48079	-	463868	82232	8339	1608089	251	447330	88565	73514	27792	6
2011	1	24361	1195	-	12930	7500	202126	389690	1002937	82444	32700	173027	63229	44752	-	498808	42160	5743	1642933	250	415688	67675	77212	26530	6
2010	4	36275	1172	-	13279	7500	202236	372759	975928	129632	30613	141482	63278	52851	-	522158	35187	5928	1669152	249	435322	29630	90728	25544	6
2010	3	-	2946	4579	15548	7500	207155	137170	-	33182	14331	-	-	17988	1850639	8196	43288	-	1498084	234	360000	40075	76190	27164	7
2010	2	-	5076	4899	15830	7500	208851	159934	-	59180	6053	-	-	17439	1817942	8979	58894	-	1522653	203	400000	26031	57075	26008	5
2010	1	-	6388	4951	15970	7500	210367	164976	-	54132	8781	-	-	25345	1826578	9583	34288	-	1537356	139	400000	32092	42514	25072	-
2009	6	-	8919	5061	16537	7500	213108	166283	-	57496	19386	-	-	33880	1785580	10114	27333	-	1548937	237	400000	26304	51849	23785	-
2009	5	-	17066	4686	16442	7500	212466	-	-	50382	18542	-	-	-	1879299	10611	82054	-	1556983	128	400000	-	101188	22489	-
2009	4	-	17025	4654	16403	7500	214328	-	-	58075	17941	-	-	-	1865582	11348	84040	-	1568680	-	400000	-	100119	21192	-
2009	3	-	393	11359	16431	7500	221292	-	-	77535	15369	-	-	-	1911350	11924	85481	-	1705473	48	400000	-	68484	20117	-
2009	2	-	461	11364	17050	7500	224316	-	-	64468	47433	-	-	-	1903571	13155	84077	-	1744230	51	400000	-	71737	19015	-
2009	1	-	532	11367	-	7500	228693	-	-	111047	39889	-	-	-	1920544	14417	84149	-	1793389	262	400000	-	66514	17800	-
2008	4	-	516	11362	-	7500	233263	-	-	95692	34066	-	-	-	1625235	13877	93778	-	1881314	248	-	-	64282	17448	-
2008	3	-	403	11273	-	7500	249411	-	-	52531	53628	-	-	-	1770720	15077	77821	6954	1701916	203	-	-	59860	15420	-
2008	2	-	240	11301	-	7500	251284	-	-	52284	41577	-	-	-	1812689	16369	78296	6954	1709416	279	-	-	60730	14776	-
2008	1	-	-	11301	-	-	254567	-	-	52219	37205	-	-	-	1790227	17620	74927	6954	1684168	254	-	-	66267	14307	-
2007	4	-	444	11301	-	7500	255153	-	-	70104	32084	-	-	-	1737617	18056	91003	6954	1668480	245	-	-	68843	13774	-
2007	3	-	-	10381	-	-	257804	-	-	76952	35288	-	-	-	1614046	19292	67740	12876	1436883	187	-	-	61825	13635	-
2007	2	-	-	-	-	-	259122	-	-	93836	40738	-	-	-	1598303	19754	46859	12876	1439883	2	-	-	69020	12990	-
2007	1	-	-	-	-	-	259167	-	-	87553	44446	-	-	-	1560789	19711	47741	12876	1430783	2	-	-	56517	12427	-
2006	4	-	-	-	-	-	259136	-	-	96400	38756	-	-	-	1464005	20039	97598	9923	1420944	-	-	-	50145	11881	-

