KLCI Stock - PETGAS / 6033 - 2012 Quarter 3

PETRONAS GAS BERHAD


Company Description

PETRONAS GAS BERHAD is engaged in separating natural gas into its components and storing, transporting and distributing such components thereof for a fee and the sale of industrial utilities. In addition to gas processing and transmission, its activities includes supply of industrial utilities, such as steam, electricity, nitrogen, compressed air, demineralised water and waste water treatment to the petrochemical complexes in the Kertih and Gebeng industrial zones. It operates six gas-processing plants, which process natural gas from the offshore fields of Terengganu. The plants have a gas production capacity of 2,060 million standard cubic feet per day (mmscfd) in addition to gas derivative products, such as Ethane, Propane, Butane, Condensates and Carbon Dioxide. In addition, it has standby units in Kertih and Paka with a total capacity of 750 mmscfd.

Company Info

Listing Date	1995-09-04
Market Capital (Capital Size)	38,981,018,725 (Very Large)
Par Value	RM 1.00
Board	Main
Sector	Industrial Products
Major Industry	Gas Processing & Transporting
Sub Industry	Sales Gas

My Analysis

Forecast P/E now	(19.7-0.5)/0.701 = 27.39 (Moderate)
Target Price	19.28+0.5 = 19.78 (PE 27.5, EPS 0.701, DPS 0.5)
Decision	Not interested unless stock price strong sustain above SMA20 or wait rebound around SMA200
Comment	Revenue decreased 2.5% and was fourth consecutive quarter decreasing (lower than preceding year corresponding quarter 6.7%), eps decreased 30.8% and also lower than preceding year corresponding quarter 9.3%, cash generated from operating enough for financing expenses but still generated cash from financing and spent 4.4% of Group cash to cover investing expenses, balance sheet assets indicate Group expanding the long term assets, operating margin maintain very satisfactory level ~48%, liquidity ratio indicate very firm can meet current obligation but keep weakening, gearing ratio indicate still low liabilities risk, all accounting turnover period is good which got more cash on hand, gas processing segment got business downtrend but other segments still growth
First Support Price	19.0
Second Support Price	18.0
Risk Rating	MODERATE

Research House

OSK Target Price	17 (2012-02-23)
Maybank Target Price	20.2 (2012-09-11)
Affin Target Price	16.6 (2012-11-26)
AMMB Target Price	21.6 (2012-11-26)
CIMB Target Price	20.6 (2012-11-26)
HwangDBS Target Price	21 (2012-11-26)
MIDF Target Price	17.72 (2012-11-26)
RHB Target Price	18.47 (2012-11-26)
TA Target Price	16.75 (2012-11-26)
Kenanga Target Price	19.86 (2012-12-07)

Accounting Ratio

Return on Equity	17.33%
Dividend Yield	2.54%
Gross Profit Margin	47.30%
Operating Profit Margin	48.46%
Net Profit Margin	48.27%
Tax Rate	23.92%
Asset Turnover	0.3059
Net Asset Value Per Share	4.49
Net Tangible Asset per share	4.49
Price/Net Tangible Asset Per Share	4.21
Cash Per Share	1.24
Liquidity Current Ratio	3.3855
Liquidity Quick Ratio	3.2634
Liquidity Cash Ratio	2.8872
Gearing Debt to Equity Ratio	0.3076
Gearing Debt to Asset Ratio	0.2327
Working capital per thousand Ringgit sale	56.3%
Days to sell the inventory	21
Days to collect the receivables	32
Days to pay the payables	50

Technical Analysis

SMA 10	18.806 (Uptrend)
SMA 20	18.478 (Uptrend 4 days)
SMA 50	19.057 (Downtrend)
SMA 100	19.096 (Uptrend)
SMA 200	18.04 (Uptrend)
MACD (26d/12d)	0.079048 ( 0.073431 )
Signal (9)	-0.081961 ( 0.040252 )
MACD Histogram	0.161009 (Bullish trend 13 days)
Bolinger Upper Band	19.982
Bolinger Lower Band	16.974

My notes based on 2012 quarter 3 report (number in '000):-
- Lower revenue and pbt due to lower export volume and prices for propane and butane from Gas Processing segment and higher depreciation costs arising from review of property, plant and equipment useful life as well as higher volume of fuel gas utilised in the production of industrial gases to meet higher customers demand

- Lower pbt than FY12Q2 also due to disposal of investment in an associate through initial public offering amounting to RM100.0 million in the preceding quarter

- Estimate next 4Q eps after 2012 Q3 result announced = 1460166*0.95/1978732 = 0.701, estimate PE on current price 19.7 = 27.39(DPS 0.5)
- Estimate next 4Q eps after 2012 Q2 result announced = 0.7863, estimate highest/lowest PE = 25.13/22.64 (DPS 0.5)
- Estimate next 4Q eps after 2012 Q1 result announced = 1414470*1.1/1978732 = 0.7863, estimate highest/lowest PE = 24.75/20.76 (DPS 0.5)
- Estimate next 4Q eps after 2011 Q7 result announced = 8643921*0.165/1978732 = 0.7208, estimate highest/lowest PE = 23.34/21.5 (DPS 0.5)
- Estimate next 4Q eps after 2011 Q6 result announced = (0.1954+0.177)*2 = 0.7448, estimate highest/lowest PE = 22.82/16.68 (DPS 0.5)
- Estimate next 4Q eps after 2011 Q5 result announced = 0.1954*4 = 0.7816, estimate highest/lowest PE = 18.14/15.1 (DPS 0.5)
- Estimate next 4Q eps after 2011 Q4 result announced = 0.1348*4 = 0.5392, estimate highest/lowest PE = 25.04/19.84 (DPS 0.5)
- Estimate next 4Q eps after 2011 Q2 result announced = 0.6266, estimate highest/lowest PE = 17.65/16.41 (DPS 0.5)
- Estimate next 4Q eps after 2011 Q1 result announced = 0.5331*0.95 = 0.5064, estimate highest/lowest PE = 25.63/19.31 (DPS 0.5)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.4612(3% dropped from 0.4755), estimate highest/lowest PE = 21.47/19.8 (DPS 0.5)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.5(0.37+0.13), estimate highest/lowest PE = 19.2/18.12 (DPS 0.5)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.47, estimate highest/lowest PE = 20.21/19.26 (DPS 0.5)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.47, estimate highest/lowest PE = 20.21/19.47 (DPS 0.5)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.47, estimate highest/lowest PE = 21.06/19.15 (DPS 0.5)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.47, estimate highest/lowest PE = 20.21/18.94 (DPS 0.05)

PETGAS latest news (English)

PETGAS latest news (Chinese)


