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Sponsor by cwyeoh

Sponsor by Nuffnang

Tuesday, June 26, 2012

KLCI Stock - PBBANK / 1295 - 2012 Quarter 1

PUBLIC BANK BERHAD



Company Description
The Group's principal activity is providing products and services to individual customer and small- and medium - sized enterprises such as credit facilities, credit cards, remittance services, deposits collection and investment products. Other activities are trading treasury related products and services, providing fund management, providing financial solution and direct lending and lending corporate funds. Operations are carried out in Malaysia, Hong Kong SAR, Sri Lanka, Socialist Republic of Vietnam, Cambodia and the People's Democratic Republic of Laos.

Company Info
Listing Date1967-04-06
Market Capital (Capital Size)34,118,403,559 (Very Large)
Par ValueRM 1.00
BoardMain
SectorFinance
Major IndustryBanking
Sub IndustryOther Financial Services
Websitehttp://www.publicbank.com.my

My Analysis
Forecast P/E now(13.8-0.48)/1.1213 = 11.88 (Moderate)
Target Price14.58+0.48 = 15.06 (PE 13.0, EPS 1.1213, DPS 0.48)
DecisionBUY if MACD bullish trend with stock price strong sustain above SMA20 and uptrend follow Bolinger upper band
Comment
Revenue increased 1.6% and was continuous increasing since FY09Q2 (higher than preceding year corresponding quarter 12.8%) and also is highest all the time, eps increased 7.3% and also higher than preceding year corresponding quarter 6.4%, no cash generated from operating after deducted assets increased expenses and cash generated from others activities also not enough hence spent 12.2% of Group cash to cover, operating margin maintaining very high, primary profit contribution segment - Retails still achieved rapid growth
First Support Price13.6
Second Support Price12.8
Risk RatingLOW

Research House
MIDF Target Price13.3 (2012-01-31)
Kenanga Target Price15.5 (2012-03-28)
RHB Target Price16.07 (2012-04-02)
CIMB Target Price15.6 (2012-04-19)
ECM Target Price13 (2012-04-19)
HLG Target Price14.09 (2012-04-19)
HwangDBS Target Price15 (2012-04-19)
Maybank Target Price15.4 (2012-04-19)
OSK Target Price14.4 (2012-04-19)
AMMB Target Price16.7 (2012-06-14)

Accounting Ratio
Return on Equity25.14%
Dividend Yield3.48%
Gross Profit Margin0.00%
Operating Profit Margin36.90%
Net Profit Margin36.92%
Tax Rate23.83%
Asset Turnover0.0516
Net Asset Value Per Share4.48
Net Tangible Asset per share3.93
Price/Net Tangible Asset Per Share3.51
Cash Per Share6.36
Liquidity Current Ratio1.1058
Liquidity Quick Ratio0.9027
Liquidity Cash Ratio0.0981
Gearing Debt to Equity Ratio15.2028
Gearing Debt to Asset Ratio0.9358
Working capital per thousand Ringgit sale183.0%
Days to sell the inventory2010
Days to collect the receivables5007
Days to pay the payables9692

Technical Analysis
SMA 2013.723 (Uptrend 10 days)
SMA 5013.704 (Uptrend)
SMA 10013.69 (Uptrend)
SMA 20013.084 (Uptrend)
MACD (26d/12d)0.027056 ( 0.002858 )
Signal (9)0.016102 ( 0.002739 )
MACD Histogram0.010954 (Bullish trend 20 days)
Bolinger Upper Band13.847
Bolinger Lower Band13.599

My notes based on 2012 quarter 1 report (number in '000):-
- Higher pbt mainly due to higher net interest and finance income, higher net fee and commission income and impairment allowance on loans had shown a drop of RM35.0 million (53.8%) mainly due to lower collective and individual impairment allowance resulting from improved asset quality offset by higher other operating expenses which was mainly due to the increase in personnel and establishment costs resulting from higher business volume

