KLCI Stock - WCT / 9679 - 2010 Quarter 2

Market Cap : 783493970*2.82 = 2,209,452,995.40 (Large)
NTA per share : 1236476/793927 = 1.56
P/BV : 2.82/1.56 = 1.8077
Forecast P/E now : (2.82-0.1)/0.1873 = 14.52 (Moderate)
ROE : 9.11% (Low)
DY : 0.1/2.82*100 = 3.55% (Low)
Fixed Asset Turnover(3 year) : (0.8051+0.8561+0.8809)/3 = 0.8474 (Moderate)
Liquidity Ratio : 2303491/1896881 = 1.2144 (Low)
Receivables Collection Period : (1174183+1873761)/2/(3433377/365) = 162 days
My Target Price : 3+0.1 = 3.1 (PE 16, EPS 0.1873, DPS 0.1)
My Decision : BUY
My Comment : Revenue and PBT increased from preceding quarter, good cash flow, high debt and increased, navps increased, more job to be secure
Technical Support Price : 2.8
Risk Rating : MODERATE
OSK Target Price : 2.89 (20 Aug 10)

My notes based on 2010 quarter 2 report (number in '000):-

- The Group recorded 56.4% and 22.5% decrease of revenue and PBT respectively as compared to the preceding year corresponding quarter

- The Group recorded 28.4% and 6.9% increase of revenue and PBT respectively as compared to the preceding quarter

- Estimate next 4Q eps after 2010 Q2 result announced = 0.1703*1.1 = 0.1873, estimate PE on current price 2.82 = 14.52(DPS 0.1)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.0441*4*0.9 = 0.1588, estimate highest/lowest PE = 17.51/14.67 (DPS 0.1)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.16, estimate highest/lowest PE = 18.88/15.13 (DPS 0.1)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.16, estimate highest/lowest PE = 16.94/13.75 (DPS 0.1)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.0535*4 = 0.214, estimate highest/lowest PE = 12.85/11.07 (DPS 0.1)
- Estimate next 4Q eps after 2009 Q1 result announced = 0.05*4 = 0.2, estimate highest/lowest PE = 13.83/8.48 (DPS 0.095, economy crisis)

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