KLCI Stock - MALTON / 6181 - 2012 Quarter 2

MALTON BERHAD



Company Description

Malton Berhad is a Malaysia-based investment holding company that is engaged in the provision of management services to its subsidiary companies. The Companyâ??s segments include property development, construction and project management, property trading, investment holding and management fee, investment property and others. The Companyâ??s wholly owned subsidiaries include Khuan Choo Realty Sdn Bhd, Bukit Rimau Development Sdn Bhd, Domain Resources Sdn Bhd, Pembinaan Gapadu Sdn Bhd, Ehsan Armada Sdn Bhd, Khuan Choo Property Management Sdn Bhd and Malton Development Sdn Bhd. On October 2, 2009, the Company acquired 100% interest in Regal Marvel Construction Sdn Bhd. On December 31, 2008, the Company completed the disposal of its interest in Kuala Lumpur Pavilion Sdn Bhd.

Company Info

Listing Date	2002-04-22
Market Capital (Capital Size)	221,594,861 (Small)
Par Value	RM 1.00
Board	Main
Sector	Properties
Major Industry	Property Development
Sub Industry	Construction & Project Management
Website	http://www.malton.com.my/

My Analysis

Forecast P/E now	(0.53-0.02)/0.1007 = 5.06 (Moderate)
Target Price	0.81+0.02 = 0.83 (PE 8.0, EPS 0.1007, DPS 0.02)
Decision	BUY when stock price below Bolinger lower band and got very strong buy volume than sell
Comment	Revenue decreased 21.7% and was second consecutive quarter decreasing and also lower than preceding year corresponding quarter 28.9%, eps decreased 35.9% and was third consecutive quarter decreasing and also lower than preceding year corresponding quarter 60.7%, cash generated from operating not enough to cover financing expenses but got more than enough borrowing to cover all other expensese, operating profit decreasing, slightly stronger liquidity ratio at moderate level now, slightly lower gearing ratio at above moderate level now, slightly lower debt ratio and is far from historical high, all repayment period still as usual, higher property development cost can indicate still got many projects which can bring more revenue, most significant profit contribution segment slow down
First Support Price	0.5
Second Support Price	0.46
Risk Rating	MODERATE

Research House

NetResearch Target Price	1 (2012-02-28)
Jupiter Target Price	0.68 (2012-04-04)

Accounting Ratio

Return on Equity	14.74%
Dividend Yield	3.77%
Gross Profit Margin	0.00%
Operating Profit Margin	15.58%
Net Profit Margin	15.73%
Tax Rate	28.45%
Asset Turnover	0.4798
Net Asset Value Per Share	1.01
Net Tangible Asset per share	1.01
Price/Net Tangible Asset Per Share	0.66
Cash Per Share	0.45
Liquidity Current Ratio	2.6997
Liquidity Quick Ratio	1.7186
Liquidity Cash Ratio	1.0219
Gearing Debt to Equity Ratio	0.7117
Gearing Debt to Asset Ratio	0.4158
Working capital per thousand Ringgit sale	90.8%
Days to sell the inventory	249
Days to collect the receivables	136
Days to pay the payables	198

Technical Analysis

SMA 20	0.575 (Downtrend 47 days)
SMA 50	0.612 (Downtrend)
SMA 100	0.653 (Downtrend)
SMA 200	0.59 (Same)
MACD (26d/12d)	-0.01888 ( 0.001434 )
Signal (9)	-0.016915 ( 0.000491 )
MACD Histogram	0.001965 (Bearish trend 4 days)

My notes based on 2012 quarter 2 report (number in '000):-
- Lower revenue and pbt mainly attributed to lower billings from property development division following the completion of some projects

- Estimate next 4Q eps after 2012 Q2 result announced = 561678*0.1/557332 = 0.1008(if can achieve one-off gain), estimate PE on current price 0.53 = 5.06(DPS 0.02)
- Estimate next 4Q eps after 2012 Q1 result announced = 0.1736*0.9 = 0.1562, estimate highest/lowest PE = 4.77/4.03 (DPS 0.02)
- Estimate next 4Q eps after 2011 Q4 result announced = 0.1736, estimate highest/lowest PE = 4.06/2.36 (DPS 0.02)
- Estimate next 4Q eps after 2011 Q3 result announced = 0.0684*1.2 = 0.0821, estimate highest/lowest PE = 9.68/5.54 (DPS 0.015)
- Estimate next 4Q eps after 2011 Q2 result announced = 0.0159*3+0.0159*1.3 = 0.0684, estimate highest/lowest PE = 11.18/7.97 (DPS 0.015)
- Estimate next 4Q eps after 2011 Q1 result announced = 0.0159*4 = 0.0636, estimate highest/lowest PE = 13.05/8.88 (DPS 0.015)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.0627*0.9 = 0.0564, estimate highest/lowest PE = 15.25/7.54
- Estimate next 4Q eps after 2010 Q3 result announced = 0.06*0.9 = 0.054, estimate highest/lowest PE = 10.09/6.67
- Estimate next 4Q eps after 2010 Q2 result announced = 0.0186*4 = 0.0744, estimate highest/lowest PE = 6.05/4.7
- Estimate next 4Q eps after 2010 Q1 result announced = 0.0184*4 = 0.0736, estimate highest/lowest PE = 6.05/4.76
- Estimate next 4Q eps after 2009 Q4 result announced = 0.005*4 = 0.02, estimate highest/lowest PE = 19.5/17.5
- Estimate next 4Q eps after 2009 Q3 result announced = 0.003*4 = 0.012, estimate highest/lowest PE = 35.83/25
- Estimate next 4Q eps after 2009 Q2 result announced = 0.0067*4 = 0.0268, estimate highest/lowest PE = 14.55/9.7

MALTON latest news (English)

MALTON latest news (Chinese)



