KLCI Stock - PPB / 4065 - 2012 Quarter 1

PPB GROUP BERHAD



Company Description

PPB Group Berhad is engaged in sugar cane cultivation and investment holding. It operates in eight segments: Grains trading, flour and feed milling, which is engaged in wheat and maize trading, flour milling and manufacturing of animal feed; Film exhibition and distribution, which is engaged in the exhibition and distribution of cinematograph films; Environmental engineering, waste management and utilities; Chemicals trading and manufacturing; Property investment and development, which is engaged in letting of commercial properties and development of residential and commercial properties; Livestock farming, which is engaged in the production of day-old chicks, eggs and other related downstream activities; Other operations, which is engaged in consumer products, packaging, oil palm plantations, investment holding, engineering contracts, shipping and others, and Sugar refining, trading and cane plantation, which is engaged in sugar cane cultivation, refining of sugar and trading. The Company’s operations are spread over Malaysia, China, Vietnam, Myanmar, Thailand, Singapore and Indonesia. In October 2007, the Company disposed of its 55% equity interest in Ampang Leisuremall Sdn Bhd (ALSB). ALSB bas ceased to be a subsidiary of the Company. In April 2008, the Company's 75% indirect subsidiary, FFM Feedmills (Sarawak) Sdn Bhd, has disposed of its interest in two subsidiaries, Sri Aman Feedmills Sdn Bhd and Arising from the Disposal, Sri Aman Feedmills has ceased to be an indirect subsidiary of PPB Group Berhad.

Company Info 

Listing Date	1972-03-30
Market Capital (Capital Size)	18,991,708,109 (Very Large)
Par Value	RM 1.00
Board	Main
Sector	Consumer Products
Major Industry	Grains Trading, Flour & Feed Milling
Sub Industry	Diversified Business
Website	http://www.ppbgroup.com/

My Analysis 

Forecast P/E now	(16.02-0.23)/0.7536 = 20.95 (Moderate)
Target Price	16.58+0.23 = 16.81 (PE 22.0, EPS 0.7536, DPS 0.23)
Decision	Not interested unless stock price got strong rebound whenever below SMA20 or wait until SMA20 move back to uptrend
Comment	Revenue decreased 6.3% but higher than preceding year corresponding quarter 20.2%, eps decreased 14.7% and was third consecutive quarter decreasing and also lower than preceding year corresponding quarter 32.7%, cash generated from operating not enough to cover financing expenses hence spent 8.5% of Group cash to cover all other expenses, operating margin still low, stronger liquidity ratio at strong level now, lower gearing and debt ratio at very low level now, all repayment period is good, lower inventory can indicate weakening demand of Group products, property development cost still high can indicate the on-going prospect still good, contribution from associate other segment was decreasing
First Support Price	15.8
Second Support Price	15.0
Risk Rating	MODERATE

Research House

Wilson & York Target Price	20.38 (2012-02-29)
AMMB Target Price	17.25 (2012-05-25)
HwangDBS Target Price	12.9 (2012-05-25)

Accounting Ratio 

Return on Equity	6.53%
Dividend Yield	1.44%
Gross Profit Margin	0.00%
Operating Profit Margin	8.56%
Net Profit Margin	28.65%
Tax Rate	6.75%
Asset Turnover	0.1895
Net Asset Value Per Share	11.73
Net Tangible Asset per share	11.67
Price/Net Tangible Asset Per Share	1.35
Cash Per Share	0.87
Liquidity Current Ratio	5.3399
Liquidity Quick Ratio	4.1884
Liquidity Cash Ratio	2.7123
Gearing Debt to Equity Ratio	0.0367
Gearing Debt to Asset Ratio	0.0342
Working capital per thousand Ringgit sale	58.6%
Days to sell the inventory	62
Days to collect the receivables	70
Days to pay the payables	38

Technical Analysis 

SMA 20	15.83 (Downtrend 6 days)
SMA 50	16.243 (Downtrend)
SMA 100	16.585 (Downtrend)
SMA 200	16.522 (Downtrend)
MACD (26d/12d)	-0.053514 ( 0.007544 )
Signal (9)	-0.090522 ( 0.009252 )
MACD Histogram	0.037008 (Bullish trend 9 days)
Bolinger Upper Band	16.991
Bolinger Lower Band	14.669

My notes based on 2012 quarter 1 report (number in '000):-
- Higher revenue and pbt from grains trading, flour and feed milling segment than FY11Q1 due to higher grains trading volume and higher flour sales

- Higher revenue from marketing, distribution and manufacturing of consumer products segment mainly due to increased sales but lower pbt than FY11Q1 mainly caused by higher promotional expenses incurred

- Higher revenue from film exhibition and distribution segment than FY11Q1 mainly due to improved cinema collections from higher average ticket prices but lower pbt mainly due to lower profit contribution from film distribution arising from weaker Chinese New Year titles and fewer major movies released

- Higher revenue and pbt from property investment and development segment mainly due to property sales from the newly launched bungalows in Bukit Segar, Kuala Lumpur and sale of semi-detached houses in Taman Tanah Aman, Seberang Prai Tengah

- Lower revenue from chemicals trading and manufacturing segment due to lower contract orders

- Lower revenue and loss from livestock farming segment mainly due to depressed selling prices

- Higher pbt from investments in equities segment due to a fair value gain in investment in an equity

- Wilmar contributed lower profits than FY11Q1 due mainly to lower oilseeds and grains margins

