KLCI Stock - SIME / 4197 - 2012 Quarter 4

SIME DARBY BERHAD


Company Description

SIME DARBY BERHAD, formerly Synergy Drive Bhd, is an investment holding company engaged in the trading and marketing of commodities. The Company operates in six segments: plantations, which is engaged in palm oil refining and fractionation, and oil palm cultivation; property, which is engaged in property development, management and investment, as well as the provision of golf and other recreational services; industrial, which is engaged construction of highways and railways, buildings, international airports and dams, powering marine engines for police launchers and fishing trawlers at sea; motor vehicles, which is engaged in the assembly and distribution of vehicles, provision of after-sale services, and hire purchase and lease financing; energy and utilities, which is engaged in engineering design and fabrication, system integration, power generation, treatment and supply of treated water, and general trading, services and others.

Company Info

Listing Date	1979-12-28
Market Capital (Capital Size)	58,832,650,905 (Very Large)
Par Value	RM 0.50
Board	Main
Sector	Trading/Services
Major Industry	Oil Palm & Others Crop
Sub Industry	Industrial Engineering Services
Website	http://www.simedarby.com/

My Analysis

Forecast P/E now	(9.79-0.35)/0.7383 = 12.79 (Moderate)
Target Price	10.11+0.35 = 10.46 (PE 13.7, EPS 0.7383, DPS 0.35)
Decision	Not interested unless CPO price can stay strong above 3k and back to uptrend or stock price strong stay above Bolinger upper band
Comment	Revenue increased 28.1% and also higher than preceding year corresponding quarter 8.1%, eps increased 25.4% but lower than preceding year corresponding quarter 16.3%, cash generated from operating enough to cover financing expenses but still incresed borrowings and spent 7.1% of Group cash to cover all other expenses, margin decreasing, liquidity ratio indicate financial strength is getting weaker but still good for the Group, slightly better gearing ratio but still indicate the financial leverage strength is weaker than earlier, all accounting of repayment and collection period is good, higher inventory can indicate better demand of Group products, CPO price in downtrend, most segment still growth
First Support Price	9.7
Second Support Price	9.5
Risk Rating	MODERATE

Research House

Alliance Target Price	11.7 (2012-08-30)
AMMB Target Price	12.06 (2012-08-30)
ECM Target Price	9.71 (2012-08-30)
HLG Target Price	10.48 (2012-08-30)
HwangDBS Target Price	10.6 (2012-08-30)
Kenanga Target Price	10.3 (2012-08-30)
Maybank Target Price	11 (2012-08-30)
MIDF Target Price	11.8 (2012-08-30)
OSK Target Price	11.18 (2012-08-30)
RHB Target Price	11.65 (2012-08-30)
TA Target Price	11.62 (2012-08-30)
CIMB Target Price	11 (2012-09-06)
Public Target Price	11.21 (2012-09-06)

Accounting Ratio

Return on Equity	16.72%
Dividend Yield	3.58%
Gross Profit Margin	0.00%
Operating Profit Margin	10.35%
Net Profit Margin	10.19%
Tax Rate	19.23%
Asset Turnover	0.9881
Net Asset Value Per Share	4.33
Net Tangible Asset per share	4.18
Price/Net Tangible Asset Per Share	2.34
Cash Per Share	0.85
Liquidity Current Ratio	1.5518
Liquidity Quick Ratio	0.8581
Liquidity Cash Ratio	0.3116
Gearing Debt to Equity Ratio	0.8183
Gearing Debt to Asset Ratio	0.4418
Working capital per thousand Ringgit sale	19.0%
Days to sell the inventory	99
Days to collect the receivables	65
Days to pay the payables	84

Technical Analysis

SMA 10	9.795 (Same)
SMA 20	9.798 (Downtrend 3 days)
SMA 50	9.855 (Downtrend)
SMA 100	9.78 (Same)
SMA 200	9.511 (Uptrend)
MACD (26d/12d)	-0.013895 ( 0.000712 )
Signal (9)	-0.014406 ( 0.000128 )
MACD Histogram	0.000511 (Bullish trend 1 day)
Bolinger Upper Band	9.869
Bolinger Lower Band	9.727

My notes based on 2012 quarter 4 report (number in '000):-
- Lower pbt from Plantation segment than FY11Q4 largely due to the lower fresh fruit bunches (FFB) production in spite of the higher average crude palm oil(CPO) price realised of RM2,925 per tonne against RM2,906 per tonne in the previous year

- Group FFB production was lower by 3.4% at 9.8 million tonnes (2011: 10.1 million tonnes) as both Malaysia and Indonesia recorded lower production by 1.6% and 6.6% respectively, attributable to the effects of weather and tree stress. Oil extraction rate (OER) was however higher at 21.8% as compared to 21.4% a year ago