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	gros_m	oper_m	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
2012-02-24	2012	2	N/A	N/A	-	1.56%	3.99%	77742	177016	12230	30465	8751	22431	0.0157	0.0402	961419	399741	-	561678	35352	1391	102577	92087	36743	139320	231407	557332	557328	373412	2011-12-31	-	15.58%	15.73%	28.45%	0.4798	-	1.01	1.01	0.66	0.45	2.6997	1.7186	1.0219	0.7117	0.4158	90.8%	249	136	198
2011-11-16	2012	1	0.765	0.65	-	2.47%	2.47%	99274	99274	18235	18235	13680	13680	0.0245	0.0245	955019	400549	-	554470	14347	10524	110870	92087	3823	107047	199134	557365	557365	384581	2011-09-30	-	20.09%	18.37%	24.98%	0.5161	-	0.99	0.99	0.7	0.41	2.6683	1.6759	0.9257	0.7224	0.4194	84.3%	239	138	184
2011-08-26	2011	4	0.725	0.43	0.02	5.27%	14.25%	167935	462392	33329	98007	26813	72549	0.0641	0.1736	959366	450237	-	509129	324032	142146	13824	38857	181886	168062	206919	418024	418024	190200	2011-06-30	-	22.04%	19.85%	19.55%	0.482	2.6217	1.22	1.22	0.37	0.54	1.6543	1.0652	0.56	0.8843	0.4693	56.7%	240	160	325
2011-05-19	2011	3	0.81	0.39	-	5.48%	9.53%	116383	294457	38585	64678	26287	45736	0.0755	0.1313	756780	276674	-	480106	1323	12146	5487	38856	10823	5336	44192	348353	348353	266490	2011-03-31	-	32.85%	33.15%	31.87%	0.5028	-	1.38	1.38	0.55	0.18	2.644	1.3956	0.3015	0.5763	0.3656	88.0%	305	212	149
2011-02-28	2011	2	0.78	0.56	-	3.03%	4.24%	109288	178074	18198	26093	13903	19449	0.0399	0.0558	752050	292892	-	459158	33175	3501	2343	39127	29674	32017	71144	348353	348353	202044	2010-12-31	-	17.66%	16.65%	23.60%	0.4375	-	1.32	1.32	0.44	0.25	2.3312	1.2539	0.3887	0.6379	0.3895	92.3%	317	216	182
2010-11-23	2011	1	0.845	0.58	-	1.23%	1.23%	68786	68786	7895	7895	5546	5546	0.0159	0.0159	712806	263371	-	449435	4641	655	7032	38856	5296	12328	26528	348353	348353	250814	2010-09-30	-	11.79%	11.48%	29.75%	0.4714	-	1.29	1.29	0.56	0.14	2.5069	1.1514	0.2476	0.586	0.3695	89.6%	333	196	158
2010-08-27	2010	4	0.86	0.425	0.015	1.26%	5.02%	86020	346920	10484	35820	5544	22067	0.0159	0.0633	733194	293485	-	439709	131172	30149	37150	25016	101023	63873	38857	348353	348353	155017	2010-06-30	-	12.86%	12.19%	47.12%	0.4732	7.0248	1.26	1.26	0.35	0.19	2.2752	1.0736	0.2828	0.6675	0.4003	84.5%	329	191	174
2010-05-27	2010	3	0.545	0.36	-	0.84%	3.81%	64895	260900	6299	25336	3646	16523	0.0105	0.0474	746860	312695	-	434165	113479	47292	19572	25016	66187	46615	21599	348353	348353	128890	2010-03-31	-	11.61%	9.71%	42.12%	0.4887	-	1.25	1.25	0.3	0.13	2.4158	1.1983	0.2124	0.7202	0.4187	84.9%	294	216	171
2010-02-22	2010	2	0.45	0.35	-	1.50%	2.99%	116288	196005	10537	19037	6472	12877	0.0186	0.0370	750880	320361	-	430519	85709	40627	10591	25016	45082	34491	9475	348353	348353	123665	2009-12-31	-	10.74%	9.06%	38.58%	0.5114	-	1.24	1.24	0.29	0.12	2.5217	1.2047	0.1881	0.7441	0.4266	84.7%	290	207	158
2009-11-25	2010	1	0.465	0.345	-	1.51%	1.51%	79717	79717	8500	8500	6405	6405	0.0184	0.0184	780503	356456	-	424047	42110	40307	6048	25016	1803	7851	17165	348353	348353	123665	2009-09-30	-	11.86%	10.66%	24.65%	0.5142	-	1.22	1.22	0.29	0.07	2.3596	1.0238	0.1042	0.8406	0.4567	81.4%	309	201	158
