KLCI Stock - TM / 4863 - 2011 Quarter 4

TELEKOM MALAYSIA BERHAD



Company Description

Telekom Malaysia Berhad (TM) is a Malaysia-based company engaged in the establishment, maintenance and provision of telecommunications and related services. TM operates in four segments: retail business, wholesale business, global business and shared services/others. Its retail business focuses on providing a range of solutions and building customer relationships in the consumer, small and medium enterprise (SME), enterprise and government. Its wholesale business offers a comprehensive range of unparalleled telecommunications facilities and services to licensed network operators, such as network facilities providers (NFP), network service providers (NSP) and applications service providers (ASP) for mobile, fixed line, worldwide interoperability for microwave access (WiMAX), broadband and Internet. Its global business provides voice, Internet, bandwidth and data services to demands from global carriers and enterprise customers. In October 2007, it acquired Tekad Mercu Berhad and Rebung Utama Sdn Bhd. In December 2007, the Company dissolved its subsidiaries, Telesafe Sdn Bhd, Mobitel Sdn Bhd and Telekom Payphone Sdn Bhd. In March 2008, the Company acquired TM ESOS Management Sdn Bhd.

Company Info

Listing Date	1990-11-07
Market Capital (Capital Size)	19,282,196,672 (Very Large)
Par Value	RM 1.00
Board	Main
Sector	Trading/Services
Major Industry	Telecommunication
Sub Industry	Network Services
Website	http://www.tm.com.my

My Analysis

Forecast P/E now	(5.39-0.196)/0.1994 = 26.05 (High)
Target Price	4.39+0.196 = 4.58 (PE 22.0, EPS 0.1994, DPS 0.196)
Decision	Not interested unless profit increase significant from repeatable income
Comment	Revenue increased 5.4% and was third consecutive quarter increasing and also higher than preceding year corresponding quarter 5.5%, eps increased 97.9% and was second consecutive quarter increasing and also higher than preceding year corresponding quarter 48.9%, cash generated from operating enough for financing expenses and got borrowing to cover the rest of expenses, slightly weaker liquidity ratio at low level now, lower gearing ratio but still at very high level now, debt ratio near to historical high, higher payables repayment period but still acceptable due to higher revenue, most division growth, benefit from weakened of USD against RM from Jan 12 to March 12 from borrowing cost
First Support Price	5.3
Second Support Price	5.0
Risk Rating	MODERATE

Research House

TA Target Price	4.23 (2011-02-28)
RHB Target Price	5.85 (2012-01-06)
HLG Target Price	5.16 (2012-02-27)
HwangDBS Target Price	5.3 (2012-02-27)
Maybank Target Price	5.52 (2012-02-28)
AMMB Target Price	5.5 (2012-03-27)
ECM Target Price	4.78 (2012-03-27)
MIDF Target Price	5.4 (2012-03-27)
Kenanga Target Price	5.52 (2012-03-28)
Jupiter Target Price	5.62 (2012-04-02)
CIMB Target Price	5.76 (2012-04-04)
OSK Target Price	5.7 (2012-04-09)

Accounting Ratio

Return on Equity	16.70%
Dividend Yield	3.64%
Gross Profit Margin	0.00%
Operating Profit Margin	10.86%
Net Profit Margin	9.38%
Tax Rate	-
Asset Turnover	0.4282
Net Asset Value Per Share	1.95
Net Tangible Asset per share	1.86
Price/Net Tangible Asset Per Share	2.73
Cash Per Share	1.3
Liquidity Current Ratio	1.6544
Liquidity Quick Ratio	1.6026
Liquidity Cash Ratio	1.1111
Gearing Debt to Equity Ratio	2.0434
Gearing Debt to Asset Ratio	0.6663
Working capital per thousand Ringgit sale	29.9%
Days to sell the inventory	10
Days to collect the receivables	78
Days to pay the payables	189

Technical Analysis

SMA 20	5.389 (Uptrend 50 days)
SMA 50	5.243 (Uptrend)
SMA 100	4.983 (Uptrend)
SMA 200	4.495 (Uptrend)
MACD (26d/12d)	0.047436 ( 0.003674 )
Signal (9)	0.059551 ( 0.003029 )
MACD Histogram	0.012115 (Bearish trend 9 days)

