KLCI Stock - TIMECOM / 5031 - 2012 Quarter 3

TIME DOTCOM BERHAD


Company Description

TIME DOTCOM BERHAD is a Malaysia-based investment holding company engaged in the provision of management and marketing/promotional services and retailing of telecommunications products. Its subsidiaries are TT dotCom Sdn. Bhd., which is engaged in the provision of voice, data, video and image communication services; TIMESat Sdn. Bhd.; TIME dotNet Bhd., which is engaged in the provision and marketing of Internet services to customers, which include the provision of access to the world wide Web, the organization and aggregation of content, provision of virtual private network, online call center, Internet telephony, online services, on-net advertising and virtual data storage and provision of application services, and Hakikat Pasti Sdn. Bhd., which is engaged in acquiring and holding for investment purposes shares, stocks, debenture bonds, notes, obligations and securities and every other kind and description of movable and immovable property.

Company Info 

Listing Date	2001-03-12
IPO Price	3.3
Market Capital (Capital Size)	2,005,826,868 (Large)
Par Value	RM 0.50
Board	Main
Sector	IPC
Major Industry	Utilities
Sub Industry	Mobile Communication & Network Services
Website	http://www.time.com.my

My Analysis 

Forecast P/E now	3.5/0.2769 = 12.64 (Moderate)
Target Price	0.2769*13.5 = 3.74 (PE 13.5, EPS 0.2769)
Decision	BUY if stock price strong sustain and uptrend above SMA10 or wait rebound at around SMA100 or SMA200
Comment	Revenue increased 3.9% and was second consecutive quarter increasing and also higher than preceding year corresponding quarter 43%, eps decreased 8.8% and also lower than preceding year corresponding quarter 21.6%, cash generated from operating not enough to cover all financing expenses hence increase borrowings and spent 16.2% of Group cash to cover all other expenses, operating margin recorded 18% which is improve compared to earlier below 15%, liquidity ratio indicate current assets more than enough to meet current obligation, gearing ratio indicate very low liabilities risk, benefit from shorter receivables collection period than payables payment period in which can increase cash
First Support Price	3.45
Second Support Price	3.3
Risk Rating	MODERATE

Research House

HLG Target Price	4.66 (2012-11-29)
OSK Target Price	4.98 (2012-11-29)

Accounting Ratio 

Return on Equity	7.84%
Dividend Yield	-
Operating Profit Margin	18.64%
Net Profit Margin	33.81%
Tax Rate	3.20%
Asset Turnover	0.1369
Net Asset Value Per Share	4.42
Net Tangible Asset per share	4.03
Price/Net Tangible Asset Per Share	0.84
Cash Per Share	0.36
Liquidity Current Ratio	1.6127
Liquidity Quick Ratio	1.6127
Liquidity Cash Ratio	0.8536
Gearing Debt to Equity Ratio	0.1663
Gearing Debt to Asset Ratio	0.1426
Working capital per thousand Ringgit sale	39.1%
Days to sell the inventory	-
Days to collect the receivables	177
Days to pay the payables	268

Technical Analysis 

SMA 10	3.446 (Uptrend)
SMA 20	3.45 (Uptrend 1 day)
SMA 50	3.419 (Uptrend)
SMA 100	3.393 (Same)
SMA 200	3.314 (Uptrend)
MACD (26d/12d)	0.008863 ( 0.00319 )
Signal (9)	0.0049 ( 0.000991 )
MACD Histogram	0.003963 (Bullish trend 3 days)
Bolinger Upper Band	3.531
Bolinger Lower Band	3.369

My notes based on 2012 quarter 3 report (number in '000):-
- Higher revenue than FY11Q3 mainly due to new revenue contribution from the Group’s acquisition and higher data revenue from the Group’s existing business offset by lower in the current quarter due to lower international interconnect traffic but lower pbt mainly due to adjustments to operating expenses amounting to RM19.7 million recognised in the previous year corresponding period

- Higher revenue than FY12Q2 mainly due to higher contributions from data centre sales and data revenue off-set by the reduction in voice revenue but lower pbt mainly due to lower global bandwidth sales, higher depreciation and higher finance expenses

- Estimate next 4Q eps after 2012 Q3 result announced = 0.2769, estimate PE on current price 3.5 = 12.64
- Estimate next 4Q eps after 2012 Q2 result announced = 2065463*0.07/522179 = 0.2769, estimate highest/lowest PE = 12.86/11.2
- Estimate next 4Q eps after 2012 Q1 result announced = 1836409*0.07/2530775*5 = 0.254, estimate highest/lowest PE = 14.37/10.63
- Estimate next 4Q eps after 2011 Q4 result announced = 1757657*0.06/2530775 = 0.0417, estimate highest/lowest PE = 17.99/12.95 (DPS 0.02)
- Estimate next 4Q eps after 2011 Q3 result announced = 0.0426, estimate highest/lowest PE = 18.19/15.38
- Estimate next 4Q eps after 2011 Q2 result announced = (0.009+0.0113)*2*1.05 = 0.0426, estimate highest/lowest PE = 16.31/9.74
- Estimate next 4Q eps after 2011 Q1 result announced = 0.009*4*1.05 = 0.0378, estimate highest/lowest PE = 22.22/14.02

