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Saturday, December 1, 2012

KLCI Stock - AXIATA / 6888 - 2012 Quarter 3

AXIATA GROUP BERHAD


Company Description
AXIATA GROUP BERHAD, formerly TM International Berhad, is a Malaysia-based company. The Company is engaged in provision of telecommunications, with operations principally in Malaysia, Indonesia, Sri Lanka, Bangladesh and Cambodia. In addition, it has mobile and non-mobile telecommunications operations and investments in India, Singapore, Iran, Pakistan and Thailand. As of December 31, 2007, it had a total of 39.8 million mobile subscribers in various markets in Asia. Its mobile telecommunications business is centered in its five operating subsidiaries, which include Celcom (Malaysia) Berhad, PT Excelcomindo Pratama Tbk (XL), Dialog Telekom PLC, TM International (Bangladesh) Limited (TMIB), and Telekom Malaysia International (Cambodia) Company Limited (TMIC). Its investments in mobile telecommunications businesses include Spice Communications Limited, MobileOne Ltd, and Mobile Telecommunications Company of Esfahan.

Company Info 
Listing Date2008-04-28
Market Capital (Capital Size)50,365,113,300 (Very Large)
Par ValueRM 1.00
BoardMain
SectorTrading/Services
Major IndustryTelecommunication
Sub IndustryMobile Communication & Network Services
Websitehttp://www.axiata.com/

My Analysis 
Forecast P/E now(5.92-0.23)/0.3208 = 17.74 (Moderate)
Target Price6.10+0.23 = 6.33 (PE 19.0, EPS 0.3208, DPS 0.23)
DecisionBUY if stock price sustain MACD bullish uptrend or wait strong rebound at lower price
Comment
Revenue increased 2.8% and was fourth consecutive quarter increasing(higher than preceding year corresponding quarter 8.4%), eps increased 6.1% and also higher than preceding year corresponding quarter 19.5%, cash generated from operating not enough to cover financing expenses but got borrowings to cover all others expenses, operating margin maintain around 20-25%, liquidity ratio indicate can meet current obligation and still improving, gearing ratio indicate liabilities risk keep increasing but still good since bring more income, all accounting turnover period is good especially got long payables period than inventory and receivables, benefit from weaken of USD against Opco currency, all business segment growth
First Support Price5.6
Second Support Price5.3
Risk RatingMODERATE

Research House
Nomura Target Price7.1 (2012-09-11)
Alliance Target Price6.84 (2012-11-01)
AMMB Target Price6.7 (2012-11-30)
CIMB Target Price7.15 (2012-11-30)
ECM Target Price5.22 (2012-11-30)
HLG Target Price6.1 (2012-11-30)
HwangDBS Target Price5.8 (2012-11-30)
Kenanga Target Price6.1 (2012-11-30)
Maybank Target Price6.7 (2012-11-30)
MIDF Target Price6.35 (2012-11-30)
OSK Target Price6.62 (2012-11-30)
RHB Target Price7.15 (2012-11-30)

Accounting Ratio 
Return on Equity11.65%
Dividend Yield3.89%
Operating Profit Margin23.25%
Net Profit Margin21.38%
Tax Rate16.85%
Asset Turnover0.4048
Net Asset Value Per Share2.29
Net Tangible Asset per share1.31
Price/Net Tangible Asset Per Share4.51
Cash Per Share1.01
Liquidity Current Ratio1.3596
Liquidity Quick Ratio1.3059
Liquidity Cash Ratio1.0112
Gearing Debt to Equity Ratio1.1189
Gearing Debt to Asset Ratio0.5058
Working capital per thousand Ringgit sale17.5%
Days to sell the inventory12
Days to collect the receivables44
Days to pay the payables149

