KLCI Stock - KPJ / 5878 - 2011 Quarter 4

KPJ HEALTHCARE BERHAD



Company Description

KPJ HEALTHCARE BERHAD is engaged in the operation of specialist hospitals. The hospitals segment includes the support services companies which have been principally providing services and supports the operations of the hospitals. These support services companies mainly comprise of provision of management services and pathology and laboratory services, marketing and distribution of pharmaceutical, medical and surgical products and operating a private nursing college. Other operations of the Company comprise of import, export and distribution of pharmaceutical, medical and consumer healthcare product and retail pharmacy. The Company operates in Malaysia, Singapore and Indonesia. The Company has a network of 18 hospitals in Malaysia, three in Indonesia, one in Bangladesh and two in Saudi Arabia. With more than 3,000 licensed beds, it offer a range of medical services and has treated more than 2 million outpatients and 170,000 inpatients during the year ended December 31, 2007.

Company Info

Listing Date	1994-11-29
Market Capital (Capital Size)	3,642,995,280 (Large)
Par Value	RM 0.50
Board	Main
Sector	Trading/Services
Major Industry	Specialist Hospitals
Sub Industry	Pharmaceutical
Website	http://www.kpjhealth.com.my/

My Analysis

Forecast P/E now	(5.89-0.121)/0.2413 = 23.91 (High)
Target Price	5.55+0.121 = 5.67 (PE 23.0, EPS 0.2413, DPS 0.121)
Decision	Not interested unless coming quarter report got significant good result
Comment	Revenue increased 6.4% and was fourth consecutive quarter increasing (higher than preceding year corresponding quarter 17.3%), eps increased 26.6% and was third consecutive quarter increasing and also higher than preceding year corresponding quarter 12.7%, cash generated from operating more than enough to cover financing expenses but still generated cash from financing activities and spent 10% of Group cash to cover investing expenses, maintaining very high gross margin, slightly weaker liquidity ratio at low level now, lower gearing ratio at above moderate level now, lower debt ratio and is far from historical high, all repayment period is good
First Support Price	5.5
Second Support Price	5.0
Risk Rating	MODERATE

Research House

TA Target Price	5.04 (2011-08-22)
RHB Target Price	4.71 (2011-12-07)
Maybank Target Price	5.1 (2012-02-27)
MIDF Target Price	4.6 (2012-02-27)
AMMB Target Price	6.15 (2012-04-09)
OSK Target Price	5.84 (2012-04-20)
ECM Target Price	4.96 (2012-05-07)

Accounting Ratio

Return on Equity	13.30%
Dividend Yield	2.05%
Gross Profit Margin	32.65%
Operating Profit Margin	10.01%
Net Profit Margin	11.24%
Tax Rate	25.42%
Asset Turnover	1.0715
Net Asset Value Per Share	1.43
Net Tangible Asset per share	1.17
Price/Net Tangible Asset Per Share	4.11
Cash Per Share	0.29
Liquidity Current Ratio	1.4194
Liquidity Quick Ratio	1.3168
Liquidity Cash Ratio	0.4026
Gearing Debt to Equity Ratio	0.8772
Gearing Debt to Asset Ratio	0.4388
Working capital per thousand Ringgit sale	9.8%
Days to sell the inventory	13
Days to collect the receivables	58
Days to pay the payables	85

Technical Analysis

SMA 20	5.466 (Uptrend 37 days)
SMA 50	5.188 (Uptrend)
SMA 100	4.927 (Uptrend)
SMA 200	4.412 (Uptrend)
MACD (26d/12d)	0.184612 ( 0.009509 )
Signal (9)	0.142636 ( 0.010494 )
MACD Histogram	0.041976 (Bullish trend 10 days)

My notes based on 2011 quarter 4 report (number in '000):-
- The others segment is contributed by marketing and distribution of pharmaceutical, medical and surgical products and pathology and laboratory services

