KLCI Stock - AHEALTH / 7090 - 2012 Quarter 3

APEX HEALTHCARE BERHAD


Company Description

APEX HEALTHCARE BERHAD is a Malaysia-based investment holding company. The Company and its subsidiaries are engaged in manufacturing, distribution, marketing and retailing of pharmaceutical products. The Company is also engaged in providing management services. The Company’s segments include manufacturing of pharmaceutical products and marketing, distribution, and retailing of pharmaceutical products. On April 30, 2007, the Company completed the acquisition of 20% of Maritzberg Investments Limited (MIL). On April 15, 2008, the Company acquired 35% of Chastal Maketing Pte Ltd (CMPL). In December 2008, the Company divested its entire 35% interest in Chastal Marketing Pte Ltd.

Company Info

Listing Date	2000-06-26
Market Capital (Capital Size)	344,878,100 (Small)
Par Value	RM 1.00
Board	Main
Sector	Consumer Products
Major Industry	Drugs, Cosmetics & Health Care
Sub Industry	Pharmaceutical
Website	http://www.apexpharmacy.com/

My Analysis

Forecast P/E now	(3.68-0.18)/0.3109 = 11.26 (Moderate)
Target Price	3.58+0.18 = 3.76 (PE 11.5, EPS 0.3109, DPS 0.18)
Decision	BUY if stock price around SMA50 or wait rebound around SMA100
Comment	Revenue decreased 2.9% but higher than preceding year corresponding quarter 6.5%, eps decreased 23% but higher than preceding year corresponding quarter 39.6%, cash generated from operating enough to cover all expenses, current assests maintain high which can further expand, gross margin lower a bit but still high at 24%, liquidity ratio indicate very firm can meet current obligation and possible higher dividend, gearing ratio indicate lowering liabilities risk especially borrowings, all accounting turnover period is good which can generate cash on hand, all segments growth
First Support Price	3.6
Second Support Price	3.4
Risk Rating	MODERATE

Research House

OSK Target Price

3.84 (2012-11-22)

Accounting Ratio

Return on Equity	13.97%
Dividend Yield	4.89%
Gross Profit Margin	24.75%
Operating Profit Margin	9.00%
Net Profit Margin	8.97%
Tax Rate	26.38%
Asset Turnover	1.3805
Net Asset Value Per Share	2.22
Net Tangible Asset per share	2.21
Price/Net Tangible Asset Per Share	1.61
Cash Per Share	0.63
Liquidity Current Ratio	2.7808
Liquidity Quick Ratio	2.122
Liquidity Cash Ratio	0.8107
Gearing Debt to Equity Ratio	0.3747
Gearing Debt to Asset Ratio	0.2725
Working capital per thousand Ringgit sale	32.7%
Days to sell the inventory	60
Days to collect the receivables	88
Days to pay the payables	86

Technical Analysis

SMA 10	3.651 (Downtrend)
SMA 20	3.616 (Uptrend 14 days)
SMA 50	3.58 (Same)
SMA 100	3.394 (Uptrend)
SMA 200	3.08 (Uptrend)
MACD (26d/12d)	0.028987 ( 0.001815 )
Signal (9)	0.030313 ( 0.000331 )
MACD Histogram	0.001326 (Bearish trend 5 days)
Bolinger Upper Band	3.797
Bolinger Lower Band	3.435

My notes based on 2012 quarter 3 report (number in '000):-
- Higher pbt than FY11Q3 due to impairment loss of RM2.2 million which was accounted for in the third quarter of 2011 when the Group decided to divest its equity interest in Xiamen Maidiken Science & Technology Co Ltd, China

- Higher revenue from Manufacturing segment due to its market leading range of cough and cold syrups registered encouraging sales growth, and a new product for the treatment of hypertension, ADROTEN (bisoprolol5mg), was launched further strengthening Xepa's portfolio of cardiovascular products. Construction of the new Administration Block is on track to be commissioned by the 1st quarter of year 2013

- Higher revenue and pbt from Wholesale & Distribution segment than FY11Q3 due to core pharmaceutical wholesaling and distribution businesses performed steadily. AVO Diagnostics products continued to gain market share with sales growing Newly launched AVO products, antibiotic CLAVOMAX (amoxicillin/clavunalic acid 625mg) and AVONAC suppository (sodium diclofenac 12.5 mg suppository) secured excellent market penetration. AGNESIA medicated powder range was extended with the addition of two new fragrances, Lavender and Rose. Apex Pharma Singapore performed well with a 13% growth in revenue with strong margins due to successful execution of its marketing and selling strategies

- Estimate next 4Q eps after 2012 Q3 result announced = 208142*0.14/93717 = 0.3109, estimate PE on current price 3.68 = 11.26(DPS 0.18)
- Estimate next 4Q eps after 2012 Q2 result announced = 205900*0.135/93717 = 0.2966, estimate highest/lowest PE = 12.47/10.01 (DPS 0.16)
- Estimate next 4Q eps after 2012 Q1 result announced = 0.2717, estimate highest/lowest PE = 11.02/9.59 (DPS 0.155)
- Estimate next 4Q eps after 2011 Q4 result announced = 212212*0.12/93717 = 0.2717, estimate highest/lowest PE = 10.25/9.59 (DPS 0.155)
- Estimate next 4Q eps after 2011 Q3 result announced = 0.07*4*1.05 = 0.294, estimate highest/lowest PE = 9.3/8.52 (DPS 0.145)
- Estimate next 4Q eps after 2011 Q2 result announced = 0.38, estimate highest/lowest PE = 7.33/6.14 (DPS 0.145)
- Estimate next 4Q eps after 2011 Q1 result announced = 0.095*4 = 0.38, estimate highest/lowest PE = 8.21/7.05 (DPS 0.13)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.08*4*1.05 = 0.336(exclude non-recurring income RM10.1 million), estimate highest/lowest PE = 8.54/7.44 (DPS 0.13)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.0771*4*1.05 = 0.3238, estimate highest/lowest PE = 8.18/7.38 (DPS 0.08)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.1334*2*1.1 = 0.2935 (0.1334 is recent 2Q cum_eps, 10% increase), estimate highest/lowest PE = 8.7/7.85 (DPS 0.076)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.32 (add 5% adjustment from 0.3048 due to profit boosted), estimate highest/lowest PE = 10.48/8.41 (DPS 0.0975)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.3048 (10% grow from 0.2771(after deducted 3.4 mil)), estimate highest/lowest PE = 10.74/6.18 (DPS 0.1975)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.2385, estimate highest/lowest PE = 8.82/7.26 (DPS 0.0975)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.2365, estimate highest/lowest PE = 7.83/6.44 (DPS 0.0975)
- Estimate next 4Q eps after 2009 Q1 result announced = 0.2312, estimate highest/lowest PE = 6.64/5.47 (DPS 0.095)
- Estimate next 4Q eps after 2008 Q4 result announced = 0.2168, estimate highest/lowest PE = 6.11/4.59 (DPS 0.095)