TIMECOM latest news (English)

TIMECOM latest news (Chinese)


Financial Quarter Summary

a_date	year	qrt	h_price	l_price	div	roe	c_roe	rev	c_rev	pbt	c_pbt	prof	c_prof	eps	c_eps	asset	c_asset	liab	c_liab	mino	equi	cfo	cfi	cff	cash	fcf	net	final	share	c_share	m_cap	date	oper_m	prof_m	vat	asset_t	pe	navps	ntaps	p/ntaps	cps	l_cur	l_qui	l_cash	g_de	g_da	avg_w	inv_d	rec_d	pay_d
2012-11-27	2012	3	N/A	N/A	-	2.05%	5.83%	110069	297257	37216	105503	36026	102464	0.0630	0.1901	2779044	391721	396259	242892	-	2382785	83200	138506	19990	217588	55306	35316	182272	572070	538992	1927875	2012-09-30	18.64%	33.81%	3.20%	0.1369	-	4.42	4.03	0.84	0.36	1.6127	1.6127	0.8536	0.1663	0.1426	39.1%	-	177	268
2012-08-16	2012	2	3.56	3.1	-	2.12%	3.78%	105928	187188	38658	68287	37186	66438	0.0691	0.1272	2494946	408274	429483	266067	-	2065463	45473	108083	31448	217699	62610	31162	186537	538380	522179	1782037	2012-06-30	22.03%	36.49%	3.81%	0.1392	-	3.96	3.55	0.93	0.39	1.5345	1.5345	0.787	0.2079	0.1721	40.9%	-	209	338
2012-05-18	2012	1	3.65	2.7	-	1.66%	1.66%	81260	81260	29629	29629	29252	29252	0.0116	0.0116	2030481	408172	194072	193953	-	1836409	14175	19085	N/A	217442	4910	4910	212532	2530775	2530775	6858400	2012-03-31	12.60%	36.46%	1.27%	0.1601	-	0.73	0.73	3.71	0.09	2.1045	2.1045	1.1903	0.1057	0.0956	65.9%	-	199	278
2012-02-23	2011	4	3.24	0.65	0.02	2.01%	9.39%	83184	313872	25596	119020	25170	117354	0.0099	0.0464	1950698	393175	193041	192803	-	1757657	84903	67122	N/A	199661	17781	17781	217442	2530775	2530775	1720927	2011-12-31	16.38%	30.77%	1.66%	0.1609	14.6644	0.69	0.69	0.99	0.09	2.0393	2.0393	1.2164	0.1098	0.099	63.8%	-	184	288
2011-11-25	2011	3	0.775	0.655	-	3.26%	7.38%	76979	230688	41944	93424	40704	92184	0.0161	0.0364	1673604	364001	171567	170009	-	1502037	60744	53119	N/A	199661	7625	7625	207286	2530775	2530775	1632349	2011-09-30	41.57%	54.49%	2.96%	0.1889	-	0.59	0.59	1.09	0.09	2.1411	2.1411	1.3153	0.1142	0.1025	61.3%	-	161	248
2011-08-24	2011	2	0.695	0.415	-	2.29%	4.12%	83649	153709	28597	51480	28597	51480	0.0113	0.0203	1600652	350933	177269	175711	-	1423383	20195	14022	N/A	199661	6173	6173	205834	2530775	2530775	1353964	2011-06-30	18.06%	34.19%	-	0.204	-	0.56	0.56	0.96	0.08	1.9972	1.9972	1.2201	0.1245	0.1107	53.7%	-	152	228
2011-05-30	2011	1	0.84	0.53	-	1.83%	1.83%	70060	70060	22883	22883	22883	22883	0.0090	0.0090	1599114	377906	216428	212169	-	1382686	17100	3486	N/A	199661	20586	20586	220247	2530775	2530775	2011966	2011-03-31	13.50%	32.66%	-	0.2039	-	0.55	0.55	1.45	0.09	1.7812	1.7812	1.0437	0.1565	0.1353	50.8%	-	174	273
2011-02-28	2010	4	0.955	0.73	-	4.16%	10.05%	85520	321083	26207	88906	44372	107071	0.0175	0.0423	1435733	343315	185930	181671	-	1249803	48362	22216	38	173553	26146	26108	199661	2530775	2530775	1910735	2010-12-31	12.78%	30.64%	-	0.2236	17.8455	0.49	0.49	1.54	0.08	1.8898	1.8898	1.099	0.1488	0.1295	50.3%	-	162	233
2010-11-25	2010	3	0.895	0.62	-	1.97%	5.88%	87346	235563	20949	62699	20949	62699	0.0083	0.0248	1391563	355547	194382	194382	-	1197181	64841	41183	38	173553	23658	23620	197173	2530775	2530775	1708273	2010-09-30	11.41%	23.98%	-	0.2232	-	0.47	0.47	1.44	0.08	1.8291	1.8291	1.0144	0.1624	0.1397	51.9%	-	186	258
2010-08-24	2010	2	0.775	0.485	-	2.16%	3.92%	83177	148217	22982	41750	22982	41750	0.0091	0.0165	1296662	319536	156180	156180	-	1140482	46216	20619	N/A	173553	25597	25597	199150	2530775	2530775	1442541	2010-06-30	14.71%	27.63%	-	0.2261	-	0.45	0.45	1.27	0.08	2.0459	2.0459	1.2751	0.1369	0.1204	55.7%	-	150	219
2010-05-27	2010	1	0.725	0.4	-	1.76%	1.76%	65040	65040	18768	18768	18768	18768	0.0074	0.0074	1268224	295035	162274	162274	-	1105950	21189	19869	N/A	173553	1320	1320	174873	2530775	2530775	1024963	2010-03-31	4.60%	28.86%	-	0.2191	-	0.44	0.44	0.92	0.07	1.8181	1.8181	1.0776	0.1467	0.128	47.8%	-	158	231
