KLCI Stock - BPURI / 5932 - 2010 Quarter 1

Market Cap : 104977000*1.06 = 111,275,620 (Small)
NTA : 99892/104266 = 0.958
P/BV : 1.06/0.958 = 1.1065
Forecast P/E now : (1.06-0.04)/0.0828 = 12.32 (High)
ROE : 6.12% (Low)
DY : 0.04/1.06*100 = 3.77% (Low)
Fixed Asset Turnover(3 year) : (1.3682+1.4152+1.4085)/3 = 1.3973 (High)
Liquidity Ratio : 574386/569489 = 1.0086 (Low)
Receivables Collection Period : (376559+221818)/2/(943613/365) = 115 days
My Target Price : 0.66+0.04 = 0.7 (EPS 0.0828, PE 8, DPS 0.04)
My Decision : NOT BUY
My Comment : Revenue increasing but profit lower down, bad cash flow, high debt, navps decreased
Technical Support Price : 1
Risk Rating : HIGH

My notes based on 2010 Quarter 1 report (number in '000):-
- The construction division recorded a revenue of RM279.3 million and profit before tax of RM2.4 million as compared to the previous corresponding period of RM110.0 million and RM0.2 million respectively. The improved performance of this division was mainly attributable to progressive profit recognised from the projects in progress
- The quarry and ready mix concrete division recorded a revenue of RM19.6 million and profit before tax of RM0.5 million as compared to the previous corresponding period of RM15.5 million and RM0.7 million respectively. The performance of this division remains satisfactory
- The polyol division recorded a revenue of RM2.8 million and incurred a loss of RM103,000 as compared to the previous corresponding period of RM3.8 million and RM45,000 respectively. The performance of the division was affected by lack of export market due to the global economic slowdown
- Higher other operating income such as insurance claim and gain on disposal of assets received in the 4th of 2009 contributed to the higher profit achieved in preceding quarter
- Estimate next 4Q eps after 2010 Q1 result announced = 0.0828(10% grow from 0.0753, added adjustment from last quarter estimated), estimate PE on current price 1.2 = 14.85(DPS 0.04)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.0781(10% grow from 0.071), estimate highest/lowest PE = 16.26/9.8 (DPS 0.04)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.078, estimate highest/lowest PE = 10.9/8.91 (DPS 0.04)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.06, estimate highest/lowest PE = 15.17/11.08 (DPS 0.04)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.0484, estimate highest/lowest PE = 18.39/15.08 (DPS 0.04)
- Estimate next 4Q eps after 2009 Q1 result announced = 0.0465, estimate highest/lowest PE = 19.78/14.19 (DPS 0.04)

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