AHEALTH latest news (English)

AHEALTH 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	gros_m	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
2012-11-21	2012	3	N/A	N/A	-	3.03%	9.93%	97807	302611	8771	32431	6440	21122	0.0687	0.2254	286088	201709	77946	72537	137	208142	22871	29262	16131	22802	52133	36002	58804	93717	93717	333632	2012-09-30	24.75%	9.00%	8.97%	26.38%	1.3805	-	2.22	2.21	1.61	0.63	2.7808	2.122	0.8107	0.3747	0.2725	32.7%	60	88	86
2012-08-15	2012	2	3.86	3.13	0.06	3.93%	6.90%	100678	204804	11333	23660	8362	14682	0.0892	0.1567	288993	204366	83093	77594	120	205900	14991	30659	9406	22802	45650	36244	59046	93717	93717	291459	2012-06-30	25.54%	11.29%	11.26%	26.11%	1.3461	-	2.2	2.18	1.43	0.63	2.6338	2.0128	0.761	0.4038	0.2875	32.6%	61	91	90
2012-05-23	2012	1	3.15	2.76	-	2.97%	2.97%	104126	104126	12327	12327	6320	6320	0.0674	0.0674	288019	203938	82293	76365	108	205726	7826	32272	604	22802	40098	39494	62296	93717	93717	260533	2012-03-31	27.18%	11.87%	11.84%	48.59%	1.31	-	2.19	2.18	1.28	0.66	2.6706	2.0862	0.8158	0.4002	0.2857	33.8%	58	94	93
2012-02-23	2011	4	2.94	2.76	0.1	4.04%	14.15%	92330	366002	9331	35849	8017	28075	0.0855	0.2996	288049	202525	75415	67171	13336	212634	32650	15866	16979	22997	16784	195	22802	93717	93717	265219	2011-12-31	26.06%	10.15%	10.11%	14.17%	1.2706	9.4468	2.13	2.11	1.34	0.24	3.0151	2.3734	0.3395	0.3784	0.2618	37.0%	58	86	86
2011-11-15	2011	3	2.88	2.65	-	2.32%	10.08%	91867	273672	6125	26464	4607	20004	0.0492	0.2135	283424	202349	79454	70497	13337	203970	21027	9728	16367	22864	11299	5068	17796	93717	93717	266156	2011-09-30	25.07%	6.75%	6.67%	24.52%	1.2389	-	2.03	2.02	1.41	0.19	2.8703	2.1818	0.2524	0.4168	0.2803	37.6%	68	91	93
2011-08-19	2011	2	2.93	2.48	0.055	3.29%	7.76%	88983	181805	8738	20339	6523	15397	0.0696	0.1643	283237	153595	80254	68037	13319	202983	11599	6558	8856	22738	5041	3815	18923	93717	93717	273653	2011-06-30	25.56%	9.41%	9.82%	23.71%	1.2035	-	2.02	2.01	1.45	0.2	2.2575	1.5676	0.2781	0.4231	0.2833	25.1%	68	94	92
2011-05-19	2011	1	3.25	2.81	-	4.47%	4.47%	92822	92822	11601	11601	8874	8874	0.0947	0.0947	286173	156844	82126	69641	13436	204047	8424	5096	709	22738	3328	2619	25357	93717	93717	281151	2011-03-31	27.19%	11.69%	12.50%	21.42%	1.1497	-	2.03	2.02	1.49	0.27	2.2522	1.6386	0.3641	0.4309	0.287	26.5%	65	98	99
2011-02-24	2010	4	3.0	2.63	0.09	7.67%	19.11%	77454	313718	19327	45094	13215	32941	0.1410	0.3515	265988	137789	67617	54830	15308	198371	26634	8476	15140	19721	18158	3018	22739	93717	93717	251161	2010-12-31	26.63%	8.04%	24.95%	8.46%	1.1794	7.6246	1.95	1.94	1.38	0.25	2.513	1.8033	0.424	0.3694	0.2542	26.4%	62	88	81
2010-11-23	2010	3	2.73	2.47	-	4.19%	11.44%	81613	236264	9092	25767	7222	19726	0.0771	0.2105	257493	144590	76835	64934	10832	180658	21615	6477	10675	19731	15138	4463	24194	93717	93717	236166	2010-09-30	26.59%	9.55%	11.14%	15.51%	1.1899	-	1.81	1.8	1.4	0.26	2.2267	1.598	0.3726	0.4524	0.2984	26.0%	66	95	91
2010-08-18	2010	2	2.63	2.38	0.04	3.36%	7.25%	77117	154651	7827	16675	5800	12504	0.0619	0.1334	249571	139087	72491	60173	10298	177080	13533	3898	9945	19950	9635	310	19640	93717	93717	239915	2010-06-30	26.05%	9.31%	10.15%	22.72%	1.1907	-	1.78	1.77	1.45	0.21	2.3115	1.613	0.3264	0.4346	0.2905	26.6%	70	95	90
2010-05-19	2010	1	3.24	2.4	-	3.89%	3.89%	77534	77534	8848	8848	6704	6704	0.0894	0.0894	251117	142356	71849	59071	10049	179268	8062	1658	950	19950	6404	5454	25404	74974	74974	239916	2010-03-31	27.21%	10.69%	11.41%	21.81%	1.1547	-	2.26	2.24	1.43	0.34	2.4099	1.6962	0.4301	0.4246	0.2861	28.7%	71	94	91
2010-02-23	2009	4	3.47	2.08	0.145	5.82%	14.75%	70118	282719	12258	30093	8733	22144	0.1165	0.2954	236980	129216	64597	51706	9836	172383	32820	2251	16302	5683	30569	14267	19950	74974	74974	148448	2009-12-31	26.64%	10.12%	17.48%	14.17%	1.193	6.7038	2.17	2.15	0.92	0.27	2.4991	1.6952	0.3858	0.3974	0.2726	27.4%	72	87	81