2010-02-22	2009	4	0.545	0.37	-	3.04%	3.20%	74977	286811	31383	33096	31383	33086	0.0124	0.0131	1219472	273193	153740	153740	-	1065732	93914	9900	109	89648	84014	83905	173553	2530775	2530775	949040	2009-12-31	13.46%	41.86%	-	0.2352	28.6841	0.42	0.42	0.89	0.07	1.777	1.777	1.1289	0.1443	0.1261	41.6%	-	125	207
2009-11-12	2009	3	0.435	0.365	-	1.16%	0.16%	69931	211834	11941	1713	11941	1703	0.0047	0.0007	1184050	252890	149701	149701	-	1034349	69822	18330	6500	89648	51492	57992	147640	2530775	2530775	1024963	2009-09-30	11.47%	17.08%	-	0.2406	-	0.41	0.41	0.99	0.06	1.6893	1.6893	0.9862	0.1447	0.1264	36.2%	-	135	30
2009-08-27	2009	2	0.46	0.365	-	2.37%	0.99%	67898	141903	24454	10228	24454	10238	0.0097	0.0040	1746114	810581	723706	723706	-	1022408	26756	21613	N/A	89648	5143	5143	94791	2530775	2530775	1050271	2009-06-30	0.53%	36.02%	-	0.1667	-	0.4	0.4	1.04	0.05	1.12	1.12	0.1579	0.7078	0.4145	29.8%	-	124	34
2009-05-28	2009	1	0.455	0.335	-	3.36%	3.36%	74005	74005	34682	34682	34692	34692	0.0137	0.0137	1778469	245182	780515	247105	-	997954	4752	11857	N/A	89648	7105	7105	82543	2530775	2530775	961694	2009-03-31	3.73%	46.86%	-	0.1656	-	0.39	0.39	0.97	0.05	0.9922	0.9922	0.5166	0.7821	0.4389	-0.7%	-	116	31
2009-02-27	2008	4	0.46	0.2	-	75.27%	47.91%	73001	286525	1492690	950471	1492063	949630	0.5896	0.3752	2306263	778797	1273617	660207	-	1032646	71048	73572	N/A	92172	2524	2524	89648	2530775	2530775	658001	2008-12-31	1984.46%	2044.75%	-	0.1242	-	0.41	0.41	0.63	0.05	1.1796	1.1796	0.2099	1.2334	0.5522	41.4%	-	173	28
2008-11-28	2008	3	0.305	0.24	-	0.17%	27.36%	76235	213524	3867	542219	3458	542433	0.0014	0.2143	3823418	294208	1298709	155629	-	2524709	55972	50995	N/A	92172	4977	4977	97149	2530775	2530775	632693	2008-09-30	44.75%	5.07%	-	0.0744	-	1.0	0.76	0.33	0.07	1.8904	1.854	1.199	0.5144	0.3397	48.7%	5	131	139
2008-08-28	2008	2	0.345	0.21	-	30.37%	27.54%	71248	137289	602063	546086	601973	545891	0.2379	0.2157	3812095	253441	1283928	156716	-	2528167	61721	32676	N/A	92172	29045	29045	121217	2530775	2530775	809848	2008-06-30	56.53%	845.02%	0.01%	0.0742	-	1.0	0.77	0.42	0.07	1.6172	1.5797	1.0614	0.5078	0.3368	34.2%	6	105	171
2008-05-22	2008	1	0.425	0.295	-	2.83%	2.83%	66041	66041	55977	55977	56082	56082	0.0222	0.0222	3200096	235276	1273902	170378	-	1926194	8559	14377	N/A	92172	5818	5818	86354	2530775	2530775	1075579	2008-03-31	59.66%	84.76%	-	0.0898	-	0.76	0.53	0.8	0.05	1.3809	1.3453	0.8003	0.6614	0.3981	22.6%	9	118	241
2008-02-26	2007	4	0.585	0.405	-	2.33%	7.50%	70789	301061	50537	160903	49943	160673	0.0197	0.0635	3228636	240363	1246360	158551	-	1982276	39603	44807	N/A	97376	5204	5204	92172	2530775	2530775	1442541	2007-12-31	54.36%	71.39%	-	0.0932	-	0.78	0.55	1.04	0.06	1.516	1.4772	0.8967	0.6288	0.386	27.2%	8	112	216
2007-11-23	2007	3	0.865	0.56	-	1.78%	5.17%	74651	230272	37944	110366	38041	110730	0.0150	0.0438	2191610	256450	159391	159391	-	2032219	39740	28651	N/A	147376	11089	11089	158465	2530775	2530775	2075235	2007-09-30	52.49%	50.83%	-	0.1395	-	0.8	0.57	1.44	0.06	1.6089	1.5602	0.9942	0.0784	0.0727	31.7%	9	108	177
2007-08-20	2007	2	1.05	0.8	-	1.54%	3.39%	75975	155621	32795	72422	32947	72689	0.0130	0.0287	2224541	256851	154281	154281	-	2070260	27680	20093	N/A	147376	7587	7587	154963	2530775	2530775	N/A	2007-06-30	44.91%	43.17%	-	0.1039	-	0.82	0.58	N/A	0.06	1.6648	1.614	1.0044	0.0745	0.0694	44.4%	11	149	224
2007-05-29	2007	1	N/A	N/A	-	1.85%	1.85%	79646	79646	39627	39627	39742	39742	0.0157	0.0157	2256180	246944	152973	152973	-	2103207	5783	10850	N/A	147376	5067	5067	142309	2530775	2530775	2062581	2007-03-31	51.09%	49.75%	-	0.0688	-	0.83	0.6	1.36	0.06	1.6143	1.5627	0.9303	0.0727	0.0678	60.6%	16	228	319
2007-02-22	2006	4	N/A	N/A	-	N/A	N/A	75521	335395	52393	177076	52585	177782	0.0208	0.0702	2285105	242143	142156	142156	-	2142949	25096	87906	N/A	210186	62810	62810	147376	2530775	2530775	1872773	2006-12-31	71.42%	69.38%	-	0.033	-	0.85	0.61	1.21	0.06	1.7034	1.6478	1.0367	0.0663	0.0622	132.4%	33	420	590

