KLCI Stock - TCHONG / 4405 - 2012 Quarter 3

TAN CHONG MOTOR HOLDINGS BERHAD


Company Description

Tan Chong Motor Holdings Berhad is principally engaged in investment holding and the provision of management services to its subsidiary companies. The Company comprises three business segments: Vehicles assembly, distribution and after sale services, which is engaged in the assembly and distribution of passenger and commercial vehicles, automotive workshop services, distribution of automotive spare parts and insurance agency; Financial services, which is engaged in the provision of hire purchase financing, personal loans and money changing, and Other operations, which is engaged in property and investment holding activities. The Company's subsidiaries include Fujiyama Car Cooler Sdn. Bhd., Kereta Komersil Seladang (M) Sdn. Bhd., TC Aluminium Castings Sdn. Bhd., TC Manufacturing Holdings Sdn. Bhd., TC Transmission Sdn. Bhd. and VDC Sdn. Bhd. In October 2009, the Company incorporated three subsidiaries: Tan Chong Trading (Labuan) Pty Ltd; ETCM (C) Pty Ltd.

Company Info 

Listing Date	1974-02-04
Market Capital (Capital Size)	3,091,200,000 (Large)
Par Value	RM 0.50
Board	Main
Sector	Consumer Products
Major Industry	Automotive Manufacturing & Distribution
Sub Industry	Automotive Related Services
Website	http://www.nissan.com.my

My Analysis 

Forecast P/E now	(4.6-0.12)/0.2231 = 20.08 (Moderate)
Target Price	4.57+0.12 = 4.69 (PE 20.5, EPS 0.2231, DPS 0.12)
Decision	Not interested unless stock price strong sustain above SMA20 or wait rebound around SMA200
Comment	Revenue decreased 4.8% but higher than preceding year corresponding quarter 3.6%, eps decreased 24.4% and also lower than preceding year corresponding quarter 40.1%, cash generated from operating not enough to cover operating expenses hence generated cash from financing and spent 8.3% of Group cash to cover all other expenses, balance sheet assets indicate Group quick and largely expand the business, operating margin near to recent year low 5%, liquidity ratio indicate can meet current obligation if inventory sales maintain good, gearing ratio indicate quite high liabilities risk especially during profit decreasing, inventory turnover period turned longer time which will more short of cash unless revenue can largely increase in near time to offset the risk, most division growth but automotive division margin reducing
First Support Price	4.4
Second Support Price	4.2
Risk Rating	MODERATE

Research House

HwangDBS Target Price	4.6 (2012-07-23)
CIMB Target Price	3.94 (2012-11-29)
ECM Target Price	5 (2012-11-29)
HLG Target Price	4.3 (2012-11-29)
RHB Target Price	4.75 (2012-11-29)
AMMB Target Price	5.3 (2012-12-20)
Kenanga Target Price	4.36 (2012-12-20)
MIDF Target Price	4.6 (2012-12-20)
Maybank Target Price	5.35 (2012-12-21)
OSK Target Price	5.32 (2012-12-24)

Accounting Ratio 

Return on Equity	7.66%
Dividend Yield	2.61%
Operating Profit Margin	5.29%
Net Profit Margin	4.75%
Tax Rate	27.68%
Asset Turnover	0.9881
Net Asset Value Per Share	2.9
Net Tangible Asset per share	2.87
Price/Net Tangible Asset Per Share	1.55
Cash Per Share	0.95
Liquidity Current Ratio	1.5671
Liquidity Quick Ratio	0.7305
Liquidity Cash Ratio	0.3858
Gearing Debt to Equity Ratio	1.0202
Gearing Debt to Asset Ratio	0.5041
Working capital per thousand Ringgit sale	24.1%
Days to sell the inventory	138
Days to collect the receivables	53
Days to pay the payables	45

Technical Analysis 

SMA 10	4.496 (Uptrend)
SMA 20	4.489 (Uptrend 6 days)
SMA 50	4.48 (Same)
SMA 100	4.498 (Uptrend)
SMA 200	4.452 (Uptrend)
MACD (26d/12d)	0.024417 ( 0.006289 )
Signal (9)	0.005951 ( 0.004617 )
MACD Histogram	0.018466 (Bullish trend 4 days)
Bolinger Upper Band	4.638
Bolinger Lower Band	4.34

My notes based on 2012 Quarter 3 report (number in '000):-
- Lower pbt from Automotive division due to festive season and consumers’ wait-see attitude in anticipation of reduction in car price and stiffer competition coupled with higher promotional and marketing costs

- Higher pbt from Financial Services division due to higher renewal of non-motor insurance and higher number of hire purchases loans granted

- Lower pbt from Others division than FY12Q2 was due to the remeasurement to fair value of the Group’s pre-existing 15% interest in TRMS which resulted in a one off gain of RM2.8 million in second quarter

- Estimate next 4Q eps after 2012 Q3 result announced = 138683*1.05/652816 = 0.2231, estimate PE on current price 4.6 = 20.08(DPS 0.12)
- Estimate next 4Q eps after 2012 Q2 result announced = 0.2129, estimate highest/lowest PE = 21.51/19.63 (DPS 0.12)
- Estimate next 4Q eps after 2012 Q1 result announced = 173729*0.8/652817 = 0.2129, estimate highest/lowest PE = 21.28/19.63 (DPS 0.12)
- Estimate next 4Q eps after 2011 Q4 result announced = 1849169*0.11/652817 = 0.3116, estimate highest/lowest PE = 14.99/13.22 (DPS 0.12)
- Estimate next 4Q eps after 2011 Q3 result announced = 0.0836*4*0.9 = 0.301, estimate highest/lowest PE = 14.42/13.02 (DPS 0.12)
- Estimate next 4Q eps after 2011 Q1 result announced = 0.3664, estimate highest/lowest PE = 13.54/11.24 (DPS 0.12)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.35, estimate highest/lowest PE = 13.8/11.94 (DPS 0.12)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.0983*4 = 0.3932, estimate highest/lowest PE = 12.03/1 (DPS 0.12)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.0991*4 = 0.3964, estimate highest/lowest PE = 12.92/9.51 (DPS 0.11)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.0639*4 = 0.2556, estimate highest/lowest PE = 19.91/10.92 (DPS 0.11)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.0527*4 = 0.2108, estimate highest/lowest PE = 16.65/10.44 (DPS 0.1)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.0528*4 = 0.2112, estimate highest/lowest PE = 12.31/8.19 (DPS 0.1)
- Estimate next 4Q eps after 2009 Q1 result announced = 0.0626*4 = 0.2504, estimate highest/lowest PE = 7.35/5.39 (DPS 0.1)
- Estimate next 4Q eps after 2008 Q4 result announced = 0.0425*4 = 0.17, estimate highest/lowest PE = 9.12/6.12 (DPS 0.1)

