KLCI Stock - SCIENTX / 4731 - 2012 Quarter 4

SCIENTEX BHD


Company Description

SCIENTEX BERHAD is engaged in investment holding, letting of properties and provision of management services. The Company has two operating segments: property segment, which is in the business of constructing and developing residential and commercial properties, and manufacturing segment, which is mainly in the business of manufacturing various packaging products and manufacturing materials for automotives interior. Included in this segment is also the marketing and sales of laminating polyurethane adhesives. The packaging business unit manufactures various packaging products, which caters for packaging for logistics purposes, general purpose packaging and packaging for bulk handling. The polymer business unit manufactures polyvinyl chloride (PVC) leather cloth, PVC/polypropylene (PP) and PVC/polyethylene (PE) foam and thermoplastic olefin/PP foam sheets for automotive instrument panels, door trims and headlining for car manufacturers in the Asia Pacific region.

Company Info 

Listing Date	1990-02-08
Market Capital (Capital Size)	683,100,000 (Medium)
Par Value	RM 0.50
Board	Main
Sector	Industrial Products
Major Industry	Property Development
Sub Industry	Packaging Products Manufacturing
Website	http://www.scientex.com.my/

My Analysis 

Forecast P/E now	(2.97-0.16)/0.4292 = 6.55 (Moderate)
Target Price	3.43+0.16 = 3.59 (PE 8.0, EPS 0.4292, DPS 0.16)
Decision	BUY if stock price rebound around SMA50 or wait rebound around SMA100
Comment	Revenue decreased 0.3% but higher than preceding year corresponding quarter 10.1%, eps increased 18.6% and also higher than preceding year corresponding quarter 12.6%, cash generated from operating enough to cover financing expenses but still increase borrowings and spent 10.9% of Group cash to cover investing expenses, operating margin maintain around 12%, liquidity ratio indicate can meet current obligation but must keep inventory liquid, gearing ratio indicate improve liabilities ratio by reducing borrowings but watch out if current assets continue decrease, all accounting turnover period is good which can generate free cash flow, higher inventory and higher revenue can indicate Group sales is positive trend, higher property development cost can indicate more property sales income in the future, all segment got better profit
First Support Price	2.9
Second Support Price	2.65
Risk Rating	MODERATE

Research House

Maybank Target Price	3.54 (2012-10-10)
TA Target Price	3.57 (2012-10-30)

Accounting Ratio 

Return on Equity	16.58%
Dividend Yield	5.39%
Operating Profit Margin	12.96%
Net Profit Margin	13.07%
Tax Rate	14.78%
Asset Turnover	1.089
Net Asset Value Per Share	2.44
Net Tangible Asset per share	2.44
Price/Net Tangible Asset Per Share	1.0
Cash Per Share	0.17
Liquidity Current Ratio	1.3882
Liquidity Quick Ratio	0.7682
Liquidity Cash Ratio	0.1705
Gearing Debt to Equity Ratio	0.4743
Gearing Debt to Asset Ratio	0.3082
Working capital per thousand Ringgit sale	9.4%
Days to sell the inventory	62
Days to collect the receivables	53
Days to pay the payables	74

Technical Analysis 

SMA 10	3.044 (Downtrend)
SMA 20	3.125 (Downtrend 4 days)
SMA 50	2.899 (Uptrend)
SMA 100	2.662 (Uptrend)
SMA 200	2.521 (Uptrend)
MACD (26d/12d)	-0.001296 ( 0.006087 )
Signal (9)	0.045773 ( 0.011767 )
MACD Histogram	0.047069 (Bearish trend 16 days)
Bolinger Upper Band	3.437
Bolinger Lower Band	2.813

My notes based on 2012 quarter 4 report (number in '000):-
- Higher revenue than FY11Q4 mainly due to higher demand for stretch film products mainly in the export markets in the Asia Pacific region but pbt offset by one off costs incurred for the relocation of the woven production from Malaysia to Vietnam to tap on better operational efficiencies and comparative cost advantage as part of the continous efforts to drive costs down and compete in a highly competitive environment