- The growth in net interest income and finance income was driven by continued strong loans and customer deposits growth coupled with sustained strong asset quality mainly arising from property financing, financing of passenger vehicles and lending to small- and medium-sized enterprises

- Estimate next 4Q eps after 2012 Q1 result announced = 16362715*0.24/3502125 = 1.1213, estimate PE on current price 13.8 = 11.88(DPS 0.48)
- Estimate next 4Q eps after 2011 Q4 result announced = 15560706*0.224/3502125 = 0.9953, estimate highest/lowest PE = 13.62/13.08 (DPS 0.48)
- Estimate next 4Q eps after 2011 Q3 result announced = 0.2566*4*1.05 = 1.0777, estimate highest/lowest PE = 12.09/10.92 (DPS 0.53)
- Estimate next 4Q eps after 2011 Q2 result announced = 0.2514*4 = 1.0056, estimate highest/lowest PE = 12.93/11.12 (DPS 0.5)
- Estimate next 4Q eps after 2011 Q1 result announced = 0.2363*4*1.05 = 0.9925, estimate highest/lowest PE = 12.98/12.49 (DPS 0.58)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.2416*4 = 0.9664, estimate highest/lowest PE = 13.41/12.69 (DPS 0.58)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.2235*4 = 0.894, estimate highest/lowest PE = 14.65/13.42 (DPS 0.5)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.2096*4 = 0.8384, estimate highest/lowest PE = 14.69/13.62 (DPS 0.5)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.197*4 = 0.788, estimate highest/lowest PE = 14.87/13.59 (DPS 0.55)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.1965*4 = 0.786, estimate highest/lowest PE = 14.64/13.22 (DPS 0.55)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.1852*4 = 0.7408, estimate highest/lowest PE = 15.65/13.59 (DPS 0.55)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.177*4 = 0.708, estimate highest/lowest PE = 14.34/13.12 (DPS 0.55)
- Estimate next 4Q eps after 2009 Q1 result announced = 0.1744*4 = 0.6976, estimate highest/lowest PE = 14.19/11.11 (DPS 0.5)
- Estimate next 4Q eps after 2008 Q4 result announced = 0.1949*4 = 0.7796, estimate highest/lowest PE = 11.22/8.34 (DPS 0.5)

PBBANK latest news (English)

PBBANK latest news (Chinese)



