KLCI Stock - CSCSTEL / 5094 - 2012 Quarter 3

CSC STEEL HOLDINGS BERHAD


Company Description

CSC STEEL HOLDINGS BERHAD, formerly Ornasteel Holdings Berhad, is engaged in investment holding and provision of management services. The Company is engaged in the manufacturing and marketing of steel products, namely cold rolled steel coils (CRC), galvanized steel coils (GI) and pre-painted galvanized steel coils (PPGI). Its subsidiaries include CSC Steel Sdn Bhd (formerly known as Ornasteel Ent. Corp. (M) Sdn Bhd), which is engaged in manufacturing and marketing of steel pipes and CRC, and Group Steel Corporation (M) Sdn. Bhd., which manufactures and markets GI and PPGI.

Company Info 

Listing Date	2004-12-30
Market Capital (Capital Size)	463,600,000 (Small)
Par Value	RM 1.00
Board	Main
Sector	Industrial Products
Major Industry	Steel & Iron
Sub Industry	Investment Holding
Website	http://www.cscmalaysia.com/

My Analysis 

Forecast P/E now	(1.22-0.06)/0.0823 = 14.09 (High)
Target Price	0.95+0.06 = 1.01 (PE 11.5, EPS 0.0823, DPS 0.06)
Decision	Not interested unless stock price strong sustain and uptrend above 1.2 or wait rebound at lower price
Comment	Revenue decreased 0.6% and also lower than preceding year corresponding quarter 4.4%, eps decreased 42.3% but largely higher than preceding year corresponding quarter 400%, cash generated from operating more than enough to cover all expenses, operating margin still very low, liquidity ratio indicate very firm financial health but not efficient to manage assets, gearing ratio indicate very low risk at liability but low payables can mean products demand still low, all accounting of turnover period is good
First Support Price	1.2
Second Support Price	1.1
Risk Rating	MODERATE

Research House

HLG Target Price	1.39 (2012-11-12)
OSK Target Price	1.2 (2012-11-12)
RHB Target Price	1.66 (2012-11-12)

Accounting Ratio 

Return on Equity	2.64%
Dividend Yield	4.92%
Operating Profit Margin	2.00%
Net Profit Margin	2.60%
Tax Rate	22.95%
Asset Turnover	1.3183
Net Asset Value Per Share	2.06
Net Tangible Asset per share	2.06
Price/Net Tangible Asset Per Share	0.6
Cash Per Share	0.68
Liquidity Current Ratio	9.7147
Liquidity Quick Ratio	6.7298
Liquidity Cash Ratio	4.3025
Gearing Debt to Equity Ratio	0.1205
Gearing Debt to Asset Ratio	0.1075
Working capital per thousand Ringgit sale	45.0%
Days to sell the inventory	57
Days to collect the receivables	46
Days to pay the payables	19

Technical Analysis 

SMA 10	1.222 (Same)
SMA 20	1.217 (Uptrend 2 days)
SMA 50	1.208 (Same)
SMA 100	1.219 (Downtrend)
SMA 200	1.268 (Downtrend)
MACD (26d/12d)	0.004692 ( 0.000436 )
Signal (9)	0.00473 ( 9e-006 )
MACD Histogram	0.000038 (Bearish trend 1 day)
Bolinger Upper Band	1.237
Bolinger Lower Band	1.197

My notes based on 2012 quarter 3 report (number in '000):-
- Compared to FY11Q3, the decrease in revenue is primarily due to lower sales volume of steel products as well as marginally lower selling prices and the improved profit before tax is due to lower raw materials cost

- Lower revenue and pbt than FY12Q2 primarily due to marginally lower selling prices of our steel products and higher raw materials cost