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USD/MYR Chart


Financial Quarter Summary

a_date	year	qrt	h_price	l_price	div	roe	c_roe	rev	c_rev	pbt	c_pbt	prof	c_prof	eps	c_eps	asset	c_asset	liab	c_liab	mino	equi	cfo	cfi	cff	cash	fcf	net	final	share	c_share	m_cap	date	oper_m	prof_m	vat	asset_t	pe	navps	ntaps	p/ntaps	cps	l_cur	l_qui	l_cash	g_de	g_da	avg_w	inv_d	rec_d	pay_d
2012-11-28	2012	3	N/A	N/A	-	1.77%	5.82%	937686	2905649	44580	151411	32693	107643	0.0501	0.1649	3825414	2518004	1928268	1606783	7142	1897146	334367	247695	555080	323418	582062	26982	296436	652816	652816	2898503	2012-09-30	5.29%	4.75%	27.68%	0.9881	-	2.9	2.87	1.55	0.95	1.5671	0.7305	0.3858	1.0202	0.5041	24.1%	138	53	45
2012-08-15	2012	2	4.7	4.3	0.06	2.34%	4.05%	985364	1967963	60644	106831	43282	74952	0.0663	0.1148	3471940	2176174	1576210	1081592	7971	1895730	126754	53311	228725	324040	180065	48660	372700	652816	652816	2937672	2012-06-30	6.52%	6.15%	29.23%	1.0794	-	2.89	2.87	1.57	0.87	2.012	1.0397	0.5266	0.835	0.454	29.2%	110	53	46
2012-05-21	2012	1	4.65	4.3	-	1.71%	1.71%	982599	982599	46187	46187	31670	31670	0.0485	0.0485	3347334	2125446	1465159	1026452	8336	1882175	79887	24268	218533	324040	104155	114378	438418	652817	652817	2937676	2012-03-31	5.28%	4.70%	31.37%	1.107	-	2.87	2.85	1.58	0.97	2.0707	1.0952	0.6175	0.7819	0.4377	29.7%	106	47	40
2012-02-24	2011	4	4.79	4.24	0.06	1.84%	12.78%	874409	3854499	45878	304978	31040	216139	0.0475	0.3311	3036909	1893421	1187735	851388	8310	1849174	190050	49971	40343	143618	140079	180422	324040	652817	652817	2794056	2011-12-31	5.90%	5.25%	32.95%	1.2692	12.9271	2.82	2.8	1.53	0.79	2.2239	1.0964	0.6092	0.6452	0.3911	27.0%	99	39	34
2011-11-17	2011	3	4.46	4.04	-	3.23%	10.94%	905356	2980090	74177	259101	54558	185100	0.0836	0.2835	2827848	1752176	1010488	673530	7896	1817360	232360	5431	158201	143564	226929	68728	212292	652818	652818	2891983	2011-09-30	8.26%	8.19%	26.44%	1.3492	-	2.77	2.75	1.61	0.62	2.6015	1.2271	0.6019	0.5584	0.3573	28.3%	97	40	36
2011-08-18	2011	2	4.88	4.15	0.06	3.34%	7.72%	942992	2074734	79772	184924	56462	130542	0.0865	0.2000	2805530	1691928	1012278	653321	8186	1793252	162719	28401	126577	143564	191120	64543	208107	652818	652818	3153110	2011-06-30	8.80%	8.46%	29.13%	1.3479	-	2.73	2.71	1.78	0.61	2.5897	1.3809	0.6141	0.5671	0.3608	27.5%	84	48	36
2011-05-18	2011	1	5.08	4.24	-	4.38%	4.38%	1131742	1131742	105152	105152	74080	74080	0.1135	0.1135	2792288	1727809	1027754	618342	8114	1764534	76483	43530	65868	143564	120013	54145	197709	652819	652819	2807121	2011-03-31	9.59%	9.29%	30.05%	1.3489	-	2.69	2.67	1.61	0.6	2.7943	1.373	0.6299	0.5851	0.3681	29.5%	94	44	35
2011-02-23	2010	4	4.95	4.3	0.06	3.43%	15.13%	835360	3505248	66299	322753	52071	229740	0.0798	0.3519	2745964	1787939	1054727	645635	8639	1691237	9712	46820	6903	113359	37108	30205	143564	652819	652819	3198813	2010-12-31	8.54%	7.94%	20.88%	1.2765	13.9236	2.58	2.56	1.91	0.67	2.7693	1.2121	0.6815	0.6268	0.3841	32.6%	116	35	33
2010-11-19	2010	3	5.7	4.9	-	3.25%	11.70%	871596	2669888	71588	256454	49341	177669	0.0756	0.2722	2627686	1564778	990129	569080	5069	1637557	25128	77597	45300	114019	52469	7169	121188	652819	652819	3668842	2010-09-30	8.34%	8.21%	30.82%	1.2901	-	2.5	2.5	2.25	0.63	2.7497	1.4596	0.7256	0.6065	0.3768	29.4%	87	45	30
2010-08-18	2010	2	6.02	4.65	0.06	4.19%	8.45%	927925	1798292	95953	184866	63655	128328	0.0975	0.1966	2477831	1531547	854394	438932	5188	1623437	125916	109970	144711	114019	235886	91175	205194	652819	652819	3388130	2010-06-30	10.49%	10.34%	33.11%	1.3174	-	2.48	2.48	2.09	0.76	3.4893	2.1153	1.1305	0.528	0.3448	33.5%	74	47	31
2010-05-26	2010	1	5.23	3.88	-	4.26%	4.26%	870367	870367	88913	88913	64674	64674	0.0991	0.0991	2567002	1563683	989834	702485	4659	1577168	51846	37162	62777	114019	14684	48093	162112	652819	652819	2500296	2010-03-31	10.76%	10.22%	26.98%	1.1821	-	2.41	2.41	1.59	0.84	2.2259	1.3562	0.7838	0.6295	0.3856	28.4%	79	48	30