Technical Analysis 
SMA 105.866 (Downtrend)
SMA 205.951 (Downtrend 20 days)
SMA 506.267 (Downtrend)
SMA 1006.055 (Uptrend)
SMA 2005.574 (Uptrend)
MACD (26d/12d)-0.12597 ( 0.011529 )
Signal (9)-0.130544 ( 0.001144 )
MACD Histogram0.004574 (Bullish trend 1 day)
Bolinger Upper Band6.675
Bolinger Lower Band5.227

My notes based on 2012 quarter 3 report (number in '000):-
- Higher revenue due to consistent higher revenue contribution from all key OpCo

- Higher pbt than FY11Q3 due to higher revenue from most OpCo and depreciation of USD against local currencies

- Higher PAT mainly from higher contribution in Malaysia and Sri Lanka due to one-off tax benefits recorded in both countries

- Lower pbt than FY12Q2 due to the one-off in Bangladesh of RM68.6 million

- Estimate next 4Q eps after 2012 Q3 result announced = 2486771*1.1/8526093 = 0.3208, estimate PE on current price 5.92 = 17.74(DPS 0.23)
- Estimate next 4Q eps after 2012 Q2 result announced = 2366479*1.1/8536652 = 0.3049, estimate highest/lowest PE = 21.65/17.65 (DPS 0.23)
- Estimate next 4Q eps after 2012 Q1 result announced = 2362892*1.05/8501289 = 0.2918, estimate highest/lowest PE = 20.7/17.34 (DPS 0.19)
- Estimate next 4Q eps after 2011 Q4 result announced = 21120867*0.12/8481775 = 0.2988, estimate highest/lowest PE = 17.57/16.13 (DPS 0.19)
- Estimate next 4Q eps after 2011 Q3 result announced = (0.0781+0.0694)*2*1.05 = 0.3098, estimate highest/lowest PE = 16.3/14.56 (DPS 0.14)
- Estimate next 4Q eps after 2011 Q2 result announced = (0.0781+0.0645)*2*1.05 = 0.2995, estimate highest/lowest PE = 16.56/14.32 (DPS 0.14)
- Estimate next 4Q eps after 2011 Q1 result announced = 0.3024, estimate highest/lowest PE = 16.93/14.62 (DPS 0.1)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.072*4*1.05 = 0.3024, estimate highest/lowest PE = 16.47/15.08 (DPS 0.1)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.0752*4*1.05 = 0.3158, estimate highest/lowest PE = 16.12/13.93
- Estimate next 4Q eps after 2010 Q2 result announced = 0.0681*4*1.05 = 0.286, estimate highest/lowest PE = 16.29/15.24
- Estimate next 4Q eps after 2010 Q1 result announced = 0.265(no adjustment due to higher profit is from non-repeatable income), estimate highest/lowest PE = 16.98/13.89
- Estimate next 4Q eps after 2009 Q4 result announced = 0.631(average recent 3 quarter)*4 = 0.2524+(0.05*0.2524) = 0.265(5% grow from 0.2524), estimate highest/lowest PE = 15.28/13.21
- Estimate next 4Q eps after 2009 Q3 result announced = 0.0595*4 = 0.238, estimate highest/lowest PE = 14.71/12.61
- Estimate next 4Q eps after 2009 Q2 result announced = 0.0579*4 = 0.2316, estimate highest/lowest PE = 14.12/12.52

AXIATA latest news (English)

AXIATA latest news (Chinese)

