KLCI Stock - MBMR / 5983 - 2012 Quarter 3

MBM RESOURCES BERHAD


Company Description

MBM RESOURCES BERHAD is an investment holding company. The Company’s operating businesses are organized into three business segments: investment holding; marketing and distribution of motor vehicles and other related activities, and manufacturing of automotive parts, trucks and vehicles body building and other related activities. It operates through several subsidiaries. Its subsidiaries include Daihatsu (Malaysia) Sdn Bhd (DMSB), which is engaged in the marketing and distribution of motor vehicles, spare parts and provision of related motor repair services; Summit Vehicles Body Works Sdn. Bhd., which is engaged in trucks and vehicles body building and general engineering works, and Galaxy Waves Sdn. Bhd. whichis engaged in investment holding. On March 31, 2007, it acquired a 16.35% interest in Federal Auto Holdings Berhad (FAHB), which increased its interest in FAHB to 86%. In August 2008, it disposed Auto Style Enterprise Limited and Sun Motors Limited to Med-Bumikar Mara Sdn. Bhd.

Company Info 

Listing Date	1994-02-16
Market Capital (Capital Size)	1,347,699,212 (Large)
Par Value	RM 1.00
Board	Main
Sector	Trading/Services
Major Industry	Automotive Manufacturing & Distribution
Sub Industry	Automotive Parts Manufacturing
Website	http://www.mbmr.com.my

My Analysis 

Forecast P/E now	(3.45-0.06)/0.3741 = 9.06 (Moderate)
Target Price	3.93+0.06 = 3.99 (PE 10.5, EPS 0.3741, DPS 0.06)
Decision	BUY if stock price sustain and uptrend above 3.4 or wait rebound at lower price
Comment	Revenue decreased 4.8% but higher than preceding year corresponding quarter 38.8%, eps increased 4.1% but lower than preceding year corresponding quarter 5.7%, not enough cash for operating but got enough dividend to cover financing expenses and cash from borrowings more than enough to cover all other expenses, not much different on gross margin which still low, liquidity ratio indicate good position to meet current obligation and is more efficiency to manage cash, higher gearing ratio than earlier year indicate the Group through higher leverage to expand the business, all accounting turnover period is good, higher inventory can indicate still good prospects in near future
First Support Price	3.39
Second Support Price	3.2
Risk Rating	MODERATE

Research House

Jupiter Target Price	4.3 (2012-07-19)
Affin Target Price	3.6 (2012-10-01)
HLG Target Price	3.7 (2012-10-01)
AMMB Target Price	5.2 (2012-11-09)
HwangDBS Target Price	3.7 (2012-11-09)
Kenanga Target Price	3.68 (2012-11-09)
Maybank Target Price	4.05 (2012-11-09)
MIDF Target Price	4.53 (2012-11-09)
OSK Target Price	4.23 (2012-11-09)
RHB Target Price	3.55 (2012-11-09)
TA Target Price	3.78 (2012-11-09)

Accounting Ratio 

Return on Equity	10.34%
Dividend Yield	1.74%
Gross Profit Margin	8.23%
Operating Profit Margin	3.92%
Net Profit Margin	8.62%
Tax Rate	9.77%
Asset Turnover	0.9768
Net Asset Value Per Share	4.28
Net Tangible Asset per share	3.54
Price/Net Tangible Asset Per Share	0.95
Cash Per Share	1.12
Liquidity Current Ratio	2.2187
Liquidity Quick Ratio	1.5062
Liquidity Cash Ratio	0.7444
Gearing Debt to Equity Ratio	0.6093
Gearing Debt to Asset Ratio	0.3414
Working capital per thousand Ringgit sale	24.6%
Days to sell the inventory	57
Days to collect the receivables	54
Days to pay the payables	52

Technical Analysis 

SMA 10	3.405 (Uptrend)
SMA 20	3.412 (Uptrend 1 day)
SMA 50	3.495 (Downtrend)
SMA 100	3.57 (Uptrend)
SMA 200	3.328 (Uptrend)
MACD (26d/12d)	-0.021484 ( 0.005295 )
Signal (9)	-0.031141 ( 0.002414 )
MACD Histogram	0.009657 (Bullish trend 29 days)
Bolinger Upper Band	3.478
Bolinger Lower Band	3.346

My notes based on 2012 quarter 3 report (number in '000):-
- Higher revenue and pbt than FY11Q3 mainly attributable to increased vehicle sales from the passenger car segment as a result of additional dealerships and improved supply of vehicles. The Group also benefited from the first time consolidation of HHB's results this year

- Lower revenue than FY12Q2 as vehicle sales dropped in line with TIV but got higher pbt as a result of improved contribution from the manufacturing division as production volumes of major car makers recovered. Similarly, share of results of associate companies improved by 11.3% contributed mainly by the improved sales and production volume