2009-08-28	2009	4	0.41	0.35	-	0.42%	1.56%	104104	417647	4018	12045	1786	6638	0.0051	0.0191	808128	382717	7769	425411	39679	59583	3793	41127	19904	16111	25016	348353	348353	125407	2009-06-30	-	4.86%	3.86%	55.62%	0.5168	18.8923	1.2	1.2	0.3	0.08	2.212	0.9645	0.1018	0.9164	0.4736	82.4%	322	214	168
2009-05-27	2009	3	0.435	0.3	-	0.25%	1.10%	83889	313543	2380	7799	1048	4657	0.0030	0.0134	787567	364140	7766	423427	47081	59823	5961	41127	12742	18703	22424	348353	348353	114956	2009-03-31	-	3.82%	2.84%	56.39%	0.5468	-	1.19	1.19	0.28	0.06	2.5714	1.0525	0.0857	0.8761	0.4624	86.1%	307	193	143
2009-02-19	2009	2	0.415	0.25	-	0.56%	0.85%	133628	229654	3350	5419	2347	3609	0.0067	0.0104	881630	459129	7888	422501	53331	54484	14737	41127	1153	15890	25237	348353	348353	95797	2008-12-31	-	3.48%	2.51%	33.19%	0.4853	-	1.19	1.19	0.23	0.06	2.1624	1.0827	0.0682	1.1074	0.5208	87.6%	300	279	219
2008-11-24	2009	1	0.325	0.27	-	0.29%	0.29%	96026	96026	2069	2069	1210	1210	0.0035	0.0035	862892	442629	7997	420263	60967	55204	12420	41127	5763	6657	34470	348353	348353	104505	2008-09-30	-	3.38%	2.15%	39.87%	0.4472	-	1.18	1.18	0.25	0.06	2.1845	1.0717	0.0625	1.0736	0.513	95.3%	330	296	223
2008-08-29	2008	4	0.36	0.26	-	1.49%	1.11%	117067	394873	5153	364	6232	4657	0.0179	0.0134	861025	442006	8015	419019	76999	15012	11504	39380	92011	80507	41127	348353	348353	128890	2008-06-30	-	5.77%	4.40%	-	0.4586	-	1.18	1.18	0.31	0.05	1.9605	1.0937	0.0605	1.0754	0.5133	77.0%	256	302	223
2008-05-28	2008	3	0.42	0.34	-	0.04%	0.37%	81128	277806	898	4789	171	1575	0.0005	0.0045	882298	458534	6718	423764	110089	9912	17536	39380	100177	82641	43261	348353	348353	144566	2008-03-31	-	3.98%	1.11%	53.56%	0.5399	-	1.2	1.2	0.35	0.06	1.8642	0.718	0.057	1.0995	0.5197	63.9%	321	178	192
2008-02-29	2008	2	0.485	0.33	-	0.03%	0.33%	91628	196678	1681	3891	123	1404	0.0004	0.0040	826765	400546	6765	426219	92423	12828	28635	39380	79595	50960	11580	348353	348353	151533	2007-12-31	-	4.05%	1.83%	95.06%	0.6268	-	1.2	1.2	0.36	0.1	2.0521	1.0023	0.114	0.9549	0.4845	59.7%	226	184	145
2007-11-27	2008	1	0.535	0.415	-	0.30%	0.30%	105050	105050	2211	2211	1282	1282	0.0037	0.0037	797574	371437	6806	426137	55770	9707	32447	39380	65477	33030	6350	348353	348353	167209	2007-09-30	-	4.17%	2.10%	40.48%	0.6822	-	1.2	1.2	0.4	0.08	2.0659	1.0377	0.0983	0.8858	0.4657	52.3%	190	168	131
2007-08-29	2007	4	0.56	0.475	-	0.58%	0.79%	198510	555535	5127	8468	2473	3372	0.0071	0.0097	885194	460373	6772	424821	27868	75579	53881	33210	47711	6170	39380	348353	348353	195077	2007-06-30	-	3.43%	2.58%	53.60%	0.496	57.8522	1.2	1.2	0.47	0.27	1.7661	1.0246	0.2526	1.1012	0.5201	64.3%	233	237	233
2007-05-28	2007	3	N/A	N/A	0.01	0.15%	0.21%	123012	357025	2373	3341	646	899	0.0019	0.0026	776086	357664	5050	418422	97685	4948	33723	33209	92737	59014	25805	348353	348353	142824	2007-03-31	-	2.98%	1.93%	54.99%	0.31	-	1.19	1.19	0.34	0.07	2.2723	1.1408	0.0834	0.8652	0.4609	152.1%	504	461	292
2007-02-28	2007	2	N/A	N/A	-	0.06%	0.06%	117544	234013	10	968	238	253	0.0007	0.0007	810643	388618	9299	422025	69071	10653	6312	33210	58418	64730	31520	348353	348353	102764	2006-12-31	-	1.07%	0.01%	-	N/A	-	1.18	1.18	0.25	0.07	1.9246	1.039	0.0688	0.9416	0.4794	N/A	-	N/A	N/A

