KLCI Stock - SUPERMX / 7106 - 2012 Quarter 1

SUPERMAX CORPORATION BERHAD



Company Description

SUPERMAX CORPORATION BERHAD is an investment holding company engaged in the manufacturing, distribution and marketing of medical gloves. The Company's subsidiaries are engaged in manufacturing and selling of latex gloves. The Company operates in three segments: manufacturing of gloves, trading of gloves and investment holding. The Company's products are exported to over 145 countries, such as the United States, European Union, Middle East, Asia and South Pacific countries. Its wholly owned subsidiaries include Supermax Latex Products Sdn. Bhd., Supermax Glove Manufacturing Sdn. Bhd., Maxter Glove Manufacturing Sdn. Bhd., Supermax Incorporated, Seal Polymer Industries Berhad., Aurelia Disposable Products Sdn. Bhd. and Supermax Energy Sdn. Bhd.

Company Info

Listing Date	2000-08-07
Market Capital (Capital Size)	1,421,523,699 (Large)
Par Value	RM 0.50
Board	Main
Sector	Industrial Products
Major Industry	Gloves
Sub Industry	Gloves Manufacturing & Sales
Website	http://www.supergloves.com

My Analysis

Forecast P/E now	(2.09-0.06)/0.1987 = 10.22 (Moderate)
Target Price	2.19+0.06 = 2.25 (PE 11.0, EPS 0.1987, DPS 0.06)
Decision	BUY if stock price uptrend with Bolinger upper band and strong volume or wait rebound when stock price around SMA20
Comment	Revenue decreased 10% but higher than preceding year corresponding quarter 3%, eps decreased 0.7% and was second consecutive quarter decreasing but still higher than preceding year corresponding quarter 14.6%, cash generated from operating more than enough to cover all expenses, operating margin decreasing and still low, stronger liquidity ratio from low to moderate level now, lower gearing ratio at moderate level now, lower debt ratio and is far from historical high, all collection/repayment period is good, inventory still high can indicate demand of products still good, benefit from strengthening of USD against RM and latex price decreasing
First Support Price	2.0
Second Support Price	1.85
Risk Rating	MODERATE

Research House

Alliance Target Price	1.95 (2012-05-29)
CIMB Target Price	2.43 (2012-05-29)
JF Apex Target Price	2.13 (2012-05-29)
Kenanga Target Price	2.06 (2012-05-29)
OSK Target Price	2.5 (2012-05-29)
Jupiter Target Price	2.15 (2012-06-18)

Accounting Ratio

Return on Equity	15.47%
Dividend Yield	2.87%
Gross Profit Margin	0.00%
Operating Profit Margin	9.81%
Net Profit Margin	12.36%
Tax Rate	8.73%
Asset Turnover	0.8478
Net Asset Value Per Share	2.34
Net Tangible Asset per share	2.25
Price/Net Tangible Asset Per Share	0.8
Cash Per Share	0.32
Liquidity Current Ratio	2.0689
Liquidity Quick Ratio	1.2507
Liquidity Cash Ratio	0.4268
Gearing Debt to Equity Ratio	0.5339
Gearing Debt to Asset Ratio	0.3481
Working capital per thousand Ringgit sale	26.1%
Days to sell the inventory	81
Days to collect the receivables	73
Days to pay the payables	32

Technical Analysis

SMA 20	1.865 (Uptrend 12 days)
SMA 50	1.831 (Uptrend)
SMA 100	1.896 (Downtrend)
SMA 200	1.519 (Uptrend)
MACD (26d/12d)	0.061268 ( 0.009825 )
Signal (9)	0.031282 ( 0.007497 )
MACD Histogram	0.029986 (Bullish trend 18 days)
Bolinger Upper Band	2.114
Bolinger Lower Band	1.616

My notes based on 2012 quarter 1 report (number in '000):-
- Higher revenue than FY11Q1 due to stronger demand for rubber gloves

- Higher pbt largely due to lower raw material costs (natural rubber latex prices fell by 27% during this period) as well as greater operating efficiency at all of its factories

