KLCI Stock - SEB / 5163 - 2011 Quarter 1

Company Info

Market Capital (Capital Size)	40,800,000 (Very Small)
Par Value	RM 0.50

My Analysis

Forecast P/E now	(0.51-0.01)/0.0496 = 10.08 (High)
Target Price	0.22+0.01 = 0.23 (PE 4.5, EPS 0.0496, DPS 0.01)
Decision	Not interested profit margin more stabilize
Comment	Revenue decreased 27.4% but higher than preceding year corresponding quarter 159.6%, eps decreased 95% and also lower than preceding year corresponding quarter 136.4%, cash generated from operating is more than enough to cover financing activities but still generated cash from financing activities to cover investing activity, weaker liquidity ratio at low level now, higher gearing ratio at moderate level now, all accounting turnover periods also slightly long, profit margin still unstable
First Support Price	0.51
Second Support Price	0.46
Risk Rating	HIGH

Accounting Ratio

Return on Equity	6.32%
Dividend Yield	1.96%
Profit Margin	0.92%
Tax Rate	8.61%
Asset Turnover	0.6319
Net Asset Value Per Share	0.7
Net Tangible Asset per share	0.7
Price/Net Tangible Asset Per Share	0.81
Cash Per Share	0.24
Liquidity Current Ratio	1.9228
Liquidity Quick Ratio	1.4743
Liquidity Cash Ratio	0.5862
Gearing Debt to Equity Ratio	0.6974
Gearing Debt to Asset Ratio	0.4084
Working capital per thousand Ringgit sale	49.6%
Days to sell the inventory	95
Days to collect the receivables	174
Days to pay the payables	104

My notes based on 2011 quarter 1 report (number in '000):
- The Group showed a PBT for current quarter as compared to the loss before tax in the preceding year corresponding quarter was mainly due to higher sales

- The profit before taxation of RM0.15 million for the current quarter as compared to the profit before taxation in preceding quarter of RM3.32 million was mainly due to lower sales and lower margin

- Estimate next 4Q eps after 2011 Q1 result announced = 0.0496, estimate PE on current price 0.51 = 10.08(DPS 0.01)
- Next quarter Q1 result maybe low, use year 2010 cum_eps to estimate next 4Q eps after 2010 Q4 result announced = 0.0431*1.15 = 0.0496(revenue, profit and receivables also largely increased), estimate highest/lowest PE = 12.9/9.98 (DPS 0.01)
- Revenue QbQ increasing more than 15%, use 10% profit margin, estimate next 4Q eps after 2010 Q3 result announced = (0.0168+0.0193)*2 = 0.0722, estimate highest/lowest PE = 9.63/8.1

SEB latest news (English)

SEB latest news (Chinese)