50 Million Adjustment for TransMile?

My Dearest Moo Moo Cow,

So the Edge Weekly is suggesting that perhaps a 50 million adjustment is required. Let's do some simple calculations.

The following table shows TransMile earnings.



So a 50 million adjustment could see fy 2006 earnings adjusted from rm157 mil to rm 100mil.

Now TransMile current number of shares is extremely tricky since it is ever expanding.

The follow screen shot shows TransMile current number of shares today.



So as it is today, there are 270.118 million shares. This means that TransMil eps 'could' be adjusted to a mere 37 sen, IF its earnings is adjusted by rm50 million to rm100 million.

So what PE multiple do you reckon TransMile could command after the adjustment? Do you reckon it could command a pe multiple of 20x after this adjustment?

But if market take the adjustment poorly, TransMile could trade as low as a simple 15x multiple.

20x on an eps of 37 sen = 7.40
15x on an eps of 37 sen = 5.55!

How?

Me?

Honestly, I would rather not guess in such a fashion for I do not really know what is happening but a 50 million adjustment, could do some damage on TransMile in my opinion.