KLCI Stock - KELADI / 6769 - 2011 Quarter 1

Market Cap : 758310000*0.155 = 117,538,050 (Small)
NTA per share : 180227/758310 = 0.24
P/BV : 0.155/0.24 = 0.6458
Forecast P/E now : (0.0155-0.01)/0.0178 = 8.15 (High)
ROE : 7.22% (High)
DY : 0.01/0.155*100 = 6.45% (Moderate)
Fixed Asset Turnover(3 year) : (0.3049+0.4035+0.3008)/3 = 0.3364 (Low)
Liquidity Ratio : 112515/14878 = 7.5625 (Strong)
Receivables Collection Period : (24577+20646)/2/(60818/365) = 135 days
My Target Price : 0.14+0.01 = 0.15 (PE 8, EPS 0.0178, DPS 0.01)
My Decision : NOT BUY unless price below 0.15
My Comment : Revenue and profit increased but profit still low, good cash flow, low debt, navps increased
Technical Support Price : 0.15, 0.145
Risk Rating : MODERATE

My notes based on 2011 Quarter 1 report (number in '000):
- For the three months ended 30 April 2010, the Group reported 12.66% higher revenue than the preceding year’s corresponding quarter. The profit before tax and minority interest was decrease 6.50% compared to the previous year’s corresponding quarter
- The increase in revenue was mainly due to higher progress revenue recognised for on-going project in current quarter compared to previous year’s corresponding quarter. Whilst, the decreased in profit before tax were mainly due to the sales of completed units which have higher profit margin in previous year’s corresponding quarter
- The profit before tax and minority interests for the quarter reported on was increase 29.92% compared to the preceding quarter ended 31 January 2010. The increased in the profit before tax is due to completion of 3 phases of our on-going projects at Taman Lagenda coupled with reduction in administrative expenses as compared to the immediate preceding quarter
- Estimate next 4Q eps after 2010 Q4 result announced = 0.0178 (based on last year), estimate PE on current price 0.155 = 8.15(DPS 0.01)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.0155 (13% drop from 0.0178), estimate highest/lowest PE = 10/9.03 (DPS 0.01)
- Estimate next 4Q eps after 2010 Q3 result announced = (0.0218+0.0289+0.019)/3 = 0.0232, estimate highest/lowest PE = 6.9/5.6 (DPS 0.015)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.0031*4 = 0.0124, estimate highest/lowest PE = 12.5/10.48 (DPS 0.015)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.0042*4 = 0.0168, estimate highest/lowest PE = 9.52/7.74 (DPS 0.015)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.0031*4 = 0.0124, estimate highest/lowest PE = 14.11/8.06 (DPS 0.015)

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