KLCI Stock - MHB / 5186 - 2011 Quarter 4

Company Info

Market Capital (Capital Size)	13,536,000,000 (Very Large)
Par Value	RM 0.50

My Analysis

Forecast P/E now	(8.46-0.05)/0.28 = 30.04 (High)
Target Price	4.48+0.05 = 4.53 (PE 16.0, EPS 0.28, DPS 0.05)
Decision	Not interested unless revenue and profit(exclude tax income) increase more
Comment	Revenue decreased 29.9% and also lower than preceding year corresponding quarter 42.2%, eps decreased 9% and also lower than preceding year corresponding quarter 6.5%, no cash generated from operating but cash generated from financing more than enough to cover all expenses, stronger liquidity ratio but still at low level now, lower gearing ratio but still at high level now, receivables and payables ratio quite high
First Support Price	7.7
Second Support Price	6.75
Risk Rating	MODERATE

Research House

Credit Suisse Target Price	7.15 (2011-01-27)
ECM Target Price	7.41 (2011-05-09)
Kenanga Target Price	6.61 (2011-05-09)
Maybank Target Price	6.5 (2011-05-09)
RHB Target Price	5.75 (2011-05-09)
AMMB Target Price	8.25 (2011-05-30)
OSK Target Price	8.23 (2011-05-30)
TA Target Price	7.21 (2011-06-06)
UOB Target Price	8.7 (2011-06-07)
MIDF Target Price	6.7 (2011-06-10)

Accounting Ratio

Return on Equity	19.58%
Dividend Yield	0.59%
Profit Margin	12.36%
Tax Rate	-
Asset Turnover	0.6621
Net Asset Value Per Share	1.59
Net Tangible Asset per share	1.59
Price/Net Tangible Asset Per Share	4.3
Cash Per Share	0.91
Liquidity Current Ratio	1.4422
Liquidity Quick Ratio	1.4305
Liquidity Cash Ratio	0.5518
Gearing Debt to Equity Ratio	1.1423
Gearing Debt to Asset Ratio	0.5329
Working capital per thousand Ringgit sale	35.6%
Days to sell the inventory	4
Days to collect the receivables	258
Days to pay the payables	309

My notes based on 2011 quarter 4 report (number in '000):-
- The decrease of pbt compare to preceding year mainly due to lower revenue in Engineering and Construction and Marine Repair and Conversion segments

- The higher profit achieved in this quarter than preceding quarter mainly due to improved performance in Engineering and Construction segment

- Estimate next 4Q eps after 2011 Q4 result announced = (0.08+0.06)*2 = 0.28, estimate PE on current price 8.46 = 30.04(DPS 0.05)

- Yearly revenue, 2008 = 1741922, 2009 = 4021147, 2010 = 6147012
- Yearly PAT, 2008 = 194645, 2009 = 282221, 2010 = 284115

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