- Estimate next 4Q eps after 2012 Q1 result announced = 14409982*0.062/1185500 = 0.7536, estimate PE on current price 16.02 = 20.95(DPS 0.23)
- Estimate next 4Q eps after 2011 Q4 result announced = 14565126*0.062/1185500 = 0.7617, estimate highest/lowest PE = 22.38/19.65 (DPS 0.23)
- Estimate next 4Q eps after 2011 Q3 result announced = 0.1935*4 = 0.774, estimate highest/lowest PE = 23/20.28 (DPS 0.18)
- Estimate next 4Q eps after 2011 Q2 result announced = 0.2332*4*0.95 = 0.8862, estimate highest/lowest PE = 19.27/16.79 (DPS 0.28)
- Estimate next 4Q eps after 2011 Q1 result announced = 0.2237*4*0.95 = 0.8501, estimate highest/lowest PE = 20.88/18.88 (DPS 0.25)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.2429*4*1.05 = 1.0202, estimate highest/lowest PE = 18.25/15.57 (DPS 0.18)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.268*4*1.1 = 1.1792, estimate highest/lowest PE = 14.73/12.56 (DPS 0.23)
- Estimate next 4Q eps after 2010 Q1 result announced = 1.2268+0.0127 = 1.2395 (adjustment from 0.242-0.2293, 0.242 represent eps excluded disposal of assets), estimate highest/lowest PE = 13.61/11.54 (DPS 0.73)
- Estimate next 4Q eps after 2009 Q4 result announced = 1.2268 (10% drop from 1.3631), estimate highest/lowest PE = 14.4/12.48 (DPS 0.73)
- Estimate next 4Q eps after 2009 Q3 result announced = 1.2357, estimate highest/lowest PE = 13.15/11.79 (DPS 0.73)
- Estimate next 4Q eps after 2009 Q2 result announced = 1.2152, estimate highest/lowest PE = 13.13/12.22 (DPS 0.23)
- Estimate next 4Q eps after 2009 Q1 result announced = 1.0309, estimate highest/lowest PE = 14.7/9.96 (DPS 0.23)