My notes based on 2011 quarter 4 report (number in '000):-
- Higher revenue mainly due to growth from most of the segment business

- Lower pbt than FY10Q4 largely attributed to lower other gains from the disposal of investments of RM5.5 million in the current quarter as compared to RM215.4 million in the corresponding quarter in 2010 (FY11Q3: RM283.5 million gain)

- Higher pat largely due to the recognition of deferred tax income on unutilised tax incentives

- Estimate next 4Q eps after 2011 Q4 result announced = 7131700*0.1/3577400 = 0.1994(excluded disposal and tax income ~2.5% ROE), estimate PE on current price 5.39 = 26.05(DPS 0.196)
- Estimate next 4Q eps after 2011 Q3 result announced = 0.0356*4*1.1 = 0.1566(excluded disposal of Axiata shares of RM283.5 million and reduction of possible more foreign exchange loss), estimate highest/lowest PE = 29.57/25.68 (DPS 0.229)
- Estimate next 4Q eps after 2011 Q2 result announced = 0.0812*2*1.05 = 0.1705, estimate highest/lowest PE = 31.87/21.71 (DPS 0.229)
- Estimate next 4Q eps after 2011 Q1 result announced = 0.0457*4*1.05 = 0.1919, estimate highest/lowest PE = 20.42/18.18 (DPS 0.261)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.0543*4 = 0.2172(exclude one time income and use average foreign exchange gain), estimate highest/lowest PE = 17.17/14.09 (DPS 0.26)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.0504*4*0.95 = 0.1814, estimate highest/lowest PE = 18.3/16.81 (DPS 0.26)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.0606(average of recent 4Q eps)*4 = 0.2424, estimate highest/lowest PE = 13.9/12.46 (DPS 0.23)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.0479*4 = 0.1916, estimate highest/lowest PE = 17.38/14.87 (DPS 0.23)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.0505*4 = 0.202, estimate highest/lowest PE = 15.54/13.71(DPS 0.22)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.2, estimate highest/lowest PE = 15.45/13.85 (DPS 0.22)

TM latest news (English)