- Estimate next 4Q eps after 2012 Q3 result announced = 1538484*0.095/390637 = 0.3741, estimate PE on current price 3.45 = 9.06(DPS 0.06)
- Estimate next 4Q eps after 2012 Q2 result announced = 1504120*0.095/390637 = 0.3658, estimate highest/lowest PE = 10.77/8.75 (DPS 0.06)
- Estimate next 4Q eps after 2012 Q1 result announced = 1362451*0.1/244774 = 0.5566, estimate highest/lowest PE = 7.24/5.05 (DPS 0.06)
- Estimate next 4Q eps after 2011 Q4 result announced = 1307129*0.1/245429 = 0.5326, estimate highest/lowest PE = 9.99/7.94 (DPS 0.06)
- Estimate next 4Q eps after 2011 Q3 result announced = 0.4606*1.05 = 0.4836, estimate highest/lowest PE = 9.97/6.06 (DPS 0.14)
- Estimate next 4Q eps after 2011 Q2 result announced = 0.2424*2*0.95 = 0.4606, estimate highest/lowest PE = 6.64/5.8 (DPS 0.13)
- Estimate next 4Q eps after 2011 Q1 result announced = 0.571, estimate highest/lowest PE = 5.52/4.71 (DPS 0.13)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.1154*4*0.9 = 0.4154, estimate highest/lowest PE = 7.73/6.76 (DPS 0.13)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.1399*4*0.9 = 0.5036, estimate highest/lowest PE = 6.77/5.7 (DPS 0.08)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.5049*0.9 = 0.4544, estimate highest/lowest PE = 7.22/6.45 (DPS 0.08)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.4772 (base on year 2008 eps), estimate highest/lowest PE = 6.71/5.53 (DPS 0.06)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.0931*4 = 0.3724, estimate highest/lowest PE = 8.4/6.69 (DPS 0.06)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.0916*4 = 0.3664, estimate highest/lowest PE = 7.21/6.39 (DPS 0.06)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.0568*4 = 0.2272, estimate highest/lowest PE = 10.65/8.98 (DPS 0.06)
- Estimate next 4Q eps after 2009 Q1 result announced = 0.0381*4 = 0.1524, estimate highest/lowest PE = 14.37/12.6 (DPS 0.18)
- Estimate next 4Q eps after 2008 Q4 result announced = 0.0672*4 = 0.2688, estimate highest/lowest PE = 8.59/6.58 (DPS 0.18)

MBMR latest news (English)