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Wheat price 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
2012-05-24	2012	1	N/A	N/A	-	1.23%	1.23%	696955	696955	199654	199654	178504	178504	0.1506	0.1506	14920099	510117	500109	14409982	77466	74977	98275	1130885	2489	95786	1035099	1185500	1185500	18612350	2012-03-31	-	8.56%	28.65%	6.75%	0.1895	-	11.73	11.67	1.35	0.87	5.3399	4.1884	2.7123	0.0367	0.0342	58.6%	62	70	38
2012-02-29	2011	4	17.28	15.2	0.13	1.55%	7.27%	744197	2710539	226053	1056580	209303	980372	0.1766	0.8270	15199156	634030	503515	14565126	16210	24498	169002	923213	40708	209710	1132923	1185500	1185500	20390600	2011-12-31	-	5.80%	30.38%	6.08%	0.1783	20.7988	11.86	11.8	1.46	0.96	4.2746	3.2249	2.2268	0.0451	0.0417	61.5%	79	65	43
2011-11-22	2011	3	17.98	15.88	-	1.70%	5.72%	710263	1966342	252382	830527	229405	771069	0.1935	0.6504	15062129	651250	431008	14410879	57557	54653	162845	924684	2904	159941	1084625	1185500	1185500	19086550	2011-09-30	-	9.55%	35.53%	5.00%	0.1714	-	11.79	11.73	1.37	0.92	3.9554	2.9498	1.9769	0.0466	0.0432	62.9%	88	66	51
2011-08-23	2011	2	17.36	15.16	0.1	2.05%	4.02%	676242	1256079	294650	578145	276433	541664	0.2332	0.4569	14414835	458021	428215	13956814	46911	6440	134398	920874	40471	93927	1014801	1185500	1185500	20390600	2011-06-30	-	10.61%	43.57%	2.47%	0.1696	-	11.41	11.35	1.52	0.86	5.6677	4.3247	2.915	0.0339	0.0318	66.5%	80	70	50
2011-05-24	2011	1	18.0	16.3	-	1.97%	1.97%	579837	579837	283495	283495	265231	265231	0.2237	0.2237	14379204	426958	416615	13952246	54645	48550	355602	921053	103195	252407	1173460	1185500	1185500	20627700	2011-03-31	-	10.42%	48.89%	3.68%	0.1634	-	11.42	11.35	1.53	0.99	6.3678	4.9504	3.6542	0.0315	0.0297	73.4%	84	62	46
2011-02-28	2010	4	17.72	16.36	0.18	1.07%	13.21%	614780	2274036	177485	1961771	152672	1883763	0.1288	1.5890	13935466	454580	185284	13480886	329368	1514128	1643984	723959	1843496	199512	923471	1185500	1185500	19560750	2010-12-31	-	15.18%	28.87%	9.57%	0.1632	10.3839	11.22	11.15	1.48	0.78	4.8796	3.8192	2.6713	0.0342	0.0326	59.0%	70	61	49
2010-11-22	2010	3	18.8	16.06	-	2.02%	12.14%	574531	1659256	317086	1784286	287991	1731091	0.2429	1.4602	13714201	459667	178317	13254534	229809	1541785	1629345	724434	1771594	142249	866683	1185500	1185500	22287400	2010-09-30	-	16.16%	55.19%	7.51%	0.1576	-	11.03	10.97	1.71	0.73	4.754	3.6237	2.5087	0.0352	0.0335	60.1%	77	62	47
2010-08-25	2010	2	19.58	16.7	0.7	2.23%	10.12%	581092	1084725	326164	1467200	317746	1443100	0.2680	1.2173	14753663	431546	175239	14322117	156721	1380740	791326	728214	1537461	746135	1474349	1185500	1185500	20034950	2010-06-30	-	20.09%	56.13%	2.17%	0.1705	-	11.93	11.87	1.42	1.24	7.9966	6.6059	5.2921	0.0305	0.0293	77.6%	67	51	37
2010-05-24	2010	1	17.6	15.04	-	7.89%	7.89%	503633	503633	1141036	1141036	1125354	1125354	0.9493	0.9493	14766340	444314	174729	14322026	14887	1188949	577194	728427	1174062	596868	1325295	1185500	1185500	19205100	2010-03-31	-	10.26%	226.56%	1.15%	0.1875	-	11.93	11.87	1.36	1.12	7.4487	6.0889	4.4626	0.0314	0.0301	69.2%	62	59	34
2010-03-02	2009	4	18.4	16.04	0.18	2.84%	13.04%	501566	2005429	372634	1675221	351525	1615964	0.2965	1.3631	15066960	807601	172817	14259359	472859	198505	428576	488222	671364	242788	731010	1185500	1185500	19157680	2009-12-31	-	8.64%	74.29%	5.12%	0.1832	11.8553	11.88	11.82	1.37	0.5	3.5152	2.8677	0.9017	0.0573	0.0536	59.5%	64	47	52
2009-11-20	2009	3	16.98	15.26	0.5	4.80%	10.20%	929015	2535472	644347	1358248	595072	1264439	0.5020	1.0666	14799442	702096	173539	14097346	267791	154288	367661	488466	422079	54418	542884	1185500	1185500	18612350	2009-09-30	-	20.91%	69.36%	7.05%	0.1928	-	11.75	11.68	1.34	0.46	3.4414	2.124	1.0539	0.0504	0.0474	44.1%	97	65	40
2009-08-21	2009	2	16.18	15.08	0.05	3.21%	5.40%	833952	1606457	433089	713901	397532	669367	0.3353	0.5646	14245606	617990	168752	13627616	138683	112819	349402	489154	251502	97900	391254	1185500	1185500	18138150	2009-06-30	-	12.73%	51.93%	6.46%	0.2038	-	11.35	11.29	1.36	0.33	3.5045	1.9414	0.8898	0.0459	0.0434	38.2%	96	56	38
2009-05-19	2009	1	15.38	10.5	-	2.19%	2.19%	495228	495228	276935	276935	271835	271835	0.2293	0.2293	14444761	682544	161090	13762217	44898	38084	38994	491597	6814	32180	459417	1185500	1185500	13040500	2009-03-31	-	2.07%	55.92%	1.99%	0.2015	-	11.47	11.41	0.96	0.39	2.9679	1.6863	0.8595	0.0502	0.0473	36.2%	95	53	35
2009-02-27	2008	4	11.7	9.45	0.18	3.14%	11.12%	594850	2488566	359105	1356365	363280	1286509	0.3064	1.0852	13216245	823366	160088	12392879	242160	31177	485690	701375	273337	212353	489022	1185500	1185500	11499350	2008-12-31	-	3.94%	60.37%	-	0.244	8.9384	10.32	10.25	0.95	0.41	2.5263	1.3959	0.7191	0.0673	0.0623	32.3%	99	50	45
2008-11-27	2008	3	10.0	8.2	-	1.79%	7.98%	978962	2629686	258999	1034112	207007	923228	0.1746	0.7788	12693432	729091	165899	11964341	175142	17184	530531	701688	157958	372573	329115	1185500	1185500	10136025	2008-09-30	-	19.33%	26.46%	18.35%	0.2711	-	9.95	9.89	0.86	0.28	2.6447	1.472	0.557	0.0618	0.0574	28.3%	86	56	33
2008-08-26	2008	2	9.4	6.85	0.05	2.88%	6.19%	841836	1650724	358144	775113	333123	716221	0.2810	0.6042	12098679	567110	158962	11531569	188110	32540	589798	698287	220650	369148	329139	1185500	1185500	10432400	2008-06-30	-	10.55%	42.54%	6.11%	0.2663	-	9.59	9.53	0.92	0.28	3.0563	1.9038	0.7434	0.0499	0.0469	28.3%	65	56	32
2008-05-29	2008	1	11.6	8.65	-	3.31%	3.31%	808888	808888	416969	416969	383098	383098	0.3232	0.3232	12274223	446883	146819	11827340	114467	31500	20246	697380	82967	103213	800593	1185500	1185500	13040500	2008-03-31	-	16.48%	51.55%	7.83%	0.2533	-	9.85	9.79	1.12	0.68	5.2352	3.7266	2.2625	0.0383	0.0364	48.3%	71	59	38
2008-02-29	2007	4	11.3	9.05	0.25	2.16%	126.06%	810885	2989442	121998	7078123	119551	6972965	0.1008	5.8819	11984045	416992	137288	11567053	179496	322425	90793	751547	142929	52136	699411	1185500	1185500	12803400	2007-12-31	-	8.68%	15.05%	12.21%	0.2495	1.8361	9.64	9.58	1.13	0.59	5.2669	3.6842	2.1383	0.0365	0.0348	46.8%	70	60	38
2007-11-29	2007	3	12.2	9.85	-	3.95%	124.75%	760425	2178557	238077	7002916	218512	6900205	0.1843	5.8205	11858927	405529	158781	11453398	75681	310889	115606	747859	235208	119602	628257	1185500	1185500	12210650	2007-09-30	-	10.25%	31.31%	7.16%	0.2403	-	9.53	9.46	1.09	0.54	5.4023	3.8226	1.9877	0.0359	0.0342	49.3%	71	67	34
2007-08-24	2007	2	10.4	9.35	0.05	117.75%	120.80%	729364	1418132	6544998	6764839	6513260	6681693	5.4941	5.6362	11709454	396338	155476	11313116	97216	194620	149153	748290	97404	51749	800039	1185500	1185500	8120675	2007-06-30	-	8.86%	897.36%	0.32%	0.1784	-	9.41	9.35	0.73	0.68	5.6853	4.3035	2.548	0.0355	0.0338	70.6%	83	85	47
2007-05-30	2007	1	N/A	N/A	-	3.05%	3.05%	688768	688768	219841	219841	168433	168433	0.1421	0.1421	7619189	1934510	868654	5684679	69055	130668	247801	747990	61613	186188	934178	1185500	1185500	7587200	2007-03-31	-	9.36%	31.92%	10.24%	0.1785	-	4.06	4.0	1.6	0.75	3.0492	2.8165	0.4802	0.4017	0.2539	279.1%	127	131	61
2007-02-27	2006	4	N/A	N/A	0.15	N/A	N/A	671213	2590526	202101	759691	153166	560665	0.1292	0.4729	7288922	1757597	886641	5531325	290859	222293	49552	731967	68566	19014	750981	1185500	1185500	6460975	2006-12-31	-	8.13%	30.11%	8.73%	0.0921	11.5238	3.92	3.89	1.4	0.64	2.6492	1.7485	0.6805	0.3784	0.2411	275.4%	598	646	427

