Company Description
ORIENTAL HOLDINGS BERHAD is engaged in investment holding, the provision of commission agency services and the provision of management services. The Company operates in six segments: the automotive and related products segment, which includes retailing, assembly and distribution of motor vehicles, and the manufacture of engines, seats and other related parts, as well as trading of spare parts, accessories and related component parts; the plastic products segment, which includes the manufacture, assembly and distribution of plastic component parts, and manufacture of plastic technical and industrial goods and equipment; the hotels and resorts segment; the investment holding and financial services segment, which includes investment in shares and bonds, letting of properties and leasing companies; the plantation segment, which includes cultivation of oil palm, and others segment, including property development, which includes development of residential and commercial properties.
Company Info
Listing Date 1964-03-01
Market Capital (Capital Size) 4,963,149,104 (Large)
Par Value RM 1.00
Board Main
Sector Consumer Products
Major Industry Automotive Manufacturing & Distribution
Sub Industry Automotive Related Services
Website http://www.ohb.com.my/
My Analysis
Forecast P/E now (8.0-0.09)/0.4189 = 18.88 (Moderate)
Target Price 7.96+0.09 = 8.05 (PE 19.0, EPS 0.4189, DPS 0.09)
Decision Not interested unless when stock price got strong rebound from recent low price
Comment Revenue increased 4.8% and was second consecutive quarter increasing but still lower than preceding year corresponding quarter 3.2%, eps increased 4.9% and also higher than preceding year corresponding quarter 86.1%, cash from operating enough to cover financing expenses but still spent 7.3% of Group cash to cover investing expenses, margin recovered from 5.8% to 9.5% but still lower than recent high 19.5%, liquidity ratio indicate very firm to meet current obligation but sit too many cash, gearing ratio indicate low risk on liabilities, all accounting turnover period is good which can generate free cash flow, plantation segment affect by significant drop in CPO price, benefit from foreign exchange gain of stronger Ringger against YEN
First Support Price 7.8
Second Support Price 7.6
Risk Rating MODERATE
Research House
CIMB Target Price 10 (2012-11-23)
Accounting Ratio
Return on Equity 5.45%
Dividend Yield 1.12%
Operating Profit Margin 9.52%
Net Profit Margin 11.61%
Tax Rate 20.67%
Asset Turnover 0.4527
Net Asset Value Per Share 7.29
Net Tangible Asset per share 7.2
Price/Net Tangible Asset Per Share 1.1
Cash Per Share 4.21
Liquidity Current Ratio 3.767
Liquidity Quick Ratio 3.4264
Liquidity Cash Ratio 2.9615
Gearing Debt to Equity Ratio 0.2092
Gearing Debt to Asset Ratio 0.154
Working capital per thousand Ringgit sale 87.7%
Days to sell the inventory 45
Days to collect the receivables 48
Days to pay the payables 45
Technical Analysis
SMA 10 7.902 (Uptrend)
SMA 20 7.835 (Uptrend 5 days)
SMA 50 7.803 (Uptrend)
SMA 100 7.664 (Uptrend)
SMA 200 6.975 (Uptrend)
MACD (26d/12d) 0.039961 ( 0.007795 )
Signal (9) 0.026072 ( 0.003472 )
MACD Histogram 0.013889 (Bullish trend 9 days)