2010-02-22	2009	4	5.2	2.9	0.06	2.93%	10.69%	720189	2856886	42329	176846	41737	152338	0.0639	0.2327	2465382	1578271	947204	655659	4406	1518178	240597	220439	17687	76174	20158	37845	114019	652919	654615	1991402	2009-12-31	6.03%	5.88%	0.62%	1.1588	13.1062	2.31	2.31	1.32	0.82	2.4072	1.3804	0.8201	0.6257	0.3842	32.3%	92	45	36
2009-11-18	2009	3	3.61	2.3	-	2.42%	7.76%	745768	2136697	43969	134517	34432	110601	0.0527	0.1688	2203778	1383206	728370	426512	4070	1475408	384973	173736	162678	76174	211237	48559	124733	652919	655213	1704118	2009-09-30	5.95%	5.90%	21.04%	1.2645	-	2.25	2.25	1.16	0.84	3.2431	2.0781	1.286	0.495	0.3305	34.3%	70	42	31
2009-08-19	2009	2	2.7	1.83	0.05	2.43%	5.35%	698035	1390929	41994	90548	34587	76169	0.0528	0.1160	2003155	1266541	535655	327186	3920	1467500	443453	5277	325259	76174	448730	123471	199645	654602	656360	1211013	2009-06-30	6.20%	6.02%	17.31%	1.5193	-	2.23	2.23	0.83	0.68	3.871	2.2789	1.3603	0.366	0.2674	30.9%	68	34	28
2009-05-28	2009	1	1.94	1.45	-	2.92%	2.92%	692894	692894	48554	48554	41582	41582	0.0626	0.0626	2173756	1377640	712863	497618	3783	1460893	177877	3079	154749	76174	180956	26207	102381	664726	664726	1056914	2009-03-31	7.40%	7.01%	13.89%	1.4395	-	2.19	2.19	0.73	0.52	2.7685	1.39	0.6952	0.4892	0.3279	28.1%	88	40	33
2009-02-20	2008	4	1.65	1.14	0.05	2.28%	19.88%	649964	3195826	40399	307210	28187	245802	0.0425	0.3690	2251420	1450408	826402	600112	3557	1425018	41347	93549	58429	69947	52202	6227	76174	662472	666078	761842	2008-12-31	6.62%	6.22%	29.41%	1.4195	3.1163	2.13	2.13	0.54	0.48	2.4169	0.9931	0.5275	0.5814	0.3671	26.6%	108	32	27
2008-11-17	2008	3	1.27	1.03	-	7.72%	17.60%	1002478	2545862	115698	266810	95417	217614	0.1430	0.3260	2056602	1298993	653543	371161	3332	1403059	222204	33281	142921	69947	188923	46002	115949	667075	667474	767136	2008-09-30	11.74%	11.54%	18.21%	1.4527	-	2.1	2.1	0.55	0.53	3.4998	1.8095	0.9512	0.4669	0.3178	31.1%	86	39	30
2008-08-27	2008	2	1.69	1.13	0.05	5.51%	9.88%	783777	1543384	84006	151112	68140	122197	0.1021	0.1831	2015796	1258190	681623	390339	4115	1334173	154623	32700	91790	69947	121923	30133	100080	667382	667382	1021094	2008-06-30	11.01%	10.72%	18.79%	1.279	-	1.99	1.99	0.77	0.51	3.2233	1.6783	0.876	0.5125	0.3381	33.7%	94	44	36
2008-05-28	2008	1	2.01	1.52	-	4.37%	4.37%	759607	759607	67105	67105	54057	54057	0.0810	0.0810	2008366	1250194	717578	379592	4033	1290788	89097	20414	22877	69947	68683	45806	115753	667383	667383	1321418	2008-03-31	9.22%	8.83%	19.01%	1.1076	-	1.93	1.93	1.03	0.54	3.2935	1.7676	0.941	0.5577	0.3573	39.1%	104	51	41
2008-02-26	2007	4	2.17	1.47	0.05	2.70%	8.42%	441819	1863177	34041	123074	31921	99568	0.0479	0.1491	1961098	1201205	724756	379848	3743	1236342	304002	212723	154519	133187	91279	63240	69947	666383	667804	1246136	2007-12-31	8.40%	7.70%	6.44%	0.9501	12.5421	1.85	1.85	1.01	0.45	3.1623	1.6268	0.7969	0.588	0.3696	44.1%	123	60	46
2007-11-15	2007	3	2.47	1.82	-	2.81%	5.72%	593027	1421358	44843	89033	33174	67647	0.0497	0.1013	1802000	1096126	581671	232026	19639	1220329	336954	147293	219016	133187	189661	29355	103832	667280	667944	1634836	2007-09-30	8.03%	7.56%	25.14%	1.0288	-	1.8	1.8	1.36	0.49	4.7242	2.7559	1.3988	0.4844	0.3228	46.6%	95	61	35
2007-08-16	2007	2	2.5	2.07	0.025	1.85%	2.92%	430023	828331	26299	44190	21931	34473	0.0328	0.0516	1824790	1148485	620673	264161	19242	1204117	205352	129551	150445	133187	75801	74644	58543	667970	668179	834962	2007-06-30	6.71%	6.12%	16.26%	0.691	-	1.77	1.77	0.71	0.44	4.3477	2.3269	1.1015	0.5238	0.3401	70.1%	162	91	48
2007-05-24	2007	1	N/A	N/A	-	1.06%	1.06%	398308	398308	17891	17891	12542	12542	0.0188	0.0188	1873814	1219011	679243	312653	19151	1194571	98281	97557	53381	133187	724	52657	80530	668388	668388	808749	2007-03-31	4.87%	4.49%	29.03%	0.4434	-	1.76	1.76	0.69	0.47	3.8989	2.0164	0.999	0.5779	0.3625	109.1%	269	134	60
2007-02-22	2006	4	N/A	N/A	0.025	N/A	N/A	432558	2109039	10235	85956	4306	59968	0.0064	0.0896	1930616	1275259	748251	371250	18995	1182365	437755	288838	257656	241926	148917	108739	133187	668682	669232	835852	2006-12-31	2.70%	2.37%	56.27%	0.2241	13.9498	1.74	1.74	0.72	0.48	3.435	1.7609	0.8591	0.6432	0.3876	209.0%	539	264	130

