KLCI Stock - F&N / 3689 - 2012 Quarter 4

FRASER & NEAVE HOLDINGS BERHAD


Company Description

FRASER & NEAVE HOLDINGS BERHAD and its subsidiaries are engaged in the manufacturing and selling of glass containers, soft drinks, dairy products, property development activities, and providing management services. The Company operates in five business segments: soft drinks, dairy products, glass containers, property and others. The Company’s subsidiaries include Malaya Glass Products Sdn Bhd, which is engaged in the manufacturing and selling of glass containers; Fraser & Neave (Malaya) Sdn Bhd, which is engaged in the management services and property investment holdings; F&NCC Beverages Sdn Bhd, which is engaged in the manufacturing of soft drinks, and F&N Coca-Cola (Malaysia) Sdn Bhd, which is engaged in the distribution of soft drinks. In May 2008, the Company incorporated F&N Capital Sdn Bhd. In June 2008, the Company acquired Tropical League Sdn Bhd. In June 2008, the Company acquired the remaining 5% interest in Borneo Springs Sdn Bhd.

Company Info 

Listing Date	1970-08-03
Market Capital (Capital Size)	6,758,259,798 (Very Large)
Par Value	RM 1.00
Board	Main
Sector	Consumer Products
Major Industry	Food & Beverages
Sub Industry	Property Development
Website	http://www.fn.com.my

My Analysis 

Forecast P/E now	(18.6-0.58)/0.5775 = 31.20 (Moderate)
Target Price	19.35+0.58 = 19.93 (PE 33.5, EPS 0.5775, DPS 0.58)
Decision	Not interested unless stock price strong sustain and uptrend above SMA200
Comment	Revenue decreased 3.2% and also lower than preceding year corresponding period 12.8%, eps increased 42.4% and also higher than preceding year corresponding quarter 10.5%, cash generated from operating not enough to cover financing expenses hence increased borrowings and spent 21.5% of Group cash to cover other expenses, operating margin remain low, liquidity ratio indicate financial strength is weakeaning and is tightly enough to meet current obligation, lower gearing ratio and lower assets can indicate business temporary slow down, all accounting of turnover period is good, most business segment growth quarter-by-quarter
First Support Price	18.5
Second Support Price	16.4
Risk Rating	MODERATE

Research House

AMMB Target Price	18 (2012-11-09)
Maybank Target Price	20.8 (2012-11-09)
CIMB Target Price	18.6 (2012-11-12)
MIDF Target Price	15.17 (2012-11-12)
TA Target Price	19.03 (2012-11-12)

Accounting Ratio 

Return on Equity	17.58%
Dividend Yield	3.12%
Operating Profit Margin	7.51%
Net Profit Margin	7.43%
Tax Rate	-
Asset Turnover	1.2427
Net Asset Value Per Share	4.28
Net Tangible Asset per share	3.91
Price/Net Tangible Asset Per Share	4.79
Cash Per Share	0.63
Liquidity Current Ratio	1.1801
Liquidity Quick Ratio	0.8009
Liquidity Cash Ratio	0.2275
Gearing Debt to Equity Ratio	0.6767
Gearing Debt to Asset Ratio	0.4036
Working capital per thousand Ringgit sale	5.6%
Days to sell the inventory	46
Days to collect the receivables	58
Days to pay the payables	69

Technical Analysis 

SMA 10	19.178 (Downtrend)
SMA 20	19.025 (Downtrend 2 days)
SMA 50	18.942 (Downtrend)
SMA 100	18.961 (Uptrend)
SMA 200	18.503 (Uptrend)
MACD (26d/12d)	-0.00168 ( 0.036184 )
Signal (9)	0.07893 ( 0.020152 )
MACD Histogram	0.080610 (Bearish trend 4 days)
Bolinger Upper Band	20.113
Bolinger Lower Band	17.937

My notes based on 2012 quarter 4 report (number in '000):-
- Lower revenue than FY11Q4 mainly due to absence of the Coca-Cola business but if excluding Coca-Cola then revenue rose 4% aided by strong export volume growth in soft drinks and dairies Malaysia divisions

