Zhulian 10/2009 Quarter

Self Estimate.... (Only for my own reference)
Q1/2009 Q2/2009 Q3/2009 *(FE) Q4/2009 *(FE)
Revenue 71,085 73,554 74,511 74,261
Profit/(loss) before tax 22,326 19,741 23,360 22,980
Profit/(loss) for the period 16,844 16,690 18,352 18,042
Profit/(loss) attributable to ordinary equity holders of the parent 16,844 16,690 18,352 18,042
Basic earnings/(loss) per share (sen) 4.88 4.84 5.320625 5.230859375
Proposed/Declared dividend per share (sen) 3 3 3 3
Net assets per share attributable to ordinary equity holders of the parent (RM) 0.829 0.8473 0.8695 0.8911


2006 2007 2008 2009 *(FE)
EPS 5.14 18.52 21.66 20.27
DPS 0 15.5 11 12
NAV 0.7274 0.7237 0.8101 0.8911

Based on 10% grow of NAV fye 2008 and DPS payout 12 sen

EPS 2008 = 21.66
EPS 2009 *(FE) = 20.27

Let said the target PE is 8
Current price is 1.67, mean current PE=167/21.66 = 7.71
while TP = 8 * 21.66 = 1.73
PE=8 based on DPS 2009 *(FE)=12 is satify

Assume that, Zhulian can hit EPS 2009 *(FE)= 20.27, PE = 10
means TP = 2.027

*(FE) - Self extimate, is not the real data, please take note.