- Estimate next 4Q eps after 2012 Q1 result announced = 795130*0.17/680155 = 0.1987, estimate PE on current price 2.09 = 10.22(DPS 0.06)
- Estimate next 4Q eps after 2011 Q4 result announced = 769038*0.17/680155 = 0.1922, estimate highest/lowest PE = 10.46/8.17 (DPS 0.06)
- Estimate next 4Q eps after 2011 Q3 result announced = 0.0909*4 = 0.3636(cautious of RM8.9 million profit was from other income), estimate highest/lowest PE = 12.84/8.64 (DPS 0.08)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.075*4*1.1 = 0.33(exclude RM4 million bond write off), estimate highest/lowest PE = 10.68/6.62 (DPS 0.075)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.0718*4*1.1 = 0.3159, estimate highest/lowest PE = 12.42/9.58 (DPS 0.075)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.0962*4 = 0.3848, estimate highest/lowest PE = 11.55/9.94 (DPS 0.075)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.1124*4*1.1 = 0.4946, estimate highest/lowest PE = 9.31/7.77 (DPS 0.135)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.1351*4*0.9 = 0.4864(correction), estimate highest/lowest PE = 10.82/7.43 (DPS 0.135)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.6576+0.0253 = 0.6829, estimate highest/lowest PE = 10.38/8.77 (DPS 0.11)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.1644*4 = 0.6576, estimate highest/lowest PE = 11.16/8.24 (DPS 0.11)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.1514*4 = 0.6056, estimate highest/lowest PE = 10.15/5.3 (DPS 0.0325)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.0972*4 = 0.3888, estimate highest/lowest PE = 8.74/5.14 (DPS 0.0325)
- Estimate next 4Q eps after 2009 Q1 result announced = 0.0743*4 = 0.2972, estimate highest/lowest PE = 6.52/5.01 (DPS 0.0325)
- Estimate next 4Q eps after 2008 Q4 result announced = 0.2499, estimate highest/lowest PE = 6.67/3.07 (DPS 0.0325)

SUPERMX latest news (English)

