KLCI Stock - NAIM / 5073 - 2011 Quarter 4

NAIM HOLDINGS BERHAD

My notes based on 2011 quarter 4 report (number in '000):-
- Property segment registered a slight improvement in its revenue, resulting from improved sales towards the last quarter of 2011. The return arising from the increase in sales will only be progressively reflected in the results of this segment within the next two years

- Lower revenue and loss from construction segment mainly due to lower stage of completion achieved on the existing on-going projects resulting from weather issues and additional design modification works for certain contracts

- Estimate next 4Q eps after 2010 Q4 result announced = 763498*0.06/236944 = 0.1933, estimate PE on current price 2.14 = 10.76(DPS 0.06)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.0433*4 = 0.1732, estimate highest/lowest PE = 13.34/8.43 (DPS 0.08)
- Estimate next 4Q eps after 2010 Q2 result announced = (0.0516+0.043)*2 = 0.1892(exclude RM10 million disposal gain), estimate highest/lowest PE = 10.15/7.93 (DPS 0.08)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.4023*0.85 = 0.342(0.4023 from recent fourth quarter eps), estimate highest/lowest PE = 7.19/5.38 (DPS 0.1)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.0921*4*0.9 = 0.3316, estimate highest/lowest PE = 9.77/8.84 (DPS 0.1)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.2587*2*0.9 = 0.4657, estimate highest/lowest PE = 8.16/6.79 (DPS 0.1)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.1619*2*1.1 = 0.3562, estimate highest/lowest PE = 10.47/8.84 (DPS 0.1)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.2988 (10% drop from 0.332, due to profit decreasing), estimate highest/lowest PE = 11.28/8.57 (DPS 0.08)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.0793*4 = 0.3172, estimate highest/lowest PE = 11.41/8.89 (DPS 0.08)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.0902*4 = 0.3608, estimate highest/lowest PE = 9.87/6.59 (DPS 0.08)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.0955*4 = 0.382, estimate highest/lowest PE = 8.04/6.73 (DPS 0.08)
- Estimate next 4Q eps after 2009 Q1 result announced = 0.0668*4 = 0.2672, estimate highest/lowest PE = 10.18/6.4 (DPS 0.13)
- Estimate next 4Q eps after 2008 Q4 result announced = 0.1118*4 = 0.4472, estimate highest/lowest PE = 4.07/2.17 (DPS 0.13)

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