Financial Quarter Balance Sheet

year	qrt	Deferred tax assets (A-0)	Investment in associated companies (A-0)	Investment properties (A-0)	Land held for property development (A-0)	Other investments (A-0)	Property, plant and equipment (A-0)	Receivables (A-0)	Accrued billings (A-1)	Amount due from customers (A-1)	Available-for-sale financial assets (A-1)	Cash and cash equivalents (A-1)	Current tax assets (A-1)	Fixed deposits with licensed banks (A-1)	Inventories (A-1)	Other receivables, deposits and prepayments (A-1)	Property development costs (A-1)	Short term funds (A-1)	Trade receivables (A-1)	Deferred tax liabilities (L-0)	Hire purchase liabilities (L-0)	Loans & borrowings (L-0)	RCSLS (L-0)	Advanced progress billings (L-1)	Amount due to associated companies (L-1)	Amount due to customers (L-1)	Current tax liabilities (L-1)	Hire purchase liabilities (L-1)	Loans & borrowings (L-1)	Payables and accruals (L-1)	Trade and other payables (L-1)	Minority interest (M-1)
2012	2	6581	25874	43696	187024	1171	9961	21709	33412	5211	-	101211	-	9865	32614	71915	209200	140799	61176	11203	1788	45767	94512	4541	-	-	11097	652	43189	149045	37947	-
2012	1	5308	23555	43696	185204	1216	10059	21175	36841	1532	-	227539	-	3113	38634	73976	208617	-	74554	10441	1861	44556	94539	337	-	-	11004	710	47412	127921	61768	-
2011	4	5131	22712	43696	191899	1589	10554	20775	56862	1179	-	207155	-	17260	39343	50308	196779	-	94124	55	2014	47395	-	5018	-	-	12945	805	67794	251889	62322	-
2011	3	3629	25163	43696	116840	245	9457	19362	46204	3118	1266	56678	2107	3459	45060	82017	209157	-	89322	1395	1254	70400	-	30945	-	-	16057	713	63667	63768	28475	-
2011	2	3940	23581	43696	135060	245	6032	8000	21582	3763	1266	83625	2559	3733	46807	88119	198795	-	81247	1395	1101	62400	-	19378	-	-	14448	790	72499	88530	32351	-
2011	1	4559	22674	21645	134286	245	20436	8000	66171	-	1266	44259	-	3947	55804	58471	215079	-	55964	55	1223	62263	-	23794	-	-	10047	961	61151	88267	15610	-
2010	4	4439	22175	21645	133535	1456	18822	8000	61341	-	-	61069	-	3961	61558	52008	214726	-	68459	55	362	63149	-	31103	-	930	9610	859	73704	78185	35528	-
2010	3	1441	21423	21796	152305	2434	18472	-	25045	3368	-	42460	-	4041	38112	74931	228479	-	112553	60	595	93073	-	33453	-	-	6267	952	58254	69700	50341	-
2010	2	1441	21080	16096	145868	2919	24468	-	22301	5087	-	34718	-	5490	42929	67301	238563	-	122619	60	815	105735	-	20827	-	-	6212	980	54448	71936	59348	-
2010	1	1891	20600	16137	145823	3924	25090	-	11564	15918	-	21694	-	3348	49391	74607	271617	-	118899	60	1099	114988	-	12842	-	-	3149	980	72831	85210	65297	-
2009	4	2842	-	16096	134263	1500	25498	-	21246	13974	-	25847	-	3059	54549	71001	299575	-	138678	60	1221	97566	-	11660	1868	-	3676	987	94928	81843	88908	7769
2009	3	2418	-	16096	133160	2910	26616	-	11674	15957	-	17256	-	2948	47471	72966	310706	-	127389	103	1921	126305	-	18287	516	-	3751	1198	64496	59090	88473	7766
2009	2	3018	-	16096	131848	2910	29071	1528	10058	12873	-	19033	-	2942	45540	67382	302565	-	236766	138	3358	133226	-	15018	10	-	6556	1793	62075	56503	180452	7888
2009	1	3018	-	16096	130694	2910	29978	2291	11065	25678	-	16405	-	2999	50090	66810	295229	-	209629	138	4065	128094	-	15511	10	-	6960	2000	69680	83415	132756	7997
2008	4	3018	-	15615	185257	3000	30823	3055	5623	17980	-	16133	-	3002	44087	84452	230156	-	218824	138	4584	120915	-	14240	11	-	9782	2053	68321	84348	137614	8015
2008	3	2473	-	36191	152521	3000	31707	-	8807	78	-	16673	-	3393	57567	26381	346002	-	197505	1168	5067	100182	-	7289	3366	-	13686	2114	96894	94761	134007	6718
2008	2	1872	-	36191	150274	3000	31704	-	16864	522	-	29652	-	3877	58694	46240	250165	-	197710	1225	5110	100018	-	3248	4305	-	17087	2015	78228	31927	157383	6765
2008	1	1872	-	36169	172791	3000	31733	-	3532	-	-	22446	-	3813	46229	44522	228510	-	202957	1223	5033	97983	-	9096	4035	-	25026	1941	53266	31461	142373	6806
2007	4	1572	-	36169	161824	3000	31566	-	4835	349	-	17603	-	75504	42713	40651	230647	-	238761	1225	5070	85428	-	3654	3845	-	31795	1859	63973	83671	179853	6772
2007	3	1000	-	32685	52766	3000	33322	-	7635	465	-	19359	-	4633	44101	56657	281219	-	239244	5474	4811	59865	-	2679	2451	-	37758	1751	61265	53028	128582	5050
2007	2	1220	-	32685	53567	-	34513	-	23532	98	-	19753	-	4856	43653	47642	273223	-	275901	5474	5229	20087	-	2872	2600	-	45575	1812	66050	64945	173974	9299

Financial Quarter Income Statement

year	qrt	Revenue	Income tax expense	Finance/interest costs	Other income	Administrative/Operating expenses	Minority interest	Share of profit/ (loss) of associates	Effects on earnings upon conversation of RCSLS
2012	2	77742	3479	3768	2279	67909	-	2319	1567
2012	1	99274	4555	4117	2046	81379	-	843	1568
2011	4	167935	6516	1236	1734	132652	-	2452	-
2011	3	116383	12298	1235	1425	79571	-	1583	-
2011	2	109288	4295	2013	6465	96449	-	907	-
2011	1	68786	2349	717	881	61554	-	499	-
2010	4	86020	4940	1326	1033	75995	-	752	-
2010	3	64895	2653	1580	471	57830	-	343	-
2010	2	116288	4065	2429	772	104574	-	480	-
2010	1	79717	2095	953	2855	73119	-	-	-
2009	4	104104	2235	1043	729	99772	3	-	-
2009	3	83889	1342	828	2557	83238	10	-	-
2009	2	133628	1112	1305	1589	130562	109	-	-
2009	1	96026	825	1180	1539	94316	34	-	-
2008	4	117067	218	1603	1677	125500	1297	-	-
2008	3	81128	481	2333	2888	80785	246	-	-
2008	2	91628	1598	2026	638	88559	40	-	-
2008	1	105050	895	2171	963	101631	34	-	-
2007	4	198510	2748	1689	1743	193437	94	-	-
2007	3	123012	1305	1287	1765	121117	422	-	-
2007	2	117544	301	1245	1651	117940	73	-	-

Financial Quarter Segments Revenue

year	qrt	Others	Elimination/Adjustment	Property development	Construction & project management	Property Trading
2012	2	1538	25645	50863	43464	7522
2012	1	1521	23356	65795	51966	3348
2011	4	3557	43262	129911	69748	7981
2011	3	1321	37610	103457	46046	3169
2011	2	50344	96152	93372	53362	8617
2011	1	1214	38932	61457	38638	6154
2010	4	15038	60858	83445	49455	1060
2010	3	2419	30593	58819	34250	-
2010	2	29476	57038	90071	53396	720
2010	1	1214	37226	73439	40739	1214
2009	4	10473	42806	80056	56381	-
2009	3	1545	28519	27196	83104	563
2009	2	1618	32462	21233	140989	2250
2009	1	1328	38747	34549	98892	4
2008	4	6770	19743	13470	116555	15
2008	3	1774	12633	26870	65095	22
2008	2	1677	8068	37382	60612	25
2008	1	2279	6978	15758	93975	16
2007	4	8929	19594	38670	171330	826
2007	3	1967	19352	18058	122325	14
2007	2	1733	28811	24846	119324	452