Financial Quarter Income Statement

year	qrt	Revenue	Income tax expense	Finance/interest costs	Other income	Administrative/Operating expenses	Finance/interest income	Share of profit/ (loss) of associates	Unearned premium reserves	Net claims incurred	Underwriting surplus before management expenses	Gross written premiums	Gross written premiums ceded to reinsurers
2011	3	295062	1759	-	37892	81856	-	505	17469	129258	-	282901	82678
2011	2	287131	5644	-	45880	79073	-	157	3518	135178	-	261444	75778
2011	1	286851	6826	-	39504	87840	-	356	4705	140838	-	270313	54801
2010	4	274084	714	-	55870	90054	-	2464	1370	179106	-	259329	51435
2010	3	286920	1361	-	43523	85305	-	482	14114	181640	-	275581	39949
2010	2	269728	2741	-	23409	82356	-	47	20370	151399	-	269030	32289
2010	1	259463	11236	-	39057	75162	-	213	15617	134824	-	254814	33436
2009	6	262578	7838	5012	25	1370	122	195	-	-	24738	-	-
2009	5	254966	408	4108	9	962	123	146	-	-	37707	-	-
2009	4	264656	18081	4683	5060	1535	122	254	-	-	35984	-	-
2009	3	280623	67	5348	18	1508	164	577	-	-	33709	-	-
2009	2	287945	4	5751	270	2640	398	-	-	-	8379	-	-
2009	1	304495	28	763	47	2213	409	-	-	-	9466	-	-
2008	4	308038	16834	296	691	2336	100	-	-	-	317296	-	-
2008	3	301991	8384	304	137	1977	107	-	-	-	32097	-	-
2008	2	302312	6035	307	22	1480	140	-	-	-	19459	-	-
2008	1	290751	6567	340	328	664	187	-	-	-	21383	-	-
2007	4	318784	28687	398	128	1471	221	-	-	-	118833	-	-
2007	3	298469	13670	358	0	634	297	-	-	-	46248	-	-
2007	2	281537	15786	199	342	1194	508	-	-	-	52969	-	-
2007	1	285185	10084	187	119	1071	464	-	-	-	34146	-	-
2006	4	296273	29244	862	516	178	528	-	-	-	98688	-	-

Financial Quarter Segments Revenue

year	qrt	Others	Underwriting
2011	3	6969	288093
2011	2	5705	281426
2011	1	6394	280457
2010	4	14003	190121
2010	3	6271	294345
2010	2	6379	283099
2010	1	6405	268555
2009	6	12980	269692
2009	5	12113	242853
2009	4	9679	254977
2009	3	11526	269097
2009	2	17441	270504
2009	1	13777	290718
2008	4	396	307642
2008	3	411	301580
2008	2	447	301865
2008	1	527	290224
2007	4	619	318165
2007	3	655	297814
2007	2	707	280830
2007	1	651	284534
2006	4	1435	299709

Financial Quarter Segments Profit

year	qrt	Others	Underwriting
2011	3	9396	17169
2011	2	7423	22592
2011	1	8268	23075
2010	4	16359	10307
2010	3	7202	3937
2010	2	8114	11398
2010	1	6674	30270
2009	6	6130	16795
2009	5	6418	38779
2009	4	18654	61563
2009	3	1982	28950
2009	2	1763	1875
2009	1	2348	9760
2008	4	2631	317296
2008	3	1703	32097
2008	2	1055	19459
2008	1	465	21383
2007	4	724	118833
2007	3	21	46248
2007	2	145	52969
2007	1	301	34146
2006	4	696	98688

