Nestle Malaysia

The income statement data places Nestlé Malaysia in a cyclical recovery phase, rebounding from the earnings trough of 2024 as volume trends improve and input cost pressures moderate. 

Nestlé (Malaysia) Berhad is a Malaysian food and beverage manufacturer, majority-owned by Nestlé S.A., headquartered in Petaling Jaya. The company's extensive product portfolio covers virtually every category in the modern grocery aisle: instant coffee (Nescafé), instant noodles and culinary products (Maggi), powdered malted beverages (Milo), confectionery (Kit Kat), ice cream (Drumstick, La Cremeria), dairy and powdered milk (Nespray, Nestum), cereals (Koko Krunch, Honey Stars), ready-to-drink beverages, and nutrition products including infant and toddler formulas (Cerelac, Lactogrow). Nestlé Malaysia operates in two primary segments: Food & Beverages is the dominant revenue driver, while the Others segment encompasses Nutrition, Nestlé Professional (foodservice), Nestlé Health Science, and Nespresso. Geographically, Malaysia remains the core market (approximately RM4.8 billion in 2024), complemented by a significant export business of around RM1.4 billion, reflecting the company's role as Nestlé Group's largest halal manufacturing hub.

Over the five-year period from 2021 to 2025, revenue exhibited a pronounced cyclical trajectory. Following a period of strong growth—+16% in 2022 and +6% in 2023—the company experienced a sharp reversal in 2024, with sales declining 12% to RM6.23 billion. This contraction was largely attributed to weak consumer sentiment and inflationary pressures weighing on household purchasing power. However, 2025 marked a clear recovery, with revenue rebounding to RM6.88 billion, representing +11% year-on-year growth, driven by firm domestic demand, double-digit export growth, and the fading impact of earlier consumer boycotts on certain Western brands. Gross profit margin remained relatively stable in the 30% range, but operating leverage worked against the company during downturns. EBIT margin compressed sharply from 15.2% in 2023 to 11.3% in 2024, reflecting the combined impact of lower revenue and relatively fixed operating costs. The rebound in 2025 saw EBIT recover to RM796 million (margin ~11.6%), but this still trails 2023 levels. Net income trajectory is particularly stark: after peaking at RM660 million in 2023, net profit collapsed 37% to RM416 million in 2024, before recovering 23% to RM513 million in 2025, translating to EPS recovering from RM1.77 to RM2.19 over the same period.

Cost of Goods Sold including D&A tracked closely with revenue, ranging from 70% to 73% of sales over the period. COGS fell to RM4.34 billion in 2024 in line with lower sales, then rose to RM4.79 billion in 2025 as volumes recovered. Notably, COGS growth generally mirrored revenue growth, suggesting that cost pass-through remains a key mechanism for managing margin integrity, though timing lags can create interim margin pressure when raw material costs spike. SG&A expense has been on a steady upward trajectory, rising from RM1.09 billion in 2021 to RM1.29 billion in 2025. The 9.3% growth in SG&A in 2025—proportionally less than revenue growth—demonstrated some operating leverage benefit during the recovery. Interest expense rose modestly over the period, from RM36 million in 2021 to RM61 million in 2025. The effective tax rate varied between 21% and 26%, with 2024's rate of 23.7% and 2025's rate of 26.7% both having meaningful impacts on net income conversion.

The quarterly progression within 2025 reveals the shape of the recovery. Q1 2025 revenue was RM1,768 million with net income of RM161 million (EPS RM0.69). Q2 2025 saw revenue decline 5.7% to RM1,668 million and net income fall to RM112 million (EPS RM0.48). Q3 2025 revenue rebounded 5.6% to RM1,762 million with net income of RM114 million (EPS RM0.49). Q4 2025 revenue was RM1,682 million, down 4.6%, but net income improved to RM126 million (EPS RM0.54). Q1 2026 then registered a significant acceleration, with revenue jumping to RM1,880 million (+11.8% year-on-year) and net income surging 63% to RM205 million (EPS RM0.87), suggesting that recovery momentum continued to build into the new fiscal year. One notable quarterly feature is EBITDA volatility: Q1 2025 EBITDA of RM296 million fell to RM231 million in Q2, rebounded to RM261 million in Q3, contracted again to RM210 million in Q4, then surged to RM314 million in Q1 2026. This unevenness reflects both underlying demand fluctuations and the timing of promotional and distribution activities.