TM 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	0.098	8.39%	16.70%	2447200	9150700	229600	1001200	598300	1191000	0.1672	0.3330	21371800	14240100	162900	7131700	3030700	1338000	962500	3482400	1692700	730200	4212600	3577400	3576500	18173192	2011-12-31	-	10.86%	9.38%	-	0.4282	15.2549	1.95	1.86	2.73	1.3	1.6544	1.6026	1.1111	2.0434	0.6663	29.9%	10	78	189
2011-11-24	2011	3	5.22	4.25	-	4.65%	9.11%	2321700	6703500	337200	771600	302200	592700	0.0845	0.1657	20114000	13610600	151700	6503400	1661800	653600	1160400	3483400	1008200	152200	3331200	3577400	3576200	15883656	2011-09-30	-	21.97%	14.52%	6.32%	0.4486	-	1.78	1.69	2.63	1.05	1.7666	1.6996	1.024	2.1428	0.6767	31.1%	12	95	174
2011-08-24	2011	2	4.5	3.93	0.098	1.87%	4.26%	2233600	4381800	207100	434400	127200	290500	0.0356	0.0812	19830000	13014100	142300	6815900	936700	683900	1077500	3481600	252800	824700	2656900	3577400	3575600	14953532	2011-06-30	-	10.63%	9.27%	33.85%	0.4487	-	1.87	1.78	2.35	1.0	1.6713	1.6115	0.9557	1.9501	0.6563	28.3%	11	96	174
2011-05-25	2011	1	4.18	3.75	-	2.02%	2.02%	2148200	2148200	227300	227300	163300	163300	0.0457	0.0457	20878400	12805500	162200	8072900	455900	412200	23500	3488100	43700	67200	3555300	3573700	3573700	13937430	2011-03-31	-	10.78%	10.58%	23.14%	0.4222	-	2.21	2.12	1.84	1.24	1.8752	1.824	1.1257	1.6188	0.6133	39.1%	10	110	185
2011-02-25	2010	4	4.22	3.71	0.131	5.10%	15.35%	2320600	8791000	334800	1360200	400700	1206500	0.1123	0.3393	20780000	12919800	150800	7860200	2973400	1446900	1534200	3495700	1526500	7700	3488000	3567700	3556100	13735645	2010-12-31	-	17.59%	14.43%	-	0.4231	11.3477	2.17	2.08	1.85	1.22	1.6176	1.577	1.0137	1.6759	0.6217	30.1%	8	97	205
2010-11-26	2010	3	3.99	3.32	-	5.75%	10.56%	2194600	6470400	505900	1025400	438500	805800	0.1232	0.2268	20623200	12995900	139600	7627300	1662800	673700	687100	3496600	989100	302000	3798600	3559000	3552200	11922650	2010-09-30	-	18.07%	23.05%	11.72%	0.4239	-	2.11	2.02	1.66	1.18	1.5569	1.5148	0.9675	1.7356	0.6302	27.6%	9	99	167
2010-08-23	2010	2	3.58	3.31	0.13	1.66%	4.90%	2150900	4275800	166900	519500	124400	367300	0.0350	0.1033	20322400	12824100	139900	7498300	954000	485700	357500	3490900	468300	110800	3601700	3559100	3557000	12741578	2010-06-30	-	9.87%	7.76%	21.21%	0.4256	-	2.07	1.98	1.81	1.12	1.541	1.5038	0.9512	1.7428	0.631	26.2%	7	98	156
2010-05-27	2010	1	3.6	3.25	-	3.15%	3.15%	2124900	2124900	352600	352600	242900	242900	0.0683	0.0683	20608700	12889800	150500	7718900	577100	182200	7500	3492700	394900	402400	3895100	3555000	3555000	11589300	2010-03-31	-	12.17%	16.59%	28.84%	0.4186	-	2.13	2.04	1.6	1.2	1.5595	1.5256	0.9782	1.7031	0.6255	28.3%	7	101	166
2010-02-22	2009	4	3.56	3.08	0.13	2.39%	9.02%	2272600	8608000	253600	921600	170200	643000	0.0479	0.1821	19942500	12812500	142500	7130000	3056000	2546400	4205900	2093700	5602400	1396500	3490200	3552300	3531400	11900205	2009-12-31	-	11.56%	11.16%	29.69%	0.4316	18.3984	1.98	1.89	1.77	1.07	1.3916	1.3667	0.8524	1.8336	0.6425	20.2%	5	97	170
2009-11-20	2009	3	3.36	2.96	-	2.57%	6.79%	2101000	6335400	217800	668000	179100	472800	0.0505	0.1341	19469000	12510200	134400	6958800	1736100	2905400	3984000	2103800	4641500	657500	2761300	3548800	3525000	10717376	2009-09-30	-	10.10%	10.37%	14.74%	0.4537	-	1.94	1.85	1.63	0.86	1.9164	1.8789	0.9489	1.8332	0.6426	33.3%	6	123	148
