KLCI Stock - 3A / 0012 - 2012 Quarter 1

THREE-A RESOURCES BERHAD



Company Description

Three-A Resources Berhad is a Malaysia-based investment holding company. The Company operates through its wholly owned subsidiaries, San Soon Seng Food Industries Sdn. Bhd. (SSSFI) and Three-A Plantation (Pahang) Sdn. Bhd. The Company operates in the food and beverage industry through SSSFI. SSSFI is a food and beverage ingredients manufacturer, which offers products, such as Caramel Colour (Full Range) and Glucose Syrup; Maltose Syrup and Soya Protein Sauce (Hydrolyzed Vegetable Protein; hydrolysed vegetable protein (HVP)) and Natural Fermented Vinegar; Distilled Vinegar; Rice Vinegar and Caramel Powder; HVP Powder; Soya Sauce Powder and Maltodextrin. It offers positive caramel color, which is used in sauces and seasonings, as well as negative caramel color, which is used in beverages industry, such as soft drinks and cordials, pharmaceutical industry, canned foods and dairy products. Its powdered products are used in non-dairy creamer, flavours, seasonings, sauces and beverages.

Company Info

Listing Date	2002-08-13
IPO Price	0.25
Market Capital (Capital Size)	444,768,021 (Small)
Par Value	RM 0.20
Board	Main
Sector	Industrial Products
Major Industry	Food & Beverages
Sub Industry	Food & Beverage
Website	http://www.three-a.com.my

My Analysis

Forecast P/E now	(1.13-0.012)/0.0468 = 23.89 (High)
Target Price	0.47+0.012 = 0.48 (PE 10.0, EPS 0.0468, DPS 0.012)
Decision	Not interested unless stock price can sustain and uptrend above SMA20 or wait got strong rebound from lower price
Comment	Revenue increased 9.6% and was second consecutive quarter increasing and also higher than preceding year corresponding quarter 8.7%, eps decreased 16% and also lower than preceding year corresponding quarter 2.9%, cash generated from operating enough to cover all expenses, gross margin improved, stronger liquidity ratio from moderate to high level now, lower gearing ratio at below moderate level now, lower debt ratio and is far from historical high, all collection/repayment period is good, benefit from raw material decreased
First Support Price	1.1
Second Support Price	1.0
Risk Rating	MODERATE

Research House

AMMB Target Price	1.7 (2012-04-20)
Jupiter Target Price	1.32 (2012-04-23)

Accounting Ratio

Return on Equity	7.85%
Dividend Yield	1.06%
Gross Profit Margin	16.03%
Operating Profit Margin	8.67%
Net Profit Margin	6.91%
Tax Rate	20.19%
Asset Turnover	0.9782
Net Asset Value Per Share	0.52
Net Tangible Asset per share	0.52
Price/Net Tangible Asset Per Share	2.23
Cash Per Share	0.07
Liquidity Current Ratio	3.3956
Liquidity Quick Ratio	2.373
Liquidity Cash Ratio	0.6588
Gearing Debt to Equity Ratio	0.3712
Gearing Debt to Asset Ratio	0.2707
Working capital per thousand Ringgit sale	36.8%
Days to sell the inventory	67
Days to collect the receivables	93
Days to pay the payables	15

Technical Analysis

SMA 20	1.145 (Downtrend 23 days)
SMA 50	1.174 (Same)
SMA 100	1.21 (Downtrend)
SMA 200	1.196 (Downtrend)
MACD (26d/12d)	-0.011996 ( 0.000372 )
Signal (9)	-0.011783 ( 5.3e-05 )
MACD Histogram	0.000213 (Bearish trend 1 day)
Bolinger Upper Band	1.228
Bolinger Lower Band	1.062

My notes based on 2012 quarter 1 report (number in '000):-
- Higher revenue and pbt than FY11Q1 mainly due to higher demand for the Group's products and lower raw material costs