Short form reference
a_date = announcement date, yr = financial year end, qrt = quarter
h_price = stock highest price during the quarter, l_price = stock lowest price during the quarter
div = dividend recommend or declare in the quarter, roe = return on equity
c_roe = cumulative of return on equity during the financial year
rev = revenue in the current quarter, c_rev = cumulative of revenue during the financial year
pbt = profit before tax in the current quarter, c_pbt = cumulative of profit before tax during the financial year
eps = earnings per share in the current quarter, c_eps = cumulative of earnings per share during the financial year
asset = total asset, liab = total liability, mino = minority interest, equi = total equity
cfo = net cash flow from operating activities, cfi = net cash flow from investing activities
cff = net cash flow from financing activities, cash = cash and cash equivalents as at beginning of financial year
final = cash and cash equivalents as at current financial period ended
share = diluted/basic weighted average number of ordinary shares
c_share = cumulative of diluted/basic weighted average number of ordinary shares during the financial year
m_cap = market capital at announcement date of quarterly report, date = current financial period ended date
prof_m = profit margin, vat = income tax rate, pe = price earning per share ratio of recent four quarter
navps = net asset value per share, ntaps = net tangible asset per share, cps = cash per share
l_cur = liquidity current ratio, l_qui = liquidity quick ratio, l_cash = liquidity cash ratio
g_de = gearing debt to equity ratio, g_da = gearing debt to assets ratio
avg_w = working capital per thousand Ringgit sale
inv_d = days to sell the inventory, rec_d = days to collect the receivables
pay_d = days to pay the payables



6-Months Historical Chart from shareinvestor.com

CURRENT

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●CHANGES IN SHAREHOLDING
●ANNUAL REPORTS

HISTORICAL

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●CHANGES IN SHAREHOLDING

ARCHIVES

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●CHANGES IN SHAREHOLDING

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1-Years Historical Chart from shareinvestor.com

5-Years Historical Chart from shareinvestor.com

KLCI Stock - KURASIA / 5097 - 2011 Quarter 2

Company Info

Market Capital (Capital Size)	742,500,000 (Medium)
Par Value	RM 0.25

My Analysis

Forecast P/E now	0.495/0.0408 = 12.13 (Moderate)
Target Price	0.0408*14.0 = 0.57 (PE 14.0, EPS 0.0408)
Decision	BUY unless stock price drop below 0.47
Comment	Revenue increased 0.1% and was second consecutive quarter increasing and also higher than preceding year corresponding quarter 6.5%, eps increased 4.1% and was second consecutive quarter increasing and also higher than preceding year corresponding quarter 359.1%, no cash generated from operating due to increased assets and decreased liabilities and also no cash generated from other activities hence spent 59.1% of Group cash to cover, weaker liquidity ratio but still at moderate level now, Group division business maintaining high profit, stock price still uptrend
First Support Price	0.47
Second Support Price	0.44
Risk Rating	MODERATE

Research House

OSK Target Price	0.68 (2011-07-22)
TA Target Price	0.595 (2011-08-17)

Accounting Ratio

Return on Equity	3.84%
Dividend Yield	-
Profit Margin	7.19%
Tax Rate	27.32%
Asset Turnover	0.4343
Net Asset Value Per Share	0.26
Net Tangible Asset per share	0.26
Price/Net Tangible Asset Per Share	1.81
Cash Per Share	0.04
Liquidity Current Ratio	2.9779
Liquidity Quick Ratio	1.0682
Liquidity Cash Ratio	0.083
Gearing Debt to Equity Ratio	5.7657
Gearing Debt to Asset Ratio	0.8522
Working capital per thousand Ringgit sale	109.8%
Days to sell the inventory	495
Days to collect the receivables	189
Days to pay the payables	77

My notes based on 2011 quarter 2 report (number in '000):-
- Higher pbt than FY10Q2 mainly due to improved underwriting and investment performances. Gross premium rose by 1.5% year-on-year, driven by non-motor segment, which posted a growth rate of 16%

- Lower pbt than FY11Q1 mainly due to higher reinsurance premium outwards arising from the one-time cost incurred in carrying out a loss portfolio transfer exercise in June 2011

