KLCI Stock - MRCB / 1651 - 2010 Quarter 1

Market Cap : 1370380049*1.43 = 1,959,643,470.07 (Large)
NTA per share : 1189937/1063228 = 1.12
P/BV : 1.43/1.12 = 1.2768
Forecast P/E now : (1.43-0.01)/0.0471 = 30.15 (High)
ROE : 5.81% (Low)
DY : 0.01/1.43*100 = 0.7% (Low)
Fixed Asset Turnover(3 year) : (0.2659+0.2707+0.3126)/3 = 0.2831 (Low)
Liquidity Ratio : 2313089/696014 = 3.3233 (High)
Receivables Collection Period : (845277+461033)/2/(958698/365) = 248 days (Bad)
My Target Price : Not interested
My Decision : NOT BUY
My Comment : Revenue and profit still low, cash flow recovered, high debt, navps increasing
Technical Support Price : -
Risk Rating : HIGH

My notes based on 2010 Quarter 1 report (number in '000):
- The Group recorded higher revenue as compared to correspondng quarter, mainly due to all of the Group's business segments contributed from the increased activities of its ongoing projects
- As compared to preceding quarter, the Group recorded higher profit for the current quarter was mainly contributed by improved operational margins from higher revenue recognized on the Group’s on-going property development and construction activities
- Estimate next 4Q eps after 2010 Q1 result announced = 0.0471 (0.038+0.0093-0.0002), estimate PE on current price 1.43 = 30.15(DPS 0.01)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.0136*4 = 0.0544, estimate highest/lowest PE = 31.43/25 (DPS 0.01)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.011*4 = 0.044, estimate highest/lowest PE = 40.91/28.64

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