BOUSTEAD HOLDINGS BERHAD
Company Description
Company Info
My Analysis
Research House
Accounting Ratio
Technical Analysis
My notes based on 2011 quarter 4 report (number in '000):-
- Higher revenue mainly due to the consolidation of Pharmaniaga Berhad, higher sales volume for the Manufacturing & Trading Division and stronger palm product prices and better FFB crop in Plantation Division
- Lower pbt than FY10Q4 due to cost escalations in commercial ship building projects and higher finance charges in Heavy Industries Division and RM40.4 million of negative goodwill and Finance & Investment Division pbt in last year included the gain on disposal of BHInsurance and higher interest cost in current quarter
- Higher pbt than FY11Q3 mainly due to fair value gain on investment properties and negative goodwill of RM109.5 million and RM40.4 million respectively, if exclude then current quarter's result is weaker by RM71.9 million due to Plantation Division pbt in preceding quarter had included a RM14 million dividend income from Boustead REIT plus current quarter got lower crop production and lower CPO price due to cyclical swing in FFB crop production is generally at its lowest in the first half of the year and Heavy Industries Division as reason mention in above
- Estimate next 4Q eps after 2011 Q4 result announced = 5203300*0.1/1034200 = 0.5031(excluded disposal gain), estimate PE on current price 5.2 = 9.09(DPS 0.29)
- Estimate next 4Q eps after 2011 Q3 result announced = 0.1286*4*1.05 = 0.5401, estimate highest/lowest PE = 10.44/9.15 (DPS 0.32)
- Estimate next 4Q eps after 2011 Q2 result announced = (0.1+0.12)*2 = 0.44, estimate highest/lowest PE = 12.11/9.48 (DPS 0.32)
- Estimate next 4Q eps after 2011 Q1 result announced = 0.5557, estimate highest/lowest PE = 10.94/8.53 (DPS 0.42)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.2646*2*1.05 = 0.5557(exclude RM52 million one off gained), estimate highest/lowest PE = 10.08/8.8 (DPS 0.39)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.1*4*1.1 = 0.44, estimate highest/lowest PE = 13.11/11.14 (DPS 0.37)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.08*4*1.05 = 0.336(0.08 is eps exclude non-repeatable income), estimate highest/lowest PE = 17.04/11.59 (DPS 0.325)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.4699*1.05 = 0.4934(5% increase), estimate highest/lowest PE = 8.3/6.58 (DPS 0.275)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.4934, estimate highest/lowest PE = 7.1/6.31 (DPS 0.275)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.1241*4 = 0.4964, estimate highest/lowest PE = 6.89/6.06 (DPS 0.25)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.0721*4 = 0.2884, estimate highest/lowest PE = 12.17/10.92 (DPS 0.2)
- Estimate next 4Q eps after 2009 Q1 result announced = 0.0934*4 = 0.3736, estimate highest/lowest PE = 11.78/8.94 (DPS 0.2)
- Estimate next 4Q eps after 2008 Q4 result announced = 0.1699*4 = 0.6796, estimate highest/lowest PE = 5.15/3.97 (DPS 0.3)
BSTEAD latest news (English)
BSTEAD latest news (Chinese)
Financial Quarter Summary
Financial Quarter Balance Sheet
Financial Quarter Income Statement
Financial Quarter Segments Revenue
Financial Quarter Segments Profit
Financial Quarter Segments Associate
Monthly Business Data
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
Company Description
Boustead Holdings Berhad is an investment holding company. It is also engaged in the cultivation of oil palms. The Company operates in seven segments: plantation, heavy industries, property development, property investment, finance and investment, trading, and manufacturing and services. Its major subsidiaries include Boustead Plantations Berhad, which is engaged in investment holdings and oil palm plantations; Boustead Properties Berhad, which is engaged in investment holding and property investment; Boustead Heavy Industries Corporation Berhad, which is engaged in investment holding; Boustead Naval Shipyard Sdn Bhd, which is engaged in construction, repair and maintenance of naval and merchant ships, and Boustead Emastulin Sdn Bhd, which is engaged in cultivation and processing of oil palm, and automobile dealership.
Company Info
| Listing Date | 1961-03-17 |
| Market Capital (Capital Size) | 4,888,844,994 (Large) |
| Par Value | RM 0.50 |
