KLCI Stock - DAYA / 0091 - 2010 Quarter 4

Company Info

Market Capital (Capital Size)	257,406,465 (Small)
Par Value	RM 0.10

My Analysis

Forecast P/E now	(0.23-0.0024)/0.0216 = 10.54 (High)
Target Price	0.22+0.0024 = 0.22 (PE 10.0, EPS 0.0216, DPS 0.0024)
Decision	NOT BUY unless price below 0.22
Comment	Revenue increased 3.2% but lower than preceding year corresponding quarter 25.7%, eps increased 19.5% and also higher than preceding year corresponding quarter 81.5%, both negative free and net cash flow increasing, liquidity ratio increasing from low to moderate level, gearing ratio decreasing from above moderate to moderate level, receivables increased
First Support Price	0.21
Second Support Price	0.2
Risk Rating	MODERATE

Accounting Ratio

Return on Equity	9.33%
Dividend Yield	1.04%
Profit Margin	13.48%
Tax Rate	17.15%
Asset Turnover	0.6116
Net Asset Value Per Share	0.16
Net Tangible Asset per share	0.08
Price/Net Tangible Asset Per Share	3.06
Cash Per Share	0.03
Liquidity Current Ratio	2.0933
Liquidity Quick Ratio	1.8044
Liquidity Cash Ratio	0.571
Gearing Debt to Equity Ratio	0.6614
Gearing Debt to Asset Ratio	0.3971
Working capital per thousand Ringgit sale	33.8%
Days to sell the inventory	37
Days to collect the receivables	130
Days to pay the payables	87

My notes based on 2010 quarter 4 report (number in '000):-
- The Group achieved lower revenue compared to preceding year corresponding quarter mainly due to the decrease in revenue from polymer and oil & gas segments. Nevertheless, the Group recorded higher profits contributed by the oil & gas segment especially with the acquisition of Daya OCI Sdn Bhd

- The Group achieved higher revenue compared to preceding quarter mainly attributed to the higher contribution from the technical service segment. Nevertheless, the Group recorded lower profit

- Estimate next 4Q eps after 2010 Q4 result announced = 0.0049*4*1.1 = 0.0216, estimate PE on current price 0.23 = 10.54(DPS 0.0024)

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