2009-11-18	2009	3	2.2	1.83	-	3.31%	8.93%	72403	212601	6313	17835	4966	13411	0.0662	0.1789	232690	132070	74023	60193	8048	158667	21825	1633	9507	5711	20192	10685	16396	74974	74974	137952	2009-09-30	24.89%	7.99%	8.72%	17.76%	1.1948	-	2.01	1.99	0.92	0.22	2.1941	1.4779	0.2724	0.4915	0.3181	25.9%	75	95	88
2009-08-19	2009	2	1.95	1.62	0.0525	2.81%	5.63%	69920	140198	5591	11522	4216	8445	0.0562	0.1126	227391	126627	70964	57092	7822	156427	13785	883	6211	5711	12902	6691	12402	74974	74974	119958	2009-06-30	23.73%	6.97%	8.00%	18.40%	1.2007	-	1.98	1.96	0.82	0.18	2.2179	1.4701	0.2305	0.4775	0.3121	25.5%	75	95	83
2009-05-20	2009	1	1.63	1.36	-	2.82%	2.82%	70278	70278	5931	5931	4229	4229	0.0564	0.0564	232492	130959	78096	63610	7476	154396	10774	1038	1686	5711	9736	8050	13761	74974	74974	103464	2009-03-31	24.71%	8.47%	8.44%	27.92%	1.1427	-	1.96	1.94	0.71	0.21	2.0588	1.4041	0.2507	0.5316	0.3359	25.4%	76	101	93
2009-02-27	2008	4	1.42	1.09	0.045	2.67%	10.88%	65412	259239	4701	19019	3633	14776	0.0485	0.1971	218248	116518	68128	53808	7430	150120	14692	10012	6541	7572	4680	1861	5711	74974	74974	86220	2008-12-31	24.33%	6.44%	7.19%	18.27%	1.1878	5.8351	1.9	1.88	0.61	0.09	2.1654	1.3869	0.1286	0.4775	0.3122	24.2%	78	95	77
2008-11-19	2008	3	1.35	0.9	-	2.91%	8.20%	67425	193827	5080	14318	3954	11143	0.0527	0.1486	225064	123911	80599	65208	5500	144465	19555	9947	5112	7554	9608	4496	12050	74974	74974	97466	2008-09-30	23.84%	6.69%	7.53%	19.74%	1.116	-	1.85	1.83	0.71	0.16	1.9002	1.2512	0.1848	0.58	0.3581	23.4%	81	101	104
2008-08-20	2008	2	1.7	1.3	0.05	2.38%	5.29%	62547	126402	4229	9238	3232	7189	0.0431	0.0959	207950	118270	68284	52717	-	139666	11705	1196	6377	7524	10509	4132	11656	74974	74974	127455	2008-06-30	24.38%	6.44%	6.76%	23.58%	1.1613	-	1.86	1.84	0.92	0.16	2.2435	1.5063	0.2211	0.4889	0.3284	27.1%	77	102	93
2008-05-21	2008	1	1.75	1.54	-	2.91%	2.91%	63855	63855	5009	5009	3957	3957	0.0528	0.0528	210882	121024	73394	55194	-	137488	7369	317	1634	7524	7052	5418	12942	74974	74974	129705	2008-03-31	24.02%	7.77%	7.84%	21.00%	1.1378	-	1.83	1.81	0.96	0.19	2.1927	1.5544	0.2619	0.5338	0.348	27.4%	70	109	94
2008-02-27	2007	4	1.75	1.56	0.045	5.55%	15.72%	57341	235937	4673	19405	6795	19233	0.0906	0.2565	205521	114835	69670	53050	-	135851	18085	21202	961	9681	3117	2156	7525	74974	74974	125956	2007-12-31	24.68%	7.89%	8.15%	-	1.148	6.549	1.81	1.79	0.94	0.16	2.1647	1.3998	0.2201	0.5128	0.339	26.2%	82	97	85
2007-11-21	2007	3	1.77	1.65	-	3.20%	10.16%	57742	178596	4254	14732	3921	12438	0.0523	0.1659	199206	111322	70159	51952	-	129047	16778	18417	1278	9681	1639	361	9320	74974	74974	128955	2007-09-30	23.51%	6.81%	7.37%	7.83%	1.1771	-	1.72	1.7	1.01	0.14	2.1428	1.3871	0.2021	0.5437	0.3522	25.3%	80	96	86
2007-08-22	2007	2	1.76	1.71	0.04	4.10%	6.96%	61014	120854	6078	10478	5023	8517	0.0670	0.1136	199933	114329	71817	53786	-	128116	10117	15461	6723	9673	5344	1379	11052	74974	74974	N/A	2007-06-30	23.52%	6.73%	9.96%	17.36%	0.884	-	1.71	1.69	N/A	0.17	2.1256	1.4642	0.2322	0.5606	0.3592	34.3%	96	137	110
2007-05-23	2007	1	N/A	N/A	-	2.86%	2.86%	59840	59840	4400	4400	3494	3494	0.0466	0.0466	189572	117227	63717	54413	-	125855	3560	2664	2419	9698	896	1523	8175	74974	74974	131204	2007-03-31	23.35%	7.35%	7.35%	20.59%	0.6105	-	1.68	1.66	1.05	0.16	2.1544	1.4447	0.2235	0.5063	0.3361	54.3%	159	210	176
2007-02-28	2006	4	N/A	N/A	0.05	N/A	N/A	55887	224288	4340	18215	2979	13382	0.0434	0.1949	187706	117055	65334	55941	-	122372	10376	7265	4456	2142	3111	7567	9709	68656	68656	120834	2006-12-31	23.93%	7.83%	7.77%	31.36%	0.2977	9.0296	1.78	1.76	1.0	0.21	2.0925	1.4059	0.2535	0.5339	0.3481	109.4%	330	421	360

