KLCI Stock - IJM / 3336 - 2012 Quarter 4

IJM CORPORATION BERHAD



Company Description

IJM CORPORATION BERHAD is an investment holding company. It has five business segments: construction, which is engaged in construction activities; property development, which is engaged in the development of land into vacant lots, residential, commercial and/or industrial buildings; manufacturing and quarrying, which is engaged in the production and sale of concrete products, and quarrying activities; plantation, which is engaged in the cultivation of oil palm, and infrastructure, which is engaged in tollway and port operations. IJM completed acquisition of Road Builder Group in April 2007. On November 30, 2007, it disposed 100% equity interest in Torsco Sdn Bhd. In April 2008, IJM announced that it has incorporated IJM Vijayawada (Mauritius) Ltd as a wholly owned subsidiary of IJM Investments (M) Limited, which in turn is a wholly owned subsidiary of the Company. As of June 19, 2008, IJM held a 69.96% interest in RB Land Holdings Berhad.

Company Info 

Listing Date	1986-09-29
Market Capital (Capital Size)	7,212,185,365 (Very Large)
Par Value	RM 1.00
Board	Main
Sector	Construction
Major Industry	Property Development
Sub Industry	Oil Palm & Others Crop
Website	http://www.ijm.com/

My Analysis 

Forecast P/E now	(5.22-0.12)/0.3466 = 14.71 (Moderate)
Target Price	5.89+0.12 = 6.01 (PE 17.0, EPS 0.3466, DPS 0.12)
Decision	BUY if stock price can strong sustain and uptrend above SMA20
Comment	Revenue increased 3.5% and was second consecutive quarter increasing and also higher than preceding year corresponding quarter 15.9%, eps decreased 38.1% but higher than preceding year corresponding quarter 430.6%, cash generated from operating more than enough to cover financing expenses and together with cash generated from financing enough to cover investing expenses, gross margin dropped, weaker liquidity ratio at moderate level now, lower gearing ratio but still at high level now, slight lower debti ratio but still near to historical high, all repayment period still as usual, affecting by CPO price decreasing
First Support Price	5.1
Second Support Price	4.9
Risk Rating	MODERATE

Research House

RHB Target Price	4.48 (2012-01-18)
Maybank Target Price	6.2 (2012-03-14)
MIDF Target Price	6.71 (2012-03-14)
AMMB Target Price	6.84 (2012-05-30)
CIMB Target Price	6.4 (2012-05-30)
ECM Target Price	6.36 (2012-05-30)
HLG Target Price	5.74 (2012-05-30)
HwangDBS Target Price	7 (2012-05-30)
Kenanga Target Price	5.56 (2012-05-30)
OSK Target Price	6.34 (2012-05-30)

Accounting Ratio 

Return on Equity	6.33%
Dividend Yield	2.30%
Gross Profit Margin	21.66%
Operating Profit Margin	19.25%
Net Profit Margin	15.72%
Tax Rate	43.96%
Asset Turnover	0.3252
Net Asset Value Per Share	3.81
Net Tangible Asset per share	3.76
Price/Net Tangible Asset Per Share	1.38
Cash Per Share	1.62
Liquidity Current Ratio	2.2076
Liquidity Quick Ratio	1.4445
Liquidity Cash Ratio	0.7734
Gearing Debt to Equity Ratio	1.2964
Gearing Debt to Asset Ratio	0.4991
Working capital per thousand Ringgit sale	78.9%
Days to sell the inventory	244
Days to collect the receivables	152
Days to pay the payables	194

Technical Analysis 

SMA 20	5.264 (Downtrend 58 days)
SMA 50	5.442 (Downtrend)
SMA 100	5.618 (Downtrend)
SMA 200	5.552 (Downtrend)
MACD (26d/12d)	-0.089238 ( 0.008481 )
Signal (9)	-0.089693 ( 0.000114 )
MACD Histogram	0.000455 (Bullish trend 1 day)
Bolinger Upper Band	5.556
Bolinger Lower Band	4.972

My notes based on 2012 quarter 4 report (number in '000):-
- Higher revenue than FY11Q4 due to all operating divisions achieving revenue growth as higher pbt due to Construction, Property and Industry divisions achieving profit growth while Property and Infrastructure divisions were affected by the non-recurrence of a RM63 million capital gain in the previous year and unrealised foreign exchange losses for the current year respectively