- Estimate next 4Q eps after 2012 Q3 result announced = 767892*0.04/373190 = 0.0823, estimate PE on current price 1.22 = 14.09(DPS 0.06)
- Estimate next 4Q eps after 2012 Q2 result announced = 761877*0.05/373200 = 0.1021, estimate highest/lowest PE = 11.66/10.58 (DPS 0.07)
- Estimate next 4Q eps after 2011 Q4 result announced = 771767*0.06/373200 = 0.1241(exclude RM6.4 million inventories write-down, ROE 6%), estimate highest/lowest PE = 11.12/10.23 (DPS 0.07)
- Estimate next 4Q eps after 2011 Q3 result announced = 0.1186*0.9 = 0.1067, estimate highest/lowest PE = 13.31/11.43 (DPS 0.07)
- Estimate next 4Q eps after 2011 Q2 result announced = 0.1483*0.8 = 0.1186, estimate highest/lowest PE = 11.89/8.68 (DPS 0.1)
- Estimate next 4Q eps after 2011 Q1 result announced = 0.1483, estimate highest/lowest PE = 11.13/8.56 (DPS 0.13)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.1854*0.8 = 0.1483, estimate highest/lowest PE = 11.4/10.32 (DPS 0.13)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.18*0.9 = 0.162, estimate highest/lowest PE = 10.19/9.57 (DPS 0.14)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.2936*0.9 = 0.2642 (10% decrease due to global steel price decreasing), estimate highest/lowest PE = 6.55/5.6 (DPS 0.2)
- Estimate next 4Q eps after 2009 Q1 result announced = 0.2936 (maintained forecast eps due to lower margin), estimate highest/lowest PE = 5.99/4.67 (DPS 0.2)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.2936 (20% growth from 0.2442, world steel price increasing), estimate highest/lowest PE = 6.13/4.6 (DPS 0.2)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.24, estimate highest/lowest PE = 6.42/4.92 (DPS 0.02)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.1012, estimate highest/lowest PE = 13.83/9.88 (DPS 0.02)
- Estimate next 4Q eps after 2009 Q1 result announced = 0.0612, estimate highest/lowest PE = 18.3/15.44

CSCSTEL latest news (English)

CSCSTEL latest news (Chinese)