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USD/MYR Chart



Financial Quarter Summary

a_date	year	qrt	h_price	l_price	div	roe	c_roe	rev	c_rev	pbt	c_pbt	prof	c_prof	eps	c_eps	asset	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
2012-05-28	2012	1	N/A	N/A	-	3.64%	3.64%	248522	248522	30706	30706	27983	27983	0.0823	0.0823	1219657	424527	-	795130	51133	28766	18364	103835	22367	4003	107838	340077	340077	608737	2012-03-31	-	9.81%	12.36%	8.73%	0.8478	-	2.34	2.25	0.8	0.32	2.0689	1.2507	0.4268	0.5339	0.3481	26.1%	81	73	32
2012-02-28	2011	4	2.07	1.63	0.0175	4.08%	15.35%	276200	1026909	29311	112950	28184	106125	0.0829	0.3121	1205430	436392	-	769038	56436	38133	12291	98470	18303	6012	104482	340077	340077	656348	2011-12-31	-	10.06%	10.61%	4.28%	0.8519	6.1847	2.26	2.18	0.89	0.31	1.9482	1.1447	0.3762	0.5675	0.362	25.6%	87	76	34
2011-10-24	2011	3	4.75	1.88	0.03	4.47%	11.26%	271419	750709	34088	83638	30899	77883	0.0909	0.2290	1121041	368107	-	752934	139971	45788	32685	97376	94183	61498	158874	340077	340077	1095047	2011-09-30	-	11.00%	12.56%	9.36%	0.8893	-	2.21	2.13	1.51	0.22	2.4415	1.4336	0.3904	0.4889	0.3284	27.9%	78	74	29
2011-08-22	2011	2	3.6	2.26	-	3.28%	6.80%	237920	479290	23935	49550	22666	47010	0.0666	0.1382	1192954	473595	81	719359	1511	22016	78362	97376	20505	57857	155233	340077	340077	1057639	2011-06-30	-	8.03%	10.06%	5.36%	0.8052	-	2.12	2.03	1.53	0.46	2.1381	1.4126	0.6121	0.6584	0.397	30.0%	78	77	30
2011-05-13	2011	1	4.0	3.1	0.05	3.53%	3.53%	241370	241370	25614	25614	24415	24415	0.0718	0.0718	1114825	406475	67	708350	51138	12834	39716	97376	63972	24256	73120	340077	340077	1346704	2011-03-31	-	7.64%	10.61%	4.72%	0.8589	-	2.08	2.0	1.98	0.22	2.2729	1.5464	0.3505	0.5739	0.3646	27.7%	66	95	26
2011-02-14	2010	4	4.52	3.9	0.025	5.44%	28.44%	246208	977281	34424	183835	30409	158940	0.0894	0.4674	1065373	373850	56	691523	62296	46065	37014	118158	16231	20783	97375	340077	340077	1445327	2010-12-31	-	10.03%	13.98%	11.69%	0.8793	9.0935	2.03	1.95	2.18	0.29	2.0255	1.4198	0.4431	0.5407	0.3509	24.1%	62	83	28
2010-11-08	2010	3	4.74	3.98	-	6.83%	24.25%	235104	690581	41448	144563	38169	135498	0.1124	0.3992	1025086	334832	-	690254	33982	14930	47636	117999	19052	28584	89415	339463	339463	1497031	2010-09-30	-	15.68%	17.63%	7.97%	0.8653	-	2.03	1.95	2.26	0.26	2.837	2.0398	0.566	0.4851	0.3266	32.7%	64	96	20
2010-08-26	2010	2	5.4	3.75	0.025	8.21%	17.42%	234825	455477	48831	103114	45855	97328	0.1351	0.2867	1021751	369743	-	652008	12387	7097	40104	117999	5290	34814	83185	339463	339463	1812732	2010-06-30	-	17.77%	20.79%	6.09%	0.8705	-	1.92	1.84	2.9	0.25	2.2617	1.6669	0.4219	0.5671	0.3619	28.0%	60	101	31
2010-04-19	2010	1	7.2	4.94	-	9.21%	9.21%	220652	220652	54282	54282	51473	51473	0.1897	0.1897	1009114	375414	-	633700	11817	11764	10516	119079	23581	13065	106014	271405	271405	1872694	2010-03-31	-	21.56%	24.60%	5.17%	0.8355	-	2.33	2.23	3.09	0.39	2.1603	1.5855	0.5385	0.5924	0.372	27.1%	60	89	42
2010-02-19	2009	4	7.45	5.53	0.04	10.59%	31.16%	196417	814836	50602	152140	44112	129754	0.1644	0.4837	945250	386414	-	558836	225861	17245	111468	20851	208616	97148	117999	268250	268250	1467327	2009-12-31	-	23.26%	25.76%	12.83%	0.862	11.3085	2.08	1.98	2.76	0.44	1.7838	1.24	0.5556	0.6915	0.4088	20.6%	62	66	39