- Lower pbt than FY10Q4 due to even lower raw materials recorded in the preceding quarter

- Estimate next 4Q eps after 2012 Q1 result announced = 204670*0.09/393600 = 0.0468, estimate PE on current price 1.13 = 23.89(DPS 0.012)
- Estimate next 4Q eps after 2011 Q4 result announced = 200988*0.09/393600 = 0.046, estimate highest/lowest PE = 29.09/24.09 (DPS 0.012)
- Estimate next 4Q eps after 2011 Q3 result announced = 0.0342, estimate highest/lowest PE = 41.75/31.81 (DPS 0.012)
- Estimate next 4Q eps after 2011 Q2 result announced = 0.0107*4*0.8 = 0.0342, estimate highest/lowest PE = 39.12/30.94 (DPS 0.012)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.0153*2 = 0.0306, estimate highest/lowest PE = 60.46/45.42 (DPS 0.01)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.015*4 = 0.06(base on 3% roe per quarter), estimate highest/lowest PE = 30.8/23.13 (DPS 0.012)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.0286*3 = 0.0858(0.0286 is recent 2Q cum_eps, FYQ1-11 & FYQ2-11 to double as current), estimate highest/lowest PE = 22.31/17.88 (DPS 0.016)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.076, estimate highest/lowest PE = 26.89/20.32 (DPS 0.016)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.076 (~30% EPS grow), estimate highest/lowest PE = 30.05/20.32 (DPS 0.016)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.0191*4 = 0.0764, estimate highest/lowest PE = 30.68/15.63 (DPS 0.016)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.0178*4 = 0.0712, estimate highest/lowest PE = 23.74/7.09 (DPS 0.01)
- Estimate next 4Q eps after 2009 Q1 result announced = 0.0069*4 = 0.0276, estimate highest/lowest PE = 21.56/11.96 (DPS 0.01)
- Estimate next 4Q eps after 2008 Q4 result announced = 0.0079*4 = 0.0316, estimate highest/lowest PE = 11.55/9.34 (DPS 0.01)

3A latest news (English)

