KLCI Stock - ASIAPAC / 4057 - 2012 Quarter 1

Market Capital (Capital Size)	92,654,921 (Very Small)
Par Value	RM 0.20

My Analysis

Forecast P/E now	0.095/0.0158 = 6.01 (High)
Target Price	0.0158*6.0 = 0.09 (PE 6.0, EPS 0.0158)
Decision	Not interested unless stock price next uptrend start above 0.85
Comment	Revenue increased 198.4% and was third consecutive quarter increasing and also largely higher than preceding year corresponding period 595.6%, eps decreased 1.8% but largely higher than preceding year corresponding period 775%, cash generated from operating more than enough to cover all expenses and still increased cash from loan, stronger liquidity ratio from high to very strong level now, higher gearing ratio at above moderate level now, cash per share is more than stock price now, lower property development costs can indicate slow down of property sales, high payables ratio but offset by strong cash
First Support Price	0.075
Second Support Price	0.07
Risk Rating	MODERATE

Accounting Ratio

Return on Equity	7.48%
Dividend Yield	-
Profit Margin	31.12%
Tax Rate	33.04%
Asset Turnover	0.128
Net Asset Value Per Share	0.33
Net Tangible Asset per share	0.3
Price/Net Tangible Asset Per Share	0.32
Cash Per Share	0.12
Liquidity Current Ratio	7.323
Liquidity Quick Ratio	3.2456
Liquidity Cash Ratio	2.7459
Gearing Debt to Equity Ratio	0.9309
Gearing Debt to Asset Ratio	0.4821
Working capital per thousand Ringgit sale	338.8%
Days to sell the inventory	1133
Days to collect the receivables	76
Days to pay the payables	240

My notes based on 2012 quarter 1 report (number in '000):-
- The increase in turnover and pre-tax profit were mainly due to disposal of four (4) pieces of development land by a wholly-owned subsidiary, higher turnover from car park operations, higher administration charges received from sub-sales and higher interest income

- Launched the apartments in Kota Kinabalu Times Square - Phase 2, namely the "Loft" in the 1st Quarter ended 30 June 2011

- Estimate next 4Q eps after 2012 Q1 result announced = 0.0176*0.9 = 0.0158, estimate PE on current price 0.095 = 6.01
- Estimate next 4Q eps after 2011 Q4 result announced = 310726*1.05*(0.0368+0.0684)/2/975315 = 0.0176, estimate highest/lowest PE = 6.25/4.26
- Due to property development costs largely increasing, so estimate future eps will be based on average eps of year 2007 and 2008 which is 0.0263, estimate highest/lowest PE = 5.32/3.61
- Estimate next 4Q eps after 2011 Q1 result announced = 0.005*4 = 0.02, estimate highest/lowest PE = 6.25/4
- Estimate next 4Q eps after 2010 Q4 result announced = 0.005*4 = 0.02, estimate highest/lowest PE = 5/3.75
- Estimate next 4Q eps after 2010 Q3 result announced = 0.0141, estimate highest/lowest PE = 7.09/4.96
- Estimate next 4Q eps after 2010 Q2 result announced = 0.018, estimate highest/lowest PE = 6.11/4.72
- Estimate next 4Q eps after 2010 Q1 result announced = 0.0106, estimate highest/lowest PE = 10.85/8.49

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