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PP16832/04/2011 (029339)
Dec-09
Mar-09
Jun-09
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Jun-10
Sep-10
Revenue 2,455.1 2,972.6 3,144.6 3,015.2 Fixed Assets 300.7 313.9 325.8 336.3
EBITDA 249.1 323.6 386.8 463.2 Other LT Assets 2,047.0 2,220.3 2,407.7 2,590.0
Depreciation & Amortisation (18.2) (19.6) (21.2) (22.9) Cash/ST Investments 1,165.6 1,157.5 1,214.2 1,335.6
Operating Profit 231.0 303.9 365.6 440.3 Other Current Assets 3,037.6 3,415.0 3,561.3 3,499.7
Associates 154.0 176.1 190.5 185.6 Total Assets 6,550.9 7,106.7 7,509.0 7,761.5
Interest (Exp)/Inc (14.9) (18.6) (22.2) (26.0)
Exceptional Items 0.0 0.0 0.0 0.0 ST Debt 511.3 536.8 563.7 591.9
Pretax Profit 370.0 461.5 533.8 600.0 Other Current Liabilities 1,418.9 1,706.0 1,783.0 1,664.2
Tax (80.5) (99.9) (120.2) (145.0) LT Debt 1,278.7 1,342.7 1,409.8 1,480.3
Minority Interest (8.8) (6.9) (8.0) (8.8) Other LT Liabilities 34.2 34.2 34.2 34.2
Net Profit 280.7 354.7 405.7 446.2 Minority Interest 50.2 57.1 65.1 73.9
Recurring Net Profit 280.7 354.7 405.7 446.2 Shareholders' Equity 3,257.5 3,429.9 3,653.2 3,917.1
Total Liabilities+Capital 6,550.9 7,106.7 7,509.0 7,761.5
Revenue Growth % (10.0) 21.1 5.8 (4.1)
EBITDA Growth (%) 41.5 29.9 19.5 19.8 Share Capital (m) 2,025.9 2,025.9 2,025.9 2,025.9
EBIT Growth (%) 45.1 31.6 20.3 20.5 Net Debt 624.5 722.0 759.3 736.6
Net Profit Growth (%) 44.9 26.4 14.4 10.0 Working Capital 1,626.6 1,718.1 1,789.3 1,848.8
Recurring Net Profit Growth (%) 44.9 26.4 14.4 10.0 Gross Gearing % 54.9 54.8 54.0 52.9
Tax Rate % 21.8 21.6 22.5 24.2
Profit after taxation 370.0 461.5 533.8 600.0 EBITDA Margin (%) 10.1 10.9 12.3 15.4
Depreciation 18.2 19.6 21.2 22.9 Op. Profit Margin (%) 9.4 10.2 11.6 14.6
Net interest receipts/(payments) 14.9 18.6 22.2 26.0 Net Profit Margin (%) 11.4 11.9 12.9 14.8
Working capital change (585.9) (91.4) (71.3) (59.5) ROE (%) 8.7 10.6 11.5 11.8
Cash tax paid (80.5) (99.9) (120.2) (145.0) ROA (%) 4.5 5.2 5.6 5.8
Others (167.0) (176.0) (558.0) (557.0) Net Margin Ex. El % 11.4 11.9 12.9 14.8
Cash flow from operations (430.3) 132.3 (172.2) (112.6) Dividend Cover (x) 1.2 1.5 1.7 1.8
Capex 48.2 (30.0) (30.0) (30.0) Interest Cover (x) 5.3 6.6 7.6 8.7
Disposal/(purchase) 0.0 0.0 0.0 1.0 Asset Turnover (x) 0.4 0.4 0.4 0.4
Others 0.0 0.0 0.0 0.0 Asset/Debt (x) 3.7 3.8 3.8 3.7
Cash flow from investing 48.2 (30.0) (30.0) (29.0) Debtors Turn (days) 217.4 217.4 217.4 217.4
Debt raised/(repaid) 251.3 89.5 463.6 468.3 Creditors Turn (days) 190.2 190.2 190.2 190.2
Equity raised/(repaid) 0.0 0.0 0.0 1.0 Inventory Turn (days) 27.7 30.0 30.0 30.0
Dividends (paid) (182.3) (182.3) (182.3) (182.3) Net Gearing % 19.2 21.1 20.8 18.8
Others 0.0 0.0 0.0 1.0 Debt/ EBITDA (x) 7.2 5.8 5.1 4.5
Cash flow from financing 69.0 (92.8) 281.2 287.9 Debt/ Market Cap (x) 0.2 0.2 0.2 0.2
Change in cash (313.1) 9.5 79.0 146.3 EV/EBITDA (x) 33.5 25.8 21.6 18.0
Definition of Ratings
Maybank Investment Bank Research uses the following rating system:
BUY Total return is expected to be above 10% in the next 12 months
HOLD Total return is expected to be between -5% to 10% in the next 12 months
SELL Total return is expected to be below -5% in the next 12 months
Applicability of Ratings
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only applicable to the stocks which form part of the coverage universe. Reports on companies which are not part of the coverage do not
carry investment ratings as we do not actively follow developments in these companies.
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