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)