- Higher pbt mainly due to higher margins achieved from the products mix sold by the property division

- Estimate next 4Q eps after 2012 Q4 result announced = 0.3902*1.1 = 0.4292, estimate PE on current price 2.97 = 6.55(DPS 0.16)
- Estimate next 4Q eps after 2012 Q3 result announced = 0.3986, estimate highest/lowest PE = 6.07/5.54 (DPS 0.14)
- Estimate next 4Q eps after 2012 Q2 result announced = 40817*2*1.05/215040 = 0.3986, estimate highest/lowest PE = 6.05/5.32 (DPS 0.13)
- Estimate next 4Q eps after 2012 Q1 result announced = 0.0959*4 = 0.3836, estimate highest/lowest PE = 6.75/5.97 (DPS 0.13)
- Estimate next 4Q eps after 2011 Q4 result announced = 0.0948*4*0.95 = 0.3602, estimate highest/lowest PE = 6.69/5.55 (DPS 0.12)
- Estimate next 4Q eps after 2011 Q3 result announced = 0.0948*4*1.05 = 0.3982, estimate highest/lowest PE = 6.76/4.9 (DPS 0.05)

SCIENTX latest news (English)

SCIENTX 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
2012-09-18	2012	4	N/A	N/A	0.08	4.62%	16.58%	226014	881025	29531	107169	23389	83917	0.1088	0.3902	809042	295810	249338	213093	33988	559704	108689	91101	22018	40765	17588	4430	36335	215040	215040	526848	2012-07-31	12.96%	13.07%	14.78%	1.089	6.2782	2.44	2.44	1.0	0.17	1.3882	0.7682	0.1705	0.4743	0.3082	9.4%	62	53	74
2012-06-26	2012	3	2.56	2.35	0.06	3.89%	11.96%	226760	655011	25514	77638	19711	60528	0.0917	0.2815	808852	292684	262301	223429	32338	546551	83033	85337	6641	40765	2304	4337	45102	215040	215040	516096	2012-04-30	11.37%	11.25%	19.44%	1.0635	-	2.39	2.39	1.0	0.21	1.31	0.7775	0.2019	0.5101	0.3243	8.1%	57	55	73
2012-03-21	2012	2	2.54	2.25	-	3.99%	8.06%	214489	428251	25839	52124	20184	40817	0.0939	0.1898	751915	307594	225070	190698	31735	526845	51174	42430	6033	40765	8744	14777	55542	215040	215040	539750	2012-01-31	12.12%	12.05%	19.66%	1.1315	-	2.3	2.3	1.09	0.26	1.613	0.9715	0.2913	0.4546	0.2993	13.7%	60	56	57
2011-12-15	2012	1	2.72	2.42	-	4.08%	4.08%	213762	213762	26285	26285	20633	20633	0.0959	0.0959	780507	316521	251844	216119	39690	528663	24380	25618	37239	40765	1238	36001	76766	215040	215151	539750	2011-10-31	12.42%	12.30%	18.62%	1.0649	-	2.27	2.27	1.11	0.36	1.4646	0.9238	0.3561	0.515	0.3227	12.1%	59	54	66
2011-09-28	2011	4	2.53	2.12	0.07	4.61%	17.14%	205200	804023	25950	96641	20777	77246	0.0966	0.3590	725076	281005	218955	182176	38778	506121	110534	39275	53667	23173	71259	17592	40765	215040	215198	453734	2011-07-31	12.86%	12.65%	16.04%	1.1089	5.8782	2.17	2.17	0.97	0.19	1.5425	0.8142	0.2248	0.4685	0.302	12.3%	69	49	71