2009-10-15	2009	3	6.18	3.24	0.025	9.64%	20.57%	237562	618419	46722	101537	40150	85641	0.1514	0.3228	888917	391341	-	497576	234415	11033	154310	20601	223382	69072	89673	265270	265270	870085	2009-09-30	-	16.64%	19.67%	14.07%	0.9014	-	1.88	1.77	1.85	0.34	1.3375	0.9968	0.3611	0.7865	0.4402	10.5%	44	72	55
2009-07-10	2009	2	3.43	2.03	-	6.19%	10.93%	188485	380856	31349	54814	25783	45490	0.0972	0.1715	863380	406068	-	457312	171616	10461	115131	20601	161155	46024	66625	265270	265270	519929	2009-06-30	-	14.24%	16.63%	17.75%	0.9358	-	1.72	1.62	1.21	0.25	1.1771	0.8675	0.2525	0.8879	0.4703	5.8%	41	73	44
2009-05-08	2009	1	1.97	1.52	0.0175	4.73%	4.73%	192372	192372	23466	23466	19707	19707	0.0743	0.0743	902878	466750	-	436128	109737	2429	64144	20601	107308	43164	63765	265270	265270	400557	2009-03-31	-	10.59%	12.20%	16.02%	0.9002	-	1.64	1.54	0.98	0.27	1.2445	0.8796	0.2439	1.0702	0.517	8.7%	52	82	52
2009-02-24	2008	4	1.7	0.8	-	0.39%	12.25%	182825	811823	4092	51998	1486	46997	0.0056	0.1772	946727	530347	-	416380	79723	38545	48132	27555	41178	6954	20601	265270	265270	208236	2008-12-31	-	10.85%	2.24%	63.69%	0.8575	4.4309	1.57	1.46	0.54	0.12	1.1725	0.7824	0.0893	1.2737	0.5602	7.4%	67	108	54
2008-11-27	2008	3	1.06	0.78	0.015	4.03%	11.73%	244257	628998	15896	45791	15478	45008	0.0583	0.1697	962499	541727	-	420772	40343	27012	22801	27917	13331	9470	18447	265270	265270	252006	2008-09-30	-	7.83%	6.51%	2.63%	0.8414	-	1.59	1.48	0.64	0.08	1.3195	0.9543	0.0623	1.2875	0.5628	12.8%	58	130	56
2008-08-22	2008	2	1.18	0.895	-	3.52%	7.75%	193286	384741	14237	31304	13525	29739	0.0510	0.1121	926185	518899	-	407286	48062	13098	24858	27916	34964	10106	38022	265270	265270	294449	2008-06-30	-	7.81%	7.37%	5.00%	0.7709	-	1.54	1.43	0.78	0.15	1.3485	0.9255	0.1331	1.274	0.5603	14.6%	70	121	55
2008-05-29	2008	1	1.62	1.08	-	4.22%	4.22%	191456	191456	17068	17068	16215	16215	0.0611	0.0611	891851	493751	-	398100	14275	12136	12236	27916	2139	10097	17819	265270	265270	424432	2008-03-31	-	8.43%	8.91%	5.00%	0.7289	-	1.5	1.39	1.15	0.07	1.3515	0.933	0.0726	1.2403	0.5536	14.7%	70	131	60
2008-02-28	2007	4	1.78	1.4	0.0175	6.07%	23.32%	180881	574260	15660	58550	14568	55946	0.0549	0.2109	868529	484740	-	383789	73906	45153	28750	27914	28753	3	27917	265240	265240	464170	2007-12-31	-	7.04%	8.66%	6.97%	0.6612	8.2968	1.45	1.34	1.31	0.11	1.3883	0.9715	0.1145	1.263	0.5581	17.3%	75	139	69
2007-11-21	2007	3	2.21	1.68	0.015	5.93%	17.02%	148338	393379	14513	42890	14237	40826	0.0537	0.1541	839796	464765	-	375031	77778	33877	11493	28096	43901	32408	60504	264934	264934	580205	2007-09-30	-	9.70%	9.78%	1.90%	0.6018	-	1.42	1.3	1.68	0.23	1.4897	1.1205	0.2643	1.2393	0.5534	22.2%	68	141	74
2007-08-29	2007	2	2.27	2.17	-	5.88%	11.08%	129419	245041	15106	28377	14117	26589	0.0622	0.1171	545935	276393	-	269542	37405	17926	3035	28675	19479	22514	51189	227009	227009	N/A	2007-06-30	-	11.57%	11.67%	6.55%	0.6541	-	1.19	1.19	N/A	0.23	1.9935	1.6354	0.4354	1.0254	0.5063	32.7%	48	144	46
2007-05-17	2007	1	N/A	N/A	-	5.20%	5.20%	115622	115622	13271	13271	12472	12472	0.0549	0.0549	545313	288882	-	256431	28408	5260	152	28097	23148	22996	51093	227009	227009	524390	2007-03-31	-	11.28%	11.48%	6.02%	0.4175	-	1.13	1.13	2.04	0.23	1.7418	1.4669	0.373	1.1265	0.5298	44.6%	66	240	106
2007-02-15	2006	4	N/A	N/A	0.0325	N/A	N/A	112030	389140	11480	47242	9612	40839	0.0856	0.3637	521973	282069	-	239904	29123	29787	17345	45932	664	18009	27923	112276	112276	469313	2006-12-31	-	6.96%	10.25%	16.27%	0.2146	11.4918	2.14	2.14	1.95	0.26	1.7969	1.4557	0.2323	1.1758	0.5404	87.8%	147	492	193