Financial Quarter Summary

a_date	year	qrt	h_price	l_price	div	roe	c_roe	rev	c_rev	pbt	c_pbt	prof	c_prof	eps	c_eps	asset	c_asset	liab	c_liab	mino	equi	cfo	cfi	cff	cash	fcf	net	final	share	c_share	m_cap	date	gros_m	oper_m	prof_m	vat	asset_t	pe	navps	ntaps	p/ntaps	cps	l_cur	l_qui	l_cash	g_de	g_da	avg_w	inv_d	rec_d	pay_d
2012-11-23	2012	3	N/A	N/A	-	3.73%	13.04%	865599	2667765	417854	1442604	317662	1109983	0.1605	0.5610	11732619	2868200	2729995	847211	126728	9002624	1526021	1699712	70378	2368834	173691	103313	2265521	1978732	1978732	37398034	2012-09-30	47.30%	48.46%	48.27%	23.92%	0.3059	-	4.49	4.49	4.21	1.24	3.3855	3.2634	2.8872	0.3076	0.2327	56.3%	21	32	50
2012-08-15	2012	2	20.26	18.3	0.15	5.39%	9.30%	887363	1802165	577822	1024751	458866	792322	0.2319	0.4004	11025302	2598467	2043758	551958	126500	8981544	1083445	1223953	326056	2368835	140508	466564	1902271	1978732	1978732	39416341	2012-06-30	52.96%	64.89%	65.12%	20.65%	0.3311	-	4.48	4.48	4.45	1.08	4.7077	4.5228	3.8549	0.2308	0.1854	56.1%	21	37	47
2012-05-09	2012	1	19.96	16.82	-	3.92%	3.92%	914802	914802	446929	446929	333456	333456	0.1685	0.1685	11008741	3095754	1991005	485454	126875	9017736	564987	514521	12628	2368834	50466	63094	2431928	1978732	1978732	33598869	2012-03-31	49.02%	48.70%	48.86%	25.35%	0.3343	-	4.49	4.49	3.78	1.35	6.377	6.1745	5.4948	0.2239	0.1809	70.9%	20	33	68
2012-02-22	2011	7	17.32	16.0	0.25	4.29%	13.48%	921247	2765124	464604	1432991	344095	1081014	0.1739	0.5463	10746469	3103216	2102548	594121	86516	8643921	1502741	942820	947166	2756079	559921	387245	2368834	1978732	1978732	32649078	2011-12-31	48.42%	50.17%	50.43%	25.96%	0.3402	-	4.32	4.32	3.82	1.32	5.2232	5.0508	4.4004	0.2457	0.1957	68.6%	20	39	86
2011-11-24	2011	6	17.5	12.92	0.15	4.37%	9.19%	927324	1843877	457787	968386	350183	736919	0.1770	0.3724	10481476	3229126	1891725	362279	79632	8589751	999605	636646	667128	2756079	362959	304169	2451910	1978732	1978732	26237986	2011-09-30	51.32%	49.52%	49.37%	23.53%	0.3461	-	4.3	4.3	3.08	1.37	8.9134	8.6275	7.4724	0.2223	0.1805	79.0%	21	42	40
2011-08-17	2011	5	14.68	12.3	-	4.82%	4.82%	916553	916553	510601	510601	386737	386737	0.1954	0.1954	10818710	3637755	1916815	390037	49402	8901895	552004	390467	28640	2756079	161537	190177	2946256	1978732	1978732	26792031	2011-06-30	54.11%	54.47%	55.71%	24.26%	0.3299	-	4.47	4.47	3.03	1.63	9.3267	9.0713	8.2724	0.2165	0.1772	91.0%	20	32	55
2011-05-11	2011	4	14.0	11.2	0.35	3.33%	17.95%	891190	3524952	350759	1900255	266658	1439251	0.1348	0.7274	10509859	3501557	1994688	452171	49415	8515171	2232735	689748	968410	2181502	1542987	574577	2756079	1978732	1978732	22201373	2011-03-31	37.24%	37.80%	39.36%	24.00%	0.3354	15.4256	4.28	4.28	2.62	1.53	7.7439	7.5218	6.7036	0.2356	0.1898	86.5%	21	38	71
2011-02-22	2011	3	11.94	11.1	-	5.00%	14.63%	892687	2633762	530810	1549496	400737	1172593	0.2025	0.5926	10134362	3247949	1934240	368809	1024	8200122	1774899	453726	980151	2181502	1321173	341022	2522524	1978732	1978732	22201373	2010-12-31	55.66%	58.40%	59.46%	24.51%	0.339	-	4.14	4.14	2.71	1.4	8.8066	8.4513	7.5186	0.2359	0.1909	83.8%	28	37	32
2010-11-30	2011	2	11.56	10.78	0.15	4.85%	9.63%	868430	1741075	505473	1018686	389069	771856	0.1966	0.3901	9921404	3045626	1825192	263152	1042	8096212	1113486	297272	699777	2181502	816214	116437	2297939	1978732	1978732	22043074	2010-09-30	52.80%	57.16%	58.21%	23.04%	0.3381	-	4.09	4.09	2.72	1.28	11.5736	11.0132	9.6262	0.2255	0.184	83.0%	30	40	23
2010-08-27	2011	1	13.48	10.28	-	4.77%	4.77%	872645	872645	513213	513213	382787	382787	0.1935	0.1935	10226131	3254003	1826391	237418	1083	8399740	576681	133600	1800	2181502	443081	444881	2626383	1978732	1978732	20578812	2010-06-30	57.28%	57.75%	58.81%	25.42%	0.3236	-	4.24	4.24	2.45	1.4	13.7058	13.0642	11.6314	0.2175	0.1786	91.2%	28	38	27
2010-05-11	2010	4	10.4	9.63	0.35	2.51%	11.71%	802211	3221843	277498	1243803	201392	940896	0.1018	0.4755	9834724	2747999	1817723	234444	1131	8017001	1537786	325234	976186	1945136	1212552	236366	2181502	1978732	1978732	19549872	2010-03-31	33.67%	33.90%	34.59%	27.17%	0.3276	20.7779	4.05	4.05	2.44	1.15	11.7213	11.1071	9.7326	0.2268	0.1848	78.0%	26	37	36