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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
2012-11-08	2012	3	N/A	N/A	-	2.71%	8.10%	584951	1742899	50407	150412	35468	105940	0.1158	0.3460	2336114	1020098	797630	459782	229429	1538484	25893	10344	124374	252201	36237	88137	340338	306157	306157	1034810	2012-09-30	8.23%	3.92%	8.62%	9.77%	0.9768	-	4.28	3.54	0.95	1.12	2.2187	1.5062	0.7444	0.6093	0.3414	24.6%	57	54	52
2012-08-09	2012	2	4.0	3.26	0.03	2.25%	5.38%	614287	1157948	43813	100005	29451	70472	0.1112	0.2661	2306184	1017292	802064	446767	219409	1504120	25865	5737	129152	252201	31602	97550	349751	264826	264826	1038117	2012-06-30	7.69%	3.49%	7.13%	8.70%	0.9186	-	4.85	4.0	0.98	1.33	2.277	1.5765	0.7873	0.6243	0.3478	26.9%	59	59	59
2012-05-24	2012	1	4.15	2.87	-	3.13%	3.13%	543661	543661	56192	56192	41021	41021	0.1676	0.1676	2095452	807298	733001	378346	211572	1362451	30036	16320	2188	252201	46356	48544	203657	244774	244774	692710	2012-03-31	9.31%	5.10%	10.34%	7.88%	0.9001	-	4.7	3.79	0.75	0.86	2.1338	1.374	0.5547	0.6369	0.3498	22.7%	60	59	59
2012-02-24	2011	4	5.38	2.8	-	2.24%	10.38%	539020	1752331	32061	151099	26046	120877	0.1061	0.4925	2019889	764442	711190	372817	200827	1308699	802	291327	355727	181388	290525	65202	246590	245429	245429	1133881	2011-12-31	6.49%	0.37%	5.95%	5.75%	0.8675	9.3805	4.51	3.6	1.28	1.03	2.0504	1.2917	0.6787	0.6419	0.3521	22.3%	64	45	60
2011-11-10	2011	3	4.96	3.07	-	3.03%	8.15%	421481	1213311	43622	119038	35320	94831	0.1439	0.3864	1436855	564893	211681	176242	145603	1225174	21093	3812	96	181389	24905	24809	206198	245404	245404	765660	2011-09-30	7.85%	3.35%	10.35%	9.75%	1.1027	-	4.4	4.34	0.72	0.85	3.2052	2.1126	1.1827	0.1961	0.1473	24.5%	48	35	32
2011-08-11	2011	2	3.19	2.8	0.06	1.81%	5.11%	382017	791830	29037	75416	21106	59511	0.0860	0.2424	1413423	566764	213319	175554	141555	1200104	39436	879	5592	181389	40315	34723	216112	245497	245497	729126	2011-06-30	8.45%	3.12%	7.60%	12.10%	1.0978	-	4.31	4.25	0.7	0.91	3.2284	2.2091	1.2671	0.2015	0.1509	25.2%	46	36	38
2011-05-24	2011	1	3.28	2.82	-	3.30%	3.30%	409813	409813	46379	46379	38405	38405	0.1564	0.1564	1403771	553305	216292	193125	150304	1187479	750	3791	25228	181389	4541	29769	151620	245486	245486	729093	2011-03-31	7.89%	3.41%	11.32%	7.41%	1.1216	-	4.22	4.17	0.71	0.62	2.865	1.726	0.7935	0.2085	0.1541	22.9%	56	39	45
2011-02-17	2010	4	3.34	2.94	0.08	2.83%	13.79%	371139	1528494	34619	173524	29120	142136	0.1187	0.5796	1346719	529163	182715	159705	145782	1164004	13157	37112	7481	149952	23955	31436	181388	245225	245225	789624	2010-12-31	7.92%	1.27%	9.33%	-	1.135	5.5554	4.15	4.11	0.78	0.75	3.3134	2.0671	1.1447	0.1794	0.1357	24.2%	52	32	36
2010-11-11	2010	3	3.49	2.95	-	3.33%	10.97%	388704	1157355	42324	138905	34300	113016	0.1399	0.4609	1280493	470146	145962	129346	145239	1134531	1203	19957	11237	149952	21160	9923	159875	245185	245185	740458	2010-09-30	9.00%	3.94%	10.89%	8.04%	1.1322	-	4.03	3.99	0.76	0.73	3.6348	2.2558	1.3805	0.1475	0.114	23.5%	49	26	28
2010-08-17	2010	2	3.36	3.01	0.05	3.76%	7.64%	404816	768651	47980	96581	38779	78716	0.1580	0.3207	1231223	446520	124730	108349	140597	1106493	15866	20148	242	149952	36014	36256	186208	245444	245444	775603	2010-06-30	8.09%	4.11%	11.85%	9.54%	1.1095	-	3.94	3.89	0.81	0.76	4.1211	2.7888	1.7325	0.1291	0.1013	24.8%	42	28	28
2010-05-24	2010	1	3.26	2.7	-	3.88%	3.88%	363835	363835	48601	48601	39937	39937	0.1627	0.1627	1219255	456330	151721	137929	141459	1067534	12775	13375	1489	149952	600	889	150841	245508	245508	662871	2010-03-31	8.24%	4.02%	13.36%	6.70%	1.0123	-	3.77	3.73	0.72	0.61	3.3084	2.3651	1.0844	0.1638	0.1244	25.8%	42	29	29
2010-02-11	2009	4	3.19	2.55	0.03	2.12%	6.79%	292456	1101638	27353	91156	20733	66532	0.0856	0.2748	1155519	398479	125094	102361	136151	1030425	54676	2029	27199	120446	56705	29506	149952	242073	242073	617286	2009-12-31	10.31%	2.88%	9.35%	15.32%	0.9662	9.278	3.69	3.63	0.7	0.63	3.8929	2.5844	1.4792	0.1399	0.1083	26.5%	48	34	31
2009-11-05	2009	3	2.72	2.4	-	2.30%	4.68%	304995	830867	30587	63803	22492	45799	0.0916	0.1865	1114411	372995	106437	84171	134891	1007974	39301	187	26734	120446	39114	12380	132826	245508	245508	589219	2009-09-30	10.64%	3.68%	10.03%	14.54%	0.9819	-	3.56	3.5	0.69	0.55	4.4314	2.9438	1.6137	0.1219	0.0955	26.4%	46	34	25
2009-08-06	2009	2	2.49	2.1	0.03	1.42%	2.38%	272913	525872	21076	33216	13947	23307	0.0568	0.0949	1078870	356968	87533	68913	133483	991337	6077	1822	20755	120446	4255	25010	95436	245508	245508	581853	2009-06-30	8.74%	3.74%	7.72%	21.03%	1.0234	-	3.49	3.43	0.69	0.4	5.18	3.0585	1.4224	0.102	0.0811	26.1%	54	34	20
2009-05-14	2009	1	2.4	2.1	-	0.96%	0.96%	246055	246055	12140	12140	9360	9360	0.0381	0.0381	1065058	344789	89170	70511	131981	975888	16173	5982	19502	120446	22155	41657	78789	245508	245508	554848	2009-03-31	7.06%	2.04%	4.93%	11.33%	1.0688	-	3.44	3.38	0.67	0.33	4.8899	2.5854	1.1551	0.1057	0.0837	24.1%	58	28	20
2009-02-24	2008	4	2.49	1.95	0.06	1.86%	13.21%	270319	1203044	19034	149894	16488	117144	0.0672	0.4772	1077063	367177	97415	77538	130577	979648	36872	35961	52077	99690	72833	20756	120446	245499	245499	611292	2008-12-31	11.10%	3.21%	7.04%	-	1.077	5.2183	3.46	3.4	0.73	0.52	4.7354	2.8945	1.6481	0.1147	0.0904	25.0%	51	26	19
2008-11-06	2008	3	2.5	2.05	-	3.63%	11.35%	314867	889687	42646	130860	32152	100656	0.1310	0.4100	1053191	348296	88062	70559	130529	965129	51600	31644	48718	99942	83244	34526	134468	245480	245480	510598	2008-09-30	11.32%	7.31%	13.54%	11.92%	1.1029	-	3.4	3.34	0.62	0.57	4.9362	3.5344	1.9944	0.1055	0.0836	23.9%	35	31	17
2008-08-07	2008	2	2.59	1.91	0.06	2.90%	7.73%	307069	574820	36718	88214	25687	68504	0.1046	0.2791	1047967	371372	97017	79216	125118	950950	23355	41405	21831	99690	64760	42929	142619	245490	245490	591630	2008-06-30	11.10%	5.95%	11.96%	13.96%	1.1134	-	3.36	3.31	0.73	0.6	4.6881	3.3141	1.8647	0.1175	0.0926	25.0%	38	33	17
2008-05-08	2008	1	2.98	2.33	-	4.83%	4.83%	267751	267751	51496	51496	42817	42817	0.1744	0.1744	1030635	360505	107215	89290	125319	923420	4049	24058	15907	99690	28107	12200	111890	245491	245491	665280	2008-03-31	11.02%	7.77%	19.23%	7.67%	1.0998	-	3.25	3.2	0.85	0.49	4.0375	2.7252	1.3433	0.1343	0.104	23.9%	42	34	21
2008-02-26	2007	4	3.04	2.64	0.06	2.90%	14.17%	271851	1080910	30071	140475	22649	110523	0.0927	0.4522	1001307	342292	114792	98041	120575	886515	68399	14592	53917	100051	53807	110	99941	244392	244392	738063	2007-12-31	11.62%	5.83%	11.06%	10.83%	1.1177	6.6779	3.13	3.08	0.98	0.45	3.4913	2.4064	1.1319	0.1499	0.1146	21.8%	39	35	22
2007-11-14	2007	3	3.4	2.9	-	4.93%	11.27%	320097	847303	49262	110404	38464	87874	0.1574	0.3597	1024394	385679	169563	158765	119248	854831	64211	13833	28998	100051	50378	21380	121431	244306	244306	835526	2007-09-30	10.45%	6.10%	15.39%	10.61%	1.0328	-	3.01	2.96	1.16	0.51	2.4292	1.5277	0.7776	0.2305	0.1655	21.4%	56	33	37
2007-08-09	2007	2	3.42	3.28	0.06	3.93%	6.34%	273791	527206	38163	61142	30674	49410	0.1252	0.2017	974919	366469	156355	144868	113656	818564	54007	15030	20247	100051	38977	18730	118781	244940	244940	798504	2007-06-30	10.10%	5.34%	13.94%	8.23%	0.7568	-	2.88	2.82	1.16	0.49	2.5297	1.6464	0.8351	0.2218	0.1604	30.0%	71	46	47
2007-05-24	2007	1	N/A	N/A	-	2.40%	2.40%	253415	253415	22979	22979	18736	18736	0.0765	0.0765	931825	343541	144974	134533	113409	786851	35239	13451	18563	100051	21788	3225	103276	244809	244809	734427	2007-03-31	8.32%	3.00%	9.07%	8.80%	0.498	-	2.75	2.7	1.11	0.43	2.5536	1.5598	0.7789	0.2153	0.1556	45.0%	120	67	68
2007-02-26	2006	4	N/A	N/A	0.06	N/A	N/A	210650	1132012	18936	121899	13337	92092	0.0548	0.3781	954615	384775	174686	164332	118848	779929	63472	33879	62556	65256	97351	34795	100051	243588	243588	713712	2006-12-31	16.57%	4.32%	8.99%	-	0.2207	7.75	2.71	2.66	1.1	0.45	2.3414	1.3912	0.6607	0.2642	0.183	104.6%	324	175	185

