Integrax Berhad

Date announced 22/11/2010
Quarter 30/09/2010 Qtr 3 FYE 31/12/2010

STOCK Integra C0DE  9555 
Price $ 1.6 Curr. ttm-PE 11.01 Curr. DY 1.88%
LFY Div 3.00 DPO ratio 21%
ROE 8.1% PBT Margin 61.6% PAT Margin 44.4%

Rec. qRev 24918 q-q % chg 6% y-y% chq 4%
Rec qPbt 15340 q-q % chg -15% y-y% chq 9%
Rec. qEps 3.68 q-q % chg -19% y-y% chq 13%
ttm-Eps 14.53 q-q % chg 3% y-y% chq 26%

Using VERY CONSERVATIVE ESTIMATES:
EPS GR 5% Avg.H PE 8.00 Avg. L PE 4.00
Forecast High Pr 1.48 Forecast Low Pr 0.94 Recent Severe Low Pr 0.94
Current price is at Upper 1/3 of valuation zone.

RISK: Upside -21% Downside 121%
One Year Appreciation Potential -1% Avg. yield 2%
Avg. Total Annual Potential Return (over next 5 years) 1%

CPE/SPE 1.84 P/NTA 0.89 NTA 1.79 SPE 6.00 Rational Pr 0.87



Decision:
Already Owned: Buy Hold Sell Filed Review (future acq): Filed Discard: Filed
Guide: Valuation zones Lower 1/3 Buy Mid. 1/3 Maybe Upper 1/3 Sell

Aim:
To Buy a bargain: Buy at Lower 1/3 of Valuation Zone
To Minimise risk of Loss: Buy when risk is low i.e UPSIDE GAIN > 75% OR DOWNSIDE RISK <25%
To Double every 5 years: Seek for POTENTIAL RETURN of > 15%/yr.
To Prevent Loss: Sell immediately when fundamentals deteriorate
To Maximise Gain & Reduce Loss: Sell when CPE/SPE > 1.5, when in Upper 1/3 of Valuation Zone & Returns < 15%/yr