- Estimate next 4Q eps after 2011 Q4 result announced = 990543*0.15/615631 = 0.2413, estimate PE on current price 5.89 = 23.91(DPS 0.121)
- Estimate next 4Q eps after 2011 Q3 result announced = 0.0503*4*1.03 = 0.2072, estimate highest/lowest PE = 23.7/19.4 (DPS 0.12)
- Estimate next 4Q eps after 2011 Q2 result announced = 0.0497*4*1.03 = 0.2048, estimate highest/lowest PE = 21.63/17.77 (DPS 0.12)
- Estimate next 4Q eps after 2011 Q1 result announced = 0.0462*4*1.05 = 0.194, estimate highest/lowest PE = 23.56/20.21 (DPS 0.15)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.0512*4*1.1 = 0.2253, estimate highest/lowest PE = 18.73/15.99 (DPS 0.15)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.0512*4*1.1 = 0.2253, estimate highest/lowest PE = 17.18/15.71 (DPS 0.13)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.0506*4*1.1 = 0.2226, estimate highest/lowest PE = 17.34/13.7 (DPS 0.13)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.2174, estimate highest/lowest PE = 17.25/13.02 (DPS 0.1)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.1359*4 = 0.5436(after split 2.5 = 0.2174), estimate highest/lowest PE = 13.89/10.9 (DPS 0.2 or 0.08)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.1291*4 = 0.5164, estimate highest/lowest PE = 12.24/6.29 (DPS 0.2)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.1188*4 = 0.4752, estimate highest/lowest PE = 10.61/6.92 (DPS 0.1)
- Estimate next 4Q eps after 2009 Q1 result announced = 0.1046*4 = 0.4184, estimate highest/lowest PE = 8.29/6.74 (DPS 0.07)
- Estimate next 4Q eps after 2008 Q4 result announced = 0.107*4 = 0.428, estimate highest/lowest PE = 6.99/6.17 (DPS 0.07)

KPJ latest news (English)

