KLCI Stock - NAIM / 5073 - 2010 Quarter 1

Market Cap : 250000000*2.75 = 687,500,000 (Small)
NTA per share : 664259/236944 = 2.8
P/BV : 2.75/2.8 = 0.9821
Forecast P/E now : (2.75-0.08)/0.2988 = 8.94 (High)
ROE : 11.18% (Moderate)
DY : 0.08/2.75*100 = 2.91% (Low)
Fixed Asset Turnover(3 year) : (0.509+0.5403+0.6176)/3 = 0.5666 (Low)
Liquidity Ratio : 686447/344813 = 1.9908 (Low)
Receivables Collection Period : (257108+272869)/2/(555070/365) = 174 days (Bad)
My Target Price : 2.69+0.08 = 2.77 (PE 9, EPS 0.2988, DPS 0.08)
My Decision : NOT BUY (unless price below 2.5)
My Comment : Revenue growing but profit decreasing, good cash flow, moderate debt, navps increasing
Technical Support Price : 2.7, 2.4
Risk Rating : MODERATE
OSK Target Price : 3.52 (26 May 10)

My notes based on 2010 Q1 report (number in '000):
- Its associate, Dayang Enterprise Holdings Berhad continues to contribute positively to the earnings of the Group for the period
- Estimate next 4Q eps after 2010 Q1 result announced = 0.2988 (10% drop from 0.332, due to profit decreasing), estimate PE on current price 2.75 = 8.94(DPS 0.08)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.0793*4 = 0.3172, estimate highest/lowest PE = 11.41/8.89 (DPS 0.08)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.0902*4 = 0.3608, estimate highest/lowest PE = 9.87/6.59 (DPS 0.08)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.0955*4 = 0.382, estimate highest/lowest PE = 8.04/6.73 (DPS 0.08)
- Estimate next 4Q eps after 2009 Q1 result announced = 0.0668*4 = 0.2672, estimate highest/lowest PE = 10.18/6.4 (DPS 0.13)
- Estimate next 4Q eps after 2008 Q4 result announced = 0.1118*4 = 0.4472, estimate highest/lowest PE = 4.07/2.17 (DPS 0.13)

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