| Board | Main |
| Sector | Plantation |
| Major Industry | Oil Palm & Others Crop |
| Sub Industry | Finance & Investment |
| Website | http://www.boustead.com.my |
My Analysis
| Forecast P/E now | (5.2-0.29)/0.5401 = 9.09 (Moderate) |
| Target Price | 5.94+0.29 = 6.23 (PE 11.0, EPS 0.5401, DPS 0.29) |
| Decision | BUY if stock price can break and sustain above 5.3 or wait stock price below Bolinger lower band |
| Comment | Revenue increased 16.7% and also higher than preceding year corresponding quarter 51.2%, eps increased 44.6% but lower than preceding year corresponding quarter 16.3%, cash generated from operating enough to cover financing expenses and cash from borrowings more than enough to cover other expenses, operating margin decreasing, slightly better liquidity ratio but still at weak level now, higher gearing ratio at high level now, higher debt ratio and start move near to historical high level, all repayment period is good, strong cash, higher inventory can indicate better demand of Group products, lower property development cost can indicate slow down in property segment |
| First Support Price | 5.0 |
| Second Support Price | 4.8 |
| Risk Rating | MODERATE |
Research House
| ECM Target Price | 6.41 (2011-11-22) |
| AMMB Target Price | 4.3 (2011-12-19) |
| TA Target Price | 6.21 (2011-12-21) |
| CIMB Target Price | 5.24 (2012-02-28) |
| HwangDBS Target Price | 7.3 (2012-02-28) |
| Jupiter Target Price | 6.4 (2012-04-03) |
| HLG Target Price | 6.45 (2012-04-16) |
Accounting Ratio
| Return on Equity | 11.73% |
| Dividend Yield | 5.58% |
| Gross Profit Margin | 0.00% |
| Operating Profit Margin | 4.33% |
| Net Profit Margin | 9.60% |
| Tax Rate | 6.12% |
| Asset Turnover | 0.6959 |
| Net Asset Value Per Share | 4.3 |
| Net Tangible Asset per share | 3.09 |
| Price/Net Tangible Asset Per Share | 1.75 |
| Cash Per Share | 1.1 |
| Liquidity Current Ratio | 0.6331 |
| Liquidity Quick Ratio | 0.5129 |
| Liquidity Cash Ratio | 0.1979 |
| Gearing Debt to Equity Ratio | 1.5932 |
| Gearing Debt to Asset Ratio | 0.5768 |
| Working capital per thousand Ringgit sale | -24.7% |
| Days to sell the inventory | 32 |
| Days to collect the receivables | 75 |
| Days to pay the payables | 78 |
Technical Analysis
| SMA 20 | 5.3 (Downtrend 14 days) |
| SMA 50 | 5.4 (Downtrend) |
| SMA 100 | 5.328 (Uptrend) |
| SMA 200 | 4.946 (Uptrend) |
| MACD (26d/12d) | -0.063524 ( 0.001863 ) |
| Signal (9) | -0.056491 ( 0.001758 ) |
| MACD Histogram | 0.007033 (Bearish trend 14 days) |
| Bolinger Upper Band | 5.564 |
| Bolinger Lower Band | 5.036 |
My notes based on 2011 quarter 4 report (number in '000):-
- Higher revenue mainly due to the consolidation of Pharmaniaga Berhad, higher sales volume for the Manufacturing & Trading Division and stronger palm product prices and better FFB crop in Plantation Division
- Lower pbt than FY10Q4 due to cost escalations in commercial ship building projects and higher finance charges in Heavy Industries Division and RM40.4 million of negative goodwill and Finance & Investment Division pbt in last year included the gain on disposal of BHInsurance and higher interest cost in current quarter
- Higher pbt than FY11Q3 mainly due to fair value gain on investment properties and negative goodwill of RM109.5 million and RM40.4 million respectively, if exclude then current quarter's result is weaker by RM71.9 million due to Plantation Division pbt in preceding quarter had included a RM14 million dividend income from Boustead REIT plus current quarter got lower crop production and lower CPO price due to cyclical swing in FFB crop production is generally at its lowest in the first half of the year and Heavy Industries Division as reason mention in above
- Estimate next 4Q eps after 2011 Q4 result announced = 5203300*0.1/1034200 = 0.5031(excluded disposal gain), estimate PE on current price 5.2 = 9.09(DPS 0.29)
- Estimate next 4Q eps after 2011 Q3 result announced = 0.1286*4*1.05 = 0.5401, estimate highest/lowest PE = 10.44/9.15 (DPS 0.32)
- Estimate next 4Q eps after 2011 Q2 result announced = (0.1+0.12)*2 = 0.44, estimate highest/lowest PE = 12.11/9.48 (DPS 0.32)