Bolinger Upper Band 7.987
Bolinger Lower Band 7.683
My notes based on 2012 quarter 3 report (number in '000):-
- Loss from automotive segment due to the level of activity is still recovering from the disruptions to supplies following the calamities in Japan and Thailand last year and current productions have to absorb the high cost of overheads
- Lower profit from plantation segment than FY11Q3 mainly due to the lower FFB and CPO productions due to climatic factors. Average selling price in current period was significantly lower than the corresponding period in 2011 (2012: RM2,400/MT; 2011: RM2,800/MT)
- Lower revenue from plastic segment due to fierce competition in the industry and the impact of declining demand for its main customer’s products but got higher profit mainly due to the implementation of costs saving exercise by management
- Higher revenue and profit from hospitality segment was due to the contributions from the two newly acquired hotels
- Higher profit from Investment Holding segment due to favourable unrealized foreign exchange gain from its JPY borrowings of stronger MYR against JPY
- Revenue from other segments including property development, trading of building materials and nursing college operations increased 4.6% than FY11Q3 mainly due to the increase in trading of building materials products. Operating profit however decreased 97.8% mainly due to the performance of the nursing college which was affected by the reduction in students intake following the higher entry requirements set by the authority
- Higher profit from Plantation segment than FY12Q2 due to favourable foreign exchange
- Estimate next 4Q eps after 2012 Q3 result announced = 5197966*0.05/620362 = 0.4189, estimate highest/lowest PE = 18.88(DPS 0.09)
- Estimate next 4Q eps after 2012 Q2 result announced = 5212383*0.05/620362 = 0.4201, estimate highest/lowest PE = 19.07/17.69 (DPS 0.09)
- Estimate next 4Q eps after 2012 Q1 result announced = 5128964*0.05/620362 = 0.4134, estimate highest/lowest PE = 19.3/14.73 (DPS 0.09)
ORIENT latest news (English)
ORIENT latest news (Chinese)
Financial Quarter Summary
a_date year qrt h_price l_price div roe c_roe rev c_rev pbt c_pbt prof c_prof eps c_eps asset c_asset liab c_liab mino equi cfo cfi cff cash fcf net final share c_share m_cap date oper_m prof_m vat asset_t pe navps ntaps p/ntaps cps l_cur l_qui l_cash g_de g_da avg_w inv_d rec_d pay_d
2012-11-22 2012 3 N/A N/A - 1.08% 3.15% 740879 2063101 85980 259965 54745 159896 0.0882 0.2577 6144237 3319706 946271 881256 674898 5197966 81313 324560 39229 2806246 243247 204018 2602228 620362 620362 4919470 2012-09-30 9.52% 11.61% 20.67% 0.4527 - 7.29 7.2 1.1 4.21 3.767 3.4264 2.9615 0.2092 0.154 87.7% 45 48 45
2012-08-27 2012 2 8.1 7.52 - 1.03% 2.07% 707228 1322222 68974 173985 52178 105151 0.0841 0.1695 6109128 3311036 896745 835659 684014 5212383 24196 302160 33987 2839184 277964 243977 2595207 620362 620362 4900859 2012-06-30 5.80% 9.75% 20.97% 0.4593 - 7.3 7.21 1.1 4.2 3.9622 3.596 3.1187 0.198 0.1468 88.2% 45 46 44
