KLCI Stock - MALTON / 6181 - 2012 Quarter 1

Company Info

Market Capital (Capital Size)	240,363,520 (Small)
Par Value	RM 1.00

My Analysis

Forecast P/E now	(0.69-0.02)/0.1562 = 4.29 (Moderate)
Target Price	1.56+0.02 = 1.58 (PE 10.0, EPS 0.1562, DPS 0.02)
Decision	BUY if stock price sustain and next uptrend above 0.65
Comment	Revenue decreased 40.9% but higher than preceding year corresponding quarter 44.3%, eps decreased 61.8% and was second consecutive quarter decreasing but still higher than preceding year corresponding quarter 84.2%, no cash generated from operating but from cash generated from financing is more than enough to cover all expenses, stronger liquidity ratio from low to moderate level now, lower gearing ratio at above moderate level now, all accounting ratio are good, most of the division also slow down
First Support Price	0.65
Second Support Price	0.58
Risk Rating	MODERATE

Research House

NetResearch Target Price

1.6 (2011-11-17)

Accounting Ratio

Return on Equity	16.25%
Dividend Yield	2.90%
Profit Margin	18.37%
Tax Rate	24.98%
Asset Turnover	0.5161
Net Asset Value Per Share	0.99
Net Tangible Asset per share	0.99
Price/Net Tangible Asset Per Share	0.7
Cash Per Share	0.41
Liquidity Current Ratio	2.6683
Liquidity Quick Ratio	1.6759
Liquidity Cash Ratio	0.9257
Gearing Debt to Equity Ratio	0.7224
Gearing Debt to Asset Ratio	0.4194
Working capital per thousand Ringgit sale	84.3%
Days to sell the inventory	231
Days to collect the receivables	138
Days to pay the payables	178

My notes based on 2012 quarter 1 report (number in '000):-
- Higher revenue and pbt than FY11Q1 due to property development division improved as recognition of income from on-going projects with good take-up rates and new launching of Amaya Maluri project while project management division also improved due to construction progress of external projects

- Lower revenue and pbt than FY11Q4 mainly attributed to lower billings from property development division following the completion of Amaya Saujana project in last financial year and completion of Mutiara Indah Phase 3A, Azures and 48 units shop in Bukit Rimau and near completion of V Square and The Grove projects

- Estimate next 4Q eps after 2012 Q1 result announced = 0.1736*0.9 = 0.1562, estimate PE on current price 0.69 = 4.29
- Estimate next 4Q eps after 2011 Q4 result announced = 0.1736, estimate highest/lowest PE = 4.06/2.36 (DPS 0.02)
- Estimate next 4Q eps after 2011 Q3 result announced = 0.0684*1.2 = 0.0821, estimate highest/lowest PE = 9.68/5.54 (DPS 0.015)
- Estimate next 4Q eps after 2011 Q2 result announced = 0.0159*3+0.0159*1.3 = 0.0684, estimate highest/lowest PE = 11.18/7.97 (DPS 0.015)
- Estimate next 4Q eps after 2011 Q1 result announced = 0.0159*4 = 0.0636, estimate highest/lowest PE = 13.05/8.88 (DPS 0.015)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.0627*0.9 = 0.0564, estimate highest/lowest PE = 15.25/7.54
- Estimate next 4Q eps after 2010 Q3 result announced = 0.06*0.9 = 0.054, estimate highest/lowest PE = 10.09/6.67
- Estimate next 4Q eps after 2010 Q2 result announced = 0.0186*4 = 0.0744, estimate highest/lowest PE = 6.05/4.7
- Estimate next 4Q eps after 2010 Q1 result announced = 0.0184*4 = 0.0736, estimate highest/lowest PE = 6.05/4.76
- Estimate next 4Q eps after 2009 Q4 result announced = 0.005*4 = 0.02, estimate highest/lowest PE = 19.5/17.5
- Estimate next 4Q eps after 2009 Q3 result announced = 0.003*4 = 0.012, estimate highest/lowest PE = 35.83/25
- Estimate next 4Q eps after 2009 Q2 result announced = 0.0067*4 = 0.0268, estimate highest/lowest PE = 14.55/9.7

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