KLCI Stock - PERISAI / 0047 - 2011 Quarter 1

Company Info

Market Capital (Capital Size)	510,048,000 (Medium)
Par Value	RM 0.10

My Analysis

Forecast P/E now	0.77/0.0432 = 17.82 (High)
Target Price	0.0432*9.0 = 0.39 (PE 9.0, EPS 0.0432)
Decision	Not interested unless revenue and profit increase more
Comment	Revenue decreased 15.2% and also lower than preceding year corresponding quarter 9.8%, eps increased 2.9% and is second consecutive quarter increasing and also higher than preceding year corresponding quarter 16.1%, cash generated from operating after deducted for receivables not enough to cover financing expenses, stronger liquidity ratio but still at low level now, lower gearing ratio at above moderate level now, receivables ratio slightly high
First Support Price	0.725
Second Support Price	0.6
Risk Rating	HIGH

Research House

CIMB Target Price	1.4 (2011-03-30)
TA Target Price	1.1 (2011-03-30)
RHB Target Price	1.43 (2011-03-31)

Accounting Ratio

Return on Equity	4.37%
Dividend Yield	-
Profit Margin	42.22%
Tax Rate	0.28%
Asset Turnover	0.172
Net Asset Value Per Share	0.38
Net Tangible Asset per share	0.27
Price/Net Tangible Asset Per Share	2.78
Cash Per Share	0.03
Liquidity Current Ratio	1.4295
Liquidity Quick Ratio	1.4295
Liquidity Cash Ratio	0.4099
Gearing Debt to Equity Ratio	0.6919
Gearing Debt to Asset Ratio	0.4089
Working capital per thousand Ringgit sale	28.2%
Days to sell the inventory	-
Days to collect the receivables	108
Days to pay the payables	46

My notes based on 2011 quarter 1 report (number in '000):-
- The decrease in revenue for the financial quarter and period ended 31 March 2011 was mainly due to the adverse movement in foreign exchange rates for the United States Dollar

- The increase in profit attributable to the owners of the parent for the financial quarter and period ended 31 March 2011 was mainly due to lower vessel expenses incurred and the decrease in finance cost due to part settlement of the existing Group borrowings

- Estimate next 4Q eps after 2011 Q1 result announced = 0.0108*4 = 0.0432, estimate PE on current price 0.77 = 17.82
- Estimate next 4Q eps after 2010 Q3 result announced = 0.008*4*0.9 = 0.0288 (10% drop), estimate highest/lowest PE = 23.61/17.19
- Estimate next 4Q eps after 2010 Q2 result announced = 0.0087*4*0.9 = 0.0313 (10% drop), estimate highest/lowest PE = 19.49/15.5
- Estimate next 4Q eps after 2010 Q1 result announced = 0.0093*4*0.9 = 0.0335 (10% drop), estimate highest/lowest PE = 17.76/14.63
- Estimate next 4Q eps after 2009 Q4 result announced = 0.0589*0.85 = 0.0501, estimate highest/lowest PE = 13.77/8.38
- Estimate next 4Q eps after 2009 Q3 result announced = 0.0125*4 = 0.05, estimate highest/lowest PE = 12/9.4

PERISAI latest news (English)

PERISAI Latest news (Chinese)