- Midstream and downstream results were adversely affected largely due to the loss incurred by an overseas refinery whilst the Malaysian operations was impacted by lower utilisation and tight margins following the latest Indonesia’s export tax structure. It reported a loss of RM62.3 million for the current financial year from the loss of RM74.6 million the previous year which included an impairment of RM114.0 million

- Industrial segment experienced robust demand especially from the mining, logging and construction sectors in Australasia, Malaysia and Singapore except for China/Hong Kong, which was affected by the local government policy of tightening credit to address inflation

- Contribution from Motors division continued to grow due mainly to the strong demand in Malaysia, Singapore and New Zealand despite the weaker sales from China

- Lower pbt from Energy & Utilities mainly due to the run-off costs on the on-going projects in the oil and gas operations which was partially offset by higher profits from the Utilities operations in China. The Port operations have recorded higher cargo handling throughput at Weifang Port following the completion of the 3 x 10,000 tonnes berth in December 2011

- The results from Healthcare was about the same as last year’s level as the impact from higher inpatient and outpatient volume was moderated by the slower nursing education sector and the start-up expenses for the new Ara Damansara hospital

- Other businesses achieved a turnaround by registering a profit of RM68.8 million as compared against last year’s loss of RM42.0 million. This was a result of the higher contribution from Tesco and the insurance brokerage business including a profit of RM29.7 million from the disposal of an investment as against the impairment of an available for sale investment of RM54.3 million in the previous year

- Estimate next 4Q eps after 2012 Q4 result announced = 26889500*0.165/6009500 = 0.7383, estimate PE on current price 9.79 = 12.79(DPS 0.35)
- Estimate next 4Q eps after 2012 Q3 result announced = 25795200*0.165/6009500 = 0.7082, estimate highest/lowest PE = 13.67/12.95 (DPS 0.32)
- Estimate next 4Q eps after 2012 Q2 result announced = 25639100*0.17/6009500 = 0.7253, estimate highest/lowest PE = 13.7/12.26 (DPS 0.32)
- Estimate next 4Q eps after 2012 Q1 result announced = 0.1787*4*1.1 = 0.7863, estimate highest/lowest PE = 12.34/10.76 (DPS 0.3)
- Estimate next 4Q eps after 2011 Q4 result announced = 0.6098*1.1 = 0.6708, estimate highest/lowest PE = 13.27/9.99 (DPS 0.3)
- Estimate next 4Q eps after 2011 Q3 result announced = (0.146+0.1365)*2 = 0.565, estimate highest/lowest PE = 16.27/14.94 (DPS 0.11)
- Estimate next 4Q eps after 2011 Q2 result announced = (0.146+0.1089)*2 = 0.5098(cpo price decreasing but offset by contracts awarded), estimate highest/lowest PE = 18.22/17.01 (DPS 0.11)
- Estimate next 4Q eps after 2011 Q1 result announced = 0.1271*4*1.1 = 0.5592(ROE 3.5% per quarter with condition CPO price continue maintain high), estimate highest/lowest PE = 16.79/15.22 (DPS 0.1)
- No estimate next 4Q eps after 2010 Q4 result announced
- No estimate next 4Q eps after 2010 Q3 result announced
- Estimate next 4Q eps after 2010 Q2 result announced = 0.37, estimate highest/lowest PE = 22.22/19.59 (DPS 0.22)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.34, estimate highest/lowest PE = 26.44/23.76(DPS 0.2)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.37, estimate highest/lowest PE = 24.43/21.59 (DPS 0.2)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.34, estimate highest/lowest PE = 24.35/18.91 (DPS 0.27)

SIME latest news (English)

SIME latest news (Chinese)