2012-05-24 2012 1 8.07 6.18 0.06 1.05% 1.05% 614994 614994 105011 105011 52973 52973 0.0854 0.0854 5902478 3424352 773514 731270 690995 5128964 195937 23288 14557 2803516 219225 233782 2569734 620362 620362 3827633 2012-03-31 14.54% 17.08% 19.94% 0.4997 - 7.15 7.06 0.87 4.16 4.6827 4.2908 3.5266 0.1743 0.131 91.3% 41 66 40
2012-02-23 2011 4 6.8 6.0 0.03 2.30% 6.09% 718547 3132228 145181 461261 108772 288503 0.1753 0.4651 5965566 3511549 897271 856211 669594 5068295 407753 94432 17084 2537435 313321 296237 2833672 620362 620362 3933095 2011-12-31 19.48% 20.20% 14.58% 0.5251 13.6328 7.09 7.0 0.91 4.64 4.1013 3.7813 3.364 0.204 0.1504 84.8% 37 38 42
2011-11-18 2011 3 6.34 4.3 - 0.62% 3.79% 765083 2413681 61380 316080 29390 179731 0.0474 0.2897 5950520 3465106 931405 896482 685808 5019115 279923 99402 4203 2567670 180521 184724 2752394 620362 620362 2679963 2011-09-30 7.97% 8.02% 31.49% 0.5476 - 6.99 6.87 0.63 4.51 3.8652 3.5786 3.1201 0.2149 0.1565 78.8% 33 45 44
2011-08-25 2011 2 4.8 4.31 - 2.20% 3.17% 850571 1648598 143293 254700 104148 150341 0.1679 0.2423 5841019 3515550 873157 837675 672584 4967862 186336 14427 31381 2547419 171909 203290 2750709 620362 620362 2915701 2011-06-30 16.14% 16.85% 14.35% 0.5643 - 6.92 6.84 0.69 4.58 4.1968 3.8918 3.3927 0.2033 0.1495 81.2% 33 45 45
2011-05-31 2011 1 5.3 4.7 - 0.97% 0.97% 798027 798027 111407 111407 46193 46193 0.0745 0.0745 5669348 3403747 837518 801644 649521 4831830 56465 21063 49555 2507117 35402 84957 2592074 620362 620362 3219678 2011-03-31 12.95% 13.96% 26.03% 0.5691 - 6.74 6.69 0.78 4.35 4.246 3.8903 3.3639 0.2003 0.1477 80.7% 37 47 40
2011-02-24 2010 4 5.48 5.07 0.03 2.79% 5.57% 845054 3230455 178168 384412 124743 249590 0.2011 0.4023 5511524 3262515 772794 736698 613301 4738730 407355 19695 46092 2118067 427050 380958 2499025 620362 620362 3188660 2010-12-31 17.82% 21.08% 17.91% 0.5861 12.7756 6.65 6.6 0.78 4.19 4.4286 4.046 3.5243 0.1873 0.1402 78.2% 36 40 40
2010-11-30 2010 3 5.72 5.1 0.03 1.30% 2.79% 802613 2385401 87249 206244 58020 124847 0.0935 0.2012 5241716 3078350 738903 701255 596056 4502813 266516 8595 41862 2096365 257921 216059 2312424 620362 620362 3349954 2010-09-30 9.29% 10.87% 21.24% 0.617 - 6.3 6.25 0.86 3.88 4.3898 3.9652 3.4336 0.1891 0.141 73.5% 37 39 38
2010-08-30 2010 2 5.44 5.13 0.03 0.50% 1.49% 780675 1582788 47776 118995 22572 66827 0.0364 0.1077 5142511 3015265 713599 675411 585357 4428912 157865 8013 24762 2092519 165878 190640 2283159 620362 620362 3194864 2010-06-30 6.14% 6.12% 20.47% 0.6284 - 6.2 6.14 0.84 3.76 4.4643 4.0093 3.4508 0.1857 0.1388 72.4% 38 40 35
2010-05-27 2010 1 6.32 5.15 - 0.99% 0.99% 802113 802113 71219 71219 44255 44255 0.0856 0.0856 5095938 2922468 673175 633475 570070 4422763 139648 15248 18294 2108354 124400 106106 2214460 516968 516968 3013923 2010-03-31 8.57% 8.88% 22.80% 0.6575 - 7.45 7.39 0.79 4.38 4.6134 4.1189 3.5708 0.1747 0.1321 68.3% 38 38 37
2010-02-25 2009 4 6.25 5.74 0.05 1.84% 6.67% 848935 3438307 90108 431102 74631 270656 0.1444 0.5235 5183313 3004958 705498 667868 559146 4477815 345262 5084 72857 1897723 350346 277489 2175212 516968 516968 2895020 2009-12-31 9.56% 10.61% 3.13% 0.6633 10.6963 7.58 7.52 0.74 4.31 4.4993 3.888 3.3387 0.18 0.1361 68.0% 49 39 36