- Estimate next 4Q eps after 2011 Q2 result announced = 0.0101*4*1.01 = 0.0408, estimate PE on current price 0.495 = 12.13
- Estimate next 4Q eps after 2011 Q1 result announced = 0.021*1.01 = 0.0212, estimate highest/lowest PE = 27.36/17.69
- Estimate next 4Q eps after 2010 Q4 result announced = 0.0055*4 = 0.021(profit margin 3% per quarter), estimate highest/lowest PE = 23.1/15.48
- Estimate next 4Q eps after 2010 Q3 result announced = 0.0081*4 = 0.0324(profit margin 4% per quarter), estimate highest/lowest PE = 12.96/10.49
- Estimate next 4Q eps after 2010 Q2 result announced = 0.0182*2 = 0.0364, estimate highest/lowest PE = 12.23/10.16
- Estimate next 4Q eps after 2010 Q1 result announced = 0.0233*2 = 0.0466, estimate highest/lowest PE = 12.23/9.33
- Estimate next 4Q eps after 2009 Q6 result announced = 0.0753, estimate highest/lowest PE = 8.9/6.71
- Estimate next 4Q eps after 2009 Q5 result announced = 0.0216*4 = 0.0864, estimate highest/lowest PE = 9.32/7.29
- Estimate next 4Q eps after 2009 Q4 result announced = 0.0287*4 = 0.1148, estimate highest/lowest PE = 6.88/4.53
- Estimate next 4Q eps after 2009 Q3 result announced = 0.0177*4 = 0.0708, estimate highest/lowest PE = 8.4/4.87

KURASIA latest news (English)

KURASIA latest news (Chinese)

KLCI Stock - KURASIA / 5097 - 2011 Quarter 1

Company Info

Market Capital (Capital Size)	585,000,000 (Medium)
Par Value	RM 0.25

My Analysis

Forecast P/E now	0.39/0.0212 = 18.40 (High)
Target Price	0.0212*9.0 = 0.19 (PE 9.0, EPS 0.0212)
Decision	Not interested unless revenue and profit increase more
Comment	Revenue increased 4.7% and also higher than preceding year corresponding quarter 10.6%, eps increased 270.2% but lower than preceding year corresponding quarter 39.4%, no cash generate from all activities, weaker liquidity ratio but still at high level now
First Support Price	0.375
Second Support Price	0.34
Risk Rating	HIGH

Research House

JF APEX Target Price	0.342 (2011-03-01)
OSK Target Price	0.42 (2011-05-24)
TA Target Price	0.457 (2011-05-26)

Accounting Ratio

Return on Equity	1.49%
Dividend Yield	-
Profit Margin	7.42%
Tax Rate	32.08%
Asset Turnover	0.4465
Net Asset Value Per Share	0.23
Net Tangible Asset per share	0.23
Price/Net Tangible Asset Per Share	1.72
Cash Per Share	0.06
Liquidity Current Ratio	3.303
Liquidity Quick Ratio	1.1933
Liquidity Cash Ratio	0.1404
Gearing Debt to Equity Ratio	6.5415
Gearing Debt to Asset Ratio	0.8674
Working capital per thousand Ringgit sale	117.5%
Days to sell the inventory	739
Days to collect the receivables	186
Days to pay the payables	102

My notes based on 2011 quarter 1 report (number in '000):-
- The Group recorded a 6.1% or RM15.499 million improvement in the gross written premium income, driven by a commendable growth in the non-motor segment

- The Group recorded a pre-tax profit of RM21.277 million during the quarter, compared to RM9.001 million pre-tax loss in the preceding quarter, mainly due to better underwriting results

- Estimate next 4Q eps after 2011 Q1 result announced = 0.021*1.01 = 0.0212, estimate PE on current price 0.39 = 18.57
- Estimate next 4Q eps after 2010 Q4 result announced = 0.0055*4 = 0.021(profit margin 3% per quarter), estimate highest/lowest PE = 23.1/15.48
- Estimate next 4Q eps after 2010 Q3 result announced = 0.0081*4 = 0.0324(profit margin 4% per quarter), estimate highest/lowest PE = 12.96/10.49
- Estimate next 4Q eps after 2010 Q2 result announced = 0.0182*2 = 0.0364, estimate highest/lowest PE = 12.23/10.16
- Estimate next 4Q eps after 2010 Q1 result announced = 0.0233*2 = 0.0466, estimate highest/lowest PE = 12.23/9.33
- Estimate next 4Q eps after 2009 Q6 result announced = 0.0753, estimate highest/lowest PE = 8.9/6.71
- Estimate next 4Q eps after 2009 Q5 result announced = 0.0216*4 = 0.0864, estimate highest/lowest PE = 9.32/7.29
- Estimate next 4Q eps after 2009 Q4 result announced = 0.0287*4 = 0.1148, estimate highest/lowest PE = 6.88/4.53
- Estimate next 4Q eps after 2009 Q3 result announced = 0.0177*4 = 0.0708, estimate highest/lowest PE = 8.4/4.87