- Estimate next 4Q eps after 2011 Q1 result announced = 0.5557, estimate highest/lowest PE = 10.94/8.53 (DPS 0.42)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.2646*2*1.05 = 0.5557(exclude RM52 million one off gained), estimate highest/lowest PE = 10.08/8.8 (DPS 0.39)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.1*4*1.1 = 0.44, estimate highest/lowest PE = 13.11/11.14 (DPS 0.37)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.08*4*1.05 = 0.336(0.08 is eps exclude non-repeatable income), estimate highest/lowest PE = 17.04/11.59 (DPS 0.325)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.4699*1.05 = 0.4934(5% increase), estimate highest/lowest PE = 8.3/6.58 (DPS 0.275)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.4934, estimate highest/lowest PE = 7.1/6.31 (DPS 0.275)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.1241*4 = 0.4964, estimate highest/lowest PE = 6.89/6.06 (DPS 0.25)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.0721*4 = 0.2884, estimate highest/lowest PE = 12.17/10.92 (DPS 0.2)
- Estimate next 4Q eps after 2009 Q1 result announced = 0.0934*4 = 0.3736, estimate highest/lowest PE = 11.78/8.94 (DPS 0.2)
- Estimate next 4Q eps after 2008 Q4 result announced = 0.1699*4 = 0.6796, estimate highest/lowest PE = 5.15/3.97 (DPS 0.3)
BSTEAD latest news (English)
BSTEAD 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 | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2012-02-27 | 2011 | 4 | N/A | N/A | 0.09 | 3.70% | 11.73% | 2554300 | 8555800 | 245100 | 831000 | 192300 | 610600 | 0.1859 | 0.5904 | 12295200 | 7091900 | 751900 | 5203300 | 959500 | 1366000 | 1097900 | 398500 | 406500 | 691400 | 1089900 | 1034200 | 1034200 | 5595022 | 2011-12-31 | - | 4.33% | 9.60% | 6.12% | 0.6959 | 9.1632 | 4.3 | 3.09 | 1.75 | 1.1 | 0.6331 | 0.5129 | 0.1979 | 1.5932 | 0.5768 | -24.7% | 32 | 75 | 78 |
| 2011-11-21 | 2011 | 3 | 5.96 | 5.26 | 0.12 | 2.43% | 8.40% | 2188700 | 6001500 | 167100 | 585900 | 120900 | 418300 | 0.1286 | 0.4449 | 11494600 | 6513900 | 624300 | 4980700 | 188000 | 702500 | 664200 | 398800 | 514500 | 149700 | 548500 | 940200 | 940200 | 5011266 | 2011-09-30 | - | 7.74% | 7.63% | 13.64% | 0.6691 | - | 4.63 | 2.86 | 1.86 | 0.62 | 0.6149 | 0.5024 | 0.1095 | 1.4952 | 0.5667 | -26.5% | 31 | 99 | 87 |
| 2011-08-18 | 2011 | 2 | 5.65 | 4.49 | - | 3.75% | 6.02% | 2225300 | 3812800 | 250600 | 418800 | 185200 | 297400 | 0.1970 | 0.3163 | 11493300 | 6551000 | 598800 | 4942300 | 600 | 513700 | 726400 | 398300 | 514300 | 212100 | 610400 | 940200 | 940200 | 5171100 | 2011-06-30 | - | 7.74% | 11.26% | 11.01% | 0.6105 | - | 4.62 | 2.79 | 1.97 | 0.7 | 0.6314 | 0.5235 | 0.1258 | 1.5082 | 0.57 | -27.6% | 33 | 109 | 101 |
| 2011-05-27 | 2011 | 1 | 6.5 | 5.16 | 0.08 | 2.37% | 2.37% | 1587500 | 1587500 | 168200 | 168200 | 112200 | 112200 | 0.1193 | 0.1193 | 10805800 | 6066900 | 513800 | 4738900 | 4600 | 532200 | 691700 | 398300 | 536800 | 154900 | 553200 | 940200 | 940200 | 5377944 | 2011-03-31 | - | 9.90% | 10.60% | 20.04% | 0.5753 | - | 4.49 | 2.71 | 2.11 | 0.66 | 0.5766 | 0.4807 | 0.1203 | 1.4359 | 0.5614 | -35.2% | 32 | 104 | 110 |
| 2011-02-25 | 2010 | 4 | 5.99 | 5.28 | 0.12 | 4.45% | 11.44% | 1689800 | 6181800 | 252000 | 726200 | 208900 | 537500 | 0.2222 | 0.5749 | 9268200 | 4569500 | 470800 | 4698700 | 173400 | 176200 | 148800 | 549900 | 2800 | 151600 | 398300 | 940200 | 935000 | 5077080 | 2010-12-31 | - | 11.48% | 14.91% | 6.87% | 0.667 | 9.3935 | 4.52 | 2.95 | 1.83 | 0.45 | 0.5581 | 0.4836 | 0.1137 | 1.0808 | 0.493 | -26.7% | 18 | 76 | 72 |
| 2010-11-29 | 2010 | 3 | 6.14 | 5.27 | 0.12 | 2.02% | 7.22% | 1513900 | 4492000 | 153700 | 474200 | 91900 | 328600 | 0.0983 | 0.3534 | 9014000 | 4462000 | 459800 | 4552000 | 89900 | 1400 | 253300 | 549900 | 88500 | 164800 | 385100 | 934700 | 929900 | 4907175 | 2010-09-30 | - | 10.28% | 10.15% | 18.93% | 0.6626 | - | 4.4 | 2.82 | 1.86 | 0.45 | 0.4991 | 0.4156 | 0.1044 | 1.0904 | 0.495 | -34.0% | 23 | 77 | 77 |
| 2010-08-23 | 2010 | 2 | 6.05 | 4.22 | 0.1 | 3.26% | 5.26% | 1425000 | 2978100 | 185900 | 320500 | 146500 | 236700 | 0.1567 | 0.2545 | 8781100 | 4284700 | 413800 | 4496400 | 37800 | 48700 | 193100 | 549900 | 10900 | 182200 | 367700 | 934700 | 929900 | 4065945 | 2010-06-30 | - | 7.27% | 13.05% | 13.18% | 0.6694 | - | 4.39 | 2.81 | 1.55 | 0.42 | 0.4701 | 0.4066 | 0.1026 | 1.0495 | 0.4879 | -34.8% | 17 | 73 | 64 |
