KLCI Stock - ASIABIO / 0150 - 2011 Quarter 2

Market Cap : 275000000*0.08 = 22,000,000 (Very Small)
NTA per share : (34490-3549)/252948 = 0.12
P/BV : 0.08/0.12 = 0.6667
Forecast P/E now : 0.08/0.006 = 13.33 (High)
ROE : 3.24% (Low)
DY : Not applicable
Fixed Asset Turnover(2 year) : (0.197+0.0456)/2 = 0.1213 (Low)
Liquidity Ratio : 6407/178 = 35.99 (Very Strong)
Receivables Collection Period : (251+1380)/2/(7069/365) = 42 days (Acceptable)
My Target Price : Not interested unless revenue and profit more stable
My Decision : NOT BUY
My Comment : Revenue and profit very low, very low debt, navps slightly increasing, equity increasing in quicker rate
Technical Support Price : 0.065
Risk Rating : HIGH

My notes based on 2011 quarter 2 report (number in '000):-

- The ABT Group achieved a consolidated profit after taxation of approximately RM1.07 million on the back of a consolidated revenue of RM4.66 million due mainly to dividend from its incubatees. As the Group is involved in incubation activities especially on high technology areas, it hold investments particularly in start-ups. In view thereof, its performance is subjected to various volatilities

- Revenue for the current quarter and profit before taxation was lower mainly due to dividend income received from its investees in preceeding quarter

- Estimate next 4Q eps after 2011 Q2 result announced = 0.0042, estimate PE on current price 0.08 = 19.05
- Estimate next 4Q eps after 2011 Q1 result announced = 0.0036+0.0006(average of eps per quarter in year 2009)*4 = 0.006, estimate highest/lowest PE = 14.17/10.08

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