KLCI Stock - MUHIBAH / 5703 - 2010 Quarter 1

Market Cap : 397681250*0.895 = 355,924,718.75 (Small)
NTA per share : (327731-21600)/392768 = 0.78
P/BV : 0.895/0.78 = 1.1474
Forecast P/E now : 0.895/0.054 = 16.57 (High)
ROE : 1.76% (Low)
DY : Not Applicable
Fixed Asset Turnover(3 year) : (0.9081+0.7436+0.782)/3 = 0.8112 (Moderate)
Liquidity Ratio : 1738205/1818375 = 0.9559 (Weak)
Receivables Collection Period : (1049304+825587)/2/(2216094/365) = 154 days (Bad)
My Target Price : Not interested unless revenue increase
My Decision : NOT BUY
My Comment : Revenue decreased, profit recovering but still low, bad cash flow, high debt and increasing, navps increased
Technical Support Price : 0.84
Risk Rating : HIGH

My notes based on 2010 Q1 report (number in '000):
- The Group registered a 8% higher consolidated revenue for the quarter ended 31 March 2010 compared to the previous corresponding quarter. The increase is attributed to higher turnover from the Infrastructure Construction and Shipyard Division arising from the ongoing projects and order books in hand
- The Group reported a 62.55% lower consolidated profit before tax for the current quarter ended 31 March 2010 as compared to the consolidated profit before tax in last year due to lower profit from Infrastructure Construction Division
- The Group recorded a 39.56% lowe consolidated revenue for the quarter under review as compared to the consolidated revenue in the last quarter. The decrease was mainly attributed by lower turnover from the Infrastructure Construction and Cranes Divisions
- The Group achieved profit after tax of RM6.7 million for the current quarter as compared to RM1.2 million in the previous quarter mainly due to improvement in the Infrastructure Construction Division. The shipyard Division contributed the highest profit after tax to the Group
- Estimate next 4Q eps after 2010 Q1 result announced = 0.0135*4 = 0.054, estimate PE on current price 0.895 = 16.57
- No estimate for 2009 Q4 result
- No estimate for 2009 Q3 result
- Estimate next 4Q eps after 2009 Q2 result announced = 0.0362*4 = 0.1448, estimate highest/lowest PE = 9.29/6.94 (DPS 0.025)
- Estimate next 4Q eps after 2008 Q4 result announced = 0.039*4 = 0.156, estimate highest/lowest PE = 8.17/4.04 (DPS 0.025)

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