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 Date	2008-04-28
Market Capital (Capital Size)	50,365,113,300 (Very Large)
Par Value	RM 1.00
Board	Main
Sector	Trading/Services
Major Industry	Telecommunication
Sub Industry	Mobile Communication & Network Services
Website	http://www.axiata.com/

My Analysis 

Forecast P/E now	(5.92-0.23)/0.3208 = 17.74 (Moderate)
Target Price	6.10+0.23 = 6.33 (PE 19.0, EPS 0.3208, DPS 0.23)
Decision	BUY 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 Price	5.6
Second Support Price	5.3
Risk Rating	MODERATE

Research House

Nomura Target Price	7.1 (2012-09-11)
Alliance Target Price	6.84 (2012-11-01)
AMMB Target Price	6.7 (2012-11-30)
CIMB Target Price	7.15 (2012-11-30)
ECM Target Price	5.22 (2012-11-30)
HLG Target Price	6.1 (2012-11-30)
HwangDBS Target Price	5.8 (2012-11-30)
Kenanga Target Price	6.1 (2012-11-30)
Maybank Target Price	6.7 (2012-11-30)
MIDF Target Price	6.35 (2012-11-30)
OSK Target Price	6.62 (2012-11-30)
RHB Target Price	7.15 (2012-11-30)

Accounting Ratio 

Return on Equity	11.65%
Dividend Yield	3.89%
Operating Profit Margin	23.25%
Net Profit Margin	21.38%
Tax Rate	16.85%
Asset Turnover	0.4048
Net Asset Value Per Share	2.29
Net Tangible Asset per share	1.31
Price/Net Tangible Asset Per Share	4.51
Cash Per Share	1.01
Liquidity Current Ratio	1.3596
Liquidity Quick Ratio	1.3059
Liquidity Cash Ratio	1.0112
Gearing Debt to Equity Ratio	1.1189
Gearing Debt to Asset Ratio	0.5058
Working capital per thousand Ringgit sale	17.5%
Days to sell the inventory	12
Days to collect the receivables	44
Days to pay the payables	149

Technical Analysis 

SMA 10	5.866 (Downtrend)
SMA 20	5.951 (Downtrend 20 days)
SMA 50	6.267 (Downtrend)
SMA 100	6.055 (Uptrend)
SMA 200	5.574 (Uptrend)
MACD (26d/12d)	-0.12597 ( 0.011529 )
Signal (9)	-0.130544 ( 0.001144 )
MACD Histogram	0.004574 (Bullish trend 1 day)
Bolinger Upper Band	6.675
Bolinger Lower Band	5.227

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)