KPJ 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
2012-02-24	2011	4	N/A	N/A	0.047	3.99%	13.30%	506629	1891300	56936	190665	39544	131708	0.0637	0.2139	1765031	774488	107626	990543	152453	172835	774	196933	20382	19608	177325	620785	615631	2985975	2011-12-31	32.65%	10.01%	11.24%	25.42%	1.0715	22.483	1.43	1.17	4.11	0.29	1.4194	1.3168	0.4026	0.8772	0.4388	9.8%	13	58	85
2011-11-29	2011	3	5.03	4.14	0.025	3.63%	9.70%	476025	1384671	47586	133729	34494	92164	0.0503	0.1502	1727333	777000	104706	950333	90094	63760	4006	197118	26334	22328	219446	685765	613488	2866497	2011-09-30	30.09%	9.81%	10.00%	22.77%	1.0516	-	1.38	1.16	3.6	0.32	1.4984	1.3972	0.5007	0.9188	0.4498	12.0%	13	59	88
2011-08-19	2011	2	4.55	3.76	0.025	3.32%	6.34%	470898	908646	45225	86778	30160	57670	0.0497	0.0951	1726209	816796	102447	909413	102008	125541	9597	197118	23533	33130	163988	606574	606574	2772043	2011-06-30	30.00%	9.67%	9.60%	24.69%	1.0294	-	1.33	1.11	4.12	0.27	1.3124	1.2236	0.3414	1.0122	0.4732	8.5%	13	64	101
2011-05-20	2011	1	4.72	4.07	0.024	3.11%	3.11%	437748	437748	41553	41553	27510	27510	0.0462	0.0462	1690077	804494	98546	885583	24651	22590	25037	197118	2061	22976	174142	595986	595986	2479301	2011-03-31	30.12%	9.35%	9.49%	24.64%	1.0155	-	1.32	1.09	3.82	0.29	0.8973	0.8339	0.2446	1.0222	0.476	-4.3%	14	64	101
2011-02-28	2010	4	4.37	3.79	0.05	3.74%	13.77%	431843	1654611	44232	166689	32255	118894	0.0565	0.2031	1680039	816651	94741	863388	188276	206625	66185	143965	18349	47836	191801	570885	585538	2175071	2010-12-31	34.16%	7.29%	10.24%	25.12%	0.9849	18.7638	1.31	1.08	3.53	0.35	0.9042	0.8468	0.2719	1.0625	0.4861	-4.2%	13	66	109
2010-11-30	2010	3	4.0	3.67	0.035	3.62%	10.37%	436484	1222768	43111	122457	30229	86639	0.0512	0.1466	1572769	737369	92362	835400	90570	101489	66878	142198	10919	55959	198157	590410	590989	2231749	2010-09-30	29.21%	9.56%	9.88%	22.85%	1.0225	-	1.26	1.05	3.6	0.34	1.2831	1.1896	0.4771	0.9924	0.4688	7.4%	12	66	88
2010-08-30	2010	2	3.99	3.18	0.0325	3.74%	7.24%	410237	786284	41305	79346	29163	56410	0.0506	0.0979	1539047	760061	91009	778986	9115	77624	93013	142198	86739	6274	148472	576344	576200	1988386	2010-06-30	29.10%	9.84%	10.07%	24.80%	0.9961	-	1.19	0.98	3.52	0.27	1.404	1.3007	0.3685	1.1048	0.4939	11.0%	14	62	87
2010-05-31	2010	1	3.85	2.93	0.0325	3.81%	3.81%	376047	376047	38041	38041	27247	27247	0.0480	0.0480	1402942	688194	46957	714748	38643	26706	23227	142198	65349	42122	100076	567173	567173	1695847	2010-03-31	29.12%	10.00%	10.12%	24.35%	1.0647	-	1.18	0.97	3.08	0.19	1.5404	1.4542	0.3064	1.0306	0.4905	12.8%	10	71	92
2010-02-25	2009	4	3.1	2.45	-	5.52%	16.38%	385344	1456353	39387	144919	37358	110880	0.1797	0.5335	1377901	700819	45427	677082	127461	17504	69062	101303	109957	40895	142198	207843	207843	500901	2009-12-31	26.12%	9.63%	10.22%	13.26%	1.0569	4.5175	3.04	2.48	0.97	0.69	1.4517	1.3712	0.3899	1.1095	0.5086	11.4%	10	62	106
2009-11-24	2009	3	6.52	2.2	0.1	4.19%	11.49%	361487	1071009	37029	104503	26807	73522	0.1291	0.3540	1303525	663429	41467	640096	29604	4789	14139	101303	34393	20254	121557	207695	207695	1028090	2009-09-30	30.02%	10.06%	10.24%	19.07%	1.069	-	2.88	2.32	2.13	0.6	1.4117	1.3167	0.3281	1.1082	0.5089	11.2%	13	61	97
2009-08-26	2009	2	5.14	3.39	0.1	3.66%	6.87%	370786	709522	35811	67474	24867	46715	0.1188	0.2232	1337328	657013	51423	680315	51817	52853	1067	101303	1036	31	101334	209339	209339	718032	2009-06-30	29.78%	9.61%	9.66%	25.26%	1.0183	-	3.0	2.48	1.38	0.5	1.6741	1.5867	0.2862	1.0447	0.4913	18.0%	12	59	98
2009-05-20	2009	1	3.54	2.89	-	3.35%	3.35%	338736	338736	31663	31663	21848	21848	0.1046	0.1046	1314845	662066	49526	652779	3346	43153	32597	101303	46499	13902	87401	208831	208831	626493	2009-03-31	29.37%	9.63%	9.35%	24.70%	0.9897	-	2.89	2.36	1.27	0.45	1.6071	1.5256	0.253	1.0975	0.5035	17.2%	12	60	90
2009-02-25	2008	4	3.06	2.71	-	3.57%	13.63%	322501	1267305	23676	114052	22456	85644	0.1070	0.4082	1278452	649879	47532	628573	123950	61258	52294	90905	62692	10398	101303	209831	209831	566543	2008-12-31	27.24%	7.21%	7.34%	9.35%	0.9913	6.6151	2.77	2.24	1.21	0.51	1.6728	1.5884	0.3015	1.1185	0.5083	18.7%	12	56	101
2008-11-24	2008	3	2.81	2.5	-	3.49%	10.34%	329736	944804	30087	90377	21312	63189	0.1016	0.3011	1277692	666520	49362	611172	75731	74707	2510	90905	1024	1486	89419	209850	209850	577087	2008-09-30	29.81%	9.05%	9.12%	24.60%	0.9779	-	2.68	2.13	1.29	0.45	1.2366	1.1295	0.3315	1.1864	0.5217	5.4%	13	59	103
2008-08-19	2008	2	3.4	2.23	0.07	3.37%	6.98%	310342	615068	28931	60290	20179	41877	0.0963	0.1999	1237023	637492	48565	599531	35640	8784	8210	90905	44424	36214	127119	209530	209530	708211	2008-06-30	29.65%	8.92%	9.32%	25.45%	0.9756	-	2.63	2.09	1.62	0.64	1.4454	1.3364	0.5492	1.157	0.5153	9.0%	11	52	88
2008-05-28	2008	1	3.7	3.2	-	3.79%	3.79%	304726	304726	31359	31359	21698	21698	0.1036	0.1036	1183170	611052	49051	572118	7875	33243	11073	90905	25368	14295	105200	209394	209394	732879	2008-03-31	29.59%	10.86%	10.29%	24.77%	0.9769	-	2.5	1.99	1.76	0.53	1.3767	1.2702	0.4649	1.1682	0.5165	7.8%	11	55	83
2008-02-28	2007	4	3.7	3.08	-	5.38%	13.39%	304592	1108024	21079	85255	29850	74237	0.1429	0.3555	1204658	650088	45742	554570	93002	39842	4213	33532	53160	57373	90905	208844	208844	664123	2007-12-31	28.14%	7.68%	6.92%	-	0.9198	8.946	2.44	1.96	1.62	0.48	1.3622	1.2769	0.3148	1.2776	0.5396	10.4%	13	51	100
2007-11-29	2007	3	3.46	3.0	-	3.45%	8.22%	287223	803432	26792	64176	18642	44387	0.0874	0.2081	1196142	656235	48700	539907	87107	13078	5750	33532	74029	79779	113311	213314	213314	729533	2007-09-30	30.27%	9.28%	9.33%	24.06%	0.8572	-	2.3	1.82	1.88	0.55	1.1505	1.0511	0.4406	1.336	0.5486	3.9%	13	54	109
2007-08-27	2007	2	3.44	3.14	0.1	2.76%	4.96%	259334	516209	21270	37384	14329	25745	0.0676	0.1214	1167290	648540	46834	518750	43290	44847	15146	33532	1557	13589	47121	212077	212077	N/A	2007-06-30	30.74%	8.98%	8.20%	27.47%	0.6323	-	2.23	1.75	N/A	0.54	1.1406	1.0502	0.448	1.3743	0.5556	4.8%	16	71	137
2007-05-30	2007	1	N/A	N/A	-	2.28%	2.28%	256875	256875	16114	16114	11416	11416	0.0544	0.0544	1155665	654389	45535	501276	32683	26064	15698	33532	6619	22317	55849	209922	209922	554194	2007-03-31	29.21%	7.70%	6.27%	25.82%	0.4143	-	2.17	1.69	1.56	0.57	1.0992	1.0038	0.452	1.4359	0.5662	5.5%	27	105	218
2007-02-28	2006	4	N/A	N/A	-	2.43%	8.41%	221911	831455	17127	60060	11826	40962	0.0577	0.1999	1101885	614603	44692	487282	57211	33751	85410	27980	90962	5552	33532	204954	204954	409908	2006-12-31	29.87%	6.77%	7.72%	34.39%	0.2014	10.007	2.16	1.67	1.2	0.46	1.0197	0.9308	0.3777	1.3887	0.5578	2.2%	52	217	414