Financial Quarter Balance Sheet

year	qrt	Deferred tax assets (A-0)	Development Expenditure (A-0)	Goodwill on consolidation (A-0)	Hire purchase receivables (A-0)	Investment in associated companies (A-0)	Investment properties (A-0)	Other investments (A-0)	Prepaid lease payments (A-0)	Property, plant and equipment (A-0)	Cash and cash equivalents (A-1)	Current asset classified as held for sales (A-1)	Current tax assets (A-1)	Inventories (A-1)	Property development costs (A-1)	Trade receivables (A-1)	Deferred tax liabilities (L-0)	Hire purchase liabilities (L-0)	Loans & borrowings (L-0)	Provision for retirement benefits (L-0)	Amount due to holding company (L-1)	Current tax liabilities (L-1)	Hire purchase liabilities (L-1)	Liabilities directly associated with assets classified as held for sale (L-1)	Loans & borrowings (L-1)	Non-cumulative redeemable preference shares (L-1)	Provisions (L-1)	Trade and other payables (L-1)	Minority interest (M-1)
2012	3	3702	5096	224325	-	797654	14933	5900	39188	225218	342280	-	12696	292848	34742	337532	3523	-	332484	1841	186	2927	-	-	147763	980	7256	300670	229429
2012	2	3702	4809	224325	-	771093	14975	6206	39287	224495	351751	-	8973	284509	28453	343606	3523	-	349939	1835	245	5122	-	-	117612	962	7266	315560	219409
2012	1	3084	2262	224325	-	775650	15024	6513	39430	221866	209879	-	7019	262505	24950	302945	2905	-	349891	1859	285	4250	-	-	85068	928	9432	278383	211572
2011	4	3702	2321	224325	-	742229	15060	7614	39574	220622	253034	6103	6765	261687	21205	215648	3620	41	332845	1867	462	3141	16	-	95301	928	9334	263635	200827
2011	3	-	-	15124	-	658277	15117	1000	39628	142816	208437	6103	4942	192556	-	152855	204	-	33616	1619	10	910	-	-	42857	-	4177	128288	145603
2011	2	-	-	15124	-	637169	12632	1000	39689	141045	222447	6103	5694	178950	-	153570	204	-	35942	1619	442	837	-	-	24383	-	3919	145973	141555
2011	1	-	-	13025	-	651389	12682	1000	39410	132960	153244	6103	5578	219963	-	168417	120	-	21428	1619	379	1148	-	-	11698	-	3775	176125	150304
2010	4	-	-	11435	-	619783	12703	1000	39596	133039	182818	6103	6059	199032	-	135151	136	56	21199	1619	646	1568	15	-	17483	-	3751	136242	145782
2010	3	-	-	11435	-	616710	12739	1000	40009	128454	178559	6103	2992	178363	-	104129	786	-	14524	1306	411	4845	-	-	21598	-	2836	99656	145239
2010	2	-	-	11435	-	592275	12775	1000	40150	127068	187717	6103	2422	144360	-	105918	786	-	14290	1305	20	4442	-	-	4518	-	2728	96641	140597
2010	1	-	-	11435	-	570567	12826	1000	42624	124473	149573	75257	3582	130112	-	97806	787	-	11684	1321	20	2527	82	39368	4521	-	2778	88633	141459
2009	4	-	-	14799	155	540830	21560	1000	42713	135983	151416	6103	3264	133936	-	103760	1716	180	18481	2356	204	1171	110	-	12309	-	2616	85951	136151
2009	3	-	-	14799	40	528863	22145	-	43088	132481	135825	6103	3765	125211	-	102091	637	36	19330	2263	197	749	233	-	11974	-	2803	68215	134891
2009	2	-	-	14799	198	509866	22188	-	43087	131764	98019	6103	5279	146200	-	101367	637	43	15726	2214	80	904	185	-	11117	-	2781	53846	133483
2009	1	-	-	14799	454	512151	22438	-	43215	127212	81445	6103	7214	162492	-	87535	637	50	15802	2170	505	1037	344	-	10438	-	2823	55364	131981
2008	4	-	-	14799	832	506041	22475	-	43348	122391	127791	6103	8537	142743	-	82003	637	181	16916	2143	190	1441	300	-	18354	-	2862	54391	130577
2008	3	-	-	13961	909	507969	22517	-	43488	116051	140721	6103	3753	98915	-	98804	543	-	15694	1266	395	4276	-	-	16287	-	3183	46418	130529
2008	2	-	-	13961	1257	489617	22559	-	35621	113580	147716	6103	4205	108843	-	104505	543	-	16027	1231	359	6033	-	-	19694	-	4615	48515	125118
2008	1	-	-	13546	1510	492050	13887	-	35665	113472	119943	14816	4200	117168	-	104378	543	-	16186	1196	1270	4407	-	-	21208	-	4605	57800	125319
2007	4	-	-	13546	1576	482529	13929	-	35783	111652	110972	14816	3959	106365	-	106180	543	-	15051	1157	1347	3005	-	-	30028	-	4607	59054	120575
2007	3	-	-	13546	4421	470061	13978	-	33927	102782	123454	14816	7594	143137	-	96678	493	-	9138	1167	1430	7741	-	-	49237	-	5333	95024	119248
2007	2	-	-	13546	5310	439775	14019	-	33424	102376	120979	17648	5930	127965	-	93947	493	-	9651	1343	1571	5768	-	-	49880	-	5477	82172	113656
2007	1	-	-	13546	6340	420454	16907	-	29968	101069	104783	14816	5109	133695	-	85138	680	-	8439	1322	1370	3842	-	-	48778	-	5488	75055	113409
2006	4	-	-	12878	7474	404064	16952	-	30070	98402	108567	14821	4294	156158	-	100935	680	-	8346	1328	1357	552	-	-	69093	-	5502	87828	118848