- Soft drinks revenue (excluding Coca-Cola) increased 4% mainly contributed by well executed Hari Raya promotional activities. Last year’s selling weeks were longer, and on a normalised basis, the revenue would have increased 12% on higher volume, better pack mix and incremental revenue from export sale and contract packing for its related company in Singapore

- Dairies Malaysia’s revenue improved 8% from higher export sales while domestic sales were flat and continued to be impacted by aggressive competitors’ trade offers as well as discounts. Dairies Malaysia had thus embarked on various trade and marketing activities to boost consumer consumption

- With Dairies Thailand resuming production in the previous quarter, both sterilised milk and sweetened beverage creamer had recorded strong growth and attained the pre-flood market level. The market leadership position of evaporated (Evap) milk was, however, threatened by a key competitor who took advantage of the out of stock situation during the flood period

- Lower pbt than FY11Q4 mainly attributable to the absence of both the Coca-Cola contribution and a net reversal of provision from the divestment of the glass business

- Group PAT recorded an improvement of 11%, having benefitted from the recognition of RM19 million deferred tax asset (DTA) on the remaining lines upon their commercial production. The DTA was in relation to the Halal hub tax incentive granted to the Pulau Indah (PI) plant

- Higher PBT than FY12Q3 mainly due to the non-incurrence of relocation expenses and accelerated depreciation relating to the Dairies plant in PJ. Most of the relocation occurred in the previous quarter and accelerated depreciation ended on 30 June 2012

- Estimate next 4Q eps after 2012 Q3 result announced = 1554537*0.135/363374 = 0.5775(exclude tax income), estimate PE on current price 18.6 = 31.2(DPS 0.58)
- Estimate next 4Q eps after 2012 Q3 result announced = 1462367*0.13/363226 = 0.5234, estimate highest/lowest PE = 38.02/32.9 (DPS 0.47)
- Estimate next 4Q eps after 2012 Q2 result announced = 1478221*0.12/362737 = 0.489, estimate highest/lowest PE = 43.07/33.46 (DPS 0.44)
- Estimate next 4Q eps after 2012 Q1 result announced = 1597694*0.11/362592 = 0.4847, estimate highest/lowest PE = 38.72/33.36 (DPS 0.43)
- Estimate next 4Q eps after 2011 Q4 result announced = 0.2151*4*0.95 = 0.8174, estimate highest/lowest PE = 22.18/19.78 (DPS 0.97)
- Estimate next 4Q eps after 2011 Q3 result announced = (0.3+0.2151)*2*0.7 = 0.7211, estimate highest/lowest PE = 25.64/21.43 (DPS 0.41)
- Estimate next 4Q eps after 2011 Q2 result announced = 0.3*4 = 1.2(exclude RM53 million from sale of property income), estimate highest/lowest PE = 16.02/14.52 (DPS 0.58)
- Estimate next 4Q eps after 2011 Q1 result announced = 0.2*4 = 0.8(around 5% ROE), estimate highest/lowest PE = 22.09/18.07 (DPS 0.545)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.875*0.95 = 0.8313, estimate highest/lowest PE = 17.58/15.82 (DPS 1.645)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.8236(correction), estimate highest/lowest PE = 17.53/15.85 (DPS 0.465)
- Estimate next 4Q eps after 2010 Q2 result announced = 1.0072(10% grow from 0.4578*2), estimate highest/lowest PE = 14.43/10.18 (DPS 0.465)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.961(10% grow from 0.2184*4), estimate highest/lowest PE = 11.06/10.44 (DPS 0.47)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.8195, estimate highest/lowest PE = 13.58/12.04 (DPS 0.47)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.8, estimate highest/lowest PE = 12.79/11.29 (DPS 0.47)

F&N latest news (English)

F&N latest news (Chinese)