World Steel News

Financial Quarter Summary

a_date	year	qrt	h_price	l_price	div	roe	c_roe	rev	c_rev	pbt	c_pbt	prof	c_prof	eps	c_eps	asset	c_asset	liab	c_liab	mino	equi	cfo	cfi	cff	cash	fcf	net	final	share	c_share	m_cap	date	oper_m	prof_m	vat	asset_t	pe	navps	ntaps	p/ntaps	cps	l_cur	l_qui	l_cash	g_de	g_da	avg_w	inv_d	rec_d	pay_d
2012-11-09	2012	3	N/A	N/A	-	0.80%	2.90%	306610	857419	7984	30120	6152	22385	0.0165	0.0600	860393	568990	92501	58570	-	767892	74426	30321	25300	233191	44105	18805	251996	373171	373190	459000	2012-09-30	2.00%	2.60%	22.95%	1.3183	-	2.06	2.06	0.6	0.68	9.7147	6.7298	4.3025	0.1205	0.1075	45.0%	57	46	19
2012-08-17	2012	2	1.26	1.15	-	1.38%	2.10%	308615	550809	14386	22137	10681	16233	0.0286	0.0435	878366	582373	116489	79603	-	761877	24841	27495	1151	233191	2654	1503	231688	373200	373200	447840	2012-06-30	4.09%	4.66%	25.75%	1.3073	-	2.04	2.04	0.59	0.62	7.316	4.8813	2.9105	0.1529	0.1326	43.8%	62	50	25
2012-05-11	2012	1	1.42	1.15	-	0.72%	0.72%	242193	242193	7751	7751	5553	5553	0.0149	0.0149	848500	554918	71188	33368	-	777312	7943	16743	17	233191	8800	8783	224408	373200	373200	511284	2012-03-31	2.35%	3.20%	28.36%	1.3435	-	2.08	2.08	0.66	0.6	16.6302	10.833	6.7252	0.0916	0.0839	45.8%	62	44	11
2012-02-10	2011	4	1.45	1.34	0.07	0.26%	3.74%	276850	1206148	349	38564	2062	29550	0.0055	0.0792	848934	564040	77167	40781	-	771767	3358	12462	48774	291069	9104	57878	233191	373200	373200	533676	2011-12-31	0.54%	0.13%	690.83%	1.4208	18.0601	2.07	2.07	0.69	0.62	13.831	9.102	5.7181	0.1	0.0909	43.4%	60	42	13
2011-11-04	2011	3	1.49	1.29	-	0.15%	4.00%	320610	929298	1978	38215	1223	31613	0.0033	0.0847	862574	574071	88744	52292	-	773830	21021	7780	48774	291069	28801	77575	213494	373200	373200	515016	2011-09-30	1.16%	0.62%	-	1.3773	-	2.07	2.07	0.67	0.57	10.9782	6.9919	4.0827	0.1147	0.1029	43.9%	66	47	17
2011-08-12	2011	2	1.51	1.13	-	0.80%	3.84%	300288	608688	8293	40193	6363	30390	0.0170	0.0814	896025	602211	123419	85233	-	772606	16649	4728	258	291069	21377	21635	269434	373200	373200	570996	2011-06-30	2.14%	2.76%	23.27%	1.1831	-	2.07	2.07	0.74	0.72	7.0655	4.6865	3.1611	0.1597	0.1377	48.8%	73	45	31
2011-05-13	2011	1	1.78	1.4	-	3.04%	3.04%	308400	308400	31900	31900	24027	24027	0.0644	0.0644	891885	589161	77126	34226	-	814759	63317	5454	258	291069	68771	69029	222040	373200	373200	649368	2011-03-31	9.69%	10.34%	24.68%	1.1902	-	2.18	2.18	0.8	0.59	17.2138	11.2532	6.4875	0.0947	0.0865	52.3%	76	56	13
2011-02-17	2010	4	1.82	1.66	0.13	1.10%	8.89%	258723	1034734	11189	94775	8560	69180	0.0229	0.1854	887883	582177	97151	56246	-	790732	44807	130	65655	312047	44677	20978	291069	373200	373200	656832	2010-12-31	3.43%	4.32%	23.50%	1.1654	9.4945	2.12	2.12	0.83	0.78	10.3505	7.2169	5.1749	0.1229	0.1094	50.8%	68	41	22
2010-11-12	2010	3	1.79	1.69	-	0.20%	7.79%	192670	776011	2388	83586	1586	60620	0.0042	0.1624	861286	548106	79115	38013	-	782171	60431	365	65913	312047	60066	5847	306200	373200	373200	679224	2010-09-30	0.22%	1.24%	166.42%	1.2188	-	2.1	2.1	0.87	0.82	14.4189	10.1711	8.0551	0.1011	0.0919	48.6%	63	28	10
2010-08-09	2010	2	1.93	1.68	-	4.06%	7.99%	301745	583341	42053	81198	31613	62207	0.0847	0.1667	935395	614263	151636	110481	-	783759	20145	411	9000	312047	20556	29556	282491	373200	373200	664296	2010-06-30	13.39%	13.94%	24.83%	1.1958	-	2.1	2.1	0.85	0.76	5.5599	3.7938	2.5569	0.1935	0.1621	45.0%	75	45	35
2010-05-07	2010	1	1.96	1.57	-	3.93%	3.93%	281594	281594	39144	39144	30593	30593	0.0820	0.0820	898036	569149	88977	44709	-	809059	14903	126	4484	312047	14777	19261	292786	373200	373200	690420	2010-03-31	13.32%	13.90%	21.84%	1.0895	-	2.17	2.17	0.85	0.78	12.7301	9.6718	6.5487	0.11	0.0991	53.6%	60	52	14
2010-02-05	2009	4	2.0	1.55	0.2	5.36%	13.15%	273745	869936	42980	116562	37116	91154	0.0995	0.2442	864213	526725	85747	41569	-	778466	166398	3164	34296	183109	163234	128938	312047	373200	373200	570996	2009-12-31	15.16%	15.70%	13.64%	1.0066	6.2641	2.09	2.09	0.73	0.84	12.6711	9.8114	7.5067	0.1101	0.0992	55.8%	57	40	16
