KLCI Stock - HARTA / 5168 - 2010 Quarter 4

Market Cap : 242312000*7.89 = 1,911,841,680 (Medium)
NTA per share : 354269/242312 = 1.46
P/BV : 7.89/1.46 = 5.4
Forecast P/E now : (7.89-0.19)/0.766 = 10.05 (Moderate)
ROE : 40.36% (High)
DY : 0.19/7.89*100 = 2.41% (Low)
Fixed Asset Turnover(3 year) : (1.2002+1.1824+0.9561)/3 = 1.1129 (High)
Liquidity Ratio : 183547/66444 = 2.7624 (High)
Receivables Collection Period : (80689+65503)/2/(571892/365) = 46 days (Good)
My Target Price : 9.19+0.19 = 9.38 (PE 12, EPS 0.766, DPS 0.036)
My Decision : BUY
My Comment : Revenue growing, better margin, good cash flow, low debt, navps increasing
Technical Support Price : 7.5, 7.2
Risk Rating : MODERATE
OSK Target Price : 9.89 (11 May 10)

My notes based on 2010 Q4 report (number in '000):
- Quarter to quarter, the Group’s sales revenue increased by 30.9% and profit before tax increased by 66.3%. The significant achievement in revenue and profit before tax is in line with the Group’s continuous expansion in production capacity, increase in demand, improvement in production processes and better cost control
- In the current quarter, the Group's revenue was 10.0% higher and the profit before tax was 19.1% higher when compared to the preceding quarter. The increase in profit before tax is due to increase in demand, effective cost control and increase in average selling price of both nitrile and latex gloves