Financial Quarter Balance Sheet

year	qrt	Available-for-sale financial assets (A-0)	Deferred tax assets (A-0)	Intangible assets (A-0)	Investment in associated companies (A-0)	Investment properties (A-0)	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)	Other receivables, deposits and prepayments (A-1)	Deferred tax liabilities (L-0)	Loans & borrowings (L-0)	Long term deposits (L-0)	Bank overdraf (L-1)	Current tax liabilities (L-1)	Deferred income (L-1)	Dividend payable (L-1)	Loans & borrowings (L-1)	Other payables (L-1)	Minority interest (M-1)
2011	4	3074	17684	165613	310677	26205	-	616556	177325	91351	10487	45217	300842	43052	274141	16822	1192	2786	54380	14494	118751	248870	107626
2011	3	3447	17251	136317	324217	24810	-	564595	219446	85818	11966	44348	295118	40702	283865	14156	-	1144	56376	14175	122653	243929	104706
2011	2	3447	18693	136317	318152	24810	-	589899	165177	105974	11480	42940	309320	36619	280697	15712	-	1885	47028	13071	129068	292716	102447
2011	1	3447	15864	136317	311559	24810	-	559189	174142	105974	12342	45109	301324	41204	37459	13782	18	436	47680	21081	360418	282416	98546
2010	4	3447	15864	136317	307352	24810	-	536773	197118	105974	12342	41615	298427	41204	36747	13782	18	3318	36144	14673	362658	308107	94741
2010	3	1272	14895	123334	304322	25011	-	566278	199943	-	9693	39166	288855	15783	287338	15207	135	836	40879	13498	128593	235100	92362
2010	2	3275	15821	123334	239796	25011	-	546363	153658	117004	12985	43082	258718	19323	311299	12447	3535	1988	24532	12953	138206	235778	91009
2010	1	3275	14092	115591	243017	23215	19106	438812	108577	103765	12562	30542	290388	19361	301145	13343	6850	1198	27695	-	79076	239526	46957
2009	4	3275	13898	115591	239482	23215	-	446785	143864	103765	9117	29697	249212	22517	302819	6504	15	839	28812	-	65962	273351	45427
2009	3	4262	14263	116486	239072	25488	4329	364030	124499	132849	7448	36036	234763	16382	255665	11972	65	4898	15598	-	112129	246720	41467
2009	2	3980	12165	110244	236296	25488	4324	335247	104211	246478	6043	31848	221004	17919	263141	11832	-	1967	12782	-	103263	246109	51423
2009	1	3980	12210	110244	231194	25488	4324	335518	93177	246478	9647	30041	212544	17508	264780	11492	2899	5406	13761	-	132882	213338	49526
2008	4	3980	14889	110244	226963	25488	4252	303683	106162	246478	11221	29730	195362	18571	267879	11359	1982	1768	13761	-	98582	235977	47532
2008	3	3980	14936	113795	228531	17438	7698	539716	94256	-	24818	30454	202070	14815	356085	11293	1418	7750	5105	2879	24246	242929	49362
2008	2	3980	13476	113795	231424	17438	7698	496394	134057	-	21785	26609	170367	14778	367767	10850	4141	6963	3582	-	28402	201009	48565
2008	1	3980	13592	106411	226442	17438	7658	477318	111555	-	18665	25563	174548	15619	344898	10589	3558	3544	4138	-	48716	179990	49051
2007	4	3980	11467	100466	166935	17438	7698	463608	100063	123249	29283	27119	153352	14341	307377	10459	6361	1957	4138	15198	80192	210065	45742
2007	3	3980	17970	102958	182556	18085	13225	552863	116610	-	9612	26309	151974	31949	349150	10463	1709	7891	3137	111	40416	211409	48700
2007	2	3980	17145	100756	186116	18085	13324	538228	113758	-	8364	22978	144556	31018	354497	9084	8067	4245	4681	111	47323	189514	46834
2007	1	3980	18291	100756	183532	18085	13423	528031	119076	-	8019	25118	137354	31205	349816	9931	4657	3650	4886	-	53136	197108	45535
2006	4	3980	18442	100522	179604	18085	13522	512118	94688	-	7006	22278	131640	31208	322939	9771	2586	4954	3226	20585	45847	173487	44692