Financial Quarter Income Statement

year	qrt	Revenue	Income tax expense	Cost of sales	Finance/interest costs	Other income	Administrative/Operating expenses	Minority interest	Finance/interest income	Share of profit/ (loss) of associates	Selling and distribution costs	Discontinued operation	Fair value gain on derivative financial instruments
2012	3	584951	4924	536812	6381	9967	19020	10015	2489	31396	16183	-	-
2012	2	614287	3813	567022	7186	9332	19396	10549	1346	28211	15759	-	-
2012	1	543661	4428	493051	5513	13339	20615	10743	602	33390	15621	-	-
2011	4	539020	1842	504012	647	8585	25173	4173	983	29734	16429	-	-
2011	3	421481	4253	388390	470	7818	14135	4049	583	29375	12640	-	-
2011	2	382017	3514	349730	235	7882	16839	4417	445	16926	11429	-	-
2011	1	409813	3437	377485	204	6399	13090	4537	739	31872	11665	-	-
2010	4	371139	207	341744	174	8227	16322	5706	750	27377	16570	1588	-
2010	3	388704	3403	353729	368	5017	14108	4621	595	26610	10550	0	153
2010	2	404816	4579	372081	305	5596	11781	4622	1086	34439	9924	3866	-
2010	1	363835	3254	333867	256	5353	10957	5410	249	30564	9720	3400	-
2009	4	292456	4190	262302	281	7270	13637	2430	316	17291	15371	1611	-
2009	3	304995	4447	272540	563	3684	15694	3648	311	19627	9233	-	-
2009	2	272913	4432	249067	567	4042	11825	2697	362	11085	5867	-	-
2009	1	246055	1376	228684	298	2874	10221	1404	861	6110	4995	438	-
2008	4	270319	2207	240316	460	4803	14869	4753	629	10182	11254	-	-
2008	3	314867	5083	279228	573	4873	10519	5411	-	20188	6962	-	-
2008	2	307069	5125	272969	835	3328	11904	5906	823	18462	7256	-	-
2008	1	267751	3950	238257	639	9081	11697	4729	787	30552	6082	-	-
2007	4	271851	3258	240259	935	6707	12863	4164	-	15149	9579	-	-
2007	3	320097	5226	286657	1015	5041	11573	5572	-	30745	7376	-	-
2007	2	273791	3142	246144	1001	5245	11435	4347	-	24533	6826	-	-
2007	1	253415	2022	232333	1024	4229	11210	2221	-	16390	6488	-	-
2006	4	210650	875	175754	1813	2329	10773	6474	-	11643	17346	-	-

Financial Quarter Segments Revenue

year	qrt	Others	Motor Vehicles	Automotive components	Vehicles body building
2012	3	-	477569	105700	1682
2012	2	-	516434	96300	1553
2012	1	-	440787	100576	2298
2011	4	-	511194	23956	3870
2011	3	-	391195	25939	4347
2011	2	-	356516	20075	5426
2011	1	-	387115	19081	3617
2010	4	5	373194	13651	3029
2010	3	69	369867	16380	2388
2010	2	37	384181	17239	3433
2010	1	60	343975	17817	1983
2009	4	80	274394	15443	2539
2009	3	26	277865	18283	2026
2009	2	3	250823	12926	1175
2009	1	39	228754	13199	4063
2008	4	181	277986	33334	1856
2008	3	-	277982	33667	3218
2008	2	-	276874	28675	1520
2008	1	-	239561	26445	1745

Financial Quarter Segments Profit

year	qrt	Others	Motor Vehicles	Automotive components	Vehicles body building
2012	3	1506	5958	18403	48
2012	2	1034	9276	13324	124
2012	1	1729	6386	23108	52
2011	4	9051	7795	3215	32
2011	3	578	10597	4178	63
2011	2	825	9272	3072	196
2011	1	1163	11927	3301	93
2010	4	1325	5978	3319	436
2010	3	1080	12134	4538	258
2010	2	630	11615	4359	225
2010	1	670	10306	5181	94
2009	4	928	5539	4017	212
2009	3	464	7746	5764	3751
2009	2	404	6439	1785	105
2009	1	418	3258	1909	280
2008	4	4469	8333	4718	101
2008	3	26	17030	5056	247
2008	2	5005	19499	3703	71
2008	1	5611	11640	3580	35