Financial Quarter Balance Sheet

year	qrt	Biological assets (A-0)	Deferred tax assets (A-0)	Financial assets at fair value through profit and loss (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)	Other investments (A-0)	Prepaid lease payments (A-0)	Property, plant and equipment (A-0)	Biological assets (A-1)	Cash and cash equivalents (A-1)	Current asset classified as held for sales (A-1)	Derivative financial assets (A-1)	Intangible assets (A-1)	Inventories (A-1)	Other receivables (A-1)	Property development costs (A-1)	Deferred tax liabilities (L-0)	Loans & borrowings (L-0)	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)	Other payables (L-1)	Minority interest (M-1)
2012	1	2590	6391	-	74617	1286	10801033	51475	215021	12017	702667	-	1012847	15822	1036278	9009	2738	11059	382065	541146	42038	79382	48675	2269	6380	-	109031	264380	500109
2011	4	2600	7557	-	74617	1398	11040554	51669	214695	11870	598567	-	1017844	16860	1134522	9406	2696	12013	474159	484393	43736	79800	44753	4082	4264	-	213150	287981	503515
2011	3	2637	2324	-	74617	1423	10855574	48999	210537	11806	665806	-	1016391	16215	1085578	9009	45858	11104	496214	468251	39786	72619	29501	5822	36541	-	223374	283393	431008
2011	2	2676	2602	-	74617	1404	10282249	46346	211815	11766	814540	-	991660	15748	1015874	9009	4616	7905	413101	469721	39186	66889	42637	9287	30444	-	46483	262281	428215
2011	1	2710	3358	-	74617	1387	10083455	47660	212994	11763	922589	-	971870	14359	1174577	9009	631	7328	405373	399661	35863	70108	35419	11889	3851	-	59965	245726	416615
2010	4	2743	4366	-	74617	1503	10000272	47290	212649	11484	936126	-	957177	14525	923682	9721	271	6723	316738	380194	35385	69637	39167	14546	467	-	75093	255670	185284
2010	3	2785	4772	-	72445	1439	9921836	25591	204830	11494	887413	-	937813	14726	867449	9009	223	7318	342819	368976	33263	72004	41892	17553	80	-	86822	241316	178317
2010	2	2816	5343	-	72444	1774	10453164	27856	205562	9831	806599	-	938147	14855	1475882	9009	625	6646	340831	350121	32158	71418	81244	12432	80	-	54533	211839	175239
2010	1	2851	5561	-	72444	1856	10417186	28486	173695	11304	887882	-	952526	14761	1325561	24980	2535	6493	357334	449086	31799	71022	76253	12681	681	-	60381	223296	174729
2009	4	2889	5479	-	72444	1969	10628430	29518	174209	11268	886440	-	958075	14320	589003	925423	193	6334	377835	352338	30793	71552	82813	6785	212	266249	37654	342336	172817
2009	3	2884	6880	13242	73086	2080	10679195	46761	168856	7205	860238	131688	1033257	28451	543313	9009	28813	6399	607187	507377	43521	74446	112147	48484	26332	-	184939	255748	173539
2009	2	2920	3488	6498	73086	2097	10473415	47096	168433	7147	782168	131294	997839	26781	393561	9009	3141	6512	624242	446498	40381	73652	102017	22410	2937	-	150627	266347	168752
2009	1	2922	3310	3320	73086	2270	10739667	48509	168308	6504	700607	131708	974538	23151	460455	9009	1037	6632	625012	426290	38426	73709	73097	8647	270	-	270224	256597	161090
2008	4	2943	3315	-	73086	2519	9699666	45849	168436	6459	398111	132292	957970	27404	491186	9009	-	7977	706444	445282	38297	74312	65995	19322	-	-	315290	348447	160088
2008	3	2892	205	26908	73093	2559	9317488	44759	168959	6080	418357	129458	934825	-	330205	9009	-	7956	657488	525483	37708	71453	64811	55468	-	-	272333	265026	165899
2008	2	2893	198	24188	73093	2709	8995175	41740	170051	6048	420588	131027	874170	-	330032	9479	-	8541	476837	497092	34818	69950	53229	33327	-	-	161142	249462	158962
2008	1	2671	1380	20389	73033	2759	8738806	39872	162906	3717	419719	131738	819948	-	802680	9479	-	8196	504056	501749	31125	68537	23575	25674	-	-	44163	284934	146819
2007	4	2681	1431	21339	73033	2977	8587695	39403	163835	3693	419699	131635	810852	-	700658	9479	-	9476	489902	487573	28684	68823	20504	10976	-	-	36471	280218	137288
2007	3	2559	-	20687	73033	2780	8470868	40403	180665	447	421448	78339	843396	-	634434	55915	-	9438	436621	520327	67567	65442	20906	24635	-	-	51909	242637	158781
2007	2	2148	-	19010	73033	2932	8321942	37448	176183	445	387442	78675	820263	-	802216	55949	-	8280	369360	488457	65671	66858	14644	26466	-	20	42192	246158	155476
2007	1	2122	-	16989	66235	3135	336609	37884	232375	445	386369	80600	809250	-	889328	3831998	-	8534	372491	486430	58395	65148	17346	18172	-	1575669	52182	205993	868654
2006	4	921038	7098	48562	33316	3254	738480	39050	206204	437	388653	562139	1371250	-	762712	195	-	9221	956951	1187748	52614	302535	334176	43643	-	20	356665	720558	886641

