Tuesday 16 November 2010

Mieco



Date announced 16/11/2010
Quarter 30/09/2010 Qtr 3 FYE 31/12/2010

STOCK MIECO C0DE  5001 

Price $ 0.64 Curr. ttm-PE 17.68 Curr. DY 0.00%
LFY Div 0.00 DPO ratio 0%
ROE 2.4% PBT Margin 3.9% PAT Margin 4.0%

Rec. qRev 41954 q-q % chg -6% y-y% chq -11%
Rec qPbt 1645 q-q % chg 63% y-y% chq 47%
Rec. qEps 0.80 q-q % chg 67% y-y% chq -207%
ttm-Eps 3.62 q-q % chg 75% y-y% chq -123%

Using VERY CONSERVATIVE ESTIMATES:
EPS GR 5% Avg.H PE 19.00 Avg. L PE 17.00
Forecast High Pr 0.88 Forecast Low Pr 0.46 Recent Severe Low Pr 0.46
Current price is at Middle 1/3 of valuation zone.

RISK: Upside 57% Downside 43%
One Year Appreciation Potential 7% Avg. yield 0%
Avg. Total Annual Potential Return (over next 5 years) 7%

CPE/SPE 0.98 P/NTA 0.42 NTA 1.53 SPE 18.00 Rational Pr 0.65



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

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