Financial Quarter Segments Associate

year	qrt	Others	Motor Vehicles
2012	3	-	26415
2012	2	-	27092
2012	1	-	32503
2011	4	-	29734
2011	3	-	29375
2011	2	-	16926
2011	1	-	31872
2010	4	-	27377
2010	3	-	26610
2010	2	-	34439
2010	1	-	30564
2009	4	-	17291
2009	3	-	19627
2009	2	-	11085
2009	1	-	6110
2008	4	-	10182
2008	3	-	20188
2008	2	-	18462
2008	1	1158	29394

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 - MBMR / 5983 - 2011 Quarter 4

Company Info

Market Capital (Capital Size)	1,204,617,354 (Large)
Par Value	RM 1.00

My Analysis

Forecast P/E now	(4.94-0.06)/0.5326 = 9.16 (Moderate)
Target Price	5.33+0.06 = 5.39 (PE 10.0, EPS 0.5326, DPS 0.06)
Decision	BUY if MACD start move toward to bullish trend and got strong buy volume than sell
Comment	Revenue increased 27.9% and was second consecutive quarter increasing and also higher than preceding year corresponding quarter 45.2%, eps decreased 26.3% and also lower than preceding year corresponding quarter 10.6%, cash generated from operating not enough to cover financing expenses but cash from borrowings more than enough to cover all expenses, gross margin slightly decreasing, weaker liquidity ratio from high to moderate level now, higher gearing ratio from below moderate to moderate level now, debt ratio increased to historical high, all repayment period is good, higher inventory can indicate better demand of sales of more car model
First Support Price	4.9
Second Support Price	4.6
Risk Rating	MODERATE

Research House

Affin Target Price	3.45 (2011-06-03)
OSK Target Price	3.69 (2012-02-23)
HLG Target Price	4.25 (2012-02-27)
MIDF Target Price	5.25 (2012-02-27)
Maybank Target Price	4.6 (2012-03-09)
Kenanga Target Price	5.38 (2012-03-28)
AMMB Target Price	5.8 (2012-04-06)
HwangDBS Target Price	6.1 (2012-04-18)
RHB Target Price	5.05 (2012-04-19)

Accounting Ratio

Return on Equity	9.25%
Dividend Yield	1.21%
Gross Profit Margin	6.49%
Operating Profit Margin	0.37%
Net Profit Margin	5.95%
Tax Rate	5.75%
Asset Turnover	0.8619
Net Asset Value Per Share	4.51
Net Tangible Asset per share	3.58
Price/Net Tangible Asset Per Share	1.29
Cash Per Share	1.01
Liquidity Current Ratio	2.2004
Liquidity Quick Ratio	1.4881
Liquidity Cash Ratio	0.7016
Gearing Debt to Equity Ratio	0.6566
Gearing Debt to Asset Ratio	0.3571
Working capital per thousand Ringgit sale	24.2%
Days to sell the inventory	57
Days to collect the receivables	55
Days to pay the payables	65

Technical Analysis

SMA 20	4.906 (Uptrend 18 days)
SMA 50	4.698 (Uptrend)
SMA 100	4.079 (Uptrend)
SMA 200	3.554 (Uptrend)
MACD (26d/12d)	0.095884 ( 0.007428 )
Signal (9)	0.113918 ( 0.004508 )
MACD Histogram	0.018034 (Bearish trend 5 days)

My notes based on 2011 quarter 4 report (number in '000):-
- Higher revenue mainly due to growth in sales of vehicles particular from the Perodua and Volkswagen dealerships

- Lower pbt mainly due to fee of take‐over exercise on Hirotako Holdings Berhad for which the acquisition related costs amounting to RM6.6mil

- Estimate next 4Q eps after 2011 Q4 result announced = 1307129*0.1/245429 = 0.5326, estimate PE on current price 4.94 = 9.16(DPS 0.06)
- Estimate next 4Q eps after 2011 Q3 result announced = 0.4606*1.05 = 0.4836, estimate highest/lowest PE = 9.97/6.06 (DPS 0.14)
- Estimate next 4Q eps after 2011 Q2 result announced = 0.2424*2*0.95 = 0.4606, estimate highest/lowest PE = 6.64/5.8 (DPS 0.13)
- Estimate next 4Q eps after 2011 Q1 result announced = 0.571, estimate highest/lowest PE = 5.52/4.71 (DPS 0.13)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.1154*4*0.9 = 0.4154, estimate highest/lowest PE = 7.73/6.76 (DPS 0.13)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.1399*4*0.9 = 0.5036, estimate highest/lowest PE = 6.77/5.7 (DPS 0.08)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.5049*0.9 = 0.4544, estimate highest/lowest PE = 7.22/6.45 (DPS 0.08)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.4772 (base on year 2008 eps), estimate highest/lowest PE = 6.71/5.53 (DPS 0.06)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.0931*4 = 0.3724, estimate highest/lowest PE = 8.4/6.69 (DPS 0.06)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.0916*4 = 0.3664, estimate highest/lowest PE = 7.21/6.39 (DPS 0.06)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.0568*4 = 0.2272, estimate highest/lowest PE = 10.65/8.98 (DPS 0.06)
- Estimate next 4Q eps after 2009 Q1 result announced = 0.0381*4 = 0.1524, estimate highest/lowest PE = 14.37/12.6 (DPS 0.18)
- Estimate next 4Q eps after 2008 Q4 result announced = 0.0672*4 = 0.2688, estimate highest/lowest PE = 8.59/6.58 (DPS 0.18)

MBMR latest news (English)

MBMR latest news (Chinese)