2010-02-18	2010	3	10.1	9.56	-	3.32%	9.20%	810886	2419632	343273	966287	266474	739504	0.1347	0.3737	9564403	2400719	1749490	173294	435	7814913	1180445	323515	972326	1945136	856930	115396	1829740	1978732	1978732	19351998	2009-12-31	38.40%	41.02%	42.33%	22.54%	0.3508	-	3.95	3.95	2.48	0.98	13.8534	13.0044	11.1965	0.2239	0.1829	66.4%	25	34	20
2009-11-20	2010	2	10.0	9.6	0.15	2.54%	5.88%	823188	1608747	268716	623014	204090	473031	0.1031	0.2391	9591920	2353733	1746098	150223	1008	7845822	749718	248859	675517	1945136	500859	174658	1770478	1978732	1978732	19391573	2009-09-30	33.18%	31.68%	32.64%	24.08%	0.3521	-	3.96	3.96	2.47	0.95	15.6683	14.6508	12.4575	0.2226	0.182	65.2%	25	36	18
2009-08-24	2010	1	10.0	9.65	-	3.35%	3.35%	785559	785559	354298	354298	268940	268940	0.1359	0.1359	10056073	2769390	1749084	158140	-914	8306989	399199	149041	N/A	1945136	250158	250158	2195294	1978732	1978732	19371786	2009-06-30	41.21%	44.10%	45.10%	24.16%	0.3385	-	4.2	4.2	2.33	1.16	17.5123	16.5543	14.5206	0.2105	0.1739	76.7%	25	34	20
2009-05-21	2009	4	10.4	9.5	0.35	3.30%	11.72%	935871	3415141	346876	1231445	261815	928692	0.1323	0.4693	9867050	2482222	1828749	217793	-662	8038301	1420743	326539	856873	1707805	1094204	237331	1945136	1978732	1978732	18797954	2009-03-31	36.41%	36.04%	37.06%	24.71%	0.3461	20.2413	4.06	4.06	2.34	1.02	11.3972	10.7249	9.2565	0.2275	0.1853	66.3%	24	34	32
2009-02-19	2009	3	10.0	9.4	-	2.07%	8.42%	832871	2479270	222201	884569	164056	666877	0.0829	0.3370	9518891	2103568	1741742	153612	-	7777149	1108336	280813	849250	1707805	827523	21727	1686078	1978732	1978732	19391573	2008-12-31	29.27%	25.65%	26.68%	26.17%	0.3445	-	3.93	3.93	2.49	0.88	13.694	12.6896	11.3064	0.224	0.183	59.5%	27	24	16
2008-11-19	2009	2	10.1	9.35	0.15	2.62%	6.35%	849700	1646399	273595	662323	207242	502826	0.1047	0.2541	9596671	2099497	1760967	180412	-	7835704	651896	179725	626644	1707805	472171	154473	1553332	1978732	1978732	19391573	2008-09-30	29.72%	31.07%	32.20%	24.25%	0.3351	-	3.96	3.96	2.47	0.79	11.6372	10.7856	8.6653	0.2247	0.1835	59.7%	29	43	19
2008-08-14	2009	1	10.1	9.2	-	3.73%	3.73%	796699	796699	388728	388728	295584	295584	0.1494	0.1494	10107847	2528143	1861031	190238	-	8246816	400579	86882	N/A	1707805	313697	313697	2021502	1978732	1978732	19688383	2008-06-30	48.16%	47.74%	48.79%	23.96%	0.3113	-	4.17	4.17	2.39	1.05	13.2894	12.4964	10.9708	0.2257	0.1841	74.3%	31	34	24
2008-05-21	2008	4	10.3	9.35	0.35	3.96%	14.41%	799945	3125745	335264	1394133	300564	1092949	0.1519	0.5523	9793303	2119198	1870908	234370	-	7922395	1584533	177236	772876	1073384	1407297	634421	1707805	1978732	1978732	19787320	2008-03-31	40.09%	41.04%	41.91%	10.35%	0.3192	18.1045	4.0	4.0	2.5	0.86	9.0421	8.404	7.2868	0.2362	0.191	60.3%	31	31	30
2008-02-14	2008	3	10.6	9.05	-	3.33%	10.44%	769781	2325800	345464	1058869	252980	792385	0.1278	0.4005	9597879	1857206	1976048	283485	-	7621831	1292138	134505	764565	1073384	1157633	393068	1466452	1978732	1978732	20776686	2007-12-31	43.50%	43.86%	44.88%	26.77%	0.3218	-	3.85	3.85	2.73	0.74	6.5513	6.0331	5.1729	0.2593	0.2059	50.9%	31	29	20
2007-11-14	2008	2	11.3	10.0	0.15	3.25%	7.11%	780129	1556019	323131	713405	246631	539405	0.1246	0.2726	9501173	1660980	1915651	214060	-	7585522	876416	99669	547894	1073384	776747	228853	1302237	1978732	1978732	21766052	2007-09-30	40.61%	40.28%	41.42%	23.67%	0.3233	-	3.83	3.83	2.87	0.66	7.7594	7.0928	6.0835	0.2525	0.2016	47.1%	30	26	20
2007-08-15	2008	1	11.3	10.6	-	3.86%	3.86%	775890	775890	390274	390274	292774	292774	0.1480	0.1480	9780022	1835557	1900937	193319	-	7879085	374821	41387	N/A	1073384	333434	333434	1406818	1978732	1978732	N/A	2007-06-30	48.12%	49.30%	50.30%	24.98%	0.2343	-	3.98	3.98	N/A	0.71	9.495	8.7987	7.2772	0.2413	0.1944	71.7%	39	47	35
2007-05-23	2007	4	N/A	N/A	0.3	N/A	N/A	763108	2982347	362378	1281179	338278	1246979	0.1710	0.6302	9493122	1450095	1906811	191166	-	7586311	1740778	499920	1047188	879714	1240858	193670	1073384	1978732	1978732	17709651	2007-03-31	44.19%	46.64%	47.49%	6.65%	0.1597	14.202	3.83	3.83	2.34	0.54	7.5855	6.8582	5.6149	0.2513	0.2009	83.0%	59	57	65
2007-02-12	2007	3	N/A	N/A	-	N/A	N/A	752855	2219239	333814	918801	357414	908701	0.1806	0.4592	9500238	1380606	2252205	482756	-	7248033	1334164	465289	722113	879714	868875	146762	1026476	1978732	1978732	17709651	2006-12-31	43.13%	43.42%	44.34%	-	0.0792	-	3.66	3.66	2.45	0.52	2.8598	2.5913	2.1263	0.3107	0.2371	119.3%	111	109	130