Financial Quarter Balance Sheet

year	qrt	Deferred tax assets (A-0)	Hire purchase receivables (A-0)	Intangible assets (A-0)	Investment in associated companies (A-0)	Investment properties (A-0)	Other investments (A-0)	Prepaid lease payments (A-0)	Product development costs (A-0)	Property, plant and equipment (A-0)	Receivables (A-0)	Cash and cash equivalents (A-1)	Current asset classified as held for sales (A-1)	Current tax assets (A-1)	Derivative assets (A-1)	Hire purchase receivables (A-1)	Inventories (A-1)	Other investments (A-1)	Other receivables, deposits and prepayments (A-1)	Deferred tax liabilities (L-0)	Employee benefits (L-0)	Loans & borrowings (L-0)	Current tax liabilities (L-1)	Derivative liabilities (L-1)	Liabilities directly associated with assets classified as held for sale (L-1)	Loans & borrowings (L-1)	Payables and accruals (L-1)	Minority interest (M-1)
2012	3	20987	457299	13967	27544	17492	1	14559	-	751430	4131	296436	-	4840	2475	160697	1344321	323441	385794	25655	39886	255944	5664	191	-	1157627	443301	7142
2012	2	20249	454315	14448	26900	17514	1	15193	-	745052	2094	372700	-	4886	1923	149190	1051670	196849	398956	21408	38640	434570	13411	-	-	622969	445212	7971
2012	1	19372	440649	14448	19994	17536	1807	14797	-	690412	2873	438418	-	11128	4570	131448	1001229	195466	343187	21346	37361	380000	5989	1678	-	637965	380820	8336
2011	4	14520	386788	14448	19791	17558	1807	11357	-	675779	1440	324634	-	7642	463	107038	959996	194064	299584	20075	36272	280000	5249	-	-	520026	326113	8310
2011	3	13890	339949	14191	20126	10169	1807	-	-	673608	1932	212292	-	3004	615	81839	925687	193091	335648	20192	36766	280000	9414	-	-	320882	343234	7896
2011	2	13985	393938	14191	19692	10444	1939	-	-	655510	3903	208107	-	5929	991	113085	789767	193098	380951	23414	35543	300000	10868	-	-	302831	339622	8186
2011	1	12455	345281	14191	19519	10467	1967	-	-	657584	3015	197708	-	8632	713	88007	878843	191774	362132	23837	34533	351042	10769	7	-	283117	324449	8114
2010	4	12035	278249	14191	18920	10490	1807	-	-	618388	3945	142672	-	3310	768	60581	1005333	297352	277923	23258	31667	354167	6168	1	-	352384	287082	8639
2010	3	4972	414589	-	18929	10513	1807	-	-	607519	4579	122133	-	3445	498	100952	734155	290772	312823	21477	24572	375000	30090	-	-	287575	251415	5069
2010	2	5022	317247	-	18788	10536	1807	-	-	587977	4907	205272	-	7579	5330	71247	603068	290939	348112	18666	23879	372917	22725	-	-	159703	256504	5188
2010	1	4881	385349	-	18860	10559	1807	-	-	575535	6328	162478	-	6601	-	88149	610999	388162	307294	12299	23078	251972	7327	5994	-	459046	230118	4659
2009	4	4881	259504	-	18281	10582	1806	-	-	584941	7116	114377	2	15047	-	117220	673185	423333	235107	8669	22286	260590	725	-	2	387643	267289	4406
2009	3	4666	225784	-	18852	10608	1806	72205	-	480410	6241	125158	3	17029	-	47117	496878	423331	273690	11805	21837	268216	7646	-	1	199569	219296	4070
2009	2	4666	130797	-	18294	10638	1806	71441	-	493388	5584	202777	-	18356	-	27154	520926	242304	255024	11805	21129	175535	5761	-	-	105710	215715	3920
2009	1	4656	172901	-	18369	10663	5806	71653	-	506343	5725	103341	-	3034	-	63883	685940	242587	278855	11822	20344	183079	5430	-	-	238286	253902	3783
2008	4	4501	165331	-	18212	10692	5806	71843	-	520994	3633	76733	-	3567	-	61609	854440	239822	214237	15562	19943	190785	6718	-	-	379184	214210	3557
2008	3	21564	125619	-	18462	10720	5806	71808	-	501522	2108	115949	-	3016	-	54691	627388	237098	260851	29978	19173	233231	25538	-	-	128338	217285	3332
2008	2	21564	113846	-	18581	10748	5806	72301	-	510667	4093	100080	-	2738	-	54736	603093	241865	255678	31180	19418	240686	12580	-	-	146358	231401	4115
2008	1	21566	114891	-	18076	10775	5806	72479	-	510486	4093	115753	-	2906	-	54736	579232	241435	256132	31110	18761	288115	4675	-	-	143149	231768	4033
2007	4	21563	116686	-	17824	10803	5806	72855	-	508951	5405	69947	-	8755	-	56523	583270	232749	249961	30895	18417	295596	1362	-	-	158542	219944	3743
2007	3	8747	121010	-	18253	10875	5806	64369	-	476814	-	103832	-	5385	-	57872	456688	220720	251629	18895	18490	312260	5138	-	-	60279	166609	19639
2007	2	7509	111736	-	18012	10859	5806	63018	2954	456411	-	58543	-	8863	-	78694	533813	232426	236146	17666	18176	320670	1635	-	-	103089	159437	19242
2007	1	8542	113820	-	17829	10893	5806	70568	3250	424095	-	80530	-	13108	-	94959	588587	231818	210009	19751	17879	328960	758	-	-	179359	132536	19151
2006	4	9042	157281	-	17100	10913	5806	73750	3545	375782	2138	133187	-	21638	-	70178	621538	185746	242972	18730	17604	340667	1096	-	-	220541	149613	18995