- Higher revenue and pbt from Construction division than FY11Q4 mainly due to certain major local projects reaching full swing while progress at other major projects that were still at infancy in the previous year has started to accelerate and previous year profits were affected by significant one-off impairment provisions made upon the adoption of FRS 139

- Higher revenue from Construction division than FY2011 as construction activity gathered pace with increased revenues from local projects in Selangor. Profits declined by 2.0% for the current year-to-date mainly because the previous year included a capital gain of RM63 mil from the sale of a subsidiary (Delta Awana Sdn Bhd). Excluding this capital gain, the current yearto-date profit would have climbed 25.3% backed by higher profit margins derived from the ongoing development projects

- Higher revenue and pbt from Industry division than FY11Q4 level of construction and infrastructure jobs increased

- Higher revenue from Plantation division than FY11Q4 mainly due to higher commodity prices with crude palm oil (CPO) averaging RM3,049 per ton compared to RM2,760 per ton in the previous year but lower pbt mainly due to higher plantation costs in field upkeep maintenance activities, reduction in palm products inventory and impairment of bio-plant assets amounting to RM11 million

- Higher revenue from Infrastructure division than FY11Q4 mainly due to increased revenue from the operation of Kuantan port following increased cargo throughput and ship revenues and wholly-owned toll concessions in Malaysia and India also reported higher toll collection with traffic growth of between 4% - 10%. However profits from Infrastructure division have fluctuated due to the recognition of provision for major maintenance under IFRIC 12 amounting to RM27.4 million and foreign exchange movements with the division’s current year-to-date results being impacted by an unrealised foreign exchange loss of RM15.3 mil as compared with unrealised foreign exchange gain of RM35.9 mil in the preceding financial year. These foreign exchange gains/losses arose mainly from USD-denominated borrowings used to finance IJM’s investments in India

- Lower pbt than FY11Q3 mainly due to lower volume and margin in the sale of piles, intensified manuring activities and seasonally lower crop yields in plantations as well as a reversal in 50%-owned Vijayawada Tollway in India of toll revenues being withheld in escrow pending resolution of a dispute under arbitration with National Highway Authority of India

- Estimate next 4Q eps after 2012 Q4 result announced = 6957698*0.07/1405110 = 0.3466, estimate PE on current price 5.22 = 14.71(DPS 0.12)
- Estimate next 4Q eps after 2012 Q3 result announced = 6833846*0.07/1405110 = 0.3404, estimate highest/lowest PE = 17.54/14.81 (DPS 0.11)
- Estimate next 4Q eps after 2012 Q2 result announced = 0.0825*4 = 0.33, estimate highest/lowest PE = 18.33/15.64 (DPS 0.11)
- Estimate next 4Q eps after 2012 Q1 result announced = 0.0825*4*0.95 = 0.3135, estimate highest/lowest PE = 19.3/11.96 (DPS 0.15)
- Estimate next 4Q eps after 2011 Q4 result announced = 0.1819*2*1.1 = 0.4002, estimate highest/lowest PE = 16.07/13.17 (DPS 0.15)
- Estimate next 4Q eps after 2011 Q3 result announced = 0.0765*4*1.1 = 0.3366, estimate highest/lowest PE = 19.93/16.87 (DPS 0.15)
- Estimate next 4Q eps after 2011 Q2 result announced = 0.0765*4*1.1 = 0.3366, estimate highest/lowest PE = 19.93/15.92 (DPS 0.11)
- Estimate next 4Q eps after 2011 Q1 result announced = 0.0662*4*1.05 = 0.278, estimate highest/lowest PE = 20.36/17.3 (DPS 0.11)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.2484*0.9 = 0.2236 (10% drop, exclude foreign exchange gained), estimate highest/lowest PE = 22.58/19.5 (DPS 0.11)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.0621*4 = 0.2484 (expecting revenue and profit recover hence no decrease on eps), estimate highest/lowest PE = 20.53/17.43 (DPS 0.05)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.2556, estimate highest/lowest PE = 19.13/16.55 (DPS 0.05)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.271, estimate highest/lowest PE = 25.13/15.68 (DPS 0.05)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.3251, estimate highest/lowest PE = 19.53/16.15 (DPS 0.05)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.2612, estimate highest/lowest PE = 21.06/12.44 (DPS 0.25)