Financial Quarter Balance Sheet

year	qrt	Investment in associated companies (A-0)	Investment in jointly controlled entity (A-0)	Property, plant and equipment (A-0)	Cash and cash equivalents (A-1)	Inventories (A-1)	Other investments (A-1)	Trade receivables (A-1)	Deferred income (L-0)	Deferred tax liabilities (L-0)	Loans & borrowings (L-0)	Current tax liabilities (L-1)	Loans & borrowings (L-1)	Trade and other payables (L-1)	Minority interest (M-1)
2012	3	122340	6472	8735607	2265521	103393	180548	318738	9924	1021000	851860	151075	445640	250496	126728
2012	2	128058	6755	8292022	1902271	102068	225481	368647	10160	1030000	451640	162111	156000	233847	126500
2012	1	185499	5808	7721680	2431928	98324	235538	329964	10397	1046000	449154	146780	-	338674	126875
2011	7	179567	5414	7458272	2368834	102449	245562	386371	10692	1053000	444735	146489	-	447632	86516
2011	6	194942	3448	7053960	2451910	103565	255170	418481	11107	1061000	457339	160499	-	201780	79632
2011	5	191096	3181	6986678	2946256	99597	280288	311614	11523	1090000	425255	119428	-	270609	49402
2011	4	175087	2606	6830609	2756079	100399	275082	369997	11937	1107000	423580	112141	-	340030	49415
2011	3	216708	2143	6667562	2522524	131044	250393	343988	12352	1127000	426079	220979	-	147830	1024
2011	2	202110	1947	6671721	2297939	147485	235218	364984	12767	1128000	421273	147519	-	115633	1042
2011	1	187989	1739	6782400	2626383	152335	135129	340156	13182	1128000	447791	95078	-	142340	1083
2010	4	174036	4481	6908208	2181502	144017	100252	322228	13597	1132000	437682	32214	-	202230	1131
2010	3	210510	4042	6949132	1829740	147139	110552	313288	14011	1130000	432185	57283	-	116011	435
2010	2	195316	3560	7039311	1770479	152848	100923	329483	14786	1128000	453089	42828	-	107395	1008
2010	1	182124	3362	7101197	2195294	151488	100991	321617	15561	1142000	433383	33825	-	124315	914
2009	4	169341	3162	7212325	1945136	146413	70863	319810	15331	1146000	449625	22531	-	195262	662
2009	3	198363	2554	7214406	1686078	154293	50726	212471	16356	1119501	452273	64400	-	89212	-
2009	2	184099	2224	7310851	1553332	153654	9995	382516	17383	1150310	412862	79425	-	100987	-
2009	1	170581	1934	7407189	2021502	150844	65552	290245	18409	1163757	488627	74850	-	115388	-
2008	4	178291	1530	7494284	1707805	149550	-	261843	19438	1163000	454100	87395	-	146975	-
2008	3	167004	1383	7572286	1466452	146911	-	243843	20463	1218000	454100	190881	-	92604	-
2008	2	155379	1030	7683784	1302237	142698	-	216045	21491	1226000	454100	119724	-	94336	-
2008	1	142846	627	7800992	1406818	134610	-	294129	22518	1231000	454100	74381	-	118938	-
2007	4	151480	103	7891444	1073384	139039	-	237672	23545	1238000	454100	39399	-	151767	-
2007	3	122519	-	7997113	1026476	129642	-	224488	24349	1291000	454100	17559	312195	153002	-

Financial Quarter Income Statement

year	qrt	Revenue	Income tax expense	Cost of sales	Finance/interest costs	Other income	Administrative/Operating expenses	Minority interest	Share of profit/ (loss) of associates	Other expenses
2012	3	865599	99964	456183	5113	60634	43920	228	3499	6662
2012	2	887363	119331	417384	5862	187778	35198	375	7907	46782
2012	1	914802	113306	466355	4873	91308	35688	167	6326	58591
2011	7	921247	120626	475141	5469	76736	44332	117	7903	16340
2011	6	927324	107696	451465	5541	82882	32311	92	4114	67216
2011	5	916553	123877	420645	5253	53268	36394	13	16584	13512
2011	4	891190	84196	559298	4586	57467	29395	95	18493	23112
2011	3	892687	130091	395799	5306	65409	20230	18	14795	20746
2011	2	868430	116445	409903	5215	73054	22537	41	14328	12684
2011	1	872645	130474	372779	4989	36423	21289	48	14235	11033
2010	4	802211	75410	532092	4605	63707	22332	696	10160	39551
2010	3	810886	77373	499516	5018	50216	20619	574	15676	8352
2010	2	823188	64704	550073	5494	42819	23639	78	13390	31475
2010	1	785559	85610	461803	5118	36839	12509	252	12982	1652
2009	4	935871	85723	595144	5130	41996	13472	662	14677	31922
2009	3	832871	58145	589084	6005	83106	13022	-	14549	100214
2009	2	849700	66353	597174	4246	55783	18827	-	13807	25448
2009	1	796699	93144	413002	4021	47952	15571	-	12380	35709
2008	4	799945	34700	479235	4451	21135	13494	-	11433	69
2008	3	769781	92484	434907	4152	16240	13477	-	11979	-
2008	2	780129	76500	463328	4077	13702	16231	-	12936	-
2008	1	775890	97500	402528	3664	17923	8798	-	11451	-
2007	4	763108	24100	425922	4348	29226	10518	-	10832	-
2007	3	752855	23600	428127	6287	11359	9205	-	13219	-

Financial Quarter Segments Revenue

year	qrt	Utilities	Gas Processing	Gas Transportation	Throughput Services
2012	3	229317	355094	281189	-
2012	2	228733	380374	278256	-
2012	1	232852	403682	278268	-
2011	7	229043	423423	268781	-
2011	6	228865	429403	269056	-
2011	5	203882	447047	265624	-
2011	4	198274	418031	274885	-
2011	3	206207	405975	280505	-
2011	2	201822	385627	280981	-
2011	1	194672	399778	278195	-
2010	4	176792	-	-	625419
2010	3	201613	-	-	609272
2010	2	202122	-	-	621066
2010	1	166274	-	-	619285
2009	4	264438	-	-	671433
2009	3	155372	-	-	677499
2009	2	178057	-	-	671643
2009	1	159284	-	-	637415
2008	4	155365	-	-	644580
2008	3	146473	-	-	623308
2008	2	151424	-	-	628705
2008	1	158962	-	-	616928
2007	4	149212	-	-	613896
2007	3	148092	-	-	604763

Financial Quarter Segments Profit

year	qrt	Utilities	Gas Processing	Gas Transportation	Throughput Services
2012	3	31067	171913	206436	-
2012	2	42965	207467	219547	-
2012	1	34386	194475	219586	-
2011	7	42852	222221	181033	-
2011	6	43811	237581	194467	-
2011	5	38146	261047	196715	-
2011	4	20678	209335	101879	-
2011	3	49746	231997	215145	-
2011	2	47520	198084	212923	-
2011	1	50672	231070	218124	-
2010	4	19244	-	-	250875
2010	3	56991	-	-	254378
2010	2	43618	-	-	229498
2010	1	32970	-	-	290786
2009	4	85534	-	-	255193
2009	3	11220	-	-	255007
2009	2	1653	-	-	250874
2009	1	52213	-	-	331484
2008	4	34310	-	-	286400
2008	3	36853	-	-	298021
2008	2	42125	-	-	274676
2008	1	54399	-	-	318963
2007	4	40162	-	-	297024
2007	3	39645	-	-	285083

Short form reference
a_date = announcement date, yr = financial year end, qrt = quarter
h_price = stock highest price during the quarter, l_price = stock lowest price during the quarter
div = dividend recommend or declare in the quarter, roe = return on equity
c_roe = cumulative of return on equity during the financial year
rev = revenue in the current quarter, c_rev = cumulative of revenue during the financial year
pbt = profit before tax in the current quarter, c_pbt = cumulative of profit before tax during the financial year
eps = earnings per share in the current quarter, c_eps = cumulative of earnings per share during the financial year
asset = total asset, liab = total liability, mino = minority interest, equi = total equity
cfo = net cash flow from operating activities, cfi = net cash flow from investing activities
cff = net cash flow from financing activities, cash = cash and cash equivalents as at beginning of financial year
final = cash and cash equivalents as at current financial period ended
share = diluted/basic weighted average number of ordinary shares
c_share = cumulative of diluted/basic weighted average number of ordinary shares during the financial year
m_cap = market capital at announcement date of quarterly report, date = current financial period ended date
prof_m = profit margin, vat = income tax rate, pe = price earning per share ratio of recent four quarter
navps = net asset value per share, ntaps = net tangible asset per share, cps = cash per share
l_cur = liquidity current ratio, l_qui = liquidity quick ratio, l_cash = liquidity cash ratio
g_de = gearing debt to equity ratio, g_da = gearing debt to assets ratio
avg_w = working capital per thousand Ringgit sale
inv_d = days to sell the inventory, rec_d = days to collect the receivables
pay_d = days to pay the payables