Material price

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	c_asset	liab	c_liab	mino	equi	cfo	cfi	cff	cash	fcf	net	final	share	c_share	m_cap	date	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
2012-11-08	2012	4	N/A	N/A	0.38	4.72%	17.58%	868363	3238786	64476	230208	73599	274030	0.2023	0.7541	2606326	1181907	1051789	1001515	254	1554537	96555	149970	9002	290290	53415	62417	227873	363806	363374	6817724	2012-09-30	7.51%	7.43%	-	1.2427	24.8499	4.28	3.91	4.79	0.63	1.1801	0.8009	0.2275	0.6767	0.4036	5.6%	46	58	69
2012-08-07	2012	3	20.48	17.8	-	3.31%	12.86%	896696	2370423	54496	165732	51628	200431	0.1421	0.5518	2632232	1287743	1169865	971685	293	1462367	35465	125276	6613	290290	89811	96424	193866	363338	363226	7390294	2012-06-30	6.23%	6.08%	5.26%	1.2787	-	4.03	3.66	5.56	0.53	1.3253	0.8356	0.1995	0.8001	0.4444	9.4%	55	61	86
2012-05-07	2012	2	21.5	16.8	0.2	6.87%	9.54%	730429	1473727	57696	111236	107057	148803	0.2950	0.4102	2541870	1236828	1063649	867194	294	1478221	31751	76293	14341	290290	108044	93703	196587	362877	362737	6894663	2012-03-31	7.78%	7.90%	-	1.3186	-	4.07	3.71	5.12	0.54	1.4262	0.9025	0.2267	0.7197	0.4185	11.0%	54	58	71
2012-02-03	2012	1	19.2	16.6	-	2.68%	2.68%	743298	743298	53540	53540	41746	41746	0.1151	0.1151	2480250	1252993	882556	684746	294	1597694	21529	74389	22738	290290	95918	73180	217110	362592	362592	6381619	2011-12-31	7.19%	7.20%	22.03%	1.4638	-	4.41	4.04	4.36	0.6	1.8299	1.2527	0.3171	0.5525	0.3558	15.7%	44	59	71
2011-11-04	2011	4	19.1	17.14	0.62	3.68%	21.32%	995462	3915431	74035	463656	66207	383130	0.1830	1.0604	2475839	1273599	916727	717301	294	1559112	423927	279611	793361	939335	144316	649045	290290	361843	361317	6201989	2011-09-30	6.56%	7.44%	10.57%	1.5815	16.1642	4.31	3.96	4.33	0.8	1.7755	1.2329	0.4047	0.5881	0.3703	14.2%	41	50	72
2011-08-05	2011	3	18.9	15.86	-	4.33%	17.64%	882475	2919969	91997	389621	77851	316923	0.2151	0.8775	2646044	1517682	1181314	976508	294	1464730	318685	167139	527896	939335	151546	376350	562985	361971	361146	6841251	2011-06-30	9.76%	10.42%	15.38%	1.4778	-	4.05	3.7	5.11	1.56	1.5542	1.1742	0.5765	0.8067	0.4464	13.8%	39	49	70
2011-05-05	2011	2	19.8	18.0	0.35	7.35%	13.31%	1009468	2037494	161580	297624	131988	239072	0.3657	0.6630	2574260	1507972	1059691	855374	294	1514569	187935	90452	524448	939335	97483	426965	512370	360877	360612	6640136	2011-03-31	15.88%	16.01%	18.31%	1.523	-	4.2	3.85	4.78	1.42	1.7629	1.312	0.599	0.6998	0.4116	16.6%	41	52	68
2011-02-07	2011	1	18.76	15.0	-	5.96%	5.96%	1028026	1028026	136044	136044	107084	107084	0.2975	0.2975	3084089	2032620	1556650	1349395	294	1527439	6517	107865	8814	939335	101348	92534	846801	359914	359914	5391511	2010-12-31	12.85%	13.23%	21.29%	1.2267	-	4.24	3.9	3.84	2.35	1.5063	1.1009	0.6275	1.0193	0.5047	18.1%	59	61	80
