KLCI Stock - GAMUDA / 5398 - 2010 Quarter 3

Market Cap : 2018792220*3.21 = 6,480,323,026.20 (Large)
NTA per share : 3274486/2023746 = 1.62
P/BV : 3.21/1.62 = 1.9815
Forecast P/E now : (3.21-0.12)/0.1444 = 21.4 (High)
ROE : 7.48% (Low)
DY : 0.12/3.21*100 = 3.74% (Low)
Fixed Asset Turnover(3 year) : (0.4395+0.4732+0.402)/3 = 0.4382 (Low)
Liquidity Ratio : 3606560/1461276 = 2.4681 (Moderate)
Receivables Collection Period : (1086303+969409)/2/(9682605/365) = 38 days (Acceptable)
My Target Price : Not interested unless eps increase more
My Decision : NOT BUY
My Comment : Revenue and profit QbQ increasing, bad cash flow, above moderate debt and slightly decreased, navps increasing
Technical Support Price : 2.7
Risk Rating : MODERATE
OSK Target Price : 2.75 (21 April 10)

My notes based on 2010 Quarter 3 report (number in '000):
- The increases in profit before tax for the current quarter and current year to-date are due to higher contributions from all divisions
- Estimate next 4Q eps after 2010 Q3 result announced = 0.0361*4 = 0.1444, estimate PE on current price 3.21 = 21.4(DPS 0.12)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.0336*4 = 0.1344, estimate highest/lowest PE = 23.14/19.2 (DPS 0.12)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.0311*4 = 0.1244, estimate highest/lowest PE = 22.83/19.77 (DPS 0.12)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.0215*4 = 0.086, estimate highest/lowest PE = 38.02/30.81 (DPS 0.08)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.0231*4 = 0.0924, estimate highest/lowest PE = 36.36/27.81 (DPS 0.08)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.0244*4 = 0.0976, estimate highest/lowest PE = 28.59/19.26 (DPS 0.08)

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