Financial Quarter Income Statement

year	qrt	Revenue	Income tax expense	Finance/interest costs	Other income	Administrative/Operating expenses	Minority interest	Share of profit/ (loss) of associates	Investment gain/loss	Discontinued operation	Share of net profit of jointly controlled entity	Gain on sale of discontinued operations
2012	1	696955	13467	2540	36228	673496	7683	141642	-	-	865	-
2011	4	744197	13741	1981	27664	728669	3009	182989	-	-	1853	-
2011	3	710263	12615	1774	29361	671796	10362	185327	-	-	1001	-
2011	2	676242	7284	970	22304	626776	10933	223011	-	-	839	-
2011	1	579837	10432	1083	19510	538933	7832	223293	-	-	871	-
2010	4	614780	16988	1103	20251	541713	7825	85048	-	2514	190	2546
2010	3	574531	23820	1301	26505	508207	5275	225213	-	0	345	0
2010	2	581092	7070	883	39686	504035	1348	209687	-	261	356	0
2010	1	503633	13123	1472	25313	477289	2559	252105	-	-	298	838448
2009	4	501566	19070	1492	11180	469428	2039	272016	8188	50216	388	-
2009	3	929015	45416	2130	23422	758184	3859	442072	9895	-	257	-
2009	2	833952	27976	1338	8225	735986	7581	274886	53096	-	254	-
2009	1	495228	5504	2143	10036	495037	404	256083	-	12523	245	-
2008	4	594850	2253	1627	7730	626017	1922	381941	21700	22926	1002	-
2008	3	978962	47534	3826	8265	798042	4458	53128	20305	-	207	-
2008	2	841836	21867	1771	4097	757156	3154	219374	51578	-	186	-
2008	1	808888	32646	935	8427	684018	1225	277523	6904	-	180	-
2007	4	810885	14902	1007	4275	744773	12455	84277	31445	0	214	0
2007	3	760425	17037	1168	8455	690927	2528	140494	20653	0	198	53
2007	2	729364	21170	1156	3475	668189	10568	2547	44981	46011	165	6392894
2007	1	688768	22502	1112	6241	630521	28906	7011	27165	122126	163	-
2006	4	671213	17653	1514	5958	622569	31282	8833	18700	121564	84	-

Financial Quarter Segments Revenue

year	qrt	Grains, trading, flour and feed milling	Marketing, distribution and manufacturing of consumer products	Film exhibition and distribution	Environmental engineering, waste management and utilities	Chemicals trading and manufacturing	Property investment & development	Livestock farming	Others	Sugar refining, trading and cane plantation	Oil palm plantations	Packaging	Edible oils refining and trading	Elimination/Adjustment	Investment in Equity
2012	1	436086	96923	68887	29799	26004	19665	19494	38642	-	-	-	-	38940	395
2011	4	463440	91262	76212	47177	28258	9056	28388	36785	-	-	-	-	39010	2629
2011	3	441395	98744	70237	34529	29403	9691	30625	34137	-	-	-	-	40251	1753
2011	2	394756	93177	71893	43171	35007	9167	26398	27175	-	-	-	-	42007	17505
2011	1	336656	92077	64932	29495	32640	9147	23660	28071	-	-	-	-	38091	1250
2010	4	337934	93692	65038	55923	30916	10341	25664	6185	655	-	-	-	41092	42549
2010	3	344988	97688	59576	19442	24950	8232	26446	29815	-	-	-	-	36606	-
2010	2	300452	89999	67289	19597	38132	10070	22698	77547	-	-	-	-	44692	-
2010	1	277345	88105	60651	13777	23014	13291	20354	34739	-	-	-	-	27643	-
2009	4	274190	-	61158	17061	11701	10691	23382	130293	375366	-	-	-	26910	-
2009	3	294369	-	50701	26636	22173	8173	22641	127993	418264	-	-	-	41935	-
2009	2	291044	-	49192	24155	22915	8325	23269	121519	335677	-	-	-	42144	-
2009	1	292772	-	44641	36304	14370	13585	21371	109022	277668	-	-	-	37228	-
2008	4	342582	-	47298	56794	22731	8747	23760	131221	237488	-	-	-	38283	-
2008	3	411944	-	42094	56788	45106	22288	23743	155292	257884	-	-	-	36177	-
2008	2	326455	-	45718	55456	41892	12589	20773	131856	240509	-	-	-	33412	-
2008	1	346192	-	42423	16766	36180	21456	19177	120509	237577	-	-	-	31392	-
2007	4	296861	-	37105	50760	29001	39269	24869	105364	247650	4	14685	4	34679	-
2007	3	266974	-	35415	22472	31447	20873	22680	106057	270267	-	15505	-	31265	-
2007	2	245065	-	40886	11855	31170	18917	18151	89457	286514	70140	21724	767870	92869	-
2007	1	233759	-	36923	10213	31831	9350	16496	82986	285380	181021	31481	2356679	201879	-
2006	4	237776	-	33992	27726	25495	19617	17017	87313	244744	212821	31871	2541647	236857	-

Financial Quarter Segments Profit

year	qrt	Grains, trading, flour and feed milling	Marketing, distribution and manufacturing of consumer products	Film exhibition and distribution	Environmental engineering, waste management and utilities	Chemicals trading and manufacturing	Property investment & development	Livestock farming	Others	Sugar refining, trading and cane plantation	Oil palm plantations	Packaging	Edible oils refining and trading	Elimination/Adjustment	Investment in Equity
2012	1	43583	4326	8243	925	100	5905	6324	3114	-	-	-	-	386	1941
2011	4	28987	3621	6855	2597	319	2791	2560	5842	-	-	-	-	404	1081
2011	3	45030	6861	9186	1231	251	4668	5930	5664	-	-	-	-	890	3961
2011	2	21350	4029	11460	4961	1076	3413	3152	1434	-	-	-	-	16	21101
2011	1	39632	4892	9926	996	160	4697	1029	963	-	-	-	-	198	5605
2010	4	52717	3235	10616	3590	287	24296	3040	83852	2514	-	-	-	7800	58961
2010	3	43794	5621	9691	1622	726	3656	5066	26142	-	-	-	-	506	-
2010	2	26124	2879	12167	429	250	4176	1239	74147	-	-	-	-	12	-
2010	1	32275	4309	11493	161	233	5925	1350	18316	-	-	-	-	581	-
2009	4	28981	-	9197	2123	709	2879	1752	5132	65051	-	-	-	622	-
2009	3	44560	-	7015	1687	286	1155	1940	5009	134521	-	-	-	797	-
2009	2	15007	-	7060	377	2470	3453	814	11712	67889	-	-	-	523	-
2009	1	4662	-	5233	206	170	4999	1003	379	14781	-	-	-	522	-
2008	4	29339	-	6385	1466	6091	2154	1349	11168	23407	-	-	-	954	-
2008	3	94820	-	5684	2140	3079	6875	246	16957	63208	-	-	-	346	-
2008	2	35852	-	6985	1526	4028	4432	2570	12290	30007	-	-	-	143	-
2008	1	66126	-	5371	496	2632	7043	2065	17765	40295	-	-	-	414	-
2007	4	56885	-	3797	3258	666	9791	3894	32650	32467	42528	535	-	1577	-
2007	3	21352	-	5567	658	2515	5875	3401	15916	29772	-	598	-	210	-
2007	2	17542	-	7085	298	2536	4984	334	1649	39259	28494	3375	2162	245	-
2007	1	30287	-	6122	278	807	2548	253	1981	30344	76772	2389	19875	175	-
2006	4	31704	-	6121	776	385	4562	1109	2253	15197	71011	2804	30218	993	-

