KLCI Stock - MALTON / 6181 - 2012 Quarter 2

MALTON BERHAD



Company Description

Malton Berhad is a Malaysia-based investment holding company that is engaged in the provision of management services to its subsidiary companies. The Companyâ??s segments include property development, construction and project management, property trading, investment holding and management fee, investment property and others. The Companyâ??s wholly owned subsidiaries include Khuan Choo Realty Sdn Bhd, Bukit Rimau Development Sdn Bhd, Domain Resources Sdn Bhd, Pembinaan Gapadu Sdn Bhd, Ehsan Armada Sdn Bhd, Khuan Choo Property Management Sdn Bhd and Malton Development Sdn Bhd. On October 2, 2009, the Company acquired 100% interest in Regal Marvel Construction Sdn Bhd. On December 31, 2008, the Company completed the disposal of its interest in Kuala Lumpur Pavilion Sdn Bhd.

Company Info

Listing Date	2002-04-22
Market Capital (Capital Size)	221,594,861 (Small)
Par Value	RM 1.00
Board	Main
Sector	Properties
Major Industry	Property Development
Sub Industry	Construction & Project Management
Website	http://www.malton.com.my/

My Analysis

Forecast P/E now	(0.53-0.02)/0.1007 = 5.06 (Moderate)
Target Price	0.81+0.02 = 0.83 (PE 8.0, EPS 0.1007, DPS 0.02)
Decision	BUY when stock price below Bolinger lower band and got very strong buy volume than sell
Comment	Revenue decreased 21.7% and was second consecutive quarter decreasing and also lower than preceding year corresponding quarter 28.9%, eps decreased 35.9% and was third consecutive quarter decreasing and also lower than preceding year corresponding quarter 60.7%, cash generated from operating not enough to cover financing expenses but got more than enough borrowing to cover all other expensese, operating profit decreasing, slightly stronger liquidity ratio at moderate level now, slightly lower gearing ratio at above moderate level now, slightly lower debt ratio and is far from historical high, all repayment period still as usual, higher property development cost can indicate still got many projects which can bring more revenue, most significant profit contribution segment slow down
First Support Price	0.5
Second Support Price	0.46
Risk Rating	MODERATE

Research House

NetResearch Target Price	1 (2012-02-28)
Jupiter Target Price	0.68 (2012-04-04)

Accounting Ratio

Return on Equity	14.74%
Dividend Yield	3.77%
Gross Profit Margin	0.00%
Operating Profit Margin	15.58%
Net Profit Margin	15.73%
Tax Rate	28.45%
Asset Turnover	0.4798
Net Asset Value Per Share	1.01
Net Tangible Asset per share	1.01
Price/Net Tangible Asset Per Share	0.66
Cash Per Share	0.45
Liquidity Current Ratio	2.6997
Liquidity Quick Ratio	1.7186
Liquidity Cash Ratio	1.0219
Gearing Debt to Equity Ratio	0.7117
Gearing Debt to Asset Ratio	0.4158
Working capital per thousand Ringgit sale	90.8%
Days to sell the inventory	249
Days to collect the receivables	136
Days to pay the payables	198

Technical Analysis

SMA 20	0.575 (Downtrend 47 days)
SMA 50	0.612 (Downtrend)
SMA 100	0.653 (Downtrend)
SMA 200	0.59 (Same)
MACD (26d/12d)	-0.01888 ( 0.001434 )
Signal (9)	-0.016915 ( 0.000491 )
MACD Histogram	0.001965 (Bearish trend 4 days)

My notes based on 2012 quarter 2 report (number in '000):-
- Lower revenue and pbt mainly attributed to lower billings from property development division following the completion of some projects

- Estimate next 4Q eps after 2012 Q2 result announced = 561678*0.1/557332 = 0.1008(if can achieve one-off gain), estimate PE on current price 0.53 = 5.06(DPS 0.02)
- Estimate next 4Q eps after 2012 Q1 result announced = 0.1736*0.9 = 0.1562, estimate highest/lowest PE = 4.77/4.03 (DPS 0.02)
- Estimate next 4Q eps after 2011 Q4 result announced = 0.1736, estimate highest/lowest PE = 4.06/2.36 (DPS 0.02)
- Estimate next 4Q eps after 2011 Q3 result announced = 0.0684*1.2 = 0.0821, estimate highest/lowest PE = 9.68/5.54 (DPS 0.015)
- Estimate next 4Q eps after 2011 Q2 result announced = 0.0159*3+0.0159*1.3 = 0.0684, estimate highest/lowest PE = 11.18/7.97 (DPS 0.015)
- Estimate next 4Q eps after 2011 Q1 result announced = 0.0159*4 = 0.0636, estimate highest/lowest PE = 13.05/8.88 (DPS 0.015)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.0627*0.9 = 0.0564, estimate highest/lowest PE = 15.25/7.54
- Estimate next 4Q eps after 2010 Q3 result announced = 0.06*0.9 = 0.054, estimate highest/lowest PE = 10.09/6.67
- Estimate next 4Q eps after 2010 Q2 result announced = 0.0186*4 = 0.0744, estimate highest/lowest PE = 6.05/4.7
- Estimate next 4Q eps after 2010 Q1 result announced = 0.0184*4 = 0.0736, estimate highest/lowest PE = 6.05/4.76
- Estimate next 4Q eps after 2009 Q4 result announced = 0.005*4 = 0.02, estimate highest/lowest PE = 19.5/17.5
- Estimate next 4Q eps after 2009 Q3 result announced = 0.003*4 = 0.012, estimate highest/lowest PE = 35.83/25
- Estimate next 4Q eps after 2009 Q2 result announced = 0.0067*4 = 0.0268, estimate highest/lowest PE = 14.55/9.7

MALTON latest news (English)