| 2010-05-31 | 2010 | 1 | 4.37 | 3.52 | 0.05 | 2.03% | 2.03% | 1553100 | 1553100 | 134600 | 134600 | 90200 | 90200 | 0.0975 | 0.0975 | 9203800 | 4765800 | 461200 | 4438000 | 75300 | 900 | 5900 | 318700 | 76200 | 82100 | 236600 | 925100 | 925100 | 3274854 | 2010-03-31 | - | 8.29% | 8.67% | 22.59% | 0.6225 | - | 4.3 | 2.71 | 1.31 | 0.32 | 0.5193 | 0.4618 | 0.0682 | 1.1984 | 0.5178 | -36.3% | 17 | 73 | 69 |
| 2010-02-25 | 2009 | 4 | 3.78 | 3.39 | 0.1 | 3.46% | 7.99% | 1481066 | 5392006 | 208094 | 501648 | 147698 | 341620 | 0.1620 | 0.4699 | 9087800 | 4813100 | 446400 | 4274700 | 604881 | 345779 | 323939 | 614793 | 259102 | 64837 | 549956 | 911445 | 726986 | 3098913 | 2009-12-31 | - | 8.58% | 14.05% | 13.83% | 0.5933 | 7.2354 | 5.27 | 3.24 | 1.05 | 0.44 | 0.5214 | 0.4611 | 0.0907 | 1.2572 | 0.5296 | -38.8% | 19 | 71 | 70 |
| 2009-11-23 | 2009 | 3 | 3.67 | 3.26 | 0.075 | 2.08% | 4.68% | 1419107 | 3910940 | 125473 | 293554 | 86163 | 193922 | 0.1241 | 0.2914 | 8839714 | 4691960 | 424608 | 4147754 | 271960 | 229051 | 200529 | 614694 | 42909 | 157620 | 457074 | 694434 | 665499 | 2374964 | 2009-09-30 | - | 7.89% | 8.84% | 13.55% | 0.5813 | - | 5.59 | 3.29 | 1.04 | 0.76 | 0.4669 | 0.3999 | 0.1327 | 1.2602 | 0.5308 | -41.2% | 20 | 75 | 84 |
| 2009-08-21 | 2009 | 2 | 3.71 | 3.35 | 0.05 | 1.40% | 3.22% | 1276249 | 2491833 | 82021 | 168081 | 46941 | 107759 | 0.0721 | 0.1655 | 8703861 | 5359700 | 405323 | 3344161 | 218074 | 185458 | 195597 | 614694 | 32616 | 162981 | 451713 | 651032 | 651032 | 2369756 | 2009-06-30 | - | 6.02% | 6.43% | 23.38% | 0.6515 | - | 4.51 | 2.16 | 1.69 | 0.82 | 0.387 | 0.3369 | 0.1158 | 1.8237 | 0.6158 | -49.9% | 16 | 66 | 71 |
| 2009-05-18 | 2009 | 1 | 4.6 | 3.54 | 0.05 | 1.81% | 1.81% | 1215584 | 1215584 | 86060 | 86060 | 60818 | 60818 | 0.0934 | 0.0934 | 8593240 | 5233752 | 388237 | 3359488 | 79651 | 18882 | 128253 | 614694 | 98533 | 29720 | 584974 | 651032 | 651032 | 2304653 | 2009-03-31 | - | 7.36% | 7.08% | 21.25% | 0.7449 | - | 4.56 | 2.22 | 1.59 | 1.0 | 0.4135 | 0.3611 | 0.1459 | 1.7615 | 0.6091 | -41.1% | 14 | 55 | 66 |
| 2009-02-26 | 2008 | 4 | 3.8 | 3.0 | 0.125 | 3.36% | 17.56% | 1227869 | 7029818 | 20411 | 678902 | 110587 | 578786 | 0.1718 | 0.9069 | 8679091 | 5383076 | 385244 | 3296015 | 756402 | 529504 | 326429 | 714225 | 226898 | 99531 | 614694 | 643700 | 638202 | 1982596 | 2008-12-31 | - | 4.10% | 1.66% | - | 0.81 | 3.3962 | 4.56 | 2.17 | 1.42 | 1.04 | 0.4488 | 0.3884 | 0.1445 | 1.8494 | 0.6202 | -36.3% | 16 | 59 | 61 |
| 2008-11-19 | 2008 | 3 | 3.68 | 2.92 | 0.075 | 4.99% | 14.23% | 1951232 | 5801949 | 208696 | 658491 | 163996 | 468199 | 0.2548 | 0.7386 | 8653882 | 5364155 | 443510 | 3289727 | 298103 | 444595 | 15266 | 714693 | 146492 | 161758 | 552935 | 643700 | 633926 | 1995470 | 2008-09-30 | - | 8.65% | 10.70% | 13.60% | 0.9234 | - | 4.49 | 2.22 | 1.4 | 0.92 | 0.5392 | 0.4497 | 0.1369 | 1.8847 | 0.6199 | -24.9% | 20 | 58 | 61 |
| 2008-08-19 | 2008 | 2 | 5.0 | 2.18 | 0.05 | 4.38% | 8.78% | 2006833 | 3850717 | 216258 | 449795 | 151891 | 304203 | 0.2415 | 0.4836 | 8673428 | 5207173 | 908112 | 3466255 | 230096 | 63418 | 277723 | 714693 | 166678 | 111045 | 603648 | 629039 | 629039 | 3019387 | 2008-06-30 | - | 12.32% | 10.78% | 14.83% | 0.8688 | - | 4.07 | 1.86 | 2.58 | 1.05 | 0.5945 | 0.5157 | 0.1606 | 2.0355 | 0.6004 | -22.2% | 18 | 66 | 73 |
| 2008-05-20 | 2008 | 1 | 5.7 | 4.66 | 0.05 | 4.48% | 4.48% | 1843884 | 1843884 | 233537 | 233537 | 152312 | 152312 | 0.2421 | 0.2421 | 8506703 | 5103156 | 890232 | 3403547 | 133091 | 22806 | 152120 | 714693 | 110285 | 41835 | 672858 | 629039 | 629039 | 3333906 | 2008-03-31 | - | 13.46% | 12.67% | 15.36% | 0.7793 | - | 4.0 | 1.76 | 3.01 | 1.16 | 0.5846 | 0.4954 | 0.1873 | 2.0304 | 0.5999 | -24.5% | 22 | 61 | 94 |
| 2008-02-29 | 2007 | 4 | 5.6 | 4.24 | 0.18 | 5.58% | 14.89% | 2188811 | 5751919 | 326317 | 828814 | 179170 | 477736 | 0.2896 | 0.7904 | 8441110 | 5232276 | 847913 | 3208834 | 464087 | 147411 | 294701 | 103316 | 316676 | 611377 | 714693 | 618782 | 604423 | 3081534 | 2007-12-31 | - | 14.48% | 14.91% | 18.26% | 0.6814 | 6.3006 | 3.91 | 1.54 | 3.23 | 1.22 | 0.5622 | 0.4848 | 0.1902 | 2.2162 | 0.6199 | -30.2% | 22 | 68 | 105 |
| 2007-11-26 | 2007 | 3 | 7.2 | 4.96 | 0.07 | 4.83% | 9.90% | 1495566 | 3563108 | 288509 | 502497 | 145739 | 298566 | 0.2244 | 0.4596 | 8222736 | 5207525 | 879966 | 3015211 | 446847 | 332858 | 420833 | 103616 | 113989 | 534822 | 638438 | 649551 | 649551 | 3832350 | 2007-09-30 | - | 19.78% | 19.29% | 27.35% | 0.55 | - | 3.29 | 1.99 | 2.96 | 1.08 | 0.5775 | 0.5097 | 0.1814 | 2.4388 | 0.6333 | -36.0% | 23 | 102 | 146 |