Financial Quarter Segments Profit

year	qrt	Others	Elimination/Adjustment	Property development	Construction & project management	Property Trading
2012	2	2103	988	7281	2626	1406
2012	1	4355	839	18559	2438	884
2011	4	3253	1925	33681	6597	2430
2011	3	320	1593	8829	26464	652
2011	2	48067	48287	16616	3142	455
2011	1	2310	2334	10161	1289	1056
2010	4	19120	30068	4250	9703	13330
2010	3	12803	155	8810	250	12076
2010	2	69543	83892	19553	6895	110
2010	1	94	1273	6909	802	187
2009	4	7109	8560	5983	356	425
2009	3	1698	3586	6257	1343	180
2009	2	169	1263	1179	7062	204
2009	1	396	1645	1203	6514	21
2008	4	4021	4762	6237	516	2945
2008	3	1210	312	3252	52	38
2008	2	1639	1488	1396	4494	70
2008	1	1181	3686	745	7660	28
2007	4	5512	4703	3490	1982	26
2007	3	236	593	344	2858	363
2007	2	680	529	4114	4497	15

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

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

KLCI Stock - MALTON / 6181 - 2012 Quarter 1

Company Info

Market Capital (Capital Size)	240,363,520 (Small)
Par Value	RM 1.00

My Analysis

Forecast P/E now	(0.69-0.02)/0.1562 = 4.29 (Moderate)
Target Price	1.56+0.02 = 1.58 (PE 10.0, EPS 0.1562, DPS 0.02)
Decision	BUY if stock price sustain and next uptrend above 0.65
Comment	Revenue decreased 40.9% but higher than preceding year corresponding quarter 44.3%, eps decreased 61.8% and was second consecutive quarter decreasing but still higher than preceding year corresponding quarter 84.2%, no cash generated from operating but from cash generated from financing is more than enough to cover all expenses, stronger liquidity ratio from low to moderate level now, lower gearing ratio at above moderate level now, all accounting ratio are good, most of the division also slow down
First Support Price	0.65
Second Support Price	0.58
Risk Rating	MODERATE

Research House

NetResearch Target Price

1.6 (2011-11-17)

Accounting Ratio

Return on Equity	16.25%
Dividend Yield	2.90%
Profit Margin	18.37%
Tax Rate	24.98%
Asset Turnover	0.5161
Net Asset Value Per Share	0.99
Net Tangible Asset per share	0.99
Price/Net Tangible Asset Per Share	0.7
Cash Per Share	0.41
Liquidity Current Ratio	2.6683
Liquidity Quick Ratio	1.6759
Liquidity Cash Ratio	0.9257
Gearing Debt to Equity Ratio	0.7224
Gearing Debt to Asset Ratio	0.4194
Working capital per thousand Ringgit sale	84.3%
Days to sell the inventory	231
Days to collect the receivables	138
Days to pay the payables	178

My notes based on 2012 quarter 1 report (number in '000):-
- Higher revenue and pbt than FY11Q1 due to property development division improved as recognition of income from on-going projects with good take-up rates and new launching of Amaya Maluri project while project management division also improved due to construction progress of external projects

- Lower revenue and pbt than FY11Q4 mainly attributed to lower billings from property development division following the completion of Amaya Saujana project in last financial year and completion of Mutiara Indah Phase 3A, Azures and 48 units shop in Bukit Rimau and near completion of V Square and The Grove projects

- Estimate next 4Q eps after 2012 Q1 result announced = 0.1736*0.9 = 0.1562, estimate PE on current price 0.69 = 4.29
- Estimate next 4Q eps after 2011 Q4 result announced = 0.1736, estimate highest/lowest PE = 4.06/2.36 (DPS 0.02)
- Estimate next 4Q eps after 2011 Q3 result announced = 0.0684*1.2 = 0.0821, estimate highest/lowest PE = 9.68/5.54 (DPS 0.015)
- Estimate next 4Q eps after 2011 Q2 result announced = 0.0159*3+0.0159*1.3 = 0.0684, estimate highest/lowest PE = 11.18/7.97 (DPS 0.015)
- Estimate next 4Q eps after 2011 Q1 result announced = 0.0159*4 = 0.0636, estimate highest/lowest PE = 13.05/8.88 (DPS 0.015)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.0627*0.9 = 0.0564, estimate highest/lowest PE = 15.25/7.54
- Estimate next 4Q eps after 2010 Q3 result announced = 0.06*0.9 = 0.054, estimate highest/lowest PE = 10.09/6.67
- Estimate next 4Q eps after 2010 Q2 result announced = 0.0186*4 = 0.0744, estimate highest/lowest PE = 6.05/4.7
- Estimate next 4Q eps after 2010 Q1 result announced = 0.0184*4 = 0.0736, estimate highest/lowest PE = 6.05/4.76
- Estimate next 4Q eps after 2009 Q4 result announced = 0.005*4 = 0.02, estimate highest/lowest PE = 19.5/17.5
- Estimate next 4Q eps after 2009 Q3 result announced = 0.003*4 = 0.012, estimate highest/lowest PE = 35.83/25
- Estimate next 4Q eps after 2009 Q2 result announced = 0.0067*4 = 0.0268, estimate highest/lowest PE = 14.55/9.7

MALTON latest news (English)

MALTON latest news (Chinese)

KLCI Stock - MALTON / 6181 - 2011 Quarter 4

Company Info

Market Capital (Capital Size)	165,467,640 (Small)
Par Value	RM 1.00

My Analysis

Forecast P/E now	0.475/0.1736 = 2.74 (Moderate)
Target Price	0.1736*10.0 = 1.74 (PE 10.0, EPS 0.1736)
Decision	BUY if stock price sustain above 0.45 and break resistance 0.495
Comment	Revenue increased 44.3% and was third consecutive quarter increasing and also higher than preceding year corresponding quarter 95.2%, eps decreased 15.1% but higher than preceding year corresponding quarter 303.1%, cash generated from operating is more than enough to cover all expenses, weaker liquidity ratio at low level now, higher gearing ratio at above moderate level now, inventories and receivables ratio got slightly high, payables ratio is very high
First Support Price	0.45
Second Support Price	0.4
Risk Rating	MODERATE

Research House

NetResearch Target Price

1.5 (2011-05-23)