KURASIA latest news (English)

KURASIA latest news (Chinese)

KLCI Stock - KURASIA / 5097 - 2010 Quarter 4

Company Info

Market Capital (Capital Size)	592,500,000 (Medium)
Par Value	RM 0.25

My Analysis

Forecast P/E now	0.395/0.021 = 18.81 (High)
Target Price	0.021*9.0 = 0.19 (PE 9.0, EPS 0.021)
Decision	Not interested unless revenue and profit increase more
Comment	Revenue decreased 8.8% but higher than preceding year corresponding quarter 4.4%, eps decreased 128% and is third consecutive quarter decreasing and also lower than preceding year corresponding quarter 178.1%, cash generated from operating still not enough to cover financing activities, better liquidity ratio but still at weak level now, gearing ratio increased at very high level now
First Support Price	0.375
Second Support Price	0.34
Risk Rating	HIGH

Research House

JF APEX Target Price	0.342 (2011-03-01)
OSK Target Price	0.33 (2011-03-01)

Accounting Ratio

Return on Equity	4.51%
Dividend Yield	-
Profit Margin	-3.37%
Tax Rate	-
Asset Turnover	0.487
Net Asset Value Per Share	0.22
Net Tangible Asset per share	0.22
Price/Net Tangible Asset Per Share	1.66
Cash Per Share	0.03
Liquidity Current Ratio	0.2602
Liquidity Quick Ratio	0.0825
Liquidity Cash Ratio	0.0307
Gearing Debt to Equity Ratio	6.1414
Gearing Debt to Asset Ratio	0.86
Working capital per thousand Ringgit sale	-82.2%
Days to sell the inventory	25672
Days to collect the receivables	11
Days to pay the payables	144454

My notes based on 2010 quarter 4 report (number in '000):-
- The Group recorded an 8.3% year-on-year or RM81.555 million improvement in the gross premium income, driven by strong growth in the non-motor segment. In this respect, KIMB’s non-motor segment posted a strong growth of 26.6%

- The Group recorded pre-tax profit of RM29.407 million for year ended 31st December 2010 compared to RM102.353 million last year

- As at 31 December 2010, the net asset value of the Group improved to RM327.570 million (31 December 2009 restated: RM308.582 million)

- The Group recorded a pre-tax loss of RM9.230 million during the quarter, compared to RM2.386 million pre-tax loss in the preceding quarter, mainly due to the impairment losses on foreign operations

- Estimate next 4Q eps after 2010 Q4 result announced = 0.0055*4 = 0.021(profit margin 3% per quarter), estimate PE on current price 0.395 = 18.81
- Estimate next 4Q eps after 2010 Q3 result announced = 0.0081*4 = 0.0324(profit margin 4% per quarter), estimate highest/lowest PE = 12.96/10.49
- Estimate next 4Q eps after 2010 Q2 result announced = 0.0182*2 = 0.0364, estimate highest/lowest PE = 12.23/10.16
- Estimate next 4Q eps after 2010 Q1 result announced = 0.0233*2 = 0.0466, estimate highest/lowest PE = 12.23/9.33
- Estimate next 4Q eps after 2009 Q6 result announced = 0.0753, estimate highest/lowest PE = 8.9/6.71
- Estimate next 4Q eps after 2009 Q5 result announced = 0.0216*4 = 0.0864, estimate highest/lowest PE = 9.32/7.29
- Estimate next 4Q eps after 2009 Q4 result announced = 0.0287*4 = 0.1148, estimate highest/lowest PE = 6.88/4.53
- Estimate next 4Q eps after 2009 Q3 result announced = 0.0177*4 = 0.0708, estimate highest/lowest PE = 8.4/4.87