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USD/MYR chart


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
2012-11-29	2012	3	N/A	N/A	-	3.28%	8.96%	4548015	13228352	972212	2889130	709918	1942185	0.0829	0.2278	43211817	11592821	21854832	8526631	1824845	21356985	4772101	3872265	1178494	6069165	899836	2078330	8147495	8568117	8526093	50637571	2012-09-30	23.25%	21.38%	16.85%	0.4048	-	2.29	1.31	4.51	1.01	1.3596	1.3059	1.0112	1.1189	0.5058	17.5%	12	44	149
2012-08-30	2012	2	6.83	5.61	0.08	3.08%	5.69%	4424512	8680337	1011784	1916918	666638	1232267	0.0781	0.1444	41303299	9449775	19863422	7555550	1816973	21439877	2121649	1496896	731086	6096467	624753	106333	5990134	8537467	8536652	51139427	2012-06-30	25.69%	22.87%	24.03%	0.415	-	2.3	1.32	4.54	0.76	1.2507	1.1826	0.8577	1.0123	0.4809	11.1%	14	43	157
2012-05-22	2012	1	6.23	5.25	-	2.61%	2.61%	4255825	4255825	905134	905134	565629	565629	0.0665	0.0665	41977097	10390819	20081453	8521517	1695768	21895644	1717528	950628	170778	6082799	766900	937678	7020477	8501289	8501289	45736934	2012-03-31	23.17%	21.27%	28.75%	0.3993	-	2.38	1.39	3.87	0.88	1.2194	1.173	0.8798	0.9941	0.4784	11.2%	11	48	178
2012-02-23	2011	4	5.44	5.01	0.15	2.69%	11.57%	4264289	16447937	700346	3576599	544586	2345628	0.0642	0.2764	41105861	9406964	19430364	8086879	1832415	21675497	5785248	4812401	640590	5714149	972847	332257	6046406	8481775	8487347	43172234	2011-12-31	20.85%	16.42%	10.49%	0.4001	18.4175	2.34	1.36	3.74	0.78	1.1632	1.121	0.8182	0.9792	0.4727	8.0%	10	47	164
2011-11-30	2011	3	5.19	4.65	-	2.91%	8.88%	4194507	12183648	963315	2876253	589626	1801042	0.0694	0.2121	40041932	9200118	18893493	7845230	1816415	21148439	4647056	3095404	1057687	6287462	1551652	493965	6781427	8495794	8492686	43328549	2011-09-30	25.86%	22.97%	29.50%	0.4046	-	2.28	1.38	3.7	0.8	1.1727	1.1316	0.8661	0.9773	0.4718	8.4%	9	39	150
2011-08-23	2011	2	5.1	4.43	0.04	3.27%	5.97%	4048759	7989141	1010728	1912938	663051	1211416	0.0781	0.1427	39022829	8766867	18268763	6848087	1680773	20754066	2844087	1816289	859057	6247559	1027798	168741	6416300	8493582	8492146	42298038	2011-06-30	26.56%	24.96%	24.31%	0.4086	-	2.25	1.35	3.69	0.76	1.2802	1.253	0.9395	0.9578	0.4682	12.0%	5	41	142
2011-05-31	2011	1	5.22	4.52	-	2.70%	2.70%	3940382	3940382	902210	902210	548365	548365	0.0645	0.0645	38650094	8927473	17795377	6124552	1665319	20854717	1543100	946292	299277	6244054	596808	297531	6541585	8499034	8499034	42495170	2011-03-31	24.12%	22.90%	28.94%	0.4075	-	2.26	1.36	3.68	0.77	1.4577	1.4458	1.0705	0.9274	0.4604	17.8%	2	45	145
2011-02-23	2010	4	5.08	4.66	0.1	1.94%	9.38%	4016715	15620674	26775	3205738	367040	1770379	0.0432	0.2087	38100966	8420096	17822318	6063512	1553339	20278648	5923252	741556	855217	1931667	5181696	4326479	6258146	8494864	8483433	42049576	2010-12-31	1.92%	0.67%	-	0.41	23.7198	2.21	1.31	3.78	0.74	1.3887	1.3746	1.0353	0.9518	0.4678	15.1%	3	40	145
2010-11-24	2010	3	5.19	4.5	-	3.39%	11.32%	3937205	11603959	1044125	3232513	639126	2137419	0.0752	0.2518	38763353	7969635	17987068	6279069	1488208	20776285	4475393	24770	571571	1940555	4500163	3928592	5869147	8494605	8486928	38140776	2010-09-30	26.79%	26.52%	28.63%	0.3962	-	2.27	1.38	3.25	0.69	1.2692	1.257	0.9393	0.9325	0.464	11.0%	3	37	157
2010-08-25	2010	2	4.66	4.36	-	3.06%	7.94%	3854069	7666754	970977	2188388	576818	1498293	0.0681	0.1767	38062898	6887742	17825962	7011708	1425324	20236936	2997771	868359	1106810	1958461	3866130	2759320	4717781	8467517	8479784	37426425	2010-06-30	27.75%	25.19%	30.43%	0.3889	-	2.22	1.33	3.32	0.56	0.9823	0.9743	0.6792	0.9476	0.4683	-0.8%	2	42	163
2010-05-27	2010	1	4.5	3.68	-	4.88%	4.88%	3812685	3812685	1217411	1217411	921475	921475	0.1086	0.1086	38669541	6675645	18887643	7637986	1273309	19781898	1381911	372951	157960	1963294	1008960	851000	2814294	8484579	8484579	31308096	2010-03-31	32.77%	31.93%	21.42%	0.3663	-	2.18	1.28	2.88	0.34	0.874	0.8674	0.373	1.0205	0.4884	-6.8%	2	95	180