| 2007-08-29 | 2007 | 2 | 6.85 | 5.4 | 0.05 | 3.35% | 5.73% | 1100809 | 2067542 | 115769 | 213988 | 89444 | 152827 | 0.1495 | 0.2554 | 5706513 | 3039329 | 631502 | 2667184 | 217181 | 89841 | 160966 | 103616 | 127340 | 33626 | 69990 | 598269 | 598269 | 1806772 | 2007-06-30 | - | 6.08% | 10.52% | 12.25% | 0.5304 | - | 3.4 | 3.22 | 0.94 | 0.26 | 0.563 | 0.4412 | 0.0703 | 1.493 | 0.5326 | -32.4% | 35 | 100 | 88 |
| 2007-05-15 | 2007 | 1 | N/A | N/A | - | 2.37% | 2.37% | 966733 | 966733 | 98219 | 98219 | 63383 | 63383 | 0.1059 | 0.1059 | 5448648 | 2777392 | 689582 | 2671256 | 216663 | 113123 | 319229 | 103616 | 329786 | 10557 | 114173 | 598269 | 598269 | 1364053 | 2007-03-31 | - | 7.19% | 10.16% | 21.99% | 0.3535 | - | 3.31 | 3.13 | 0.73 | 0.23 | 0.5346 | 0.4085 | 0.0684 | 1.4015 | 0.5097 | -49.2% | 51 | 126 | 144 |
| 2007-02-27 | 2006 | 4 | N/A | N/A | - | 5.99% | 7.71% | 959285 | 4114326 | 260388 | 384860 | 162276 | 208613 | 0.2498 | 0.3218 | 5765860 | 3058975 | 783220 | 2706885 | 47117 | 272990 | 56459 | 273030 | 225873 | 169414 | 103616 | 649551 | 648188 | 1253633 | 2006-12-31 | - | 2.33% | 27.14% | - | 0.1664 | 5.9968 | 2.97 | 2.8 | 0.69 | 0.29 | 0.6991 | 0.5884 | 0.084 | 1.5902 | 0.5305 | -71.2% | 98 | 424 | 237 |
Financial Quarter Balance Sheet
| year | qrt | Available-for-sale investment (A-0) | Biological assets (A-0) | Deferred tax assets (A-0) | Development properties (A-0) | Intangible assets (A-0) | Investment in associated companies (A-0) | Investment properties (A-0) | Long term prepayment (A-0) | Prepaid lease payments (A-0) | Property, plant and equipment (A-0) | Amount due from customers (A-1) | Cash and cash equivalents (A-1) | Current asset classified as held for sales (A-1) | Inventories (A-1) | Other receivables (A-1) | Property development costs (A-1) | Deferred tax liabilities (L-0) | Loans & borrowings (L-0) | Long term payables (L-0) | Amount due to customers (L-1) | Current tax liabilities (L-1) | Dividend payable (L-1) | Liabilities directly associated with assets classified as held for sale (L-1) | Loans & borrowings (L-1) | Trade and other payables (L-1) | Minority interest (M-1) |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2011 | 4 | 592800 | 347600 | 105500 | 227100 | 1257400 | 1274700 | 1212900 | 143300 | 39600 | 3445000 | 231300 | 1140700 | 50700 | 680300 | 1534100 | 12200 | 140500 | 1159300 | 27500 | 59700 | 59400 | - | 4800 | 3936200 | 1704500 | 751900 |
| 2011 | 3 | 519200 | 359300 | 78100 | 211100 | 1669300 | 1259600 | 1105400 | 136000 | 52300 | 2851100 | 244100 | 579100 | - | 557800 | 1835000 | 37200 | 145700 | 1050600 | 26900 | 98600 | 50700 | 94000 | - | 3382800 | 1664600 | 624300 |
| 2011 | 2 | 530700 | 358300 | 77200 | 214200 | 1719300 | 1229700 | 1100000 | 136100 | 51800 | 2756900 | 253200 | 661100 | 2000 | 533600 | 1835600 | 33600 | 144200 | 1122800 | 26900 | 105200 | 57600 | - | - | 3343800 | 1750500 | 598800 |
| 2011 | 1 | 526200 | 354800 | 80700 | 210900 | 1674100 | 1199300 | 1097900 | 136500 | 52000 | 2490300 | 305300 | 622500 | 91700 | 461400 | 1467200 | 35000 | 121100 | 745700 | 26800 | 129000 | 37800 | - | - | 3310900 | 1695600 | 513800 |
| 2010 | 4 | 528000 | 357200 | 65500 | 216100 | 1472300 | 1165300 | 1074700 | 136100 | 49500 | 2119000 | 195900 | 424500 | 91700 | 244000 | 1093900 | 34500 | 121100 | 687400 | 26300 | 124600 | 34000 | - | - | 2475800 | 1100300 | 470800 |
| 2010 | 3 | 487300 | 359800 | 60600 | 181200 | 1472600 | 1147600 | 1000700 | 135000 | 49200 | 2099300 | 131300 | 422700 | - | 252900 | 1128800 | 85000 | 110500 | 277200 | 25600 | 216800 | 52500 | - | - | 2623600 | 1155800 | 459800 |
| 2010 | 2 | 475700 | 359600 | 60400 | 223100 | 1470400 | 1129600 | 987700 | 135100 | 49800 | 2074700 | 158800 | 396200 | - | 209300 | 1015100 | 35600 | 107600 | 290400 | 25500 | 330300 | 48400 | - | - | 2537900 | 944600 | 413800 |
| 2010 | 1 | 486900 | 358700 | 61700 | 228400 | 1470400 | 1110100 | 976200 | 133700 | 56900 | 2072400 | 131200 | 295300 | 565500 | 220800 | 1007300 | 28300 | 105300 | 306000 | 25200 | 370700 | 36000 | 55900 | 239700 | 2631100 | 995900 | 461200 |