MALTON 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	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
2012-02-24	2012	2	N/A	N/A	-	1.56%	3.99%	77742	177016	12230	30465	8751	22431	0.0157	0.0402	961419	399741	-	561678	35352	1391	102577	92087	36743	139320	231407	557332	557328	373412	2011-12-31	-	15.58%	15.73%	28.45%	0.4798	-	1.01	1.01	0.66	0.45	2.6997	1.7186	1.0219	0.7117	0.4158	90.8%	249	136	198
2011-11-16	2012	1	0.765	0.65	-	2.47%	2.47%	99274	99274	18235	18235	13680	13680	0.0245	0.0245	955019	400549	-	554470	14347	10524	110870	92087	3823	107047	199134	557365	557365	384581	2011-09-30	-	20.09%	18.37%	24.98%	0.5161	-	0.99	0.99	0.7	0.41	2.6683	1.6759	0.9257	0.7224	0.4194	84.3%	239	138	184
2011-08-26	2011	4	0.725	0.43	0.02	5.27%	14.25%	167935	462392	33329	98007	26813	72549	0.0641	0.1736	959366	450237	-	509129	324032	142146	13824	38857	181886	168062	206919	418024	418024	190200	2011-06-30	-	22.04%	19.85%	19.55%	0.482	2.6217	1.22	1.22	0.37	0.54	1.6543	1.0652	0.56	0.8843	0.4693	56.7%	240	160	325
2011-05-19	2011	3	0.81	0.39	-	5.48%	9.53%	116383	294457	38585	64678	26287	45736	0.0755	0.1313	756780	276674	-	480106	1323	12146	5487	38856	10823	5336	44192	348353	348353	266490	2011-03-31	-	32.85%	33.15%	31.87%	0.5028	-	1.38	1.38	0.55	0.18	2.644	1.3956	0.3015	0.5763	0.3656	88.0%	305	212	149
2011-02-28	2011	2	0.78	0.56	-	3.03%	4.24%	109288	178074	18198	26093	13903	19449	0.0399	0.0558	752050	292892	-	459158	33175	3501	2343	39127	29674	32017	71144	348353	348353	202044	2010-12-31	-	17.66%	16.65%	23.60%	0.4375	-	1.32	1.32	0.44	0.25	2.3312	1.2539	0.3887	0.6379	0.3895	92.3%	317	216	182
2010-11-23	2011	1	0.845	0.58	-	1.23%	1.23%	68786	68786	7895	7895	5546	5546	0.0159	0.0159	712806	263371	-	449435	4641	655	7032	38856	5296	12328	26528	348353	348353	250814	2010-09-30	-	11.79%	11.48%	29.75%	0.4714	-	1.29	1.29	0.56	0.14	2.5069	1.1514	0.2476	0.586	0.3695	89.6%	333	196	158
2010-08-27	2010	4	0.86	0.425	0.015	1.26%	5.02%	86020	346920	10484	35820	5544	22067	0.0159	0.0633	733194	293485	-	439709	131172	30149	37150	25016	101023	63873	38857	348353	348353	155017	2010-06-30	-	12.86%	12.19%	47.12%	0.4732	7.0248	1.26	1.26	0.35	0.19	2.2752	1.0736	0.2828	0.6675	0.4003	84.5%	329	191	174
2010-05-27	2010	3	0.545	0.36	-	0.84%	3.81%	64895	260900	6299	25336	3646	16523	0.0105	0.0474	746860	312695	-	434165	113479	47292	19572	25016	66187	46615	21599	348353	348353	128890	2010-03-31	-	11.61%	9.71%	42.12%	0.4887	-	1.25	1.25	0.3	0.13	2.4158	1.1983	0.2124	0.7202	0.4187	84.9%	294	216	171
2010-02-22	2010	2	0.45	0.35	-	1.50%	2.99%	116288	196005	10537	19037	6472	12877	0.0186	0.0370	750880	320361	-	430519	85709	40627	10591	25016	45082	34491	9475	348353	348353	123665	2009-12-31	-	10.74%	9.06%	38.58%	0.5114	-	1.24	1.24	0.29	0.12	2.5217	1.2047	0.1881	0.7441	0.4266	84.7%	290	207	158
2009-11-25	2010	1	0.465	0.345	-	1.51%	1.51%	79717	79717	8500	8500	6405	6405	0.0184	0.0184	780503	356456	-	424047	42110	40307	6048	25016	1803	7851	17165	348353	348353	123665	2009-09-30	-	11.86%	10.66%	24.65%	0.5142	-	1.22	1.22	0.29	0.07	2.3596	1.0238	0.1042	0.8406	0.4567	81.4%	309	201	158
2009-08-28	2009	4	0.41	0.35	-	0.42%	1.56%	104104	417647	4018	12045	1786	6638	0.0051	0.0191	808128	382717	7769	425411	39679	59583	3793	41127	19904	16111	25016	348353	348353	125407	2009-06-30	-	4.86%	3.86%	55.62%	0.5168	18.8923	1.2	1.2	0.3	0.08	2.212	0.9645	0.1018	0.9164	0.4736	82.4%	322	214	168
2009-05-27	2009	3	0.435	0.3	-	0.25%	1.10%	83889	313543	2380	7799	1048	4657	0.0030	0.0134	787567	364140	7766	423427	47081	59823	5961	41127	12742	18703	22424	348353	348353	114956	2009-03-31	-	3.82%	2.84%	56.39%	0.5468	-	1.19	1.19	0.28	0.06	2.5714	1.0525	0.0857	0.8761	0.4624	86.1%	307	193	143
2009-02-19	2009	2	0.415	0.25	-	0.56%	0.85%	133628	229654	3350	5419	2347	3609	0.0067	0.0104	881630	459129	7888	422501	53331	54484	14737	41127	1153	15890	25237	348353	348353	95797	2008-12-31	-	3.48%	2.51%	33.19%	0.4853	-	1.19	1.19	0.23	0.06	2.1624	1.0827	0.0682	1.1074	0.5208	87.6%	300	279	219
2008-11-24	2009	1	0.325	0.27	-	0.29%	0.29%	96026	96026	2069	2069	1210	1210	0.0035	0.0035	862892	442629	7997	420263	60967	55204	12420	41127	5763	6657	34470	348353	348353	104505	2008-09-30	-	3.38%	2.15%	39.87%	0.4472	-	1.18	1.18	0.25	0.06	2.1845	1.0717	0.0625	1.0736	0.513	95.3%	330	296	223
2008-08-29	2008	4	0.36	0.26	-	1.49%	1.11%	117067	394873	5153	364	6232	4657	0.0179	0.0134	861025	442006	8015	419019	76999	15012	11504	39380	92011	80507	41127	348353	348353	128890	2008-06-30	-	5.77%	4.40%	-	0.4586	-	1.18	1.18	0.31	0.05	1.9605	1.0937	0.0605	1.0754	0.5133	77.0%	256	302	223
2008-05-28	2008	3	0.42	0.34	-	0.04%	0.37%	81128	277806	898	4789	171	1575	0.0005	0.0045	882298	458534	6718	423764	110089	9912	17536	39380	100177	82641	43261	348353	348353	144566	2008-03-31	-	3.98%	1.11%	53.56%	0.5399	-	1.2	1.2	0.35	0.06	1.8642	0.718	0.057	1.0995	0.5197	63.9%	321	178	192
2008-02-29	2008	2	0.485	0.33	-	0.03%	0.33%	91628	196678	1681	3891	123	1404	0.0004	0.0040	826765	400546	6765	426219	92423	12828	28635	39380	79595	50960	11580	348353	348353	151533	2007-12-31	-	4.05%	1.83%	95.06%	0.6268	-	1.2	1.2	0.36	0.1	2.0521	1.0023	0.114	0.9549	0.4845	59.7%	226	184	145
2007-11-27	2008	1	0.535	0.415	-	0.30%	0.30%	105050	105050	2211	2211	1282	1282	0.0037	0.0037	797574	371437	6806	426137	55770	9707	32447	39380	65477	33030	6350	348353	348353	167209	2007-09-30	-	4.17%	2.10%	40.48%	0.6822	-	1.2	1.2	0.4	0.08	2.0659	1.0377	0.0983	0.8858	0.4657	52.3%	190	168	131
2007-08-29	2007	4	0.56	0.475	-	0.58%	0.79%	198510	555535	5127	8468	2473	3372	0.0071	0.0097	885194	460373	6772	424821	27868	75579	53881	33210	47711	6170	39380	348353	348353	195077	2007-06-30	-	3.43%	2.58%	53.60%	0.496	57.8522	1.2	1.2	0.47	0.27	1.7661	1.0246	0.2526	1.1012	0.5201	64.3%	233	237	233
2007-05-28	2007	3	N/A	N/A	0.01	0.15%	0.21%	123012	357025	2373	3341	646	899	0.0019	0.0026	776086	357664	5050	418422	97685	4948	33723	33209	92737	59014	25805	348353	348353	142824	2007-03-31	-	2.98%	1.93%	54.99%	0.31	-	1.19	1.19	0.34	0.07	2.2723	1.1408	0.0834	0.8652	0.4609	152.1%	504	461	292
2007-02-28	2007	2	N/A	N/A	-	0.06%	0.06%	117544	234013	10	968	238	253	0.0007	0.0007	810643	388618	9299	422025	69071	10653	6312	33210	58418	64730	31520	348353	348353	102764	2006-12-31	-	1.07%	0.01%	-	N/A	-	1.18	1.18	0.25	0.07	1.9246	1.039	0.0688	0.9416	0.4794	N/A	-	N/A	N/A