Financial Quarter Summary
a_dateyearqrth_pricel_pricedivroec_roerevc_revpbtc_pbtprofc_profepsc_epsassetliabminoequicfocficffcashfcfnetfinalsharec_sharem_capdategros_moper_mprof_mvatasset_tpenavpsntapsp/ntapscpsl_curl_quil_cashg_deg_daavg_winv_drec_dpay_d
2012-04-1820121N/AN/A-5.73%5.73%33734503373450124557112455719408129408120.26860.268625474987023838715568218816362715762614237498100969816439959100011220098101443014935021253502125482592822012-03-31-36.90%36.92%23.83%0.0516-4.483.933.516.361.10580.90270.098115.20280.9358183.0%201050079692
2012-01-302011414.0413.50.286.41%25.46%3321633127563601163267461063387698734838100.25040.99482505594732341395036974841641997015655681132159213370033221094916977273156402701657067935021253502132473487302011-12-31-35.12%35.02%23.83%0.050913.59114.493.933.446.921.10870.90990.108814.8920.9345189.8%200250359879
2011-10-182011313.5612.3-6.57%19.05%327246694347271186932344736689879426068230.25660.74442403586422256921687030291466647418985770125492613540163222307020240696188866801333639035021283502134437065572011-09-30-36.23%36.27%23.51%0.0516-3.993.433.645.521.10540.89680.090316.16310.939182.1%210149999889
2011-07-252011213.511.680.26.43%12.48%317065461622611162548226043488035517080290.25140.48772353542342208759186566341447831611198448481098999085431999242638745973783132462092935021353502137467885232011-06-30-36.61%36.67%23.32%0.051-3.953.43.938.421.08730.92330.138615.98040.9385154.7%1698499710150
2011-04-182011113.4612.98-6.46%6.46%29916072991607117300811730088840018840010.25240.252422913560621553972265148713595884832203670595697990632006552761608085959862341056635021393502139457379352011-03-31-39.10%39.21%23.70%0.0503-3.73.154.157.281.0850.90130.122916.65120.9407153.2%1934503810321
2011-01-252010413.5412.840.337.22%26.02%2971194110355971130264408619784618830482240.24160.871822632897621264388865218813685088561485442097401083223429903869824594109078173208256935021453496316467186142010-12-31-37.89%38.04%23.90%0.048815.3013.733.184.1910.371.08740.94170.177516.31590.9395162.0%1563509310533
2010-10-182010313.612.5-6.68%18.80%287738380644031051377295593378270222020360.22350.630222057670520772651365932312850192621535036629881092500428774509878338109708383190661235021483494351440570212010-09-30-36.44%36.54%24.45%0.0479-3.492.934.299.741.08620.93190.170917.03950.9417162.8%1672515910650
2010-07-202010212.8211.920.256.27%12.12%26792615187020981981190455673407914193340.20960.406621902769220631690467727012710788828503539617246812034313579212246759129279623020783035021553490388427262912010-06-30-36.56%36.65%23.93%0.0462-3.452.884.249.31.08430.90930.164317.14520.942165.1%1957523810980
2010-04-152010112.2411.26-5.85%5.85%250775925077599225759225756852556852550.19700.19702190357912070284296783281200736222831319596506701784319550313234816533034384880634784903478490418810192010-03-31-36.68%36.79%24.38%0.0447-3.262.684.4913.091.08040.9440.228818.27410.9452163.4%1571522311337
2010-01-202009412.0610.940.256.63%24.61%24954529715568900215332143367823125173020.19650.73322171361542054208306921181171532411814032456786429518236529466724616869509864348045234514493433336416935032009-12-31-35.91%36.07%23.53%0.044716.47593.212.614.6313.821.07930.93770.241618.63530.946161.1%1592508411076
2009-10-152009312.1410.62-6.25%17.98%24380357220116856508242121863904518390710.18520.536620904348219803741870822111006064107010654141212163168936603843655985349281644153200734514503427232366543992009-09-30-34.98%35.13%24.41%0.0468-3.02.44.4212.861.07140.92920.232119.2310.9474139.7%1515490510501
2009-07-202009210.79.840.35.97%11.73%23506204782081819782156471061074112000260.17700.3514204038003193004434709697110335696001130191024043828836687379409089045291784121655734514543414922355499762009-06-30-34.78%34.88%24.38%0.0497-3.022.414.2712.411.08090.93120.231518.6950.9459147.6%145245869541
2009-04-142009110.48.25-5.76%5.76%243146124314617449287449285892855892850.17440.1744199226617188882707735320103439104242963124081658291136919350300214735850583333429233779843377984285439642009-03-31-30.54%30.64%20.02%0.0517-2.842.213.8210.331.07460.88230.192219.65770.9481131.5%178143759136
2009-01-20200849.257.00.256.55%25.87%255755710500307812943337918865397525812370.19490.7692196163107185934374692026102287337512695655258595093357320109601108650173659702733556293355636291939722008-12-31-31.72%31.79%19.23%0.053511.31012.842.223.9212.271.07460.90450.230319.49670.9479127.0%155641159003
2008-10-14200839.057.85-6.18%19.31%27911597942750804047256624561634019272620.18370.5743190729788180841894705944988789472363773415384862435691657806517581137992757785833556333355638303684782008-09-30-28.71%28.81%21.95%0.0551-2.742.124.279.441.07340.85680.181919.69540.9482121.6%192840238761
2008-07-172008210.58.30.35.95%13.14%25155795151591791566176219859353513109220.17690.3907185236362175208333658629100280291425915785903226453550577272118110438263654959833556393355641345630812008-06-30-31.27%31.47%23.31%0.0547-2.792.24.6812.251.07360.91110.243118.70010.9459122.8%147740048933
2008-04-142008112.09.95-7.19%7.19%263601226360129706329706327173877173870.21380.213817809909716871216162923993869365945992611211186944354377008557203312243510647633556423355642365764972008-03-31-36.70%36.82%24.64%0.0564-2.612.025.411.881.06470.89120.243119.26440.9473105.6%153738088695
2008-01-212007411.89.350.56.00%21.98%25730799557599821201300363857996021239150.17290.629117415518716417676463624999784231409377877652120444752427600613317257112727823554878833535193376239368887092007-12-31-31.86%31.92%25.98%0.054917.48592.772.175.0712.111.06970.88950.254617.57370.9427116.3%159937938723
2007-10-162007311.310.2-5.63%15.98%24144746984520774424218243754362715439550.16180.4570165618321156162723656466945559810014960987631202751324331183902732969998163133099933596653378373334286662007-09-30-32.01%32.07%27.31%0.0554-2.62.04.9710.561.07060.87120.234417.74750.9429116.5%173637618553
2007-07-1720072N/AN/A0.255.42%10.35%24238264570046732745140801352411010003280.15580.2974161910786152219654636920969113298590648575812526022434282714716642190622456188933646343363928329734132007-06-30-30.18%30.23%26.31%0.0546-2.692.084.719.061.07350.8310.206816.8120.9401122.5%210937108498
2007-04-1620071N/AN/A-4.93%4.93%214622021462206752686752684762184762180.14140.14141573118851481108356273269201050103685339462511642992434457114314782671792461175033675883367588298031532007-03-31-31.41%31.46%27.28%0.0521-2.551.934.599.151.0730.83180.215217.2750.9415127.6%223038529053
2007-01-2220064N/AN/A0.4N/AN/A21848397710224649248241636144506317266880.13280.51601477895431381272346283109662309450542149624149532318330262455504560503682438063033509853346125259701332006-12-31-29.66%29.72%28.94%0.052315.01862.72.073.749.361.0840.86850.235915.28970.9346144.4%196439068952
2006-10-1720063N/AN/A-N/AN/A20925495525385606316176711343631512816250.12990.37941409317911318343986647479097393594341666905613717218346578527436054115322375811033596653378373230137052006-09-30-28.91%28.97%25.79%0.0394-2.51.883.648.721.07490.86460.229415.63380.9354172.3%2587526712072
2006-07-2020062N/AN/A0.2N/AN/A1770919343283661502811607974569028453100.13770.254713458919712552525668181590639411512817949059022529871834619610222277104752642882146033170643318476210633562006-06-30-34.66%34.73%22.50%N/A-2.531.923.3110.221.07420.91920.277914.97530.9327N/A-N/AN/A
2006-04-1820061N/AN/A-N/AN/A168728516872855457695457693884083884080.11700.11701186507521100931764455678557576542916119129374701418347541562045448734402322098133198463319846217449912006-03-31-32.29%32.35%25.38%N/A-2.442.212.968.471.08450.92090.261713.57160.9279N/A-N/AN/A

