KLCI Stock - KURASIA / 5097 - 2011 Quarter 1

Company Info

Market Capital (Capital Size)	585,000,000 (Medium)
Par Value	RM 0.25

My Analysis

Forecast P/E now	0.39/0.0212 = 18.40 (High)
Target Price	0.0212*9.0 = 0.19 (PE 9.0, EPS 0.0212)
Decision	Not interested unless revenue and profit increase more
Comment	Revenue increased 4.7% and also higher than preceding year corresponding quarter 10.6%, eps increased 270.2% but lower than preceding year corresponding quarter 39.4%, no cash generate from all activities, weaker liquidity ratio but still at high level now
First Support Price	0.375
Second Support Price	0.34
Risk Rating	HIGH

Research House

JF APEX Target Price	0.342 (2011-03-01)
OSK Target Price	0.42 (2011-05-24)
TA Target Price	0.457 (2011-05-26)

Accounting Ratio

Return on Equity	1.49%
Dividend Yield	-
Profit Margin	7.42%
Tax Rate	32.08%
Asset Turnover	0.4465
Net Asset Value Per Share	0.23
Net Tangible Asset per share	0.23
Price/Net Tangible Asset Per Share	1.72
Cash Per Share	0.06
Liquidity Current Ratio	3.303
Liquidity Quick Ratio	1.1933
Liquidity Cash Ratio	0.1404
Gearing Debt to Equity Ratio	6.5415
Gearing Debt to Asset Ratio	0.8674
Working capital per thousand Ringgit sale	117.5%
Days to sell the inventory	739
Days to collect the receivables	186
Days to pay the payables	102

My notes based on 2011 quarter 1 report (number in '000):-
- The Group recorded a 6.1% or RM15.499 million improvement in the gross written premium income, driven by a commendable growth in the non-motor segment

- The Group recorded a pre-tax profit of RM21.277 million during the quarter, compared to RM9.001 million pre-tax loss in the preceding quarter, mainly due to better underwriting results

- Estimate next 4Q eps after 2011 Q1 result announced = 0.021*1.01 = 0.0212, estimate PE on current price 0.39 = 18.57
- Estimate next 4Q eps after 2010 Q4 result announced = 0.0055*4 = 0.021(profit margin 3% per quarter), estimate highest/lowest PE = 23.1/15.48
- Estimate next 4Q eps after 2010 Q3 result announced = 0.0081*4 = 0.0324(profit margin 4% per quarter), estimate highest/lowest PE = 12.96/10.49
- Estimate next 4Q eps after 2010 Q2 result announced = 0.0182*2 = 0.0364, estimate highest/lowest PE = 12.23/10.16
- Estimate next 4Q eps after 2010 Q1 result announced = 0.0233*2 = 0.0466, estimate highest/lowest PE = 12.23/9.33
- Estimate next 4Q eps after 2009 Q6 result announced = 0.0753, estimate highest/lowest PE = 8.9/6.71
- Estimate next 4Q eps after 2009 Q5 result announced = 0.0216*4 = 0.0864, estimate highest/lowest PE = 9.32/7.29
- Estimate next 4Q eps after 2009 Q4 result announced = 0.0287*4 = 0.1148, estimate highest/lowest PE = 6.88/4.53
- Estimate next 4Q eps after 2009 Q3 result announced = 0.0177*4 = 0.0708, estimate highest/lowest PE = 8.4/4.87

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