Financial Quarter Income Statement

year	qrt	Revenue	Income tax expense	Finance/interest costs	Administrative/Operating expenses	Minority interest	Finance/interest income	Share of profit/ (loss) of associates
2012	3	937686	12340	9870	888045	453	4165	644
2012	2	985364	17727	7310	921080	365	2955	715
2012	1	982599	14491	9261	930711	26	3357	203
2011	4	874409	15118	8290	822779	280	2772	234
2011	3	905356	19609	4386	830605	10	3379	433
2011	2	942992	23238	5731	860038	72	2376	173
2011	1	1131742	31597	6501	1023231	525	2543	599
2010	4	835360	13844	11290	764057	384	6295	9
2010	3	871596	22066	3605	798867	181	2323	141
2010	2	927925	31769	5679	830582	529	4361	72
2010	1	870367	23986	6903	776734	253	1604	579
2009	4	720189	261	6258	676797	331	5667	472
2009	3	745768	9253	4196	701395	284	3233	559
2009	2	698035	7270	4056	654754	137	2844	75
2009	1	692894	6746	5846	641635	226	2984	157
2008	4	649964	11882	5628	606944	330	3108	101
2008	3	1002478	21064	4880	884775	783	2994	119
2008	2	783777	15785	5104	697509	81	2336	506
2008	1	759607	12758	5821	689551	290	2619	251
2007	4	441819	2192	5328	404693	72	2673	430
2007	3	593027	11272	5300	545378	397	2253	241
2007	2	430023	4277	4244	401181	91	1518	183
2007	1	398308	5193	3832	378893	156	1579	729
2006	4	432558	5759	4797	420893	170	3255	112

Financial Quarter Segments Revenue

year	qrt	Others	Automotive	Financial Services
2012	3	1323	925926	10437
2012	2	1432	973907	10025
2012	1	744	971995	9860
2011	4	2426	867707	4276
2011	3	2394	891867	11095
2011	2	812	932783	9396
2011	1	859	1122067	8817
2010	4	15412	826440	13837
2010	3	830	861013	10861
2010	2	4678	922638	3115
2010	1	4494	857655	18020
2009	4	6475	715148	5232
2009	3	3260	741414	3987
2009	2	4508	694337	6624
2009	1	4509	687757	5331
2008	4	1876	647027	3494
2008	3	2408	998411	2964
2008	2	963	781093	2644
2008	1	966	756908	3031
2007	4	965	438463	3409
2007	3	2446	588750	3046
2007	2	935	426533	3475
2007	1	926	394763	3634
2006	4	853	428998	3923

Financial Quarter Segments Profit

year	qrt	Others	Automotive	Financial Services
2012	3	2524	66486	4052
2012	2	4423	76785	3851
2012	1	1237	67832	5227
2011	4	1186	72745	2109
2011	3	6608	85846	1099
2011	2	2438	96241	5247
2011	1	2821	125963	6193
2010	4	9195	75589	9085
2010	3	217	84200	7924
2010	2	1045	111243	8653
2010	1	1884	97526	5931
2009	4	14569	39499	5844
2009	3	2796	55321	1504
2009	2	2700	54334	3136
2009	1	4903	63318	1625
2008	4	136	44965	673
2008	3	2249	116710	1447
2008	2	456	86828	1823
2008	1	452	69293	2722
2007	4	853	37061	1952
2007	3	2194	44666	2352
2007	2	368	27743	2655
2007	1	596	18210	2633
2006	4	629	14316	998

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 = average working capital per thousand Ringgit sale
inv_d = average days to sell the inventory, rec_d = Average days to collect the receivables

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 - TCHONG / 4405 - 2011 Quarter 4

Company Info

Market Capital (Capital Size)	3,030,720,000 (Large)
Par Value	RM 0.50

My Analysis

Forecast P/E now	(4.51-0.12)/0.3116 = 14.09 (High)
Target Price	4.36+0.12 = 4.48 (PE 14.0, EPS 0.3116, DPS 0.12)
Decision	Not interested unless got significant better result in coming quarter report or stock price can uptrend stick with Bolinger upper band
Comment	Revenue decreased 3.4% and was third consecutive quarter decreasing but still higher than preceding year corresponding quarter 4.7%, eps decreased 43.2% and was third consecutive quarter decreasing and also lower than preceding year corresponding quarter 40.5%, cash generated from operating is more than enough to cover all expenses, operating margin decreasing, weaker liquidity ratio at moderate level now, higher gearing ratio at moderate level now, higher debt ratio at historical high, all repayment period is good, higher inventory can indicate still got good demand in Automotive
First Support Price	4.5
Second Support Price	4.3
Risk Rating	MODERATE

Research House

HLG Target Price	5.1 (2012-01-18)
AMMB Target Price	4.2 (2012-02-27)
MIDF Target Price	4.5 (2012-02-27)
OSK Target Price	4 (2012-03-07)
Kenanga Target Price	4.67 (2012-03-28)
ECM Target Price	4.72 (2012-03-29)
Maybank Target Price	5.38 (2012-04-06)
CIMB Target Price	4.75 (2012-04-12)
RHB Target Price	4.6 (2012-04-19)