Financial Quarter Balance Sheet
yearqrtDeferred tax assets (A-0)Intangible assets (A-0)Investment in associated companies (A-0)Investment properties (A-0)Property, plant and equipment (A-0)Cash and cash equivalents (A-1)Derivative financial assets (A-1)Financial assets held-for-trading (A-1)Financial investments available-for-sale (A-1)Financial investments held-to-maturity (A-1)Loans, advances & financing (A-1)Other assets (A-1)Reverse repurchase agreements (A-1)Statutory deposits with Bank Negara Malaysia (A-1)Debt securities issued and other borrowed funds (L-0)Deferred tax liabilities (L-0)Bills payables (L-1)Deposits & placements of banks & other financial institutions (L-1)Deposits from customers (L-1)Derivative financial liabilities (L-1)Obligations on securities sold under repurchase agreements (L-1)Other liabilities (L-1)Provision for taxation (L-1)Recourse obligations on loans sold to Cagamas Berhad (L-1)Minority interest (M-1)
2012158097192787315306364321130874516317212355591139704931794497366701381802357212208525757490959602091113477758235275525812382243207117343267504-378964987086111285682188
2011446093196547615599770754134194018633783493852106568251671943376292331759527772008254928725555978011131783355625209533515806732200370525236724-346753577740511789697484
2011328674196728116973068832125339014246436776136114373881586665884674601699188132138350892350050959941135702853420240228813913312193687689342208-365316926963813416703029
20112546675190830916168864783125169725785514325193830642511048481725674316442712722575028303644371045380323117665178879818360067188296840271917-330275580161013955656634
20111539167191011315997964175125535423903042267021966310215899039647521315899662223172426087530159800779718809298221620420552814180405404304762-325137881353314449651487
2010451921519303721186246555212783193469043932662263606201785228452296171539829801995880365877161257580948808391230883621327476176872119375529-283987480046416319652188
20103500700193550611455763605126961432492306529399568076417662515501340514925583120354652415810160722882161105966242337218529002174483040508475-285212869004418376659323
2010249940519858741262286692513145503108870141237689215201356049292662971452424282096343295171314948407987062590294760218822598174569299344648-285148276974418567677270
2010149098019996111248076844013059364401606937153860556741206698177274681401111571880952129270715234717976464449495060918878338175609533400989-255079263615121059678328
2009450660720576111283186932713407794666315631031179572751216577766202071353357841758578120024310221818032345200061273022614300170891589270056-251175746429021763692118
2009350319620738221359837300113060664307648543175573237631175075866210641314011351522033150213213222896747648195015656073975652182666158304719-232950542338522794708221
200925246902091164134243740101320515416985134736479656282934449966169801272880981635747205894311206728066714243215858716182177173780410297599-255139550726230574709697
20091485041213791913689769593130916433803864586480102384346757710597614212341296312893861194001610830087331646195024566776868444168133405362364-21392613590131229947735320
2008448885520720181278026601213033623853847259022911349843562637282867191183862951548674514174626367087162913195030623745589879162279564495146-24228173824544537277692026
2008338136220575908875865209125928328437933197364772426349948879941007115903331139884615051416322853967217342570031955367464580155817763376103-22896384135174537323705944
2008236052719932155194361525114219638167191187435822874046495832592657111225252159994412023726295242860041662465632789887039807152174211372200-24284545206183365233658629
2008134557119733644605352530111739037118637225428782227746649803064036104836014120103312899121273266347378102164931665609329283144500317249496-25700364465443690466629239
2007432176220102964631854390112437038232561112249806192740813213872395993279931812188127234902373927467415522202345229610438118138764571153186227923476823658713956404636249
2007330704120542504818655638112199033247768103253501330040874764107713944922331782310169669852230178479248718133327904310897929130651728139204366822941444249413661446656466
200723279082059901471405588311452752826824495777140384683896737277263789932656200389415047431221883547621321744932366619838638123195717165312406180628594264842503598263636920
2007134240720614794593855398113920228596335872301303834138889102879261864808271736723147326612227173487990617265286251248262761165998751242041270991025947143944303101743627326
20064336776209106145481641751134304290380477305691076613895738326481882787652125677912375287231870851593971706126236445637964111793149181959100758292043363333584261284628310
2006337931220648274643356132113931927115552-76671834072579371962680101645100925111388103217182941324152150127112248113273107493496-66727922068428349326271943664747
2006236345620041864799456076109950831432803-6207111393437336171287678059814356945144890246538035416531980826662798283616100566418-79802401801683395896269663681815
20061354084765157471044776191331925372036-44306744002164204245769733423109386171060542742658265002330802531483736070286343582-86917591919409312185280953445567