Financial Quarter Balance Sheet

year	qrt	Deferred tax assets (A-0)	Investment in associated companies (A-0)	Investment properties (A-0)	Land held for property development (A-0)	Other investments (A-0)	Property, plant and equipment (A-0)	Receivables (A-0)	Accrued billings (A-1)	Amount due from customers (A-1)	Available-for-sale financial assets (A-1)	Cash and cash equivalents (A-1)	Current tax assets (A-1)	Fixed deposits with licensed banks (A-1)	Inventories (A-1)	Other receivables, deposits and prepayments (A-1)	Property development costs (A-1)	Short term funds (A-1)	Trade receivables (A-1)	Deferred tax liabilities (L-0)	Hire purchase liabilities (L-0)	Loans & borrowings (L-0)	RCSLS (L-0)	Advanced progress billings (L-1)	Amount due to associated companies (L-1)	Amount due to customers (L-1)	Current tax liabilities (L-1)	Hire purchase liabilities (L-1)	Loans & borrowings (L-1)	Payables and accruals (L-1)	Trade and other payables (L-1)	Minority interest (M-1)
2012	2	6581	25874	43696	187024	1171	9961	21709	33412	5211	-	101211	-	9865	32614	71915	209200	140799	61176	11203	1788	45767	94512	4541	-	-	11097	652	43189	149045	37947	-
2012	1	5308	23555	43696	185204	1216	10059	21175	36841	1532	-	227539	-	3113	38634	73976	208617	-	74554	10441	1861	44556	94539	337	-	-	11004	710	47412	127921	61768	-
2011	4	5131	22712	43696	191899	1589	10554	20775	56862	1179	-	207155	-	17260	39343	50308	196779	-	94124	55	2014	47395	-	5018	-	-	12945	805	67794	251889	62322	-
2011	3	3629	25163	43696	116840	245	9457	19362	46204	3118	1266	56678	2107	3459	45060	82017	209157	-	89322	1395	1254	70400	-	30945	-	-	16057	713	63667	63768	28475	-
2011	2	3940	23581	43696	135060	245	6032	8000	21582	3763	1266	83625	2559	3733	46807	88119	198795	-	81247	1395	1101	62400	-	19378	-	-	14448	790	72499	88530	32351	-
2011	1	4559	22674	21645	134286	245	20436	8000	66171	-	1266	44259	-	3947	55804	58471	215079	-	55964	55	1223	62263	-	23794	-	-	10047	961	61151	88267	15610	-
2010	4	4439	22175	21645	133535	1456	18822	8000	61341	-	-	61069	-	3961	61558	52008	214726	-	68459	55	362	63149	-	31103	-	930	9610	859	73704	78185	35528	-
2010	3	1441	21423	21796	152305	2434	18472	-	25045	3368	-	42460	-	4041	38112	74931	228479	-	112553	60	595	93073	-	33453	-	-	6267	952	58254	69700	50341	-
2010	2	1441	21080	16096	145868	2919	24468	-	22301	5087	-	34718	-	5490	42929	67301	238563	-	122619	60	815	105735	-	20827	-	-	6212	980	54448	71936	59348	-
2010	1	1891	20600	16137	145823	3924	25090	-	11564	15918	-	21694	-	3348	49391	74607	271617	-	118899	60	1099	114988	-	12842	-	-	3149	980	72831	85210	65297	-
2009	4	2842	-	16096	134263	1500	25498	-	21246	13974	-	25847	-	3059	54549	71001	299575	-	138678	60	1221	97566	-	11660	1868	-	3676	987	94928	81843	88908	7769
2009	3	2418	-	16096	133160	2910	26616	-	11674	15957	-	17256	-	2948	47471	72966	310706	-	127389	103	1921	126305	-	18287	516	-	3751	1198	64496	59090	88473	7766
2009	2	3018	-	16096	131848	2910	29071	1528	10058	12873	-	19033	-	2942	45540	67382	302565	-	236766	138	3358	133226	-	15018	10	-	6556	1793	62075	56503	180452	7888
2009	1	3018	-	16096	130694	2910	29978	2291	11065	25678	-	16405	-	2999	50090	66810	295229	-	209629	138	4065	128094	-	15511	10	-	6960	2000	69680	83415	132756	7997
2008	4	3018	-	15615	185257	3000	30823	3055	5623	17980	-	16133	-	3002	44087	84452	230156	-	218824	138	4584	120915	-	14240	11	-	9782	2053	68321	84348	137614	8015
2008	3	2473	-	36191	152521	3000	31707	-	8807	78	-	16673	-	3393	57567	26381	346002	-	197505	1168	5067	100182	-	7289	3366	-	13686	2114	96894	94761	134007	6718
2008	2	1872	-	36191	150274	3000	31704	-	16864	522	-	29652	-	3877	58694	46240	250165	-	197710	1225	5110	100018	-	3248	4305	-	17087	2015	78228	31927	157383	6765
2008	1	1872	-	36169	172791	3000	31733	-	3532	-	-	22446	-	3813	46229	44522	228510	-	202957	1223	5033	97983	-	9096	4035	-	25026	1941	53266	31461	142373	6806
2007	4	1572	-	36169	161824	3000	31566	-	4835	349	-	17603	-	75504	42713	40651	230647	-	238761	1225	5070	85428	-	3654	3845	-	31795	1859	63973	83671	179853	6772
2007	3	1000	-	32685	52766	3000	33322	-	7635	465	-	19359	-	4633	44101	56657	281219	-	239244	5474	4811	59865	-	2679	2451	-	37758	1751	61265	53028	128582	5050
2007	2	1220	-	32685	53567	-	34513	-	23532	98	-	19753	-	4856	43653	47642	273223	-	275901	5474	5229	20087	-	2872	2600	-	45575	1812	66050	64945	173974	9299

