KLCI Stock - YTLPOWR / 6742 - 2011 Quarter 2

Company Info

Market Capital (Capital Size)	15,790,380,607 (Very Large)
Par Value	RM 0.50

My Analysis

Forecast P/E now	(2.17-0.075)/0.1464 = 14.31 (High)
Target Price	2.05+0.075 = 2.12 (PE 14.0, EPS 0.1464, DPS 0.075)
Decision	Not interested unless revenue and profit increase more
Comment	Revenue decreased 6.7% and also lower than preceding year corresponding quarter 0.4%, eps increased 29.2% and also higher than preceding year corresponding quarter 6.2%, cash generated from operating still more than enough to cover financing activities but not enough for investing activities, weaker liquidity ratio at low level now, lower gearing ratio but still at very high level now, all accounting periods are good, better profit margin, issue new warrants
First Support Price	2.15
Second Support Price	2.0
Risk Rating	MODERATE

Research House

RHB Target Price	2.57 (2011-03-21)
HwangDBS Target Price	2.75 (2011-03-29)
Credit Suisse Target Price	1.82 (2011-03-30)
HLG Target Price	2.7 (2011-04-05)
AMMB Target Price	2.42 (2011-05-13)
ECM Target Price	2.36 (2011-05-27)
MIDF Target Price	2.8 (2011-05-27)

Accounting Ratio

Return on Equity	16.66%
Dividend Yield	4.32%
Profit Margin	11.99%
Tax Rate	24.07%
Asset Turnover	0.4034
Net Asset Value Per Share	1.04
Net Tangible Asset per share	0.23
Price/Net Tangible Asset Per Share	9.65
Cash Per Share	0.93
Liquidity Current Ratio	1.1506
Liquidity Quick Ratio	1.0608
Liquidity Cash Ratio	0.8193
Gearing Debt to Equity Ratio	3.3061
Gearing Debt to Asset Ratio	0.7689
Working capital per thousand Ringgit sale	9.5%
Days to sell the inventory	24
Days to collect the receivables	51
Days to pay the payables	77

My notes based on 2011 quarter 2 report (number in '000):-
- The increase in Group pbt were principally attributable to better performance recorded by the foreign subsidiaries

- Estimate next 4Q eps after 2011 Q2 result announced = (0.04+0.0332)*2 = 0.1464(exclude profit from minority interest), estimate PE on current price 2.17 = 14.31(DPS 0.075)
- Estimate next 4Q eps after 2011 Q1 result announced = 0.1717*1.1 = 0.1889, estimate highest/lowest PE = 11.65/10.85 (DPS 0.15)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.1717*1.1 = 0.1889, estimate highest/lowest PE = 13.82/11.12 (DPS 0.15)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.0404*4 = 0.1616, estimate highest/lowest PE = 13.37/12.56 (DPS 0.15)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.0356*4 = 0.1424, estimate highest/lowest PE = 15.1/14.04 (DPS 0.15)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.0328*4 = 0.1312, estimate highest/lowest PE = 16.23/15.02 (DPS 0.15)
- No Estimate next 4Q eps after 2009 Q4 result announced
- Estimate next 4Q eps after 2009 Q3 result announced = 0.0335*4 = 0.134, estimate highest/lowest PE = 15.45/14.48 (DPS 0.15)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.0334*4 = 0.1336, estimate highest/lowest PE = 14.6/12.72 (DPS 0.15)

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