KLCI Stock - KAF / 5096 - 2011 Quarter 1

Par Value: 1.00
Market Cap : 120000000*1.47 = 176,400,000 (Small)
NTA per share : (226438-7500)/120000 = 1.82
P/BV : 1.47/1.82 = 0.8077
Forecast P/E now : (1.47-0.075)/0.1556 = 7.62 (High)
ROE : 9.76% (Low)
DY : 0.075/1.47*100 = 5.1% (Moderate)
Fixed Asset Turnover : Not applicable
Liquidity Ratio : 338774/134215 = 2.5241 (Moderate)
Receivables Collection Period : Not applicable
My Target Price : 1.52+0.08 = 1.6 (PE 8, EPS 0.1896, DPS 0.075)
My Decision : NOT BUY unless price below 1.4
My Comment : Revenue increasing, eps got an average of 0.0474 from last 4Q(current quarter is higher than this), other income got an average of 4681 from last 4Q(current quarter is higher than this also), assets recovered, cash reduced 43.8%, above moderate debt and increased, navps increased, explore retail electronic broker network
Technical Support Price : 1.24
Risk Rating : MODERATE

My notes based on 2011 quarter 1 report (number in '000):-

- The Group’s profit before tax for the quarter ended 31 August 2010 is higher by 22.5% compared to the corresponding quarter due mainly to higher other income and lower other expenses offset by lower interest income and gross profit

- The Group’s profit before tax for the current interim period reported on, is 82.9% higher than the preceding interim period’s profit before tax, due mainly to higher other income offset by lower interest income for the current interim period

- Estimate next 4Q eps after 2011 Q1 result announced = 0.1806*1.05 = 0.1896, estimate PE on current price 1.47 = 7.36(DPS 0.075)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.1729*0.9 = 0.1556(10% drop due to assets decreased), estimate highest/lowest PE = 9.03/7.49 (DPS 0.075)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.0443(average from recent 3 quarter)*4 = 0.1772, estimate highest/lowest PE = 7.93/6.35 (DPS 0.075)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.2262, estimate highest/lowest PE = 6.26/5.11 (DPS 0.075)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.2184, estimate highest/lowest PE = 6.8/4.97 (DPS 0.075)

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