Financial Quarter Income Statement

year	qrt	Revenue	Income tax expense	Finance/interest costs	Other income	Administrative/Operating expenses	Minority interest	Share of profit/ (loss) of associates	Effects on earnings upon conversation of RCSLS
2012	2	77742	3479	3768	2279	67909	-	2319	1567
2012	1	99274	4555	4117	2046	81379	-	843	1568
2011	4	167935	6516	1236	1734	132652	-	2452	-
2011	3	116383	12298	1235	1425	79571	-	1583	-
2011	2	109288	4295	2013	6465	96449	-	907	-
2011	1	68786	2349	717	881	61554	-	499	-
2010	4	86020	4940	1326	1033	75995	-	752	-
2010	3	64895	2653	1580	471	57830	-	343	-
2010	2	116288	4065	2429	772	104574	-	480	-
2010	1	79717	2095	953	2855	73119	-	-	-
2009	4	104104	2235	1043	729	99772	3	-	-
2009	3	83889	1342	828	2557	83238	10	-	-
2009	2	133628	1112	1305	1589	130562	109	-	-
2009	1	96026	825	1180	1539	94316	34	-	-
2008	4	117067	218	1603	1677	125500	1297	-	-
2008	3	81128	481	2333	2888	80785	246	-	-
2008	2	91628	1598	2026	638	88559	40	-	-
2008	1	105050	895	2171	963	101631	34	-	-
2007	4	198510	2748	1689	1743	193437	94	-	-
2007	3	123012	1305	1287	1765	121117	422	-	-
2007	2	117544	301	1245	1651	117940	73	-	-

Financial Quarter Segments Revenue

year	qrt	Others	Elimination/Adjustment	Property development	Construction & project management	Property Trading
2012	2	1538	25645	50863	43464	7522
2012	1	1521	23356	65795	51966	3348
2011	4	3557	43262	129911	69748	7981
2011	3	1321	37610	103457	46046	3169
2011	2	50344	96152	93372	53362	8617
2011	1	1214	38932	61457	38638	6154
2010	4	15038	60858	83445	49455	1060
2010	3	2419	30593	58819	34250	-
2010	2	29476	57038	90071	53396	720
2010	1	1214	37226	73439	40739	1214
2009	4	10473	42806	80056	56381	-
2009	3	1545	28519	27196	83104	563
2009	2	1618	32462	21233	140989	2250
2009	1	1328	38747	34549	98892	4
2008	4	6770	19743	13470	116555	15
2008	3	1774	12633	26870	65095	22
2008	2	1677	8068	37382	60612	25
2008	1	2279	6978	15758	93975	16
2007	4	8929	19594	38670	171330	826
2007	3	1967	19352	18058	122325	14
2007	2	1733	28811	24846	119324	452

Financial Quarter Segments Profit

year	qrt	Others	Elimination/Adjustment	Property development	Construction & project management	Property Trading
2012	2	2103	988	7281	2626	1406
2012	1	4355	839	18559	2438	884
2011	4	3253	1925	33681	6597	2430
2011	3	320	1593	8829	26464	652
2011	2	48067	48287	16616	3142	455
2011	1	2310	2334	10161	1289	1056
2010	4	19120	30068	4250	9703	13330
2010	3	12803	155	8810	250	12076
2010	2	69543	83892	19553	6895	110
2010	1	94	1273	6909	802	187
2009	4	7109	8560	5983	356	425
2009	3	1698	3586	6257	1343	180
2009	2	169	1263	1179	7062	204
2009	1	396	1645	1203	6514	21
2008	4	4021	4762	6237	516	2945
2008	3	1210	312	3252	52	38
2008	2	1639	1488	1396	4494	70
2008	1	1181	3686	745	7660	28
2007	4	5512	4703	3490	1982	26
2007	3	236	593	344	2858	363
2007	2	680	529	4114	4497	15

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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KLCI Stock - TCHONG / 4405 - 2011 Quarter 4

Company Info

Market Capital (Capital Size)	3,030,720,000 (Large)
Par Value	RM 0.50

My Analysis

Forecast P/E now	(4.51-0.12)/0.3116 = 14.09 (High)
Target Price	4.36+0.12 = 4.48 (PE 14.0, EPS 0.3116, DPS 0.12)
Decision	Not interested unless got significant better result in coming quarter report or stock price can uptrend stick with Bolinger upper band
Comment	Revenue decreased 3.4% and was third consecutive quarter decreasing but still higher than preceding year corresponding quarter 4.7%, eps decreased 43.2% and was third consecutive quarter decreasing and also lower than preceding year corresponding quarter 40.5%, cash generated from operating is more than enough to cover all expenses, operating margin decreasing, weaker liquidity ratio at moderate level now, higher gearing ratio at moderate level now, higher debt ratio at historical high, all repayment period is good, higher inventory can indicate still got good demand in Automotive
First Support Price	4.5
Second Support Price	4.3
Risk Rating	MODERATE

Research House

HLG Target Price	5.1 (2012-01-18)
AMMB Target Price	4.2 (2012-02-27)
MIDF Target Price	4.5 (2012-02-27)
OSK Target Price	4 (2012-03-07)
Kenanga Target Price	4.67 (2012-03-28)
ECM Target Price	4.72 (2012-03-29)
Maybank Target Price	5.38 (2012-04-06)
CIMB Target Price	4.75 (2012-04-12)
RHB Target Price	4.6 (2012-04-19)

Accounting Ratio

Return on Equity	11.69%
Dividend Yield	2.66%
Gross Profit Margin	0.00%
Operating Profit Margin	5.90%
Net Profit Margin	5.25%
Tax Rate	32.95%
Asset Turnover	1.2689
Net Asset Value Per Share	2.82
Net Tangible Asset per share	2.8
Price/Net Tangible Asset Per Share	1.53
Cash Per Share	0.79
Liquidity Current Ratio	2.2124
Liquidity Quick Ratio	1.085
Liquidity Cash Ratio	0.6093
Gearing Debt to Equity Ratio	0.6456
Gearing Debt to Asset Ratio	0.3913
Working capital per thousand Ringgit sale	26.8%
Days to sell the inventory	99
Days to collect the receivables	38
Days to pay the payables	34

Technical Analysis

SMA 20	4.499 (Uptrend 5 days)
SMA 50	4.438 (Uptrend)
SMA 100	4.323 (Uptrend)
SMA 200	4.461 (Downtrend)
MACD (26d/12d)	0.017772 ( 0.000832 )
Signal (9)	0.020588 ( 0.000704 )
MACD Histogram	0.002816 (Bearish trend 21 days)

My notes based on 2011 Quarter 4 report (number in '000):-
- Lower pbt in Automotive segment than FY10Q4 due to the disruption in production scheduling caused by the Thai flood crisis, increase in raw material prices and a more cautious consumer sentiment

- Lower revenue and profit in Automotive segment than FY11Q3 due to lower sales units as consumer’s opted for deliveries in January 2012 instead of December 2011 and higher exchange rates which had an adverse effect on operating margins

- Lower profit in Financial Services segment than FY10Q4 due to the one-off recognition from the sale of two Asset Backed Medium Term Notes (MTN) issuance undertaken in 2010 amounting to RM466 million, compared to only 1 issue in 2011 of RM212 million