MYR/IDR chart

USD/MYR chart


Financial Quarter Summary
a_dateyearqrth_pricel_pricedivroec_roerevc_revpbtc_pbtprofc_profepsc_epsassetc_assetliabc_liabminoequicfocficffcashfcfnetfinalsharec_sharem_capdateoper_mprof_mvatasset_tpenavpsntapsp/ntapscpsl_curl_quil_cashg_deg_daavg_winv_drec_dpay_d
2012-11-2920123N/AN/A-3.28%8.96%454801513228352972212288913070991819421850.08290.2278432118171159282121854832852663118248452135698547721013872265117849460691658998362078330814749585681178526093506375712012-09-3023.25%21.38%16.85%0.4048-2.291.314.511.011.35961.30591.01121.11890.505817.5%1244149
2012-08-30201226.835.610.083.08%5.69%442451286803371011784191691866663812322670.07810.1444413032999449775198634227555550181697321439877212164914968967310866096467624753106333599013485374678536652511394272012-06-3025.69%22.87%24.03%0.415-2.31.324.540.761.25071.18260.85771.01230.480911.1%1443157
2012-05-22201216.235.25-2.61%2.61%425582542558259051349051345656295656290.06650.0665419770971039081920081453852151716957682189564417175289506281707786082799766900937678702047785012898501289457369342012-03-3123.17%21.27%28.75%0.3993-2.381.393.870.881.21941.1730.87980.99410.478411.2%1148178
2012-02-23201145.445.010.152.69%11.57%426428916447937700346357659954458623456280.06420.2764411058619406964194303648086879183241521675497578524848124016405905714149972847332257604640684817758487347431722342011-12-3120.85%16.42%10.49%0.400118.41752.341.363.740.781.16321.1210.81820.97920.47278.0%1047164
2011-11-30201135.194.65-2.91%8.88%419450712183648963315287625358962618010420.06940.212140041932920011818893493784523018164152114843946470563095404105768762874621551652493965678142784957948492686433285492011-09-3025.86%22.97%29.50%0.4046-2.281.383.70.81.17271.13160.86610.97730.47188.4%939150
2011-08-23201125.14.430.043.27%5.97%404875979891411010728191293866305112114160.07810.14273902282987668671826876368480871680773207540662844087181628985905762475591027798168741641630084935828492146422980382011-06-3026.56%24.96%24.31%0.4086-2.251.353.690.761.28021.2530.93950.95780.468212.0%541142
2011-05-31201115.224.52-2.70%2.70%394038239403829022109022105483655483650.06450.064538650094892747317795377612455216653192085471715431009462922992776244054596808297531654158584990348499034424951702011-03-3124.12%22.90%28.94%0.4075-2.261.363.680.771.45771.44581.07050.92740.460417.8%245145
2011-02-23201045.084.660.11.94%9.38%40167151562067426775320573836704017703790.04320.20873810096684200961782231860635121553339202786485923252741556855217193166751816964326479625814684948648483433420495762010-12-311.92%0.67%-0.4123.71982.211.313.780.741.38871.37461.03530.95180.467815.1%340145
2010-11-24201035.194.5-3.39%11.32%3937205116039591044125323251363912621374190.07520.2518387633537969635179870686279069148820820776285447539324770571571194055545001633928592586914784946058486928381407762010-09-3026.79%26.52%28.63%0.3962-2.271.383.250.691.26921.2570.93930.93250.46411.0%337157
2010-08-25201024.664.36-3.06%7.94%38540697666754970977218838857681814982930.06810.176738062898688774217825962701170814253242023693629977718683591106810195846138661302759320471778184675178479784374264252010-06-3027.75%25.19%30.43%0.3889-2.221.333.320.560.98230.97430.67920.94760.4683-0.8%242163
2010-05-27201014.53.68-4.88%4.88%38126853812685121741112174119214759214750.10860.1086386695416675645188876437637986127330919781898138191137295115796019632941008960851000281429484845798484579313080962010-03-3132.77%31.93%21.42%0.3663-2.181.282.880.340.8740.86740.3731.02050.4884-6.8%295180
2010-02-24200944.053.5-4.77%14.13%375595313312187827662266622155828316526820.06590.214937144355369773518263907663377069636318880448463631531699852768296328219514663301301966198022984729817689193296554332009-12-3129.40%22.04%27.22%0.35716.28392.361.252.80.240.55740.55210.30241.00440.4917-22.1%143155
2009-11-30200933.53.0-4.31%9.36%33809229411273768727183855950366710943990.05950.1474381403454645743200394806206605570686181008653460562279574810253393283600664814360525292307584581717426448260511662009-09-3022.69%22.74%30.82%0.3126-2.361.222.520.350.74850.74190.47431.14310.5254-13.1%248165
2009-08-27200923.272.9-4.50%5.05%3214135612548887862110698325268375907320.06400.085738201626504449620705277580747953013817496349206360020064123322732621335718823961328609482324946896603256030562009-06-3021.08%27.34%34.91%0.3095-2.461.242.510.410.86860.86110.57541.22040.542-6.5%248162
2009-05-19200913.242.13-0.55%0.55%2911353291135319121119121163895638950.01700.0170386514205777968268124128257774481087118390089019681041189747660324337213922160843938518113753402375340287078922009-03-3122.84%6.57%73.93%0.2985-3.030.812.861.050.69970.69090.47562.36070.6937-21.5%352254
2009-02-26200843.041.72-4.96%4.80%2418148113477116684019058155152504979830.13730.134837352397507691325654884142108634807901169751323877951156225210550820186039491744571376363323675737534023694732114854102008-12-314.09%27.64%-0.303822.70333.040.783.920.890.35730.35180.23442.28720.6868-80.5%350335
2008-11-26200833.983.02-2.35%9.76%32780248929563360353157421624389610132330.06500.2757380043955175076254187871769556951732312585608163407695527649125722190544579186881207034311247937534023675176149385392008-09-3020.57%10.99%32.59%0.3074-3.280.984.060.870.29250.28740.18552.10620.6688-107.2%452374
2008-08-26200826.553.76-3.53%7.41%2929612565153957538212138633666387693370.06760.144129457906400774817203568104933244992371225433812483572480289185259918869731231932620667250764054252065339057328224962008-06-3025.16%19.64%31.96%0.3722-2.20.619.920.480.38190.37120.2481.46350.584-59.2%539369
2008-05-22200817.45.45-3.88%3.88%272192727219276384826384824026994026990.11260.11261553707114915311106435766378137042904472714123856915760365622571877822337467224790210261235773933577393262938382008-03-3124.55%23.46%29.49%0.6698-1.050.1166.820.130.22470.21520.07262.93610.7121-49.5%333247
N/A20074N/AN/A-N/AN/A27545359996879602900233720351991717819140.14530.4981244894603148404141101359981246675748103793254182193500732110259011688770825128200773188954335773933577393287980132007-12-3121.83%21.89%8.06%0.358916.16132.710.6412.580.550.31540.3080.19731.45410.5762-77.7%438444
N/A20073N/AN/A-N/AN/A25567337242344432549173430332844312619970.09180.3528N/AN/AN/AN/A-N/A159208924052107030901706516813121110031159648535773933577393287980132007-09-3022.37%16.92%33.99%N/A-N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-N/AN/A
N/A20072N/AN/A-N/AN/A2373241468561178051213017545884829335540.16450.2610N/AN/AN/AN/A-N/A232038720895674909691715627230820721789243741635773933577393287980132007-06-3033.89%32.89%20.07%N/A-N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-N/AN/A
N/A20071N/AN/A-N/AN/A1105062110506218209918209996259962592.69692.6969N/AN/AN/AN/A-N/A42600976838420516651474434237513720937753535693356932873282007-03-3123.00%16.48%28.01%N/A-N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-N/AN/A