Financial Quarter Balance Sheet

year	qrt	Available-for-sale financial assets (A-0)	Deferred tax assets (A-0)	Intangible assets (A-0)	Investment in associated companies (A-0)	Investment properties (A-0)	Property, plant and equipment (A-0)	Cash and cash equivalents (A-1)	Current asset classified as held for sales (A-1)	Derivative financial assets (A-1)	Inventories (A-1)	Trade receivables (A-1)	Deferred tax liabilities (L-0)	Loans & borrowings (L-0)	Current tax liabilities (L-1)	Derivative liabilities (L-1)	Dividend payable (L-1)	Loans & borrowings (L-1)	Trade and other payables (L-1)	Minority interest (M-1)
2012	3	3928	901	1166	-	3464	74920	58803	-	25	47784	95097	5409	-	3858	-	-	-	68679	137
2012	2	3928	905	1181	-	3482	75131	59046	-	85	48181	97054	5287	212	4167	-	-	2267	71160	120
2012	1	3928	811	1199	-	3500	74643	62295	-	18	44623	97002	5150	778	2724	-	-	2267	71374	108
2011	4	3928	748	1218	-	3518	76112	22802	50245	-	43098	86380	6899	1345	1005	12	-	2267	63887	13336
2011	3	3928	614	1235	-	3810	71488	17796	48154	-	48540	87859	7045	1912	1951	6	-	2267	66273	13337
2011	2	3928	585	1253	50355	3810	69711	18923	-	38	46939	87695	6738	5479	2360	-	-	2267	63410	13319
2011	1	3928	473	1274	50516	3810	69328	25357	-	36	42728	88723	6440	6045	1808	-	-	2267	65566	13436
2010	4	3928	359	1285	49594	3810	69223	23250	-	47	38914	75578	6175	6612	1144	-	-	2840	50846	15308
2010	3	3928	288	1301	34834	4106	68446	24194	-	33	40828	79535	4722	7179	3037	-	3749	2389	55759	10832
2010	2	3928	243	1291	33389	4128	67505	19640	-	-	42025	77422	4509	7809	3958	-	-	2395	53820	10298
2010	1	3928	165	1344	32575	3779	66970	25404	-	-	42161	74791	4402	8376	2698	43	-	2498	53832	10049
2009	4	-	58	1405	35791	3800	66710	19950	-	-	41562	67704	3948	8943	1572	-	-	2798	47336	9836
2009	3	-	222	1328	30533	3787	64750	16396	-	-	43108	72566	3975	9855	918	-	2952	5628	50695	8048
2009	2	-	252	1378	29868	3808	65458	13162	-	-	42696	70769	3450	10422	1176	-	-	8983	46933	7822
2009	1	-	167	1428	29492	3829	66617	15950	-	-	41643	73366	3185	11301	990	-	-	11371	51249	7476
2008	4	-	167	1479	29296	3850	66938	6919	-	-	41893	67706	2702	11618	647	-	-	11541	41620	7430
2008	3	-	-	1529	27245	7690	64689	12050	-	-	42323	69538	2477	12914	965	-	2774	7431	54038	5500
2008	2	-	-	1530	16578	3871	67701	11656	-	-	38864	67750	2109	13458	923	-	-	5370	46424	-
2008	1	-	-	1578	15655	3885	68740	14455	-	-	35232	71337	4235	13965	648	-	-	7514	47032	-
2007	4	-	-	1626	15335	3900	69825	11676	-	-	40575	62584	1987	14633	270	-	-	10848	41932	-
2007	3	-	-	1630	15035	2869	68350	10499	-	-	39258	61565	4639	13568	532	-	2999	6107	42314	-
2007	2	-	-	1697	14587	2884	66436	12489	-	-	35578	66262	4463	13568	1397	-	-	11684	40705	-
2007	1	-	-	1766	10416	2899	57264	12164	-	-	38615	66448	4108	5196	1196	-	-	10577	42640	-
2006	4	-	-	1835	10227	2913	55676	14182	-	-	38407	64466	3909	5484	988	-	-	13002	41951	-

Financial Quarter Income Statement

year	qrt	Revenue	Income tax expense	Cost of sales	Finance/interest costs	Other income	Administrative/Operating expenses	Minority interest	Share of profit/ (loss) of associates	Selling and distribution costs	Negative goodwill	Gain/loss on disposal of subsidiaries	Impairment loss	Other expenses
2012	3	97807	2314	73600	30	375	4011	17	-	11549	-	-	-	221
2012	2	100678	2959	74969	35	1610	4014	12	-	11831	-	-	-	106
2012	1	104126	5990	75824	37	331	4342	17	-	11914	-	-	-	13
2011	4	92330	1322	68268	44	617	4303	8	0	12456	-	-	1870	415
2011	3	91867	1502	68839	79	404	3852	16	0	10961	-	-	2200	215
2011	2	88983	2072	66235	83	462	3758	143	449	10951	-	-	-	129
2011	1	92822	2485	67584	81	268	3519	242	831	11053	-	-	-	83
2010	4	77454	1636	56829	88	259	4820	4476	13188	9813	-	-	-	24
2010	3	81613	1410	59914	94	176	3606	460	1396	10295	-	-	-	184
2010	2	77117	1778	57025	88	423	3388	249	733	9933	-	-	-	12
2010	1	77534	1930	56439	83	263	3493	214	640	9433	-	-	-	141
2009	4	70118	1737	51442	100	987	3632	1788	5259	7999	-	-	-	933
2009	3	72403	1121	54385	134	306	3060	226	665	9337	-	-	-	145
2009	2	69920	1029	53329	157	227	2982	346	876	8786	-	-	-	178
2009	1	70278	1656	52913	217	355	2910	46	196	8682	-	-	-	176
2008	4	65412	859	49500	262	570	3313	209	748	8102	-	-	-	852
2008	3	67425	1003	51352	251	280	3137	123	821	8547	-	-	-	159
2008	2	62547	997	47300	232	258	3022	-	432	8338	-	-	-	116
2008	1	63855	1052	48516	270	195	2725	-	320	7781	-	-	-	69
2007	4	57341	2122	43190	152	1395	3125	-	300	7787	-	0	-	109
2007	3	57742	333	44169	128	336	2897	-	448	6973	-	0	-	105
2007	2	61014	1055	46664	152	409	2684	-	301	7847	-	1825	-	124
2007	1	59840	906	45867	190	244	2850	-	189	6867	-	-	-	99
2006	4	55887	1361	42513	232	360	3001	-	194	6013	0	-	-	342