Financial Quarter Balance Sheet

year	qrt	Available-for-sale financial assets (A-0)	Deferred tax assets (A-0)	Intangible assets (A-0)	Property, plant and equipment (A-0)	Telecommunications network (A-0)	Trade receivables (A-0)	Cash and cash equivalents (A-1)	Current asset classified as held for sales (A-1)	Current tax assets (A-1)	Inventories (A-1)	Restricted cash (A-1)	Trade receivables (A-1)	Deferred tax liabilities (L-0)	Finance lease liabilities (L-0)	Loans & borrowings (L-0)	Trade payables (L-0)	Bank overdraf (L-1)	Deferred income (L-1)	Finance lease liabilities (L-1)	Liabilities directly associated with assets classified as held for sale (L-1)	Loans & borrowings (L-1)	Provision for taxation (L-1)	Trade and other payables (L-1)
2012	3	1452100	19504	213038	67352	635329	-	183010	-	15	-	24314	184382	2554	3893	146166	754	738	-	3454	-	11447	924	226329
2012	2	1168840	19114	213038	66716	616794	2170	186713	-	15	-	22684	198862	2554	5111	154619	1132	176	-	3425	-	13325	3893	245248
2012	1	1116540	18504	-	35569	445540	6156	212532	-	-	-	18336	177304	-	-	-	119	-	-	-	-	-	381	193572
2011	4	1067040	18504	-	34205	426972	10802	217442	-	705	-	17084	157944	-	-	-	238	-	-	-	-	-	222	192581
2011	3	836590	18504	-	36005	402537	15967	207286	-	621	-	16324	139770	-	-	-	1558	-	-	-	-	-	1073	168936
2011	2	798600	18504	-	28450	384432	19733	205834	-	833	-	8557	135709	-	-	-	1558	-	-	-	-	-	-	175711
2011	1	786500	18504	-	28338	371545	16321	220247	-	833	-	1200	155626	-	-	-	4259	-	-	-	-	-	-	212169
2010	4	676500	18504	-	28160	349548	19706	199661	-	833	-	-	142821	-	-	-	4259	-	-	-	-	-	-	181671
2010	3	668250	-	-	29156	338610	-	197173	-	-	-	-	158374	-	-	-	-	-	-	-	-	-	-	194382
2010	2	632500	-	-	30280	314346	-	199150	-	-	-	-	120386	-	-	-	-	-	-	-	-	-	-	156180
2010	1	620950	-	-	31217	321022	-	174873	-	-	-	-	120162	-	-	-	-	-	-	-	-	-	-	162274
2009	4	599500	-	-	31950	314829	-	173553	-	1230	-	-	98410	-	-	-	-	-	-	-	-	-	-	153740
2009	3	599500	-	-	32840	298820	-	147640	-	-	-	-	105250	-	-	-	-	-	-	-	-	6500	-	143201
2009	2	599500	-	-	36072	299961	-	114253	597222	-	-	-	99106	-	-	-	-	-	-	-	-	560075	-	163631
2009	1	1196722	-	-	33563	303002	-	127658	23974	-	-	-	93550	-	-	533410	-	-	-	-	15674	75987	-	155444
2008	4	1196722	-	-	33273	297471	-	138595	504670	-	-	-	135532	-	-	613410	-	-	-	-	12136	505900	-	142171
2008	3	1766207	-	591401	39637	1131965	-	186593	-	-	5679	-	101936	-	-	1143080	-	-	18286	-	-	-	-	137343
2008	2	1766207	-	591401	40129	1160917	-	166343	-	-	5877	-	81221	-	-	1127212	-	-	18844	-	-	-	-	137872
2008	1	1081457	-	591401	40984	1250978	-	136354	-	-	6059	-	92863	-	-	1103524	-	-	20014	-	-	-	-	150364
2007	4	1081457	-	591401	40761	1274654	-	142172	-	-	6153	-	92038	-	-	1087809	-	-	21947	-	-	-	-	136604
2007	3	-	-	591401	43827	1299932	-	158465	-	-	7768	-	90217	-	-	-	-	-	23512	-	-	-	405	135474
2007	2	-	-	591401	46372	1329917	-	154963	-	-	7846	-	94042	-	-	-	-	-	21874	-	-	-	285	132122
2007	1	-	-	591401	48952	1368883	-	142309	-	-	7888	-	96747	-	-	-	-	-	22472	-	-	-	318	130183
2006	4	-	-	591401	50536	1401025	-	147376	-	-	7903	-	86864	-	-	-	-	-	22488	-	-	-	482	119186