2010-02-24	2009	4	4.05	3.5	-	4.77%	14.13%	3755953	13312187	827662	2666221	558283	1652682	0.0659	0.2149	37144355	3697735	18263907	6633770	696363	18880448	4636315	3169985	2768296	3282195	1466330	1301966	1980229	8472981	7689193	29655433	2009-12-31	29.40%	22.04%	27.22%	0.357	16.2839	2.36	1.25	2.8	0.24	0.5574	0.5521	0.3024	1.0044	0.4917	-22.1%	1	43	155
2009-11-30	2009	3	3.5	3.0	-	4.31%	9.36%	3380922	9411273	768727	1838559	503667	1094399	0.0595	0.1474	38140345	4645743	20039480	6206605	570686	18100865	3460562	2795748	1025339	3283600	664814	360525	2923075	8458171	7426448	26051166	2009-09-30	22.69%	22.74%	30.82%	0.3126	-	2.36	1.22	2.52	0.35	0.7485	0.7419	0.4743	1.1431	0.5254	-13.1%	2	48	165
2009-08-27	2009	2	3.27	2.9	-	4.50%	5.05%	3214135	6125488	878621	1069832	526837	590732	0.0640	0.0857	38201626	5044496	20705277	5807479	530138	17496349	2063600	2006412	33227	3262133	57188	23961	3286094	8232494	6896603	25603056	2009-06-30	21.08%	27.34%	34.91%	0.3095	-	2.46	1.24	2.51	0.41	0.8686	0.8611	0.5754	1.2204	0.542	-6.5%	2	48	162
2009-05-19	2009	1	3.24	2.13	-	0.55%	0.55%	2911353	2911353	191211	191211	63895	63895	0.0170	0.0170	38651420	5777968	26812412	8257774	481087	11839008	901968	1041189	747660	3243372	139221	608439	3851811	3753402	3753402	8707892	2009-03-31	22.84%	6.57%	73.93%	0.2985	-	3.03	0.81	2.86	1.05	0.6997	0.6909	0.4756	2.3607	0.6937	-21.5%	3	52	254
2009-02-26	2008	4	3.04	1.72	-	4.96%	4.80%	2418148	11347711	668401	905815	515250	497983	0.1373	0.1348	37352397	5076913	25654884	14210863	480790	11697513	2387795	11562252	10550820	1860394	9174457	1376363	3236757	3753402	3694732	11485410	2008-12-31	4.09%	27.64%	-	0.3038	22.7033	3.04	0.78	3.92	0.89	0.3573	0.3518	0.2344	2.2872	0.6868	-80.5%	3	50	335
2008-11-26	2008	3	3.98	3.02	-	2.35%	9.76%	3278024	8929563	360353	1574216	243896	1013233	0.0650	0.2757	38004395	5175076	25418787	17695569	517323	12585608	1634076	9552764	9125722	1905445	7918688	1207034	3112479	3753402	3675176	14938539	2008-09-30	20.57%	10.99%	32.59%	0.3074	-	3.28	0.98	4.06	0.87	0.2925	0.2874	0.1855	2.1062	0.6688	-107.2%	4	52	374
2008-08-26	2008	2	6.55	3.76	-	3.53%	7.41%	2929612	5651539	575382	1213863	366638	769337	0.0676	0.1441	29457906	4007748	17203568	10493324	499237	12254338	1248357	2480289	1852599	1886973	1231932	620667	2507640	5425206	5339057	32822496	2008-06-30	25.16%	19.64%	31.96%	0.3722	-	2.2	0.61	9.92	0.48	0.3819	0.3712	0.248	1.4635	0.584	-59.2%	5	39	369
2008-05-22	2008	1	7.4	5.45	-	3.88%	3.88%	2721927	2721927	638482	638482	402699	402699	0.1126	0.1126	15537071	1491531	11064357	6637813	704290	4472714	1238569	1576036	562257	1877822	337467	224790	2102612	3577393	3577393	26293838	2008-03-31	24.55%	23.46%	29.49%	0.6698	-	1.05	0.11	66.82	0.13	0.2247	0.2152	0.0726	2.9361	0.7121	-49.5%	3	33	247
N/A	2007	4	N/A	N/A	-	N/A	N/A	2754535	9996879	602900	2337203	519917	1781914	0.1453	0.4981	24489460	3148404	14110135	9981246	675748	10379325	4182193	5007321	1025901	1688770	825128	200773	1889543	3577393	3577393	28798013	2007-12-31	21.83%	21.89%	8.06%	0.3589	16.1613	2.71	0.64	12.58	0.55	0.3154	0.308	0.1973	1.4541	0.5762	-77.7%	4	38	444
N/A	2007	3	N/A	N/A	-	N/A	N/A	2556733	7242344	432549	1734303	328443	1261997	0.0918	0.3528	N/A	N/A	N/A	N/A	-	N/A	1592089	2405210	703090	1706516	813121	110031	1596485	3577393	3577393	28798013	2007-09-30	22.37%	16.92%	33.99%	N/A	-	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	-	N/A	N/A
N/A	2007	2	N/A	N/A	-	N/A	N/A	2373241	4685611	780512	1301754	588482	933554	0.1645	0.2610	N/A	N/A	N/A	N/A	-	N/A	2320387	2089567	490969	1715627	230820	721789	2437416	3577393	3577393	28798013	2007-06-30	33.89%	32.89%	20.07%	N/A	-	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	-	N/A	N/A
N/A	2007	1	N/A	N/A	-	N/A	N/A	1105062	1105062	182099	182099	96259	96259	2.6969	2.6969	N/A	N/A	N/A	N/A	-	N/A	426009	768384	205166	514744	342375	137209	377535	35693	35693	287328	2007-03-31	23.00%	16.48%	28.01%	N/A	-	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	-	N/A	N/A