IJM latest news (English)

IJM 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
2012-05-29	2012	4	N/A	N/A	0.08	1.30%	6.33%	1213979	4517860	190820	801591	84035	409076	0.0595	0.2917	13890648	6932950	1609647	6957698	714072	1249895	664172	1320486	535823	128349	1448835	1412458	1402495	7316532	2012-03-31	21.66%	19.25%	15.72%	43.96%	0.3252	17.7594	3.81	3.76	1.38	1.62	2.2076	1.4445	0.7734	1.2964	0.4991	78.9%	244	152	194
2012-02-22	2012	3	6.08	5.15	-	2.09%	5.03%	1172363	3303881	247721	610771	135234	325041	0.0962	0.2323	13802203	6968357	1581586	6833846	510932	1009533	732966	1323704	498601	234365	1558069	1405110	1399184	8318251	2011-12-31	26.64%	23.39%	21.13%	27.85%	0.3153	-	3.75	3.7	1.6	1.73	2.4603	1.6331	0.8881	1.3267	0.5049	92.0%	254	162	197
2011-11-25	2012	2	6.16	5.27	0.04	1.16%	2.94%	1097727	2131518	161440	363050	74777	189807	0.0532	0.1358	13391985	6669137	1543161	6722848	201865	744554	639386	1322882	542689	96697	1419579	1404776	1397717	7866745	2011-09-30	25.52%	18.75%	14.71%	31.13%	0.3047	-	3.71	3.65	1.53	1.63	2.6405	1.7359	0.9272	1.2876	0.498	99.3%	269	170	186
2011-08-24	2012	1	6.2	3.9	-	1.78%	1.78%	1033791	1033791	201610	201610	115030	115030	0.0825	0.0825	12717363	6119061	1542880	6598302	22759	135160	145848	1322065	112401	33447	1355512	1394971	1394971	8104781	2011-06-30	28.30%	25.03%	19.50%	23.79%	0.2963	-	3.62	3.57	1.63	1.28	2.3619	1.4482	0.7043	1.2104	0.4812	92.0%	310	178	213
2011-05-27	2011	4	6.58	5.42	0.07	0.38%	4.72%	1047782	3720717	70895	659731	24343	304491	0.0180	0.2204	12553751	6086889	1469770	6466862	564396	498384	87219	1166387	66012	153231	1319618	1351021	1381631	8376330	2011-03-31	19.32%	11.36%	6.77%	98.28%	0.2964	28.1326	3.62	3.56	1.74	1.27	2.1585	1.347	0.6345	1.2181	0.4849	84.4%	295	184	224
2011-02-23	2011	3	6.52	5.79	-	1.98%	5.09%	901345	2672935	219867	588836	127963	328834	0.0921	0.2392	12545300	5959158	1428802	6586142	539019	281041	36738	1271520	257978	294716	1566236	1390106	1374879	8688162	2010-12-31	30.47%	31.35%	24.39%	16.67%	0.2821	-	3.75	3.7	1.69	1.27	2.3689	1.4941	0.7237	1.1555	0.475	94.4%	313	186	229
2010-11-23	2011	2	6.82	5.47	0.04	1.85%	3.24%	785504	1771590	198363	377428	119282	209330	0.0868	0.1533	12457241	5977093	1377819	6480148	415610	229118	66654	1272757	186492	119838	1392595	1374040	1365255	7818287	2010-09-30	32.83%	29.42%	25.25%	21.85%	0.2869	-	3.74	3.68	1.55	1.13	2.4407	1.5475	0.6591	1.1714	0.4798	94.8%	302	173	211
2010-08-25	2011	1	5.77	4.92	-	1.33%	1.33%	986086	986086	174757	174757	85740	85740	0.0631	0.0631	12400408	6095661	1361679	6304747	149155	83738	22141	1271554	65417	87558	1359112	1359772	1359772	6730871	2010-06-30	27.35%	21.06%	17.72%	27.19%	0.3095	-	3.64	3.58	1.38	1.13	2.427	1.5888	0.6441	1.2332	0.4916	88.5%	257	177	201
2010-05-26	2010	4	5.16	4.47	0.11	1.98%	5.92%	866467	4013530	162835	578024	111044	332580	0.0824	0.2484	12558295	6100936	1328138	6457359	439546	518467	477534	766681	78921	398613	1165294	1347819	1338779	6038229	2010-03-31	28.54%	23.90%	18.79%	18.56%	0.3196	18.0339	3.83	3.78	1.19	0.99	2.085	1.3244	0.4952	1.1894	0.4858	72.6%	244	198	201
2010-02-25	2010	3	5.15	4.38	-	1.49%	3.94%	936308	3147063	160562	415189	83648	221536	0.0621	0.1631	13034729	6667321	1318647	6367408	374330	361133	783524	786502	13197	796721	1583223	1347856	1358255	5971002	2009-12-31	28.09%	21.84%	17.15%	29.06%	0.3318	-	3.72	3.66	1.21	1.21	2.0689	1.3519	0.568	1.3206	0.5115	71.2%	219	186	197
2009-11-24	2010	2	4.94	4.28	-	1.19%	2.46%	1049107	2210755	130763	254627	67064	137888	0.0710	0.1463	12292648	6253366	1136213	6039282	166390	26404	36585	787979	139986	103401	891380	943962	942216	4370544	2009-09-30	21.34%	17.11%	12.46%	30.85%	0.3606	-	5.2	5.12	0.9	1.18	1.6639	1.0379	0.3395	1.2754	0.5087	49.3%	210	183	195