| 2009 | 4 | 375900 | 356500 | 66000 | 220100 | 1470400 | 1087000 | 960300 | 132900 | 50000 | 2089500 | 111200 | 396500 | 565500 | 234600 | 942500 | 28900 | 105800 | 310600 | 25200 | 525100 | 23000 | - | 239700 | 2633800 | 949900 | 446400 |
| 2009 | 3 | 591679 | 358685 | 65115 | 205795 | 1531139 | 1088915 | 913427 | 133890 | 160873 | 1936503 | 110390 | 526973 | - | 230039 | 950421 | 35870 | 112870 | 583682 | 24798 | 436447 | 32840 | 24414 | - | 2353031 | 1123878 | 424608 |
| 2009 | 2 | 574616 | 358112 | 63473 | 212309 | 1531139 | 1066658 | 912154 | 136169 | 156267 | 1905823 | 112571 | 534663 | - | 207539 | 908535 | 23833 | 107493 | 613563 | 20911 | 517636 | 29529 | 24414 | - | 2998990 | 1047164 | 405323 |
| 2009 | 1 | 498767 | 356523 | 66008 | 205949 | 1523799 | 1049471 | 915037 | 134968 | 156622 | 1832349 | 89055 | 653922 | - | 195573 | 875846 | 39351 | 106858 | 622967 | 20562 | 444090 | 30714 | - | - | 2939337 | 1069224 | 388237 |
| 2008 | 4 | 524926 | 357142 | 67969 | 208347 | 1523799 | 1045947 | 763050 | 134050 | 157510 | 1817193 | 76783 | 669449 | - | 230752 | 1052845 | 49329 | 105714 | 624719 | 20217 | 630232 | 21359 | 36621 | - | 2878661 | 1065553 | 385244 |
| 2008 | 3 | 538980 | 354568 | 68691 | 197754 | 1440240 | 1065414 | 684882 | 135326 | 142942 | 1694663 | 86201 | 591777 | 81831 | 326007 | 1183846 | 60760 | 100536 | 921188 | 20219 | 261184 | 55853 | 24088 | 7273 | 2792927 | 1180887 | 443510 |
| 2008 | 2 | 548871 | 353425 | 76194 | 191591 | 1385108 | 1051910 | 684579 | 133495 | 142952 | 1652895 | 54081 | 662418 | 97036 | 261473 | 1313589 | 63811 | 100954 | 961092 | 20098 | 339943 | 48952 | 23275 | 12147 | 2422061 | 1278651 | 908112 |
| 2008 | 1 | 572028 | 351562 | 78725 | 194496 | 1408098 | 1020491 | 634673 | 134346 | 144142 | 1680952 | 94332 | 732813 | 97036 | 243819 | 1014310 | 104880 | 98871 | 1071037 | 20550 | 140118 | 33968 | - | 12147 | 2263244 | 1463221 | 890232 |
| 2007 | 4 | 603458 | 345468 | 81225 | 190936 | 1427625 | 983475 | 634562 | 134132 | 150935 | 1661484 | 53972 | 753831 | 97475 | 195370 | 1015937 | 111225 | 97638 | 1152124 | 19992 | 231392 | 22392 | 32584 | 12228 | 2231109 | 1432817 | 847913 |
| 2007 | 3 | 672323 | 190661 | 270292 | 202438 | 843055 | 970393 | 611917 | 141495 | 143930 | 1948333 | - | 699605 | - | 191343 | 1266546 | 70405 | 105106 | 1188469 | 56301 | - | 10507 | 21837 | - | 2201872 | 1623433 | 879966 |
| 2007 | 2 | 188030 | 187180 | 79449 | 197973 | 107949 | 1381702 | 608683 | 141560 | 125857 | 1423306 | - | 157827 | - | 165208 | 833343 | 108446 | 78158 | 665725 | 48879 | - | 12362 | - | - | 1543999 | 690206 | 631502 |
| 2007 | 1 | 188111 | 186857 | 80075 | 265939 | 107949 | 1317352 | 554898 | 139406 | 281030 | 1237758 | - | 139414 | 29990 | 152612 | 662973 | 104284 | 79740 | 615656 | 44301 | - | 19906 | - | - | 1296005 | 721784 | 689582 |
| 2006 | 4 | 7318 | 185292 | 82844 | 314784 | 107949 | 1272545 | 554898 | 140378 | 150963 | 1362636 | - | 190553 | 29990 | 186983 | 1114607 | 64120 | 72598 | 672775 | 44640 | - | 11024 | 21837 | - | 1628272 | 607829 | 783220 |
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 | Negative goodwill | Investment gain/loss | Gain/loss on disposal of non-current assets held for sale | After tax effect of potential dilution upon conversion of a subsidiary's RCB | After tax effect of interest on BGRCB |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2011 | 4 | 2554300 | 15000 | 61500 | 2443700 | 37800 | 1900 | 42500 | - | 151600 | 0 | - | - |
| 2011 | 3 | 2188700 | 22800 | 51600 | 2019400 | 23400 | 2300 | 33400 | - | 13700 | 0 | - | - |
| 2011 | 2 | 2225300 | 27600 | 50000 | 2053100 | 37800 | 3000 | 29400 | - | 1400 | 94600 | - | - |
| 2011 | 1 | 1587500 | 33700 | 37900 | 1430300 | 22300 | 1100 | 26400 | - | 21400 | - | - | - |
| 2010 | 4 | 1689800 | 17300 | 36600 | 1495800 | 25800 | 1900 | 35300 | - | 57400 | - | - | - |
| 2010 | 3 | 1513900 | 29100 | 26700 | 1358200 | 32700 | 1000 | 23000 | - | 700 | - | - | - |
| 2010 | 2 | 1425000 | 24500 | 24400 | 1321400 | 14900 | 700 | 25600 | - | 80400 | - | - | - |
| 2010 | 1 | 1553100 | 30400 | 25900 | 1424400 | 14000 | 600 | 23100 | - | 8100 | - | - | - |
| 2009 | 4 | 1481066 | 28772 | 31490 | 1353989 | 31624 | 4439 | 33732 | - | 74336 | - | - | - |
| 2009 | 3 | 1419107 | 16999 | 28991 | 1307200 | 22311 | 5591 | 27107 | - | 9859 | - | - | - |