KLCI Stock - MBMR / 5983 - 2011 Quarter 3

Company Info

Market Capital (Capital Size)	755,470,834 (Medium)
Par Value	RM 1.00

My Analysis

Forecast P/E now	(3.11-0.14)/0.4836 = 6.14 (Moderate)
Target Price	3.87+0.14 = 4.01 (PE 8.0, EPS 0.4836, DPS 0.14)
Decision	BUY if stock volume largely increase or price below 3
Comment	Revenue increased 10.3% and also higher than preceding year corresponding quarter 8.4%, eps increased 67.3% and also higher than preceding year corresponding quarter 2.9%, cash generated from operating not enough to cover financing expenses but cash from borrowings enough to cover all expenses, slightly weaker liquidity ratio at high level now, lower gearing ratio from below moderate to low level now, all accounting ratio are good, higher inventory can indicate better demand of sales, benefit from new launched of Myvi and strengthening of Japan currency
First Support Price	3.0
Second Support Price	2.9
Risk Rating	MODERATE

Research House

HwangDBS Target Price	4.15 (2011-01-10)
Affin Target Price	3.45 (2011-06-03)
MIDF Target Price	3.6 (2011-09-23)
Maybank Target Price	3.1 (2011-10-28)
OSK Target Price	3.35 (2011-11-11)
RHB Target Price	2.7 (2011-11-11)

Accounting Ratio

Return on Equity	10.17%
Dividend Yield	4.50%
Profit Margin	10.35%
Tax Rate	9.75%
Asset Turnover	1.1158
Net Asset Value Per Share	4.4
Net Tangible Asset per share	4.34
Price/Net Tangible Asset Per Share	0.72
Cash Per Share	0.85
Liquidity Current Ratio	3.2052
Liquidity Quick Ratio	2.1126
Liquidity Cash Ratio	1.1827
Gearing Debt to Equity Ratio	0.1961
Gearing Debt to Asset Ratio	0.1473
Working capital per thousand Ringgit sale	24.2%
Days to sell the inventory	46
Days to collect the receivables	35
Days to pay the payables	30

My notes based on 2011 quarter 3 report (number in '000):-
- The improved performance was a result of recovery in parts supply that had earlier impacted on production from the earthquake in Japan in March 2011

- The new Myvi launched in June 2011 also had a significant impact on lifting sales

- Unfavourable Yen rate movements impacted on results of the associates

- Estimate next 4Q eps after 2011 Q3 result announced = 0.4606*1.05 = 0.4836, estimate PE on current price 3.11 = 6.14(DPS 0.14)
- Estimate next 4Q eps after 2011 Q2 result announced = 0.2424*2*0.95 = 0.4606, estimate highest/lowest PE = 6.64/5.8 (DPS 0.13)
- Estimate next 4Q eps after 2011 Q1 result announced = 0.571, estimate highest/lowest PE = 5.52/4.71 (DPS 0.13)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.1154*4*0.9 = 0.4154, estimate highest/lowest PE = 7.73/6.76 (DPS 0.13)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.1399*4*0.9 = 0.5036, estimate highest/lowest PE = 6.77/5.7 (DPS 0.08)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.5049*0.9 = 0.4544, estimate highest/lowest PE = 7.22/6.45 (DPS 0.08)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.4772 (base on year 2008 eps), estimate highest/lowest PE = 6.71/5.53 (DPS 0.06)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.0931*4 = 0.3724, estimate highest/lowest PE = 8.4/6.69 (DPS 0.06)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.0916*4 = 0.3664, estimate highest/lowest PE = 7.21/6.39 (DPS 0.06)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.0568*4 = 0.2272, estimate highest/lowest PE = 10.65/8.98 (DPS 0.06)
- Estimate next 4Q eps after 2009 Q1 result announced = 0.0381*4 = 0.1524, estimate highest/lowest PE = 14.37/12.6 (DPS 0.18)
- Estimate next 4Q eps after 2008 Q4 result announced = 0.0672*4 = 0.2688, estimate highest/lowest PE = 8.59/6.58 (DPS 0.18)

MBMR latest news (English)

MBMR latest news (Chinese)

JPY/MYR Chart

KLCI Stock - MBMR / 5983 - 2011 Quarter 2

Company Info

Market Capital (Capital Size)	752,951,767 (Medium)
Par Value	RM 1.00

My Analysis

Forecast P/E now	(3.1-0.13)/0.4606 = 6.45 (Moderate)
Target Price	3.68+0.13 = 3.81 (PE 8.0, EPS 0.4606, DPS 0.13)
Decision	Not interested unless stock price can sustain at 3.2
Comment	Revenue decreased 6.8% and also lower than preceding year corresponding quarter 5.6%, eps decreased 45% and also lower than preceding year corresponding quarter 45.6%, cash generated from operating and investing is more than enough to cover all expenses, stronger liquidity ratio at high level now, lower gearing ratio at below moderate level, all accounting ratio are good, impacting by uptrend of currency JPY and shortage of parts supply as a result of the earthquake in Japan, benefit from new launched of Myvi
First Support Price	2.95
Second Support Price	2.75
Risk Rating	MODERATE

Research House

HwangDBS Target Price	4.15 (2011-01-10)
Maybank Target Price	5 (2011-01-24)
Affin Target Price	3.45 (2011-06-03)
OSK Target Price	3.8 (2011-06-08)
RHB Target Price	3.75 (2011-06-08)
MIDF Target Price	3.6 (2011-08-12)

Accounting Ratio

Return on Equity	10.41%
Dividend Yield	4.52%
Profit Margin	7.60%
Tax Rate	12.10%
Asset Turnover	1.1111
Net Asset Value Per Share	4.31
Net Tangible Asset per share	4.25
Price/Net Tangible Asset Per Share	0.7
Cash Per Share	0.91
Liquidity Current Ratio	3.2284
Liquidity Quick Ratio	2.2091
Liquidity Cash Ratio	1.2671
Gearing Debt to Equity Ratio	0.2015
Gearing Debt to Asset Ratio	0.1509
Working capital per thousand Ringgit sale	24.9%
Days to sell the inventory	44
Days to collect the receivables	36
Days to pay the payables	36

My notes based on 2011 quarter 2 report (number in '000):-
- Subsidiary Federal Auto Holdings Berhad, recorded substantial increases in sales from its dealerships for European makes, Volvo and Volkswagen