Financial Quarter Segments Revenue

year	qrt	Elimination/Adjustment	Manufacturing	Wholesale, marketing & distribution	Corporate & Others
2012	3	28765	22234	89193	15145
2012	2	15364	21772	91932	2338
2012	1	21200	27011	96025	2290
2011	4	24660	20946	85505	10539
2011	3	10446	14989	53438	10887
2011	2	26489	25611	109963	2897
2011	1	10075	23172	77994	1731
2010	4	-	13070	63328	1056
2010	3	-	14946	66312	355
2010	2	-	12830	63563	724
2010	1	-	13041	64362	131
2009	4	-	10388	59512	218
2009	3	-	11836	60417	150
2009	2	-	12061	57703	156
2009	1	-	12085	58054	139
2008	4	-	10371	54849	192
2008	3	-	9153	58124	148
2008	2	-	9022	53378	147
2008	1	-	8341	55369	145
2007	4	-	8097	49047	197
2007	3	-	8317	49266	159
2007	2	-	8671	52186	157
2007	1	-	8215	51472	153
2006	4	-	8584	47031	180

Financial Quarter Segments Profit

year	qrt	Elimination/Adjustment	Manufacturing	Wholesale, marketing & distribution	Corporate & Others
2012	3	422	6006	3878	661
2012	2	405	7714	4401	342
2012	1	385	9971	4421	1643
2011	4	1600	5789	3321	1280
2011	3	2383	6110	3126	649
2011	2	336	6186	3038	67
2011	1	376	7492	4167	399
2010	4	-	5256	2366	1070
2010	3	-	5528	3338	338
2010	2	-	4725	3284	451
2010	1	-	5753	3359	482
2009	4	-	3176	4525	304
2009	3	-	4085	2303	352
2009	2	-	3957	1556	336
2009	1	-	4505	2639	892
2008	4	-	2907	1865	184
2008	3	-	3083	2102	439
2008	2	-	2993	1800	411
2008	1	-	3382	2265	378
2007	4	-	2762	1384	734
2007	3	-	2480	1950	158
2007	2	-	3085	1541	255
2007	1	-	2801	2263	264
2006	4	-	3791	1374	756

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

KLCI Stock - AHEALTH / 7090 - 2011 Quarter 4

Company Info

Market Capital (Capital Size)	268,030,262 (Small)
Par Value	RM 1.00

My Analysis

Forecast P/E now	(2.86-0.155)/0.2717 = 9.96 (High)
Target Price	2.58+0.155 = 2.74 (PE 9.5, EPS 0.2717, DPS 0.155)
Decision	Not interested unless coming financial quarter report got significant good result
Comment	Revenue increased 0.5% and was second consecutive quarter increasing and also higher than preceding year corresponding quarter 19.2%, eps increased 73.8% but lower than preceding year corresponding quarter 39.4%, cash generated from operating enough to cover financing expenses but investing expenses used 0.8% of Group cash to cover, gross margin still very high, stronger liquidity ratio from moderate to high level now, lower gearing ratio at below moderate level now, lower debt ratio and still far from historical high, all repayment period is good
First Support Price	2.8
Second Support Price	2.7
Risk Rating	MODERATE

Accounting Ratio

Return on Equity	13.23%
Dividend Yield	5.42%
Gross Profit Margin	26.06%
Operating Profit Margin	10.15%
Net Profit Margin	10.11%
Tax Rate	14.17%
Asset Turnover	1.2713
Net Asset Value Per Share	2.12
Net Tangible Asset per share	2.11
Price/Net Tangible Asset Per Share	1.34
Cash Per Share	0.24
Liquidity Current Ratio	3.0217
Liquidity Quick Ratio	2.378
Liquidity Cash Ratio	0.3406
Gearing Debt to Equity Ratio	0.3806
Gearing Debt to Asset Ratio	0.2629
Working capital per thousand Ringgit sale	37.0%
Days to sell the inventory	58
Days to collect the receivables	86
Days to pay the payables	86

Technical Analysis

SMA 20	2.888 (Downtrend 8 days)
SMA 50	2.856 (Downtrend)
SMA 100	2.795 (Uptrend)
SMA 200	2.82 (Same)
MACD (26d/12d)	-0.00176 ( 0.000729 )
Signal (9)	0.004854 ( 0.001653 )
MACD Histogram	0.006614 (Bearish trend 12 days)

My notes based on 2011 quarter 4 report (number in '000):-
- Lower pbt than FY10Q4 due to recognition of both non-recurring and operational income of RM15.9 million from Xiamen Maidiken Science and Technology Co (‘MDK’) in 2010. If performance were to be evaluated without contributions from MDK, profit before tax in 2011 grew 19% over 2010

- Higher pbt than FY11Q3 attributed to the subsequent revision to the estimated fair value less costs to sell of the Assets (or disposal group) as held for sale

- Estimate next 4Q eps after 2011 Q4 result announced = 212212*0.12/93717 = 0.2717, estimate PE on current price 2.86 = 9.96(DPS 0.155)
- Estimate next 4Q eps after 2011 Q3 result announced = 0.07*4*1.05 = 0.294, estimate highest/lowest PE = 9.3/8.52 (DPS 0.145)
- Estimate next 4Q eps after 2011 Q2 result announced = 0.38, estimate highest/lowest PE = 7.33/6.14 (DPS 0.145)
- Estimate next 4Q eps after 2011 Q1 result announced = 0.095*4 = 0.38, estimate highest/lowest PE = 8.21/7.05 (DPS 0.13)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.08*4*1.05 = 0.336(exclude non-recurring income RM10.1 million), estimate highest/lowest PE = 8.54/7.44 (DPS 0.13)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.0771*4*1.05 = 0.3238, estimate highest/lowest PE = 8.18/7.38 (DPS 0.08)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.1334*2*1.1 = 0.2935 (0.1334 is recent 2Q cum_eps, 10% increase), estimate highest/lowest PE = 8.7/7.85 (DPS 0.076)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.32 (add 5% adjustment from 0.3048 due to profit boosted), estimate highest/lowest PE = 10.48/8.41 (DPS 0.0975)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.3048 (10% grow from 0.2771(after deducted 3.4 mil)), estimate highest/lowest PE = 10.74/6.18 (DPS 0.1975)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.2385, estimate highest/lowest PE = 8.82/7.26 (DPS 0.0975)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.2365, estimate highest/lowest PE = 7.83/6.44 (DPS 0.0975)
- Estimate next 4Q eps after 2009 Q1 result announced = 0.2312, estimate highest/lowest PE = 6.64/5.47 (DPS 0.095)
- Estimate next 4Q eps after 2008 Q4 result announced = 0.2168, estimate highest/lowest PE = 6.11/4.59 (DPS 0.095)