Daily Palm Oil Prices

Crude Palm Oil Future

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
2012-08-29	2012	4	N/A	N/A	0.25	4.43%	16.72%	14122100	47602300	1439700	5654600	1099100	4150200	0.1829	0.6906	48175900	21286400	875300	26889500	2819100	3348900	185200	4881500	529800	344600	4536900	6009500	6009500	58893100	2012-06-30	-	10.35%	10.19%	19.23%	0.9881	14.1904	4.33	4.18	2.34	0.85	1.5518	0.8581	0.3116	0.8183	0.4418	19.0%	99	65	84
2012-05-30	2012	3	10.0	9.49	-	3.53%	12.29%	11027300	33480200	1189200	4214900	876000	3051100	0.1458	0.5077	46321700	20526500	831800	25795200	1114700	2725800	764300	4863800	1611100	846800	4017000	6009500	6009500	57931580	2012-03-31	-	11.11%	10.78%	21.93%	1.0047	-	4.15	4.01	2.4	0.77	1.6165	0.9012	0.3079	0.8223	0.4431	20.0%	98	66	75
2012-02-29	2012	2	10.26	9.21	0.1	4.44%	8.76%	11389300	22452900	1575200	3025700	1101400	2175100	0.1833	0.3619	46638600	20999500	823800	25639100	882500	2398600	1481400	4887500	1516100	34700	4852800	6009500	6009500	58232055	2011-12-31	-	14.46%	13.83%	26.30%	0.9887	-	4.13	3.99	2.43	0.95	1.6079	0.9417	0.3646	0.8462	0.4503	20.5%	96	61	78
2011-11-25	2012	1	10.0	8.76	-	4.33%	4.33%	11063600	11063600	1450500	1450500	1073700	1073700	0.1787	0.1787	43834100	17928800	829900	25905300	704400	1122900	55100	4930800	418500	363400	4567400	6009500	6009500	53364360	2011-09-30	-	13.38%	13.11%	24.56%	1.0267	-	4.17	4.16	2.13	0.87	1.7586	1.019	0.3987	0.715	0.409	22.2%	91	56	77
2011-08-25	2011	4	9.2	7.0	0.22	6.21%	17.34%	13059000	41858800	2023100	5450600	1312600	3664500	0.2184	0.6098	42856500	18038900	787300	24817600	3702600	1798500	1471700	4467800	1904100	432400	4900200	6009500	6009500	52883600	2011-06-30	-	15.73%	15.49%	31.79%	0.9969	14.4313	4.0	3.98	2.21	0.92	1.7598	1.0488	0.4191	0.7507	0.4209	23.5%	92	59	86
2011-05-27	2011	3	9.3	8.55	-	3.88%	11.13%	10598600	29664000	1266300	3447900	820100	2351900	0.1365	0.3914	40833200	17634900	726500	23198300	1899100	1412300	773200	4408900	486800	286400	4122500	6009500	6009500	54866735	2011-03-31	-	11.95%	11.95%	32.31%	0.9521	-	3.74	3.72	2.45	0.79	1.6291	0.9303	0.3684	0.7848	0.4319	20.8%	93	61	84
2011-02-24	2011	2	9.4	8.78	-	4.15%	7.25%	10282500	19065400	1241000	2181600	877100	1531800	0.1460	0.2549	40097500	17359400	716900	22738100	1587400	1219600	23700	4411800	367800	391500	4803300	6009500	6009500	54205690	2010-12-31	-	12.25%	12.07%	25.63%	0.894	-	3.66	3.65	2.47	0.92	1.6579	0.9815	0.4449	0.7883	0.4329	22.7%	92	62	84
2010-11-26	2011	1	9.49	8.61	0.08	3.10%	3.10%	8782900	8782900	940600	940600	654700	654700	0.1089	0.1089	38150200	16328400	685300	21821800	698500	624900	54500	4388800	73600	128100	4516900	6009500	6009500	52523030	2010-09-30	-	11.16%	10.71%	26.87%	0.8912	-	3.52	3.5	2.5	0.84	1.6532	1.006	0.4423	0.7725	0.428	22.0%	85	62	79
2010-08-26	2010	4	9.16	7.78	0.03	0.35%	3.30%	9211800	32951600	25000	1741500	77400	726800	0.0129	0.1209	37577600	16446700	680800	21130900	3654300	2884700	539200	3131900	769600	1308800	4440700	6009500	6009500	47354860	2010-06-30	-	0.38%	0.27%	313.20%	0.8769	65.1553	3.4	3.38	2.33	0.84	1.6419	0.9934	0.4438	0.8042	0.4377	22.1%	88	63	86
2010-05-27	2010	3	8.2	7.47	-	1.40%	3.65%	7570700	23739800	48900	1716500	308600	804200	0.0514	0.1338	37456000	15790400	688800	21665600	2359500	1193400	618000	3184800	1166100	1784100	4968900	6009500	6009500	47054385	2010-03-31	-	5.50%	0.65%	-	0.835	-	3.49	3.47	2.26	0.91	1.7971	1.1372	0.5123	0.7528	0.4216	27.2%	92	72	81
2010-02-25	2010	2	8.93	7.47	0.07	1.95%	5.06%	8432700	16169100	783200	1765400	428200	1112800	0.0713	0.1852	36775900	14395800	660200	22380100	1455900	685400	371400	3282000	770500	1141900	4423900	6009500	6009500	50780275	2009-12-31	-	9.87%	9.29%	40.65%	0.8478	-	3.61	3.59	2.35	0.81	1.8984	1.1944	0.4941	0.6628	0.3914	28.5%	91	75	79
