KLCI Stock - MAXIS / 6012 - 2011 Quarter 2

Company Info

Market Capital (Capital Size)	39,900,000,000 (Very Large)
Par Value	RM 0.10

My Analysis

Forecast P/E now	(5.32-0.32)/0.3164 = 15.80 (Moderate)
Target Price	5.06+0.32 = 5.38 (PE 16.0, EPS 0.3164, DPS 0.32)
Decision	Buy if for dividend keep
Comment	Revenue increased 1.2% but lower than preceding year corresponding quarter 1.5%, eps increased 2.2% and also higher than preceding year corresponding quarter 3.7%, cash generated from operating enough to financing expenses but increased borrowing to cover investing expenses, weaker liquidity ratio at weak level now, higher gearing ratio at high level now, payables ratio still high
First Support Price	5.2
Second Support Price	5.1
Risk Rating	MODERATE

Research House

CIMB Target Price	5.6 (2011-02-08)
AMMB Target Price	5.49 (2011-03-01)
HLG Target Price	5.51 (2011-03-01)
HwangDBS Target Price	5.1 (2011-03-01)
JF APEX Target Price	6.15 (2011-03-01)
Maybank Target Price	5.5 (2011-03-01)
RHB Target Price	5.65 (2011-03-01)
TA Target Price	6.1 (2011-03-01)
ECM Target Price	5.71 (2011-06-01)
MIDF Target Price	5.5 (2011-06-01)
OSK Target Price	5.2 (2011-06-01)

Accounting Ratio

Return on Equity	27.59%
Dividend Yield	6.02%
Profit Margin	35.08%
Tax Rate	27.08%
Asset Turnover	0.4727
Net Asset Value Per Share	1.07
Net Tangible Asset per share	-0.41
Price/Net Tangible Asset Per Share	-13.22
Cash Per Share	0.2
Liquidity Current Ratio	0.406
Liquidity Quick Ratio	0.3711
Liquidity Cash Ratio	0.2389
Gearing Debt to Equity Ratio	1.3308
Gearing Debt to Asset Ratio	0.5709
Working capital per thousand Ringgit sale	-41.9%
Days to sell the inventory	18
Days to collect the receivables	33
Days to pay the payables	225

My notes based on 2011 quarter 2 report (number in '000):-
- The Group result primarily driven by increases in voice and non-voice revenues, partially offset by lower hubbing revenue

- Estimate next 4Q eps after 2011 Q2 result announced = 0.3164, estimate PE on current price 5.32 = 15.8(DPS 0.32)
- Estimate next 4Q eps after 2011 Q1 result announced = 0.0719*4*1.1 = 0.3164, estimate highest/lowest PE = 16.5/15.3 (DPS 0.32)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.0813*4*1.05 = 0.3415, estimate highest/lowest PE = 15.72/14.58 (DPS 0.32)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.075*4*1.05 = 0.315, estimate highest/lowest PE = 16.41/15.65 (DPS 0.32)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.0736*4*1.05 = 0.3091, estimate highest/lowest PE = 16.66/15.92 (DPS 0.32)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.328*0.9 = 0.2952, estimate highest/lowest PE = 17.68/16.46 (DPS 0.32)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.082*4 = 0.328, estimate highest/lowest PE = 16.07/14.82 (DPS 0.24)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.082*4 = 0.328, estimate highest/lowest PE = 16.1/15.52 (DPS 0.24)

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