A Brief Look at KAF

KAF-Seagroatt & Campbell Berhad

Business Description:
KAF-Seagroatt & Campbell Berhad is a Malaysia-based investment holding company. The Company, through its subsidiaries, is engaged in the stock broking, futures broking, fund management, money broking and discount house activities in Malaysia. Its subsidiaries are KAF-Refco Futures Sdn. Bhd., KAF-Seagrott & Campbell Securities Sdn. Bhd., KAF Nominees (Tempatan) Sdn. Bhd. and KAF Nominees (Asing) Sdn. Bhd.

Current Price (14/1/2011): 1.53
2010 Sales 32,691,000
Employees: 106
Market Cap: 183,600,000
Shares Outstanding: 120,000,000
Closely Held Shares: 106,000,000

Recent Financial Results

Announcement Date		Financial Yr. End		Qtr	Period End		Revenue RM '000		Profit/Lost RM'000		EPS		Amended
19-Jan-11		31-May-11		2	30-Nov-10		9,303		7,157		5.96		-
28-Oct-10		31-May-11		1	31-Aug-10		10,406		7,475		6.23		-
20-Jul-10		31-May-10		4	31-May-10		8,619		4,793		3.99		-
20-Apr-10		31-May-10		3	28-Feb-10		6,632		2,383		1.99		-

Estimated EPS (i) = ttm-EPS = 18.17

At 1.53, it is trading at a forward PE of 8.4 x
Estimated EPS (ii) = 2*(5.96 + 6.23) = 2*(12.19) = 24.38 sen
At 1.53, it is trading at a forward PE of 6.3 x
It proposes a dividend of 7.5 sen.
At 1.53, its DY is 4.9%.
At 1.53, its P/B = 1.53 / 1.9467 = 0.79 = 79%

Historical
5 Yr
PE range 8.6 - 13.5
DY range 9.2% - 5.2%

10 Yr
PE range 15.5 - 24.5
DY range 7.2% - 4.4%

Year      DPS    EPS
2003      5.4        7.9
2004      6.3      12.6
2005      5.4      13.7
2006      5.4      13.7
2007    30.1      15.8
2008      5.6      12.5
2009      5.6       -2.5
2000      7.50    17.28     NTA 1.8248
1H11     7.5       12.2      NTA  1.9467

Capital Changes

2005  1/1 Bonus

Date
May 3, 2010	0.075 Dividend
Nov 19, 2009	0.075 Dividend
Jun 5, 2008	0.0375 Dividend
Nov 15, 2007	0.0375 Dividend
Aug 20, 2007	0.0375 Dividend
Feb 26, 2007	0.25 Dividend
Aug 28, 2006	0.0375 Dividend
Nov 18, 2005	0.0375 Dividend
Sep 13, 2005	0.075 Dividend
Sep 1, 2004	0.075 Dividend
Aug 30, 2004	0.075 Dividend
Dec 12, 2003	0.10 Dividend
Aug 28, 2003	0.075 Dividend
* Close price adjusted for dividends and splits.