KLCI Stock - YTL / 4677 - 2010 Quarter 3

Market Cap : 1900297238*7.55 = 14,347,244,146.90 (Very Large)
NTA per share : (10140431-4000546)/1811437 = 3.39
P/BV : 7.55/3.39 = 2.2271
Forecast P/E now : (7.55-0.075)/0.4712 = 15.86 (High)
ROE : 7.46% (Low)
DY : 0.075/7.55*100 = 0.99% (Low)
Fixed Asset Turnover(3 year) : (0.3361+0.1586+0.1818)/3 = 0.2255 (Low)
Liquidity Ratio : 16772109/7934013 = 2.114 (Moderate)
Receivables Collection Period : (3544508+3171923)/2/(15383873/365) = 79 days (Acceptable)
My Target Price : Not interested unless revenue and profit increase more
My Decision : NOT BUY
My Comment : Revenue and profit decreased, normal cash flow, high debt and slightly decreased, navps increasing
Technical Support Price : 7.3
Risk Rating : MODERATE

My notes based on 2010 Quarter 3 report (number in '000):
- The Group recorded a 97.9% increase of revenue for the current financial quarter as compared to the preceding year corresponding quarter. The increase in revenue was mainly due to the consolidation of PowerSeraya Limited Group in Singapore by YTL Power
- Profit before taxation for the current quarter increased 84.7% when compared to the preceding year corresponding quarter
- The Group profit before taxation increased by 35.6% when compared to the preceding quarter. The increase in profit before taxation was substantially due to better performance of the utilities and cement division
- Estimate next 4Q eps after 2010 Q3 result announced = 0.1178*4 = 0.4712, estimate PE on current price 7.55 = 15.86(DPS 0.075)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.1178*4 = 0.4712, estimate highest/lowest PE = 16.16/14.44 (DPS 0.075)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.1162*4 = 0.4648, estimate highest/lowest PE = 16.13/15.01 (DPS 0.075)

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