Looking ahead, analyst consensus points toward a continued recovery trajectory. Nestlé Malaysia is forecast to grow earnings and revenue by approximately 7–8% per annum over the next several years. Management expects growth momentum to remain firm into FY2026, supported by sustained export strength, easing input costs, and continued fiscal support for consumers (including SARA cash aid payments and tourism-related spending ahead of Visit Malaysia 2026). Key tailwinds include stabilising commodity costs—cocoa prices have eased from their peaks, while a stronger Malaysian ringgit helps offset imported raw material cost pressures. However, coffee bean prices remain volatile and well above historical averages, posing a persistent risk to margin recovery. Risks to this outlook include structurally higher input costs for key commodities (particularly coffee), potential consumer downtrading if inflation remains elevated, and the possibility that current valuations may already have priced in much of the anticipated recovery. The company's shares trade at a substantial premium to historical averages, with a price-to-earnings ratio of approximately 38x normalized earnings.

In conclusion, Nestlé Malaysia has navigated a challenging period of consumer spending weakness and boycott-related headwinds, emerging with a clear recovery trajectory evidenced by improving quarterly results through 2025 and into early 2026. The company's entrenched brand portfolio, dominant market positions across multiple categories, and role as Nestlé's global halal manufacturing hub provide structural advantages, though margins remain below peak 2023 levels and input cost volatility continues to warrant careful monitoring.

Nestle (Malaysia) Berhad Q3 2025 Quarterly Report

 

Annoucement Date: 28 Oct 2025

NESTLE (MALAYSIA) BERHAD (4707)
Q3 2025	QUARTERLY REPORT FOR THE QUARTER ENDED 30 SEP 2025

https://www.malaysiastock.biz/GetReport.aspx?file=2025/10/28/4707%20-%201322393504828.pdf&name=09KLSEreporting2025%20-%20Final.pdf

Discussion and Commentary

The interim report for Nestlé (Malaysia) Berhad reflects a robust financial performance driven by strong top-line growth and effective operational efficiency.

1. Strong Operational and Sales Momentum

• Revenue Drivers: The 9.4% increase in revenue for the nine months was attributed to growth in both domestic demand and a double-digit expansion in export sales. This highlights the sustained consumer trust in its brands and the successful positioning of the Group as a major Halal manufacturing and innovation hub.

• Profitability Management: Despite potential headwinds, the operating profit and PBT grew at a similar pace to revenue (9.4% and 10.4%, respectively). Management noted this was achieved through topline improvement, disciplined cost management, and operational efficiency.

• Segment Performance: The core Food & Beverages segment, which accounts for 80% of total sales, and the "Others" segment both contributed positively to the growth.

2. Excellent Cash Management and Debt Reduction

• Working Capital Efficiency: The most significant improvement is the massive swing in the Movement in working capital from a negative cash outflow in 2024 to a large cash inflow in 2025. This is crucial, as it shows the Group is efficiently converting sales into cash, leading to a 147.8% increase in Net Cash from Operating Activities.

• Liquidity and Deleveraging: The strong operating cash flow allowed the Group to execute a major deleveraging strategy, resulting in a substantial net repayment of RM280 million in borrowings. This reduced the current loans and borrowings by 64.5% since the beginning of the year, strengthening the balance sheet and reducing financial risk.

3. Increased Shareholder Value

• Dividends: In line with the commitment to shareholder value, the Board declared a higher second interim dividend of 60 sen per share (2024: 35 sen per share). The total proposed/declared dividend for the 9-month period is 130.00 sen per share (2024: 105.00 sen).

• Equity Strength: The significant increase in retained earnings, despite the high dividend payout, confirms the sustainability of the Group's profit generation.

4. Future Outlook and Risk

• Prospects: The Group reconfirms its guidance and remains committed to delivering sustainable value through innovation, operational excellence, and consumer-centric strategies.

• Tax Rate: A point for monitoring is the higher effective tax rate (28.2% for 9M 2025, compared to the 24.0% statutory rate), mainly due to an underprovision for prior year tax expenses.