Accounting Ratio

Return on Equity	11.69%
Dividend Yield	2.66%
Gross Profit Margin	0.00%
Operating Profit Margin	5.90%
Net Profit Margin	5.25%
Tax Rate	32.95%
Asset Turnover	1.2689
Net Asset Value Per Share	2.82
Net Tangible Asset per share	2.8
Price/Net Tangible Asset Per Share	1.53
Cash Per Share	0.79
Liquidity Current Ratio	2.2124
Liquidity Quick Ratio	1.085
Liquidity Cash Ratio	0.6093
Gearing Debt to Equity Ratio	0.6456
Gearing Debt to Asset Ratio	0.3913
Working capital per thousand Ringgit sale	26.8%
Days to sell the inventory	99
Days to collect the receivables	38
Days to pay the payables	34

Technical Analysis

SMA 20	4.499 (Uptrend 5 days)
SMA 50	4.438 (Uptrend)
SMA 100	4.323 (Uptrend)
SMA 200	4.461 (Downtrend)
MACD (26d/12d)	0.017772 ( 0.000832 )
Signal (9)	0.020588 ( 0.000704 )
MACD Histogram	0.002816 (Bearish trend 21 days)

My notes based on 2011 Quarter 4 report (number in '000):-
- Lower pbt in Automotive segment than FY10Q4 due to the disruption in production scheduling caused by the Thai flood crisis, increase in raw material prices and a more cautious consumer sentiment

- Lower revenue and profit in Automotive segment than FY11Q3 due to lower sales units as consumer’s opted for deliveries in January 2012 instead of December 2011 and higher exchange rates which had an adverse effect on operating margins

- Lower profit in Financial Services segment than FY10Q4 due to the one-off recognition from the sale of two Asset Backed Medium Term Notes (MTN) issuance undertaken in 2010 amounting to RM466 million, compared to only 1 issue in 2011 of RM212 million

- Estimate next 4Q eps after 2011 Q4 result announced = 1849169*0.11/652817 = 0.3116, estimate PE on current price 4.51 = 14.09(DPS 0.12)
- Estimate next 4Q eps after 2011 Q3 result announced = 0.0836*4*0.9 = 0.301, estimate highest/lowest PE = 14.42/13.02 (DPS 0.12)
- Estimate next 4Q eps after 2011 Q1 result announced = 0.3664, estimate highest/lowest PE = 13.54/11.24 (DPS 0.12)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.35, estimate highest/lowest PE = 13.8/11.94 (DPS 0.12)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.0983*4 = 0.3932, estimate highest/lowest PE = 12.03/1 (DPS 0.12)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.0991*4 = 0.3964, estimate highest/lowest PE = 12.92/9.51 (DPS 0.11)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.0639*4 = 0.2556, estimate highest/lowest PE = 19.91/10.92 (DPS 0.11)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.0527*4 = 0.2108, estimate highest/lowest PE = 16.65/10.44 (DPS 0.1)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.0528*4 = 0.2112, estimate highest/lowest PE = 12.31/8.19 (DPS 0.1)
- Estimate next 4Q eps after 2009 Q1 result announced = 0.0626*4 = 0.2504, estimate highest/lowest PE = 7.35/5.39 (DPS 0.1)
- Estimate next 4Q eps after 2008 Q4 result announced = 0.0425*4 = 0.17, estimate highest/lowest PE = 9.12/6.12 (DPS 0.1)

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KLCI Stock - TCHONG / 4405 - 2011 Quarter 3

Company Info

Market Capital (Capital Size)	2,822,400,000 (Large)
Par Value	RM 0.50

My Analysis

Forecast P/E now	(4.2-0.12)/0.301 = 13.55 (Moderate)
Target Price	4.21+0.12 = 4.33 (PE 14.0, EPS 0.301, DPS 0.12)
Decision	Not interested unless stock price break resistance 4.5
Comment	Revenue decreased 4% and was second consecutive quarter decreasing but still higher than preceding year corresponding quarter 3.9%, eps decreased 3.4% and was second consecutive quarter decreasing but still higher than preceding year corresponding quarter 10.6%, cash generated from operating is more than enough to cover all expenses, stronger liquidity ratio at moderate level now, lower gearing ratio at moderate level now, all accounting ratio are good, higher inventory can indicate better demand in coming quarter
First Support Price	4.2
Second Support Price	4.0
Risk Rating	MODERATE

Research House

Kenanga Target Price	4.8 (2011-05-19)
CIMB Target Price	6.55 (2011-07-19)
MIDF Target Price	4.94 (2011-09-09)
AMMB Target Price	4.1 (2011-09-22)
OSK Target Price	4.27 (2011-10-12)
RHB Target Price	4.5 (2011-10-19)
Maybank Target Price	4 (2011-11-18)

Accounting Ratio

Return on Equity	13.27%
Dividend Yield	2.86%
Profit Margin	8.19%
Tax Rate	26.44%
Asset Turnover	1.3492
Net Asset Value Per Share	2.77
Net Tangible Asset per share	2.75
Price/Net Tangible Asset Per Share	1.61
Cash Per Share	0.62
Liquidity Current Ratio	2.6015
Liquidity Quick Ratio	1.2271
Liquidity Cash Ratio	0.6019
Gearing Debt to Equity Ratio	0.5584
Gearing Debt to Asset Ratio	0.3573
Working capital per thousand Ringgit sale	28.3%
Days to sell the inventory	97
Days to collect the receivables	40
Days to pay the payables	36

My notes based on 2011 Quarter 3 report (number in '000):-
- Estimate next 4Q eps after 2011 Q3 result announced = 0.0836*4*0.9 = 0.301, estimate PE on current price 4.2 = 13.55(DPS 0.12)
- Estimate next 4Q eps after 2011 Q1 result announced = 0.3664, estimate highest/lowest PE = 13.54/11.24 (DPS 0.12)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.35, estimate highest/lowest PE = 13.8/11.94 (DPS 0.12)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.0983*4 = 0.3932, estimate highest/lowest PE = 12.03/1 (DPS 0.12)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.0991*4 = 0.3964, estimate highest/lowest PE = 12.92/9.51 (DPS 0.11)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.0639*4 = 0.2556, estimate highest/lowest PE = 19.91/10.92 (DPS 0.11)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.0527*4 = 0.2108, estimate highest/lowest PE = 16.65/10.44 (DPS 0.1)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.0528*4 = 0.2112, estimate highest/lowest PE = 12.31/8.19 (DPS 0.1)
- Estimate next 4Q eps after 2009 Q1 result announced = 0.0626*4 = 0.2504, estimate highest/lowest PE = 7.35/5.39 (DPS 0.1)
- Estimate next 4Q eps after 2008 Q4 result announced = 0.0425*4 = 0.17, estimate highest/lowest PE = 9.12/6.12 (DPS 0.1)