| 2009 | 2 | 1276249 | 19175 | 28487 | 1199406 | 15905 | 3607 | 20296 | - | 9762 | - | - | - |
| 2009 | 1 | 1215584 | 18289 | 38054 | 1126072 | 6953 | 3874 | 22196 | - | 8532 | - | - | - |
| 2008 | 4 | 1227869 | 85090 | 40650 | 1278231 | 5086 | 6261 | 15944 | - | 13615 | 75603 | - | - |
| 2008 | 3 | 1951232 | 28375 | 42823 | 1782377 | 16325 | 4283 | 13504 | 42517 | 22360 | - | - | - |
| 2008 | 2 | 2006833 | 32065 | 35669 | 1759580 | 32302 | 5395 | 16783 | 22990 | 5486 | - | - | - |
| 2008 | 1 | 1843884 | 35878 | 33900 | 1595650 | 45347 | 6161 | 22511 | 19527 | 10058 | - | - | - |
| 2007 | 4 | 2188811 | 59584 | 46400 | 1871776 | 87563 | 8467 | 17475 | - | 29740 | 0 | - | - |
| 2007 | 3 | 1495566 | 78915 | 35204 | 1199703 | 63855 | 2329 | 19123 | - | 6398 | 0 | - | - |
| 2007 | 2 | 1100809 | 14176 | 31024 | 1033844 | 12149 | 658 | 24979 | - | 12991 | 41200 | - | - |
| 2007 | 1 | 966733 | 21603 | 28384 | 897220 | 13233 | 985 | 22365 | - | 33740 | - | - | - |
| 2006 | 4 | 959285 | 5900 | 27772 | 936929 | 104012 | 1282 | 30932 | - | 11095 | 248841 | 5841 | 1685 |
Financial Quarter Segments Revenue
| year | qrt | Trading | Plantation | Manufacturing & trading | Property | Heavy Industries | Financial & Investment | Manufacturing & Services | Pharmaceutical |
|---|---|---|---|---|---|---|---|---|---|
| 2011 | 4 | - | 277200 | 1200500 | 137900 | 516500 | 22800 | - | 399400 |
| 2011 | 3 | - | 246300 | 1179800 | 108200 | 214900 | 28500 | - | 397600 |
| 2011 | 2 | - | 253400 | 1211300 | 106500 | 200600 | 28300 | - | 432000 |
| 2011 | 1 | - | 254400 | 1027000 | 96100 | 162500 | 25400 | - | 28700 |
| 2010 | 4 | 870400 | 208400 | - | 137500 | 371000 | 2300 | 100200 | - |
| 2010 | 3 | 751000 | 192300 | - | 94800 | 352500 | 2000 | 121300 | - |
| 2010 | 2 | 833000 | 164100 | - | 104100 | 212100 | 2000 | 109700 | - |
| 2010 | 1 | 819400 | 241700 | - | 62400 | 230400 | 94600 | 104600 | - |
| 2009 | 4 | 763000 | 146700 | - | 67700 | 336500 | 64900 | 102300 | - |
| 2009 | 3 | 734100 | 161800 | - | 93000 | 256000 | 72200 | 102000 | - |
| 2009 | 2 | 631800 | 160700 | - | 108600 | 208900 | 60300 | 105900 | - |
| 2009 | 1 | 525900 | 164800 | - | 103400 | 243100 | 85300 | 93100 | - |
| 2008 | 4 | 576708 | 166372 | - | 114859 | 228061 | 60417 | 81452 | - |
| 2008 | 3 | 1116423 | 236142 | - | 168787 | 259790 | 70926 | 99165 | - |
| 2008 | 2 | 1195068 | 245728 | - | 96816 | 309305 | 57639 | 102276 | - |
| 2008 | 1 | 955952 | 239290 | - | 100437 | 371186 | 81027 | 95992 | - |
| 2007 | 4 | 877974 | 214673 | - | 112726 | 852357 | 50444 | 80637 | - |
| 2007 | 3 | 840224 | 211631 | - | 65459 | 276940 | 20643 | 80669 | - |
| 2007 | 2 | 790241 | 165898 | - | 103957 | - | 1631 | 39082 | - |
| 2007 | 1 | 666294 | 155334 | - | 105096 | - | 1591 | 38418 | - |
| 2006 | 4 | 698417 | 127973 | - | 89931 | - | 2714 | 40245 | - |
Financial Quarter Segments Profit
| year | qrt | Trading | Plantation | Manufacturing & trading | Property | Heavy Industries | Financial & Investment | Manufacturing & Services | Pharmaceutical |
|---|---|---|---|---|---|---|---|---|---|
| 2011 | 4 | - | 25700 | 40300 | 33500 | 11500 | 1800 | - | 24400 |
| 2011 | 3 | - | 74300 | 25800 | 25300 | 22900 | 1200 | - | 22200 |
| 2011 | 2 | - | 70500 | 31100 | 27700 | 10900 | 3000 | - | 35000 |
| 2011 | 1 | - | 74700 | 33500 | 16200 | 24400 | 2000 | - | 10400 |
| 2010 | 4 | 37700 | 41800 | - | 40400 | 60700 | 1600 | 11800 | - |
| 2010 | 3 | 16800 | 39900 | - | 21800 | 59300 | 2100 | 20000 | - |
| 2010 | 2 | 19800 | 20300 | - | 29400 | 34800 | 6900 | 6200 | - |
| 2010 | 1 | 24600 | 53000 | - | 11400 | 34100 | 1000 | 6600 | - |
| 2009 | 4 | 30200 | 9000 | - | 9900 | 46000 | 24600 | 7400 | - |
| 2009 | 3 | 18300 | 6000 | - | 21100 | 55600 | 5600 | 5300 | - |
| 2009 | 2 | 9200 | 4700 | - | 24400 | 39500 | 900 | 7500 | - |
| 2009 | 1 | 10400 | 9400 | - | 25100 | 37400 | 600 | 6600 | - |
| 2008 | 4 | 38589 | 7966 | - | 24016 | 43114 | 9448 | 5843 | - |
| 2008 | 3 | 1250 | 50485 | - | 59104 | 46492 | 5260 | 6264 | - |
| 2008 | 2 | 30512 | 61535 | - | 40276 | 110216 | 4993 | 9707 | - |
| 2008 | 1 | 31624 | 89114 | - | 25624 | 92177 | 3550 | 6145 | - |
| 2007 | 4 | 24349 | 57742 | - | 20077 | 194084 | 100 | 5278 | - |
| 2007 | 3 | 17917 | 51452 | - | 20140 | 198308 | 1629 | 37 | - |