CURRENT

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●CHANGES IN SHAREHOLDING
●ANNUAL REPORTS

HISTORICAL

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●CHANGES IN SHAREHOLDING

ARCHIVES

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●CHANGES IN SHAREHOLDING

KLCI Stock - PETDAG / 5681 - 2012 Quarter 3

PETRONAS DAGANGAN BERHAD


Company Description

PETRONAS Dagangan Berhad is engaged in the domestic marketing of petroleum products. The Company is the principal domestic marketing arm of Petroliam Nasional Berhad (PETRONAS), the national oil company, which holds 69.86% of the Company’s equity. The Company markets a range of petroleum products, including motor gasoline, aviation fuel, kerosene, diesel, fuel oil, bunker fuel, lubricants, liquefied petroleum gas (LPG) and asphalt. It markets its products throughout the country, directly to customers, as well as through its network of service stations, LPG dealers and industrial dealers.

Company Info

Listing Date	1994-03-08
Market Capital (Capital Size)	23,644,205,200 (Very Large)
Par Value	RM 1.00
Board	Main
Sector	Trading/Services
Major Industry	Marketing of Petroleum Products
Sub Industry	Aviation Fueling
Website	http://www.mymesra.com.my/

My Analysis

Forecast P/E now	(23.8-1.1)/0.8879 = 25.57 (Moderate)
Target Price	23.26+1.1 = 24.36 (PE 26.2, EPS 0.8879, DPS 1.1)
Decision	BUY if stock price sustain and uptrend above SMA20 or rebound around SMA50
Comment	Revenue increased 0.1% and was second consecutive quarter increasing and also higher than preceding year corresponding quarter 2.5%, eps increased 41.7% and also higher than preceding year corresponding quarter 8.4%, cash generated from operating more than enough to cover all expenses, balance sheet assets indicate largely expand the business, operating margin is as usual, liquidity ratio indicate can meet current obligation, gearing ratio indicate higher leverage mainly through payables to generate more income, all accounting turnover period is good which can generate cash, all segment business growth
First Support Price	23.0
Second Support Price	22.0
Risk Rating	MODERATE

Research House

CIMB Target Price	26 (2012-11-30)
HwangDBS Target Price	16.15 (2012-11-30)
TA Target Price	20.6 (2012-11-30)

Accounting Ratio

Return on Equity	18.50%
Dividend Yield	4.62%
Operating Profit Margin	4.57%
Net Profit Margin	4.55%
Tax Rate	28.17%
Asset Turnover	2.8468
Net Asset Value Per Share	4.84
Net Tangible Asset per share	4.84
Price/Net Tangible Asset Per Share	4.69
Cash Per Share	0.72
Liquidity Current Ratio	1.2063
Liquidity Quick Ratio	0.9949
Liquidity Cash Ratio	0.1379
Gearing Debt to Equity Ratio	1.1308
Gearing Debt to Asset Ratio	0.5289
Working capital per thousand Ringgit sale	3.6%
Days to sell the inventory	14
Days to collect the receivables	55
Days to pay the payables	63

Technical Analysis

SMA 10	23.15 (Same)
SMA 20	23.028 (Uptrend 19 days)
SMA 50	22.327 (Uptrend)
SMA 100	22.087 (Uptrend)
SMA 200	20.642 (Uptrend)
MACD (26d/12d)	0.361194 ( 0.024975 )
Signal (9)	0.305709 ( 0.013871 )
MACD Histogram	0.055485 (Bullish trend 4 days)
Bolinger Upper Band	24.772
Bolinger Lower Band	21.284

My notes based on 2012 quarter 3 report (number in '000):-
- Higher revenue and pbt due to higher average product selling prices, higher sales volume and increase in Mean Of Platts Singapore (“MOPS”) prices which had resulted in an increase in average margin

- Estimate next 4Q eps after 2012 Q3 result announced = 882104/993454 = 0.8879, estimate PE on current price 23.8 = 25.57(DPS 1.1)
- Estimate next 4Q eps after 2012 Q2 result announced = 863340/993454 = 0.869, estimate highest/lowest PE = 25.2/22.92 (DPS 1.1)
- Estimate next 4Q eps after 2012 Q1 result announced = 900744*1.1/993454 = 0.9973, estimate highest/lowest PE = 21.98/18.31 (DPS 1.1)
- Estimate next 4Q eps after 2011 Q7 result announced = 4811964*0.185/993454 = 0.8961, estimate highest/lowest PE = 21.02/18.52 (DPS 1.1)
- Estimate next 4Q eps after 2011 Q6 result announced = 0.4356*2 = 0.8712, estimate highest/lowest PE = 18.71/17.62 (DPS 0.85)
- Estimate next 4Q eps after 2011 Q5 result announced = (0.2101+0.23)*2 = 0.8802, estimate highest/lowest PE = 21.04/16.64 (DPS 0.85)
- Estimate next 4Q eps after 2011 Q4 result announced = 0.23*4*1.05 = 0.966, estimate highest/lowest PE = 18.69/15.06 (DPS 0.85)
- Estimate next 4Q eps after 2011 Q2 result announced = 0.2068*4*1.03 = 0.852, estimate highest/lowest PE = 13.79/11.98 (DPS 0.85)
- Estimate next 4Q eps after 2011 Q1 result announced = 0.7579*1.05 = 0.7958, estimate highest/lowest PE = 14.2/11.96 (DPS 0.6)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.7579*0.95 = 0.72(5% drop due to lower gross profit compared to the preceding quarter), estimate highest/lowest PE = 13.81/11.26 (DPS 0.6)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.1885*4 = 0.754, estimate highest/lowest PE = 11.63/10.84 (DPS 0.48)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.2005*4 = 0.802, estimate highest/lowest PE = 10.66/10.06 (DPS 0.48)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.2067*4 = 0.8268, estimate highest/lowest PE = 10.52/9.65 (DPS 0.45)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.1735*4 = 0.694, estimate highest/lowest PE = 11.84/10.73 (DPS 0.45)

PETDAG latest news (English)

PETDAG latest news (Chinese)