Financial Quarter Income Statement
yearqrtRevenueIncome tax expenseOther incomeAdministrative/Operating expensesMinority interestShare of profit/ (loss) of associatesImpairment lossNet income from Islamic banking businessWrite back/(Allowances) for losses on loans, advance & financingNet fee and commission incomeInterest incomeInterest expenseNet gains and losses on financial instruments
201213373450296857720505934287902884521211665300132839502482883121527633377
20114332163327721383226561473906732165632119041546452713032463869119275144487
20113327246627903553574555753910312134072299481349412900822418322116034644426
20112317065427110472612552856110891855232273051642872872312320271107640646800
20111299160727805270822538602109553358605199185650662702932210568100859630441
201042971194270169725695258121390745851229202724142831290677220054299877627815
2010328773832570684275845471371160729481437194929202276-2123113946347-
20102267926123496276900533763129402519730198441174697245431196237982295828459
201012507759224921698395427351239926341792185194139762238423182749774803031307
2009424954522118524173151080510132421510082206706177879220703187052979547650573
200932438035209083371610535115838036272054175091176432-1807110787329-
200922350620199843367110515903919822891157164988180305-1763486780726-
200912431461149115294251497133652822961786144806156354-1911926953078-
20084255755715633631324046815526321706893165372150199-21177531165881-
2008327911591765202692464605811118726321196140814106924-21416911181635-
20082251557918454231350541165413489485517368128596147053-20227001102015-
20081263601223913055753645071114115326413405123635144386-20075641112865-
2007425730792133583897044581662788313526516127163103737-19628941091493-
200732414474211485361143422457193121559517126223117334-18835101057703-
200722423826192783349416425541158521255114011936194392-18654111081625-
200712146220184226289203387544148241214398610547791699-1739989977386-
2006421848391879242647363729801626112634706111994111796-1681432930107-
20063209254915634524529635407213656138730106658135351-1669693927325-
200621770919138406258690346285197201244143108466121844-1494650779750-
200611687285138525230015350623188369945310090897054-1298842637366-