Financial Quarter Income Statement

year	qrt	Revenue	Income tax expense	Cost of sales	Finance/interest costs	Other income	Administrative/Operating expenses	Finance/interest income	Depreciation & amortisation	Investment gain/loss	Impairment loss	Net realised gain on disposal of investment in quoted securities	Gain/loss on disposal of non-current assets held for sale	Payment for voluntary separation scheme
2012	3	110069	1190	-	2011	623	72436	-	17743	18714	-	-	-	-
2012	2	105928	1472	-	1131	1313	67982	-	15925	16455	-	-	-	-
2012	1	81260	377	-	-	751	58513	-	13257	19388	-	-	-	-
2011	4	83184	426	-	-	469	53885	-	16146	11974	-	-	-	-
2011	3	76979	1240	-	-	419	31523	-	13874	9943	-	-	-	-
2011	2	83649	-	-	-	234	55503	-	13273	13490	-	-	-	-
2011	1	70060	-	-	-	45	47505	-	13143	13426	-	-	-	-
2010	4	85520	18165	-	0	726	62209	-	13109	15279	-	-	-	-
2010	3	87346	-	-	38	349	65943	-	11788	11023	-	-	-	-
2010	2	83177	-	-	-	548	58438	-	13054	10749	-	-	-	-
2010	1	65040	-	-	-	241	49523	-	12768	15778	-	-	-	-
2009	4	74977	0	-	109	1974	54056	-	12805	21402	-	0	-	0
2009	3	69931	0	-	4102	394	51267	-	11040	14046	-	5643	-	11664
2009	2	67898	0	-	5920	838	56465	-	11913	30016	-	0	-	-
2009	1	74005	10	-	9917	1330	66633	-	11465	1050	-	23052	-	-
2008	4	73001	627	-	17275	145	62366	-	240924	61720	1218531	85250	0	3210
2008	3	76235	409	-	15552	2231	70622	-	41957	45798	-	-	0	-
2008	2	71248	90	-	21803	2372	72559	-	41335	47155	-	-	616985	-
2008	1	66041	105	-	17657	1677	66306	-	40812	1080	-	-	-	-
2007	4	70789	594	28006	13371	1757	34069	-	48949	1312	-	-	-	-
2007	3	74651	97	76775	0	571	37630	1239	-	-	-	-	-	-
2007	2	75975	152	75943	4	877	35032	1332	-	-	-	-	-	-
2007	1	79646	115	86984	-	890	34240	1061	-	-	-	-	-	-
2006	4	75521	192	87581	52	502	42378	1595	-	-	-	-	-	-

Short form reference
a_date = announcement date, yr = financial year end, qrt = quarter
h_price = stock highest price during the quarter, l_price = stock lowest price during the quarter
div = dividend recommend or declare in the quarter, roe = return on equity
c_roe = cumulative of return on equity during the financial year
rev = revenue in the current quarter, c_rev = cumulative of revenue during the financial year
pbt = profit before tax in the current quarter, c_pbt = cumulative of profit before tax during the financial year
eps = earnings per share in the current quarter, c_eps = cumulative of earnings per share during the financial year
asset = total asset, liab = total liability, mino = minority interest, equi = total equity
cfo = net cash flow from operating activities, cfi = net cash flow from investing activities
cff = net cash flow from financing activities, cash = cash and cash equivalents as at beginning of financial year
final = cash and cash equivalents as at current financial period ended
share = diluted/basic weighted average number of ordinary shares
c_share = cumulative of diluted/basic weighted average number of ordinary shares during the financial year
m_cap = market capital at announcement date of quarterly report, date = current financial period ended date
prof_m = profit margin, vat = income tax rate, pe = price earning per share ratio of recent four quarter
navps = net asset value per share, ntaps = net tangible asset per share, cps = cash per share
l_cur = liquidity current ratio, l_qui = liquidity quick ratio, l_cash = liquidity cash ratio
g_de = gearing debt to equity ratio, g_da = gearing debt to assets ratio
avg_w = working capital per thousand Ringgit sale
inv_d = days to sell the inventory, rec_d = days to collect the receivables
pay_d = days to pay the payables

