KLCI Stock - IRCB / 2127 - 2011 Quarter 1

Market Cap : 236810480*0.595 = 140,902,235.60 (Small)
NTA per share : (70783-33728)/236810 = 0.16
P/BV : 0.595/0.16 = 3.7188
Forecast P/E now : 0.595/0.0079 = 75.32 (Very high)
ROE : 7.9% (Low)
DY : Not applicable
Fixed Asset Turnover(3 year) : (0.9617+0.8676+0.6889)/3 = 0.8394 (Moderate)
Liquidity Ratio : 70169/80413 = 0.8726 (Weak)
Receivables Collection Period : (24719+18514)/2/(162098/365) = 48 days (Acceptable)
My Target Price : Not interested unless profit increase more
My Decision : NOT BUY
My Comment : Revenue increasing but profit still remain low, bad cash flow, high debt but decreased, navps same as preceding quarter
Technical Support Price : 0.54
Risk Rating : HIGH

My notes based on 2011 Quarter 1 report (number in '000):
- The profit before taxation lower than preceding year corresponding quarter mainly due to the gain on disposal of fixed assets in preceding year
- Estimate next 4Q eps after 2011 Q1 result announced = 0.0079(remain recent last 4Q cumulative eps), estimate PE on current price 0.595 = 75.32
- Estimate next 4Q eps after 2010 Q4 result announced = 0.0022*4 = 0.0088, estimate highest/lowest PE = 128.41/67.61

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