KLCI Stock - PELIKAN / 5231 - 2010 Quarter 2

Market Cap : 512796061*1.13 = 579,459,548.93 (Medium)
NTA per share : (814408-102822)/538597 = 1.32
P/BV : 1.13/1.32 = 0.8561
Forecast P/E now : Not Available
ROE : 16.04%
DY : 0.02/1.13*100 = 1.77% (Low)
Fixed Asset Turnover(3 year) : (0.6712+0.7556+0.7823)/3 = 0.7364 (Low)
Liquidity Ratio : 1006425/616678 = 1.632 (Low)
Receivables Collection Period : (413009+356016)/2/(1344506/365) = 104 days (Acceptable)
My Target Price : Not Interested unless economic recover in Europe
My Decision : NOT BUY
My Comment : Revenue and profit increased but still low, strong cash, high debt and still increased, navps decreased, expect continue poor economic in Europe
Technical Support Price : 1.1, 1
Risk Rating : HIGH

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

- The Group’s revenue for the current financial quarter was 43.4% higher compared to the corresponding quarter last year as a result of the full consolidation of the newly acquired Herlitz business. Nevertheless, the strengthening of the Ringgit Malaysia (“RM”) against the Group’s major trade currencies such as Euro and United States Dollar (“USD”) has resulted in lower translation of revenues into the reporting currency. The Euro and USD have weakened by 9.6% and 8.1% respectively compared to the corresponding quarter last year

- In the current quarter, the Group’s revenue increased 80.4% compared to the preceding quarter. The increase is mainly due to the full quarter consolidation of results of the Herlitz group

- Germany’s economy growth of 2.2% for the second quarter and 1% Euro-zone growth

- The Group is stepping up efforts to build its markets outside Europe and also to promote the Herlitz brand

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