2010-11-08	2010	4	16.26	14.8	0.38	32.80%	49.33%	990251	3637726	484141	776028	462316	695291	1.2873	1.9422	2968920	1981155	1172110	965015	294	1796810	496900	586923	332341	187853	1083823	751482	939335	359143	357988	5250670	2010-09-30	9.97%	48.89%	4.51%	1.2622	7.5275	5.02	4.67	3.13	2.62	2.053	1.5311	0.9734	0.6524	0.3948	27.1%	55	51	82
2010-08-05	2010	3	14.9	13.52	1.1	4.97%	16.53%	892772	2647475	85454	291887	70006	232975	0.1960	0.6520	2904217	1919689	1457258	1103616	107566	1446959	371137	134374	173082	150123	236763	63681	213804	357173	357324	5100430	2010-06-30	10.24%	9.57%	20.97%	1.2621	-	3.75	3.38	4.22	0.6	1.7395	1.296	0.1937	1.088	0.5018	22.3%	54	52	78
2010-05-06	2010	2	15.0	10.72	0.165	6.05%	11.56%	872095	1754703	104716	206434	85232	162969	0.2394	0.4578	2880916	1522299	1434029	1024199	-	1446887	248161	77727	113772	187853	170434	56662	244515	356000	356000	3816320	2010-03-31	11.60%	12.01%	18.32%	1.2519	-	4.06	3.7	2.9	0.69	1.4863	0.8706	0.2387	0.9911	0.4978	13.8%	71	64	88
2010-02-09	2010	1	11.1	10.5	-	5.52%	5.52%	992159	992159	103057	103057	77737	77737	0.2184	0.2184	2858512	1502877	1382912	967431	114489	1475600	151270	33821	49247	187853	117449	68202	256055	356000	356000	3738000	2009-12-31	10.75%	10.39%	23.66%	1.285	-	3.82	3.46	3.03	0.72	1.5535	0.9321	0.2647	1.016	0.4838	14.6%	66	63	84
2009-11-09	2009	4	11.6	10.34	0.3	4.64%	17.04%	908304	3737063	67543	299777	61083	224432	0.1716	0.6304	2759902	1397262	1350499	931304	116259	1409403	402141	369408	28523	183643	32733	4210	187853	356000	356000	3759360	2009-09-30	7.61%	7.44%	2.41%	1.3122	16.7506	3.63	3.26	3.24	0.53	1.5003	0.7974	0.2017	1.0444	0.4893	12.9%	72	55	77
2009-08-06	2009	3	10.7	9.5	-	4.49%	12.40%	834180	2474674	84519	232912	59117	163349	0.1661	0.4588	2733705	1505915	1354523	943618	150988	1379182	279362	187964	23248	183643	91398	68150	251793	356000	356000	3488800	2009-06-30	9.34%	10.13%	25.37%	1.3213	-	3.45	3.19	3.07	0.71	1.5959	0.967	0.2668	1.1029	0.4955	15.6%	65	66	81
2009-05-04	2009	2	9.9	8.6	0.17	4.05%	7.91%	938537	1878925	76649	150487	53281	104232	0.1497	0.2928	2640053	1466382	1277346	857469	148557	1362707	195121	109347	8705	183643	85774	77069	260712	356000	356000	3115000	2009-03-31	8.61%	8.17%	23.53%	1.3873	-	3.41	3.15	2.78	0.73	1.7101	1.0323	0.304	1.052	0.4838	16.6%	63	61	70
2009-02-11	2009	1	9.05	7.3	-	3.87%	3.87%	940388	940388	73838	73838	50951	50951	0.1431	0.1431	2668819	1540133	1299217	877228	139250	1369602	45507	35539	27223	183643	9968	37191	220834	356000	356000	3204000	2008-12-31	8.27%	7.85%	25.08%	1.3608	-	3.46	3.2	2.81	0.62	1.7557	1.0195	0.2517	1.056	0.4868	18.3%	70	68	78
