KLCI Stock - TDM / 2054 - 2011 Quarter 4

TDM BERHAD


My notes based on 2011 quarter 4 report (number in '000):-
- Higher revenue and pbt than FY10Q4 benefiting from both higher production of CPO and higher CPO prices

- Lower revenue and pbt than FY11Q3 mainly due to lower FFB & CPO productions and lower average CPO & PK prices

- Estimate next 4Q eps after 2011 Q3 result announced = 1174607*0.14/240544 = 0.6836, estimate PE on current price 4.76 = 6.65(DPS 0.215)
- Estimate next 4Q eps after 2011 Q3 result announced = 0.6207*1.1 = 0.6828, estimate highest/lowest PE = 6.87/4.79 (DPS 0.17)
- Estimate next 4Q eps after 2011 Q2 result announced = (0.1258+0.1354)*2*0.9 = 0.4702, estimate highest/lowest PE = 6.98/5.17 (DPS 0.17)
- Estimate next 4Q eps after 2011 Q1 result announced = 0.1258*0.85*4 = 0.4277, estimate highest/lowest PE = 7.13/5.96 (DPS 0.17)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.4184*0.9 = 0.3766, estimate highest/lowest PE = 8.03/6.63 (DPS 0.135)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.4, estimate highest/lowest PE = 8.23/5.75 (DPS 0.13)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.0933*4 = 0.3732(0.0933 is average of eps in FY10Q1 and FY09Q4), estimate highest/lowest PE = 6.54/4.82 (DPS 0.13)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.0889*4 = 0.3556, estimate highest/lowest PE = 6.52/4.16 (DPS 0.13)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.2503*1.2 = 0.3004, estimate highest/lowest PE = 6.23/5.13 (DPS 0.13)
- Estimate next 4Q eps after 2009 Q3 result announced = (0.0923+0.0418+0.019)/3*4*1.2 = 0.245, estimate highest/lowest PE = 6.37/5.51 (DPS 0.14)

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