A Brief Look at Kossan

Kossan Rubber Industries Berhad

Business Description:
Kossan Rubber Industries Bhd. is a Malaysia-based company engaged in investment holding and manufacturing and sales of rubber products. The Company offers molded rubber products, extruded rubber products, engineered rubber products, colored ethylene propylene diene Monomer (EPDM), rollers, ethylene vinyl acetate (EVA), polyurethane (PU) products and gloves. It has 49 production lines with an annual production capacity of 3.9 billion pieces of gloves. Its ultimate holding company is Kossan Holdings (M) Sdn. Bhd. As of December 31, 2009, the Company's direct subsidiaries were Kossan Latex Industries (M) Sdn. Bhd., Perusahaan Getah Asas Sdn. Bhd., Hibon Corporation Sdn. Bhd., Doshin Rubber Products (M) Sdn. Bhd., Ideal Quality Sdn. Bhd., Kossan Engineering (M) Sdn. Bhd. and Top Calibre Sdn. Bhd.

Current Price (7/1/2011): 3.35
2009 Sales 842,135,011
Employees: 665
Market Cap: 1,071,108,900
Shares Outstanding: 319,734,000
Closely Held Shares: 183,367,192

Recent Financial Results

Announcement Date		Financial Yr. End		Qtr	Period End		Revenue RM '000		Profit/Lost RM'000		EPS		Amended
18-Nov-10		31-Dec-10		3	30-Sep-10		275,635		28,531		8.93		-
26-Aug-10		31-Dec-10		2	30-Jun-10		256,495		30,123		9.43#		-
20-May-10		31-Dec-10		1	31-Mar-10		262,769		30,379		9.51#		-
24-Nov-09		31-Dec-09		3	30-Sep-09		210,088		15,286		4.78#		-

# adjusted for 2010  1/1 Bonus.


Estimated EPS for 2011  = 4*8.93 = 35.72 sen
At price of 3.35, it is trading at prospective 2011 PE = 3.35 / 0.3572 = 9.4x

Historical
5 Yr
PE range    7.6 - 14.4
DY range   2.2% -  1.1%

10 Yr

PE range    8.0 - 14.8

DY range   2.3% - 1.2%

Year    DPS   EPS

2000    0.6     0.2

2001    0.3     1.0

2002    0.3     4.7

2003    1.2     5.2

2004    0.8     6.9

2005    1.5     9.1

2006    2.3   12.4

2007    2.9   16.7

2008    3.5   19.2

2009    2.6   20.4

9M10   9.0   27.82    NTA  1.31

Capital Changes

2003   1/5 Bonus

2005   1 to 2 Share Split, 1/5 Bonus

2010   1/1 Bonus

A Brief Look at Supermax

Supermax Corporation Berhad

Business Description:
Supermax Corporation Berhad is a Malaysia-based investment holding company. The Company operates in three segments:

1. manufacturing of gloves; 
2. trading of gloves, and 
3. investment holding. 

It has nine factories that manufacture various types of latex gloves, which are exported to over 146 countries, including the United States, European Union, the Middle East, Asia and South Pacific countries. As of December 31, 2009, the Company's subsidiaries were Supermax Latex Products Sdn. Bhd., Supermax Glove Manufacturing Sdn. Bhd., Maxter Glove Manufacturing Sdn. Bhd., Supermax Incorporated, Spenser Glove Manufacturing Berhad, Supermax International Sdn. Bhd., Supermax Energy Sdn. Bhd., Seal Polymer Latex Products Sdn. Bhd. and SPI Gloves Sdn. Bhd.

Current Price (7/1/2011): 4.46
2009 Sales 803,632,619
Employees: 1,033
Market Cap: 1,514,004,980
Shares Outstanding: 339,463,000
Closely Held Shares: 253,143,204

Recent Financial Results

Announcement Date		Financial Yr. End		Qtr	Period End		Revenue RM '000		Profit/Lost RM'000		EPS		Amended
08-Nov-10		31-Dec-10		3	30-Sep-10		235,104		38,117		11.24		-
26-Aug-10		31-Dec-10		2	30-Jun-10		234,825		45,856		13.51		-
19-Apr-10		31-Dec-10		1	31-Mar-10		220,652		51,473		15.18#		-
19-Feb-10		31-Dec-09		4	31-Dec-09		196,417		44,112		13.01#		-

# adjusted for 2010  1/4 Bonus


Estimated EPS for 2011 = 4*11.24 = 44.96 sen
At price of 4.46, it is trading at prospective 2011 PE  = 4.46 / 0.4496 = 9.92x

Historical
5 Yr
PE range   5.6 - 11.2
DY range   3.2% - 1.3%

10 Yr
PE range    6.5 - 14.5
DY range   2.9% - 1.2%

Year     DPS     EPS
2000     0.0       3.7
2001     0.7       2.1
2002     0,7       4.3
2003     0.9       7.0
2004     1.4     11.9
2005     2.6     12.9
2006     1.4     14.0
2007     3.8     16.9
2008     2.6     19.2
2009     3.4     37.8
9M10    0.0    39.91     NTA 2.0300

Capital changes

2000  3/5 Rights @ RM 1.10

2003  1/3 Bonus, 2/3 Rights @ RM 1.00

2006   1/4 Bonus

2007   1 to 2 Share Split

2010   1/4 Bonus

A Brief Look at Top Glove Corporation Bhd.