2009-11-19 2009 3 5.85 5.48 0.05 1.28% 4.83% 799822 2589372 87458 340994 51848 196025 0.1003 0.3792 5203754 2965761 796891 757766 544649 4406863 319892 9380 62488 1898013 310512 248024 2146037 516968 516968 2936378 2009-09-30 10.11% 10.93% 21.07% 0.7045 - 7.47 7.41 0.77 4.25 3.9138 3.2925 2.9012 0.2063 0.1531 60.2% 51 30 37
2009-08-27 2009 2 5.79 5.36 - 2.25% 3.55% 899632 1789550 159635 253536 91234 144177 0.1765 0.2789 5157247 2955988 839162 799940 527826 4318085 239819 12173 45288 1874795 251992 206704 2081499 516968 516968 2791627 2009-06-30 16.50% 17.74% 29.08% 0.8072 - 7.33 7.27 0.74 4.18 3.6953 3.1246 2.6998 0.2214 0.1627 51.8% 44 30 34
2009-05-28 2009 1 5.7 4.86 - 1.31% 1.31% 889918 889918 93901 93901 52943 52943 0.1024 0.1024 5066122 2912092 930894 891481 496803 4135228 126841 52832 32438 1837687 74009 41571 1879258 516968 516968 2553821 2009-03-31 10.77% 10.55% 27.93% 0.9371 - 7.04 6.96 0.71 3.8 3.2666 2.5668 2.202 0.2559 0.1837 42.6% 53 25 28
2009-02-23 2008 4 5.15 4.28 0.06 0.29% 8.45% 1076725 5131793 24204 477509 10943 313657 0.0212 0.6067 5053618 2986949 997762 958416 474739 4055856 300908 128806 104051 1769567 172102 68051 1837618 516968 516968 2481446 2008-12-31 2.39% 2.25% - 1.0155 7.9113 6.93 6.85 0.7 3.71 3.1165 2.4086 1.9997 0.2786 0.1974 39.5% 53 28 28
2008-11-27 2008 3 5.25 4.7 0.1 3.21% 8.75% 1296742 4055068 175231 501713 119018 324600 0.2302 0.6279 5120610 2962855 964404 917714 472544 4156206 404948 151189 108046 1809049 253759 145713 1954762 516968 516968 2429749 2008-09-30 13.06% 13.51% 20.85% 1.0379 - 7.13 7.04 0.67 3.79 3.2285 2.6403 2.134 0.2618 0.1883 38.5% 42 32 36
2008-08-28 2008 2 5.6 4.3 - 3.50% 5.54% 1484105 2758326 193761 326482 129932 205582 0.2513 0.3977 5049157 2866121 977935 930083 444214 4071222 264486 168622 39041 1798067 95864 56823 1854890 516968 516968 2843324 2008-06-30 12.68% 13.06% 20.89% 0.7957 - 7.02 6.93 0.79 3.59 3.0816 2.5344 1.9973 0.2696 0.1937 48.2% 52 45 46
2008-05-28 2008 1 6.0 5.1 - 2.04% 2.04% 1274221 1274221 132722 132722 75651 75651 0.1463 0.1463 4768887 2831756 947006 901227 412423 3821881 40307 24769 41223 1746603 65076 23853 1770456 516968 516968 3050111 2008-03-31 9.93% 10.42% 26.44% 0.5313 - 6.6 6.53 0.9 3.43 3.1421 2.5765 1.9672 0.2778 0.1986 76.2% 81 79 67
2008-02-27 2007 4 6.05 5.4 0.13 N/A N/A 1259481 4510896 123974 510066 77876 323925 0.1506 0.6266 4693629 2731199 982711 936999 383589 3710918 478895 7597 4962 1278715 471298 466336 1745051 516968 516968 3101808 2007-12-31 9.35% 9.84% 23.21% 0.2683 9.5757 6.44 6.35 0.94 3.39 2.9148 2.4153 1.8695 0.2953 0.2094 142.5% 150 148 134
Financial Quarter Balance Sheet
year qrt Biological assets (A-0) Deferred expenditures (A-0) Deferred tax assets (A-0) Goodwill on consolidation (A-0) Intangible assets (A-0) Investment in associated companies (A-0) Investment properties (A-0) Land held for property development (A-0) Other investments (A-0) Prepaid lease payments (A-0) Property, plant and equipment (A-0) Cash and cash equivalents (A-1) Current tax assets (A-1) Inventories (A-1) Property development costs (A-1) Trade receivables (A-1) Deferred income (L-0) Deferred tax liabilities (L-0) Loans & borrowings (L-0) Provisions (L-0) Current tax liabilities (L-1) Dividend payable (L-1) Loans & borrowings (L-1) Trade and other payables (L-1) Minority interest (M-1)