2009-11-25	2010	1	9.19	8.28	-	3.11%	3.11%	7736400	7736400	982200	982200	684600	684600	0.1139	0.1139	36042900	13073200	662000	22969700	879900	364100	5200	3303200	515800	521000	3824200	6009500	6009500	53965310	2009-09-30	-	12.83%	12.70%	26.61%	0.8336	-	3.71	3.69	2.43	0.71	1.7256	1.0423	0.405	0.586	0.3627	25.5%	97	75	80
2009-08-27	2009	4	9.24	8.19	0.153	4.43%	10.27%	7535000	31013900	1107700	3071600	984000	2280100	0.1637	0.3794	35439900	13434100	621000	22005800	937300	1582300	1857800	5767500	645000	2502800	3264700	6009500	6009500	49518280	2009-06-30	-	14.44%	14.70%	8.88%	0.8751	21.7176	3.56	3.54	2.33	0.61	1.7009	0.9969	0.3429	0.6282	0.3791	24.0%	98	74	84
2009-05-25	2009	3	8.55	6.7	-	0.68%	5.84%	7474000	23478900	315500	1963900	150600	1296100	0.0251	0.2157	34082000	13529500	533800	20552500	347000	1051400	1365400	5728000	1398400	2763800	2964200	6009400	6009400	41765330	2009-03-31	-	5.71%	4.22%	47.48%	0.9565	-	3.33	3.31	2.1	0.56	1.7827	0.9954	0.3404	0.6758	0.397	23.7%	97	68	74
2009-02-26	2009	2	7.05	5.3	0.05	1.25%	5.16%	7299900	16004900	395500	1648400	278500	1145500	0.0463	0.1906	34460500	13904300	533100	20556200	980000	805500	1275700	5683900	1785500	3061200	2622700	6009400	6009400	34554050	2008-12-31	-	5.41%	5.42%	27.64%	0.9799	-	3.33	3.31	1.74	0.57	1.9338	1.1031	0.3626	0.6944	0.4035	25.9%	97	71	81
2008-11-28	2009	1	5.95	4.94	-	3.90%	3.90%	8705000	8705000	1252900	1252900	867000	867000	0.1443	0.1443	36923900	13878800	582800	23045100	200100	329600	152100	5740600	529700	681800	5058800	6009400	6009400	35154990	2008-09-30	-	14.27%	14.39%	29.79%	0.9362	-	3.74	3.72	1.57	0.95	2.1046	1.3357	0.5981	0.6179	0.3759	30.5%	92	72	88
2008-08-26	2008	4	6.85	5.45	0.44	5.22%	17.96%	9121700	34044700	1453700	5206700	1021300	3512400	0.1699	0.5951	36537500	14332600	536300	22204900	3847200	1185500	2566600	5714100	2661700	95100	5809200	6009500	5902200	38761275	2008-06-30	-	15.25%	15.94%	24.48%	0.9318	10.8385	3.67	3.66	1.76	1.08	2.0039	1.3013	0.6439	0.6614	0.3923	29.6%	89	68	96
2008-05-28	2008	3	9.55	6.25	-	5.57%	12.74%	8641100	24923000	1575300	3753000	1089600	2491100	0.1813	0.4249	33975300	13416200	474900	20559100	1901200	457600	1842800	5580000	1443600	399200	5180800	6009400	5862200	55586950	2008-03-31	-	17.85%	18.23%	29.56%	0.9642	-	3.43	3.41	2.71	0.94	2.1252	1.4336	0.6613	0.668	0.3949	29.2%	77	72	85
2008-02-27	2008	2	11.9	8.5	0.05	4.09%	7.17%	8101300	16281900	1159500	2177700	800000	1401600	0.1327	0.2424	33290700	13088200	482400	20202500	993000	107400	1481000	5603000	885600	595400	5007600	6030500	5782400	72366000	2007-12-31	-	14.49%	14.31%	27.23%	0.9373	-	3.41	3.4	3.53	0.92	2.148	1.4393	0.6839	0.6637	0.3931	29.8%	77	70	81
N/A	2008	1	N/A	N/A	-	3.08%	3.08%	8180600	8180600	1018200	1018200	601600	601600	0.1089	0.1089	N/A	N/A	-	N/A	569600	110800	546500	5632000	680400	133900	5765900	5521900	5521900	57427760	2007-09-30	-	12.40%	12.45%	31.11%	N/A	-	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	-	N/A	N/A
2007-08-28	2007	4	N/A	N/A	0.252	N/A	N/A	7836500	28230200	1087800	3572900	636700	2386400	0.1150	0.4388	33213800	13659700	2199800	19554100	2869800	162700	1262400	3855100	3032500	1770100	5625200	5534600	5438000	53132160	2007-06-30	-	13.46%	13.88%	30.72%	0.6533	21.876	3.19	3.18	3.02	1.1	2.0163	1.3823	0.6942	0.7871	0.4113	41.1%	108	86	109
2007-05-30	2007	3	N/A	N/A	-	N/A	N/A	7086300	20393700	738400	2485100	477700	1749700	0.0880	0.3273	18929500	8333600	981500	10595900	1698400	77800	892000	3843900	1776200	884200	4728100	5430700	5346300	43988670	2007-03-31	-	10.29%	10.42%	27.59%	0.7323	-	1.8	1.78	4.55	0.68	1.9068	1.2748	0.5579	0.8668	0.4402	43.4%	127	99	133
2007-02-28	2007	2	N/A	N/A	0.05	N/A	N/A	6775700	13307400	1115400	1746700	860100	1272000	0.1607	0.2388	18237300	7949800	974300	10287500	703100	193000	665500	3882200	896100	230600	4112800	5352400	5327700	38537280	2006-12-31	-	16.55%	16.46%	15.64%	N/A	-	1.75	1.73	4.16	0.62	1.8074	1.0969	0.5157	0.8536	0.4359	N/A	-	N/A	N/A