• Material Litigation: The Group is involved in a material litigation case (Nestlé Products Sdn. Bhd. vs. Mad Labs Sdn. Bhd.) with significant claims and counterclaims. While damages are still being assessed and the company's solicitors are optimistic about their appeal, the outcome remains a financial contingency. The Board currently believes no provision is necessary

"Very low-growth firms often have high PEs" seems counterintuitive at first, but it can be true under specific conditions.

The statement that "very low-growth firms often have high PEs" seems counterintuitive at first, but it can be true under specific conditions. Let's break down the mechanics and rationale behind this phenomenon.

The Core Principle: The P/E Ratio is a Function of Multiple Factors

The standard Gordon Growth Model (a simplified dividend discount model) helps explain this:
P = D / (r - g)
Where:

• P = Price

• D = Dividend

• r = Required Rate of Return (discount rate)

• g = Perpetual Growth Rate

Since Earnings (E) and Dividends (D) are linked by the payout ratio (p), we can reframe this for the P/E ratio:
P/E = p / (r - g)

This shows that the P/E ratio is inversely related to the spread between the discount rate (r) and the growth rate (g). A high P/E can result not only from high *g*, but also from a very low (r - g) spread.

---

Why Low-Growth Firms Can Command High P/E Multiples

1. The "Stable Cash Flow" or "Bond Proxy" Effect

   • Low Risk (Low 'r'): Very low-growth firms are often mature, defensive businesses in non-cyclical industries (e.g., utilities, consumer staples, certain REITs). They have predictable, non-discretionary demand.

   • Implied Discount Rate: Because their cash flows are stable and less risky, the market assigns them a lower discount rate (r). In the formula P/E = p / (r - g), if r is very low, the denominator (r - g) remains small even if g is low, supporting a higher P/E.

   • Analogy: These stocks are treated like long-duration bonds. When interest rates fall, the value of stable, long-duration cash flows rises. A high P/E in this context reflects a low equity risk premium.

2. High and Sustainable Dividend Yield (The "Income Stock")

   • Payout Ratio (p): These firms typically have limited reinvestment opportunities (low growth). Therefore, they return a large portion of earnings to shareholders as dividends, resulting in a high payout ratio (p). In our formula, a high p directly increases the justified P/E.

   • Yield Support: Investors bid up the price to capture the attractive, reliable dividend yield. This price appreciation pushes the P/E higher. The high P/E is not a bet on future earnings growth but a reflection of current income attractiveness in a low-interest-rate environment. If the dividend yield is 5% and 10-year bonds yield 3%, the stock becomes compelling despite no growth.

3. The "Maturity" and "Fade" Assumption

   • For a high-growth firm, a high P/E embeds expectations of sustained high growth. Any stumble in growth (a "growth scare") leads to a severe P/E contraction (derating).

   • For a 0-2% growth utility, there is no growth to disappoint. The market already assumes perpetual low growth. The risk of a negative growth surprise is minimal, so the multiple is less volatile and can sustain at a higher level than the simplistic "growth vs. P/E" heuristic would suggest.

4. Accounting and Cyclicality Factors

   • Low Point in the Cycle: Sometimes, a firm's trailing earnings (the 'E' in P/E) are temporarily depressed due to a cyclical trough or a one-time charge. If the market prices the company based on normalized future earnings, the trailing P/E will appear artificially high, even though the business is stable. This is a "P/E illusion."

   • Asset-Intensive Businesses: Some low-growth firms (e.g., industrial, telecom) have large depreciation charges that reduce accounting earnings (E) but do not impact cash flow. The Price-to-Cash-Flow multiple might be more normal, while the P/E looks high.

---

Important Caveats and Nuances

• This is not a universal rule. Many low-growth firms trade at low P/Es (e.g., legacy automotive, some banks). The high P/E scenario applies to a specific subset: low-growth plus low-risk plus high payout.

• Interest Rate Sensitivity: This phenomenon is most pronounced in low-interest-rate environments. When risk-free rates (like the 10-year Treasury yield) are low, the relative appeal of these "bond proxies" is high, inflating their P/Es. When interest rates rise sharply, these stocks are often the hardest hit because their low (r - g) spread widens, causing their justified P/E to contract dramatically. 2022 was a perfect example of this.