2008-11-06	2008	4	9.0	8.05	0.3	2.72%	13.07%	898977	3591204	51057	239672	34741	166845	0.0976	0.4687	2514089	1391372	1196933	770200	135002	1317156	333801	223527	134430	207799	110274	24156	183643	356000	356000	2972600	2008-09-30	6.16%	5.68%	28.42%	1.4284	17.8165	3.32	3.06	2.73	0.52	1.8065	1.04	0.2384	1.0125	0.4761	17.3%	65	63	72
2008-08-07	2008	3	9.1	7.7	-	3.11%	10.35%	884587	2692227	56454	188615	39656	132104	0.1114	0.3711	2420383	1421990	1161761	1017323	131115	1258622	158106	119126	100328	207799	38980	61348	146451	356000	356000	3204000	2008-06-30	6.82%	6.38%	24.48%	1.4423	-	3.17	2.92	3.08	0.41	1.3978	0.8462	0.144	1.0304	0.48	11.6%	64	75	75
2008-05-07	2008	2	9.1	7.95	0.22	3.75%	7.24%	907684	1807640	67456	132161	47914	92448	0.1346	0.2597	2463407	1484049	1183197	1034879	129361	1280210	21476	74106	34629	207799	95582	60953	146846	356000	356000	3008200	2008-03-31	7.94%	7.43%	22.06%	1.3893	-	3.23	2.99	2.83	0.41	1.434	0.8263	0.1419	1.0281	0.4803	13.1%	73	76	63
2008-02-13	2008	1	8.5	7.55	-	3.49%	3.49%	899956	899956	64705	64705	44534	44534	0.1251	0.1251	2520663	1530997	1196852	1043837	122859	1323811	55123	26821	62628	207799	81944	19316	188483	356000	356000	2759000	2007-12-31	7.65%	7.19%	25.85%	1.2822	-	3.37	3.12	2.48	0.53	1.4667	0.8289	0.1806	0.9966	0.4748	15.1%	81	76	75
2007-11-06	2007	4	8.25	7.5	0.3	N/A	N/A	798778	2865068	65576	220905	45606	152871	0.1281	0.4294	2471908	1464285	1195163	1037420	119756	1276745	73514	380351	272434	242202	306837	34403	207799	356000	356000	2759000	2007-09-30	8.60%	8.21%	26.11%	1.1591	18.0479	3.25	2.99	2.59	0.58	1.4115	0.7475	0.2003	1.033	0.4835	14.9%	95	72	95
2007-08-02	2007	3	7.85	7.6	-	N/A	N/A	815931	2066290	48437	155329	32983	107265	0.0926	0.3013	2277877	1318941	1064857	934945	110515	1213020	65835	323628	214192	242202	257793	43601	198601	356000	356000	2598800	2007-06-30	6.24%	5.94%	25.96%	0.9071	-	3.1	2.87	2.54	0.56	1.4107	0.8732	0.2124	0.9659	0.4675	18.6%	96	109	117
2007-05-03	2007	2	N/A	N/A	0.12	N/A	N/A	717297	1250359	52185	106892	36255	74282	0.1018	0.2087	2192356	1260392	964934	865056	106252	1227422	18100	262030	216810	242202	280130	63320	178882	356000	356000	2616600	2007-03-31	7.50%	7.28%	23.65%	0.5703	-	3.15	2.93	2.51	0.5	1.457	0.9233	0.2068	0.8606	0.4401	31.6%	-	181	N/A
2007-02-08	2007	1	N/A	N/A	-	N/A	N/A	533062	533062	55066	55066	38386	38386	0.1078	0.1078	1751723	1036660	480408	392990	121938	1271315	14090	11181	9844	242202	2909	6935	235267	356000	356000	2687800	2006-12-31	10.26%	10.33%	24.14%	0.3043	-	3.23	3.23	2.34	0.66	2.6379	1.7271	0.5987	0.418	0.2742	120.7%	-	304	N/A