CURRENT

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●CHANGES IN SHAREHOLDING
●ANNUAL REPORTS

HISTORICAL

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●CHANGES IN SHAREHOLDING

ARCHIVES

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●CHANGES IN SHAREHOLDING

KLCI Stock - TIMECOM / 5031 - 2012 Quarter 2

Company Info 

Market Capital (Capital Size)	1,956,481,079 (Large)
Par Value	RM 0.50

My Analysis 

Forecast P/E now	3.42/0.2769 = 12.35 (Moderate)
Target Price	0.2769*13.5 = 3.74 (PE 13.5, EPS 0.2769)
Decision	BUY if stock price strong sustain and uptrend above 3.4 or wait if got rebound at around 3.25
Comment	Revenue increased 30.4% and also higher than preceding year corresponding quarter 26.6%, eps increased 19.1% and was second consecutive quarter increasing and also higher than preceding year corresponding quarter 22.3%, cash generated from operating enough to cover load repayment but still increased borrowings and spent 14.3% of Group cash to cover capital repayment and investing expenses, operating margin strong improved to above 20%, although lower liquidity ratio but still is acceptable level and this showed the Group better utilize capital in investing activities, higher gearing ratio but still quite low level now and this can help to bring in more investment through leverage, benefit from shorter receivables collection period than payables payment period and longer payables payment period which conserves cash
First Support Price	3.38
Second Support Price	3.25
Risk Rating	MODERATE

Research House

CIMB Target Price	0.85 (2012-02-27)
OSK Target Price	4.52 (2012-09-05)
HLG Target Price	4.12 (2012-09-27)

Accounting Ratio 

Return on Equity	9.05%
Dividend Yield	-
Gross Profit Margin	-
Operating Profit Margin	22.03%
Net Profit Margin	36.49%
Tax Rate	3.81%
Asset Turnover	0.1392
Net Asset Value Per Share	3.96
Net Tangible Asset per share	3.55
Price/Net Tangible Asset Per Share	0.93
Cash Per Share	0.39
Liquidity Current Ratio	1.5345
Liquidity Quick Ratio	1.5345
Liquidity Cash Ratio	0.787
Gearing Debt to Equity Ratio	0.2079
Gearing Debt to Asset Ratio	0.1721
Working capital per thousand Ringgit sale	40.9%
Days to sell the inventory	-
Days to collect the receivables	209
Days to pay the payables	334

Technical Analysis 

SMA 10	3.326 (Uptrend)
SMA 20	3.285 (Uptrend 5 days)
SMA 50	3.336 (Uptrend)
SMA 100	3.335 (Uptrend)
SMA 200	3.27 (Same)
MACD (26d/12d)	0.024719 ( 0.004863 )
Signal (9)	-0.005247 ( 0.007492 )
MACD Histogram	0.029966 (Bullish trend 6 days)
Bolinger Upper Band	3.54
Bolinger Lower Band	3.03

My notes based on 2012 quarter 2 report (number in '000):-
- Higher revenue and pbt mainly due to revenue contribution of RM20.2 million from the newly acquired companies, higher revenue from the Group’s existing business and higher dividend income from its available-for-sale financial asset which offset a higher depreciation charge and financial expenses on new borrowings

- Estimate next 4Q eps after 2012 Q2 result announced = 2065463*0.07/522179 = 0.2769, estimate PE on current price 3.42 = 12.35
- Estimate next 4Q eps after 2012 Q1 result announced = 1836409*0.07/2530775*5 = 0.254, estimate highest/lowest PE = 14.37/10.63
- Estimate next 4Q eps after 2011 Q4 result announced = 1757657*0.06/2530775 = 0.0417, estimate highest/lowest PE = 17.99/12.95 (DPS 0.02)
- Estimate next 4Q eps after 2011 Q3 result announced = 0.0426, estimate highest/lowest PE = 18.19/15.38
- Estimate next 4Q eps after 2011 Q2 result announced = (0.009+0.0113)*2*1.05 = 0.0426, estimate highest/lowest PE = 16.31/9.74
- Estimate next 4Q eps after 2011 Q1 result announced = 0.009*4*1.05 = 0.0378, estimate highest/lowest PE = 22.22/14.02

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KLCI Stock - TIMECOM / 5031 - 2011 Quarter 4

Company Info

Market Capital (Capital Size)	1,758,888,625 (Large)
Par Value	RM 1.00

My Analysis

Forecast P/E now	0.695/0.0417 = 16.67 (Moderate)
Target Price	0.0417*17.0 = 0.71 (PE 17.0, EPS 0.0417)
Decision	Not interested unless stock price can break 0.745 with very strong buy or wait MACD start move up from very low
Comment	Revenue increased 8.1% but lower than preceding year corresponding quarter 2.7%, eps decreased 38.5% and also lower than preceding year corresponding quarter 43.4%, cash generated from operating and investing enough to cover investing expenses, operating profit margin still high, slightly weaker liquidity ratio at moderate level now, lower gearing ratio at low level now, debt ratio at very low level now, receivables and payables repayment period still inline with revenue growth
First Support Price	0.675
Second Support Price	0.62
Risk Rating	MODERATE

