KLCI Stock - UMCCA / 2593 - 2012 Quarter 3

UNITED MALACCA BHD

My notes based on 2012 quarter 3 report (number in '000):-
- Higher revenue and pbt than FY11Q3 mainly due to higher FFB production as well as higher investment income offset by lower crude palm oil ("CPO") and palm kernel ("PK") prices by 4% and 28% respectively

- Lower revenue and pbt than FY12Q2 mainly as a result of lower FFB production as well as lower oil extraction rate ("OER") due to wet weather

- Estimate next 4Q eps after 2012 Q3 result announced = 1043164*0.09/202765 = 0.463, estimate PE on current price 7.4 = 15.42(DPS 0.26)
- Estimate next 4Q eps after 2012 Q2 result announced = (0.1156*3+0.1426)*1.05 = 0.5139, estimate highest/lowest PE = 14.06/12.41 (DPS 0.275)
- Estimate next 4Q eps after 2012 Q1 result announced = 0.1426*4*0.9 = 0.5134, estimate highest/lowest PE = 12.66/11.2 (DPS 0.25)
- Estimate next 4Q eps after 2011 Q4 result announced = 0.1125*4 = 0.45, estimate highest/lowest PE = 15.27/12.89 (DPS 0.25)

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