Financial Quarter Balance Sheet

year	qrt	Available-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)
2012	3	1142	243966	25900	8327131	6810874	-	-	-	16114682	95301	8621848	261727	115323	26540	9	458216	2109158	165277	1376780	177345	11268671	65974	274154	-	47722	-	680444	163932	2145336	5489197	1824845
2012	2	889	292417	45093	8368509	6763800	-	-	-	16286819	95997	6480224	270220	148782	8280	8	514359	2027902	128711	1442433	149166	10092043	229438	266081	-	48000	-	-	169347	1714073	5624130	1816973
2012	1	892	345470	38089	8365250	6851766	-	-	-	15896497	88314	7497436	265305	51038	-	9	395211	2181820	132347	1372831	189300	9262413	236544	366501	-	54285	-	-	171355	2079172	6216705	1695768
2011	4	893	315611	44891	8297978	6769135	-	-	-	16161531	108858	6616788	286807	55242	-	9	341837	2106281	136056	1380054	127749	9231424	125054	343148	-	62382	-	-	187438	2227939	5609120	1832415
2011	3	919	240504	41664	7649086	6617776	-	-	-	16187058	104807	6794430	293555	58069	-	9	322575	1731480	-	1366099	169732	9236180	-	276252	-	358835	-	338562	228914	1557778	5361141	1816415
2011	2	896	134416	7645	7624694	6627598	-	-	-	15764777	95936	6433948	315110	55478	-	9	186543	1775779	-	1394024	280457	9487228	-	258967	-	258743	-	-	287379	1345064	4956901	1680773
2011	1	893	112470	12044	7613121	6626427	-	-	-	15265414	92252	6556509	288087	55118	-	10	72656	1955093	-	1385561	240590	9795765	-	248909	-	268190	-	-	275116	593267	4987979	1665319
2010	4	888	117457	14964	7605498	6698484	-	2020	-	15130246	111313	6277382	285774	68102	-	10	85056	1703772	-	1333863	191527	9983983	-	249433	-	274100	277678	-	244653	699591	4567490	1553339
2010	3	852	171808	21680	7590191	7723966	-	2022	-	15173686	109513	5897865	363809	83898	-	7	76870	1547186	-	1345446	69817	10062856	-	229880	-	284359	286403	-	248711	1054128	4405468	1488208
2010	2	856	191527	27120	7517944	7857323	-	2024	-	15467573	110789	4762363	268609	79187	-	7	56204	1721372	-	1341003	51749	9200491	-	221011	-	346641	341450	-	243649	1678965	4401003	1425324
2010	1	847	175967	21829	7663626	8151932	-	2025	-	15804507	173163	2848825	-	82426	-	7	50641	3693746	-	1292487	38452	9701480	-	217238	-	253518	363823	-	-	2284298	4736347	1273309
2009	4	180567	180429	-	8563450	7209558	1006277	2027	359103	15815333	129876	2006172	-	97054	-	7	35344	1559158	-	1247758	-	10173464	-	208915	-	221329	-	-	-	2149374	4263067	696363
2009	3	180566	177190	-	8482566	7082127	1004944	2029	356855	16078814	129511	2943945	-	105495	-	7	41126	1555170	-	1151651	-	12540155	-	141069	-	224179	-	-	-	1499936	4482490	570686
2009	2	180571	157939	-	8403612	7126172	1042768	2031	344280	15773417	126340	3341499	-	119651	-	7	43430	1539909	-	1035301	-	13726275	-	136222	-	230670	-	-	-	1187300	4389509	530138
2009	1	5916421	148141	-	8333384	1621384	1001732	2033	330393	15519625	339	3927055	-	126923	-	6	72368	1651616	-	825713	-	17601089	-	127836	2063613	203317	-	-	-	1408550	4582294	481087
2008	4	5914428	141188	-	8326345	1589905	1013202	2036	328352	14959670	358	3330731	-	129035	-	6	77263	1539878	-	777263	-	10546052	-	120706	4063613	195478	-	-	-	5413299	4538473	480790
2008	3	5905585	142250	-	8476256	1586730	703880	-	363274	15650441	903	3281661	-	140042	-	-	90218	1663155	-	921519	-	6704101	-	97598	4025000	256539	-	-	-	8222175	5191855	517323
2008	2	-	147179	-	8488799	1567764	782102	-	345616	14118299	399	2602620	-	128359	-	-	112541	1164228	-	925518	-	5687710	-	97016	4025000	198341	-	-	-	1813353	4456630	499237
2008	1	-	152128	-	3379408	243715	832041	-	300143	9137787	318	482200	-	-	-	-	63217	946114	-	451773	-	3968047	-	6724	3071416	39572	-	-	-	1336536	2190289	704290
2007	4	-	162890	-	7418436	251140	1024454	2044	321860	12159837	395	1967743	-	201088	-	1713	74625	903235	-	881885	-	3159808	-	87196	4025000	99739	-	-	-	1909746	3946761	675748