2009-08-25	2010	1	6.86	4.3	-	1.26%	1.26%	1161648	1161648	123864	123864	70824	70824	0.0753	0.0753	12220066	6338760	1066664	5881306	10665	15652	13556	785981	26317	39873	746108	940458	940458	5511083	2009-06-30	18.88%	13.58%	10.66%	30.39%	0.3717	-	5.12	5.03	1.17	1.04	1.6207	0.9956	0.2918	1.3166	0.5187	45.6%	207	181	200
2009-05-26	2009	4	6.4	5.3	0.05	0.96%	5.22%	1178498	4601294	68416	528670	53343	290212	0.0569	0.3284	11910088	6294021	845917	5616067	430308	451819	171404	637804	21511	149893	787697	937739	883708	5345112	2009-03-31	15.15%	9.48%	5.81%	4.73%	0.3863	17.3567	5.4	5.3	1.08	1.09	1.5034	0.9118	0.2883	1.3195	0.5285	38.7%	206	167	199
2009-02-24	2009	3	5.75	3.5	-	1.04%	4.26%	1043816	3422796	125373	460254	57625	236869	0.0653	0.2735	11499776	5914109	816757	5585667	16068	371020	97248	634443	354952	257704	376739	881910	866026	3139599	2008-12-31	21.76%	16.95%	12.01%	30.69%	0.4118	-	5.51	5.41	0.66	0.78	1.5825	0.9236	0.2146	1.2401	0.5143	39.4%	207	172	171
2008-11-25	2009	2	3.84	2.36	-	1.58%	3.22%	1157666	2378980	168583	334881	87917	179244	0.1023	0.2081	11787783	6063089	985824	5724694	51560	304893	314726	633377	253333	61393	694770	859206	861322	2062094	2008-09-30	20.22%	17.92%	14.56%	28.36%	0.4068	-	5.5	5.4	0.44	0.99	1.7671	1.0906	0.277	1.2794	0.5144	48.9%	201	187	178
2008-08-26	2009	1	5.35	2.35	0.25	1.64%	1.64%	1221314	1221314	166298	166298	91327	91327	0.1060	0.1060	11394408	5796214	945051	5598194	80568	100275	8900	563439	19707	10807	552632	861924	861924	4352716	2008-06-30	21.11%	16.34%	13.62%	22.36%	0.4172	-	5.4	5.3	0.95	0.94	1.8435	1.1249	0.2835	1.2457	0.5087	50.5%	201	175	191
2008-05-27	2008	4	5.9	4.68	-	3.68%	13.30%	1312672	4637172	164462	144848	116474	420467	0.1344	0.4944	11148413	5584137	936026	5564276	307140	114640	189641	244664	192500	382141	626805	866888	850544	5071294	2008-03-31	23.01%	15.62%	12.53%	5.92%	0.4159	-	5.44	5.34	1.1	0.85	1.8498	1.1053	0.2724	1.2065	0.5009	49.5%	201	168	182
2008-02-26	2008	3	7.25	4.9	-	4.22%	16.49%	1103512	3324501	237298	293715	133479	521346	0.1540	0.6149	12052447	5732436	923671	6320011	258992	14350	187469	246331	244642	432111	678442	866910	847875	6198406	2007-12-31	21.42%	24.36%	21.50%	27.40%	0.3329	-	6.36	5.15	1.39	0.9	2.2598	1.4491	0.3325	1.0623	0.4756	74.1%	216	240	203
2007-11-28	2008	2	8.9	6.95	-	2.91%	20.71%	1115755	2220989	162904	531013	92070	654825	0.1064	0.7754	12000627	5788581	954750	6212046	218679	17061	288687	249135	201618	490305	739440	865295	844510	6835830	2007-09-30	21.48%	17.42%	14.60%	27.97%	0.2911	-	6.23	5.03	1.57	0.98	2.2305	1.4538	0.3626	1.1011	0.4824	81.9%	235	265	227
2007-08-29	2008	1	8.8	7.65	-	23.62%	23.62%	1105234	1105234	693917	693917	746895	746895	0.8934	0.8934	11575147	5425706	942733	6149441	150049	260429	126943	250318	410478	537421	787739	836045	836045	5977721	2007-06-30	18.92%	59.58%	62.78%	-	0.2055	-	6.23	5.02	1.42	1.06	2.2657	1.4629	0.4006	1.0421	0.4687	117.8%	335	361	311
2007-05-30	2007	4	N/A	N/A	0.05	N/A	N/A	688212	2311234	72602	318929	49612	194336	0.0865	0.3704	6038809	2876428	559459	3162381	27493	642512	654272	212540	615019	39253	251793	573414	524658	4960031	2007-03-31	14.72%	14.32%	10.55%	14.50%	0.2108	23.3528	4.96	4.83	1.79	0.82	1.6577	1.1147	0.279	1.1051	0.4763	87.4%	323	405	436
2007-02-27	2007	3	N/A	N/A	-	N/A	N/A	584704	1623022	84329	246327	43242	144724	0.0817	0.2814	5448938	2502355	489742	2946583	27779	388510	435097	210794	416289	18808	229602	529256	514309	3890031	2006-12-31	22.92%	18.00%	14.42%	33.40%	0.1073	-	4.78	4.65	1.58	0.78	2.1514	1.5612	0.3176	1.0185	0.4592	256.9%	623	1013	756