Financial Quarter Income Statement

year	qrt	Revenue	Income tax expense	Cost of sales	Finance/interest costs	Other income	Administrative/Operating expenses	Minority interest	Share of profit/ (loss) of associates	Zakat	Reversal of impairment in associate
2011	4	506629	14472	341209	1691	11410	126095	2920	8240	348	-
2011	3	476025	10833	332781	4569	5664	102220	2259	5784	317	-
2011	2	470898	11164	329628	5385	4926	100678	3901	5092	-	-
2011	1	437748	10238	305884	5331	3754	94706	3805	5972	-	-
2010	4	431843	11109	284343	314	5987	122001	868	7869	1269	6460
2010	3	436484	9852	308996	4664	4431	90201	3030	6057	-	-
2010	2	410237	10243	290848	4385	4816	83839	1899	5324	-	-
2010	1	376047	9264	266529	4234	4407	76319	1530	4669	-	-
2009	4	385344	5223	284683	2233	387	63936	3194	4508	-	-
2009	3	361487	7063	252969	4366	7839	80009	3159	5047	-	-
2009	2	370786	9047	260349	4931	3680	78478	1897	5103	-	-
2009	1	338736	7821	239263	5191	2897	69746	1994	4230	-	-
2008	4	322501	2213	234658	6103	1059	65647	993	6524	-	-
2008	3	329736	7401	231427	3462	3230	71698	1374	3708	-	-
2008	2	310342	7362	218321	3542	4093	68423	1390	4782	-	-
2008	1	304726	7768	214544	5426	7582	64671	1893	3692	-	-
2007	4	304592	8983	218895	4511	3320	65639	212	2212	-	-
2007	3	287223	6445	200288	3391	4392	64672	1705	3528	-	-
2007	2	259334	5842	179620	5518	2428	58849	1099	3495	-	-
2007	1	256875	4160	181832	6786	3349	58618	538	3126	-	-
2006	4	221911	5890	155619	956	4235	55507	589	3063	-	-

Financial Quarter Segments Revenue

year	qrt	Others	Malaysia	Indonesia
2011	4	1290	503969	3950
2011	3	62992	409225	3808
2011	2	30237	438769	1892
2011	1	29844	406013	1891
2010	4	3239	433017	2065
2010	3	70373	366085	26
2010	2	23971	385523	743
2010	1	27803	348243	1

Financial Quarter Segments Profit

year	qrt	Others	Malaysia	Indonesia
2011	4	37099	7398	2033
2011	3	2618	16900	4167
2011	2	1856	55803	2196
2011	1	3011	30499	2195
2010	4	33693	1287	1857
2010	3	2764	14037	3049
2010	2	1082	51608	2121
2010	1	2986	25941	150

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