• The Growth Trap: A firm with a 5% growth rate but high volatility and risk might trade at a lower P/E than a firm with 2% growth but extreme stability. Risk (r) is just as important as growth (g).

Real-World Examples (Hypothetical & Historical)

1. Utility Company (XLU): Grows at ~2-3% per year. Often trades at a P/E of 18-22x, higher than the market average, because its earnings are government-regulated, demand is inelastic, and it pays a ~4% dividend. It's a classic "widows-and-orphans" stock.

2. Consumer Staples (KO, PG): Historically traded at premium P/Es (25x+) despite low growth, due to global brand stability, pricing power, and reliable dividends.

3. Tobacco (PM, MO): A stark example. Facing long-term volume decline (negative growth), these companies often traded at high P/Es because they generated enormous, predictable cash flows and paid very high dividends, making them attractive income vehicles.

Conclusion

Your statement is astute. A high P/E on a low-growth firm is not a paradox but a signal that the market is valuing the firm primarily for the quality and safety of its cash flows and its income distribution, not for growth. It reflects a low discount rate (r) and a high payout ratio (p), rather than a high growth rate (g).

Key takeaway: The P/E ratio alone is meaningless. It must be interpreted through the lens of growth expectations, risk profile, dividend policy, and the prevailing interest rate environment. A high P/E on a low-growth stock is often a sign of a low-risk "bond-like" equity, not an overvaluation error by the market.

Valuing Nestle Malaysia like an equity bond of Warren Buffett

Very low-growth firms (<5%) often have high PEs due to stable cash flows or dividend yields.

Let's look at Nestle.  It has very stable cash flows and also dividend yields.  We can value it like an equity bond of Buffett.

Its PBT profit in FY 2024 was RM 2.36 per share
Today, its share price is RM 114.10 per share
Its business is projected to grow at a slow pace of 2.4% per year.

The share price is the bond, the PBT is the bond interest payment. 

Thus, at RM 114.10 per share, the equity bond of Nestle is paying a bond yield of  = RM 2.36/ RM 114.10 = 2.07%.

FD fixed interest rate (risk free) today is 3.5% to 4%.

=====

The price of Nestle went down to its lowest in March 2025 at RM 64.

At RM 64, this equity bond (Nestle) was paying a Bond Yield of RM 2.36/RM64 = 3.93%.

=====

Lesson: 

When you buy a great company with a great margin of safety, the lower the price you pay, the higher the potential returns. 

Always invert. Always invest. Be greedy when others are fearful. Be fearful when others are greedy. Shut out the noise. Focus on the business, the numbers and think independently.

NESTLE MALAYSIA at a glance

 

NESTLE at a glance

 

Nestle Malaysia

 Revenue, PBT, EPS and share price.

Nestle

 

Nestle’s FY18 earnings to grow at steady pace

Nestle’s FY18 earnings to grow at steady pace
February 26, 2018, Monday


KUCHING: Nestle (Malaysia) Bhd’s (Nestle) financial year 2018 (FY18) earnings are projected to grow at a steady pace, while analysts are optimistic on the group’s short to medium term outlook.

Following Nestle’s fourth quarter of 2017 (4Q17) results’ briefing, the research arm of MIDF Amanah Investment Bank Bhd (MIDF Research) expected a higher revenue growth for FY18 driven by a more aggressive advertising and promotional (A&P) expenses.

“Due to the recent stabilising commodity prices and strengthening ringgit, more spending is expected to be channelled to A&P activities to boost customer purchase,” it said.

MIDF Research also expected that the A&P expenses for FY18 will be significantly higher than FY17. As per Nestle’s filing on Bursa Malaysia, the group recorded a profit after tax and minority interest of RM645.8 million for the 12 months ended December 31, 2017.

“In addition, effective tax rate is expected to be sustained at 21 per cent going forward as most tax incentives such as the Halal tax incentives had been fully claimed.”

All in, the research arm expected that earnings will remain at a steady state of growth in FY18.