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	Gain from merger exercise	Gain/loss on dilution of equity investment in associate	Share of net profit of jointly controlled entity	Foreign exchange (loss)/gain in operating costs	Foreign exchange (loss)/gain in finance costs	Other expenses	Staff costs	Domestic interconnect and international outpayment	Marketing expenses
2012	3	4548015	163798	223149	14945	1338063	98496	65720	68227	786866	-	0	-	26307	4042	7130	278275	709509	373698
2012	2	4424512	243173	164836	25563	1325080	101973	63709	14903	811808	-	5405	-	21358	33298	20264	271761	540580	363041
2012	1	4255825	260188	161585	21666	1336846	79317	62876	77618	769537	-	6665	-	66921	53099	1896	264085	467054	385163
2011	4	4264289	73433	160365	36652	1349928	82327	60733	4382	898473	-	0	-	64734	93627	4028	275591	410556	416464
2011	3	4194507	284174	169478	8665	1222013	89515	66512	29694	783264	-	4234	-	9205	43909	49610	306873	433165	413532
2011	2	4048759	245681	160615	28217	1223160	101996	60813	48108	739709	-	3452	-	39852	9630	15527	262319	424161	376448
2011	1	3940382	261061	147644	7455	1247489	92784	47723	55561	725617	-	12422	-	19136	8442	43119	234168	407568	320190
2010	4	4016715	233982	167925	66152	1221439	106283	51864	52364	1796475	0	0	0	77588	40193	-	285064	403199	377163
2010	3	3937205	298958	159457	30095	2103867	106041	42090	37145	680950	0	2357	0	127743	71964	-	-	-	-
2010	2	3854069	295465	169116	55093	2025695	98694	41156	22582	785895	0	0	0	28169	6952	-	-	-	-
2010	1	3812685	260753	174610	319590	1112320	35183	18500	26048	678591	173199	3362	141939	46467	70256	23519	239230	420045	362784
2009	4	3755953	225312	180377	45080	1139272	44067	24856	47246	813901	-	-	17524	237581	150915	-	259173	387946	333946
2009	3	3380922	236920	190788	70613	2071511	28140	22233	50869	657562	-	-	20780	44776	139955	-	-	-	-
2009	2	3214135	306710	260600	69650	1905571	45074	29065	27966	834851	-	-	6752	134180	397895	-	-	-	-
2009	1	2911353	141371	264491	126980	1809293	14055	33813	34702	597664	-	-	27942	33463	249710	-	-	-	-
2008	4	2418148	54905	283510	43831	1654046	98246	40195	22528	688060	-	-	95147	218853	253487	-	-	-	-
2008	3	3278024	117439	298381	46456	2028016	982	22994	29387	635473	-	-	50273	13150	17515	-	-	-	-
2008	2	2929612	183902	196608	63394	1713844	24842	24046	23443	537904	-	-	5262	4290	7205	-	-	-	-
2008	1	2721927	188287	97800	25260	1604269	47496	12084	7649	477028	-	-	8242	2349	40068	-	-	-	-
2007	4	2754535	48589	116098	1477	1629401	34394	29117	14518	498550	-	-	150454	26762	76390	-	-	-	-
2007	3	2556733	147045	199827	48873	1595379	42939	21321	1891	438599	-	-	66874	296	25852	-	-	-	-
2007	2	2373241	156666	100659	219929	1350374	35364	18622	13443	423119	-	-	31156	15467	13740	-	-	-	-
2007	1	1105062	51013	51406	2084	620210	34827	6820	3234	251926	-	-	9692	19185	21052	-	-	-	-