3A 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
2012-05-25	2012	1	N/A	N/A	-	1.96%	1.96%	71439	71439	4937	4937	3940	3940	0.0100	0.0100	280652	75982	-	204670	9982	2698	2257	18215	7284	9541	27756	393600	393600	456576	2012-03-31	16.03%	8.67%	6.91%	20.19%	0.9782	-	0.52	0.52	2.23	0.07	3.3956	2.373	0.6588	0.3712	0.2707	36.8%	67	93	15
2012-02-27	2011	4	1.35	1.12	-	2.46%	8.04%	65166	268806	5716	15352	4673	15255	0.0119	0.0388	285180	84192	-	200988	14502	9241	26138	20867	23743	2395	18472	393600	393600	480192	2011-12-31	17.46%	9.50%	8.77%	18.25%	0.9426	31.4777	0.51	0.51	2.39	0.05	2.8721	1.8057	0.3941	0.4189	0.2952	36.0%	87	95	29
2011-11-16	2011	3	1.44	1.1	0.012	1.22%	5.57%	64940	203640	4526	9634	2325	10580	0.0059	0.0269	270931	69967	-	200964	9364	6813	19852	20425	2551	17301	3124	393600	393600	464448	2011-09-30	15.77%	8.43%	6.97%	48.63%	0.9909	-	0.51	0.51	2.31	0.05	3.4814	2.448	0.469	0.3482	0.2582	36.3%	63	101	23
2011-08-24	2011	2	1.35	1.07	-	2.21%	4.35%	72987	138700	2791	5108	4204	8255	0.0107	0.0210	272365	74260	-	198105	2592	3088	8045	20425	5680	13725	6700	393600	393600	503808	2011-06-30	11.57%	5.31%	3.82%	-	0.9886	-	0.5	0.5	2.56	0.06	2.7604	1.9582	0.4308	0.3749	0.2726	33.2%	63	101	14
2011-05-19	2011	1	1.6	1.18	-	2.13%	2.13%	65713	65713	2317	2317	4051	4051	0.0103	0.0103	289292	95486	-	193806	8960	16011	4647	20425	24971	20324	101	393600	393600	625824	2011-03-31	11.03%	5.02%	3.53%	-	0.8757	-	0.49	0.49	3.24	0.09	2.345	1.4774	0.5367	0.4927	0.3301	36.9%	101	91	24
2011-02-25	2010	4	1.86	1.4	-	2.69%	12.39%	64818	248940	3618	20905	3661	16887	0.0093	0.0444	290359	100535	-	189824	11649	69952	72290	29736	81601	9311	20425	393339	380712	605742	2010-12-31	12.89%	6.90%	5.58%	-	0.8574	34.7188	0.5	0.5	3.08	0.13	2.3072	1.5999	0.6723	0.5296	0.3462	39.5%	94	101	42
2010-11-29	2010	3	1.84	1.54	0.012	1.95%	9.71%	65740	184122	3328	17287	2656	13226	0.0068	0.0353	255172	64293	-	190879	28324	25761	15752	29736	2563	18315	48051	389687	374663	607911	2010-09-30	14.48%	6.37%	5.06%	20.19%	0.9379	-	0.51	0.51	3.06	0.13	3.8162	2.8997	1.2895	0.3368	0.252	46.8%	69	98	5
2010-08-17	2010	2	1.93	1.55	-	3.39%	7.76%	57056	118382	6583	13959	4623	10570	0.0125	0.0286	226926	80122	-	146804	14267	14906	27844	29736	29173	1329	28407	369600	369600	676368	2010-06-30	19.65%	12.81%	11.54%	29.77%	0.9638	-	0.4	0.4	4.58	0.08	2.4599	1.6529	0.52	0.5458	0.3531	36.5%	95	103	20