2011-06-21	2011	3	2.74	2.0	0.05	4.52%	12.53%	217312	598823	25885	70691	20388	56469	0.0948	0.2623	735797	283294	239938	194564	37920	495859	71493	33092	24079	23173	38401	14322	37495	215040	215251	580608	2011-04-30	12.03%	11.91%	18.34%	1.0744	-	2.13	2.13	1.27	0.18	1.456	0.8453	0.1936	0.524	0.3261	11.2%	62	58	73
2011-03-15	2011	2	2.76	2.44	-	4.23%	8.00%	194886	381511	23765	44806	19076	36081	0.0886	0.1675	705051	272938	230330	183031	37170	474721	39628	9593	20790	23173	30035	9245	32418	215303	215353	570552	2011-01-31	12.28%	12.19%	16.95%	1.0676	-	2.03	2.03	1.31	0.15	1.4912	0.8067	0.1781	0.5264	0.3267	11.9%	69	55	70
2010-12-15	2011	1	2.94	1.88	-	3.77%	3.77%	186625	186625	21041	21041	17005	17005	0.0789	0.0789	683581	248968	214135	163294	36654	469446	23227	4436	13284	23173	18791	5507	28680	215404	215404	407113	2010-10-31	11.24%	11.27%	17.03%	1.0482	-	2.01	2.01	0.94	0.13	1.5247	0.847	0.1767	0.4948	0.3133	12.0%	63	55	69
2010-09-28	2010	4	1.93	1.75	0.06	4.34%	14.67%	191686	694816	21710	70754	17829	60318	0.0828	0.2800	675063	239386	224266	171144	36449	450797	76832	90566	21468	15439	13734	7734	23173	215404	215404	407113	2010-07-31	11.40%	11.33%	16.08%	1.0293	6.7495	1.92	1.92	0.98	0.11	1.3987	0.7106	0.1365	0.5413	0.3322	9.8%	69	52	74
2010-06-23	2010	3	1.96	1.44	0.03	4.09%	10.33%	179502	503130	19290	49044	16823	42489	0.0781	0.1973	670195	220304	227525	174650	37269	442670	40550	75314	46493	15439	34764	11729	27168	215404	215404	312335	2010-04-30	10.79%	10.75%	10.61%	0.9518	-	1.88	1.8	0.81	0.13	1.2614	0.771	0.1566	0.5612	0.3395	7.2%	54	61	68
2010-03-25	2010	2	1.58	1.34	-	3.15%	6.24%	158714	323628	15064	29754	12938	25666	0.0601	0.1192	669145	218425	232188	176582	36967	436957	47204	71384	46282	15439	24180	22102	37541	215404	215404	308027	2010-01-31	9.37%	9.49%	10.63%	0.855	-	1.86	1.78	0.8	0.18	1.237	0.7357	0.2136	0.5805	0.347	7.3%	63	59	87
2009-12-16	2010	1	1.5	1.26	-	3.10%	3.10%	164914	164914	14690	14690	12728	12728	0.0591	0.0591	608322	217791	183941	139882	36559	424381	11100	10496	4609	15439	604	5213	20652	215404	215404	297257	2009-10-31	8.46%	8.91%	10.04%	0.8568	-	1.8	1.8	0.77	0.1	1.557	0.9162	0.1489	0.4743	0.3024	14.9%	69	75	90
2009-09-30	2009	4	1.4	1.25	0.05	3.77%	9.83%	134756	509731	15813	42051	14374	37458	0.0667	0.1739	584611	198457	173381	127527	36136	411230	71955	26218	59617	29319	45737	13880	15439	215404	215404	275717	2009-07-31	11.57%	11.73%	6.27%	0.8719	7.3607	1.74	1.74	0.74	0.07	1.5562	0.7693	0.1225	0.4622	0.2966	13.9%	78	59	87
2009-06-16	2009	3	1.36	1.12	-	2.62%	6.06%	113742	374975	11139	26239	9989	23085	0.0464	0.1072	552301	185908	155845	103138	35732	396456	32646	10219	33326	29319	22427	10899	18420	215404	215404	249868	2009-04-30	9.72%	9.79%	7.90%	0.9824	-	1.67	1.67	0.69	0.09	1.8025	1.0487	0.1803	0.432	0.2822	15.3%	58	60	56