Financial Quarter Summary

a_date	year	qrt	h_price	l_price	div	roe	c_roe	rev	c_rev	pbt	c_pbt	prof	c_prof	eps	c_eps	asset	c_asset	liab	c_liab	mino	equi	cfo	cfi	cff	cash	fcf	net	final	share	c_share	m_cap	date	oper_m	prof_m	vat	asset_t	pe	navps	ntaps	p/ntaps	cps	l_cur	l_qui	l_cash	g_de	g_da	avg_w	inv_d	rec_d	pay_d
2012-11-29	2012	3	N/A	N/A	0.175	5.03%	13.67%	7489941	21826962	340494	914415	242811	660345	0.2444	0.6647	10274629	6240711	5434710	5173595	34001	4839919	1994261	292933	1458002	470183	1701328	243326	713509	993454	993454	22551405	2012-09-30	4.57%	4.55%	28.17%	2.8468	-	4.84	4.84	4.69	0.72	1.2063	0.9949	0.1379	1.1308	0.5289	3.6%	14	55	63
2012-08-16	2012	2	23.0	21.02	0.175	3.55%	8.64%	7484266	14337021	234237	573921	171326	417535	0.1725	0.4203	9588054	5513717	4601550	4347919	32225	4986504	2029517	200660	1233111	470183	1828857	595746	1065929	993454	993454	22750096	2012-06-30	3.14%	3.13%	26.14%	3.0314	-	4.99	4.99	4.59	1.07	1.2681	1.0575	0.2452	0.9288	0.4799	4.0%	12	44	55
2012-05-21	2012	1	23.02	19.36	0.175	5.10%	5.10%	6852755	6852755	339686	339686	246211	246211	0.2478	0.2478	9456516	5454936	4508431	4250891	34737	4948085	1092674	92970	703506	470183	999704	296198	766381	993454	993454	19352483	2012-03-31	5.03%	4.96%	27.03%	3.0794	-	4.95	4.95	3.94	0.77	1.2832	1.0247	0.1803	0.9176	0.4768	4.1%	14	45	48
2012-02-24	2011	7	19.94	17.7	0.5	4.83%	14.25%	7422923	22267793	307724	898925	221759	654533	0.2232	0.6588	9801179	5771395	4989215	4735126	33064	4811964	643968	290602	378544	1026209	934570	556026	470183	993454	993454	17882172	2011-12-31	4.20%	4.15%	27.51%	2.9232	-	4.81	4.81	3.74	0.47	1.2188	0.9942	0.0993	1.044	0.509	3.6%	14	54	48
2011-11-23	2011	6	19.18	16.2	0.15	4.88%	9.42%	7304943	14844870	300393	591200	224046	432772	0.2255	0.4356	8807527	4868241	4099513	3854558	39111	4708014	85774	159562	116409	1026209	245336	361745	664464	993454	993454	16252907	2011-09-30	4.14%	4.11%	24.86%	3.0837	-	4.7	4.7	3.48	0.67	1.263	1.0269	0.1724	0.878	0.4655	3.7%	13	44	47
2011-08-10	2011	5	18.4	15.5	0.15	4.54%	4.54%	7539927	7539927	290809	290809	208728	208728	0.2101	0.2101	9081989	5150989	4040884	3810934	37429	5041105	55477	94073	30017	1026209	149550	119533	906676	993454	993454	16431729	2011-06-30	3.87%	3.86%	27.61%	2.7914	-	5.04	5.04	3.28	0.91	1.3516	1.0851	0.2379	0.8076	0.4449	5.3%	15	46	56
2011-05-24	2011	4	18.9	15.4	0.6	4.97%	18.93%	6382665	23267648	315541	1208911	228456	869728	0.2300	0.8755	8484732	4527712	3654138	3455509	35646	4830594	1043938	307041	623159	912471	736897	113738	1026209	993454	993454	15199846	2011-03-31	4.94%	4.94%	27.18%	2.7423	17.4766	4.83	4.83	3.17	1.03	1.3103	1.0693	0.297	0.7621	0.4307	4.6%	14	42	55
2011-02-16	2011	3	16.5	12.5	-	5.14%	13.96%	5932199	16884984	331897	893370	236164	641272	0.2377	0.6455	7748841	3874502	3141954	2968899	40394	4606887	962643	216104	633326	912471	746539	113213	1025684	993454	993454	12418175	2010-12-31	5.60%	5.59%	28.41%	2.8782	-	4.6	4.6	2.72	1.03	1.305	1.0763	0.3455	0.688	0.4055	4.1%	12	36	49
2010-11-25	2011	2	12.6	11.06	0.4	4.47%	8.82%	5496313	10952785	284250	561473	205440	405108	0.2068	0.4078	7812601	3895691	3145290	2995674	38947	4667311	1010770	151474	335291	912471	859296	524005	1436476	993454	993454	11047208	2010-09-30	5.17%	5.17%	27.06%	2.7786	-	4.66	4.66	2.39	1.45	1.3004	1.0286	0.4795	0.6796	0.4026	4.1%	14	28	50
2010-08-24	2011	1	11.9	10.12	-	4.35%	4.35%	5456472	5456472	277223	277223	199668	199668	0.2010	0.2010	7411789	3533806	2616505	2467405	37069	4795284	315744	83116	N/A	912471	232628	232628	1145099	993454	993454	10153099	2010-06-30	5.08%	5.08%	27.41%	2.8824	-	4.79	4.79	2.13	1.15	1.4322	1.1881	0.4641	0.5499	0.353	5.0%	11	31	42
2010-05-25	2010	4	10.54	8.71	0.45	3.82%	17.87%	5417494	20687042	231097	1046002	161108	752934	0.1622	0.7579	7884748	3960901	3290690	3143210	35511	4594058	1106253	355139	376725	538082	751114	374389	912471	993454	993454	8891413	2010-03-31	4.43%	4.27%	29.70%	2.6237	11.809	4.59	4.59	1.95	0.92	1.2601	1.0212	0.2903	0.7219	0.4173	4.0%	14	41	56