AHEALTH latest news (English)

AHEALTH latest news (Chinese)

KLCI Stock - AHEALTH / 7090 - 2011 Quarter 3

Company Info

Market Capital (Capital Size)	253,972,731 (Small)
Par Value	RM 1.00

My Analysis

Forecast P/E now	(2.71-0.145)/0.294 = 8.72 (High)
Target Price	2.50+0.145 = 2.64 (PE 8.5, EPS 0.294, DPS 0.145)
Decision	Not interested unless stock price next uptrend start above 2.8
Comment	Revenue increased 3.2% and also higher than preceding year corresponding quarter 12.6%, eps decreased 29.6% and was third consecutive quarter decreasing and also lower than preceding year corresponding quarter 36.2%, cash generated from operating enough to cover financing expenses but investing expenses used 22.2% of Group cash to cover, stronger liquidity ratio at moderate level now, lower gearing ratio at below moderate level now, all accounting ratio are good, expect lower profit due to ceased of associates company, higher inventory which can indicate still strong demand of products
First Support Price	2.7
Second Support Price	2.5
Risk Rating	MODERATE

Accounting Ratio

Return on Equity	16.49%
Dividend Yield	5.35%
Profit Margin	6.67%
Tax Rate	24.52%
Asset Turnover	1.2389
Net Asset Value Per Share	2.03
Net Tangible Asset per share	2.02
Price/Net Tangible Asset Per Share	1.41
Cash Per Share	0.19
Liquidity Current Ratio	2.8703
Liquidity Quick Ratio	2.1818
Liquidity Cash Ratio	0.2524
Gearing Debt to Equity Ratio	0.4168
Gearing Debt to Asset Ratio	0.2803
Working capital per thousand Ringgit sale	37.6%
Days to sell the inventory	64
Days to collect the receivables	91
Days to pay the payables	88

My notes based on 2011 quarter 3 report (number in '000):-
- Higher revenue mainly due to manufacturing unit, Xepa performed well, supported by strong sales in the domestic and Singapore markets, Apex Pharma wholesale, distribution and marketing unit

- The Group‟s own products under the AVEX, AVO, AGNESIA and KAP brands increased market share with a growing number of customers. AGNESIA and KAPS products were exported or the first time to Uganda. Revenue from Singapore operations under Apex Pharma Marketing Pte Ltd grew steadily, supported by newly acquired agencies

- Lower pbt attributed to the Group's decision to seek an exit for its investment in MDK because non-current Assets Held For Sale and Discontinued Operations, the Group re-measured its investment to the lower of carrying amount and fair value less cost to sell resulting in an impairment of RM 2.2 million arising from estimated capital gain tax and transaction costs

- Estimate next 4Q eps after 2011 Q3 result announced = 0.07*4*1.05 = 0.294, estimate PE on current price 2.71 = 8.72(DPS 0.145)
- Estimate next 4Q eps after 2011 Q2 result announced = 0.38, estimate highest/lowest PE = 7.33/6.14 (DPS 0.145)
- Estimate next 4Q eps after 2011 Q1 result announced = 0.095*4 = 0.38, estimate highest/lowest PE = 8.21/7.05 (DPS 0.13)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.08*4*1.05 = 0.336(exclude non-recurring income RM10.1 million), estimate highest/lowest PE = 8.54/7.44 (DPS 0.13)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.0771*4*1.05 = 0.3238, estimate highest/lowest PE = 8.18/7.38 (DPS 0.08)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.1334*2*1.1 = 0.2935 (0.1334 is recent 2Q cum_eps, 10% increase), estimate highest/lowest PE = 8.7/7.85 (DPS 0.076)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.32 (add 5% adjustment from 0.3048 due to profit boosted), estimate highest/lowest PE = 10.48/8.41 (DPS 0.0975)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.3048 (10% grow from 0.2771(after deducted 3.4 mil)), estimate highest/lowest PE = 10.74/6.18 (DPS 0.1975)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.2385, estimate highest/lowest PE = 8.82/7.26 (DPS 0.0975)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.2365, estimate highest/lowest PE = 7.83/6.44 (DPS 0.0975)
- Estimate next 4Q eps after 2009 Q1 result announced = 0.2312, estimate highest/lowest PE = 6.64/5.47 (DPS 0.095)
- Estimate next 4Q eps after 2008 Q4 result announced = 0.2168, estimate highest/lowest PE = 6.11/4.59 (DPS 0.095)

AHEALTH latest news (English)

AHEALTH latest news (Chinese)

KLCI Stock - AHEALTH / 7090 - 2011 Quarter 2

Company Info

Market Capital (Capital Size)	265,218,756 (Small)
Par Value	RM 1.00

My Analysis

Forecast P/E now	(2.83-0.145)/0.38 = 7.07 (Moderate)
Target Price	3.23+0.145 = 3.38 (PE 8.5, EPS 0.38, DPS 0.145)
Decision	Not interested unless stock price sustain at 2.95
Comment	Revenue decreased 4.1% but higher than preceding year corresponding quarter 15.4%, eps decreased 26.4% and was second consecutive quarter decreasing but still higher than preceding year corresponding quarter 12.9%, cash generated from operating more than enough to cover financing expenses but investing expenses used 16.8% of Group cash to cover, stronger liquidity ratio at moderate level now, lower gearing ratio at below moderate level now, all accounting ratio are good
First Support Price	2.8
Second Support Price	2.6
Risk Rating	MODERATE