Financial Quarter Balance Sheet
yearqrtAvailable-for-sale financial assets (A-0)Deferred tax assets (A-0)Derivative financial assets (A-0)Intangible assets (A-0)Investment in associated companies (A-0)Investment in jointly controlled entity (A-0)Investment properties (A-0)Prepaid lease payments (A-0)Property, plant and equipment (A-0)Receivables (A-0)Cash and cash equivalents (A-1)Current asset classified as held for sales (A-1)Current tax assets (A-1)Derivative financial assets (A-1)Financial assets at fair value through profit and loss (A-1)Inventories (A-1)Trade receivables (A-1)Deferred income (L-0)Deferred tax liabilities (L-0)Derivative financial liabilities (L-0)Loans & borrowings (L-0)Long term payables (L-0)Provisions (L-0)Amount due to associated companies (L-1)Current tax liabilities (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)
2012311422439662590083271316810874---16114682953018621848261727115323265409458216210915816527713767801773451126867165974274154-47722-680444163932214533654891971824845
201228892924174509383685096763800---16286819959976480224270220148782828085143592027902128711144243314916610092043229438266081-48000--169347171407356241301816973
201218923454703808983652506851766---1589649788314749743626530551038-9395211218182013234713728311893009262413236544366501-54285--171355207917262167051695768
201148933156114489182979786769135---16161531108858661678828680755242-9341837210628113605613800541277499231424125054343148-62382--187438222793956091201832415
201139192405044166476490866617776---16187058104807679443029355558069-93225751731480-13660991697329236180-276252-358835-338562228914155777853611411816415
20112896134416764576246946627598---1576477795936643394831511055478-91865431775779-13940242804579487228-258967-258743--287379134506449569011680773
201118931124701204476131216626427---1526541492252655650928808755118-10726561955093-13855612405909795765-248909-268190--27511659326749879791665319
201048881174571496476054986698484-2020-15130246111313627738228577468102-10850561703772-13338631915279983983-249433-274100277678-24465369959145674901553339
201038521718082168075901917723966-2022-15173686109513589786536380983898-7768701547186-13454466981710062856-229880-284359286403-248711105412844054681488208
201028561915272712075179447857323-2024-15467573110789476236326860979187-7562041721372-1341003517499200491-221011-346641341450-243649167896544010031425324
201018471759672182976636268151932-2025-158045071731632848825-82426-7506413693746-1292487384529701480-217238-253518363823--228429847363471273309
20094180567180429-8563450720955810062772027359103158153331298762006172-97054-7353441559158-1247758-10173464-208915-221329---21493744263067696363
20093180566177190-8482566708212710049442029356855160788141295112943945-105495-7411261555170-1151651-12540155-141069-224179---14999364482490570686
20092180571157939-8403612712617210427682031344280157734171263403341499-119651-7434301539909-1035301-13726275-136222-230670---11873004389509530138
200915916421148141-8333384162138410017322033330393155196253393927055-126923-6723681651616-825713-17601089-1278362063613203317---14085504582294481087
200845914428141188-8326345158990510132022036328352149596703583330731-129035-6772631539878-777263-10546052-1207064063613195478---54132994538473480790
200835905585142250-84762561586730703880-363274156504419033281661-140042--902181663155-921519-6704101-975984025000256539---82221755191855517323
20082-147179-84887991567764782102-345616141182993992602620-128359--1125411164228-925518-5687710-970164025000198341---18133534456630499237
20081-152128-3379408243715832041-3001439137787318482200----63217946114-451773-3968047-6724307141639572---13365362190289704290
20074-162890-741843625114010244542044321860121598373951967743-201088-171374625903235-881885-3159808-87196402500099739---19097463946761675748