Financial Quarter Balance Sheet

year	qrt	Available-for-sale investment (A-0)	Biological assets (A-0)	Deferred tax assets (A-0)	Derivative 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)	Prepaid lease payments (A-0)	Property, plant and equipment (A-0)	Trade receivables (A-0)	Cash and cash equivalents (A-1)	Cash held under housing development act (A-1)	Current asset classified as held for sales (A-1)	Current tax assets (A-1)	Derivative assets (A-1)	Inventories (A-1)	Other receivables, deposits and prepayments (A-1)	Property development costs (A-1)	Trade receivables (A-1)	Deferred income (L-0)	Deferred tax liabilities (L-0)	Derivative liabilities (L-0)	Loans & borrowings (L-0)	Provisions (L-0)	Retirement benefits obligations (L-0)	Current tax liabilities (L-1)	Deferred income (L-1)	Derivative liabilities (L-1)	Dividend payable (L-1)	Liabilities directly associated with assets classified as held for sale (L-1)	Loans & borrowings (L-1)	Progress billings (L-1)	Provisions (L-1)	Trade and other payables (L-1)	Minority interest (M-1)
2012	4	111800	2417100	817400	3200	-	871700	1494400	284100	309600	856200	1104200	14026700	452700	4564700	540900	40200	460500	28600	9445100	1476400	1921000	6949400	183700	535400	52700	3930800	83600	115000	430800	51200	112700	-	-	5872600	46900	360000	9511000	875300
2012	3	103500	2392600	754800	300	-	858800	1494800	301700	313800	849000	1088600	13334600	400300	4051500	601600	31500	495000	85900	8768700	2081100	2041400	6272200	181000	483900	61500	4460300	69000	158800	592900	52100	90600	601000	-	4972500	63700	661900	8077300	831800
2012	2	95700	2411700	668300	200	-	860200	1471200	294200	322900	843800	1052400	13166100	390600	4901800	781100	766400	475300	66300	8282800	2709400	2101200	4977000	178700	491700	43600	4515700	72300	110900	592900	53900	102400	-	21000	5689600	103900	661900	8361000	823800
2012	1	150300	2439900	669500	-	-	84200	1472900	302700	402300	842000	1069700	12862000	381100	4600700	649800	761400	413600	98600	7631000	2070700	2108800	4822900	176300	486500	13900	3911000	66400	106600	719200	55900	145400	-	18800	3383900	45800	647300	8151800	829900
2011	4	125500	2429700	622400	-	-	86000	701000	280300	382400	893700	1206500	12516800	399200	4911300	616400	786000	390000	175900	7355400	2049300	2022500	4906200	173500	482400	22100	4007500	69000	93400	694500	77600	77200	-	22300	3054900	-	617000	8647500	787300
2011	3	185900	2406700	597900	3600	-	135600	723600	236900	468400	825800	1228200	12726000	327100	4165300	576700	14000	536000	178500	6567900	723100	2426700	5779300	165000	471400	34800	3939500	38800	114900	543500	66500	109000	480700	-	3154300	-	475200	8041300	726500
2011	2	182300	2396700	633700	10400	-	100800	712700	231100	468600	843400	1213300	12491500	320500	4838600	661100	9000	460600	111400	5849900	697600	2511300	5353000	162800	470800	51400	4161300	34600	118200	439200	69400	63600	-	-	3706700	-	484600	7596800	716900
2011	1	210800	2391700	616500	22800	-	107700	690800	219800	479600	802200	1225500	12122400	316400	4579600	488800	8100	525800	138600	5086800	588600	2329700	5198000	168500	491200	61000	3997400	34700	116500	373300	69400	91000	-	-	3604700	-	492800	6827900	685300