2009-03-18	2009	2	1.17	0.85	-	1.46%	3.44%	107786	261233	6301	15100	5544	13096	0.0257	0.0608	555034	188635	169413	115441	35347	385621	8409	7260	9248	29319	1149	8099	21220	215404	215404	185247	2009-01-31	6.21%	5.85%	10.30%	1.071	-	1.63	1.62	0.53	0.1	1.634	0.9202	0.1901	0.4837	0.3052	12.3%	55	52	48
2008-12-17	2009	1	1.05	0.815	-	1.98%	1.98%	153447	153447	8799	8799	7552	7552	0.0351	0.0351	597527	230579	209024	153742	35000	388503	3092	1215	1782	29319	4307	2525	26794	215404	215404	219712	2008-10-31	5.96%	5.73%	10.84%	1.0947	-	1.64	1.63	0.63	0.13	1.4998	0.8524	0.1753	0.5913	0.3498	11.7%	61	58	68
2008-09-24	2008	4	1.19	0.95	0.05	5.64%	12.33%	167597	656596	22431	57414	21799	47698	0.1010	0.2414	621372	248178	240452	183858	34969	380920	63286	43096	19379	28508	20190	811	29319	215925	197584	243995	2008-07-31	13.32%	13.38%	1.34%	1.0567	4.6809	1.75	1.74	0.65	0.14	1.3498	0.7699	0.1603	0.695	0.387	9.8%	65	62	88
2008-06-24	2008	3	1.3	1.05	0.03	2.67%	6.75%	165589	488980	13226	35184	10314	26093	0.0522	0.1363	622487	243051	256397	202445	35016	366090	18767	40195	12017	28508	21428	9411	19097	197496	191426	244895	2008-04-30	8.36%	7.99%	9.83%	1.024	-	1.73	1.72	0.72	0.1	1.2006	0.6713	0.0989	0.7744	0.4119	6.4%	66	66	83
2008-03-25	2008	2	1.35	1.17	-	2.41%	4.08%	167489	323391	13003	21958	9323	15779	0.0496	0.0837	623300	243642	227444	171626	103334	395856	15564	34953	6188	28508	19389	13201	15307	187997	188456	233116	2008-01-31	8.02%	7.76%	12.33%	0.998	-	1.55	1.54	0.81	0.08	1.4196	0.7508	0.0904	0.7775	0.3649	11.6%	72	67	73
2007-12-18	2008	1	1.4	1.02	-	1.67%	1.67%	155902	155902	8955	8955	6456	6456	0.0342	0.0342	619107	225583	227488	169747	102808	391619	15334	33547	14547	28508	18213	3666	24842	188916	188916	258814	2008-10-31	6.21%	5.74%	13.23%	0.9893	-	1.53	1.52	0.9	0.14	1.3289	0.7871	0.1505	0.7877	0.3674	9.1%	59	64	73
2007-09-19	2007	4	1.42	1.3	0.03	N/A	N/A	148419	613091	7050	40218	9361	35184	0.0489	0.1829	590744	229022	203969	169251	102173	386775	60005	21829	34259	24591	38176	3917	28508	191576	192389	295027	2007-07-31	5.29%	4.75%	-	0.7729	8.4208	1.48	1.47	1.05	0.15	1.3532	0.8013	0.1735	0.7167	0.3453	13.1%	80	85	92
2007-06-27	2007	3	N/A	N/A	-	N/A	N/A	150255	464632	8488	33290	7010	25979	0.0366	0.1348	603621	242571	237633	183643	96876	365988	28435	10817	21730	24591	17618	4112	20479	191602	192663	272074	2007-04-30	6.25%	5.65%	4.76%	0.5105	-	1.4	1.39	1.02	0.12	1.3209	0.7697	0.1245	0.883	0.3937	19.1%	129	140	143
2007-03-20	2007	2	N/A	N/A	-	N/A	N/A	157921	314377	12420	24802	10765	18969	0.0545	0.0982	603141	246367	240963	184250	95620	362178	12118	6936	5739	24591	5182	557	24034	197574	193176	448492	2007-01-31	8.39%	7.86%	-	0.2618	-	1.38	1.37	1.66	0.13	1.3371	0.8124	0.1401	0.904	0.3995	39.3%	-	286	N/A