Accounting Ratio

Return on Equity	14.25%
Dividend Yield	-
Profit Margin	19.85%
Tax Rate	19.55%
Asset Turnover	0.4814
Net Asset Value Per Share	1.22
Net Tangible Asset per share	1.22
Price/Net Tangible Asset Per Share	0.37
Cash Per Share	0.54
Liquidity Current Ratio	1.5324
Liquidity Quick Ratio	1.0865
Liquidity Cash Ratio	0.5718
Gearing Debt to Equity Ratio	0.8869
Gearing Debt to Asset Ratio	0.47
Working capital per thousand Ringgit sale	45.5%
Days to sell the inventory	174
Days to collect the receivables	156
Days to pay the payables	317

My notes based on 2011 quarter 4 report (number in '000):-
- Higher revenue mainly due to higher revenue recognition from advanced stages of construction of on-going projects launched during the year with good take up rates, construction and project management division commencement of two new external contracts during the year

- Higher profit largely due to achieved higher sales and better margins from its development projects and continuous cost savings and re-engineering exercise

- Estimate next 4Q eps after 2011 Q4 result announced = 0.1736, estimate PE on current price 0.475 = 2.74
- Estimate next 4Q eps after 2011 Q3 result announced = 0.0684*1.2 = 0.0821, estimate highest/lowest PE = 9.68/5.54 (DPS 0.015)
- Estimate next 4Q eps after 2011 Q2 result announced = 0.0159*3+0.0159*1.3 = 0.0684, estimate highest/lowest PE = 11.18/7.97 (DPS 0.015)
- Estimate next 4Q eps after 2011 Q1 result announced = 0.0159*4 = 0.0636, estimate highest/lowest PE = 13.05/8.88 (DPS 0.015)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.0627*0.9 = 0.0564, estimate highest/lowest PE = 15.25/7.54
- Estimate next 4Q eps after 2010 Q3 result announced = 0.06*0.9 = 0.054, estimate highest/lowest PE = 10.09/6.67
- Estimate next 4Q eps after 2010 Q2 result announced = 0.0186*4 = 0.0744, estimate highest/lowest PE = 6.05/4.7
- Estimate next 4Q eps after 2010 Q1 result announced = 0.0184*4 = 0.0736, estimate highest/lowest PE = 6.05/4.76
- Estimate next 4Q eps after 2009 Q4 result announced = 0.005*4 = 0.02, estimate highest/lowest PE = 19.5/17.5
- Estimate next 4Q eps after 2009 Q3 result announced = 0.003*4 = 0.012, estimate highest/lowest PE = 35.83/25
- Estimate next 4Q eps after 2009 Q2 result announced = 0.0067*4 = 0.0268, estimate highest/lowest PE = 14.55/9.7

MALTON latest news (English)

MALTON latest news (Chinese)

KLCI Stock - MALTON / 6181 - 2011 Quarter 3

Company Info

Market Capital (Capital Size)	203,786,462 (Small)
Par Value	RM 1.00

My Analysis

Forecast P/E now	(0.585-0.015)/0.0821 = 6.94 (Moderate)
Target Price	0.82+0.015 = 0.84 (PE 10.0, EPS 0.0821, DPS 0.015)
Decision	BUY
Comment	Revenue increased 6.5% and is second consecutive quarter increasing and also higher than preceding year corresponding quarter 79.3%, eps increased 89.2% and is fourth consecutive quarter increasing and also higher than preceding year corresponding quarter 619%, cash generated from operating is still not enough to cover all expenses due to increased receivables hence still increased borrowings, stronger liquidity ratio at moderate ratio now, lower gearing ratio at moderate level now, all accounting periods also quite long time but working capital also quite high percentage to cover, higher profit margin, lower inventories level
First Support Price	0.54
Second Support Price	0.46
Risk Rating	MODERATE

Research House

NetResearch Target Price

1.5 (2011-05-23)

Accounting Ratio

Return on Equity	10.74%
Dividend Yield	2.56%
Profit Margin	33.15%
Tax Rate	31.87%
Asset Turnover	0.5028
Net Asset Value Per Share	1.38
Net Tangible Asset per share	1.38
Price/Net Tangible Asset Per Share	0.55
Cash Per Share	0.18
Liquidity Current Ratio	2.644
Liquidity Quick Ratio	1.3956
Liquidity Cash Ratio	0.3015
Gearing Debt to Equity Ratio	0.5763
Gearing Debt to Asset Ratio	0.3656
Working capital per thousand Ringgit sale	88.0%
Days to sell the inventory	296
Days to collect the receivables	212
Days to pay the payables	144

My notes based on 2011 quarter 3 report (number in '000):-
- The higher pre-tax profit achieved for the current quarter was mainly attributed to higher billings from property development division arising from completion of en bloc sales of an office tower of V Square Project and billings from commercial projects with better margins together with better cost savings arising from the continuous re-engineering exercise carried out by the Group

- In addition there was a higher contribution from share of the results of its associated company

- The outlook in the property market remains positive as can be seen from good take up rates for its launched projects. The on-going development projects of the Group namely, Amaya Maluri, V Square, Bukit Rimau Shops and The Grove together with on-going construction and project management contracts

- Estimate next 4Q eps after 2011 Q3 result announced = 0.0684*1.2 = 0.0821, estimate PE on current price 0.585 = 6.94(DPS 0.015)
- Estimate next 4Q eps after 2011 Q2 result announced = 0.0159*3+0.0159*1.3 = 0.0684, estimate highest/lowest PE = 11.18/7.97 (DPS 0.015)
- Estimate next 4Q eps after 2011 Q1 result announced = 0.0159*4 = 0.0636, estimate highest/lowest PE = 13.05/8.88 (DPS 0.015)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.0627*0.9 = 0.0564, estimate highest/lowest PE = 15.25/7.54
- Estimate next 4Q eps after 2010 Q3 result announced = 0.06*0.9 = 0.054, estimate highest/lowest PE = 10.09/6.67
- Estimate next 4Q eps after 2010 Q2 result announced = 0.0186*4 = 0.0744, estimate highest/lowest PE = 6.05/4.7
- Estimate next 4Q eps after 2010 Q1 result announced = 0.0184*4 = 0.0736, estimate highest/lowest PE = 6.05/4.76
- Estimate next 4Q eps after 2009 Q4 result announced = 0.005*4 = 0.02, estimate highest/lowest PE = 19.5/17.5
- Estimate next 4Q eps after 2009 Q3 result announced = 0.003*4 = 0.012, estimate highest/lowest PE = 35.83/25
- Estimate next 4Q eps after 2009 Q2 result announced = 0.0067*4 = 0.0268, estimate highest/lowest PE = 14.55/9.7