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KLCI Stock - TCHONG / 4405 - 2011 Quarter 1

Company Info

Market Capital (Capital Size)	2,929,920,000 (Large)
Par Value	RM 0.50

My Analysis

Forecast P/E now	(4.36-0.12)/0.3664 = 11.57 (Moderate)
Target Price	5.50+0.12 = 5.62 (PE 15.0, EPS 0.3664, DPS 0.12)
Decision	BUY
Comment	Revenue increased 35.5% and also higher than preceding year corresponding quarter 30%, eps increased 42.2% and is second consecutive quarter increasing and also higher than preceding year corresponding quarter 14.5%, cash generated from operating is slightly extra than financing expenses and still generated cash from investing activities, stronger liquidity ratio at moderate level now, lower gearing ratio at moderate level now, all accounting turnover periods are good
First Support Price	4.2
Second Support Price	4.0
Risk Rating	MODERATE

Research House

CIMB Target Price	7.3 (2011-03-03)
AMMB Target Price	5 (2011-03-17)
RHB Target Price	4.95 (2011-05-13)
Kenanga Target Price	4.8 (2011-05-19)
Maybank Target Price	4 (2011-05-19)
MIDF Target Price	4.94 (2011-05-19)
OSK Target Price	4.27 (2011-05-19)

Accounting Ratio

Return on Equity	14.21%
Dividend Yield	2.75%
Profit Margin	9.29%
Tax Rate	30.05%
Asset Turnover	1.3489
Net Asset Value Per Share	2.69
Net Tangible Asset per share	2.67
Price/Net Tangible Asset Per Share	1.61
Cash Per Share	0.6
Liquidity Current Ratio	2.7943
Liquidity Quick Ratio	1.373
Liquidity Cash Ratio	0.6299
Gearing Debt to Equity Ratio	0.5851
Gearing Debt to Asset Ratio	0.3681
Working capital per thousand Ringgit sale	29.5%
Days to sell the inventory	94
Days to collect the receivables	44
Days to pay the payables	35

My notes based on 2011 Quarter 1 report (number in '000):-
- The all-new NISSAN Teana drove the performance in Q1 2011 compared to Q4 2010 because it was launched on 23 November 2010 and the bulk of sales were recognised at the start of 2011 instead of 2010. Due to a higher value added product offering, Operating Profit margins grew from 8.5% in Q4 2010 to 9.6% in Q1 2011 despite the drag in forex and NVL. Notwithstanding exceptional quarterly sales and stockpiling just in time, inventories stood at RM878.8 million as at 31 March 2011 compared to over RM1.0 billion as at 31 December 2010

- Estimate next 4Q eps after 2011 Q1 result announced = 0.3664, estimate PE on current price 4.36 = 11.57(DPS 0.12)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.35, estimate highest/lowest PE = 13.8/11.94 (DPS 0.12)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.0983*4 = 0.3932, estimate highest/lowest PE = 12.03/1 (DPS 0.12)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.0991*4 = 0.3964, estimate highest/lowest PE = 12.92/9.51 (DPS 0.11)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.0639*4 = 0.2556, estimate highest/lowest PE = 19.91/10.92 (DPS 0.11)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.0527*4 = 0.2108, estimate highest/lowest PE = 16.65/10.44 (DPS 0.1)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.0528*4 = 0.2112, estimate highest/lowest PE = 12.31/8.19 (DPS 0.1)
- Estimate next 4Q eps after 2009 Q1 result announced = 0.0626*4 = 0.2504, estimate highest/lowest PE = 7.35/5.39 (DPS 0.1)
- Estimate next 4Q eps after 2008 Q4 result announced = 0.0425*4 = 0.17, estimate highest/lowest PE = 9.12/6.12 (DPS 0.1)

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USD/MYR Chart

KLCI Stock - TCHONG / 4405 - 2010 Quarter 3

Par Value

:

0.50

My Forecast P/E now	:	(5.36-0.12)/0.35 = 14.97 (High)
My Target Price	:	4.9+0.12 = 5.02 (PE 14, EPS 0.35, DPS 0.12)
My Decision	:	NOT BUY unless price below 4.9
My Comment	:	Revenue and profit lower down, good cash flow, moderate liquidity ratio, moderate gearing ratio, MYR against USD weakening
Technical Support Price	:	5
Risk Rating	:	MODERATE
OSK Target Price	:	7.29 (22 Nov 10)

Latest Market Capital (Capital Size)	3,601,920,000 (Very Large)
Return on Equity	13.78%
Dividend Yield	2.24%
Profit Margin	0.0821
Asset Turnover	1.2901
Tax Rate	0.3082
Net Asset Value Per Share	2.5
Net Tangible Asset per share	2.5
Price/Net Tangible Asset Per Share	2.25
Cash Per Share	0.19
Liquidity Current Ratio	2.7497
Liquidity Quick Ratio	1.4596
Liquidity Cash Ratio	0.2146
Gearing Debt to Equity Ratio	0.6065
Gearing Debt to Asset Ratio	0.3768
Average working capital per thousand Ringgit sale	29.4%
Average days to sell the inventory	73
Average days to collect the receivables	32

Company Description

Tan Chong Motor Holdings Berhad is principally engaged in investment holding and the provision of management services to its subsidiary companies. The Company comprises three business segments: Vehicles assembly, distribution and after sale services, which is engaged in the assembly and distribution of passenger and commercial vehicles, automotive workshop services, distribution of automotive spare parts and insurance agency; Financial services, which is engaged in the provision of hire purchase financing, personal loans and money changing, and Other operations, which is engaged in property and investment holding activities. The Company’s subsidiaries include Fujiyama Car Cooler Sdn. Bhd., Kereta Komersil Seladang (M) Sdn. Bhd., TC Aluminium Castings Sdn. Bhd., TC Manufacturing Holdings Sdn. Bhd., TC Transmission Sdn. Bhd. and VDC Sdn. Bhd. In October 2009, the Company incorporated three subsidiaries: Tan Chong Trading (Labuan) Pty Ltd; ETCM (C) Pty Ltd.