Financial Quarter Balance Sheet

year	qrt	Deferred tax assets (A-0)	Intangible assets (A-0)	Investment in associated companies (A-0)	Properties held for development (A-0)	Property, plant and equipment (A-0)	Cash and cash equivalents (A-1)	Current asset classified as held for sales (A-1)	Inventories (A-1)	Other receivables (A-1)	Property development costs (A-1)	Loans & borrowings (L-0)	Other liabilities (L-0)	Dividend payable (L-1)	Liabilities directly associated with assets classified as held for sale (L-1)	Loans & borrowings (L-1)	Other payables (L-1)	Provision for taxation (L-1)	Provisions (L-1)	Minority interest (M-1)
2012	4	79050	134970	73737	62276	1074386	227873	55897	370775	518315	9047	-	50274	-	-	423711	569454	2350	6000	254
2012	3	64195	131807	71748	5504	1071235	193866	55897	413251	562199	62530	150000	48180	-	-	218013	740976	6696	6000	293
2012	2	60254	132131	71800	5504	1035353	196587	55897	392612	530142	61590	150000	46455	-	-	236000	602048	14821	14325	294
2012	1	5165	132268	69683	5504	1014637	217110	55897	320263	584778	74945	150000	47810	-	-	20000	637149	13404	14193	294
2011	4	4705	127262	55929	5504	1008840	290290	55897	314668	538175	74569	150000	49426	-	-	-	685237	9596	22468	294
2011	3	2703	126963	54952	5504	938240	562985	55897	324700	527740	46360	150000	54806	125481	-	150000	657131	15555	28341	294
2011	2	2718	124985	55607	5470	877508	512370	55897	339574	553986	46145	150000	54317	-	-	150000	638023	24584	42767	294
2011	1	4737	124864	54648	5470	861750	846801	10183	349074	628598	197964	150000	57255	394282	-	150000	739598	22748	42767	294
2010	4	4264	125176	-	42171	816154	939335	10183	343717	528035	159885	150000	57095	-	-	150000	755730	16518	42767	294
2010	3	7792	130200	-	41346	805190	213804	692094	304064	524361	185366	300000	53642	-	267573	104649	704043	27351	-	107566
2010	2	19220	130128	-	37222	1172047	244515	10183	449329	636920	181352	354368	55462	-	-	206996	783067	34136	-	-
2010	1	19921	130918	-	34816	1169980	256055	10183	421897	635465	179277	359413	56068	-	-	159219	768090	40122	-	114489
2009	4	20993	131650	-	31787	1178210	187853	10183	482305	544567	172354	360402	58793	-	-	203367	696510	31427	-	116259
2009	3	7732	92315	-	23733	1104010	251793	11706	423060	648981	170375	350486	60419	-	-	170816	740812	31990	-	150988
2009	2	7357	92812	-	19968	1053534	260712	14683	421328	609797	159862	354692	65185	-	-	176011	646820	34638	-	148557
2009	1	3780	92462	-	16542	1015902	220834	-	490886	673501	154912	353486	68503	-	-	127786	719228	30214	-	139250
2008	4	2480	93162	-	14205	1012870	183643	-	437860	617393	152476	359411	67322	-	-	89636	656170	24394	-	135002
2008	3	2067	88914	-	-	907412	146451	-	427442	714458	133639	76158	68280	-	-	336395	663768	17160	-	131115
2008	2	3927	87825	-	-	887606	146846	-	503000	708260	125943	79090	69228	-	-	459614	549780	25485	-	129361
2008	1	6150	88734	-	-	894782	188483	-	546119	676736	119659	80743	72272	-	-	405004	611714	27119	-	122859
2007	4	5411	91712	-	-	910500	207799	-	573298	567638	115550	83053	74690	-	-	337190	682931	17299	-	119756
2007	3	-	79181	-	-	879755	198601	-	394765	617793	107782	60176	69736	-	-	315744	613151	6050	-	110515
2007	2	-	79183	-	-	852781	178882	-	369781	619834	91895	26631	73247	-	-	304524	555688	4844	-	106252
2007	1	-	-	-	-	715063	235267	-	273699	443471	84223	11917	75501	-	-	14467	373352	5171	-	121938