- Estimate next 4Q eps after 2011 Q4 result announced = 1849169*0.11/652817 = 0.3116, estimate PE on current price 4.51 = 14.09(DPS 0.12)
- Estimate next 4Q eps after 2011 Q3 result announced = 0.0836*4*0.9 = 0.301, estimate highest/lowest PE = 14.42/13.02 (DPS 0.12)
- Estimate next 4Q eps after 2011 Q1 result announced = 0.3664, estimate highest/lowest PE = 13.54/11.24 (DPS 0.12)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.35, estimate highest/lowest PE = 13.8/11.94 (DPS 0.12)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.0983*4 = 0.3932, estimate highest/lowest PE = 12.03/1 (DPS 0.12)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.0991*4 = 0.3964, estimate highest/lowest PE = 12.92/9.51 (DPS 0.11)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.0639*4 = 0.2556, estimate highest/lowest PE = 19.91/10.92 (DPS 0.11)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.0527*4 = 0.2108, estimate highest/lowest PE = 16.65/10.44 (DPS 0.1)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.0528*4 = 0.2112, estimate highest/lowest PE = 12.31/8.19 (DPS 0.1)
- Estimate next 4Q eps after 2009 Q1 result announced = 0.0626*4 = 0.2504, estimate highest/lowest PE = 7.35/5.39 (DPS 0.1)
- Estimate next 4Q eps after 2008 Q4 result announced = 0.0425*4 = 0.17, estimate highest/lowest PE = 9.12/6.12 (DPS 0.1)

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TCHONG latest news (Chinese)

USD/MYR Chart

KLCI Stock - UMW / 4588 - 2011 Quarter 4

UMW HOLDINGS BERHAD



Company Description

UMW HOLDINGS BERHAD is an international conglomerate that develops industries and manages partnerships. The Company is primarily engaged in the import, assembly and marketing of passenger and commercial vehicles, and related spares and manufacturing of original/replacement automotive parts; trading and manufacturing of a range of light and heavy equipment, including related spares for use in the industrial, construction, agricultural sectors, and manufacturing and trading of oil pipes and providing various oil and gas services, including drilling and pipe-coating. It also provides support services in the form of after-sales service, travel and insurance. Other activities include marketing of a range of established agency lines in the automotive field, and rebuilding and repair of heavy equipment and diesel engines. In November 2008, it acquired UMW Malaysian Ventures Sdn Bhd. In January 2009, the Company closed business operations of UMW Auto Parts (Thailand) Co, Ltd.

Company Info

Listing Date	1970-11-17
Market Capital (Capital Size)	9,147,741,487 (Very Large)
Par Value	RM 0.50
Board	Main
Sector	Consumer Products
Major Industry	Automotive Manufacturing & Distribution
Sub Industry	Oil & Gas Exploration & Production
Website	http://www.umw.com.my

My Analysis

Forecast P/E now	(7.83-0.031)/0.5745 = 13.58 (Moderate)
Target Price	8.04+0.031 = 8.07 (PE 14.0, EPS 0.5745, DPS 0.031)
Decision	BUY if stock price drop to below SMA20 and got strong buy volume than sell or wait until near to Bolinger lower band
Comment	Revenue decreased 5.8% but higher than preceding year corresponding quarter 1.1%, eps decreased 70% but higher than preceding year coorresponding quarter 169.1%, cash generated from operating enough to cover financing expenses but still spent 0.2% of Group cash to cover investing expenses, slightly better liquidity ratio at low level now, slightly lower gearing ratio at high level now, slightly lower debt ratio but still near to historical high, all repayment period is good, higher inventory can indicate still good prospect from Automotive segment, O&G segment growth and got turnaround from loss
First Support Price	7.45
Second Support Price	7.0
Risk Rating	MODERATE

Research House

BIMB Target Price	8.11 (2011-01-13)
ECM Target Price	7 (2011-11-25)
UOB Target Price	6.9 (2011-11-25)
Affin Target Price	7.25 (2012-01-12)
MIDF Target Price	7 (2012-02-27)
CIMB Target Price	7.2 (2012-03-05)
Kenanga Target Price	7.45 (2012-03-28)
HwangDBS Target Price	7.3 (2012-03-29)
AMMB Target Price	7.3 (2012-04-02)
HLG Target Price	8.25 (2012-04-02)
RHB Target Price	7.3 (2012-04-05)
OSK Target Price	8.38 (2012-04-16)
TA Target Price	8.54 (2012-04-18)
Maybank Target Price	8.35 (2012-04-23)

Accounting Ratio

Return on Equity	9.01%
Dividend Yield	3.96%
Gross Profit Margin	0.00%
Operating Profit Margin	8.17%
Net Profit Margin	9.08%
Tax Rate	42.91%
Asset Turnover	1.294
Net Asset Value Per Share	3.65
Net Tangible Asset per share	3.48
Price/Net Tangible Asset Per Share	2.01
Cash Per Share	2.23
Liquidity Current Ratio	1.8463
Liquidity Quick Ratio	1.3329
Liquidity Cash Ratio	0.9054
Gearing Debt to Equity Ratio	1.1476
Gearing Debt to Asset Ratio	0.467
Working capital per thousand Ringgit sale	17.9%
Days to sell the inventory	44
Days to collect the receivables	33
Days to pay the payables	56

Technical Analysis

SMA 20	7.481 (Uptrend 44 days)
SMA 50	7.264 (Uptrend)
SMA 100	6.953 (Uptrend)
SMA 200	6.721 (Uptrend)
MACD (26d/12d)	0.144091 ( 0.009925 )
Signal (9)	0.113676 ( 0.007604 )
MACD Histogram	0.030415 (Bullish trend 12 days)

My notes based on 2011 quarter 4 report (number in '000):-
- Higher revenue than FY10Q4 was from Equipment and O&G segment but higher pbt was from Automotive segment

- Lower revenue in Automotive segment due to disruptions in the supply of critical parts caused by the massive floods in Thailand. This had adversely affected the timely delivery of certain Toyota models to customers but got higher profit due to favorable exchange rates for USD, lower selling and distribution expenses for run-out models and increase in sales volume of Perodua vehicles

- Higher loss in Equipment segment due to substantial provision for a maintenance and repair contract of an overseas subsidiary

- O&G segment got turnaround from loss to profit but unfavorable movement in fair value of overseas quoted investments coupled with impairment of certain assets and investments results the loss

- Lower revenue in Manufacturing & Engineering segment than FY10Q4 mainly due to switching of the power steering system from hydraulic for certain new models that included the new Perodua Myvi. Sales of 4-wheeler absorbers also dropped with car assemblers expanding their sourcing to countries like Indonesia and Thailand but still higher profit due to in FY2010 got provision for incidental expenses

- Estimate next 4Q eps after 2010 Q4 result announced = 5584182*0.12/1166472 = 0.5745, estimate PE on current price 7.83 = 13.58(DPS 0.31)
- Estimate next 4Q eps after 2010 Q3 result announced = (0.1126+0.1451)*2*1.05 = 0.5412, estimate highest/lowest PE = 12.58/11.23 (DPS 0.3)
- Estimate next 4Q eps after 2010 Q2 result announced = (0.1126+0.1306)*2 = 0.4864, estimate highest/lowest PE = 18.16/12.28 (DPS 0.165)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.1306*4*1.1 = 0.5746, estimate highest/lowest PE = 12.62/11.23 (DPS 0.3)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.4486*1.1 = 0.4935, estimate highest/lowest PE = 14.45/13.48 (DPS 0.3)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.1311*4*0.9 = 0.472, estimate highest/lowest PE = 15.65/13.57 (DPS 0.335)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.1517*4*0.9 = 0.5461(0.1517 is average of recent 2Q eps, deduct 10% risk adjustment), estimate highest/lowest PE = 12.43/11.3 (DPS 0.24)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.1034*4 = 0.4136(0.1034 is average of recent 2Q eps), estimate highest/lowest PE = 15.11/14.24 (DPS 0.2)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.1016*4 = 0.4064(0.1016 is average of recent 2Q eps), estimate highest/lowest PE = 15.97/14.54 (DPS 0.2)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.0927*4 = 0.3708(0.0927 is average of recent 2Q eps), estimate highest/lowest PE = 16.94/15.29 (DPS 0.23)