MALTON latest news (English)

MALTON latest news (Chinese)

KLCI Stock - MALTON / 6181 - 2011 Quarter 2

Company Info

Market Capital (Capital Size)	238,621,755 (Small)
Par Value	RM 1.00

My Analysis

Forecast P/E now	(0.685-0.015)/0.0684 = 9.80 (Moderate)
Target Price	0.68+0.015 = 0.70 (PE 10.0, EPS 0.0684, DPS 0.015)
Decision	NOT BUY unless price below 0.6
Comment	Revenue increased 58.9% but lower than preceding year corresponding quarter 6%, eps increased 150.9% and is third consecutive quarter increasing and also higher than preceding year corresponding quarter 114.5%, cash generated from operating is enough to cover all expenses and still go extra, liquidity ratio decreased at moderate ratio now, gearing ratio increased at moderate level now, all accounting periods also quite long time but working capital also quite high percentage to cover
First Support Price	0.66
Second Support Price	0.56
Risk Rating	MODERATE

Research House

NetResearch Target Price

0.83 (2011-03-01)

Accounting Ratio

Return on Equity	6.29%
Dividend Yield	2.19%
Profit Margin	16.65%
Tax Rate	23.60%
Asset Turnover	0.4375
Net Asset Value Per Share	1.32
Net Tangible Asset per share	1.32
Price/Net Tangible Asset Per Share	0.44
Cash Per Share	0.25
Liquidity Current Ratio	2.3312
Liquidity Quick Ratio	1.2539
Liquidity Cash Ratio	0.3887
Gearing Debt to Equity Ratio	0.6379
Gearing Debt to Asset Ratio	0.3895
Working capital per thousand Ringgit sale	92.3%
Days to sell the inventory	308
Days to collect the receivables	216
Days to pay the payables	177

My notes based on 2011 quarter 2 report (number in '000):-
- Revenue from the property development division increased marginally as compared to the previous corresponding quarter while total revenue and profit from construction and project management division declined as compared to the previous corresponding quarter due to completion of Carrefour Project in Bukit Rimau in December 2009

- Higher pre-tax profit due to higher billings with better margin from property development division and net fair value gain of RM1.8 million arising from the revaluation of the Group's investment properties, inventories and development property during the quarter

- In addition there was a higher contribution from share of the results of its associated company

- Estimate next 4Q eps after 2011 Q2 result announced = 0.0159*3+0.0159*1.3 = 0.0684, estimate PE on current price 0.685 = 9.8
- Estimate next 4Q eps after 2011 Q1 result announced = 0.0159*4 = 0.0636, estimate highest/lowest PE = 13.05/8.88 (0.015)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.0627*0.9 = 0.0564, estimate highest/lowest PE = 15.25/7.54
- Estimate next 4Q eps after 2010 Q3 result announced = 0.06*0.9 = 0.054, estimate highest/lowest PE = 10.09/6.67
- Estimate next 4Q eps after 2010 Q2 result announced = 0.0186*4 = 0.0744, estimate highest/lowest PE = 6.05/4.7
- Estimate next 4Q eps after 2010 Q1 result announced = 0.0184*4 = 0.0736, estimate highest/lowest PE = 6.05/4.76
- Estimate next 4Q eps after 2009 Q4 result announced = 0.005*4 = 0.02, estimate highest/lowest PE = 19.5/17.5
- Estimate next 4Q eps after 2009 Q3 result announced = 0.003*4 = 0.012, estimate highest/lowest PE = 35.83/25
- Estimate next 4Q eps after 2009 Q2 result announced = 0.0067*4 = 0.0268, estimate highest/lowest PE = 14.55/9.7

MALTON latest news (English)

MALTON latest news (Chinese)

KLCI Stock - MALTON / 6181 - 2011 Quarter 1

Company Info

Market Capital (Capital Size)	276,940,577 (Small)
Par Value	RM 1.00

My Analysis

Forecast P/E now	0.795/0.0636 = 12.50 (High)
Target Price	0.0636*10.0 = 0.64 (PE 10.0, EPS 0.0636)
Decision	NOT BUY unless price below 0.57
Comment	Revenue decreased and also lower than preceding year corresponding quarter, eps second consecutive quarter increasing but still lower than preceding year corresponding quarter, neither got free nor positive net cash flow, moderate liquidity ratio, gearing ratio decreasing at moderate level now, inventory period increasing
First Support Price	0.7
Second Support Price	0.43
Risk Rating	HIGH

Research House

S&P Target Price

0.53 (2010-09-02)

Accounting Ratio

Return on Equity	4.78%
Dividend Yield	1.89%
Profit Margin	11.48%
Tax Rate	29.75%
Asset Turnover	0.4714
Net Asset Value Per Share	1.29
Net Tangible Asset per share	1.29
Price/Net Tangible Asset Per Share	0.56
Cash Per Share	0.14
Liquidity Current Ratio	2.5069
Liquidity Quick Ratio	1.1514
Liquidity Cash Ratio	0.2476
Gearing Debt to Equity Ratio	0.586
Gearing Debt to Asset Ratio	0.3695
Working capital per thousand Ringgit sale	89.6%
Days to sell the inventory	330
Days to collect the receivables	196
Days to pay the payables	157

My notes based on 2011 quarter 1 report (number in '000):-
- Group revenue decreased by 13.7% to RM68.8 million for the current quarter as compared to RM79.7 million reported in the previous corresponding quarter while pre-tax profit reduced by 7.1% to RM7.9 million for the current quarter from RM8.5 million reported in the previous corresponding quarter. Revenue and profit from the property development division declined as compared to the previous corresponding quarter due to completion and hand over of Pearl Villas in December 2009 while total revenue and profit from construction and project management division also declined as compared to the previous corresponding quarter due to completion of projects