2010	4	155100	2417500	613700	-	-	108900	625500	215900	412100	674100	1290000	12130200	314700	4491200	542100	10500	552600	-	5216500	581600	2138300	5087100	159700	495100	-	4287300	51200	113100	331400	63400	-	-	-	3302300	-	519800	7123400	680800
2010	3	226300	2409200	547700	-	-	122100	641500	430100	399300	585900	2437600	10180200	304500	5012800	452000	3200	518400	-	4960900	559700	2079400	5585200	156900	512700	-	4318000	38400	96600	425000	72500	-	420700	-	2877600	-	760500	6111500	688800
2010	2	230600	2391500	533300	-	-	120900	594800	514200	407900	637800	2445600	9884100	227800	4450400	439000	5200	529300	-	4969500	367600	1997900	6028500	156900	497400	-	3689500	45900	109700	398300	70500	-	-	-	3297900	-	190600	5939100	660200
2010	1	231300	2369700	573200	-	-	124500	625200	521700	306600	604800	2425000	9799700	223700	3877900	402100	19500	520600	-	5325800	425500	1896400	5769700	150900	496000	-	1700300	44800	112500	434600	72400	-	-	4000	3964700	-	188200	5904800	662000
2009	4	220000	2323300	576000	-	-	129400	607100	530900	316400	605200	2422700	9439600	227100	3310000	327500	58500	593000	-	5626700	376800	1840900	5908800	155000	488600	-	2012800	57900	112500	388200	76400	-	-	-	3594200	-	204300	6344200	621000
2009	3	223100	2125300	725000	-	-	112100	656300	501400	299000	474500	2355900	8784900	200200	3012000	353100	98400	268100	-	5839000	350900	1944000	5758800	152800	802100	-	2508200	27300	152600	313200	-	-	225400	17100	3209400	-	177200	5944200	533800
2009	2	243000	2153300	755200	-	-	111200	644500	574600	300600	458800	2318000	8546600	216800	2979800	421100	26800	340500	-	5938900	336700	1852900	6241200	153100	774100	-	3423900	57600	116200	305200	-	-	-	-	2443500	-	147100	6483600	533100
2009	1	281600	2277900	617600	-	-	103500	1107200	39800	240200	546700	2451700	8942500	242400	5322400	381700	27200	203400	-	5523800	297600	1809600	6507100	151900	755100	-	3313700	28900	91600	685600	-	-	-	-	1600800	-	186200	7065000	582800
2008	4	316800	2245000	712000	-	-	81000	1109000	2100	209500	624000	2517400	8382700	191900	5994200	479500	20600	264400	-	5065700	197600	1998100	6126000	139000	750700	-	3189100	74700	125700	646800	-	-	-	-	1639900	-	163200	7603500	536300
2008	3	276000	3169900	680500	-	7100	60900	924100	2700	216900	690200	1482200	8113600	287200	5205900	414700	-	136900	-	4504000	281000	1375100	6146400	142400	855100	-	3812200	18400	88300	571600	-	-	222300	-	1002300	-	217800	6485800	474900
2008	2	277400	3222500	717300	-	3900	65000	918400	7800	177700	647000	1477100	8075900	281800	5098100	447700	-	140500	-	4373700	254200	1373300	5731400	139700	815500	-	3931300	39600	52900	422800	-	-	-	-	1421700	-	243600	6021100	482400
2007	4	389200	2238800	637900	-	-	86500	1021200	7700	159100	652100	2600400	7626700	99400	5666000	425900	785500	148000	-	4519800	137100	1044100	4968400	140300	921600	-	3706800	23600	91600	330300	-	-	98700	178700	2399300	-	163400	5605400	2199800
2007	3	343200	258300	366300	-	6500	69000	319900	6300	199300	299200	519100	3896400	-	3699700	-	833900	157300	-	3320700	127900	871100	3635400	-	207700	-	1493900	-	-	228700	-	-	91700	444500	1317500	-	164400	4385200	981500
2007	2	347200	256800	359100	-	6600	70500	304800	4400	202100	295300	519700	3798700	470400	3310500	-	24900	151000	-	3702600	142700	858300	3411700	-	212800	-	1318100	-	-	225600	-	-	-	-	1992200	-	158300	4042800	974300

