KLCI Stock - HSL / 6238 - 2011 Quarter 1

Company Info

Market Capital (Capital Size)	1,013,856,240 (Large)
Par Value	RM 0.20

My Analysis

Forecast P/E now	(1.74-0.026)/0.1487 = 11.53 (Moderate)
Target Price	2.08+0.026 = 2.11 (PE 14.0, EPS 0.1487, DPS 0.026)
Decision	BUY
Comment	Revenue decreased 17.7% but higher than preceding year corresponding quarter 33.8%, eps decreased 19.6% but higher than preceding year corresponding quarter 29.7%, cash generated from operating is more than enough to cover all expenses, stronger liquidity ratio at low level now, moderate gearing ratio, receivables and payables periods are high
First Support Price	1.63
Second Support Price	1.54
Risk Rating	MODERATE

Research House

Maybank Target Price	2.3 (2011-01-25)
AMMB Target Price	2.3 (2011-05-24)
HLG Target Price	2.44 (2011-05-26)
MIDF Target Price	2.3 (2011-05-26)
OSK Target Price	2.5 (2011-05-26)

Accounting Ratio

Return on Equity	23.03%
Dividend Yield	1.38%
Profit Margin	19.04%
Tax Rate	24.92%
Asset Turnover	0.8552
Net Asset Value Per Share	0.65
Net Tangible Asset per share	0.65
Price/Net Tangible Asset Per Share	2.62
Cash Per Share	0.22
Liquidity Current Ratio	1.8072
Liquidity Quick Ratio	1.6415
Liquidity Cash Ratio	0.528
Gearing Debt to Equity Ratio	0.687
Gearing Debt to Asset Ratio	0.4071
Working capital per thousand Ringgit sale	36.2%
Days to sell the inventory	34
Days to collect the receivables	182
Days to pay the payables	197

My notes based on 2011 quarter 1 report (number in '000):-
- Estimate next 4Q eps after 2011 Q1 result announced = 0.1533*0.97 = 0.1487, estimate PE on current price 1.74 = 11.53(DPS 0.026)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.0697*2*1.1 = 0.1533, estimate highest/lowest PE = 12.49/11.05 (DPS 0.026)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.0574*2*1.1 = 0.1263, estimate highest/lowest PE = 15.08/11.99 (DPS 0.026)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.1025*1.1 = 0.1128, estimate highest/lowest PE = 14.95/11.49 (DPS 0.024)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.1025*1.1 = 0.1128, estimate highest/lowest PE = 13.88/11.05 (DPS 0.024)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.0281*4 = 0.1124, estimate highest/lowest PE = 11.96/8.75 (DPS 0.016)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.0233*4 = 0.0932, estimate highest/lowest PE = 13.13/9.7 (DPS 0.016)

HSL latest news (English)

HSL latest news (Chinese)