KLCI Stock - KELADI / 6769 - 2012 Quarter 2

Company Info

Market Capital (Capital Size)	132,704,250 (Small)
Par Value	RM 0.10

My Analysis

Forecast P/E now	(0.175-0.015)/0.025 = 6.40 (Moderate)
Target Price	0.22+0.015 = 0.24 (PE 9.0, EPS 0.025, DPS 0.015)
Decision	Not interested unless stock price sustain above 0.17
Comment	Revenue decreased 50.9% but higher than preceding year corresponding quarter 10.7%, eps decreased 15.1% and was third consecutive quarter decreasing but still higher than preceding year corresponding quarter 104.5%, cash generated from operating is more than enough to cover all expenses, stronger liquidity ratio at very strong level now, lower gearing ratio at very low level now, no significant increase in property development cost can indicate no new project
First Support Price	0.16
Second Support Price	0.15
Risk Rating	MODERATE

Accounting Ratio

Return on Equity	9.78%
Dividend Yield	8.57%
Profit Margin	53.39%
Tax Rate	25.89%
Asset Turnover	0.2576
Net Asset Value Per Share	0.26
Net Tangible Asset per share	0.26
Price/Net Tangible Asset Per Share	0.62
Cash Per Share	0.1
Liquidity Current Ratio	7.2231
Liquidity Quick Ratio	5.4968
Liquidity Cash Ratio	4.3894
Gearing Debt to Equity Ratio	0.0892
Gearing Debt to Asset Ratio	0.08
Working capital per thousand Ringgit sale	193.1%
Days to sell the inventory	319
Days to collect the receivables	121
Days to pay the payables	167

My notes based on 2012 quarter 2 report (number in '000):-
- Higher revenue and pbt than FY11Q2 mainly due to better performance from all division

- Lower revenue and pbt than FY12Q1 mainly due to lower progress revenue recognition

- Estimate next 4Q eps after 2012 Q2 result announced = 0.025(recent 4th qrt cum_eps), estimate PE on current price 0.175 = 6.4(DPS 0.015)
- Estimate next 4Q eps after 2012 Q1 result announced = 0.0227, estimate highest/lowest PE = 8.15/6.89 (DPS 0.015)
- Estimate next 4Q eps after 2011 Q4 result announced = (0.0212+0.018)/2 = 0.0196, estimate highest/lowest PE = 9.44/8.16 (DPS 0.015)
- Estimate next 4Q eps after 2011 Q3 result announced = 0.017(recent 4 quarters eps), estimate highest/lowest PE = 12.06/9.41 (DPS 0.01)
- Estimate next 4Q eps after 2011 Q2 result announced = 0.0178*0.9 = 0.016, estimate highest/lowest PE = 12.19/9.06 (DPS 0.01)
- Estimate next 4Q eps after 2011 Q1 result announced = 0.0178 (based on last year), estimate highest/lowest PE = 8.99/7.87 (DPS 0.01)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.0155 (13% drop from 0.0178), estimate highest/lowest PE = 10/9.03 (DPS 0.01)
- Estimate next 4Q eps after 2010 Q3 result announced = (0.0218+0.0289+0.019)/3 = 0.0232, estimate highest/lowest PE = 6.9/5.6 (DPS 0.015)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.0031*4 = 0.0124, estimate highest/lowest PE = 12.5/10.48 (DPS 0.015)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.0042*4 = 0.0168, estimate highest/lowest PE = 9.52/7.74 (DPS 0.015)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.0031*4 = 0.0124, estimate highest/lowest PE = 14.11/8.06 (DPS 0.015)

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