KLCI Stock - SEG / 9792 - 2011 Quarter 3

Company Info

Market Capital (Capital Size)	1,067,155,487 (Large)
Par Value	RM 0.25

My Analysis

Forecast P/E now	(1.94-0.1)/0.1129 = 16.30 (High)
Target Price	1.35+0.1 = 1.45 (PE 12.0, EPS 0.1129, DPS 0.1)
Decision	Not interested unless stock price sustain and next uptrend start above 1.8
Comment	Revenue increased 1% and is continuos increasing since FY10Q1 (higher than preceding year corresponding quarter 24.1%), eps decreased 0.4% but higher than preceding year corresponding quarter 60.2%, cash generated from operating more than enough to cover all expenses, weaker liquidity ratio at moderate level now, higher gearing ratio at below moderate level now, dividend policy is 50%
First Support Price	1.8
Second Support Price	1.65
Risk Rating	MODERATE

Research House

Kenanga Target Price	1.92 (2011-04-19)
TA Target Price	2.76 (2011-04-29)
OSK Target Price	2.16 (2011-11-10)
RHB Target Price	2.15 (2011-11-10)

Accounting Ratio

Return on Equity	31.03%
Dividend Yield	8.76%
Profit Margin	32.20%
Tax Rate	19.05%
Asset Turnover	0.9074
Net Asset Value Per Share	0.33
Net Tangible Asset per share	0.29
Price/Net Tangible Asset Per Share	6.41
Cash Per Share	0.16
Liquidity Current Ratio	2.1975
Liquidity Quick Ratio	2.1971
Liquidity Cash Ratio	1.6229
Gearing Debt to Equity Ratio	0.3486
Gearing Debt to Asset Ratio	0.2576
Working capital per thousand Ringgit sale	29.8%
Days to sell the inventory	-
Days to collect the receivables	46
Days to pay the payables	120

My notes based on 2011 quarter 3 report (number in '000):-
- The improvement in performance is generally due to the increase in student enrolments of the Group’s institutions

- Estimate next 4Q eps after 2011 Q3 result announced = 0.0274*4*1.03 = 0.1129, estimate PE on current price 1.94 = 16.3(DPS 0.1)
- Estimate next 4Q eps after 2011 Q2 result announced = 0.0559*4 = 0.2236, estimate highest/lowest PE = 8.45/7.16 (DPS 0.05)
- Estimate next 4Q eps after 2011 Q1 result announced = 0.0559*4 = 0.2236, estimate highest/lowest PE = 9.12/8.05 (DPS 0.05)

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