Financial Quarter Income Statement
yearqrtRevenueIncome tax expenseFinance/interest costsOther incomeAdministrative/Operating expensesMinority interestFinance/interest incomeShare of profit/ (loss) of associatesDepreciation & amortisationGain from merger exerciseGain/loss on dilution of equity investment in associateShare of net profit of jointly controlled entityForeign exchange (loss)/gain in operating costsForeign exchange (loss)/gain in finance costsOther expensesStaff costsDomestic interconnect and international outpaymentMarketing expenses
201234548015163798223149149451338063984966572068227786866-0-2630740427130278275709509373698
2012244245122431731648362556313250801019736370914903811808-5405-213583329820264271761540580363041
201214255825260188161585216661336846793176287677618769537-6665-66921530991896264085467054385163
2011442642897343316036536652134992882327607334382898473-0-64734936274028275591410556416464
20113419450728417416947886651222013895156651229694783264-4234-92054390949610306873433165413532
2011240487592456811606152821712231601019966081348108739709-3452-39852963015527262319424161376448
20111394038226106114764474551247489927844772355561725617-12422-19136844243119234168407568320190
201044016715233982167925661521221439106283518645236417964750007758840193-285064403199377163
201033937205298958159457300952103867106041420903714568095002357012774371964----
201023854069295465169116550932025695986944115622582785895000281696952----
20101381268526075317461031959011123203518318500260486785911731993362141939464677025623519239230420045362784
200943755953225312180377450801139272440672485647246813901--17524237581150915-259173387946333946
200933380922236920190788706132071511281402223350869657562--2078044776139955----
200923214135306710260600696501905571450742906527966834851--6752134180397895----
2009129113531413712644911269801809293140553381334702597664--2794233463249710----
20084241814854905283510438311654046982464019522528688060--95147218853253487----
2008332780241174392983814645620280169822299429387635473--502731315017515----
200822929612183902196608633941713844248422404623443537904--526242907205----
2008127219271882879780025260160426947496120847649477028--8242234940068----
2007427545354858911609814771629401343942911714518498550--1504542676276390----
20073255673314704519982748873159537942939213211891438599--6687429625852----
2007223732411566661006592199291350374353641862213443423119--311561546713740----
200711105062510135140620846202103482768203234251926--96921918521052----

