KLCI Stock - PLUS / 5052 - 2010 Quarter 2

Market Cap : 5000000000*4.06 = 20,300,000,000 (Very Large)
NTA per share : (5877550-3956)/5000000 = 1.17
P/BV : 4.06/1.17 = 3.4701
Forecast P/E now : (4.06-0.175)/0.2739 = 14.18 (Moderate)
ROE : 20.98% (Moderate)
DY : 0.175/4.06*100 = 4.31% (Moderate)
Fixed Asset Turnover(3 year) : (0.1795+0.1672+0.1572)/3 = 0.168 (Low)
Liquidity Ratio : 3312316/882096 = 3.755 (High)
Receivables Collection Period : (106745+34690)/2/(3341957/365) = 7 days (Good)
My Target Price : 4.11+0.18 = 4.29 (PE 15, EPS 0.2739, DPS 0.175)
My Decision : NOT BUY unless price below 3.8
My Comment : Revenue and profit increasing when compare to previous year corresponding period, good cash flow, high debt and increasing, navps slightly decreasing
Technical Support Price : 3.7
Risk Rating : LOW
OSK Target Price : 4.57 (20 Aug 10)

My notes based on 2010 quarter 2 report (number in '000):-
- The Group's toll collection for the second quarter 2010 was higher by 12.0% as compared to the second quarter 2009. The increase was mainly due to increase in PLUS‟s toll collection. For the half year ended 30 June 2010, the Group's toll collection was 11.2% higher than the preceding year corresponding period. The increase was mainly attributed by higher toll collection by PLUS driven by traffic growth of 9.8%
- The Group's total revenue and profit before tax also recorded similar growth trend. Total revenue for the current quarter was 11.3% higher than the preceding year corresponding quarter. The growth was primarily attributable to higher toll collection and higher toll compensation in line with higher traffic volume. For the half year ended 30 June 2010, total revenue was 10.8% higher than the first half 2009. The increase was mainly due to higher toll collection and higher toll compensation
- Profit before income tax for the current quarter was 12.4% higher than the preceding year corresponding quarter, primarily attributable to higher toll revenue, mitigated by higher finance costs as well as amortisation and depreciation charges. For the half year ended 30 June 2010, profit before income tax was higher by 12.5% as compared to the first half 2009. This was mainly due to higher revenue mitigated by higher operating expenditure and finance costs
- Toll collection for the current quarter was higher by 6.3% as compared to the immediate preceding quarter. This was mainly due to higher traffic volume growth for PLUS of 10.5% in the current quarter
- Total revenue for the current quarter was 5.7% higher than immediate preceding quarter, mainly due to higher toll collection and higher toll compensation in line with the traffic growth
- Profit before income tax for the current quarter was 6.3% higher than the immediate preceding quarter,mainly due to higher revenue mitigated by higher operating expenditure
- Estimate next 4Q eps after 2010 Q2 result announced = 0.249*1.1 = 0.2739, estimate PE on current price 4.06 = 14.18(DPS 0.175)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.2414*1.1 = 0.2655, estimate PE on current price 3.6 = 14.56/11.43 (DPS 0.165)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.2373*1.1 = 0.261, estimate highest/lowest PE = 12.82/11.74 (DPS 0.165)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.2335*1.1 = 0.2569, estimate highest/lowest PE = 12.85/11.79 (DPS 0.16)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.2196*1.1 = 0.2416, estimate highest/lowest PE = 13.37/12.79 (DPS 0.16)

PLUS latest news (English)