UMW latest news (English)

UMW 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	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
2012-02-24	2011	4	N/A	N/A	0.075	0.91%	9.01%	3477333	13556405	315568	1381241	50807	502986	0.0436	0.4312	10476742	4892560	1320918	5584182	1317601	550433	770573	2143253	767168	3405	2139848	1166472	1166472	8141974	2011-12-31	-	8.17%	9.08%	42.91%	1.294	16.1873	3.65	3.48	2.01	2.23	1.8463	1.3329	0.9054	1.1476	0.467	17.9%	44	33	56
2011-11-24	2011	3	7.11	6.38	0.135	3.07%	8.20%	3691437	10079072	414154	1065673	169169	452179	0.1451	0.3879	10568696	5052559	1204949	5516137	1156915	422681	660821	2138474	734234	73413	2211887	1165858	1165858	7869541	2011-09-30	-	10.60%	11.22%	27.47%	1.279	-	3.7	3.48	1.94	2.28	1.7738	1.2879	0.8831	1.172	0.4781	17.2%	43	32	60
2011-08-19	2011	2	9.0	6.14	0.1	2.37%	5.11%	3166475	6387635	311981	651519	131178	283010	0.1126	0.2430	10190901	4653159	1259705	5537742	747943	68757	439655	2130257	679186	239531	2369788	1164620	1164620	8408556	2011-06-30	-	9.32%	9.85%	28.60%	1.2671	-	3.67	3.45	2.09	2.21	1.9271	1.434	0.9896	1.0877	0.4566	18.7%	40	32	55
2011-05-25	2011	1	7.55	6.75	-	2.72%	2.72%	3221160	3221160	339538	339538	151832	151832	0.1306	0.1306	10033589	4443296	1356464	5590293	258839	97746	259242	2129907	356585	97343	2227250	1162358	1162358	8310859	2011-03-31	-	9.62%	10.54%	23.47%	1.2985	-	3.64	3.42	2.09	2.0	2.0035	1.4149	0.9616	1.0495	0.4428	18.6%	44	30	51
2011-02-24	2010	4	7.43	6.95	0.065	0.35%	9.73%	3438131	12840639	224656	1312938	18451	512398	0.0162	0.4486	10041117	4774106	1239918	5267011	1001795	717262	174109	1672119	284533	458642	2130761	1142286	1142286	8110230	2010-12-31	-	6.50%	6.53%	44.82%	1.2788	15.828	3.53	3.3	2.15	2.12	1.7739	1.2728	0.8705	1.1855	0.4755	16.8%	44	32	50
2010-11-22	2010	3	7.72	6.74	0.135	2.83%	9.36%	3087276	9402508	340922	1088282	149394	493947	0.1311	0.4336	9630868	4353161	1150902	5277707	745534	555735	132108	1675854	189799	57691	1733545	1139185	1139185	7746458	2010-09-30	-	9.62%	11.04%	23.09%	1.287	-	3.62	3.37	2.02	1.6	1.7844	1.1918	0.7586	1.0549	0.452	15.2%	47	30	53
2010-08-20	2010	2	7.03	6.41	0.1	3.96%	6.44%	3282075	6315232	442266	747360	211697	344553	0.1862	0.3031	9715760	4363227	1233092	5352533	582156	386197	78581	1697557	195959	274540	1972097	1136858	1136858	7309996	2010-06-30	-	12.11%	13.48%	22.45%	1.2459	-	3.62	3.37	1.91	1.8	1.8813	1.3094	0.8769	1.0592	0.4491	17.0%	45	30	53
2010-05-20	2010	1	6.45	6.09	-	2.55%	2.55%	3033157	3033157	305094	305094	132856	132856	0.1172	0.1172	9169023	3961109	1236022	5207914	203519	142763	67470	1696520	60756	128226	1824746	1133984	1133984	7019360	2010-03-31	-	9.14%	10.06%	23.87%	1.2438	-	3.5	3.27	1.89	1.65	2.092	1.433	0.9511	0.9973	0.432	18.8%	45	30	52
2010-02-23	2009	4	6.69	6.11	0.09	2.26%	7.77%	2992338	10720861	249125	846504	111068	382395	0.0998	0.3436	8825696	3905928	1145909	4919768	770356	803414	220797	1511281	33058	187739	1699020	1112928	1112928	6877895	2009-12-31	-	8.87%	8.33%	27.49%	1.2147	17.9864	3.39	3.17	1.95	1.56	2.0011	1.3386	0.8809	1.035	0.4426	18.4%	48	31	54
2009-11-20	2009	3	6.51	5.9	0.05	2.64%	5.68%	2797651	7728523	288174	597379	125938	271327	0.1135	0.2446	8623000	3846980	1079726	4776020	581299	555287	343294	1530218	26012	369306	1899524	1109415	1109415	7000408	2009-09-30	-	8.59%	10.30%	21.92%	1.2314	-	3.33	3.11	2.03	1.74	1.916	1.3203	0.8826	1.0408	0.4461	18.9%	48	33	60
2009-08-21	2009	2	6.5	6.0	0.06	1.71%	3.13%	2581069	4930872	185468	309205	79431	145389	0.0719	0.1315	7928328	3289767	1055663	4638561	328877	436079	86196	1525264	107202	193398	1331866	1105336	1105336	6797816	2009-06-30	-	7.03%	7.19%	22.70%	1.406	-	3.24	3.05	2.02	1.22	1.5743	1.0121	0.5876	0.9182	0.4149	11.9%	46	32	55
2009-05-20	2009	1	6.3	5.4	-	1.39%	1.39%	2349803	2349803	123737	123737	65958	65958	0.0598	0.0598	7811745	3076878	1123183	4734867	52698	134270	3089	1528205	81572	84661	1443544	1102765	1102765	6396037	2009-03-31	-	3.86%	5.27%	20.65%	1.5533	-	3.28	3.07	1.89	1.34	1.6622	1.0692	0.6417	0.8519	0.3939	12.5%	44	29	51
2009-02-25	2008	4	5.95	4.98	0.12	2.60%	12.29%	2890116	12769581	275008	1276685	119688	565838	0.1087	0.5141	7828041	3222621	1083167	4605420	597289	728099	89192	1561317	130810	41618	1519699	1100610	1100610	5998324	2008-12-31	-	8.09%	9.52%	23.58%	1.6313	10.6008	3.2	3.08	1.77	1.4	1.6099	1.0148	0.6295	0.9149	0.4117	11.7%	45	27	52
2008-11-24	2008	3	5.7	4.82	0.1	3.47%	10.13%	3326175	9879465	353781	1001677	152656	446150	0.1403	0.4101	7573806	3170246	993374	4403560	490595	546146	61443	1557570	55551	5892	1563462	1087895	1087895	5874633	2008-09-30	-	8.88%	10.64%	26.36%	1.6596	-	3.13	3.01	1.79	1.45	1.5674	1.0248	0.6287	0.9296	0.4186	11.3%	43	29	51
2008-08-20	2008	2	6.2	5.2	0.15	3.45%	6.68%	3568164	6553290	354998	647896	151724	293494	0.1393	0.2695	7430018	3033768	1056876	4396250	214837	277622	133350	1564740	62785	70565	1635305	1089192	1089192	6371773	2008-06-30	-	8.60%	9.95%	27.15%	1.6168	-	3.07	3.0	1.95	1.51	1.622	1.0695	0.6578	0.9085	0.4083	13.0%	46	31	55
2008-05-23	2008	1	6.85	5.5	-	3.34%	3.34%	2985126	2985126	292898	292898	141770	141770	0.1300	0.1300	6781517	2534424	967399	4247093	77574	84837	57357	1566066	162411	219768	1346298	1090917	1090917	7254598	2008-03-31	-	7.96%	9.81%	22.66%	1.6146	-	3.01	2.94	2.26	1.23	1.7469	1.1254	0.6355	0.7728	0.3737	14.5%	47	34	56
2008-02-28	2007	4	7.0	5.7	0.14	3.57%	11.70%	2689765	9976151	315566	856276	142968	469147	0.2684	0.8809	6491145	2482601	878459	4008544	926996	594818	91924	1143121	332178	424102	1567223	532598	532598	3621666	2007-12-31	-	9.97%	11.73%	26.88%	1.5369	7.7197	5.88	5.77	1.18	2.95	1.7021	1.1766	0.7594	0.7931	0.3825	14.6%	43	31	58
2007-11-15	2007	3	15.6	6.8	0.12	3.70%	8.67%	2769714	7286386	232618	540710	139119	326179	0.2630	0.6166	6068081	2305033	857149	3763048	662984	570474	237995	1140252	92510	330505	1470757	528987	528987	7934805	2007-09-30	-	5.76%	8.40%	17.38%	1.6264	-	5.49	5.43	2.76	2.79	1.8946	1.3964	0.8217	0.7932	0.3799	16.3%	35	37	51
2007-08-17	2007	2	15.0	14.3	0.2	2.95%	5.16%	2504658	4516672	167826	308092	106752	187060	0.2025	0.3548	5849076	2224424	851603	3624652	320890	329586	224279	1141747	8696	215583	1357330	527217	527217	3479632	2007-06-30	-	4.01%	6.70%	13.15%	1.2138	-	5.26	5.2	1.27	2.59	2.0136	1.3846	0.8069	0.8022	0.3803	24.2%	58	49	70
2007-05-16	2007	1	N/A	N/A	-	2.28%	2.28%	2012014	2012014	140266	140266	80308	80308	0.1535	0.1535	5595233	2066534	855078	3528699	233183	284463	330840	1141663	51280	279560	1421223	523237	523237	2825479	2007-03-31	-	5.07%	6.97%	21.13%	0.8212	-	5.11	5.05	1.07	2.73	2.236	1.5702	0.9862	0.7729	0.3693	39.0%	82	66	91
2007-02-27	2006	4	N/A	N/A	0.135	2.71%	9.03%	2582897	9950488	197990	754281	91847	305904	0.1797	0.5986	5102524	1715666	826796	3386858	76653	568395	69643	1699125	491742	561385	1137740	511004	511004	1967365	2006-12-31	-	6.67%	7.67%	23.82%	0.5062	6.4313	5.01	4.97	0.77	2.25	2.269	1.569	0.8768	0.6702	0.3362	64.4%	139	126	158