Research House

Macquarie Target Price	0.94 (2011-02-14)
CIMB Target Price	0.85 (2012-02-27)
HLG Target Price	0.85 (2012-03-05)
OSK Target Price	0.87 (2012-03-28)

Accounting Ratio

Return on Equity	6.68%
Dividend Yield	-
Gross Profit Margin	0.00%
Operating Profit Margin	16.38%
Net Profit Margin	30.77%
Tax Rate	1.66%
Asset Turnover	0.1609
Net Asset Value Per Share	0.69
Net Tangible Asset per share	0.69
Price/Net Tangible Asset Per Share	0.99
Cash Per Share	0.09
Liquidity Current Ratio	2.0393
Liquidity Quick Ratio	2.0393
Liquidity Cash Ratio	1.2164
Gearing Debt to Equity Ratio	0.1098
Gearing Debt to Asset Ratio	0.099
Working capital per thousand Ringgit sale	63.8%
Days to sell the inventory	-
Days to collect the receivables	184
Days to pay the payables	288

Technical Analysis

SMA 20	0.7 (Downtrend 14 days)
SMA 50	0.715 (Same)
SMA 100	0.705 (Same)
SMA 200	0.657 (Same)
MACD (26d/12d)	-0.005606 ( 0.000234 )
Signal (9)	-0.007104 ( 0.000375 )
MACD Histogram	0.001498 (Bullish trend 3 days)

My notes based on 2011 quarter 4 report (number in '000):-
- Lower revenue than FY10Q4 primarily due to one-off global bandwidth sales recognised by the Group in Quarter 4, 2010. Excluding the one-off global bandwidth sales, consolidated revenue would have improved by 15%

- Lower pbt than FY11Q3 mainly due to one-time adjustments of RM3.2 million operating expenses in current quarter than RM19.7 million in previous quarter and also allowance for long outstanding construction deposits of RM3.0 million and impairment loss on a freehold land of RM2.1 million in the current quarter

- Estimate next 4Q eps after 2011 Q4 result announced = 1757657*0.06/2530775 = 0.0417, estimate PE on current price 0.695 = 16.67
- Estimate next 4Q eps after 2011 Q3 result announced = 0.0426, estimate highest/lowest PE = 18.19/15.38
- Estimate next 4Q eps after 2011 Q2 result announced = (0.009+0.0113)*2*1.05 = 0.0426, estimate highest/lowest PE = 16.31/9.74
- Estimate next 4Q eps after 2011 Q1 result announced = 0.009*4*1.05 = 0.0378, estimate highest/lowest PE = 22.22/14.02

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KLCI Stock - TIMECOM / 5031 - 2011 Quarter 3

Company Info 

Market Capital (Capital Size)	1,733,580,875 (Large)
Par Value	RM 1.00

My Analysis 

Forecast P/E now	0.685/0.0426 = 16.08 (High)
Target Price	0.0426*14.0 = 0.60 (PE 14.0, EPS 0.0426)
Decision	Not interested unless MACD nearly back to uptrend
Comment	Revenue decreased 8% and also lower than preceding year corresponding quarter 11.9%, eps increased 42.5% and was second consecutive quarter increasing and also higher than preceding year corresponding quarter 94%, cash generated from operating and investing enough to cover all expenses, stronger liquidity ratio from low to moderate level now, lower gearing ratio at low level now, payables ratio is high, benefit from lower wayleave fees
First Support Price	0.68
Second Support Price	0.62
Risk Rating	MODERATE

Research House

Macquarie Target Price	0.94 (2011-02-14)
OSK Target Price	0.7 (2012-01-05)
HLG Target Price	0.85 (2012-01-13)

Accounting Ratio 

Return on Equity	9.69%
Dividend Yield	-
Profit Margin	54.49%
Tax Rate	2.96%
Asset Turnover	0.1889
Net Asset Value Per Share	0.59
Net Tangible Asset per share	0.59
Price/Net Tangible Asset Per Share	1.09
Cash Per Share	0.09
Liquidity Current Ratio	2.1411
Liquidity Quick Ratio	2.1411
Liquidity Cash Ratio	1.3153
Gearing Debt to Equity Ratio	0.1142
Gearing Debt to Asset Ratio	0.1025
Working capital per thousand Ringgit sale	61.3%
Days to sell the inventory	-
Days to collect the receivables	161
Days to pay the payables	313

Technical Analysis 

SMA 20	0.704 (Downtrend 13 days)
SMA 50	0.694 (Same)
SMA 100	0.623 (Uptrend)
SMA 200	0.694 (Downtrend)
MACD	0.014002 (Downtrend 16 days)
MACD Histogram	-0.008553 (Downtrend 15 days)

My notes based on 2011 quarter 3 report (number in '000):-
- Lower revenue than FY11Q2 is due to one-off global bandwidth sales entered into in the corresponding quarter

- Higher pbt mainly due to increase in non-global bandwidth sales, adjustments to lower operating expenses (one-time reduction of RM19.7 million and RM8.4 million 2011's wayleave fee)