Financial Quarter Balance Sheet

year	qrt	Deferred tax assets (A-0)	Goodwill on consolidation (A-0)	Investment in associated companies (A-0)	Investment in bond (A-0)	Property, plant and equipment (A-0)	Cash and cash equivalents (A-1)	Current tax assets (A-1)	Inventories (A-1)	Other receivables (A-1)	Trade receivables (A-1)	Bonds and debts (L-0)	Deferred tax liabilities (L-0)	Loans & borrowings (L-0)	Bonds and debts (L-1)	Current tax liabilities (L-1)	Deposit received from sales (L-1)	Dividend payable (L-1)	Loans & borrowings (L-1)	Payables and accruals (L-1)	Trade and other payables (L-1)	Minority interest (M-1)
2012	1	654	28716	237282	-	430266	107838	-	206727	18027	190147	-	15025	156835	-	3304	28603	-	166980	11788	41992	-
2011	4	-	28716	228358	-	407302	104483	-	223140	18736	194695	-	18206	140464	-	-	12651	-	190463	14637	59971	-
2011	3	6532	28716	223819	-	391437	75237	-	194240	5632	195428	-	10325	165054	-	6040	28812	-	114925	11830	31121	-
2011	2	6532	28716	218999	-	396501	155233	-	183971	10093	192909	-	19116	200884	-	5046	9302	-	178633	8532	52082	81
2011	1	6532	28716	208012	4000	393338	73120	335	151584	12125	237733	-	17167	180667	-	4204	13243	-	144162	30442	16590	67
2010	4	961	28716	193522	4000	393091	97376	766	133088	6505	207348	-	13581	140529	-	4318	10516	-	155146	11210	38550	56
2010	3	4934	28716	180507	4000	358726	89415	22	125950	5707	227109	-	7267	169582	-	3641	6107	-	115453	11487	21295	-
2010	2	6499	28716	172179	4000	364470	83184	204	117272	14275	230952	-	8966	163632	-	5979	6347	-	141652	13682	41443	-
2010	1	6499	28716	161794	4000	382793	106014	192	113167	12922	193017	-	8966	169568	-	8399	8332	-	126225	17887	52835	-
2009	4	2902	28716	155049	4000	373404	118724	-	116200	4964	141291	-	6899	165824	-	12217	467	-	128552	34174	38281	-
2009	3	6499	28716	141655	4000	375927	89673	766	84588	6723	150370	56292	8674	78052	27776	14440	11916	-	100944	23856	69391	-
2009	2	6499	28716	130075	4000	383547	66625	729	81679	7180	154330	55736	7711	78801	-	12544	13931	4545	159090	18607	55103	-
2009	1	5988	28716	120752	4000	383443	70556	679	105561	7394	175789	85180	8328	83994	-	6194	13931	-	177729	25703	65691	-
2008	4	6499	28716	111981	4000	388218	31010	789	135508	5784	234222	84625	8070	90269	27776	3528	14499	3979	203030	26718	67853	-
2008	3	11580	28716	105230	4000	383995	20245	952	118744	9627	279410	111844	12262	92520	-	723	-	-	209596	41212	73570	-
2008	2	10411	28716	102837	4000	377138	39801	622	126424	11046	225190	111288	12262	96427	-	26	-	-	200720	36119	62057	-
2008	1	10173	28716	97975	4000	383377	19752	524	113850	8534	224950	110732	12262	98761	-	498	-	-	173904	30027	67567	-
2007	4	11350	28716	91709	4000	378528	29207	439	106360	10063	208157	110176	12821	106594	-	772	-	3979	152337	32891	65170	-
2007	3	11835	29423	85187	4000	368326	60504	1351	84510	7055	187605	109620	17223	109003	-	383	-	-	135910	33700	58926	-
2007	2	-	-	134820	-	176752	51189	-	42097	4092	136985	109062	8957	40812	-	1667	-	-	75633	8469	31793	-
2007	1	-	-	132577	-	174162	51093	-	37649	3151	146681	108507	8072	35331	-	5165	-	-	71948	12733	47126	-
2006	4	-	-	126914	-	173232	28675	-	42116	2011	149025	107952	10699	39968	-	871	-	-	67522	11881	43176	-

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	Investment gain/loss	Allowances and write-offs
2012	1	248522	2680	2587	224153	43	-	8924	-	-
2011	4	276200	1255	2850	248410	128	-	4371	-	0
2011	3	271419	3189	4764	241557	-	-	8990	-	0
2011	2	237920	1283	2164	218807	14	-	10986	-	4000
2011	1	241370	1210	3316	222928	11	-	10488	-	-
2010	4	246208	4024	3357	221508	9	-	12789	292	-
2010	3	235104	3305	3734	198249	26	-	8327	-	-
2010	2	234825	2976	3282	193097	-	-	10385	-	-
2010	1	220652	2809	3744	173077	-	-	10451	-	-
2009	4	196417	6490	3082	150722	-	5370	13359	-	-
2009	3	237562	6572	4115	198024	-	-	11299	-	-
2009	2	188485	5566	4503	161641	-	-	9008	-	-
2009	1	192372	3759	5042	172004	-	-	8140	-	-
2008	4	182825	2606	5415	162994	-	-	10324	-	-
2008	3	244257	418	5630	225124	-	-	2393	-	-
2008	2	193286	712	5723	178188	-	-	4862	-	-
2008	1	191456	853	4281	175315	-	-	5208	-	-
2007	4	180881	1092	5296	168151	-	-	8226	-	-
2007	3	148338	276	1927	133946	-	-	2048	-	-
2007	2	129419	989	4015	114447	-	-	4149	-	-
2007	1	115622	799	3737	102585	-	-	3971	-	-
2006	4	112030	1868	3206	104233	-	-	6889	-	-

Financial Quarter Segments Revenue

year	qrt	Others	Investment holding	Manufacturing	Trading
2012	1	-	-	95011	153511
2011	4	36827	-	232816	80210
2011	3	36827	1654	25172	211075
2011	2	-	2296	30276	209940
2011	1	-	3950	43363	194057
2010	4	-	-	20646	212023

Financial Quarter Segments Profit

year	qrt	Others	Investment holding	Manufacturing	Trading
2012	1	82	174	20057	3938
2011	4	6812	2717	18354	7285
2011	3	8921	1716	21626	2823
2011	2	1859	3744	33106	8390
2011	1	190	3773	2202	12657
2010	4	1066	2532	241	18979

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