Meanwhile, the research arm of Kenanga Investment Bank Bhd (Kenanga Research) highlighted that the brand equity for the Nestle product portfolio continues to be the largest asset for the group.

“This is demonstrated by the group’s ability to register sales growth despite bleak consumer sentiment indicators,” it said.

With the turnaround potentially insight, Kenanga Research believed Nestle would be well positioned to enjoy a head start in growth trajectory ahead of their competitors, especially as a market leader in food and beverage (F&B) products.

The research arm also believed that investors may have already bought into the stock in anticipation of the better outlook ahead.

However, with the surge in buying interest in the stock, dividend yields are currently less attractive at 2.4 per cent and 2.9 per cent for FY18 and FY19, respectively. This was down from circa three per cent previously.


http://www.theborneopost.com/2018/02/26/nestles-fy18-earnings-to-grow-at-steady-pace/

MSCI GLOBAL SMALL CAP and GLOBAL STANDARD INDEXES November 30, 2017.

• MSCI Small Cap Indexes List of Additions/Deletions

MSCI MALAYSIA INDEX

Additions
ECO WORLD INTERNATIONAL
GEORGE KENT
HENGYUAN REFINING CO
PETRON MALAYSIA


 Deletions
 CB INDUSTRIAL PRODUCT
JAYA TIASA HOLDINGS
JCY INTERNATIONAL
MEDIA PRIMA
PRESTARIANG
TROPICANA CORPORATION
TUNE PROTECT GROUP

https://www.msci.com/eqb/gimi/smallcap/MSCI_Nov17_SCPublicList.pdf

• MSCI Global Standard Indexes List of Additions/Deletions

MSCI MALAYSIA INDEX

Additions
NESTLE (MALAYSIA)
PRESS METAL ALUMINIUM
SP SETIA

Deletions
None

https://www.msci.com/eqb/gimi/stdindex/MSCI_Nov17_STPublicList.pdf

https://www.msci.com/index-review

Nestle Malaysia 21.8.2017

Nestle
21.8.2017

INCOME STATEMENT
Millions
Year …. T4Q
Revenues …. 5,168
PBT …. 770
PAT …. 620
EPS (RM) …. 2.6445
No of shr (m) …. 235.0

PBT Marg …. 14.90%
NP Marg …. 12.00%


--------------------------


Nestle
21.8.2017

INCOME STATEMENT
Millions
Year …. 2016 …. 2015 …. 2014 …. 2013 …. 2012
Revenues …. 5,064 …. 4,838 …. 4,809 …. 4,788 …. 4,556
GrProf …. 1,997 …. 1,865 …. 1,700 …. 1,698 …. 1,553
EBIT …. 807 …. 795 …. 727 …. 737 …. 652
Int Exp …. 34 …. 34 …. 26 …. 22 …. 20
PBT …. 766 …. 727 …. 701 …. 719 …. 638
Tax …. 129 …. 137 …. 151 …. 157 …. 132
PAT …. 637 …. 591 …. 550 …. 562 …. 505
EPS (Dil) …. 2.72 …. 2.52 …. 2.35 …. 2.40 …. 2.16
No of shr (Dil) …. 235 …. 235 …. 235 …. 235 …. 235



GP Marg …. 39.44% …. 38.55% …. 35.35% …. 35.46% …. 34.09%
PBT Marg …. 15.13% …. 15.03% …. 14.58% …. 15.02% …. 14.00%
NP Marg …. 12.58% …. 12.22% …. 11.44% …. 11.74% …. 11.08%
EBIT/Int …. 23.74 …. 23.38 …. 27.96 …. 33.50 …. 32.60



BALANCE SHEET
Millions
Year …. 2016 …. 2015 …. 2014 …. 2013 …. 2012
CA …. 1,030 …. 1,015 …. 893 …. 930 …. 841
NCA …. 1,558 …. 1,473 …. 1,410 …. 1,159 …. 1,064
TA …. 2,588 …. 2,488 …. 2,303 …. 2,089 …. 1,905

CL …. 1,577 …. 1,525 …. 1,306 …. 1,072 …. 929
NCL …. 364 …. 255 …. 220 …. 200 …. 225
TL …. 1,941 …. 1,780 …. 1,526 …. 1,272 …. 1,154
Eq …. 647 …. 709 …. 777 …. 816 …. 751
TL+Eq …. 2,588 …. 2,488 …. 2,303 …. 2,089 …. 1,905



