KLCI Stock - JOBST / 0058 - 2011 Quarter 1

Company Info

Market Capital (Capital Size)	895,042,400 (Medium)
Par Value	RM 0.20

My Analysis

Forecast P/E now	(2.8-0.06)/0.1441 = 19.01 (Moderate)
Target Price	2.88+0.06 = 2.94 (PE 20.0, EPS 0.1441, DPS 0.06)
Decision	Not interested unless revenue and profit increase more
Comment	Revenue increased 14.5% and also higher than preceding year corresponding quarter 21.7%, eps decreased 0.9% but higher than preceding year corresponding quarter 28.8%, cash generated from operating is more than enough to cover all expenses, stronger liquidity ratio at moderate level now, higher gearing ratio at below moderate level now, higher payables ratio, all segment business compared to preceding year also growth but compared to last 3 quarter is slow down
First Support Price	2.8
Second Support Price	2.5
Risk Rating	MODERATE

Research House

CIMB Target Price	3.77 (2011-04-07)
OSK Target Price	2.32 (2011-05-19)
HwangDBS Target Price	3.6 (2011-06-08)

Accounting Ratio

Return on Equity	26.84%
Dividend Yield	2.05%
Profit Margin	47.99%
Tax Rate	24.67%
Asset Turnover	0.548
Net Asset Value Per Share	0.55
Net Tangible Asset per share	0.55
Price/Net Tangible Asset Per Share	5.09
Cash Per Share	0.23
Liquidity Current Ratio	2.1109
Liquidity Quick Ratio	2.1109
Liquidity Cash Ratio	1.6988
Gearing Debt to Equity Ratio	0.2417
Gearing Debt to Asset Ratio	0.1929
Working capital per thousand Ringgit sale	38.8%
Days to sell the inventory	-
Days to collect the receivables	53
Days to pay the payables	194

My notes based on 2011 quarter 1 report (number in '000):-
- Higher revenue mainly due to higher sales during the current quarter from JobStreet ESSENTIAL

- In terms of profitability, higher gross profit margin due to higher revenue contribution from JobStreet ESSENTIAL coupled with proportionately lower staff cost, professional fees coupled with share of profit from equity accounted associates, namely Recruit Group Limited and Enerpro Pte Ltd and bad debts written off during the quarter

- Estimate next 4Q eps after 2010 Q1 result announced = 0.1441, estimate PE on current price 2.8 = 19.01(DPS 0.06)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.0343*4*1.05 = 0.1441, estimate highest/lowest PE = 19.85/16.59 (DPS 0.06)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.0343*4*1.05 = 0.1441, estimate highest/lowest PE = 20.51/18.42 (DPS 0.055)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.0343*4*1.05 = 0.1441, estimate highest/lowest PE = 20.78/13.98 (DPS 0.055)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.0991 (5% grow from 0.0944), estimate highest/lowest PE = 20.66/18.54 (DPS 0.0425)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.0895 (around 5% grow from 0.085), estimate highest/lowest PE = 23.8/16.54 (DPS 0.03)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.0892, estimate highest/lowest PE = 17.49/15.02 (DPS 0.03)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.084, estimate highest/lowest PE = 16.49/13.63 (DPS 0.035)
- Estimate next 4Q eps after 2009 Q1 result announced = 0.0899, estimate highest/lowest PE = 14.07/11.4 (DPS 0.035)

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