Financial Quarter Balance Sheet

year	qrt	Available-for-sale financial assets (A-0)	Concession assets (A-0)	Deferred tax assets (A-0)	Derivative financial assets (A-0)	Goodwill on consolidation (A-0)	Intangible assets (A-0)	Investment in associated companies (A-0)	Investment in jointly controlled entity (A-0)	Investment properties (A-0)	Land held for property development (A-0)	Leasehold land use rights (A-0)	Plantation development expenditure (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)	Deposits with licensed banks (A-1)	Derivative financial assets (A-1)	Financial assets at fair value through profit and loss (A-1)	Inventories (A-1)	Property development costs (A-1)	Trade receivables (A-1)	Bonds (L-0)	Commercial papers and medium term notes (L-0)	Deferred tax liabilities (L-0)	Derivative financial liabilities (L-0)	Government grant (L-0)	Government support loan (L-0)	Hire purchase and finance lease liabilities (L-0)	Other long-term provisions (L-0)	Retirement benefits obligations (L-0)	Term loans (L-0)	Trade payables (L-0)	Bank overdraf (L-1)	Bonds and debts (L-1)	Commercial papers (L-1)	Current tax liabilities (L-1)	Derivative financial liabilities (L-1)	Liabilities directly associated with assets classified as held for sale (L-1)	Loans & borrowings (L-1)	Medium term notes (L-1)	Provision for liabilities (L-1)	Trade and other payables (L-1)	Minority interest (M-1)
2012	4	2204	2476068	98810	15911	-	76696	476097	1178647	84243	705532	156651	685694	1330335	85214	1699020	50560	47197	-	73	584625	499100	1754108	1883863	1096121	750000	388165	-	81423	208111	1475	11577	5851	1351763	85630	127145	-	-	25672	1466	-	988737	-	24129	1785685	1609647
2012	3	2204	2342988	100352	22050	-	77724	462500	1135154	83959	665376	165134	668767	1262358	66470	1767062	51019	59712	-	-	668579	535736	1732794	1932265	1096032	750000	373351	-	83212	206356	2257	-	6159	1620425	88152	81793	-	-	62327	3186	-	805283	-	30217	1759607	1581586
2012	2	2204	2284118	83448	6333	-	77927	463055	1060820	103021	650233	167673	647216	1256874	67690	1635517	32686	59493	-	-	654485	514956	1719220	1905016	1148399	750000	372189	1270	91801	204601	2803	-	6159	1534047	88152	88218	-	-	46027	3462	-	760043	-	28876	1543090	1543161
2012	1	2204	2267808	81883	1590	-	77784	467446	1005096	123940	646139	167960	620543	1180576	64841	1554240	2009	56742	-	-	237825	461354	1863420	1833963	448313	750000	370089	9753	97209	202846	3368	-	6159	1598750	88152	77367	-	-	31718	3200	-	804192	-	28183	1599762	1542880
2011	4	2204	2213607	83147	771	-	77120	472538	1019810	124565	673380	169234	592679	1205823	70191	1506597	7152	49253	-	-	212730	584071	1614772	1874107	448227	650000	370929	8037	99161	206091	2149	-	6159	1498423	88152	65559	-	-	31773	3201	-	924915	-	23938	1660175	1469770
2011	3	2204	1919167	92158	1545	-	76322	435503	1115490	127129	718398	140790	502452	1408544	221875	1597939	12891	64795	-	-	168940	502700	1633031	1803427	448143	691848	376012	13497	102183	204345	1180	-	5914	1597816	76701	62131	-	-	49230	10988	-	767422	-	-	1551748	1428802
2011	2	2214	1915462	93444	4947	-	75917	445719	1138024	127791	687007	143690	494320	1392927	195213	1369104	338734	53333	-	-	181167	521323	1579484	1697421	495157	691848	375867	12874	104217	205116	569	-	5914	1656849	76700	34628	-	-	64536	5776	15858	767767	-	-	1463417	1377819
2011	1	4341	1925964	88694	3383	-	75422	443903	1053375	132449	692734	144792	486053	1391672	179198	1352751	328374	57347	-	1269	180732	500789	1494800	1862366	495076	691848	362358	11434	107967	203386	877	-	5914	1759269	76662	29379	-	-	56021	5249	15300	723191	-	-	1551730	1361679