- Estimate next 4Q eps after 2011 Q3 result announced = 0.0426, estimate PE on current price 0.685 = 16.08
- Estimate next 4Q eps after 2011 Q2 result announced = (0.009+0.0113)*2*1.05 = 0.0426, estimate highest/lowest PE = 16.31/9.74
- Estimate next 4Q eps after 2011 Q1 result announced = 0.009*4*1.05 = 0.0378, estimate highest/lowest PE = 22.22/14.02

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KLCI Stock - TIMECOM / 5031 - 2011 Quarter 2

Company Info

Market Capital (Capital Size)	1,442,541,750 (Large)
Par Value	RM 1.00

My Analysis

Forecast P/E now	0.57/0.0426 = 13.38 (Moderate)
Target Price	0.0426*14.0 = 0.60 (PE 14.0, EPS 0.0426)
Decision	Not interested unless stock price sustain above 0.6
Comment	Revenue increased 19.4% and also higher than preceding year corresponding quarter 0.6%, eps increased 25.6% and also higher than preceding year corresponding quarter 24.2%, cash generated from operating and investing enough to cover all expenses, slightly stronger liquidity ratio at low level now, lower gearing ratio at low level now, payables and receivables ratio also high, benefit from lower wayleave fees
First Support Price	0.56
Second Support Price	0.52
Risk Rating	MODERATE

Research House

Macquarie Target Price	0.94 (2011-02-14)
HLG Target Price	0.97 (2011-08-26)

Accounting Ratio

Return on Equity	8.92%
Dividend Yield	-
Profit Margin	34.19%
Tax Rate	-
Asset Turnover	0.204
Net Asset Value Per Share	0.56
Net Tangible Asset per share	0.56
Price/Net Tangible Asset Per Share	0.96
Cash Per Share	0.08
Liquidity Current Ratio	1.9972
Liquidity Quick Ratio	1.9972
Liquidity Cash Ratio	1.2201
Gearing Debt to Equity Ratio	0.1245
Gearing Debt to Asset Ratio	0.1107
Working capital per thousand Ringgit sale	53.7%
Days to sell the inventory	-
Days to collect the receivables	152
Days to pay the payables	277

My notes based on 2011 quarter 2 report (number in '000):-
- Higher revenue primarily due to higher revenue from data services offset by lower voice and global bandwidth sales

- Higher pbt than mainly due to the reduction in wayleave fees to PLUS as mentioned in Note 5 above and higher dividend income from available-for-sale financial asset

- Estimate next 4Q eps after 2011 Q2 result announced = (0.009+0.0113)*2*1.05 = 0.0426, estimate PE on current price 0.57 = 13.38
- Estimate next 4Q eps after 2011 Q1 result announced = 0.009*4*1.05 = 0.0378, estimate highest/lowest PE = 22.22/14.02

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KLCI Stock - TIMECOM / 5031 - 2011 Quarter 1

Company Info

Market Capital (Capital Size)	1,885,427,375 (Large)
Par Value	RM 1.00

My Analysis

Forecast P/E now	0.745/0.0378 = 19.71 (High)
Target Price	0.0378*14.0 = 0.53 (PE 14.0, EPS 0.0378)
Decision	Not interested unless revenue and profit increase more
Comment	Revenue decreased 18.1% but higher than preceding year corresponding quarter 7.7%, eps decreased 48.6% but higher than preceding year corresponding quarter 21.6%, cash generated from operating is enough to cover all expenses, weaker liquidity ratio at low level now, higher gearing ratio but still at low level now, payables and receivables ratio also high, benefit from lower wayleave fees
First Support Price	0.695
Second Support Price	0.63
Risk Rating	HIGH

Research House

Macquarie Target Price	0.94 (2011-02-14)
HLG Target Price	0.95 (2011-04-01)

Accounting Ratio

Return on Equity	8.97%
Dividend Yield	-
Profit Margin	32.66%
Tax Rate	-
Asset Turnover	0.2039
Net Asset Value Per Share	0.55
Net Tangible Asset per share	0.55
Price/Net Tangible Asset Per Share	1.45
Cash Per Share	0.09
Liquidity Current Ratio	1.7812
Liquidity Quick Ratio	1.7812
Liquidity Cash Ratio	1.0437
Gearing Debt to Equity Ratio	0.1565
Gearing Debt to Asset Ratio	0.1353
Working capital per thousand Ringgit sale	50.8%
Days to sell the inventory	-
Days to collect the receivables	174
Days to pay the payables	331

My notes based on 2011 quarter 1 report (number in '000):-
- Lower revenue than FY10Q4 mainly arising from global bandwidth sales recognised in the immediately preceding quarter. Global bandwidth is a non-recurring business and no sales were recorded in the current quarter

- Lower pbt than FY10Q4 mainly due to lower dividend income received from the investment in
quoted securities in the current quarter and lower revenue

- Higher revenue than FY10Q1 mainly due to higher revenue from the Group’s data business offset by a reduction in voice revenue

- Higher pbt than FY10Q1 attributed mainly to higher revenue, improved margins and lower wayleave fees

- Estimate next 4Q eps after 2011 Q1 result announced = 0.009*4*1.05 = 0.0378, estimate PE on current price 0.745 = 19.71

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