2009-08-21	2009	2	3.31	2.99	0.1	3.82%	4.22%	2129000	4234400	358900	450200	266000	293700	0.0753	0.0836	19101900	12138200	127800	6963700	1230600	3125500	3636300	2101100	4356100	719800	2820900	3534100	3512100	10779005	2009-06-30	-	13.76%	16.86%	23.91%	0.4604	-	1.95	1.86	1.64	0.88	1.8991	1.867	0.9641	1.7757	0.6354	32.8%	5	120	147
2009-05-21	2009	1	3.92	2.6	-	0.27%	0.27%	2105400	2105400	91300	91300	27700	27700	0.0079	0.0079	22372700	12063300	131100	10309400	560800	1236500	77900	2093100	1797300	1875200	3968300	3484300	3484300	13240340	2009-03-31	-	14.08%	4.34%	60.35%	0.3922	-	2.92	2.83	1.34	1.22	2.8974	2.86	1.3196	1.1852	0.5392	69.5%	6	206	147
2009-02-24	2008	4	4.0	3.38	0.1425	1.57%	7.56%	2497800	8674900	252600	978700	164800	791900	0.0475	0.2285	22533200	12058600	226500	10474600	3251200	1896600	1928200	2668300	1354600	573600	2094700	3469200	3465200	11587128	2008-12-31	-	11.71%	10.11%	27.16%	0.385	14.6152	2.96	2.96	1.13	0.68	2.7115	2.676	0.6835	1.1767	0.5351	68.5%	6	291	158
2008-11-11	2008	3	3.34	2.54	-	1.57%	5.93%	2062000	6177100	138100	726100	165800	627100	0.0477	0.1810	21721500	11148900	194400	10572600	2169500	1599700	3495200	4069300	569800	2925400	1143900	3473500	3463700	11462550	2008-09-30	-	7.90%	6.70%	-	0.5023	-	3.0	3.0	1.1	0.41	2.8955	2.85	0.4833	1.0743	0.5133	51.7%	5	236	109
2008-08-19	2008	2	3.68	2.98	0.12	2.49%	7.23%	2109200	4115100	302100	864200	273200	792900	0.0788	0.2290	21986900	11023800	186000	10963100	1549100	1237000	1800000	2665900	312100	1487900	1178000	3465200	3462200	12128200	2008-06-30	-	11.67%	14.32%	1.82%	0.6121	-	3.11	3.11	1.13	0.43	2.839	2.7922	0.4841	1.0229	0.5014	42.2%	5	193	94
2008-05-22	2008	1	3.58	3.08	-	2.45%	2.45%	2005900	2005900	562100	562100	519700	519700	0.1510	0.1510	42884300	21704400	891300	21179900	1418100	929400	1326400	4073700	488700	837700	3236000	3442700	3442700	11154348	2008-03-31	-	5.81%	28.02%	-	0.3653	-	5.89	3.73	0.87	1.06	0.9234	0.9007	0.4075	1.0698	0.5061	-4.4%	6	103	200
2008-02-26	2007	4	11.6	3.2	0.22	2.87%	12.34%	4734200	17842900	717400	3142600	592500	2547700	0.1722	0.7436	44221300	23569800	849400	20651500	5932200	5863900	586300	4610900	68300	518000	4092900	3439800	3426200	39213720	2007-12-31	-	13.72%	15.15%	10.50%	0.4035	15.331	5.78	3.6	3.17	1.32	0.8905	0.8745	0.4004	1.1903	0.533	-7.0%	5	90	186
2007-11-07	2007	3	12.7	10.1	0.65	3.09%	9.18%	4608700	13108700	692600	2425200	658500	1955200	0.1915	0.5714	42417900	21108700	828000	21309200	4779000	4691800	989800	4633200	87200	902600	3730600	3437800	3421700	35409340	2007-09-30	-	18.81%	15.03%	10.05%	0.413	-	5.99	3.93	2.62	1.2	1.0539	1.032	0.5165	1.0306	0.4976	2.5%	5	85	180
2007-07-26	2007	2	10.6	10.1	0.26	3.29%	6.08%	4318800	8500000	885900	1732600	701000	1296700	0.2045	0.3791	42149600	20832400	870100	21317200	3138200	2957800	503100	4621600	180400	322700	4298900	3428400	3420600	N/A	2007-06-30	-	23.12%	20.51%	18.40%	0.3062	-	5.98	3.92	N/A	1.36	1.1222	1.0957	0.6034	1.0188	0.4942	7.3%	7	108	232
2007-05-07	2007	1	N/A	N/A	-	2.78%	2.78%	4181200	4181200	846700	846700	595700	595700	0.1740	0.1740	42259400	20806400	846300	21453000	1454000	1209600	286500	4615200	244400	530900	5146100	3423700	3423700	34237000	2007-03-31	-	21.33%	20.25%	23.99%	0.2032	-	6.02	3.96	2.53	1.6	1.1514	1.1295	0.6762	1.0097	0.4923	14.3%	10	152	338
2007-02-23	2006	4	N/A	N/A	0.3	2.85%	9.97%	4407800	16399200	871500	3133200	590800	2068800	0.1736	0.6082	41843500	21095900	836500	20747600	5233800	6397200	501800	6331600	1163400	1665200	4666400	3402400	3401300	33173400	2006-12-31	-	21.87%	19.77%	25.93%	0.1053	16.0299	5.85	3.78	2.58	1.47	1.0206	1.0002	0.5892	1.0595	0.5042	4.0%	18	287	685