2010	4	4560	1948606	92088	-	-	74804	442120	1064518	410799	702138	145598	474258	1442623	157417	1221511	501	53010	-	-	108176	529320	1513061	2173187	568886	691848	363172	-	112250	204157	510	-	5914	1388610	80364	55917	-	-	37199	-	-	902809	-	-	1689300	1328138
2010	3	18080	2222467	71082	-	-	79554	427527	1004062	111979	737518	330780	460153	1481445	127407	1434023	8366	49640	-	-	203097	408515	1658087	2200947	568807	733380	357819	-	71428	284818	5541	-	5838	1669104	88568	42382	-	-	55746	-	-	929332	-	-	1854558	1318647
2010	2	17642	2187542	69230	-	-	80648	416179	962640	112591	728025	329792	448730	1386112	78762	1084342	8366	63372	-	-	32720	411027	1648815	2226113	652857	233380	353192	-	71619	282437	768	-	5839	1278025	84888	110433	-	-	47897	-	-	1213227	-	-	1918804	1136213
2010	1	17675	2200259	66254	-	-	81939	419834	956386	162544	737771	319300	440085	1323386	87321	929908	29831	69112	-	-	43688	409080	1676395	2249298	652780	233380	352349	-	74081	280056	311	-	5839	1318599	84888	117404	-	-	37686	-	-	1163447	-	-	2017940	1066664
2009	4	18135	2175269	65773	-	-	83078	415263	817981	163521	734233	320799	430972	1299035	72986	945654	29830	69905	-	-	73350	390726	1699730	2103848	652704	233380	350093	-	73343	280175	5843	-	5839	1073621	84888	123801	-	-	29567	-	-	1365410	-	-	2015357	845917
2009	3	73502	2167903	59709	-	-	84097	433710	694455	36317	777772	326771	426479	1279401	73991	654573	8367	23968	-	-	32375	401976	1707076	2237334	752260	229384	356123	-	71707	277916	5882	-	5671	940305	73721	133292	-	-	52874	-	-	1276374	-	-	1738600	816757
2009	2	73714	2194638	59796	-	-	85555	426596	671972	36322	770348	328035	425602	1240933	67276	799995	8367	29508	-	-	47658	404605	1665496	2451367	844553	374384	353132	-	75223	275593	6682	-	5671	992864	75221	107087	-	-	61563	-	-	1052349	-	-	1838767	985824
2009	1	73677	2182979	62231	-	-	86785	407606	628840	36163	655595	328034	418035	1203231	61633	717006	95911	21515	-	-	90443	367942	1678435	2278347	844342	274384	350504	-	77602	273188	3724	-	5671	1043920	75221	126703	-	-	38752	-	-	737080	-	-	1945123	945051
2008	4	86233	2184803	65820	-	-	86681	397586	679157	35489	638891	309668	416898	1179706	75891	666537	94940	11961	-	-	68455	341868	1667188	2140641	844130	274384	347760	-	68952	273365	5605	-	5670	990633	75221	67932	-	-	34423	-	-	779260	-	-	1816802	936026
2008	3	121421	2156290	71063	-	922255	105722	553427	69916	77679	683254	223262	414803	1223636	99175	251013	-	-	528126	-	5103	334366	1578040	2633896	912162	314508	356907	-	73757	-	8098	-	-	1561364	146778	-	34926	144000	47845	-	-	296667	40000	-	1795424	923671
2008	2	102096	2353859	70649	-	935388	76377	487694	65255	77760	683935	223471	412923	1220053	101098	251328	-	-	588161	-	4301	284727	1522431	2539121	976612	314508	342294	-	76253	-	11961	-	-	1574755	165304	-	34981	139000	35118	-	-	205637	164000	-	1748158	954750
2008	1	102566	2276531	75260	-	935388	76230	407605	60571	78972	643620	298603	410555	1099239	94936	476731	-	-	405666	-	4283	282539	1494282	2351570	976630	314508	321765	-	61081	-	8746	-	-	1401914	127553	-	34952	139000	19074	-	-	330302	40000	-	1650181	942733
2007	4	100722	474385	18862	-	-	66669	383063	405204	38664	319037	210853	408500	698347	109385	226860	-	-	174073	-	71228	233365	685488	1414104	168464	150000	90947	-	58371	-	9697	-	-	654085	52666	-	34924	-	13966	-	-	404417	-	-	1238891	559459
2007	3	105526	305582	20596	-	-	67611	470027	56292	15618	269697	-	-	1257266	74204	106806	-	-	222720	-	84813	194386	575443	1622351	168305	150000	95474	-	59254	-	3957	-	5808	637687	77333	-	-	-	54724	-	-	316242	-	-	933571	489742

