KLCI Stock - KURASIA / 5097 - 2010 Quarter 2

Market Cap : 1500000000*0.41 = 615,000,000 (Medium)
NTA per share : (338602-4899)/1488423 = 0.22
P/BV : 0.41/0.22 = 1.8636
Forecast P/E now : 0.41/0.0364 = 11.26
ROE : 26.37%
DY : Not applicable
Fixed Asset Turnover(3 year) : Not applicable
Liquidity Ratio : Not applicable
Receivables Collection Period : Not applicable
My Target Price : Not interested unless profit increase more or break resistance 0.5
My Decision : NOT BUY
My Comment : Revenue recovering but profit still low, good cash flow, navps increasing, non-motor segment growing
Technical Support Price : Not applicable
Risk Rating : HIGH
OSK Target Price : 0.92 (09 Aug 10)

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

- The Group recorded improvement in the gross premium year-on-year, driven by strong growth in the non-motor segment. In this respect, KIMB’s non-motor segment had recorded a healthy growth of 23.0% year-on-year

- The Group recorded a 19.6% lower in pre-tax profit for the first 6 months of FYE 2010 compared with last year

- As at 30th June 2010, the net asset value of the Group improved to RM338.607 million (31st December 2009 restated: RM308.582 million)

- The Group recorded a 82.9% lower pre-tax profit during the quarter. Net investment income was also lower than the previous quarter’s result mainly due to flattish performance of the KLCI during the quarter

- Estimate next 4Q eps after 2010 Q2 result announced = 0.0182*2 = 0.0364, estimate PE on current price 0.41 = 11.26
- Estimate next 4Q eps after 2010 Q1 result announced = 0.0233*2 = 0.0466, estimate highest/lowest PE = 12.23/9.33
- Estimate next 4Q eps after 2009 Q6 result announced = 0.0753, estimate highest/lowest PE = 8.9/6.71
- Estimate next 4Q eps after 2009 Q5 result announced = 0.0216*4 = 0.0864, estimate highest/lowest PE = 9.32/7.29
- Estimate next 4Q eps after 2009 Q4 result announced = 0.0287*4 = 0.1148, estimate highest/lowest PE = 6.88/4.53
- Estimate next 4Q eps after 2009 Q3 result announced = 0.0177*4 = 0.0708, estimate highest/lowest PE = 8.4/4.87

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