- According to the Malaysian Automotive Association (MAA), the Malaysian motor total industry volume (TIV) of sales by registration declined in the second quarter of 2011 by 9.7% compared against the same period of 2010, which resulted in an overall decline in TIV for the six months by 1.3%. The Group's overall total vehicle sales also declined in the second quarter of 2011 and for six months by 13.4% and 4.8% respectively compared against the same period of 2010

- The Group’s overall performance was impacted by the shortage of parts supply as a result of the earthquake in Japan

- Estimate next 4Q eps after 2011 Q2 result announced = 0.2424*2*0.95 = 0.4606, estimate PE on current price 3.1 = 6.45(DPS 0.13)
- Estimate next 4Q eps after 2011 Q1 result announced = 0.571, estimate highest/lowest PE = 5.52/4.71 (DPS 0.13)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.1154*4*0.9 = 0.4154, estimate highest/lowest PE = 7.73/6.76 (DPS 0.13)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.1399*4*0.9 = 0.5036, estimate highest/lowest PE = 6.77/5.7 (DPS 0.08)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.5049*0.9 = 0.4544, estimate highest/lowest PE = 7.22/6.45 (DPS 0.08)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.4772 (base on year 2008 eps), estimate highest/lowest PE = 6.71/5.53 (DPS 0.06)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.0931*4 = 0.3724, estimate highest/lowest PE = 8.4/6.69 (DPS 0.06)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.0916*4 = 0.3664, estimate highest/lowest PE = 7.21/6.39 (DPS 0.06)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.0568*4 = 0.2272, estimate highest/lowest PE = 10.65/8.98 (DPS 0.06)
- Estimate next 4Q eps after 2009 Q1 result announced = 0.0381*4 = 0.1524, estimate highest/lowest PE = 14.37/12.6 (DPS 0.18)
- Estimate next 4Q eps after 2008 Q4 result announced = 0.0672*4 = 0.2688, estimate highest/lowest PE = 8.59/6.58 (DPS 0.18)

MBMR latest news (English)

MBMR latest news (Chinese)

JPY/MYR Chart

KLCI Stock - MBMR / 5983 - 2011 Quarter 1

Company Info

Market Capital (Capital Size)	779,281,001 (Medium)
Par Value	RM 1.00

My Analysis

Forecast P/E now	(3.21-0.13)/0.571 = 5.39 (Moderate)
Target Price	4.57+0.13 = 4.70 (PE 8.0, EPS 0.571, DPS 0.13)
Decision	BUY
Comment	Revenue increased 5.1% and is second consecutive quarter increasing and also higher than preceding year corresponding quarter 12.6%, eps increased 35.5% but lower than preceding year corresponding quarter 3.9%, no cash generate from operating after deduct increased assets expenses and also no cash generate from financing, lower liquidity ratio at moderate level now, higher gearing ratio at below moderate level, all accounting periods are good, since April USD and JPY currency also rebound which mind impact the Group, increasing branches for the dealerships
First Support Price	2.95
Second Support Price	2.75
Risk Rating	MODERATE

Research House

HwangDBS Target Price	4.15 (2011-01-10)
Maybank Target Price	5 (2011-01-24)
MIDF Target Price	3.2 (2011-05-25)
Affin Target Price	3.45 (2011-06-03)
OSK Target Price	3.8 (2011-06-08)
RHB Target Price	3.75 (2011-06-08)

Accounting Ratio

Return on Equity	12.17%
Dividend Yield	4.05%
Profit Margin	11.32%
Tax Rate	7.41%
Asset Turnover	1.135
Net Asset Value Per Share	4.22
Net Tangible Asset per share	4.17
Price/Net Tangible Asset Per Share	0.71
Cash Per Share	0.62
Liquidity Current Ratio	2.865
Liquidity Quick Ratio	1.726
Liquidity Cash Ratio	0.7935
Gearing Debt to Equity Ratio	0.2085
Gearing Debt to Asset Ratio	0.1541
Working capital per thousand Ringgit sale	22.6%
Days to sell the inventory	53
Days to collect the receivables	39
Days to pay the payables	42

My notes based on 2011 quarter 1 report (number in '000):-
- Total industry volume growth remained positive, growing by 4.3% over the preceding quarter and by 7.5% compared with the same period last year

- The gradual phase out of the Daihatsu Delta trucks are reflected in the decline in Daihatsu (Malaysia)'s truck sales, compared against last year, was partly compensated by the new Hino dealership sales

- The acquisition of Lion Motor Sdn Bhd was completed during the quarter

- Estimate next 4Q eps after 2011 Q1 result announced = 0.571, estimate PE on current price 3.21 = 5.39(DPS 0.13)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.1154*4*0.9 = 0.4154, estimate highest/lowest PE = 7.73/6.76 (DPS 0.13)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.1399*4*0.9 = 0.5036, estimate highest/lowest PE = 6.77/5.7 (DPS 0.08)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.5049*0.9 = 0.4544, estimate highest/lowest PE = 7.22/6.45 (DPS 0.08)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.4772 (base on year 2008 eps), estimate highest/lowest PE = 6.71/5.53 (DPS 0.06)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.0931*4 = 0.3724, estimate highest/lowest PE = 8.4/6.69 (DPS 0.06)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.0916*4 = 0.3664, estimate highest/lowest PE = 7.21/6.39 (DPS 0.06)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.0568*4 = 0.2272, estimate highest/lowest PE = 10.65/8.98 (DPS 0.06)
- Estimate next 4Q eps after 2009 Q1 result announced = 0.0381*4 = 0.1524, estimate highest/lowest PE = 14.37/12.6 (DPS 0.18)
- Estimate next 4Q eps after 2008 Q4 result announced = 0.0672*4 = 0.2688, estimate highest/lowest PE = 8.59/6.58 (DPS 0.18)

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