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	Selling and distribution costs	Impairment loss	Foreign exchange (loss)/gain	Share of net profit of jointly controlled entity	Other expenses
2012	4	1213979	83890	951050	34682	104682	64885	22895	9931	35465	-	12190	18141	45739
2012	3	1172363	68993	860103	39790	75792	53168	43494	11816	32695	-	13244	1430	14680
2012	2	1097727	50250	817612	48101	48831	49767	36413	11060	34123	-	29037	7318	10220
2012	1	1033791	47972	741246	50302	41634	34645	38608	6992	26750	-	-	13811	14053
2011	4	1047782	69675	845310	53219	96747	79536	25563	26617	23820	-	335	21552	77149
2011	3	901345	36658	626729	51524	130893	56975	55246	7906	34514	-	1753	19061	29721
2011	2	785504	43343	527640	48132	83332	42728	35738	6186	24342	-	-	9241	43058
2011	1	986086	47518	716349	41805	39696	48907	41499	6135	23452	-	-	2734	29381
2010	4	866467	30218	619209	56437	112269	62947	21573	598	25500	-	-	11607	64013
2010	3	936308	46663	673263	49716	32673	39885	30251	10159	25612	-	-	4336	25766
2010	2	1049107	40342	825269	49017	35803	35231	23357	3910	22616	-	-	3606	22318
2010	1	1161648	37637	942359	46251	28188	44618	15403	5009	20199	-	-	7406	24960
2009	4	1178498	3233	1000002	51601	41307	54872	11840	3239	17311	-	-	5075	35917
2009	3	1043816	38480	816686	50455	24916	30213	29268	623	23936	-	-	475	20971
2009	2	1157666	47802	923615	43536	68819	35387	32864	11370	30228	-	-	6663	29843
2009	1	1221314	37188	963545	43498	22223	34226	37783	5060	21938	-	-	5221	24313
2008	4	1312672	9734	1010663	45421	62551	57736	38254	3069	37052	18605	-	1760	46113
2008	3	1103512	65031	867155	37659	123894	37750	38788	2750	17515	0	-	3414	36193
2008	2	1115755	45567	876146	37096	28630	36726	25267	5469	19226	0	-	213	17969
2008	1	1105234	34982	896072	37283	131549	37003	17996	3350	14399	922255	-	1530	25508
2007	4	688212	10527	586931	11771	28095	12378	12463	583	20276	-	-	14733	1801
2007	3	584704	28166	450662	29914	17377	29205	12921	6218	13796	-	-	2751	3144