My notes based on 2010 Quarter 3 report (number in '000):-
- The overall nine-month results point toward a more cautious 2H 2010. There has been a slowdown in Q3 compared to the first six months. To counter this, we started to invest in more advertising and promotion as well as marketing support activities to build up for the launch of the all-new NISSAN Teana before Christmas

- Q3 2010 saw a pause in momentum. Revenues retracted to RM871.6 million compared to RM927.9 million in Q2 and RM870.4 million in Q1. July-August sales hit a soft patch and September was a short month with Hari Raya holidays

- EBIT margins fell from 10.5% in Q2 2010 to 8.3% in Q3 due to negative operating leverage as a result of slower revenue and a higher cost base. Gross margins remained intact due to a favourable foreign exchange rate on imports. However, operating expenses were higher than budget on the back of increased advertising and promotion costs taken up for the Raya promotion and Teana pre-launch events. The timing difference in expenditure incurred upfront before the start of actual sales is necessary to build a flagship model in the high end D-segment. We should be reaping the rewards of this investment soon

- Estimate next 4Q eps after 2010 Q3 result announced = 0.35, estimate PE on current price 5.62 = 15.71(DPS 0.12)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.0983*4 = 0.3932, estimate highest/lowest PE = 12.03/1 (DPS 0.12)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.0991*4 = 0.3964, estimate highest/lowest PE = 12.92/9.51 (DPS 0.11)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.0639*4 = 0.2556, estimate highest/lowest PE = 19.91/10.92 (DPS 0.11)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.0527*4 = 0.2108, estimate highest/lowest PE = 16.65/10.44 (DPS 0.1)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.0528*4 = 0.2112, estimate highest/lowest PE = 12.31/8.19 (DPS 0.1)
- Estimate next 4Q eps after 2009 Q1 result announced = 0.0626*4 = 0.2504, estimate highest/lowest PE = 7.35/5.39 (DPS 0.1)
- Estimate next 4Q eps after 2008 Q4 result announced = 0.0425*4 = 0.17, estimate highest/lowest PE = 9.12/6.12 (DPS 0.1)

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KLCI Stock - TCHONG / 4405 - 2010 Quarter 2

Market Cap : 672000000*4.85 = 3,259,200,000 (Large)
NTA per share : 1618249/652819 = 2.49
P/BV : 4.85/2.49 = 1.9478
Forecast P/E now : (4.85-0.12)/0.3932 = 12.03 (Moderate)
ROE : 12.98% (Moderate)
DY : 0.12/4.85*100 = 2.47% (Low)
Fixed Asset Turnover(3 year) : (1.3174+1.5193+1.279)/3 = 1.3719 (High)
Liquidity Ratio : 1531547/438932 = 3.4893 (High)
Receivables Collection Period : (419359+282178)/2/(3264249/365) = 39 days (Acceptable)
My Target Price : 5.78+0.12 = 5.9 (PE 14, EPS 0.4129, DPS 0.12)
My Decision : BUY
My Comment : Revenue and profit increased, good cash flow, moderate debt, navps increasing, BLR increased, strong Ringgit, expanded business to regional market
Technical Support Price : 4.2
Risk Rating : LOW
OSK Target Price : 6.4 (19 Aug 10)

My notes based on 2010 Quarter 2 report (number in '000):

- The current interim results reflects a durable recovery in TIV (total industry volume) but with a more pronounced 29.3% increase in revenue and doubling in operating and pre-tax profits compared to the same period in 2009. Volumes accompanied by pricing flexibility through localisation, to a large extent impacted the 1H more than a stronger Ringgit. Despite higher tax provision, 1H 2010 is above 1H 2008, our previous record year, in terms of revenue and profit

- Q2 2010 is our second consecutive increase in sales and pre-tax profits after volumes stabilized and bottomed in Q4 2009. Revenue at RM927.9 million for the three months ended is approaching the billion ringgit mark achieved during the previous peak in Q3 2008

- Unlike in Q1 2010, the earlier RM6.0 million marked to market paper loss on forward contracts for hedging purposes reversed into a RM11.4 million gain in Q2 2010 under the same measure in
accordance with fair value accounting for financial instruments under FRS 139

- In spite of higher business activity, net gearing remains negligible and working capital is under control. Productivity gains as well as creditworthiness to structure finance our receivables had enabled the Company to meet higher demand without using up more capital. But as the business scale of Tan Chong continues to develop in the next few years, its capital requirements may need to increase correspondingly

- Our business is still subject to market volatility. July car sales had softened but August is seeing rush orders before Hari Raya holidays in September. October-November may be busier and December is usually quiet again

- Estimate next 4Q eps after 2010 Q2 result announced = 0.0983*4 = 0.3932, estimate PE on current price 4.85 = 12.03(DPS 0.12)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.0991*4 = 0.3964, estimate highest/lowest PE = 12.92/9.51 (DPS 0.11)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.0639*4 = 0.2556, estimate highest/lowest PE = 19.91/10.92 (DPS 0.11)
- Estimate next 4Q eps after 2009 Q3 result announced =0.0527*4 = 0.2108, estimate highest/lowest PE = 16.65/10.44 (DPS 0.1)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.0528*4 = 0.2112, estimate highest/lowest PE = 12.31/8.19 (DPS 0.1)
- Estimate next 4Q eps after 2009 Q1 result announced = 0.0626*4 = 0.2504, estimate highest/lowest PE = 7.35/5.39 (DPS 0.1)
- Estimate next 4Q eps after 2008 Q4 result announced = 0.0425*4 = 0.17, estimate highest/lowest PE = 9.12/6.12 (DPS 0.1)

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