2010-05-25	2010	1	2.06	1.56	-	4.36%	4.36%	61326	61326	7376	7376	5947	5947	0.0161	0.0161	202581	60389	-	142192	8148	9299	9600	29736	17447	7847	21889	369600	369600	580272	2010-03-31	22.38%	13.07%	12.03%	19.37%	1.021	-	0.38	0.38	4.13	0.06	3.3372	2.2758	0.6455	0.4247	0.2981	39.2%	86	100	9
2010-02-23	2009	4	2.3	1.56	-	5.67%	22.65%	55197	178582	6493	23707	4515	18039	0.0132	0.0570	195498	59253	-	136245	7773	5147	25801	1309	2626	28427	29736	340809	316270	780452	2009-12-31	23.30%	12.96%	11.76%	30.46%	0.9135	40.1496	0.43	0.43	5.33	0.09	3.1029	2.3427	0.8237	0.4349	0.3031	43.2%	75	114	47
2009-10-22	2009	3	2.36	1.21	0.016	7.41%	16.98%	45136	123385	7055	17214	5898	13524	0.0191	0.0439	147135	57049	-	90086	8027	3258	110	1309	4769	4659	5968	308000	308000	443520	2009-09-30	26.74%	16.91%	15.63%	16.40%	1.0573	-	0.29	0.29	4.97	0.02	1.9665	1.3392	0.1717	0.6333	0.3877	21.6%	66	95	17
2009-08-13	2009	2	1.7	0.515	-	6.89%	9.58%	45175	78249	7265	10159	5488	7626	0.0178	0.0248	140872	56684	-	84188	3996	2384	268	1309	1612	1344	2653	308000	308000	184800	2009-06-30	26.79%	17.38%	16.08%	24.46%	1.0567	-	0.27	0.27	2.22	0.01	1.8316	1.1963	0.0784	0.6733	0.4024	18.9%	67	92	19
2009-05-28	2009	1	0.605	0.34	-	2.68%	2.68%	33074	33074	2893	2893	2137	2137	0.0069	0.0069	128022	49323	-	78699	8093	840	8356	1309	7253	1103	206	308000	308000	104720	2009-03-31	20.63%	10.65%	8.75%	26.13%	1.1543	-	0.26	0.26	1.31	N/A	1.9191	1.3566	0.0376	0.6267	0.3853	16.1%	45	81	19
2009-02-25	2008	4	0.375	0.305	-	3.49%	17.38%	32177	152252	234	12689	2439	12135	0.0079	0.0394	138470	58828	-	79642	11792	15950	513	4954	4158	3645	1309	308000	308000	106260	2008-12-31	14.10%	3.17%	0.73%	-	1.0995	8.7565	0.26	0.26	1.33	0.01	1.7112	1.1395	0.0763	0.7387	0.4248	16.4%	60	87	21
2008-11-19	2008	3	0.355	0.3	0.01	4.29%	13.12%	38430	120075	3862	11919	2997	9160	0.0116	0.0387	138016	61137	-	76879	5714	13037	3980	4954	7323	3343	1611	258771	236761	87982	2008-09-30	22.26%	11.86%	10.05%	22.40%	1.1137	-	0.32	0.32	1.06	0.01	1.5167	0.9461	0.0866	0.7952	0.443	14.3%	73	87	22
2008-08-01	2008	2	0.38	0.29	-	6.69%	9.60%	44098	81645	6085	8593	4668	6699	0.0223	0.0334	139630	65747	-	73883	10497	3969	7529	4954	14466	6937	1983	209000	200750	62700	2008-06-30	23.21%	15.36%	13.80%	23.29%	1.0242	-	0.37	0.37	0.81	0.01	1.4778	0.9787	0.0311	0.8899	0.4709	16.8%	82	121	23