2012 3 196176 - 6054 - 57428 357756 488412 35773 304909 39989 1338034 2609832 45266 285009 15165 364434 13210 20933 26940 3932 9372 - 568156 303728 674898
2012 2 194141 - 6233 - 57473 353516 489922 35723 267274 40323 1353487 2606138 42912 289620 16372 355994 9524 20973 27503 3086 9351 - 525512 300796 684014
2012 1 174790 - 6193 - 57220 324653 488791 35686 244063 40129 1106601 2578906 28816 270899 15749 529982 9524 20927 8707 3086 20441 - 434975 275854 690995
2011 4 166195 - 6334 - 57261 311655 487919 37750 228527 40521 1117855 2880330 28859 259598 14339 328423 8131 20766 9127 3036 22557 - 525762 307892 669594
2011 3 153997 - 3796 - 69057 294482 78881 202524 246790 53834 1382053 2797128 9631 235819 21105 401423 - 24684 10239 - 14586 - 540451 341445 685808
2011 2 142987 - 3780 - 53552 299670 74049 199941 246216 52923 1252351 2841990 7216 235104 20386 410854 - 24655 10827 - 17311 - 467740 352624 672584
2011 1 139002 - 3755 - 32279 298506 74049 182852 254808 52685 1227665 2696632 6830 268162 16927 415196 - 24617 11257 - 20531 - 466919 314194 649521
2010 4 137133 - 3752 - 32295 292130 72646 167546 249845 52450 1241212 2596361 28143 267138 14693 356180 - 24336 11760 - 13556 - 406643 316499 613301
2010 3 136746 - 4612 - 32210 264110 67381 164147 220771 51755 1221634 2407832 27641 284031 13699 345147 - 23286 14362 - - - 394252 307003 596056
2010 2 141130 - 4522 - 32190 248512 71785 159326 212288 52273 1205220 2330717 27108 296800 10551 350089 - 23330 14858 - - - 389300 286111 585357
2010 1 142166 - 4604 - 32067 249176 87102 158370 215472 100479 1184034 2261999 - 304383 8844 347242 - 24109 15591 - 674 - 328175 304626 570070
2009 4 144487 - 9474 - 32088 245955 62297 158226 161603 53132 1311093 2229832 - 399869 8411 366846 - 23694 13936 - 15961 - 351649 300258 559146
2009 3 141583 - 13321 - 32147 258756 55777 229694 180700 170484 1155531 2198403 - 463638 7149 296571 - 24055 15070 - 24297 - 392634 340835 544649
2009 2 136753 - 13193 - 32187 246439 55804 206172 180867 169974 1159870 2159711 - 449473 7049 339755 - 24003 15219 - 41434 - 407670 350836 527826
2009 1 126040 - 12791 - 42063 244421 55830 195441 188973 170040 1118431 1963048 - 617287 6511 325246 - 23990 15423 - 50833 - 504208 336440 496803
2008 4 128208 - 12359 - 42381 243266 55857 180626 169491 137437 1097044 1916564 - 672248 6282 391855 - 24077 15269 - 42287 38773 513720 363636 474739
2008 3 147794 - 6787 - 42666 237428 55867 166433 225961 128902 1145917 1958434 - 533755 6032 464634 - 29507 17183 - 59736 - 397949 460029 472544
2008 2 144398 - 6781 - 42871 218870 55894 146358 252755 128691 1186418 1857671 - 504657 4218 499575 - 30417 17435 - 66170 - 409174 454739 444214
2008 1 142542 11399 6695 31865 - 212044 55920 59835 134256 125618 1156957 1772923 - 506185 3523 549125 - 28660 17119 - 72864 - 405901 422462 412423
2007 4 149281 - 6682 - 44027 205170 55947 59466 144226 125382 1172249 1751696 - 464924 3149 511430 - 29831 15881 - 83853 38256 396774 418116 383589
Financial Quarter Income Statement
year qrt Revenue Income tax expense Finance/interest costs Administrative/Operating expenses Minority interest Share of profit/ (loss) of associates
2012 3 740879 17774 2425 670323 13461 17849