Financial Quarter Balance Sheet

year	qrt	Available-for-sale investment (A-0)	Available-for-sale receivables (A-0)	Deferred tax assets (A-0)	Derivative financial assets (A-0)	Intangible assets (A-0)	Investment in associated companies (A-0)	Land held for property development (A-0)	Other investments (A-0)	Prepaid lease payments (A-0)	Property, plant and equipment (A-0)	Receivables (A-0)	Amount due from associated companies (A-1)	Cash and cash equivalents (A-1)	Current asset classified as held for sales (A-1)	Customer acquisition costs (A-1)	Derivative financial assets (A-1)	Financial assets at fair value through profit and loss (A-1)	Inventories (A-1)	Investment held for resale (A-1)	Trade receivables (A-1)	Deferred income (L-0)	Deferred tax liabilities (L-0)	Derivative financial liabilities (L-0)	Derivative liabilities (L-0)	Loans & borrowings (L-0)	Other long-term provisions (L-0)	Current tax liabilities (L-1)	Deposits from customers (L-1)	Derivative financial liabilities (L-1)	Dividend payable (L-1)	Liabilities directly associated with assets classified as held for sale (L-1)	Loans & borrowings (L-1)	Trade and other payables (L-1)	Minority interest (M-1)
2011	4	104800	11100	21700	66200	320900	600	108400	-	-	13613000	199500	-	4213000	-	106100	-	20100	216900	418100	1951400	2072700	1559600	18900	-	6402700	-	81900	544500	-	-	-	7700	3552100	162900
2011	3	114700	11500	23800	-	319700	500	108900	-	-	12984900	80700	-	3331600	-	107200	24000	16300	245500	401900	2342800	1919500	1801000	15700	-	6212400	-	6700	574400	-	-	-	6200	3074700	151700
2011	2	114700	13400	23900	4700	319000	-	108900	-	-	12906900	79800	-	2657300	9800	103600	-	22300	223700	899400	2342600	1783300	1699400	32000	-	5754500	-	65100	579500	-	-	400	36200	3063700	142300
2011	1	114600	14800	24600	2000	318000	500	108900	-	-	12834200	84900	-	3555800	-	86300	-	20800	201600	851000	2660400	1760300	1616500	39200	-	5456200	-	79600	579700	-	-	-	16400	3257600	162200
2010	4	114600	14900	86700	3600	312300	500	107400	-	-	13112100	89400	-	3488500	-	87100	-	21500	174000	838100	2329300	1432100	1664200	28000	-	5506000	-	43800	580500	-	-	-	26000	3639200	150800
2010	3	857100	30600	20000	18100	312600	300	112900	-	-	12436200	93500	-	3799100	-	-	-	28300	182400	362200	2369900	1380100	1739700	13300	-	5532400	-	13200	579600	15800	-	-	841200	2880600	139600
2010	2	973900	33100	11000	12100	312900	400	155900	-	-	12278800	90900	-	3602200	-	-	200	26300	155600	355000	2314100	1286300	1687200	6000	-	5656700	-	15900	579700	1400	-	-	872000	2718900	139900
2010	1	972400	32900	11000	7800	313100	400	152200	-	-	12215400	99400	-	3895600	-	-	-	28000	147900	344100	2388500	1180300	1666400	-	15500	5664600	-	18900	577300	200	-	-	883400	2883200	150500
2009	4	608200	-	10600	-	313400	600	163700	152800	74400	12329900	108900	-	3490700	-	-	-	-	110600	294700	2284000	985900	1588700	-	-	5796900	-	14100	575700	-	-	-	916600	2934600	142500
2009	3	624000	-	7900	-	313700	600	160400	137700	69300	11829700	171300	-	2761800	-	-	-	-	120500	285600	2986500	821300	1489300	-	-	6988200	-	38700	575100	-	-	-	34500	2563100	134400
2009	2	477000	-	8300	-	313500	600	164000	137700	69500	11664900	170800	-	2821300	-	-	-	-	103000	273300	2898000	459000	1435700	-	-	7033800	-	44400	587600	-	-	-	41900	2535800	127800
2009	1	309700	-	8600	-	310100	500	164000	137700	67200	11601700	463500	2025000	3968800	-	-	-	-	120300	271300	2924300	340100	1368600	-	-	7141500	-	44500	587200	-	-	-	32900	2548500	131100
2008	4	496000	-	8900	-	1800	-	164300	137800	67500	11772100	472400	4025000	2095200	-	-	-	-	123300	277600	2891300	260200	1362000	-	-	6965100	-	35000	588800	-	-	-	34900	2812600	226500
2008	3	-	-	15900	-	1900	400	165400	905100	67800	11465300	477800	4025000	1144400	-	-	-	-	135600	294700	3022200	-	1362500	-	-	6808700	-	31300	589900	-	-	-	34600	2321900	194400
2008	2	-	-	18000	-	2000	400	165400	973500	65100	11500100	494000	4025000	1178500	-	-	-	-	144600	316700	3103600	-	1391900	-	-	6543400	-	62200	589200	-	-	-	40100	2397000	186000
2008	1	-	-	171000	-	7452100	1237900	165400	137800	390400	24534200	501700	-	3320400	-	-	-	-	203300	340000	4430100	-	2186900	-	-	10443200	92100	267000	735500	-	-	-	1565700	6414000	891300
2007	4	-	-	179400	-	7460900	1276900	165400	138900	387000	23983300	511500	-	4171800	988400	-	-	-	181100	378100	4398600	59500	2313200	-	-	9747200	87200	155200	732600	-	1654500	-	2177200	6643200	849400
2007	3	-	-	190800	-	7024800	1194900	165100	220500	391500	24294200	522800	-	3761000	54500	-	-	-	174700	362200	4060900	-	2342000	-	-	10705600	77900	150400	734800	-	-	-	1023100	6074900	828000
2007	2	-	-	197300	-	7036300	1124200	168400	220500	387200	23796300	532500	-	4316600	-	-	-	-	205000	354500	3810800	-	2367200	-	-	10647300	77000	191700	737300	-	-	-	1151000	5660900	870100
2007	1	-	-	109800	-	7043600	1032300	168400	227300	366500	23442600	544200	-	5146200	102800	-	-	-	177800	329700	3568200	-	2246100	-	-	10397300	64600	277100	740200	-	-	27800	1564900	5488400	846300
2006	4	-	-	115600	-	7059100	1028100	168400	226700	346200	23680300	557700	-	4680400	24000	-	-	-	172800	320100	3464100	-	2261900	-	-	10282800	64600	223700	718900	-	-	-	1803100	5740900	836500

