KLCI Stock - MAS / 3786 - 2010 Quarter 1

Market Cap : 3342156240*2.08 = 6,951,684,979.20 (Large)
NTA per share : (3651306-126983)/3342156 = 1.05
P/BV : 2.08/1.05 = 1.981
Forecast P/E now : Not interested
ROE : Not applicable
DY : Not applicable
Fixed Asset Turnover(3 year) : (0.9617+1.5395+1.4772)/3 = 1.3261 (Low)
Liquidity Ratio : 5135456/5111780 = 1.0046 (Low)
Receivables Collection Period : (1518475+1661552)/2/(11534885/365) = 50 days (Acceptable)
My Target Price : Not interested unless revenue is more than operating expenses
My Decision : NOT BUY
My Comment : Revenue remain low, profit still not stable, positive cash flow is depend on CFF, still high debt but decreased a lot from preceding quarter, navps increasing
Technical Support Price : 1.8
Risk Rating : HIGH
OSK Target Price : 1.5(18 May 10)

My notes based on 2010 quarter 1 report (number in '000):-
- The Group recorded an operating profit of RM289.5 million for the first quarter ended 31 March 2010 (Quarter ended 31 March 2009: RM141.1 million loss) mainly due to the increase in other operating income as a result of A380 compensation as well as improvement in passenger and cargo traffic demand
- The Group recorded a profit after tax of RM310.6 million (Quarter ended 31 March 2009: RM698.0 million loss after tax) after including derivative gain of RM56.7 million (Quarter ended 31 March 2009: RM557.0 million derivative loss)
- The Group recorded operating profit for the quarter of RM289.5 million compared to profit of RM3.8 million in previous quarter mainly due to the increase in other operating income as a result of A380 compensation. The Group also recorded a profit after tax for the quarter of RM310.6 million as compared to profit after tax of RM610.6 million in previous quarter after including derivative gain of RM56.7 million
- No estimate next 4Q eps after 2010 Q1 result announced

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