Financial Quarter Segments Associate

year	qrt	Grains, trading, flour and feed milling	Film exhibition and distribution	Environmental engineering, waste management and utilities	Chemicals trading and manufacturing	Property investment & development	Others	Sugar refining, trading and cane plantation	Oil palm plantations	Edible oils refining and trading
2012	1	1883	163	1451	-	1931	140941	-	-	-
2011	4	4129	124	2703	-	881	177005	-	-	-
2011	3	4317	219	1465	-	1268	179059	-	-	-
2011	2	3769	346	1382	-	1726	216627	-	-	-
2011	1	3934	216	1470	-	746	217798	-	-	-
2010	4	4721	271	882	-	5	79369	-	-	-
2010	3	3558	301	824	-	1439	219436	-	-	-
2010	2	3241	342	1150	-	929	204381	-	-	-
2010	1	3332	420	1139	-	620	248132	-	-	-
2009	4	1881	359	1109	-	580	250844	3323	-	-
2009	3	800	329	1368	-	13417	424849	1572	-	-
2009	2	830	308	2084	-	6434	263761	3383	-	-
2009	1	981	220	1544	-	808	257737	1833	-	-
2008	4	1717	252	2358	-	1046	383122	424	-	-
2008	3	1951	278	1686	-	768	47647	1005	-	-
2008	2	3580	302	1348	-	2093	213312	1075	-	-
2008	1	3807	312	2088	-	1342	268058	2096	-	-
2007	4	2918	321	1749	-	1732	81180	373	-	-
2007	3	2433	309	1396	-	856	134781	917	-	-
2007	2	2197	320	929	-	3453	10006	725	-	22460
2007	1	2496	378	1277	-	847	829	1347	240	78285
2006	4	1966	268	606	324	729	6411	343	136	42770

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

KLCI Stock - PPB / 4065 - 2011 Quarter 4

PPB GROUP BERHAD


My notes based on 2011 quarter 4 report (number in '000):-
- Higher revenue from grains trading, flour and feed milling segment mainly due to the larger scale in grains trading but lower pbt due to lower margins as a result of higher raw material costs. Higher wheat costs coupled with intense local competition had affected the financial performance of the Group's flourmills. The Indonesian flourmill registered lower results despite an increase in flour sales because of a foreign exchange translation loss

- Lower revenue from marketing, distribution and manufacturing of consumer products segment than FY10Q4 due to marginally lower but higher pbt was due to better profit margins

- Higher revenue from film exhibition and distribution segment due to higher cinema collections but lower pbt due to higher film rental rates and staff costs for the cinema operations, film acquisition costs and one-off corporate expenditures

- Lower revenue and pbt from environmental engineering, waste management and utilities segment than FY10Q4 mainly due to accelerated progress in the stages of completion in several environmental engineering projects during the previous period, where revenue had been progressively recognised. In 4Q2011, such projects have mostly been completed or were near completion

- Lower revenue and pbt from property investment and development segment due to lower property sales as there were no new projects launched and got a gain on disposal of investment properties of RM22 million in FY2010

- Higher revenue from livestock farming segment than FY10Q4 due to better day-old chicks prices

- Loss from investments in equities mainly due to a fair value adjustments

- Lower profits from the shipping division as a result of lower charter hire rates and loss of profit contribution from the disposed engineering services subsidiary

- Estimate next 4Q eps after 2011 Q4 result announced = 14565126*0.062/1185500 = 0.7617, estimate PE on current price 17.28 = 22.38(DPS 0.23)
- Estimate next 4Q eps after 2011 Q3 result announced = 0.1935*4 = 0.774, estimate highest/lowest PE = 23/20.28 (DPS 0.18)
- Estimate next 4Q eps after 2011 Q2 result announced = 0.2332*4*0.95 = 0.8862, estimate highest/lowest PE = 19.27/16.79 (DPS 0.28)
- Estimate next 4Q eps after 2011 Q1 result announced = 0.2237*4*0.95 = 0.8501, estimate highest/lowest PE = 20.88/18.88 (DPS 0.25)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.2429*4*1.05 = 1.0202, estimate highest/lowest PE = 18.25/15.57 (DPS 0.18)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.268*4*1.1 = 1.1792, estimate highest/lowest PE = 14.73/12.56 (DPS 0.23)
- Estimate next 4Q eps after 2010 Q1 result announced = 1.2268+0.0127 = 1.2395 (adjustment from 0.242-0.2293, 0.242 represent eps excluded disposal of assets), estimate highest/lowest PE = 13.61/11.54 (DPS 0.73)
- Estimate next 4Q eps after 2009 Q4 result announced = 1.2268 (10% drop from 1.3631), estimate highest/lowest PE = 14.4/12.48 (DPS 0.73)
- Estimate next 4Q eps after 2009 Q3 result announced = 1.2357, estimate highest/lowest PE = 13.15/11.79 (DPS 0.73)
- Estimate next 4Q eps after 2009 Q2 result announced = 1.2152, estimate highest/lowest PE = 13.13/12.22 (DPS 0.23)
- Estimate next 4Q eps after 2009 Q1 result announced = 1.0309, estimate highest/lowest PE = 14.7/9.96 (DPS 0.23)

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KLCI Stock - PPB / 4065 - 2011 Quarter 3