2009-11-13	2009	3	1.56	1.2	-	5.61%	7.80%	261482	596190	53605	73581	38893	54036	0.1042	0.1448	848014	502664	106649	66469	-	741365	103080	3107	29574	183109	99973	70399	253508	373212	373212	496371	2009-09-30	19.92%	20.50%	27.45%	0.9449	-	1.99	1.99	0.67	0.68	7.5624	5.4364	3.8139	0.1439	0.1258	54.4%	65	49	24
2009-08-17	2009	2	1.42	1.02	-	1.36%	2.19%	161550	334709	12526	19975	9434	15142	0.0253	0.0406	802179	448838	99708	72120	-	702471	108749	3486	19624	183109	105263	85639	268748	373216	373218	388144	2009-06-30	7.17%	7.75%	24.68%	1.1581	-	1.88	1.88	0.55	0.72	6.2235	4.8442	3.7264	0.1419	0.1243	40.6%	39	32	21
2009-05-18	2009	1	1.12	0.945	0.02	0.82%	0.82%	173159	173159	7450	7450	5709	5709	0.0153	0.0153	783516	424146	84874	45033	-	698642	54168	1188	4456	183109	52980	48524	231633	373220	373220	362023	2009-03-31	3.80%	4.30%	23.37%	1.5355	-	1.87	1.87	0.52	0.62	9.4186	7.5395	5.1436	0.1215	0.1083	31.5%	26	33	8
2009-02-13	2008	4	1.1	0.75	-	6.10%	8.52%	205082	1372850	58521	51974	42086	58768	0.1127	0.1566	786558	420016	93625	50876	-	692933	173295	26345	77041	113200	146950	69909	183109	373317	375283	343451	2008-12-31	28.59%	28.54%	-	1.7454	5.875	1.85	1.85	0.5	0.49	8.2557	5.3106	3.5991	0.1351	0.119	26.9%	41	23	9
2008-11-14	2008	3	0.95	0.81	-	3.96%	14.63%	389174	1167768	28478	110495	27322	100855	0.0729	0.2683	915511	537034	180190	115236	-	735321	2026	21316	15661	113200	23342	39003	74197	374974	375943	333726	2008-09-30	7.24%	7.32%	4.06%	1.6022	-	1.96	1.96	0.45	0.2	4.6603	1.9799	0.6439	0.245	0.1968	28.8%	84	38	10
2008-08-15	2008	2	1.4	0.7	0.065	7.18%	10.66%	435652	778594	54954	82017	49529	73533	0.1316	0.1953	948031	565763	218417	142624	-	729614	68646	14597	13094	113200	54049	67143	180343	376432	376432	511947	2008-06-30	12.49%	12.61%	9.87%	1.4559	-	1.94	1.94	0.7	0.48	3.9668	2.4844	1.2645	0.2994	0.2304	30.7%	61	46	28
2008-05-15	2008	1	1.63	1.19	-	3.48%	3.48%	342942	342942	27064	27064	24004	24004	0.0638	0.0638	863847	474107	150334	67597	-	713513	30771	9151	9741	113200	21620	11879	125079	376433	376433	617350	2008-03-31	7.81%	7.89%	11.31%	1.5253	-	1.9	1.9	0.86	0.33	7.0137	3.9073	1.8504	0.2107	0.174	30.9%	63	39	15
2008-02-15	2007	4	1.69	1.22	0.12	2.34%	12.46%	299089	1302009	16333	93089	14969	79655	0.0398	0.2115	833082	442720	143573	54588	-	689509	118307	38685	49179	82757	79622	30443	113200	376433	376699	534534	2007-12-31	5.41%	5.46%	8.35%	1.5629	6.7154	1.83	1.83	0.78	0.3	8.1102	4.316	2.0737	0.2082	0.1723	29.8%	63	34	10
2007-11-07	2007	3	1.62	1.34	-	2.98%	10.12%	302595	1002920	23411	76756	19016	64686	0.0505	0.1717	854644	464583	180104	89033	-	674540	104584	28889	45134	82757	75695	30561	113318	376554	376738	576127	2007-09-30	7.70%	7.74%	18.77%	1.5045	-	1.79	1.79	0.85	0.3	5.2181	2.8183	1.2728	0.267	0.2107	29.2%	65	39	19
2007-08-15	2007	2	1.59	1.52	-	3.59%	7.15%	373021	700325	29454	53345	22971	45670	0.0610	0.1212	877800	489115	222277	131185	-	655523	95597	17680	3953	82757	77917	73964	156721	376433	376970	557120	2007-06-30	7.92%	7.90%	22.01%	1.1201	-	1.74	1.74	0.85	0.42	3.7284	2.3879	1.1947	0.3391	0.2532	36.4%	70	58	37
2007-05-08	2007	1	N/A	N/A	-	3.55%	3.55%	327304	327304	23891	23891	22699	22699	0.0601	0.0601	817773	429511	157741	68418	-	660032	293	7392	6460	82757	7685	14145	68612	377514	377514	475667	2007-03-31	7.25%	7.30%	4.99%	0.7462	-	1.75	1.75	0.72	0.18	6.2777	3.0357	1.0028	0.239	0.1929	59.2%	142	83	20
2007-02-09	2006	4	N/A	N/A	0.1	N/A	N/A	282883	1024627	17836	81356	15486	71966	0.0409	0.1897	811248	421963	172196	80516	-	639052	98859	106488	5989	54008	7629	1640	52368	378210	379334	404684	2006-12-31	6.25%	6.31%	13.18%	0.3487	5.64	1.68	1.68	0.64	0.22	5.2407	2.5042	1.0278	0.2695	0.2123	120.7%	303	153	53