Financial Quarter Income Statement

year	qrt	Revenue	Income tax expense	Finance/interest costs	Other income	Administrative/Operating expenses	Minority interest	Finance/interest income	Share of profit/ (loss) of associates	Depreciation & amortisation	Investment gain/loss	Discontinued operation	Gain/loss on dilution of equity investment in associate	Share of net profit of jointly controlled entity	Foreign exchange (loss)/gain in finance costs
2011	4	2447200	379900	86200	42500	1688100	11200	35600	100	535900	-	-	-	-	14400
2011	3	2321700	21300	81900	306100	1537000	13700	31000	500	580700	-	-	-	-	122500
2011	2	2233600	70100	75900	36800	1521500	9800	34900	500	511400	-	-	-	-	11100
2011	1	2148200	52600	74200	22000	1438600	11400	31500	-	500000	-	-	-	-	38400
2010	4	2320600	81200	90900	268100	1614700	15300	33000	200	565700	-	-	-	-	15800
2010	3	2194600	59300	87700	172500	1474800	8100	36300	100	495800	-	-	-	-	160900
2010	2	2150900	35400	89800	33300	1494300	7100	26200	0	477500	-	-	-	-	18100
2010	1	2124900	101700	96800	26200	1435800	8000	24500	200	456800	-	-	-	-	166600
2009	4	2272600	75300	86500	55500	1570400	8100	30000	0	494900	-	-	-	-	47300
2009	3	2101000	32100	59500	33700	1429800	6600	19500	0	492600	-	-	-	-	45500
2009	2	2129000	85800	99100	66300	1371200	7100	41700	100	531100	-	-	-	-	123200
2009	1	2105400	55100	111200	30300	1319500	8500	81000	500	519700	-	-	-	-	175500
2008	4	2497800	68600	96700	23100	1698800	19200	76600	400	529600	0	1200	-	-	18200
2008	3	2062000	14700	96000	37000	1402500	13000	79400	-	533500	88800	0	-	-	195700
2008	2	2109200	5500	102600	74700	1396900	23400	60200	-	540900	-	173300	-	-	74900
2008	1	2005900	11200	147200	43900	1438300	53600	21100	-	494900	-	452800	-	-	118800
2007	4	4734200	75300	153900	52600	3065100	49600	56800	14800	1072400	-	-	0	150400	-
2007	3	4608700	69600	285500	79100	2849500	35500	46200	2000	971300	-	-	53500	13400	-
2007	2	4318800	163000	209900	242000	2581700	21900	52700	13400	980500	-	-	17800	13300	-
2007	1	4181200	203100	95000	86800	2275800	47900	48200	1700	1100400	-	-	-	-	-
2006	4	4407800	226000	130600	110100	2520200	54700	52900	400	1033700	-	-	-	15200	-