Financial Quarter Income Statement

year	qrt	Revenue	Income tax expense	Finance/interest costs	Other income	Administrative/Operating expenses	Minority interest	Finance/interest income	Share of profit/ (loss) of associates	Discontinued operation	Interest on series B redeemable convertible preference shares	Share of net profit of jointly controlled entity
2012	4	14122100	276900	124500	407600	13068300	63700	55500	10900	0	-	36400
2012	3	11027300	260800	108700	363500	10165600	52400	34500	45700	2700	-	4800
2012	2	11389300	414300	82000	365600	10108400	59500	48100	23200	48300	-	12300
2012	1	11063600	356200	70300	193300	9777100	20600	40700	20600	15200	-	5100
2011	4	13059000	643100	95800	347100	11351400	67400	47800	19800	21500	-	18100
2011	3	10598600	409200	83800	288800	9620400	37000	36900	40500	-	-	5700
2011	2	10282500	318100	84200	201300	9224000	45800	37300	17600	-	-	10500
2011	1	8782900	252700	80100	269800	8072800	33200	34600	6600	-	-	400
2010	4	9211800	78300	72500	245500	9422600	24100	32700	23300	-	-	6800
2010	3	7570700	228600	71100	205800	7360100	31100	27100	26800	-	-	448100
2010	2	8432700	318400	77900	240200	7841000	36600	27200	7600	-	-	5600
2010	1	7736400	261400	56900	176400	6920000	36200	21300	21300	-	-	3700
2009	4	7535000	98400	57000	388600	6835900	25300	36600	41200	-	-	800
2009	3	7474000	149800	67800	202900	7250100	15100	23000	10500	-	-	77000
2009	2	7299900	109300	64800	284400	7189600	7700	46500	14300	-	-	4800
2009	1	8705000	373300	63000	138200	7601400	12600	52600	18200	-	-	3300
2008	4	9121700	355800	50800	243400	7974000	76600	63600	49100	-	0	700
2008	3	8641100	465600	52700	177000	7275600	20100	64200	20700	-	0	600
2008	2	8101300	315700	91200	209900	7137700	43800	56800	19600	-	0	800
2008	1	8180600	316800	72700	119900	7286100	99800	57700	18500	-	300	-
2007	4	7836500	334200	73300	465300	7247200	116900	74400	30700	-	300	1100
2007	3	7086300	203700	78300	117100	6474000	57000	54900	31900	-	300	200
2007	2	6775700	174400	77500	645800	6299900	80900	52700	18300	-	100	200

Financial Quarter Segments Revenue

year	qrt	Others	Elimination/Adjustment	Plantation	Healthcare	Property	Industrial	Motors	Energy & Utilities	Healthcare & Others
2012	4	20800	53900	4663100	93900	667900	3619400	4888100	222800	-
2012	3	15700	45200	3043500	87600	505200	3196500	3882700	341300	-
2012	2	67000	44100	3207800	90100	504200	3227400	3975800	361100	-
2012	1	47100	39000	3212800	86700	427600	3173900	3894100	260400	-
2011	4	514000	32900	4024800	86500	755700	3296300	4590100	287100	-
2011	3	48600	36500	3390500	81000	492300	2315800	3545300	293900	-
2011	2	67600	38100	3215700	81300	437200	2343100	3623700	263200	-
2011	1	50500	33200	2538400	78000	329000	2368200	3091900	252400	-
2010	4	-	-	2876200	-	588200	2271000	2998800	353300	124300
2010	3	-	-	2524000	-	520000	1873100	2374900	160100	118600
2010	2	-	-	2737200	-	405500	2086100	2527400	542100	134400
2010	1	-	-	2720300	-	270800	2001100	2167100	454600	122500
2009	4	-	-	2162700	-	514400	1951200	2188400	613500	104800
2009	3	-	-	2430200	-	326700	1857500	1889700	799100	170800
2009	2	-	-	2573800	-	335400	1898100	1475200	844300	173100
2009	1	-	-	3491200	-	231000	2163300	1957000	682500	180000
2008	4	-	-	3722400	-	544000	1790100	1935300	863800	266100
2008	3	-	-	3666300	-	347100	1686800	1935500	836400	169000
2008	2	-	-	3015400	-	234900	1830100	2057800	788900	174200
2008	1	-	-	2758200	-	294000	1915600	1997700	675800	539300
2007	4	-	-	2526100	-	482200	1500600	1942300	787700	597600
2007	3	-	-	1886200	-	427200	1893000	1718800	565900	595200
2007	2	-	-	3752400	-	784200	3275300	3356000	946900	1192600