- Group revenue decreased to RM68.8 million for the current quarter as compared to RM86.0 million for the immediate preceding quarter. The decrease was mainly attributed to lower billings from property and construction and project management divisions. The Group recorded a pre-tax profit of RM7.9 million for the current quarter as compared to the pre-tax profit of RM10.6 million for the immediate preceding quarter. The lower pre-tax profit achieved for the current quarter was mainly attributed to lower billings of Amaya Saujana project as it is already at the final stage of completion

- The Group recorded a marginal increase in profit after tax to RM5.5 million for the current quarter as compared to the profit after tax of RM5.3 million for the immediate preceding quarter due to lower tax provision as a result of lower non-tax deductible expenses

- Estimate next 4Q eps after 2011 Q1 result announced = 0.0159*4 = 0.0636, estimate PE on current price 0.795 = 12.5
- Estimate next 4Q eps after 2010 Q4 result announced = 0.0627*0.9 = 0.0564, estimate highest/lowest PE = 15.25/7.54
- Estimate next 4Q eps after 2010 Q3 result announced = 0.06*0.9 = 0.054, estimate highest/lowest PE = 10.09/6.67
- Estimate next 4Q eps after 2010 Q2 result announced = 0.0186*4 = 0.0744, estimate highest/lowest PE = 6.05/4.7
- Estimate next 4Q eps after 2010 Q1 result announced = 0.0184*4 = 0.0736, estimate highest/lowest PE = 6.05/4.76
- Estimate next 4Q eps after 2009 Q4 result announced = 0.005*4 = 0.02, estimate highest/lowest PE = 19.5/17.5
- Estimate next 4Q eps after 2009 Q3 result announced = 0.003*4 = 0.012, estimate highest/lowest PE = 35.83/25
- Estimate next 4Q eps after 2009 Q2 result announced = 0.0067*4 = 0.0268, estimate highest/lowest PE = 14.55/9.7

MALTON latest news (English)

MALTON latest news (Chinese)

KLCI Stock - MALTON / 6181 - 2010 Quarter 4

Market Cap : 348352928*0.445 = 155,017,052.96 (Small)
NTA per share : 439494/348353 = 1.26
P/BV : 0.445/1.26 = 0.3532
Forecast P/E now : 0.445/0.0564 = 7.89
ROE : 4.97% (Low)
DY : Not Applicable
Fixed Asset Turnover(4 year) : (0.4815+0.5168+0.4586+0.6276)/4 = 0.5211 (Low)
Liquidity Ratio : 493121/212743 = 2.3179 (Moderate)
Receivables Collection Period : (69179+138678)/2/(346920/365) = 109 days
My Target Price : Not interested unless assets recovery
My Decision : NOT BUY
My Comment : Property division with higher margin growth, good cash flow, above moderate debt but decreasing, navps increasing, assets decreasing
Technical Support Price : 0.415, 0.35
Risk Rating : HIGH

My notes based on 2010 quarter 4 report (number in '000):

- The Group’s revenue declined by 16.9% for the current financial year as compared to the previous financial year while pre-tax profit improved by 200.0% for the current financial year from the previous corresponding financial year. Revenue from the property development division improved as compared to the previous corresponding year resulting from higher revenue recognition from on-going and new projects launched during the year while total revenue from construction and project management division declined as compared to the previous corresponding year due to completion of sizable external projects in mid 2009. The improved Group’s profit was due to higher contributions from the Group’s property division which has a higher margin as compared to the construction and project management division. Further to the completion of the acquisition of 20% equity interest in Austin Heights Sdn Bhd (“AHSB”) at the end of September 2009, the Group recognized its maiden share of results in AHSB amounting to RM1.6 million in the current financial year

- The Group’s revenue declined by 17.4% for the current quarter as compared to the previous corresponding quarter while the Group achieved a pre-tax profit of RM10.6 million for the current quarter as compared to a pre-tax profit of RM4.0 million reported in the previous corresponding quarter. Revenue from the property development division improved as compared to the previous corresponding quarter resulting from higher revenue recognition from on-going and new projects while total revenue from construction and project management division declined as compared to the previous corresponding quarter due to completion of sizable external projects in mid 2009. The improved Group’s profit was due to higher contributions from the Group’s property division which has a higher margin as compared to the construction and project management division

- The Group’s revenue increased 32.5% for the current quarter as compared to the immediate preceding quarter. The increase was mainly attributed to higher billings from property development division. The Group recorded a 68.3% higher pre-tax profit for the current quarter as compared to the immediate preceding quarter. The improvement in profit was mainly due to profit recognized from on-going projects during the quarter

- The on-going development projects of the Group namely, Amaya Saujana, V Square and The Grove, together with the launching of Amaya Kuala Lumpur and new construction & project management contracts are expected to contribute positively to the earnings of the Group for the financial year ending 30 June 2011

- Estimate next 4Q eps after 2010 Q4 result announced = 0.0627*0.9 = 0.0564, estimate PE on current price 0.445 = 7.89
- Estimate next 4Q eps after 2010 Q3 result announced = 0.06*0.9 = 0.054, estimate highest/lowest PE = 10.09/6.67
- Estimate next 4Q eps after 2010 Q2 result announced = 0.0186*4 = 0.0744, estimate highest/lowest PE = 6.05/4.7
- Estimate next 4Q eps after 2010 Q1 result announced = 0.0184*4 = 0.0736, estimate highest/lowest PE = 6.05/4.76
- Estimate next 4Q eps after 2009 Q4 result announced = 0.005*4 = 0.02, estimate highest/lowest PE = 19.5/17.5
- Estimate next 4Q eps after 2009 Q3 result announced = 0.003*4 = 0.012, estimate highest/lowest PE = 35.83/25
- Estimate next 4Q eps after 2009 Q2 result announced = 0.0067*4 = 0.0268, estimate highest/lowest PE = 14.55/9.7

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