Financial Quarter Segments Revenue
yearqrtOthersElimination/AdjustmentMalaysiaIndonesiaBangladeshSri Lanka
2012373643592819281931828399387250336458
20122775271031418988221759023365813333641
2012175588601318923201640541330340323049
20114700561423018767341671543334700325486
2011386756902818210181657498317490320773
20112912381131917443481602984316667304841
2011181782942317320221533092301474301435
2010471080-17111371625193308212301093
20103686071094917073241560239315341296643
20102701241501916942531521759293550289402
2010157747948716800251490626290335293952
2009463849-16904431410150301874289637
2009368360-15990701231450250735281131
2009254571-15352251118774236240269325
2009149638-1459007899683231559271466
2008485369-1419441407926220879284533
2008334955-14272011290885193089331894
2008252439-13355661089899174490277218
2008146732-1325901908237170084270973
20074106124-1257017944454172521274419
2007321075-1340578755182179657302391
2007238464-2445418677240174843244584
2007137917--634098191635241412

Financial Quarter Segments Profit
yearqrtOthersElimination/AdjustmentMalaysiaIndonesiaBangladeshSri Lanka
201232855025183968284541675144117029
2012219807-827845882278121533112201
2012132719-794494830082103320107500
20114272056904776344829369108768131348
201134036115000767319805570102837117867
2011255860-75777686723689226104293
2011168284-7829388238159479097708
20104972103-4802004513663608836120
2010322083-790914836815112207115485
201025679538295792245831587101521105589
2010114955382957344437952697568896246
2009420115-4769395525696252952856
2009382836-534738312883134255519
2009211967-47868630243960088221353
2009110511-453570796032302228847
2008445727-3842523706111138577108001
2008369398-403608142200124213721
200823160-425476200431305647771
2008112406-398208198996242279142
2007434758-3439481540671815348896
2007383065-356887673296132177091
2007222672-6531021322592346780551
200715861--1506572287784438

Financial Quarter Segments Associate
yearqrtOthersElimination/AdjustmentMalaysiaSri Lanka
2012367318-92314
20122128345405204722
20121751506665244919
201142402-189585
201132790842341667119
20112459563452208864
2011153606124221955-
2010448064-4300-
2010334788---
2010222582---
2010153946---
2009430166-444-
2009330089---
2009234718---
200916760---
2008472619---
2008320886---
2008218181---
2008115891---
20074164972---
2007364983---
2007252648---
200716458---

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




CHANGES IN SHAREHOLDING

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