Financial Quarter Balance Sheet

year	qrt	Other investments (A-0)	Prepaid operating lease (A-0)	Property, plant and equipment (A-0)	Cash and cash equivalents (A-1)	Inventories (A-1)	Other receivables (A-1)	Deferred tax liabilities (L-0)	Loans & borrowings (L-0)	Current tax liabilities (L-1)	Loans & borrowings (L-1)	Other payables (L-1)
2012	3	3161	18800	269442	251996	174823	142171	33931	-	-	1025	57545
2012	2	2912	18859	274222	231688	193807	156878	36886	-	-	1151	78452
2012	1	2725	18918	271939	224408	193444	137066	37820	-	-	17	33351
2011	4	2311	19016	263567	233191	192853	137996	36386	-	-	-	40781
2011	3	2311	19076	267116	213494	208449	152128	36452	-	-	-	52292
2011	2	2311	19135	272368	269434	202763	130014	38186	-	-	-	85233
2011	1	2311	19194	281219	222040	204010	163111	42900	-	-	-	34226
2010	4	2311	19254	284141	291069	176254	114854	40905	-	-	258	55988
2010	3	2311	19313	291556	306200	161471	80435	41102	-	11792	-	26221
2010	2	2311	19329	299492	282491	195120	136652	41155	-	20276	-	90205
2010	1	2311	19253	307323	292786	136732	139631	44268	-	7591	4516	32602
2009	4	2311	19312	315865	312047	118876	95802	44178	-	-	9000	32569
2009	3	2311	19371	323668	253508	141309	107847	40180	-	-	13705	52764
2009	2	2311	19430	331600	268748	99475	80615	27588	-	-	18058	54062
2009	1	2311	19499	337560	231633	84619	107894	24675	15166	-	18053	26980
2008	4	2311	19539	344692	183109	149834	87073	23083	19666	-	18009	32867
2008	3	2311	19598	356568	74197	308883	153954	40788	24166	5081	74587	35568
2008	2	2311	19657	360300	180343	211425	173995	47127	28666	1672	43800	97152
2008	1	2311	19716	367713	125079	209984	139044	49571	33166	108	16465	51024
2007	4	-	19774	370588	113200	207116	122404	51319	37666	-	21706	32882
2007	3	-	19598	370463	113318	213659	137606	53405	37666	-	25751	63282
2007	2	-	19657	369028	156721	175863	156531	53426	37666	-	39452	91733
2007	1	-	19716	368546	68612	221815	139084	51657	37666	-	36945	31473
2006	4	-	20009	369276	82757	220333	118873	54015	37665	-	41686	38830

