KLCI Stock - MAHSING / 8583 - 2010 Quarter 1

Market Cap : 831568839*1.65 = 1,372,088,584.35 (Moderate)
NTA per share : (869799-2)/693038 = 1.26
P/BV : 1.65/1.26 = 1.31
Forecast P/E now : 1.65/0.065 = 9.86 (Moderate)
ROE : 11.07% (Moderate)
DY : 0.065/1.65*100 = 3.94% (Low)
Fixed Asset Turnover(3 year) : (0.5757+0.5485+0.5342)/3 = 0.5528 (Low)
Liquidity Ratio : 1255431/299253 = 4.1952 (Strong)
Receivables Collection Period : (246282+297554)/2/(789559/365) = 125 days
My Target Price : 1.93+0.065 = 2 (PE 12, EPS 0.1608, DPS 0.065)
My Decision : BUY
My Comment : Revenue and profit increased, bad cash flow, debt decreased, navps decreased
Technical Support Price : 1.47, 1.4
Risk Rating : MODERATE

My notes based on 2010 Quarter 1 report (number in '000):
- The Group's residential and commercial projects contributed to the good results. Main contributors to revenue were Southgate, Hijauan Residence, Kemuning Residence and Aman Perdana in Klang Valley, Residence@Southbay in Penang island as well as Sierra Perdana and Sri Pulai Perdana 2 in Johor Bahru. Apart from property development, the Group's plastics division also contributed positively to the quarter's earnings
- Estimate next 4Q eps after 2010 Q1 result announced = 0.0402*4 = 0.1608, estimate PE on current price 1.65 = 9.86(DPS 0.065)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.0388*4 = 0.1552, estimate highest/lowest PE = 12.6/10.53 (DPS 0.065)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.0373*4 = 0.1492, estimate highest/lowest PE = 12.73/10.72 (DPS 0.08)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.0366*4 = 0.1464, estimate highest/lowest PE = 13.66/11.61 (DPS 0.08)
- Estimate next 4Q eps after 2009 Q1 result announced = 0.036*4 = 0.144, estimate highest/lowest PE = 13.68/11.39 (DPS 0.08)
- Estimate next 4Q eps after 2008 Q4 result announced = 0.0271*4 = 0.1084, estimate highest/lowest PE = 16.33/13.28 (DPS 0.08)

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