Financial Quarter Balance Sheet

year	qrt	Intangible assets (A-0)	Investment in associated companies (A-0)	Investment in jointly controlled entity (A-0)	Investment properties (A-0)	Land held for property development (A-0)	Other investments (A-0)	Property, plant and equipment (A-0)	Cash and cash equivalents (A-1)	Derivative financial assets (A-1)	Inventories (A-1)	Property development costs (A-1)	Trade receivables (A-1)	Deferred tax liabilities (L-0)	Loans & borrowings (L-0)	Retirement benefits obligations (L-0)	Current tax liabilities (L-1)	Loans & borrowings (L-1)	Retirement benefit obligations (L-1)	Trade and other payables (L-1)	Minority interest (M-1)
2012	4	-	10056	22464	4621	260198	5037	210856	36335	-	60981	71138	127356	23563	5000	7682	6491	50721	267	155614	33988
2012	3	-	9911	22219	4639	264875	5037	209487	45102	-	56893	62066	128623	25397	6250	7225	8193	64652	286	150298	32338
2012	2	-	9730	22413	4657	191246	5037	211238	55542	-	52528	69805	129719	19682	7500	7190	11357	62418	312	116611	31735
2012	1	-	9574	22476	4674	208855	5037	213370	76966	-	54390	62481	122684	19683	8750	7292	8864	76355	361	130539	39690
2011	4	-	9614	22499	4692	209275	5037	192954	40953	-	67763	64912	107377	19682	10000	7097	7583	37510	361	136722	38778
2011	3	-	9730	22462	-	216446	5037	198828	37675	340	53642	65193	126444	20639	18421	6314	7891	47375	448	138850	37920
2011	2	-	9552	-	-	214322	5037	203202	32598	864	61124	64156	114196	20639	20346	6314	6319	48139	530	128043	37170
2011	1	-	9391	-	-	216234	5037	203951	28860	1542	54519	56141	107906	20639	23888	6314	5205	37930	613	119546	36654
2010	4	-	8882	-	-	216675	5037	205083	23353	-	63375	54404	98254	20639	26169	6314	3283	42019	659	125183	36449
2010	3	16718	8557	-	-	222085	5217	197314	27347	-	52130	33523	107304	16984	29953	5938	2803	64766	109	106972	37269
2010	2	16718	8139	-	-	220897	5217	199749	37721	-	51203	37314	92187	16985	32682	5939	2483	50582	109	123408	36967
2010	1	-	7749	-	-	172898	5280	204604	20832	-	52766	36861	107332	17723	20397	5939	1590	20990	208	117094	36559
2009	4	-	6915	-	-	170512	5329	203398	15619	-	61682	38664	82492	17723	22163	5968	1405	14451	255	111416	36136
2009	3	1640	16775	-	-	137729	5329	204920	18600	-	50926	26824	89558	18911	28262	5534	263	26710	91	76074	35732
2009	2	1640	16378	-	-	136312	5329	206740	21940	-	51985	30420	84290	18909	29528	5535	408	43601	137	71295	35347
2009	1	1640	16251	-	-	138292	781	209984	26944	-	67713	31817	104105	18907	30840	5535	639	41979	137	110987	35000
2008	4	1640	15958	-	-	140298	781	214517	29469	-	77233	29384	112092	18907	32152	5535	1099	38622	249	143888	34969
2008	3	2037	15374	-	-	140782	3358	217885	20018	-	79022	28120	115891	20214	33463	275	1390	65894	-	135161	35016
2008	2	1918	15181	-	-	136501	3358	222700	15521	-	78042	36735	113344	20215	35412	191	1908	53854	-	115864	103334
2008	1	1640	14775	-	-	146619	3390	227100	25540	-	67507	24463	108073	20215	37285	241	1765	53782	-	114200	102808
2007	4	1640	14499	-	-	112409	3390	229784	29365	-	69967	23432	106258	20215	14157	346	1910	60107	-	107234	102173
2007	3	1587	14486	-	-	112911	4435	227631	22855	-	74574	26639	118503	36925	16745	320	1274	70535	-	111834	96876
2007	2	1640	14188	-	-	107669	4435	228842	25821	-	65769	30908	123869	36924	19496	293	1474	78981	-	103795	95620

