KLCI Stock - ASIAPAC / 4057 - 2010 Quarter 4

Market Cap : 975314960*0.08 = 78,025,196.80 (Very Small)
NTA per share : (295800-23942)/975315 = 0.28
P/BV : 0.08/0.28 = 0.2857
Forecast P/E now : 0.08/0.008 = 10 (High)
ROE : 6.84% (Low)
DY : Not applicable
Fixed Asset Turnover(4 year) : (0.1887+0.1443+0.3847+0.4855)/4 = 0.3008 (Low)
Liquidity Ratio : 253081/142278 = 1.7788 (Low)
Receivables Collection Period : (10933+18957)/2/(101643/365) = 53 days (Acceptable)
My Target Price : Not interested unless revenue and profit increase more
My Decision : NOT BUY
My Comment : Revenue low in recent quarter, good profit but is not maintaining, good cash flow, above moderate debt but decreased, navps slowly increasing
Technical Support Price : 0.075
Risk Rating : HIGH

My notes based on 2010 Quarter 4 report (number in '000):
- The Group turnover and pre-tax profit for the year ended 31 March 2010 recorded an increase of 22% and 251% respectively as compared to the preceding year corresponding period
- The increase in turnover and pre-tax profit were mainly due to higher revenue recognised for development activities, revenue from disposal of stock units, write back for impairment of quoted investments of RM3.5 million and write back of allowance of doubtful debts of RM1.1 million
- Higher pre-tax profit in the current quarter compared to the preceding quarter was due to higher profit recognised for development activities and higher write back of impairment losses for quoted investments
- Estimate next 4Q eps after 2010 Q4 result announced = 0.002*4 = 0.008(0.002 is from average lower eps), estimate PE on current price 0.08 = 10
- Estimate next 4Q eps after 2010 Q3 result announced = 0.0141, estimate highest/lowest PE = 7.09/4.96
- Estimate next 4Q eps after 2010 Q2 result announced = 0.018, estimate highest/lowest PE = 6.11/4.72
- Estimate next 4Q eps after 2010 Q1 result announced = 0.0106, estimate highest/lowest PE = 10.85/8.49

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