KLCI Stock - MUDAJYA / 5085 - 2010 Quarter 2

Market Cap : 411238500*4.35 = 1,788,887,475 (Large)
NTA per share : 637883/409531 = 1.56
P/BV : 4.35/1.56 = 2.7885
Forecast P/E now : (4.35-0.045)/0.4446 = 9.68 (Moderate)
ROE : 33.81% (High)
DY : 0.045/4.35*100 = 1.03% (Low)
Fixed Asset Turnover(3 year) : (0.8797+1.0326+0.8997)/3 = 0.9373 (Moderate)
Liquidity Ratio : 682474/271307 = 2.5155 (Moderate)
Receivables Collection Period : (359422+156244)/2/(859852/365) = 109 days (Slightly long)
My Target Price : Not interested unless receivables problem solve
My Decision : NOT BUY
My Comment : Revenue dropped but profit still high, below moderate debt, navps increasing, shortlisted for the LRT extension project, more opportunity from power plant project in India, receivables largely increased and affected cash flow, possible facing receivables problem
Technical Support Price : 4
Risk Rating : HIGH
OSK Target Price : 7.22 (26 Aug 10)

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

- The growth in revenue and profit before taxation of 45.4% and 166.7% respectively were mainly attributable to the increased level of activities during the current quarter as compared to the previous corresponding quarter

- Both revenue and profit before taxation decreased by 12.8% and 4.9% during the current quarter as compared to the preceding quarter

- Estimate next 4Q eps after 2010 Q2 result announced = 0.1235*0.9*4 = 0.4446(based on preceding quarter eps to minus 10% adjustment due to revenue dropped 12%), estimate PE on current price 4.35 = 9.68(DPS 0.045)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.1235*4 = 0.494, estimate highest/lowest PE = 12.27/7.51 (DPS 0.04)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.1102*4 = 0.4408, estimate highest/lowest PE = 12.51/10.81 (DPS 0.036)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.0948*4 = 0.3792, estimate highest/lowest PE = 13.76/10.68 (DPS 0.031)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.0711*4 = 0.2844, estimate highest/lowest PE = 14.31/11.25 (DPS 0.031)
- Estimate next 4Q eps after 2009 Q1 result announced = 0.0377*4 = 0.1508, estimate highest/lowest PE = 24.6/9.08 (DPS 0.031)
- Estimate next 4Q eps after 2008 Q4 result announced = 0.0278*4 = 0.1112, estimate highest/lowest PE = 13.98/9.58 (DPS 0.045)

MUDAJYA latest news (English)