Financial Quarter Segments Revenue

year	qrt	Consumer Retail	SME Retail	Enterprise Retail	Government Retail	Wholesale	Global	Shared Services/Others	Retails
2011	4	638600	473500	367500	417400	200900	256300	93000	-
2011	3	629600	457400	369700	360600	191300	214800	98300	-
2011	2	599400	467300	387300	327300	187500	192300	72500	-
2011	1	591500	439900	337100	328100	190300	181900	79400	-
2010	4	584900	445700	358100	347000	193500	276200	115200	-
2010	3	560400	450300	354400	352500	184600	221200	71200	-
2010	2	557000	439300	371700	296600	187600	215700	83000	-
2010	1	561500	436900	346500	320400	189700	201700	68200	-
2009	4	-	-	-	-	193000	273500	65200	1740900
2009	3	-	-	-	-	175800	214300	69700	1641200
2009	2	-	-	-	-	216400	180500	75400	1656700
2009	1	-	-	-	-	200800	216400	67200	1621000
2008	4	-	-	-	-	178900	297800	65800	1955300
2008	3	-	-	-	-	164300	180200	62000	1655500
2008	2	-	-	-	-	164900	203100	63900	1677300
2008	1	-	-	-	-	181500	154100	59500	1610800
2007	4	-	-	-	-	1308600	1413300	201700	1810600
2007	3	-	-	-	-	1295900	1270500	182600	1859700
2007	2	-	-	-	-	1175000	1122800	120500	1900500
2007	1	-	-	-	-	1185600	1129600	134900	1731100
2006	4	-	-	-	-	1210800	1148200	213200	1835600

Financial Quarter Segments Profit

year	qrt	Consumer Retail	SME Retail	Enterprise Retail	Government Retail	Wholesale	Global	Shared Services/Others	Retails
2011	4	26100	95700	83000	94400	41000	75400	86400	-
2011	3	16600	52500	80800	85700	39900	66900	900	-
2011	2	13000	84500	81500	70000	31800	1600	105800	-
2011	1	35000	71200	75800	97700	38700	26500	53200	-
2010	4	12400	54000	56100	79500	72900	53200	72800	-
2010	3	33200	53800	92000	132200	48100	77500	24300	-
2010	2	1300	46300	95800	42600	41700	48000	37700	-
2010	1	10600	95200	72700	79200	49700	42700	15600	-
2009	4	-	-	-	-	1900	34500	38000	395200
2009	3	-	-	-	-	47700	142500	11300	65700
2009	2	-	-	-	-	98800	15900	22500	182300
2009	1	-	-	-	-	40800	70200	10200	240600
2008	4	-	-	-	-	23200	1300	39600	340700
2008	3	-	-	-	-	27200	3200	18500	297200
2008	2	-	-	-	-	43000	136900	700	167200
2008	1	-	-	-	-	42400	111000	14800	346100
2007	4	-	-	-	-	349000	160200	4100	280100
2007	3	-	-	-	-	357100	123800	48600	435300
2007	2	-	-	-	-	315200	222900	10400	366100
2007	1	-	-	-	-	324400	283800	11000	349900
2006	4	-	-	-	-	289800	305900	3400	221600

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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●ANNUAL REPORTS

HISTORICAL

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ARCHIVES

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