Accounting Ratio

Return on Equity	18.27%
Dividend Yield	5.12%
Profit Margin	9.85%
Tax Rate	23.63%
Asset Turnover	1.2035
Net Asset Value Per Share	2.02
Net Tangible Asset per share	2.01
Price/Net Tangible Asset Per Share	1.45
Cash Per Share	0.2
Liquidity Current Ratio	2.2575
Liquidity Quick Ratio	1.5676
Liquidity Cash Ratio	0.2781
Gearing Debt to Equity Ratio	0.4231
Gearing Debt to Asset Ratio	0.2833
Working capital per thousand Ringgit sale	25.1%
Days to sell the inventory	64
Days to collect the receivables	94
Days to pay the payables	87

My notes based on 2011 quarter 2 report (number in '000):-
- Lower pbt than FY11Q1 attributed to a moderated demand for the Group’s products following an exceptionally strong first quarter

- The good performance than FY10Q2 is attributed to continued strong sales domestically in both the private and public sectors upon the successful outcome of its promotional launches and local trade fairs. Operating synergies were further enhanced with the streamlining of domestic distribution coverage under Apex Pharmacy Marketing Sdn Bhd

- Revenue and profit at Apex Pharmacy Marketing Sdn Bhd likewise grew steadily, with continued good market acceptance of newly launched own-brand products. These include AvoMeter Perfect, a combination blood glucose and total cholesterol meter under the Group’s Avo Diagnostics brand. Newly acquired agencies contributed to sustain growth in pharmaceutical distribution operations in Singapore

- Estimate next 4Q eps after 2011 Q2 result announced = 0.38, estimate PE on current price 2.83 = 7.07(DPS 0.145)
- Estimate next 4Q eps after 2011 Q1 result announced = 0.095*4 = 0.38, estimate highest/lowest PE = 8.21/7.05 (DPS 0.13)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.08*4*1.05 = 0.336(exclude non-recurring income RM10.1 million), estimate highest/lowest PE = 8.54/7.44 (DPS 0.13)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.0771*4*1.05 = 0.3238, estimate highest/lowest PE = 8.18/7.38 (DPS 0.08)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.1334*2*1.1 = 0.2935 (0.1334 is recent 2Q cum_eps, 10% increase), estimate highest/lowest PE = 8.7/7.85 (DPS 0.076)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.32 (add 5% adjustment from 0.3048 due to profit boosted), estimate highest/lowest PE = 10.48/8.41 (DPS 0.0975)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.3048 (10% grow from 0.2771(after deducted 3.4 mil)), estimate highest/lowest PE = 10.74/6.18 (DPS 0.1975)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.2385, estimate highest/lowest PE = 8.82/7.26 (DPS 0.0975)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.2365, estimate highest/lowest PE = 7.83/6.44 (DPS 0.0975)
- Estimate next 4Q eps after 2009 Q1 result announced = 0.2312, estimate highest/lowest PE = 6.64/5.47 (DPS 0.095)
- Estimate next 4Q eps after 2008 Q4 result announced = 0.2168, estimate highest/lowest PE = 6.11/4.59 (DPS 0.095)

AHEALTH latest news (English)

AHEALTH latest news (Chinese)

KLCI Stock - AHEALTH / 7090 - 2011 Quarter 1

Company Info

Market Capital (Capital Size)	281,150,625 (Small)
Par Value	RM 1.00

My Analysis

Forecast P/E now	(3.0-0.13)/0.38 = 7.55 (Moderate)
Target Price	3.23+0.13 = 3.36 (PE 8.5, EPS 0.38, DPS 0.13)
Decision	BUY
Comment	Revenue increased 19.8% and also higher than preceding year corresponding quarter 19.7%, eps decreased 32.6% but higher than preceding year corresponding quarter 6.3%, cash generated from operating still got extra after deduct all expenses, weaker liquidity ratio at moderate level now, higher gearing ratio at below moderate level now, all accounting periods are good
First Support Price	2.9
Second Support Price	2.6
Risk Rating	MODERATE

Accounting Ratio

Return on Equity	18.30%
Dividend Yield	4.33%
Profit Margin	12.53%
Tax Rate	21.38%
Asset Turnover	1.1497
Net Asset Value Per Share	2.03
Net Tangible Asset per share	2.02
Price/Net Tangible Asset Per Share	1.49
Cash Per Share	0.27
Liquidity Current Ratio	2.2522
Liquidity Quick Ratio	1.6386
Liquidity Cash Ratio	0.3641
Gearing Debt to Equity Ratio	0.4309
Gearing Debt to Asset Ratio	0.287
Working capital per thousand Ringgit sale	26.5%
Days to sell the inventory	61
Days to collect the receivables	98
Days to pay the payables	93

My notes based on 2011 quarter 1 report (number in '000):-
- Revenue at Xepa-Soul Pattinson (M) Sdn Bhd‟s („Xepa‟) exceeded budget and grew 18% quarter on quarter, driven by continued robust sales to private sector clinics, pharmacies and hospitals in the domestic sector. In anticipation of growing demand, Xepa has embarked on a fresh RM4 million capital expenditure program to increase capacity, automation and improve manufacturing efficiency

- Apex Pharmacy Marketing Sdn Bhd‟s revenue for the current quarter grew 22% compared to the same period last year due to good contributions from all four divisions; logistics, consumer, pharma & diagnostics and wholesale. Newly launched Avegesic 15mg under the Group‟s AVEX brand has been well received by the market. In Singapore, revenue grew by 23% year on year to RM17.3 million for the quarter, driven by newly acquired distribution agencies and wholesale

- Lower pbt than preceding quarter mainly because the Group recognized a deemed disposal gain of RM10.1 million in the last quarter of 2010 as a result of the issuance of shares at a premium to new investors by Xiamen Maidiken Science and Technology Co Ltd‟s intermediate holding company for its retail and distribution operations, Luyan (Fujian) Pharma Co., Ltd

