Integrax

Date announced 26/08/2010
Quarter 30/06/2010 Qtr 2
FYE 31/12/2010

STOCK Integra
C0DE  9555

Price $ 1.33 Curr. PE (ttm-Eps) 9.42 Curr. DY 2.26%
LFY Div 3.00 DPO ratio 21%
ROE 8.1% PBT Margin 77.1% PAT Margin 58.4%

Rec. qRev 23483 q-q % chg 2% y-y% chq 17%
Rec qPbt 18094 q-q % chg 38% y-y% chq 33%
Rec. qEps 4.56 q-q % chg 54% y-y% chq 50%
ttm-Eps 14.12 q-q % chg 12% y-y% chq 14%

Using VERY CONSERVATIVE ESTIMATES:
EPS GR 3% Avg.H PE 8.00 Avg. L PE 4.00
Forecast High Pr 1.31 Forecast Low Pr 0.88 Recent Severe Low Pr 0.88
Current price is at Upper 1/3 of valuation zone.

RISK: Upside -5% Downside 105%
One Year Appreciation Potential 0% Avg. yield 3%
Avg. Total Annual Potential Return (over next 5 years) 2%

CPE/SPE 1.57 P/NTA 0.76 NTA 1.75 SPE 6.00 Rational Pr 0.85



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