Financial Quarter Balance Sheet

year	qrt	Deferred tax assets (A-0)	Derivative assets (A-0)	Intangible assets (A-0)	Investment in associated companies (A-0)	Investment properties (A-0)	Leased assets (A-0)	Leasehold land use rights (A-0)	Other investments (A-0)	Property, plant and equipment (A-0)	Cash and cash equivalents (A-1)	Current asset classified as held for sales (A-1)	Derivative assets (A-1)	Inventories (A-1)	Land lease payment (A-1)	Other investments (A-1)	Other receivables (A-1)	Trade receivables (A-1)	Deferred tax liabilities (L-0)	Derivative liabilities (L-0)	Loans & borrowings (L-0)	Other long-term provisions (L-0)	Bank overdraf (L-1)	Current tax liabilities (L-1)	Derivative liabilities (L-1)	Dividend payable (L-1)	Loans & borrowings (L-1)	Other payables (L-1)	Provision for liabilities (L-1)	Trade and other payables (L-1)	Minority interest (M-1)
2011	4	53214	62261	199415	1414565	79506	226981	4771	55297	3078809	2208535	-	5171	1474299	-	391271	329178	893469	31998	14211	1910418	64347	68687	94042	6671	157720	589548	949935	67503	937480	1320918
2011	3	56062	57132	255570	1471547	80002	210967	4811	57777	3032010	2280976	-	34469	1463643	-	379049	349333	835348	31557	20301	1924293	64317	69089	134732	42358	116829	559546	951024	68788	1069725	1204949
2011	2	54011	63747	255573	1456015	80497	199366	4851	92636	2966027	2436916	2042	6973	1283923	-	140000	333164	815160	31556	21032	1931701	64851	67128	121718	4920	75939	511684	902214	50319	870097	1259705
2011	1	54091	74773	258480	1489765	80993	195969	4890	131570	2910664	2308347	6839	3785	1419627	-	11071	370528	712197	32099	18408	1915941	64862	81097	92632	7359	-	536065	781708	50235	862890	1356464
2010	4	58585	63746	258489	1453059	81488	193998	4931	132463	2852305	2195051	6839	4897	1396135	-	229963	359480	749688	43727	21255	1858199	65016	64189	107553	4883	156647	761046	771455	81294	838842	1239918
2010	3	29667	49158	288883	1559957	1655	180355	17688	415860	2799760	1822946	3535	6403	1424064	-	-	307025	723912	19578	24973	1846161	59520	89401	171606	12263	114771	361720	712791	39811	900566	1150902
2010	2	27192	36066	286407	1533463	1666	172844	18927	324905	2923323	2046585	3535	4351	1334953	-	-	263878	737665	19710	23268	1926755	59532	74488	151512	3977	102356	383769	757622	40630	819608	1233092
2010	1	31328	25081	268733	1503513	1710	167113	20164	181052	2855183	1870944	3535	14332	1296294	-	-	272167	657874	23085	16993	1894412	59544	46198	89951	22478	-	288524	700565	40332	779027	1236022
2009	4	26733	-	241498	1453676	1714	169940	20333	193580	2780553	1733290	3535	-	1303573	-	-	255390	641881	22107	-	1850598	65488	34270	71732	-	56204	259874	719874	64183	761598	1145909
2009	3	26035	-	242899	1473182	14078	149673	218452	225881	2085633	1928852	3535	-	1301805	-	-	289306	663669	21263	-	1597353	42986	29328	98456	-	66510	315611	888400	59057	728016	1079726
2009	2	24988	-	211893	1494709	14180	149198	219522	208401	1978044	1353857	3535	-	1295479	-	-	293129	681393	15680	-	926993	42986	21991	77599	-	123484	406385	836360	106047	732242	1055663
2009	1	19886	-	226968	1526218	14282	148826	207761	22280	1825932	1474526	3535	-	1362700	-	-	289648	689183	23713	-	733491	21742	30982	62469	-	-	536548	814256	109138	744539	1123183
2008	4	21331	-	132906	1468121	14384	157899	221660	86293	1792362	1537802	3535	-	1453830	-	-	254611	683307	16027	-	719517	43995	18103	115931	-	82063	509851	920324	66620	730190	1083167
2008	3	22802	-	139420	1412903	13881	148680	209899	123095	1580594	1573364	2791	-	1357956	-	-	235439	752982	19792	-	625988	21971	9902	208612	-	120813	457540	843675	99050	762903	993374
2008	2	23258	-	69746	1278350	13983	137791	210969	135589	1494731	1648884	9112	-	1384991	-	-	288503	734111	21037	-	484247	21972	13579	190565	-	112082	418848	809750	100361	861327	1056876
2008	1	15835	-	74281	1215902	14081	124590	212038	114171	1307310	1347177	10364	-	1317572	-	-	245465	782731	13588	-	378905	21972	879	128032	-	-	340407	654539	96528	899574	967399
2007	4	22139	-	58923	1164154	14178	137099	213107	76171	1278355	1573587	10364	-	1088941	-	-	221520	632607	13435	-	354163	42857	6364	104359	-	47811	375672	658924	49909	829107	878459
2007	3	27112	-	33931	1014091	14425	121798	186845	69022	1198931	1475533	14989	-	894592	4872	-	373431	638509	35786	-	451464	22178	4776	53762	-	77791	283737	630514	65816	679209	857149
2007	2	23354	-	33765	945474	14477	112074	188063	25627	1097155	1366162	14989	-	1064941	4872	-	307896	650227	35787	-	472679	22899	8832	60720	-	51895	218868	653009	69681	630054	851603
2007	1	22674	-	33612	900197	14529	111921	192935	25436	1052102	1429798	14989	-	965256	1218	-	293973	536593	36154	-	558324	22197	8575	60505	-	37988	197249	523010	68832	553700	855078
2006	4	26724	-	21582	822692	14581	119060	195371	25436	904208	1148784	14989	-	917234	-	-	368431	523432	36442	-	342412	26626	7118	56079	-	-	145555	697693	55744	347997	826796

