KLCI Stock - ICAP / 5108 - 2010 Quarter 4

Par Value: 1.00
Market Cap : 140000000*1.82 = 254,800,000 (Small)
NTA per share : 235071/140000 = 1.68
P/BV : 1.82/1.68 = 1.0833
Forecast P/E now : Not applicable
ROE : 15.52% (Moderate)
DY : Not applicable
Fixed Asset Turnover(3 year) : Not applicable
Liquidity Ratio : 2088677/1542907 = Not applicable
Receivables Collection Period : Not applicable
My Target Price : 1.68+0.4 = 2.08
My Decision : BUY
My Comment : NAV increasing
Technical Support Price : 1.68
Risk Rating : HIGH

My notes based on 2010 Quarter 4 report (number in '000):
- As the company is a closed-end fund, a better indication of its performance would be the movement of its NAV. The NAV per share as at 31 May 2010 was RM2.1, compared with NAV per share of RM1.77 as at 31 May 2009
- The company recorded a higher profit as compared to preceding quarter mainly due to the sales of its holdings in Astro All Asia Network Ptc, Kuala Lumpur Kepong Berhad, Lion Diversified Holdings Bhd, Poh Kong Holdings Berhad and Swee Joo Berhad as well as substantial holdings in Hai-O Enterprise Berhad. The costs of purchasing these disposed shares were RM48.98 million and the sales proceeds were RM79.801 million, resulting in a net gain of RM30.821 million

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