Company Info

Market Capital (Capital Size)	20,343,177,975 (Very Large)
Par Value	RM 1.00

My Analysis

Forecast P/E now	(17.16-0.28)/0.774 = 21.81 (High)
Target Price	13.93+0.28 = 14.21 (PE 18.0, EPS 0.774, DPS 0.28)
Decision	Not interested unless stock price below SMA20 a lot (BUY for short term)
Comment	Revenue increased 5% and was second consecutive quarter increasing and also higher than preceding year corresponding quarter 23.6%, eps decreased 17% and also lower than preceding year corresponding quarter 20.3%, no cash generated from operating but cash generated from financing and investing is more than enough to cover all expenses, weaker liquidity ratio from strong to high level now, slightly higher gearing ratio at very low level now, all accounting ratio are good, higher inventory can indicate demand of Group products still good
First Support Price	16.7
Second Support Price	16.0
Risk Rating	MODERATE

Research House

HwangDBS Target Price	15 (2011-03-04)
AMMB Target Price	17.45 (2011-11-23)
WILSON & YORK Target Price	19.08 (2011-11-23)

Accounting Ratio

Return on Equity	6.48%
Dividend Yield	1.63%
Profit Margin	35.53%
Tax Rate	5.00%
Asset Turnover	0.1714
Net Asset Value Per Share	11.79
Net Tangible Asset per share	11.73
Price/Net Tangible Asset Per Share	1.37
Cash Per Share	0.92
Liquidity Current Ratio	3.9554
Liquidity Quick Ratio	2.9498
Liquidity Cash Ratio	1.9769
Gearing Debt to Equity Ratio	0.0466
Gearing Debt to Asset Ratio	0.0432
Working capital per thousand Ringgit sale	62.9%
Days to sell the inventory	85
Days to collect the receivables	66
Days to pay the payables	49

Technical Analysis

SMA 20	16.639 (Uptrend 10 days)
SMA 50	16.602 (Uptrend)
SMA 100	16.584 (Uptrend)
SMA 200	16.736 (Uptrend)
MACD	0.106236 (Uptrend 12 days)
MACD Histogram	0.105339 (Uptrend 10 days)

My notes based on 2011 quarter 3 report (number in '000):-
- Higher revenue due mainly to higher flour revenue and an increase in grains trading volume recorded by the grains trading, flour and feed milling division. The environmental engineering, film exhibition and distribution, chemicals trading and manufacturing, livestock farming as well as consumer product divisions also contributed higher revenue

- Lower pbt than FY10Q3 due to larger gain of RM94.3 million in property investment last year and the fair value loss of RM9.6 million in investments in equities this year as compared with a gain of RM18.2 million for the same period last year

- Lower pbt than FY11Q2 mainly due to lower contribution from Wilmar in the third quarter, despite better performance by the grains trading, flour and feed milling division

- Estimate next 4Q eps after 2011 Q3 result announced = 0.1935*4 = 0.774, estimate PE on current price 17.16 = 21.81(DPS 0.18)
- Estimate next 4Q eps after 2011 Q2 result announced = 0.2332*4*0.95 = 0.8862, estimate highest/lowest PE = 19.27/16.79 (DPS 0.28)
- Estimate next 4Q eps after 2011 Q1 result announced = 0.2237*4*0.95 = 0.8501, estimate highest/lowest PE = 20.88/18.88 (DPS 0.25)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.2429*4*1.05 = 1.0202, estimate highest/lowest PE = 18.25/15.57 (DPS 0.18)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.268*4*1.1 = 1.1792, estimate highest/lowest PE = 14.73/12.56 (DPS 0.23)
- Estimate next 4Q eps after 2010 Q1 result announced = 1.2268+0.0127 = 1.2395 (adjustment from 0.242-0.2293, 0.242 represent eps excluded disposal of assets), estimate highest/lowest PE = 13.61/11.54 (DPS 0.73)
- Estimate next 4Q eps after 2009 Q4 result announced = 1.2268 (10% drop from 1.3631), estimate highest/lowest PE = 14.4/12.48 (DPS 0.73)
- Estimate next 4Q eps after 2009 Q3 result announced = 1.2357, estimate highest/lowest PE = 13.15/11.79 (DPS 0.73)
- Estimate next 4Q eps after 2009 Q2 result announced = 1.2152, estimate highest/lowest PE = 13.13/12.22 (DPS 0.23)
- Estimate next 4Q eps after 2009 Q1 result announced = 1.0309, estimate highest/lowest PE = 14.7/9.96 (DPS 0.23)

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KLCI Stock - PPB / 4065 - 2011 Quarter 2

Company Info

Market Capital (Capital Size)	19,039,128,104 (Very Large)
Par Value	RM 1.00

My Analysis

Forecast P/E now	(16.06-0.28)/0.8862 = 17.81 (Moderate)
Target Price	15.95+0.28 = 16.23 (PE 18.0, EPS 0.8862, DPS 0.28)
Decision	Not interested unless stock price sustain above 16.6
Comment	Revenue increased 16.6% and also higher than preceding year corresponding quarter 16.4%, eps increased 4.2% and was second consecutive quarter increasing but lower than preceding year corresponding quarter 13%, no cash generated from operating after capital changes but cash generated from financing and investing is more than enough to cover all expenses, weaker liquidity ratio but still at strong level now, slightly higher gearing ratio at very low level now, all accounting ratio are good, affecting by high wheat price
First Support Price	15.8
Second Support Price	15.2
Risk Rating	MODERATE

Research House

HwangDBS Target Price	15 (2011-03-04)
AMMB Target Price	19.35 (2011-07-06)
WILSON & YORK Target Price	20.28 (2011-08-29)

Accounting Ratio

Return on Equity	7.18%
Dividend Yield	1.74%
Profit Margin	43.57%
Tax Rate	2.47%
Asset Turnover	0.1696
Net Asset Value Per Share	11.41
Net Tangible Asset per share	11.35
Price/Net Tangible Asset Per Share	1.52
Cash Per Share	0.86
Liquidity Current Ratio	5.6677
Liquidity Quick Ratio	4.3247
Liquidity Cash Ratio	2.915
Gearing Debt to Equity Ratio	0.0339
Gearing Debt to Asset Ratio	0.0318
Working capital per thousand Ringgit sale	66.5%
Days to sell the inventory	77
Days to collect the receivables	70
Days to pay the payables	48

My notes based on 2011 quarter 2 report (number in '000):-
- Higher revenue was due mainly to higher revenue from most divisions

