Malaysian Bulk Carriers Bhd

Date announced 23/11/2010
Quarter 30/09/2010 Qtr 3 FYE 31/12/2010

STOCK Maybulk C0DE  5077 

Price $ 2.95 Curr. ttm-PE 11.39 Curr. DY 5.08%
LFY Div 15.00 DPO ratio 62%
ROE 15.7% PBT Margin 80.8% PAT Margin 80.5%

Rec. qRev 109027 q-q % chg 13% y-y% chq 11%
Rec qPbt 88069 q-q % chg 164% y-y% chq 25%
Rec. qEps 8.77 q-q % chg 178% y-y% chq 26%
ttm-Eps 25.91 q-q % chg 8% y-y% chq 63%

Using VERY CONSERVATIVE ESTIMATES:
EPS GR 3% Avg.H PE 11.00 Avg. L PE 10.00
Forecast High Pr 3.30 Forecast Low Pr 2.13 Recent Severe Low Pr 2.13
Current price is at Upper 1/3 of valuation zone.

RISK: Upside 30% Downside 70%
One Year Appreciation Potential 2% Avg. yield 6%
Avg. Total Annual Potential Return (over next 5 years) 9%

CPE/SPE 1.08 P/NTA 1.78 NTA 1.65 SPE 10.50 Rational Pr 2.72



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


Stock Data: Recent Stock Performance:
Current Price (11/19/2010): 2.89
(Figures in Malaysian Ringgits)

Recent Stock Performance
1 Week -2.0% 13 Weeks -3.3%
4 Weeks 0.3% 52 Weeks -10.8%

Malaysian Bulk Carriers
Bhd Key Data:
Ticker: MAYBULK
Country: MALAYSIA
Exchanges: KUL
Major Industry: Transportation
Sub Industry: Shipping

2009 Sales 303,707,000 (Year Ending Jan 2010).
Employees: 371

Currency: Malaysian Ringgits
Market Cap: 2,890,000,000
Fiscal Yr Ends: December Shares Outstanding: 1,000,000,000
Share Type: Ordinary Closely Held Shares: 745,849,550