Financial Quarter Segments Revenue

year	qrt	Others	Elimination/Adjustment	Malaysia	Indonesia	Bangladesh	Sri Lanka
2012	3	73643	5928	1928193	1828399	387250	336458
2012	2	77527	10314	1898822	1759023	365813	333641
2012	1	75588	6013	1892320	1640541	330340	323049
2011	4	70056	14230	1876734	1671543	334700	325486
2011	3	86756	9028	1821018	1657498	317490	320773
2011	2	91238	11319	1744348	1602984	316667	304841
2011	1	81782	9423	1732022	1533092	301474	301435
2010	4	71080	-	1711137	1625193	308212	301093
2010	3	68607	10949	1707324	1560239	315341	296643
2010	2	70124	15019	1694253	1521759	293550	289402
2010	1	57747	9487	1680025	1490626	290335	293952
2009	4	63849	-	1690443	1410150	301874	289637
2009	3	68360	-	1599070	1231450	250735	281131
2009	2	54571	-	1535225	1118774	236240	269325
2009	1	49638	-	1459007	899683	231559	271466
2008	4	85369	-	1419441	407926	220879	284533
2008	3	34955	-	1427201	1290885	193089	331894
2008	2	52439	-	1335566	1089899	174490	277218
2008	1	46732	-	1325901	908237	170084	270973
2007	4	106124	-	1257017	944454	172521	274419
2007	3	21075	-	1340578	755182	179657	302391
2007	2	38464	-	2445418	677240	174843	244584
2007	1	37917	-	-	634098	191635	241412

Financial Quarter Segments Profit

year	qrt	Others	Elimination/Adjustment	Malaysia	Indonesia	Bangladesh	Sri Lanka
2012	3	28550	251	839682	845416	75144	117029
2012	2	19807	-	827845	882278	121533	112201
2012	1	32719	-	794494	830082	103320	107500
2011	4	27205	6904	776344	829369	108768	131348
2011	3	40361	15000	767319	805570	102837	117867
2011	2	55860	-	757776	867236	89226	104293
2011	1	68284	-	782938	823815	94790	97708
2010	4	972103	-	480200	451366	36088	36120
2010	3	22083	-	790914	836815	112207	115485
2010	2	56795	38295	792245	831587	101521	105589
2010	1	14955	38295	734443	795269	75688	96246
2009	4	20115	-	476939	552569	62529	52856
2009	3	82836	-	534738	312883	13425	5519
2009	2	11967	-	478686	302439	60088	221353
2009	1	10511	-	453570	79603	23022	28847
2008	4	45727	-	384252	370611	1138577	108001
2008	3	69398	-	403608	142200	1242	13721
2008	2	3160	-	425476	200431	3056	47771
2008	1	12406	-	398208	198996	24227	9142
2007	4	34758	-	343948	154067	18153	48896
2007	3	83065	-	356887	67329	61321	77091
2007	2	22672	-	653102	132259	23467	80551
2007	1	5861	-	-	150657	22877	84438

Financial Quarter Segments Associate

year	qrt	Others	Elimination/Adjustment	Malaysia	Sri Lanka
2012	3	67318	-	923	14
2012	2	12834	5405	2047	22
2012	1	75150	6665	2449	19
2011	4	2402	-	1895	85
2011	3	27908	4234	1667	119
2011	2	45956	3452	2088	64
2011	1	53606	12422	1955	-
2010	4	48064	-	4300	-
2010	3	34788	-	-	-
2010	2	22582	-	-	-
2010	1	53946	-	-	-
2009	4	30166	-	444	-
2009	3	30089	-	-	-
2009	2	34718	-	-	-
2009	1	6760	-	-	-
2008	4	72619	-	-	-
2008	3	20886	-	-	-
2008	2	18181	-	-	-
2008	1	15891	-	-	-
2007	4	164972	-	-	-
2007	3	64983	-	-	-
2007	2	52648	-	-	-
2007	1	6458	-	-	-

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

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