2012 2 707228 14465 2434 666228 2331 30408
2012 1 614994 20939 2340 525599 31099 17956
2011 4 718547 21172 4451 578558 15237 9643
2011 3 765083 19327 3632 704089 12663 4018
2011 2 850571 20568 1148 713281 18577 7151
2011 1 798027 28994 1131 694673 36220 9184
2010 4 845054 31916 2092 694430 21509 29636
2010 3 802613 18530 2257 728071 10699 14964
2010 2 780675 9781 1828 732720 15423 1649
2010 1 802113 16240 1634 733377 10724 4117
2009 4 848935 2821 1790 767744 12656 10707
2009 3 799822 18431 2728 718939 17179 9303
2009 2 899632 46421 3272 751216 21980 14491
2009 1 889918 26231 3756 794095 14727 1834
2008 4 1076725 3359 3971 1102453 16620 5495
2008 3 1296742 36536 3841 1127373 19677 9703
2008 2 1484105 40485 4434 1295909 23344 9999
2008 1 1274221 35097 4093 1147643 21974 10237
2007 4 1259481 28772 3686 1141771 17326 9950
Financial Quarter Segments Revenue
year qrt Elimination/Adjustment Property development Plantation Plastics Products Automotive & related products Hotels & resorts Investment holding & financial services
2012 3 4811 107077 99023 78164 370820 55871 34735
2012 2 14485 110092 111063 82250 325389 55950 36969
2012 1 3150 107994 125987 74344 235776 51828 22215
2011 4 3671 119138 135055 92672 286843 53980 34530
2011 3 3383 112464 130495 96381 350037 49707 29382
2011 2 8347 101587 129646 93797 406522 42729 84817
2011 1 1548 94563 137807 96797 400189 46977 23242
2010 4 - 89540 146321 105919 412630 49770 35876
2010 3 - 79307 97799 107289 456074 41758 20386
2010 2 - 88120 68395 90632 458652 34191 40685
2010 1 - 86073 98706 95793 454445 41619 25477
2009 4 - 85261 97629 101952 493771 52014 10912
2009 3 - 85427 103153 106429 447601 46935 10277
2009 2 - 81813 105429 108054 510109 43021 51206
2009 1 - 72143 74875 71710 619254 42820 9116
2008 4 - 13962 53748 110839 782523 45422 15213
2008 3 - 112491 117217 142975 843022 49731 31306
2008 2 - 110799 120912 126581 1058573 53894 13346
2008 1 - 87078 111116 121306 885821 54758 14142
Financial Quarter Segments Profit
year qrt Elimination/Adjustment Property development Plantation Plastics Products Automotive & related products Hotels & resorts Investment holding & financial services
2012 3 15424 1077 35547 5376 3297 7676 26331
2012 2 27974 1116 9587 975 1318 4124 23880
2012 1 15616 49 53488 763 6743 7354 34484
2011 4 5192 4233 44125 32728 36295 11084 19990
2011 3 386 3401 38999 3349 4571 6597 4077
2011 2 6003 592 46995 2043 8216 4749 74695
2011 1 8053 715 65075 3115 3941 8983 21525
2010 4 - 1840 74683 3676 9143 6570 46836
2010 3 - 614 40144 9258 2552 18281 3693
2010 2 - 2969 10723 3461 5463 8416 33755
2010 1 - 3284 36819 1253 4154 2729 20497
2009 4 - 1658 60897 12048 5510 9504 4343
2009 3 - 2338 35366 412 22045 9858 11688
2009 2 - 135 54705 1588 28769 14751 51644
2009 1 - 28472 20715 5124 24073 10754 16933
2008 4 - 5555 45378 456 18840 6004 11522
2008 3 - 4516 43775 5779 84332 874 31841
2008 2 - 6180 70364 6048 76566 9278 19759
2008 1 - 3359 39420 303 61091 10336 12069
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, c_asset = current asset, liab = total liability, c_liab = current 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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