2010-02-19	2010	3	9.25	8.65	-	4.45%	14.05%	5337713	15269549	256924	814905	187245	591827	0.1885	0.5957	7195074	3282395	2763481	2630196	34153	4431593	1130978	272585	376725	538082	858393	481668	1019750	993454	993454	8523835	2009-12-31	4.81%	4.81%	26.77%	2.7303	-	4.43	4.43	1.94	1.03	1.248	0.9896	0.3877	0.6284	0.3841	3.3%	13	29	49
2009-11-23	2010	2	9.15	8.5	0.15	4.73%	9.60%	5151970	9931836	275914	557980	199217	404580	0.2005	0.4072	7463531	3534716	3108309	2983182	33266	4355222	781453	191146	264962	538082	590307	325345	863427	993454	993454	8643049	2009-09-30	5.37%	5.36%	27.36%	2.662	-	4.35	4.33	2.01	0.87	1.1849	0.9592	0.2894	0.7192	0.4165	2.8%	13	37	54
2009-08-25	2010	1	9.24	8.43	-	4.88%	4.88%	4779866	4779866	282066	282066	205362	205362	0.2067	0.2067	7304075	3305235	2902605	2777992	32852	4401470	592555	98390	17458	538082	494165	476707	1014789	993454	993454	8553638	2009-06-30	5.77%	5.90%	26.79%	3.0677	-	4.4	4.37	1.97	1.02	1.1898	1.0033	0.3653	0.6644	0.3974	2.4%	9	29	45
2009-05-25	2009	4	8.67	7.85	0.33	4.35%	14.60%	4374999	24367622	235929	810292	172349	578671	0.1735	0.5825	6584214	2708459	2371925	2237908	49033	4212289	774068	447821	336164	547999	326247	9917	538082	993454	993454	7897959	2009-03-31	5.43%	5.39%	27.27%	3.7009	13.6484	4.19	4.17	1.91	0.54	1.2103	1.0119	0.2404	0.5697	0.3602	1.9%	7	26	33
2009-02-24	2009	3	8.0	7.2	-	1.07%	10.25%	5561380	19992622	68316	574361	42471	406320	0.0428	0.4090	7329439	3521011	3288739	3164296	49795	4040700	831022	321247	336077	547999	509775	173698	721697	993454	993454	7401232	2008-12-31	1.23%	1.23%	36.16%	3.5532	-	4.02	3.99	1.87	0.73	1.1127	0.9868	0.2281	0.8241	0.4487	1.4%	6	34	45
2008-11-25	2009	2	7.7	6.75	0.12	3.32%	9.18%	7690193	14431242	182933	506051	131647	363856	0.1325	0.3663	9545763	5753590	5459258	5336051	48653	4086505	681450	253398	246666	547999	428052	181386	729385	993454	993454	7003850	2008-09-30	2.38%	2.38%	27.27%	2.7434	-	4.06	4.04	1.75	0.73	1.0782	0.894	0.1367	1.352	0.5719	1.6%	14	56	75
2008-08-28	2009	1	7.05	6.3	-	5.86%	5.86%	6741049	6741049	323112	323112	232203	232203	0.2337	0.2337	10273369	6502391	6073255	5947620	48035	4200114	282077	92583	N/A	547999	189494	189494	737493	993454	993454	6507123	2008-06-30	4.79%	4.79%	27.73%	2.3267	-	4.18	4.16	1.57	0.74	1.0933	0.891	0.124	1.4627	0.5912	2.3%	19	70	93
2008-05-26	2008	4	8.5	6.4	0.33	4.72%	18.68%	6050194	22301580	219451	908362	167234	661665	0.1683	0.6660	8609608	4956593	4645459	4521336	46732	3964149	786124	529251	252887	544013	256873	3986	547999	993454	993454	8096650	2008-03-31	3.63%	3.63%	22.88%	2.5903	12.2368	3.94	3.92	2.08	0.55	1.0963	0.858	0.1212	1.1858	0.5396	2.0%	18	55	76
2008-02-26	2008	3	8.5	7.6	-	5.43%	14.00%	5706776	16251386	255944	690593	192288	496112	0.1936	0.4994	8051756	4536519	4255153	4126108	44738	3796603	632480	347173	252887	544013	285307	32420	576433	993454	993454	8245668	2007-12-31	4.48%	4.48%	24.22%	2.6204	-	3.78	3.75	2.21	0.58	1.0995	0.8841	0.1397	1.1341	0.5285	1.9%	16	53	72
2007-11-29	2008	2	8.9	8.0	-	3.61%	8.58%	5404596	10544610	182753	434647	127971	303822	0.1288	0.3058	7835941	4358091	4132629	4002515	56709	3703312	207583	213575	152209	544013	5992	158201	385812	993454	993454	8643049	2007-09-30	3.38%	3.38%	29.45%	2.5801	-	3.67	3.65	2.38	0.39	1.0888	0.8365	0.0964	1.1333	0.5274	1.8%	19	53	73
2007-08-27	2008	1	9.05	8.25	-	4.96%	4.96%	5140014	5140014	251895	251895	175852	175852	0.1770	0.1770	7155564	3727433	3435375	3304321	56513	3720189	6473	95470	3152	544013	88997	92149	451864	993454	993454	7947632	2007-06-30	4.90%	4.90%	29.60%	2.0701	-	3.69	3.66	2.19	0.45	1.128	0.9829	0.1367	0.9377	0.4801	2.9%	12	69	82
2007-05-28	2007	4	N/A	N/A	-	N/A	N/A	4847614	19496360	235708	903198	169123	640307	0.1702	0.6445	6516901	3118639	2974043	2843092	55034	3542858	748941	478747	192187	466006	270194	78007	544013	993454	993454	6109742	2007-03-31	4.86%	4.86%	27.24%	1.4842	9.5419	3.51	3.49	1.76	0.55	1.0969	0.9289	0.1913	0.8527	0.4564	2.8%	19	79	108
2007-02-26	2007	3	N/A	N/A	-	N/A	N/A	4824901	14648746	231662	667490	165613	471184	0.1667	0.4743	6599861	3321558	3228502	3106064	52658	3371359	645460	330084	189037	466006	315376	126339	592345	993454	993454	4947400	2006-12-31	4.80%	4.80%	27.72%	0.7311	-	3.34	3.32	1.5	0.6	1.0694	0.8658	0.1907	0.9728	0.4892	4.5%	50	159	234