KURASIA latest news (English)

KURASIA latest news (Chinese)

KLCI Stock - KURASIA / 5097 - 2010 Quarter 3

Company Info

Market Capital (Capital Size)	577,500,000 (Medium)
Par Value	RM 0.25

My Analysis

Forecast P/E now	0.385/0.0324 = 11.88 (High)
Target Price	0.0324*10.0 = 0.32 (PE 10.0, EPS 0.0324)
Decision	NOT BUY
Comment	Revenue fourth consecutive quarter increasing and also higher than preceding year corresponding quarter, eps second consecutive quarter decreasing and also lower than preceding year corresponding quarter, free cash flow increasing but negative net cash flow, weak liquidity ratio, gearing ratio decreasing but still very high
First Support Price	0.34
Second Support Price	0.34
Risk Rating	HIGH

Research House

JF APEX Target Price	0.25 (2010-12-01)
OSK Target Price	0.325 (2010-12-01)

Accounting Ratio

Return on Equity	10.46%
Dividend Yield	-
Profit Margin	-0.79%
Tax Rate	-
Asset Turnover	0.4823
Net Asset Value Per Share	0.23
Net Tangible Asset per share	0.23
Price/Net Tangible Asset Per Share	1.65
Cash Per Share	0.02
Liquidity Current Ratio	0.2124
Liquidity Quick Ratio	0.0827
Liquidity Cash Ratio	0.0277
Gearing Debt to Equity Ratio	5.8742
Gearing Debt to Asset Ratio	0.8545
Working capital per thousand Ringgit sale	-83.4%
Days to sell the inventory	11971
Days to collect the receivables	17
Days to pay the payables	92291

My notes based on 2010 quarter 3 report (number in '000):-
- The Group recorded an 8.8% year-on-year or RM64.849 million improvement in the gross premium income, driven by strong growth in the non-motor segment. In this respect, KIMB’s non-motor segment posted a strong growth of 30.4%

- The Group recorded pre-tax profit of RM38.637 million for the nine months of FYE 2010 compared to RM83.655 million last year

- As at 30 September 2010, the net asset value of the Group improved to RM340.775 million (31 December 2009 restated: RM308.582 million)

- The Group recorded a pre-tax loss of RM2.386 million during the quarter, compared to RM5.978 million pre-tax profits in the preceding quarter

- Estimate next 4Q eps after 2010 Q3 result announced = 0.0081*4 = 0.0324(profit margin 4% per quarter), estimate PE on current price 0.385 = 11.88
- Estimate next 4Q eps after 2010 Q2 result announced = 0.0182*2 = 0.0364, estimate highest/lowest PE = 12.23/10.16
- Estimate next 4Q eps after 2010 Q1 result announced = 0.0233*2 = 0.0466, estimate highest/lowest PE = 12.23/9.33
- Estimate next 4Q eps after 2009 Q6 result announced = 0.0753, estimate highest/lowest PE = 8.9/6.71
- Estimate next 4Q eps after 2009 Q5 result announced = 0.0216*4 = 0.0864, estimate highest/lowest PE = 9.32/7.29
- Estimate next 4Q eps after 2009 Q4 result announced = 0.0287*4 = 0.1148, estimate highest/lowest PE = 6.88/4.53
- Estimate next 4Q eps after 2009 Q3 result announced = 0.0177*4 = 0.0708, estimate highest/lowest PE = 8.4/4.87

KURASIA latest news (English)

KURASIA latest news (Chinese)

