KLCI Stock - KNM / 7164 - 2010 Quarter 1

Market Cap : 4004370375*0.495 = 1,982,163,335.63 (Moderate)
NTA per share : (1799604-692901-856974)/3946288 = 0.06
P/BV : 0.495/0.06 = 8.25 (High)
Forecast P/E now : Not Available
ROE : 5.29% (Moderate)
DY : Not Available
Fixed Asset Turnover(4 year) : (0.4408+0.6178+1.1008+0.9022)/4 = 0.7654 (Low)
Liquidity Ratio : 1307916/1083715 = 1.2069 (Low)
Receivables Collection Period : (328994+679588)/2/(18064528/365) = 10 days (Good)
My Target Price : Not interested
My Decision : NOT BUY
My Comment : Revenue dropping, negative net cash flow, high debt, navps decreased
Technical Support Price : 0.48
Risk Rating : HIGH

My notes based on 2010 Q1 report (number in '000):
- Compare to the previous year, the lower performance in this period was resulted from lower utilization of capacity
- The Group’s revenue is lower by 10.38% compared to fourth quarter’s revenue. Meanwhile, this quarter reported profit before taxation and minority interest is recorded better at RM0.25 million as compared to fourth quarter loss before taxation and minority interest of RM80.9 million. The difference in the profitability was due to one off foreseeable losses provision in the previous quarter
- No estimate for next 4Q eps after 2010 Q1 result announced
- No estimate for next 4Q eps after 2009 Q4 result announced
- Estimate next 4Q eps after 2009 Q3 result announced = 0.0081*4 = 0.0324, estimate highest/lowest PE = 11.67/9.39 (DPS 0.015)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.0181*4 = 0.0724, estimate highest/lowest PE = 11.67/9.39 (DPS 0.015)
- Estimate next 4Q eps after 2009 Q1 result announced = 0.0250*4 = 0.1, estimate highest/lowest PE = 10.45/7
- Estimate next 4Q eps after 2008 Q4 result announced = 0.0214*4 = 0.0856, estimate highest/lowest PE = 9.7/3.56 (DPS 0.015)

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