Cash …. 24 …. 14 …. 16 …. 15 …. 35
ST Debt …. 184 …. 356 …. 84 …. 86 …. 4
LT Debt …. 93 …. 96 …. 90 …. 92 …. 95
Total Debt …. 277 …. 452 …. 174 …. 178 …. 99

Inventories …. 455 …. 414 …. 429 …. 409 …. 411
AR …. 453 …. 498 …. 395 …. 506 …. 395
AP …. 1,091 …. 921 …. 778 …. 695 …. 689

CA-CL …. (547) …. (510) …. (413) …. (142) …. (88)

TD/Eq …. 42.8% …. 63.8% …. 22.4% …. 21.8% …. 13.2%
TD/TA …. 10.7% …. 18.2% …. 7.6% …. 8.5% …. 5.2%
TL/TA …. 75.0% …. 71.5% …. 66.3% …. 60.9% …. 60.6%

CR …. 0.65 …. 0.67 …. 0.68 …. 0.87 …. 0.91
QR …. 0.36 …. 0.39 …. 0.36 …. 0.49 …. 0.46



CE …. 1,035 …. 977 …. 1,013 …. 1,032 …. 1,011

Average of 2 years
CE (Avg) …. 1,006 …. 995 …. 1,023 …. 1,022 ….
TA (Avg) …. 2,538 …. 2,396 …. 2,196 …. 1,997 ….
Eq (Avg) …. 678 …. 743 …. 797 …. 784 ….






CASH FLOW STATEMENT
Thousands
Year …. 2016 …. 2015 …. 2014 …. 2013 …. 2012
Net Inc …. 766,494 …. 727,711 …. 701,187 …. 719,054 …. 637,668
D&A …. 133,193 …. 125,845 …. 112,210 …. 108,971 …. 101,601
FFO …. 768,931 …. 728,371 …. 688,397 …. 658,848 …. 629,553
CWC …. 121,459 …. (10,411) …. 144,388 …. (11,230) …. 179,897
NetOCF …. 890,390 …. 717,960 …. 832,785 …. 647,618 …. 809,450

Capex …. (123,136) …. (193,249) …. (361,008) …. (212,217) …. (158,442)

FCF …. 767,254 …. 526,776 …. 471,777 …. 435,401 …. 651,008
Dividends …. (633,150) …. (715,225) …. (551,075) …. (504,175) …. (422,100)
RE …. 133,344 …. 12,486 …. 150,112 …. 214,879 …. 215,568
Owner's Cash …. 776,551 …. 660,307 …. 452,389 …. 615,808 …. 580,827
FFO less Capex …. 645,795 …. 535,122 …. 327,389 …. 446,631 …. 471,111


NetOCF/Net Inc …. 116.2% …. 98.7% …. 118.8% …. 90.1% …. 126.9%
FCF/Net Inc …. 100.1% …. 72.4% …. 67.3% …. 60.6% …. 102.1%
Capex/Net Inc …. 16.1% …. 26.6% …. 51.5% …. 29.5% …. 24.8%
Capex/NetOCF …. 13.8% …. 26.9% …. 43.3% …. 32.8% …. 19.6%
Capex/D&A …. 92.4% …. 153.6% …. 321.7% …. 194.7% …. 155.9%
DPO ratio …. 82.6% …. 98.3% …. 78.6% …. 70.1% …. 66.2%



VALUATION
Year …. 2016 …. 2015 …. 2014 …. 2013 …. 2012
Share Price RM …. 78.20 …. 73.40 …. 68.50 …. 68.00 …. 62.84
Market cap (m) …. 18,377 …. 17,249 …. 16,098 …. 15,980 …. 14,767

ROCE …. 80.2% …. 79.9% …. 71.1% …. 72.1% ….
ROA …. 25.1% …. 24.7% …. 25.0% …. 28.1% ….
ROE …. 94.0% …. 79.5% …. 69.1% …. 71.7% ….