KLCI Stock - KURASIA / 5097 - 2010 Quarter 2

Market Cap : 1500000000*0.41 = 615,000,000 (Medium)
NTA per share : (338602-4899)/1488423 = 0.22
P/BV : 0.41/0.22 = 1.8636
Forecast P/E now : 0.41/0.0364 = 11.26
ROE : 26.37%
DY : Not applicable
Fixed Asset Turnover(3 year) : Not applicable
Liquidity Ratio : Not applicable
Receivables Collection Period : Not applicable
My Target Price : Not interested unless profit increase more or break resistance 0.5
My Decision : NOT BUY
My Comment : Revenue recovering but profit still low, good cash flow, navps increasing, non-motor segment growing
Technical Support Price : Not applicable
Risk Rating : HIGH
OSK Target Price : 0.92 (09 Aug 10)

My notes based on 2010 quarter 2 report (number in '000):

- The Group recorded improvement in the gross premium year-on-year, driven by strong growth in the non-motor segment. In this respect, KIMB’s non-motor segment had recorded a healthy growth of 23.0% year-on-year

- The Group recorded a 19.6% lower in pre-tax profit for the first 6 months of FYE 2010 compared with last year

- As at 30th June 2010, the net asset value of the Group improved to RM338.607 million (31st December 2009 restated: RM308.582 million)

- The Group recorded a 82.9% lower pre-tax profit during the quarter. Net investment income was also lower than the previous quarter’s result mainly due to flattish performance of the KLCI during the quarter

- Estimate next 4Q eps after 2010 Q2 result announced = 0.0182*2 = 0.0364, estimate PE on current price 0.41 = 11.26
- Estimate next 4Q eps after 2010 Q1 result announced = 0.0233*2 = 0.0466, estimate highest/lowest PE = 12.23/9.33
- Estimate next 4Q eps after 2009 Q6 result announced = 0.0753, estimate highest/lowest PE = 8.9/6.71
- Estimate next 4Q eps after 2009 Q5 result announced = 0.0216*4 = 0.0864, estimate highest/lowest PE = 9.32/7.29
- Estimate next 4Q eps after 2009 Q4 result announced = 0.0287*4 = 0.1148, estimate highest/lowest PE = 6.88/4.53
- Estimate next 4Q eps after 2009 Q3 result announced = 0.0177*4 = 0.0708, estimate highest/lowest PE = 8.4/4.87

KURASIA latest news (English)

KLCI Stock - KURASIA / 5097 - 2010 Quarter 1

Market Cap : 1500000000*0.52 = 780,000,000 (Small)
NTA per share : (331686-4951)/1488423 = 0.22
P/BV : 0.52/0.22 = 2.3636 (High)
Forecast P/E now : 0.52/0.0738 = 7.05 (High)
ROE : Not Applicable
DY : Not Available
Fixed Asset Turnover(3 year) : Not Applicable
Liquidity Ratio : Not Applicable
Receivables Collection Period : Not Applicable
My Target Price : Not interested unless break resistance 0.6
My Decision : NOT BUY
My Comment : Revenue recover a bit but still lower than last year, negative cash flow, navps increasing
Technical Support Price : 0.5
Risk Rating : HIGH
OSK Target Price : 0.92 (21 Apr 10)

My study based on 2010 Q1 report (number in '000):
- The Group achieved an improvement of 160.9% year-on-year for underwriting surplus. This result was mainly driven by improvements in the claims and management expenses. Operationally, the more stringent risk selection practice and efforts to control management expenses have continued to yield desired results
- The Group’s year-to-date results are mainly derived from KIMB. KAB’s foreign subsidiary, KII recorded net loss of RM0.578 million for the financial period under review. The share of profit from the equity-accounted associate company, KIT amounted to RM0.213 million
- Estimate next 4Q eps after 2010 Q1 result announced = 0.0738 (2% drop from 0.0753), estimate PE on current price 0.52 = 7.05
- Estimate next 4Q eps after 2009 Q6 result announced = 0.0753, estimate highest/lowest PE = 8.9/6.71
- Estimate next 4Q eps after 2009 Q5 result announced = 0.0216*4 = 0.0864, estimate highest/lowest PE = 9.32/7.29
- Estimate next 4Q eps after 2009 Q4 result announced = 0.0287*4 = 0.1148, estimate highest/lowest PE = 6.88/4.53
- Estimate next 4Q eps after 2009 Q3 result announced = 0.0177*4 = 0.0708, estimate highest/lowest PE = 8.4/4.87