2008-05-14	2008	1	0.63	0.25	-	2.80%	2.80%	37547	37547	2435	2435	1958	1958	0.0102	0.0102	136729	67051	-	69678	5993	3975	10904	4954	9968	936	5890	192500	192500	117425	2008-03-31	18.53%	8.15%	6.49%	19.59%	0.8938	-	0.36	0.36	1.69	0.03	1.4395	0.922	0.1168	0.9623	0.4904	18.1%	101	121	38
2008-02-19	2007	4	0.65	0.55	-	2.99%	18.66%	33639	107118	2759	12319	1620	10112	0.0086	0.0558	122012	52195	-	69817	365	11361	14637	1313	10996	3641	4954	187554	181113	114407	2007-12-31	20.02%	9.76%	8.20%	41.28%	0.8779	10.9255	0.39	0.39	1.56	0.03	1.6034	1.0349	0.135	0.7476	0.4278	20.7%	95	112	28
2007-11-14	2007	3	0.66	0.565	0.012	5.47%	15.67%	27723	73479	3403	9560	2962	8492	0.0161	0.0475	101391	37783	-	63608	10186	8676	3664	1312	1510	2154	842	183975	178779	115904	2007-09-30	25.25%	14.07%	12.28%	12.96%	0.9361	-	0.36	0.36	1.75	0.01	1.741	1.2757	0.0765	0.594	0.3726	17.9%	57	106	14
2007-07-31	2007	2	0.645	0.56	-	5.99%	10.20%	23296	45756	3641	6157	3246	5530	0.0182	0.0313	99453	38808	-	60645	9523	6124	4140	1312	3399	741	571	177917	176458	100523	2007-06-30	29.72%	17.37%	15.63%	10.85%	0.9054	-	0.34	0.34	1.66	0.02	1.6817	1.152	0.1738	0.6399	0.3902	17.9%	71	94	20
2007-05-29	2007	1	N/A	N/A	-	4.21%	4.21%	22460	22460	2516	2516	2284	2284	0.0131	0.0131	92981	38606	-	54375	3161	3507	1258	1313	346	1604	291	175000	175000	71750	2007-03-31	26.77%	13.22%	11.20%	9.22%	0.9443	-	0.31	0.31	1.32	N/A	1.4664	0.9343	0.0034	0.71	0.4152	12.7%	73	93	22
2007-02-27	2006	4	N/A	N/A	-	N/A	N/A	21436	84015	3481	9400	3478	8631	0.0199	0.0493	94349	40158	-	54191	9996	8619	1362	1298	1377	15	1313	175000	175000	46375	2006-12-31	30.07%	18.51%	16.24%	0.09%	0.8905	5.3731	0.31	0.31	0.85	0.01	1.5101	0.9799	0.0503	0.741	0.4256	15.8%	81	105	27
2006-11-21	2006	3	N/A	N/A	0.012	N/A	N/A	22854	62579	2918	5919	2677	5153	0.0153	0.0294	85751	35039	-	50712	11513	8756	5340	1297	2757	2583	1286	175000	175000	35875	2006-09-30	27.12%	14.37%	12.77%	8.26%	0.7298	-	0.29	0.29	0.71	N/A	1.4715	1.1147	0.0141	0.6909	0.4086	16.2%	59	138	26
2006-08-09	2006	2	N/A	N/A	-	N/A	N/A	21050	39725	2237	3001	1909	2476	0.0109	0.0141	83321	33905	-	49416	6480	3493	4826	1297	2987	1839	542	175000	175000	34125	2006-06-30	25.03%	12.41%	10.63%	14.66%	N/A	-	0.28	0.28	0.7	N/A	1.3432	0.9227	0.0236	0.6861	0.4069	N/A	-	N/A	N/A
2006-05-24	2006	1	N/A	N/A	-	N/A	N/A	18675	18675	764	764	567	567	0.0032	0.0032	88419	40912	-	47507	1685	1345	2440	1297	340	2780	4077	175000	175000	37625	2006-03-31	18.63%	6.02%	4.09%	25.79%	N/A	-	0.27	0.27	0.8	0.02	1.25	0.8009	0.1261	0.8612	0.4627	N/A	-	N/A	N/A