Financial Quarter Segments Profit

year	qrt	Others	Elimination/Adjustment	Plantation	Healthcare	Property	Industrial	Motors	Energy & Utilities	Healthcare & Others
2012	4	35200	153800	800000	8000	152100	359900	238000	22000	-
2012	3	6600	13100	565500	4300	99900	350300	151600	60100	-
2012	2	10200	17700	911100	7000	125800	291300	150500	168300	-
2012	1	1000	42100	938300	6800	53200	324200	153600	46800	-
2011	4	51600	41100	1249900	6900	235700	362700	188700	73700	-
2011	3	5000	26700	674100	6200	64400	238000	161400	73600	-
2011	2	12000	7800	827400	5600	66800	217500	123700	44100	-
2011	1	7400	10200	492700	7300	54300	227300	148800	49100	-
2010	4	-	-	390900	-	111500	216500	150100	730500	46500
2010	3	-	-	433800	-	183300	156500	81300	459300	42000
2010	2	-	-	642000	-	114800	189100	81300	176000	13500
2010	1	-	-	631100	-	41900	185800	62200	65500	16100
2009	4	-	-	544700	-	222700	225800	42400	60500	10500
2009	3	-	-	143200	-	83200	187300	23200	35200	10500
2009	2	-	-	139700	-	46400	189100	75700	19300	20800
2009	1	-	-	968200	-	58100	247300	36800	29300	800
2008	4	-	-	1023800	-	195200	201500	17100	81800	15200
2008	3	-	-	1266000	-	93900	129300	48900	17900	23600
2008	2	-	-	847500	-	33500	175600	60100	63800	83200
2008	1	-	-	695100	-	83300	178200	30300	61100	1400
2007	4	-	-	410700	-	190800	153300	41700	393500	6500
2007	3	-	-	379900	-	116700	186100	23700	62700	24900
2007	2	-	-	830000	-	197500	305500	2300	552300	800

Financial Quarter Segments Associate

year	qrt	Others	Plantation	Property	Industrial	Motors	Energy & Utilities	Healthcare & Others
2012	4	1300	7300	400	5700	2600	32600	-
2012	3	8900	2900	21400	7800	1800	3900	-
2012	2	4100	10800	7100	6400	2900	1200	-
2012	1	6100	5300	7300	5800	1100	500	-
2011	4	2500	20200	10300	6000	3100	800	-
2011	3	13400	8500	13500	5500	3200	2100	-
2011	2	4400	8100	6600	6000	1900	1100	-
2011	1	6100	700	4400	5000	2400	1200	-
2010	4	-	16800	6700	4800	3600	1900	100
2010	3	-	2000	12500	3200	3400	450400	8000
2010	2	-	5900	5200	300	2800	200	-
2010	1	-	2500	17100	2400	1600	700	700
2009	4	-	1600	18000	2300	300	5200	16200
2009	3	-	81800	2100	2900	100	4600	5600
2009	2	-	800	26300	3800	-	3800	15600
2009	1	-	5800	5100	3600	-	3900	3100
2008	4	-	37300	3600	3200	3700	900	1100
2008	3	-	3700	9300	3000	1600	1000	5900
2008	2	-	700	16000	2100	1000	1500	2500
2008	1	-	4600	7900	3100	300	600	2000
2007	4	-	24000	-	-	-	-	17000
2007	3	-	-	-	-	-	-	-
2007	2	-	-	-	-	-	-	-

Monthly Business Data

year	mth	Crude Palm Oil	Fresh Fruit Bunches	Palm Kernel
2012	7	226747	954378	52229
2012	6	204498	836211	44394
2012	5	192183	760232	43233
2012	4	178323	698934	40739
2012	3	173797	683329	39900
2012	2	165598	654662	38293
2012	1	181925	718098	41269
2011	12	202407	816765	45842
2011	11	211544	861316	47745
2011	10	233989	949868	52602
2011	9	251613	1029251	56988
2011	8	211341	841197	47786
2011	7	230875	912761	51352
2011	6	228254	912644	50729
2011	5	232136	916461	51715
2011	4	214931	866776	47617
2011	3	208606	862669	46595
2011	2	165949	678969	35898
2011	1	167468	701658	38574
2010	12	197260	800856	42687
2010	11	206522	864061	47287
2010	10	221007	934905	50774
2010	9	202782	873296	46576
2010	8	202970	866441	47501
2010	7	194338	832306	44062
2010	6	234419	813940	52208
2010	5	176488	738973	38958
2010	4	166509	693690	39130
2010	3	171330	722302	39348
2010	2	142725	595772	31624
2010	1	171680	716245	38169
2009	12	202400	840637	45413
2009	11	211849	901366	49401
2009	10	253563	1080224	57962
2009	9	202881	849367	44059
2009	8	217475	899486	47750
2009	7	208630	989125	45863
2009	6	227787	917894	49983
2009	5	202497	817104	44251
2009	4	179144	745192	41673
2009	3	172220	727448	42223
2009	2	156694	646557	35085
2009	1	181671	761660	42697

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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