Financial Quarter Income Statement

year	qrt	Revenue	Income tax expense	Finance/interest costs	Administrative/Operating expenses	Finance/interest income	Depreciation & amortisation
2012	3	306610	1832	-	291135	1866	9357
2012	2	308615	3705	-	286120	1776	9885
2012	1	242193	2198	-	226400	2063	10105
2011	4	276850	2411	0	268223	1852	10130
2011	3	320610	3201	0	314249	1755	10094
2011	2	300288	1930	1	283760	1865	10099
2011	1	308400	7873	1	268490	2029	10038
2010	4	258723	2629	0	239864	2324	9994
2010	3	192670	3974	0	182326	1973	9929
2010	2	301745	10440	10	251389	1672	9965
2010	1	281594	8551	34	233951	1659	10124
2009	4	273745	5864	66	223039	1557	9217
2009	3	261482	14712	96	200171	1610	9220
2009	2	161550	3092	194	140565	1138	9403
2009	1	173159	1741	331	157019	1202	9561
2008	4	205082	16435	621	253647	734	10069
2008	3	389174	1156	616	350409	910	10581
2008	2	435652	5425	458	370735	1018	10523
2008	1	342942	3060	489	305624	786	10551
2007	4	299089	1364	562	272546	700	10348
2007	3	302595	4395	658	269171	763	10118
2007	2	373021	6483	644	333589	567	9901
2007	1	327304	1192	297	295839	454	7731
2006	4	282883	2350	310	257874	473	7336

Financial Quarter Segments Revenue

year	qrt	Others	Elimination/Adjustment	Steel coils
2012	3	1229	1229	306610
2012	2	1230	1230	308616
2012	1	1230	1230	242193
2011	4	1246	1246	276850
2011	3	1183	1183	320610
2011	2	1297	1243	300234
2011	1	1213	1213	308400
2010	4	111212	111212	258723
2010	3	1206	1206	192670
2010	2	1200	1200	301747
2010	1	59200	59200	281594
2009	4	1200	1200	273746
2009	3	1200	1200	261481
2009	2	1200	1200	161550
2009	1	1200	1200	173159
2008	4	1350	48851	252583
2008	3	1350	128622	516446
2008	2	1350	129053	563355
2008	1	1350	97688	439280
2007	4	134650	221865	386304
2007	3	1350	107070	408315
2007	2	39050	139237	473208
2007	1	1350	70956	396910
2006	4	1350	84078	365611

Financial Quarter Segments Profit

year	qrt	Others	Elimination/Adjustment	Steel coils
2012	3	135	64	6046
2012	2	77	-	12682
2012	1	517	129	5300
2011	4	373	-	1875
2011	3	428	-	4162
2011	2	372	-	6057
2011	1	418	-	29454
2010	4	110502	110000	8364
2010	3	443	-	28
2010	2	333	-	40058
2010	1	58429	58000	37090
2009	4	204	-	41285
2009	3	376	-	51717
2009	2	484	-	11098
2009	1	514	-	6065
2008	4	261	3355	62250
2008	3	358	5938	21888
2008	2	437	3402	57358
2008	1	626	2000	28141
2007	4	133981	133719	15933
2007	3	609	1075	23772
2007	2	38394	36505	27642
2007	1	728	4026	18980
2006	4	676	2302	18904

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

CURRENT

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●CHANGES IN SHAREHOLDING
●ANNUAL REPORTS

HISTORICAL

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●CHANGES IN SHAREHOLDING

ARCHIVES

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●CHANGES IN SHAREHOLDING

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●CHANGES IN SHAREHOLDING