Financial Quarter Segments Revenue
yearqrtOthersRetailsOthers CountriesInvestment BankingHire PurchaseCorporate LendingTreasury & Capital MarketFund ManagementHead Office
20121116616395282472344661955512422516836751721041780677
20114119415896482535994739855114522363238515719941370447
20113114315671992521184707154220021384936237622261763893
20112111414634612438864333453500121436334029723681892380
20111811613835482445775349452203218757433485920850655828
201041215138117425299354120504921194362299682156306126421
2010312541401203257615466784850381924693575301428827286
201021260116813825648648555465704164886306082138606129544
20101126111054182532405178544782315330733684013830619779
20094114910965562667885620042981214335430658212360971402
200931161106901626839845420416371136533254299126407120430
20092106510468652804284891940115713310431338010075424948
2009111071267723288142436033943251316853874658627946352
2008411281164521297838537933886481486223491107579778100
2008336241296747-487463930511765297442649777330425
2008231181258660-7602038423414703349391110729045313
2008131271219811-5433637340217903763556411608954646
2007460311219488-7805036568313270060611614392321088

Financial Quarter Segments Profit
yearqrtOthersRetailsOthers CountriesInvestment BankingHire PurchaseCorporate LendingTreasury & Capital MarketFund ManagementHead Office
201212997748927727571439818271175582467258768812902
20114268371096575470125701732975252265601781694794
201132315690844730981349814778994287568698207924940
201122674673970710741125314689358019458038392567082
201112876618956721391286716115355060419327767750868
20104277067986594777134071756556346230684745809521
201032755619616544931320015896560014399886936530033
20102302854245071112111481640895954851599666949794
201013319452617787701244516688261511555296319825670
20094375348476148935578316817255292584405990810956
20093353645920344962121641576995427161265548054976
200923745430300703111466517193149773570344749927765
2009131833927236352378291238862001474001506266847
200842795567154367526183606333389290471458336121
200832096650738-16394385703669355714452836685
200827930660248-238415804029005303584734710638
200813664796629-25128647181341389694448628690
2007418490560704-735295718247564924206781140158

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


CHANGES IN SHAREHOLDING
ANNUAL REPORTS


HISTORICAL


CHANGES IN SHAREHOLDING


ARCHIVES


CHANGES IN SHAREHOLDING

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