Financial Quarter Segments Revenue

year	qrt	Construction	Plantation	Property	Investment & Others	Industry	Infrastructure
2012	4	399478	134722	370135	186	202080	107378
2012	3	402756	146428	293058	56	225093	104972
2012	2	304134	180933	294906	58	215148	102548
2012	1	322759	128351	252536	53	233185	96907
2011	4	320612	98970	325918	323	198343	103616
2011	3	193920	160426	255204	214	205305	86276
2011	2	188426	133633	212954	220	170001	80270
2011	1	237680	113255	364967	219	189591	80374
2010	4	244107	102007	247918	587	189249	82599
2010	3	267284	120924	267178	481	203730	76711
2010	2	366098	89537	306284	529	211546	75113
2010	1	474146	94277	284837	393	236256	71739
2009	4	567859	78994	226173	121	235665	69928
2009	3	421323	101666	212730	665	241820	65612
2009	2	430819	152398	229404	872	275928	68245
2009	1	496362	158546	255509	1882	244873	64142
2008	4	522475	117911	367071	26297	225815	53102
2008	3	503725	148792	177587	966	213467	58975
2008	2	542762	118913	198392	3381	189755	62552
2008	1	583339	92413	184980	1389	182405	60708
2007	4	315734	61395	128871	339	182623	750
2007	3	204492	85884	140084	157	147977	6110

Financial Quarter Segments Profit

year	qrt	Construction	Plantation	Property	Investment & Others	Industry	Infrastructure
2012	4	28623	14423	86432	3026	26597	31719
2012	3	11792	71557	81072	6233	41195	35872
2012	2	9653	62880	51314	3768	38693	4868
2012	1	11933	66387	65073	3136	31666	23415
2011	4	108307	32726	49838	27416	26146	47224
2011	3	10260	59830	110823	1731	28071	16843
2011	2	9820	64690	44336	5359	26154	48004
2011	1	8994	38767	84661	2085	29126	15432
2010	4	9671	24765	38843	9621	35698	63479
2010	3	5811	51632	42580	4449	46340	9750
2010	2	5256	23875	49491	1135	44890	8386
2010	1	10152	11420	40981	406	47450	14267
2009	4	6888	7469	25249	7560	33122	3248
2009	3	5410	46033	20507	6646	40764	6013
2009	2	3991	49034	46595	3934	55681	9348
2009	1	24044	57917	33125	1909	41420	7883
2008	4	23484	53646	14012	21159	33728	63761
2008	3	37541	68114	54047	36754	33182	7660
2008	2	52383	52165	17414	5796	26909	8237
2008	1	52150	17226	21570	103408	25039	8945
2007	4	33226	7025	17929	1333	17755	2000
2007	3	20746	27836	33085	359	15984	12963

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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