Financial Quarter Income Statement

year	qrt	Revenue	Income tax expense	Finance/interest costs	Other income	Administrative/Operating expenses	Minority interest	Share of profit/ (loss) of associates	Investment gain/loss
2011	4	3477333	135425	24635	51362	3244525	129336	47812	8221
2011	3	3691437	113750	20355	19098	3319385	131235	21056	22303
2011	2	3166475	89234	21261	16856	2888336	91569	19827	18420
2011	1	3221160	79692	20780	36740	2948076	108014	36961	13533
2010	4	3438131	100680	22302	25085	3239840	105525	10897	12685
2010	3	3087276	78723	10050	47987	2838411	112805	40927	13193
2010	2	3282075	99272	14846	25250	2909800	131297	49066	10521
2010	1	3033157	72826	11356	93301	2849116	99412	30522	8586
2009	4	2992338	68476	5869	42061	2768910	69581	19361	8866
2009	3	2797651	63157	2770	25422	2582758	99079	43010	7619
2009	2	2581069	42104	16017	25425	2425014	63933	12623	7382
2009	1	2349803	25555	10143	20958	2280144	32224	34366	8897
2008	4	2890116	64853	19574	50182	2706613	90467	48253	12644
2008	3	3326175	93274	9868	27911	3058706	107851	54256	14013
2008	2	3568164	96372	9973	30561	3291897	106902	45566	12577
2008	1	2985126	66373	8724	20094	2767462	84755	51747	12117
2007	4	2689765	84825	5858	31363	2452900	87773	37959	15237
2007	3	2769714	40439	9750	24178	2634261	53060	68680	14057
2007	2	2504658	22070	9846	21875	2426144	39004	63398	13885
2007	1	2012014	29632	9851	16478	1926472	30326	37469	10628
2006	4	2582897	47164	4457	19337	2429991	58979	21897	8307

Financial Quarter Segments Revenue

year	qrt	Others	Elimination/Adjustment	Automotive	Equipment	Oil & Gas	Manufacturing & Engineering
2011	4	15869	11862	2418267	531468	351240	172351
2011	3	21333	36170	2616123	631416	295067	163668
2011	2	26982	25879	2232586	472465	286017	174304
2011	1	16705	21781	2433914	437750	194005	160567
2010	4	19374	22719	2610685	422936	223538	184317
2010	3	15785	16529	2368797	409454	162310	147459
2010	2	19889	23372	2563756	406810	151059	163933
2010	1	18240	21663	2398305	350361	142390	145524
2009	4	11178	19361	2373085	295256	156051	153222
2009	3	9604	15134	2232076	297328	144416	129361
2009	2	13388	20135	2023888	282071	170303	111554
2009	1	15880	19961	1721254	300796	217101	114733
2008	4	16924	21862	2177232	343760	269810	132489
2008	3	19951	29841	2588042	422494	196615	128914
2008	2	27315	34436	2870748	427677	156864	119996
2008	1	14971	27397	2395985	345678	147268	108621
2007	4	29284	21616	2237575	308095	23394	101691
2007	3	8692	17480	2141251	372564	159424	105263
2007	2	19842	26416	1860233	384796	170930	95273
2007	1	9427	24966	1499961	306017	85199	136376
2006	4	8143	12471	1874489	262312	342625	96198

Financial Quarter Segments Profit

year	qrt	Others	Automotive	Equipment	Oil & Gas	Manufacturing & Engineering
2011	4	66130	480093	44717	189857	3919
2011	3	28784	437131	35579	22220	7552
2011	2	10500	303874	38233	23304	3678
2011	1	30265	330200	34120	534	4949
2010	4	37639	329580	1667	129075	3633
2010	3	24720	329134	35734	12803	13577
2010	2	1677	400200	42516	19316	17189
2010	1	34059	319105	27316	19234	11966
2009	4	11017	236102	21669	14454	7275
2009	3	17250	213294	22264	24849	4229
2009	2	14928	127826	22627	19035	3670
2009	1	7748	73338	22772	5036	2839
2008	4	4684	238474	36966	4705	16710
2008	3	29048	265387	39256	11053	631
2008	2	12515	291292	39331	3098	1485
2008	1	9154	208195	38558	2837	8339
2007	4	10005	224203	5570	45439	12455
2007	3	2180	124968	11276	23513	7216
2007	2	8297	64072	9428	56504	839
2007	1	1941	65188	31323	2374	9019
2006	4	11	87122	31214	81474	15385

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

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