- Estimate next 4Q eps after 2011 Q1 result announced = 0.095*4 = 0.38, estimate PE on current price 3 = 7.55(DPS 0.13)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.08*4*1.05 = 0.336(exclude non-recurring income RM10.1 million), estimate highest/lowest PE = 8.54/7.44 (DPS 0.13)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.0771*4*1.05 = 0.3238, estimate highest/lowest PE = 8.18/7.38 (DPS 0.08)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.1334*2*1.1 = 0.2935 (0.1334 is recent 2Q cum_eps, 10% increase), estimate highest/lowest PE = 8.7/7.85 (DPS 0.076)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.32 (add 5% adjustment from 0.3048 due to profit boosted), estimate highest/lowest PE = 10.48/8.41 (DPS 0.0975)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.3048 (10% grow from 0.2771(after deducted 3.4 mil)), estimate highest/lowest PE = 10.74/6.18 (DPS 0.1975)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.2385, estimate highest/lowest PE = 8.82/7.26 (DPS 0.0975)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.2365, estimate highest/lowest PE = 7.83/6.44 (DPS 0.0975)
- Estimate next 4Q eps after 2009 Q1 result announced = 0.2312, estimate highest/lowest PE = 6.64/5.47 (DPS 0.095)
- Estimate next 4Q eps after 2008 Q4 result announced = 0.2168, estimate highest/lowest PE = 6.11/4.59 (DPS 0.095)

AHEALTH latest news (English)

AHEALTH latest news (Chinese)

KLCI Stock - AHEALTH / 7090 - 2010 Quarter 4

Company Info

Market Capital (Capital Size)	253,035,562 (Small)
Par Value	RM 1.00

My Analysis

Forecast P/E now	(2.7-0.13)/0.336 = 7.65 (Moderate)
Target Price	2.69+0.13 = 2.82 (PE 8.0, EPS 0.336, DPS 0.13)
Decision	BUY
Comment	Revenue decreased 5.1% but higher than preceding year corresponding quarter 10.5%, eps increased 82.9% to highest record (higher than preceding year corresponding quarter 21%), positive free cash flow increasing but positive net cash flow decreased, liquidity ratio increased at moderate level now, gearing ratio decreased at below moderate level now, all accounting periods are good, expecting new income from JB new retail
First Support Price	2.6
Second Support Price	2.4
Risk Rating	MODERATE

Accounting Ratio

Return on Equity	16.61%
Dividend Yield	4.81%
Profit Margin	24.95%
Tax Rate	8.46%
Asset Turnover	1.1794
Net Asset Value Per Share	1.95
Net Tangible Asset per share	1.94
Price/Net Tangible Asset Per Share	1.38
Cash Per Share	0.25
Liquidity Current Ratio	2.513
Liquidity Quick Ratio	1.8033
Liquidity Cash Ratio	0.424
Gearing Debt to Equity Ratio	0.3696
Gearing Debt to Asset Ratio	0.2543
Working capital per thousand Ringgit sale	26.4%
Days to sell the inventory	58
Days to collect the receivables	88
Days to pay the payables	76

My notes based on 2010 quarter 4 report (number in '000):-
- The Group's revenue for the final quarter of 2010 was RM77.5 million and its profit before tax was RM19.4 million. For the 12 months to December 2010, the Group achieved record revenues of RM313.7 million and profit before tax of RM45.1 million, representing increases of 11% and 50% respectively over the result for the previous financial year. After adjusting for non-recurring income, Group pre-tax profit for 2010 is RM 35.0 million, an increase of 31% over that achieved in 2009

- Xepa-Soul Pattinson(Malaysia) Sdn Bhd's(Xepa) full year performance exceeded budget with revenue growth of 14% over 2009, driven by continued strong sales in domestic markets, improved exports and contract manufacturing. During the quarter, Xepa entered into a licensing, manufacturing and supply agreement with GlaxoSmithKline Pharmaceuticals Sdn Bhd in respect of six products for the treatment of cardiovascular and metabolic conditions. Additional production capacity for solid pharmaceutical products and a new Knowledge Centre was commissioned as interim upgrading works were completed

- In the same period, Apex Pharmacy Marketing Sdn Bhd('Apex') secured ISO 9001 certification for its distribution operations in Subang Jaya. Wholesale and Distribution performed well, with improved gross margins. This is attributed to a greater proportion of own brand products in the sales mix and better purchasing. New own brand products launched in the quarter by the Group include Avegesic(meloxicam 15mg) for pain management under the AVEX brand and the AvoMeter range of blood glucose monitoring meters

- Based on unaudited management accounts of the Group's associated company, Xiamen Maidiken Science & Technology Co Ltd('MDK'), China, total profit contribution rose 125% to RM15.9 million for year 2010, which includes a non-recurring component of RM10.1m. This non-recurring component is attributable to the issuance of shares at a premium to new investors by MDK's intermediate holding company for its retail and distribution operations, Luyan(Fujian) Pharma Co., Ltd. MDK's core business operations grew strongly, driven by strong domestic demand and sound business planning and execution, of which the Group‟s share is RM 5.8 million

- Profit before tax for the current quarter is RM19.3 million, an increase of 113% compared to RM9.1 million in the previous quarter. This is attributed mainly to the Group's recognition of non-recurring income of RM 10.1 million from its investment in MDK

- Estimate next 4Q eps after 2010 Q4 result announced = 0.08*4*1.05 = 0.336(exclude non-recurring income RM10.1 million), estimate PE on current price 2.7 = 7.65(DPS 0.13)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.0771*4*1.05 = 0.3238, estimate highest/lowest PE = 8.18/7.38 (DPS 0.08)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.1334*2*1.1 = 0.2935 (0.1334 is recent 2Q cum_eps, 10% increase), estimate highest/lowest PE = 8.7/7.85 (DPS 0.076)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.32 (add 5% adjustment from 0.3048 due to profit boosted), estimate highest/lowest PE = 10.48/8.41 (DPS 0.0975)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.3048 (10% grow from 0.2771(after deducted 3.4 mil)), estimate highest/lowest PE = 10.74/6.18 (DPS 0.1975)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.2385, estimate highest/lowest PE = 8.82/7.26 (DPS 0.0975)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.2365, estimate highest/lowest PE = 7.83/6.44 (DPS 0.0975)
- Estimate next 4Q eps after 2009 Q1 result announced = 0.2312, estimate highest/lowest PE = 6.64/5.47 (DPS 0.095)
- Estimate next 4Q eps after 2008 Q4 result announced = 0.2168, estimate highest/lowest PE = 6.11/4.59 (DPS 0.095)

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