- The grains trading, flour and feed milling division contributed higher profits due to higher sales whilst livestock farming registered a profit compared with a loss previously

- However, there was a one-off gain of RM22.3 million from sale of investment property in 2010, and a lower profit was registered in the investments in equities due to a fair value loss in the current period. Wilmar International Limited, an associate of the Group, contributed RM432 million for the period under review which was marginally lower than RM452 million last year

- Higher pbt mainly higher dividend income from quoted investments but offset by lower profits due to lower margins from grains trading, flour and feed milling division

- Estimate next 4Q eps after 2011 Q2 result announced = 0.2332*4*0.95 = 0.8862, estimate PE on current price 16.06 = 17.81(DPS 0.18)
- Estimate next 4Q eps after 2011 Q1 result announced = 0.2237*4*0.95 = 0.8501, estimate highest/lowest PE = 20.88/18.88 (DPS 0.25)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.2429*4*1.05 = 1.0202, estimate highest/lowest PE = 18.25/15.57 (DPS 0.18)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.268*4*1.1 = 1.1792, estimate highest/lowest PE = 14.73/12.56 (DPS 0.23)
- Estimate next 4Q eps after 2010 Q1 result announced = 1.2268+0.0127 = 1.2395 (adjustment from 0.242-0.2293, 0.242 represent eps excluded disposal of assets), estimate highest/lowest PE = 13.61/11.54 (DPS 0.73)
- Estimate next 4Q eps after 2009 Q4 result announced = 1.2268 (10% drop from 1.3631), estimate highest/lowest PE = 14.4/12.48 (DPS 0.73)
- Estimate next 4Q eps after 2009 Q3 result announced = 1.2357, estimate highest/lowest PE = 13.15/11.79 (DPS 0.73)
- Estimate next 4Q eps after 2009 Q2 result announced = 1.2152, estimate highest/lowest PE = 13.13/12.22 (DPS 0.23)
- Estimate next 4Q eps after 2009 Q1 result announced = 1.0309, estimate highest/lowest PE = 14.7/9.96 (DPS 0.23)

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KLCI Stock - PPB / 4065 - 2011 Quarter 1

Company Info

Market Capital (Capital Size)	20,864,797,923 (Very Large)
Par Value	RM 1.00

My Analysis

Forecast P/E now	(17.6-0.18)/0.8501 = 20.49 (High)
Target Price	13.60+0.18 = 13.78 (PE 16.0, EPS 0.8501, DPS 0.18)
Decision	Not interested unless revenue and profit increase more
Comment	Revenue decreased 5.7% but higher than preceding year corresponding quarter 15.1%, eps increased 73.7% but lower than preceding year corresponding quarter 7.6%, no cash generated from operating but cash generated from financing is more than enough to cover all expenses, stronger liquidity ratio at very strong level now, better gearing ratio at very low level now, all accounting periods are good, wheat price increasing, expanding flour business
First Support Price	16.4
Second Support Price	16.0
Risk Rating	MODERATE

Research House

HwangDBS Target Price	15 (2011-03-04)
WILSON & YORK Target Price	20.28 (2011-04-20)

Accounting Ratio

Return on Equity	7.42%
Dividend Yield	5.00%
Profit Margin	48.89%
Tax Rate	3.68%
Asset Turnover	0.1634
Net Asset Value Per Share	11.42
Net Tangible Asset per share	11.35
Price/Net Tangible Asset Per Share	1.53
Cash Per Share	0.99
Liquidity Current Ratio	6.3678
Liquidity Quick Ratio	4.9504
Liquidity Cash Ratio	3.6542
Gearing Debt to Equity Ratio	0.0315
Gearing Debt to Asset Ratio	0.0297
Working capital per thousand Ringgit sale	73.4%
Days to sell the inventory	79
Days to collect the receivables	62
Days to pay the payables	44

My notes based on 2011 quarter 1 report (number in '000):-
- Group revenue of RM580 million for the first quarter ended 31 March 2011 was 15% higher than the RM504 million for last year. The increase was due mainly to higher flour revenue and increased grains trading volume recorded by the grains trading, flour and feed milling divisions. The environmental engineering, chemicals trading and manufacturing division as well as the livestock farming division also contributed higher revenue for the quarter under review

- Group profit before tax declined by 6% to RM283 million compared with the corresponding period in 2010. The grains trading, flour and feed milling division contributed higher profits due to higher sales. Livestock farming registered a profit compared with a loss previously. However, profit contribution for the quarter from our associate Wilmar International Limited ("Wilmar") decreased by RM32 million due mainly to changes in fair value of embedded derivatives in convertible bonds

- Group profit before tax improved by 60% to RM283 million for the quarter under review compared with RM177 million in the preceding quarter. Although the grains trading, flour and feed milling division registered lower profits due to higher raw material costs, this was offset by a higher profit contribution from Wilmar

- Estimate next 4Q eps after 2011 Q1 result announced = 0.2237*4*0.95 = 0.8501, estimate PE on current price 17.6 = 20.49(DPS 0.18)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.2429*4*1.05 = 1.0202, estimate highest/lowest PE = 18.25/15.57 (DPS 0.18)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.268*4*1.1 = 1.1792, estimate highest/lowest PE = 14.73/12.56 (DPS 0.23)
- Estimate next 4Q eps after 2010 Q1 result announced = 1.2268+0.0127 = 1.2395 (adjustment from 0.242-0.2293, 0.242 represent eps excluded disposal of assets), estimate highest/lowest PE = 13.61/11.54 (DPS 0.73)
- Estimate next 4Q eps after 2009 Q4 result announced = 1.2268 (10% drop from 1.3631), estimate highest/lowest PE = 14.4/12.48 (DPS 0.73)
- Estimate next 4Q eps after 2009 Q3 result announced = 1.2357, estimate highest/lowest PE = 13.15/11.79 (DPS 0.73)
- Estimate next 4Q eps after 2009 Q2 result announced = 1.2152, estimate highest/lowest PE = 13.13/12.22 (DPS 0.23)
- Estimate next 4Q eps after 2009 Q1 result announced = 1.0309, estimate highest/lowest PE = 14.7/9.96 (DPS 0.23)

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