FCF/Revenues …. 15.2% …. 10.9% …. 9.8% …. 9.1% …. 14.3%

FCF/Mkt Cap …. 4.2% …. 3.1% …. 2.9% …. 2.7% …. 4.4%
DY …. 3.4% …. 4.1% …. 3.4% …. 3.2% …. 2.9%

Mkt. cap/Equity (P/B) …. 28.40 …. 24.33 …. 20.72 …. 19.58 …. 19.66
Mkt. cap/Net Inc (PE) …. 28.85 …. 29.19 …. 29.27 …. 28.43 …. 29.24



Today's Price RM …. 84.58
Shares (m) …. 235.000
Market cap (m) today …. 19,876

Mkt. cap/Equity (P/B) …. 30.72
Mkt. cap/Net Inc (PE) …. 32.05

Nestle Quarterly Report History Qtr Financial Revenue … PBT  … PAT … PBT  … No Quarter (RM,000) … (RM,000) … (RM,000) … Margin … 2 30-Jun-17 1,283,630 … 212,542 162,070 … 16.6% … 1 31-Mar-17 1,371,882 … 290,740 230,431 … 21.2% … 4 31-Dec-16 1,249,882 … 81,493 66,942 … 6.5% … 3 30-Sep-16 1,262,997 … 185,247 160,712 … 14.7% … 2 30-Jun-16 1,237,165 … 223,897 188,797 … 18.1% … 1 31-Mar-16 1,313,462 … 275,858 220,677 … 21.0% … 4 31-Dec-15 1,198,942 … 118,677 99,789 … 9.9% … 3 30-Sep-15 1,218,385 … 205,225 179,161 … 16.8% … 2 30-Jun-15 1,142,901 … 159,556 123,903 … 14.0% … 1 31-Mar-15 1,277,729 … 244,252 187,878 … 19.1% … 4 31-Dec-14 1,108,762 … 117,496 98,304 … 10.6% … 3 30-Sep-14 1,157,295 … 189,820 150,075 … 16.4% … No. Financial ttm-Rev … ttm-PBT  … ttm-PAT … ttm-PBT  Qtr. Quarter (RM,000) … (RM,000) … (RM,000) … Margin 2 31-Dec-17 5,168,391 … 770,022 … 620,155 … 14.9% 1 31-Dec-17 5,121,926 … 781,377 … 646,882 … 15.3% 4 31-Dec-16 5,063,506 … 766,495 … 637,128 … 15.1% 3 31-Dec-16 5,012,566 … 803,679 … 669,975 … 16.0% 2 31-Dec-16 4,967,954 … 823,657 … 688,424 … 16.6% 1 31-Dec-16 4,873,690 … 759,316 … 623,530 … 15.6% 4 31-Dec-15 4,837,957 … 727,710 … 590,731 … 15.0% 3 31-Dec-15 4,747,777 … 726,529 … 589,246 … 15.3% 2 31-Dec-15 4,686,687 … 711,124 … 560,160 … 15.2% 1 31-Dec-15 … … … 4 31-Dec-14 … … … 3 31-Dec-14 … … … Qtr Financial EPS  … DPS … NTA … ttm-EPS … ttm-DPS No Quarter (Cent) … (Cent) … (RM) … (Cent) … (Cent) 2 30-Jun-17 69.11 … 70 … 3.04 … 264.45 … 270 1 31-Mar-17 98.26 … 0 … 3.68 … 275.85 … 270 4 31-Dec-16 28.55 … 130 … 2.76 … 271.7 … 270 3 30-Sep-16 68.53 … 70 … 3.18 … 285.7 … 270 2 30-Jun-16 80.51 … 70 … 3.08 … 293.57 … 265 1 31-Mar-16 94.11 … 0 … 3.6 … 265.9 … 260 4 31-Dec-15 42.55 … 130 … 3.02 … 251.91 … 260 3 30-Sep-15 76.4 … 65 … 3.45 … 251.28 … 305 2 30-Jun-15 52.84 … 65 … 2.95 … 238.88 … 240 1 31-Mar-15 80.12 … 0 … 4.11 … #REF! … 4 31-Dec-14 41.92 … 175 … 3.31 … #REF! … 3 30-Sep-14 64 … 0 … 3.07 … #REF! …