KLCI Stock - UMCCA / 2593 - 2011 Quarter 4

Company Info

Market Capital (Capital Size)	1,437,025,807 (Large)
Par Value	RM 1.00

My Analysis

Forecast P/E now	(7.1-0.25)/0.45 = 15.22 (High)
Target Price	6.30+0.25 = 6.55 (PE 14.0, EPS 0.45, DPS 0.25)
Decision	Not interested unless CPO price increase
Comment	Revenue increased 30.6% and also higher than preceding year corresponding quarter 25.8%, eps increased 21.5% and is second consecutive quarter increasing and also higher than preceding year corresponding quarter 59.6%, cash generated from operating more than enough to cover all expenses, stronger liquidity ratio at very strong level now, lower gearing ratio at low level now, all accounting ratio are good, crop production increasing, CPO price decreasing
First Support Price	6.95
Second Support Price	6.85
Risk Rating	MODERATE

Research House

TA Target Price

7.64 (2011-06-30)

Accounting Ratio

Return on Equity	8.01%
Dividend Yield	3.52%
Profit Margin	47.18%
Tax Rate	21.52%
Asset Turnover	0.1836
Net Asset Value Per Share	5.04
Net Tangible Asset per share	4.95
Price/Net Tangible Asset Per Share	1.41
Cash Per Share	0.69
Liquidity Current Ratio	8.2148
Liquidity Quick Ratio	7.5263
Liquidity Cash Ratio	6.5555
Gearing Debt to Equity Ratio	0.1015
Gearing Debt to Asset Ratio	0.0922
Working capital per thousand Ringgit sale	75.1%
Days to sell the inventory	50
Days to collect the receivables	34
Days to pay the payables	60

My notes based on 2011 quarter 4 report (number in '000):-
- The higher profits in the current quarter and twelve months to date was mainly due to higher CPO & PK prices

- Estimate next 4Q eps after 2011 Q4 result announced = 0.1125*4 = 0.45, estimate PE on current price 7.1 = 15.22 (DPS 0.25)

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