Financial Quarter Balance Sheet

year	qrt	Deferred tax assets (A-0)	Investment in jointly controlled entity (A-0)	Leasehold land use rights (A-0)	Property, plant and equipment (A-0)	Cash and cash equivalents (A-1)	Current tax assets (A-1)	Deposits with licensed banks (A-1)	Inventories (A-1)	Other investments (A-1)	Other receivables, deposits and prepayments (A-1)	Trade receivables (A-1)	Deferred tax liabilities (L-0)	Loans & borrowings (L-0)	Current tax liabilities (L-1)	Dividend payable (L-1)	Loans & borrowings (L-1)	Payables and accruals (L-1)	Trade and other payables (L-1)
2012	1	-	7366	4436	125796	27756	2274	-	43082	-	-	69942	8351	25502	-	-	32673	-	9456
2011	4	-	8052	4488	124180	20371	2897	-	55125	-	-	70067	8000	24502	-	4723	28591	-	18376
2011	3	-	8056	4539	121608	3124	3108	-	40586	15294	-	74616	7191	23502	-	-	24824	-	14450
2011	2	-	7689	4591	119896	6700	3187	-	40742	15178	-	74382	5105	18369	-	-	41764	-	9022
2011	1	-	7690	4643	113931	1979	2084	-	60314	35334	-	63317	6606	19358	6	-	55345	-	14171
2010	4	168	4066	4911	107743	20425	741	-	53180	30122	-	69003	8632	16716	40	-	51462	-	23685
2010	3	-	2384	16609	84406	51283	-	-	36448	-	3323	60719	8587	15935	1323	-	35622	2719	107
2010	2	-	-	15099	77445	28407	-	-	44084	-	3115	58776	8088	17405	2376	-	43011	2158	7084
2010	1	-	-	13879	73058	22367	-	-	36780	-	1486	55011	7482	18254	1765	-	28831	2384	1673
2009	4	93	-	1346	80331	30189	-	-	27865	-	-	55674	8035	14566	923	-	18460	-	17269
2009	3	-	-	11355	67412	5968	-	-	21809	-	834	39757	6999	15283	272	-	28761	3739	1995
2009	2	-	-	11393	67528	2653	227	-	21487	-	528	37056	6758	16103	-	-	27783	3468	2572
2009	1	-	-	11432	66944	973	1263	-	14550	-	1001	31859	6504	16949	-	-	19615	1788	4467
2008	4	-	-	11471	67047	2674	1091	-	20029	-	1061	35097	6131	17661	-	-	27858	5054	2124
2008	3	-	-	9765	63937	3671	-	-	24194	-	1415	35034	6764	11968	1158	-	33978	2933	4336
2008	2	-	-	9765	55715	1562	-	-	25040	-	3391	44157	6284	9286	1269	-	41695	3043	4170
2008	1	-	-	9765	54358	5890	-	-	26102	-	7290	33324	6190	10423	108	-	40387	1164	8779
2007	4	-	-	9726	53433	4954	136	-	20867	-	3379	29517	6165	9324	5	-	30582	3095	3024
2007	3	-	-	9765	51682	1755	-	-	10676	-	222	27291	5076	9764	279	-	19951	1184	1529
2007	2	-	-	9695	49975	4112	-	-	12532	-	222	22917	4870	10282	280	-	19903	1543	1930
2007	1	-	-	9155	48640	82	-	-	12769	-	266	22069	4758	9854	125	-	20044	1839	1986
2006	4	-	-	9119	45846	1313	-	-	13829	-	1273	22969	4754	9324	48	-	21459	2274	2299
2006	3	-	-	9154	44871	304	94	-	7692	-	189	23447	5025	8453	-	-	18157	1025	2379
2006	2	-	-	7374	42096	595	328	-	10596	-	703	21629	3673	5030	-	-	21641	1075	2486
2006	1	-	-	7240	40760	1277	376	2800	14523	-	697	20746	3499	5079	-	-	27721	1750	2863

Financial Quarter Income Statement

year	qrt	Revenue	Income tax expense	Cost of sales	Finance/interest costs	Other income	Administrative/Operating expenses	Share of net profit of jointly controlled entity
2012	1	71439	997	59988	825	95	5355	429
2011	4	65166	1043	53789	397	764	5952	76
2011	3	64940	2201	54699	781	402	5169	167
2011	2	72987	1413	64539	988	352	4925	96
2011	1	65713	1734	58466	936	267	4212	49
2010	4	64818	43	56463	772	618	4499	84
2010	3	65740	672	56222	859	45	5376	-
2010	2	57056	1960	45846	726	285	4186	-
2010	1	61326	1429	47599	640	109	5820	-
2009	4	55197	1978	42335	659	184	5526	-
2009	3	45136	1157	33067	579	21	4456	-
2009	2	45175	1777	33073	586	42	4293	-
2009	1	33074	756	26252	631	490	3788	-
2008	4	32177	2205	27639	785	27	3546	-
2008	3	38430	865	29874	696	6	4004	-
2008	2	44098	1417	33864	689	8	3468	-
2008	1	37547	477	30588	626	6	3904	-
2007	4	33639	1139	26903	525	73	3379	-
2007	3	27723	441	20722	498	119	3219	-
2007	2	23296	395	16373	406	131	3007	-
2007	1	22460	232	16448	453	-	3043	-
2006	4	21436	3	14991	486	106	2372	-
2006	3	22854	241	16656	367	136	3049	-
2006	2	21050	328	15782	376	22	2677	-
2006	1	18675	197	15195	360	15	2371	-

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

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●CHANGES IN SHAREHOLDING