| 2007 | 2 | 18427 | 28429 | - | 24420 | - | 2395 | 4538 | - |
| 2007 | 1 | 11870 | 26855 | - | 34815 | - | 2716 | 1311 | - |
| 2006 | 4 | 12068 | 422 | - | 12075 | - | 1177 | 1032 | - |
Financial Quarter Segments Associate
| year | qrt | Trading | Plantation | Manufacturing & trading | Property | Heavy Industries | Financial & Investment | Manufacturing & Services | Pharmaceutical |
|---|---|---|---|---|---|---|---|---|---|
| 2011 | 4 | - | 1800 | 100 | 12400 | 100 | 28600 | - | - |
| 2011 | 3 | - | 1600 | - | 800 | - | 30500 | - | - |
| 2011 | 2 | - | 600 | - | 700 | - | 29700 | - | 200 |
| 2011 | 1 | - | 2300 | - | 800 | 700 | 25600 | - | - |
| 2010 | 4 | 100 | 3100 | - | 2500 | 1000 | 30000 | 800 | - |
| 2010 | 3 | 1300 | 800 | - | 200 | - | 20300 | 400 | - |
| 2010 | 2 | 800 | 900 | - | 200 | - | 23200 | 500 | - |
| 2010 | 1 | 1200 | 900 | - | - | 2400 | 22500 | 900 | - |
| 2009 | 4 | 2100 | 2800 | - | 4700 | 2200 | 21300 | 600 | - |
| 2009 | 3 | 1100 | 900 | - | 100 | 800 | 22000 | 2200 | - |
| 2009 | 2 | 700 | 400 | - | - | 900 | 18600 | 300 | - |
| 2009 | 1 | 400 | 800 | - | - | 900 | 18900 | 1200 | - |
| 2008 | 4 | 635 | 1240 | - | 2684 | 1995 | 17437 | 2679 | - |
| 2008 | 3 | 589 | 953 | - | 445 | 750 | 11150 | 1685 | - |
| 2008 | 2 | 1294 | 1756 | - | 316 | 750 | 12864 | 435 | - |
| 2008 | 1 | 63 | 777 | - | 1008 | 750 | 18844 | 1069 | - |
| 2007 | 4 | 650 | 984 | - | 3255 | 1362 | 11936 | 588 | - |
| 2007 | 3 | 366 | 1321 | - | 703 | 1450 | 16040 | 1381 | - |
| 2007 | 2 | 686 | 1739 | - | 212 | 2183 | 17925 | 2234 | - |
| 2007 | 1 | 531 | 677 | - | 495 | 2069 | 15996 | 3587 | - |
| 2006 | 4 | 722 | 169 | - | 2157 | 6085 | 22121 | 5436 | - |
Monthly Business Data
| year | mth | FFB |
|---|---|---|
| 2012 | 3 | 74471 |
| 2012 | 2 | 73754 |
| 2012 | 1 | 125648 |
| 2011 | 12 | 48312 |
| 2011 | 11 | 97455 |
| 2011 | 10 | 106737 |
| 2011 | 9 | 103984 |
| 2011 | 8 | 90132 |
| 2011 | 7 | 97091 |
| 2011 | 6 | 97940 |
| 2011 | 5 | 92076 |
| 2011 | 4 | 87439 |
| 2011 | 3 | 82399 |
| 2011 | 2 | 66108 |
| 2011 | 1 | 104064 |
| 2010 | 12 | 38624 |
| 2010 | 11 | 85187 |
| 2010 | 10 | 96701 |
| 2010 | 9 | 90992 |
| 2010 | 8 | 93631 |
| 2010 | 7 | 89537 |
| 2010 | 6 | 83062 |
| 2010 | 5 | 81929 |
| 2010 | 4 | 80766 |
| 2010 | 3 | 87338 |
| 2010 | 2 | 73623 |
| 2010 | 1 | 139585 |
| 2009 | 12 | 50669 |
| 2009 | 11 | 98870 |
| 2009 | 10 | 119752 |
| 2009 | 9 | 96633 |
Short form reference
a_date = announcement date, yr = financial year end, qrt = quarter
h_price = stock highest price during the quarter, l_price = stock lowest price during the quarter
div = dividend recommend or declare in the quarter, roe = return on equity
c_roe = cumulative of return on equity during the financial year
rev = revenue in the current quarter, c_rev = cumulative of revenue during the financial year
pbt = profit before tax in the current quarter, c_pbt = cumulative of profit before tax during the financial year
eps = earnings per share in the current quarter, c_eps = cumulative of earnings per share during the financial year
asset = total asset, liab = total liability, mino = minority interest, equi = total equity
cfo = net cash flow from operating activities, cfi = net cash flow from investing activities
cff = net cash flow from financing activities, cash = cash and cash equivalents as at beginning of financial year
final = cash and cash equivalents as at current financial period ended
share = diluted/basic weighted average number of ordinary shares
c_share = cumulative of diluted/basic weighted average number of ordinary shares during the financial year
m_cap = market capital at announcement date of quarterly report, date = current financial period ended date
prof_m = profit margin, vat = income tax rate, pe = price earning per share ratio of recent four quarter
navps = net asset value per share, ntaps = net tangible asset per share, cps = cash per share
l_cur = liquidity current ratio, l_qui = liquidity quick ratio, l_cash = liquidity cash ratio
g_de = gearing debt to equity ratio, g_da = gearing debt to assets ratio
avg_w = working capital per thousand Ringgit sale
inv_d = days to sell the inventory, rec_d = days to collect the receivables
pay_d = days to pay the payables
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