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	Discontinued operation	Gain recognised on divestment of glass container business	Adjustment on business provision
2012	4	868363	9084	3786	803132	39	1042	1989	-	-	-
2012	3	896696	2869	3348	840817	1	618	1347	-	-	-
2012	2	730429	49361	2453	673623	-	1226	2117	-	-	-
2012	1	743298	11794	1971	689833	-	1380	666	-	-	-
2011	4	995462	7828	2681	930116	-	2497	977	-	-	7896
2011	3	882475	14146	3642	796376	-	3143	91	-	-	6488
2011	2	1009468	29592	3050	849201	-	3404	959	-	-	-
2011	1	1028026	28960	2054	895937	-	6009	-	-	-	-
2010	4	990251	21825	2190	891495	0	5539	-	0	382036	-
2010	3	892772	17922	1685	801372	2474	512	-	4773	-	-
2010	2	872095	19188	1596	770931	296	435	-	4713	-	-
2010	1	992159	24384	4109	885482	936	489	-	-	-	-
2009	4	908304	1627	2319	839213	4833	771	-	-	-	-
2009	3	834180	21445	3121	756286	3957	376	-	9370	-	-
2009	2	938537	18036	5200	857764	5332	1076	-	-	-	-
2009	1	940388	18519	5002	862646	4368	1098	-	-	-	-
2008	4	898977	14512	4640	843586	1804	306	-	-	-	-
2008	3	884587	13822	4743	824279	2976	889	-	-	-	-
2008	2	907684	14878	5320	835583	4664	675	-	-	-	-
2008	1	899956	16729	4886	831106	3442	741	-	-	-	-
2007	4	798778	17121	3718	730065	2849	581	-	-	-	-
2007	3	815931	12572	3147	764993	2882	646	-	-	-	-
2007	2	717297	12343	2646	663484	3587	1018	-	-	-	-
2007	1	533062	13292	523	478396	3388	923	-	-	-	-

Financial Quarter Segments Revenue

year	qrt	Soft drinks	Dairy products	Property/Others	Glass containers	Dairies Malaysia	Dairies Thailand
2012	4	364643	-	63	-	260082	243575
2012	3	344549	-	15	-	255744	296388
2012	2	345646	-	253	-	261695	122835
2012	1	373083	-	154	-	262212	107849
2011	4	511017	-	352	-	240212	243881
2011	3	396189	-	682	-	235289	250315
2011	2	459251	-	60501	-	262411	227305
2011	1	476508	-	307	-	297663	253548
2010	4	425039	506134	59078	-	-	-
2010	3	398583	487561	6628	-	-	-
2010	2	384523	488254	682	131082	-	-
2010	1	380971	493341	8296	109551	-	-
2009	4	331302	447916	17271	111817	-	-
2009	3	315441	500423	18316	107161	-	-
2009	2	322912	492240	7939	115446	-	-
2009	1	340213	457747	19443	122985	-	-
2008	4	288807	503998	1374	126919	-	-
2008	3	267450	500939	7711	108487	-	-
2008	2	327383	465799	14729	99773	-	-
2008	1	302037	487008	11208	99703	-	-
2007	4	247969	428667	33504	88638	-	-
2007	3	249728	477327	4201	84675	-	-
2007	2	286710	337651	9904	83032	-	-
2007	1	270841	159371	17411	85439	-	-

Financial Quarter Segments Profit

year	qrt	Soft drinks	Dairy products	Property/Others	Glass containers	Dairies Malaysia	Dairies Thailand
2012	4	29506	-	889	-	11642	14872
2012	3	16222	-	4489	-	9409	15884
2012	2	25612	-	54071	-	7228	18423
2012	1	41173	-	219	-	4920	11581
2011	4	63220	-	4830	-	4662	7366
2011	3	52737	-	708	-	13159	20911
2011	2	69317	-	56109	-	15412	19429
2011	1	88364	-	2668	-	20000	21057
2010	4	42667	32299	23790	-	-	-
2010	3	45955	42312	3133	-	-	-
2010	2	51899	47379	1886	8362	-	-
2010	1	53688	40610	3676	8703	-	-
2009	4	17168	43374	517	8032	-	-
2009	3	32292	39228	6374	8428	-	-
2009	2	44059	36191	484	39	-	-
2009	1	43164	21644	2354	10580	-	-
2008	4	21607	23680	1406	8698	-	-
2008	3	24163	29050	1142	8237	-	-
2008	2	42029	15321	4894	9857	-	-
2008	1	35210	20451	4613	8576	-	-
2007	4	21178	24356	15489	7690	-	-
2007	3	23775	17407	75	9681	-	-
2007	2	31780	8755	3939	8980	-	-
2007	1	32312	9715	5377	7262	-	-

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

---

●CHANGES IN SHAREHOLDING
●ANNUAL REPORTS

HISTORICAL

---

●CHANGES IN SHAREHOLDING

ARCHIVES

---

●CHANGES IN SHAREHOLDING