KURASIA latest news (English)

KURASIA / 5097 - 2009 Q6

OSK TP: 0.92 (24 Feb 2010)
My TP: 0.68 (PE 9, EPS 0.0753), 16% price earn from 0.57
My decison: NOT BUY
Reason: Many result declined, higher tax rate

My study based on 2009 Q6 report (number in '000):
- Compare to last year, the significant improvement wasmainly driven by a very strong turnaround performance on the Group’s investment portfolio year-on-year
- On the underwriting end, the Group’s gross premium and earned premium declined year-on-year due to its more stringentrisk selection practice
- Compare to preceding quarter, both underwriting and investmentperformance slowed down. Whilst the Group’s gross premium improved, earned premium declined, underwriting surplus declined, investment and other income declined
- My estimate next 4Q eps after 2009 Q6 result announced = 0.0753, estimate PE on current price 0.57 = 7.57
- Estimate next 4Q eps after 2009 Q5 result announced = 0.0216*4 = 0.0864, estimate highest/lowest PE = 9.32/7.29
- Estimate next 4Q eps after 2009 Q4 result announced = 0.0287*4 = 0.1148, estimate highest/lowest PE = 6.88/4.53
- Estimate next 4Q eps after 2009 Q3 result announced = 0.0177*4 = 0.0708, estimate highest/lowest PE = 8.4/4.87
- No estimate next 4Q eps after 2009 Q2 result announced

KURASIA / 5097 - 2009 Q5

JF APEX Securities TP: 0.83OSK TP: 1.01
My decison: NOT BUY
Reason: Overvalue, high DE, bad cash flow

My study based on 2009 Q5 report (number in '000):
- ROE compare to last Q decreased 5.86% to 14.76% but compare to last year was rebound from loss
- Revenue compare to last Q drop 3.66% to 254966 and profit also drop 24.48% to 32215 mainly due to positive income tax at last Q, profit before tax is higher than last Q because stronger investment performance; As compare to last year revenue drop 16.27% but profit rebounded from loss, significant improvement was mainly driven by a very strong turnaround performance on the Group’s investment portfolio
- Equity compare to last Q increased 5.49% to 218260, assets increased 0.09% to 2299048 but liabilities decreased 0.44% to 2080788; As compare to last year equity increased 55.71%, assets decreased 4.92% and liabilities also decreased 8.66%
- FCF -3665, NCF -7594
- Profit margin compare to last Q decreased 3.48% to 12.64% but compare to last year was rebounded from negative
- DE compare to last Q decreased 0.5677 to 9.5335 and compare to last year also decreased 6.7176
- No dividend proposed
- My estimate next 4Q eps after 2009 Q5 result announced = 0.0216*4 = 0.0864, estimate PE on current price 0.69 = 7.99
- From date 2009-08-28 to 2009-10-29 after 2009 Q4 result announced, highest price on 2009-10-28 was 0.77 and lowest price on 2009-09-01 was 0.535.
- From date 2009-05-08 to 2009-08-27 after 2009 Q3 result announced, highest price on 2009-08-27 was 0.58 and lowest price on 2009-07-08 was 0.35.
- From date 2009-02-28 to 2009-05-07 after 2009 Q2 result announced, highest price on 2009-05-06 was 0.39 and lowest price on 2009-04-03 was 0.24.
- Divident in sen 2007 = 0.01826 (proposed 1.826 sen after Q1)