KLCI Stock - 3A / 0012 - 2010 Quarter 1

Market Cap : 369600019*1.66 = 613,536,031.54 (Small)
NTA per share : 142192/369600 = 0.38
P/BV : 1.66/0.38 = 4.3684 (High)
Forecast P/E now : (1.66-0.016)/0.076 = 21.63 (High)
ROE : 14.7% (Moderate)
DY : 0.016/1.66*100 = 0.96% (Low)
Fixed Asset Turnover(4 year) : (1.021+1.1543+0.8938+0.9443)/4 = 1.0034 (Moderate)
Liquidity Ratio : 115644/34653 = 3.3372 (High)
Receivables Collection Period : (56497+32860)/2/(206834/365) = 78 days (Acceptable)
My Target Price : 0.91+0.02 = 0.93 (EPS 0.076, PE 12, DPS 0.02)
My Decision : NOT BUY (unless price below 1)
My Comment : Revenue and profit increased but no surprise, negative net cash flow, moderate debt, navps decreased
Technical Support Price : 1.5, 1.2
Risk Rating : HIGH

My notes based on 2010 Q1 report (number in '000):
- There is an increase of 85.4% in the turnover of the Group for the current quarter as compared to the corresponding quarter in the preceding year mainly due to better demand for the Group's products
- The Group's profit before taxation also increase significantly or 154.9% higher than preceding year corresponding quarter as a result of higher turnover and improvement in efficiency
- The Group's turnover in the current quarter is 11.1% higher than immediate preceding quarter. Meanwhile, the profit before taxation for the current quarter is also higher by 13.6% than that recorded in the immediate preceding quarter. The reason is due to improvement in efficiency for the quarter
- Estimate next 4Q eps after 2010 Q1 result announced = 0.076, estimate PE on current price 1.66 = 21.63 (DPS 0.016)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.076 (~30% EPS grow), estimate highest/lowest PE = 30.05/20.32 (DPS 0.016)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.0191*4 = 0.0764, estimate highest/lowest PE = 30.68/15.63 (DPS 0.016)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.0178*4 = 0.0712, estimate highest/lowest PE = 23.74/7.09 (DPS 0.01)
- Estimate next 4Q eps after 2009 Q1 result announced = 0.0069*4 = 0.0276, estimate highest/lowest PE = 21.56/11.96 (DPS 0.01)
- Estimate next 4Q eps after 2008 Q4 result announced = 0.0079*4 = 0.0316, estimate highest/lowest PE = 11.55/9.34 (DPS 0.01)

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