KLCI Stock - YTL / 4677 - 2010 Quarter 4

Market Cap : 1900642238*7.79 = 14,806,244,003.02 (Very Large)
NTA per share : (9812031-4308689)/1809336 = 3.04
P/BV : 7.79/3.04 = 2.5625
Forecast P/E now : (7.79-0.1)/0.5345 = 14.39 (High)
ROE : 7.63% (Low)
DY : 0.1/7.79*100 = 1.3837% (Low)
Fixed Asset Turnover(4 year) : (0.3545+0.1958+0.1703+0.1774)/4 = 0.2245 (Low)
Liquidity Ratio : 17088192/8327576 = 2.052 (Moderate)
Receivables Collection Period : (4063995+3648648)/2/(16408417/365) = 85 days (Acceptable)
My Target Price : 8.02+0.1 = 8.12 (PE 15, EPS 0.5345, DPS 0.1)
My Decision : BUY
My Comment : Revenue increasing, expect profit going to increase also, good cash flow, strong cash, high debt but slightly decreasing, navps decreased, launching 4G, year 2011 launch wireless hybrid TV
Technical Support Price : 7.45
Risk Rating : LOW

My notes based on 2010 quarter 4 report (number in '000):

- The Group recorded an increase of 30.4% revenue for the current financial quarter compared to the preceding corresponding quarter ended 30 June 2009. PBT for the current financial quarter decreased 12.7% when compared to the preceding year corresponding quarter ended 30 June 2009. The increase in revenue was mainly due to the consolidation of YTL Power's wholly owned subsidiary, PowerSeraya Limited and its subsidiaries

- For the current financial quarter, Group pbt decreased by 14.5% when compared to the preceding quarter ended 31 March 2010. The decrease in pbt was substantially due to an increase in other operating expenses

- Estimate next 4Q eps after 2010 Q4 result announced = 0.1162*1.15*4 = 0.5345, estimate PE on current price 7.79 = 14.39(DPS 0.1)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.1178*4 = 0.4712, estimate highest/lowest PE = 15.93/14.85 (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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