Financial Quarter Balance Sheet

year	qrt	Goodwill on consolidation (A-0)	Investment in associated companies (A-0)	Investment in jointly controlled entity (A-0)	Prepaid lease payments (A-0)	Property, plant and equipment (A-0)	Receivables, deposits and prepayments (A-0)	Cash and cash equivalents (A-1)	Inventories (A-1)	Trade receivables (A-1)	Deferred tax liabilities (L-0)	Finance lease payables (L-0)	Loans & borrowings (L-0)	Provisions (L-0)	Current tax liabilities (L-1)	Finance lease payables (L-1)	Loans & borrowings (L-1)	Trade and other payables (L-1)	Minority interest (M-1)
2012	3	-	6623	3739	419268	3604288	-	713509	1093492	4433710	142426	-	96637	22052	168067	-	158792	4846736	34001
2012	2	-	6416	3395	421038	3643488	-	1065929	915746	3532042	148523	-	83814	21294	141925	-	4396	4201598	32225
2012	1	-	6435	3270	407763	3584112	-	766381	1098880	3589675	153990	-	82315	21235	151096	-	400000	3699795	34737
2011	7	-	9396	-	404178	3616210	-	470183	1063767	4237445	160332	-	73411	20346	134665	-	1000000	3600461	33064
2011	6	-	9130	-	375754	3554402	-	664464	910128	3293649	165288	-	59345	20322	125607	-	400000	3328951	39111
2011	5	-	8946	-	369389	3552665	-	906676	1015799	3228514	162655	-	46251	21044	110433	-	-	3700501	37429
2011	4	-	8770	-	364886	3583364	-	1026209	832600	2668903	162833	-	16232	19564	104436	-	-	3351073	35646
2011	3	-	8571	-	351856	3513912	-	1025684	679050	2169768	153749	-	-	19306	137464	-	-	2831435	40394
2011	2	-	8397	-	350059	3558454	-	1436476	814300	1644915	130558	-	-	19058	155465	-	-	2840209	38947
2011	1	-	8265	-	349439	3520279	-	1145099	602372	1786335	127904	-	-	21196	129493	-	-	2337912	37069
2010	4	-	3617	-	790013	3130217	-	912471	751182	2297248	126510	-	-	20970	142806	-	-	3000404	35511
2010	3	816	3481	-	764038	3144344	-	1019750	679665	1582980	112536	-	-	20749	149581	-	-	2480615	34153
2010	2	22820	4092	-	762577	3139326	-	863427	673183	1998106	103895	-	-	21232	154650	-	-	2828532	33266
2010	1	24004	3035	-	752235	3219566	-	1014789	518098	1772348	103774	395	-	20444	120149	435	-	2657408	32852
2009	4	25189	2773	-	739353	3108440	-	538082	443961	1726416	107032	497	-	26488	85159	444	-	2152305	49033
2009	3	22294	6090	-	733618	3046426	-	721697	398405	2400909	99477	-	-	24966	78436	-	-	3085860	49795
2009	2	22663	6050	-	737057	3026403	-	729385	983029	4041176	98531	-	-	24676	126925	-	-	5209126	48653
2009	1	23032	6268	-	714380	3027298	-	737493	1203037	4561861	101153	-	-	24482	122177	-	-	5825443	48035
2008	4	23400	5692	-	701717	2922206	-	547999	1077351	3331243	99852	-	-	24271	93367	-	-	4427969	46732
2008	3	23769	5580	-	790359	2695529	-	576433	888751	3071335	99934	-	-	29111	128498	-	-	3997610	44738
2008	2	24137	5320	-	-	2666412	781981	385812	1010024	2962255	101339	-	-	28775	153820	-	-	3848695	56709
2008	1	24506	4916	-	-	2837860	560849	451864	479697	2795872	102551	-	-	28503	140350	-	2701	3161270	56513
2007	4	24874	4641	-	561821	2806926	-	544013	477650	2096976	102642	-	-	28309	120951	-	5280	2716861	55034
2007	3	25243	4356	-	-	2983590	265114	592345	632197	2097016	94612	-	-	27826	147420	-	7830	2950814	52658

Financial Quarter Income Statement

year	qrt	Revenue	Income tax expense	Finance/interest costs	Administrative/Operating expenses	Minority interest	Share of profit/ (loss) of associates
2012	3	7489941	95908	2120	7147878	1775	551
2012	2	7484266	61223	1066	7249069	1688	106
2012	1	6852755	91802	5483	6507896	1673	310
2011	7	7422923	84663	4658	7110806	1302	265
2011	6	7304943	74665	1948	7002787	1682	185
2011	5	7539927	80298	1479	7247814	1783	175
2011	4	6382665	85768	245	6067077	1317	198
2011	3	5932199	94286	248	5600228	1447	174
2011	2	5496313	76932	296	5211899	1878	132
2011	1	5456472	75997	226	5179271	1558	248
2010	4	5417494	68632	8875	5177658	1357	136
2010	3	5337713	68791	236	5081214	888	189
2010	2	5151970	75496	796	4875317	1201	57
2010	1	4779866	75560	6026	4503888	1144	62
2009	4	4374999	64341	1513	4137278	761	279
2009	3	5561380	24704	266	5492838	1141	40
2009	2	7690193	49882	193	7507056	1404	11
2009	1	6741049	89606	189	6418324	1303	576
2008	4	6050194	50221	132	5830723	1996	112
2008	3	5706776	61977	148	5450942	1679	258
2008	2	5404596	53820	172	5221874	962	203
2008	1	5140014	74564	193	4888202	1479	276
2007	4	4847614	64209	234	4611955	2376	283
2007	3	4824901	64209	247	4593186	1840	194

Financial Quarter Segments Revenue

year	qrt	Others	Elimination/Adjustment	Retails	Commercial
2012	3	18455	32611	3419911	4084186
2012	2	12453	42375	3380483	4133705
2012	1	12387	33626	3211591	3662403
2011	7	12141	30843	3153652	4287973
2011	6	12391	27120	3189105	4130567
2011	5	12946	40996	3105756	4462221
2011	4	12852	54949	2859641	3565571
2011	3	11174	44781	2842278	3123078
2011	2	13061	58457	2804667	2737042
2011	1	11818	48560	2755780	2737434
2010	4	10996	49443	2627983	2827957
2010	3	10899	43245	2616875	2753184
2010	2	10657	41173	2612901	2569585
2010	1	10138	25866	2496188	2299406

Financial Quarter Segments Profit

year	qrt	Others	Elimination/Adjustment	Retails	Commercial
2012	3	6311	45	225795	70763
2012	2	6012	50	47416	129584
2012	1	5945	2	216462	78227
2011	7	4358	20	145552	124425
2011	6	6254	888	114164	141581
2011	5	6719	144	120316	128942
2011	4	4980	465	171069	105118
2011	3	5127	119	194871	94422
2011	2	6937	409	125951	106381
2011	1	5689	129	119915	121251
2010	4	5048	2587	129273	63244
2010	3	3291	401	126846	94525
2010	2	4515	620	127046	114301
2010	1	4251	341	170697	78080

Short form reference
a_date = announcement date, yr = financial year end, qrt = quarter
h_price = stock highest price during the quarter, l_price = stock lowest price during the quarter
div = dividend recommend or declare in the quarter, roe = return on equity
c_roe = cumulative of return on equity during the financial year
rev = revenue in the current quarter, c_rev = cumulative of revenue during the financial year
pbt = profit before tax in the current quarter, c_pbt = cumulative of profit before tax during the financial year
eps = earnings per share in the current quarter, c_eps = cumulative of earnings per share during the financial year
asset = total asset, liab = total liability, mino = minority interest, equi = total equity
cfo = net cash flow from operating activities, cfi = net cash flow from investing activities
cff = net cash flow from financing activities, cash = cash and cash equivalents as at beginning of financial year
final = cash and cash equivalents as at current financial period ended
share = diluted/basic weighted average number of ordinary shares
c_share = cumulative of diluted/basic weighted average number of ordinary shares during the financial year
m_cap = market capital at announcement date of quarterly report, date = current financial period ended date
prof_m = profit margin, vat = income tax rate, pe = price earning per share ratio of recent four quarter
navps = net asset value per share, ntaps = net tangible asset per share, cps = cash per share
l_cur = liquidity current ratio, l_qui = liquidity quick ratio, l_cash = liquidity cash ratio
g_de = gearing debt to equity ratio, g_da = gearing debt to assets ratio
avg_w = working capital per thousand Ringgit sale
inv_d = days to sell the inventory, rec_d = days to collect the receivables
pay_d = days to pay the payables

CURRENT

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