Financial Quarter Income Statement

year	qrt	Revenue	Income tax expense	Finance/interest costs	Administrative/Operating expenses	Minority interest	Investment gain/loss
2012	4	226014	4365	200	196720	1777	437
2012	3	226760	4961	252	200980	842	14
2012	2	214489	5079	253	188490	576	93
2012	1	213762	4895	192	187222	757	63
2011	4	205200	4162	399	178817	1011	34
2011	3	217312	4747	399	191168	750	140
2011	2	194886	4029	323	170959	660	161
2011	1	186625	3584	452	165641	452	509
2010	4	191686	3491	460	169840	390	324
2010	3	179502	2046	496	160134	421	418
2010	2	158714	1601	205	143835	525	390
2010	1	164914	1475	99	150960	487	835
2009	4	134756	992	424	119168	447	649
2009	3	113742	880	313	102687	270	397
2009	2	107786	649	520	101092	108	127
2009	1	153447	954	647	144294	293	293
2008	4	167597	301	677	145279	331	790
2008	3	165589	1300	807	151749	1612	193
2008	2	167489	1603	834	154058	2077	406
2008	1	155902	1185	1009	146214	1314	276
2007	4	148419	2824	864	140563	513	58
2007	3	150255	404	1199	140865	1074	297
2007	2	157921	630	1073	144677	2285	249

Financial Quarter Segments Revenue

year	qrt	Property development	Manufacturing
2012	4	59187	166827
2012	3	59494	167266
2012	2	66181	148308
2012	1	59652	154110
2011	4	59593	145607
2011	3	58142	159170
2011	2	52615	142271
2011	1	48212	138413
2010	4	51713	139973
2010	3	37961	141541
2010	2	31608	127106
2010	1	28514	136400
2009	4	22761	111995
2009	3	17163	96579
2009	2	19074	88712
2009	1	22330	131117
2008	4	22303	145294
2008	3	22887	142702
2008	2	21213	139617
2008	1	20655	126565
2007	4	19248	119877
2007	3	18820	121803
2007	2	21703	126317

Financial Quarter Segments Profit

year	qrt	Property development	Manufacturing
2012	4	19385	9909
2012	3	16915	8865
2012	2	18527	7472
2012	1	17067	9473
2011	4	14153	12230
2011	3	18015	8129
2011	2	16298	7629
2011	1	13531	7453
2010	4	10881	10965
2010	3	9399	9969
2010	2	6506	8373
2010	1	6218	7736
2009	4	8478	7110
2009	3	4017	7038
2009	2	3129	3565
2009	1	4317	4836
2008	4	4539	5947
2008	3	5798	8042
2008	2	5240	7252
2008	1	4799	4468
2007	4	7039	1455
2007	3	4833	4216
2007	2	5580	7452

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