KLCI Stock - MAS / 3786 - 2011 Quarter 1

Company Info

Market Capital (Capital Size)	4,779,283,423 (Large)
Par Value	RM 1.00

My Analysis

Forecast P/E now	1.43/0.07 = 20.43 (High)
Target Price	0.07*12.0 = 0.84 (PE 12.0, EPS 0.07)
Decision	Not interested unless oil price decrease
Comment	Revenue decreased 12.5% but higher than preceding year corresponding quarter 8%, eps decreased 208.5% and is second consecutive quarter decreasing and also lower than preceding year corresponding quarter 170%, no cash generated from operating and cash generated from financing not enough to cover all expenses, weaker liquidity ratio at weak level now, higher gearing ratio at very high level now, payables ratio slightly high, continue affecting by high oil price
First Support Price	1.35
Second Support Price	1.0
Risk Rating	HIGH

Research House

Maybank Target Price	1.8 (2011-05-23)
CIMB Target Price	1.52 (2011-05-26)
ECM Target Price	1.3 (2011-05-26)
HLG Target Price	1.27 (2011-05-26)
OSK Target Price	1.1 (2011-05-26)
MIDF Target Price	1.24 (2011-06-07)

Accounting Ratio

Return on Equity	-10.59%
Dividend Yield	-
Profit Margin	-7.58%
Tax Rate	-
Asset Turnover	1.0379
Net Asset Value Per Share	0.99
Net Tangible Asset per share	0.95
Price/Net Tangible Asset Per Share	1.66
Cash Per Share	0.56
Liquidity Current Ratio	0.6537
Liquidity Quick Ratio	0.5812
Liquidity Cash Ratio	0.3208
Gearing Debt to Equity Ratio	2.843
Gearing Debt to Asset Ratio	0.739
Working capital per thousand Ringgit sale	-15.3%
Days to sell the inventory	11
Days to collect the receivables	41
Days to pay the payables	114

My notes based on 2011 quarter 1 report (number in '000):-
- The Group recorded an operating loss due to higher operating expenses mainly from the increase in fuel cost and lower other operating income

- Estimate next 4Q eps after 2011 Q1 result announced = 0.07, estimate PE on current price 1.43 = 20.43

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