Top Glove Corporation Berhad

Business Description:
Top Glove Corporation Berhad is a Malaysia-based investment holding company providing management services. The Company's subsidiaries are engaged in the manufacture and trading of gloves; producing and selling latex concentrate, and property investment and trading of machinery. It operates in Malaysia, Thailand and People's Republic of China. The Company's subsidiaries include Top Glove Sdn. Bhd., TG Medical Sdn. Bhd., Great Glove Sdn. Bhd., Top Glove Engineering Sdn. Bhd. and TG Medical (U.S.A.) Inc. On March 25, 2010, the Company acquired Top Quality Glove Sdn. Bhd.

Current Price (7/1/2011): 5.42
2010 Sales 2,079,432,000
Employees: 11,500
Market Cap: 3,351,370,280
Shares Outstanding: 618,334,000
Closely Held Shares: 267,967,762

Recent Financial Results

Announcement Date		Financial Yr. End		Qtr	Period End		Revenue RM '000		Profit/Lost RM'000		EPS		Amended
15-Dec-10		31-Aug-11		1	30-Nov-10		491,509		36,333		5.83		-
06-Oct-10		31-Aug-10		4	31-Aug-10		541,386		46,235		7.30		-
17-Jun-10		31-Aug-10		3	31-May-10		555,851		65,380		10.66#		-
17-Mar-10		31-Aug-10		2	28-Feb-10		509,895		72,258		11.77#		-

# adjusted for 2010 1/1 Bonus


Estimated EPS for 2011 = 4*5.83 = 23.32 sen
At price of 5.42, it is trading at prospective PE for 2011 = 5.42 / 0.2332 = 23 x

Year     DPS     EPS
2001    0.8       3.1
2002    0.6       3.5
2003    1.8       4.9
2004    2.4       7.6
2005    2.7     11.0
2006    3.0     14.6
2007    4.6     17.3
2008    5.5     18.7
2009  11.0     28.5
2010  16.0     39.84
1Q11   0.0      5.83      NTA 1.90

Historical
5 Yr
PE range 11.8 - 23.4
DY range 3.1% - 1.5%

10 Yr
PE range 10.1 -= 19.6
DY range 3.5% - 1.7%

Capital changes

2001   5.99/10 Rights @ RM 1.16

2002   3/10 Bonus

2003   2/5 Bonus

2005   1 to 2 Share Split

2007   2/5 Bonus

2010   1/1 Bonus

A Brief Look at Hartalega

Hartalega Holdings Bhd

Business Description:
Hartalega Holdings Berhad is a Malaysia-based investment holding company. The Company is engaged in the manufacture and sale of latex gloves. The Company's products include latex gloves and nitrile gloves. As of March 31, 2010, the Company's subsidiaries included Hartalega Sdn Bhd, Pharmatex (Australia) Pty Ltd, Pharmatex USA, Incorporated and Sentinel Engineering (M) Sdn Bhd. The Company's manufacturing facility is located in Selangor Darul Ehsan, Malaysia.

Current Price (7/1/2011): 5.73
2010 Sales 571,892,668
Employees: N/A
Market Cap: 2,082,734,670
Shares Outstanding: 363,479,000
Closely Held Shares: N/A

Recent Financial Results

Announcement Date		Financial Yr. End		Qtr	Period End		Revenue RM '000		Profit/Lost RM'000		EPS		Amended
09-Nov-10		31-Mar-11		2	30-Sep-10		184,312		47,111		12.96		-
10-Aug-10		31-Mar-11		1	30-Jun-10		169,958		41,450		11.40#		-
11-May-10		31-Mar-10		4	31-Mar-10		163,385		46,455		12.78#		-
28-Jan-10		31-Mar-10		3	31-Dec-09		148,599		37,252		10.25#		-

# adjusted for 2010  1/2 Bonus


Estimated EPS for 2011 = 2*(12.96+11.40) = 48.72 sen
At price of 5.73, its prospective PE for 2011 = 5.73 / 0.4872 = 11.8 x

Year     DPS     EPS
2008     3.3        9.8
2009     8.0      21.5
2010    13.3     40.2
1H11    4.0      24.37   NTA  1.1617
  

Historical
5 Yr
PE range 8.0 - 15.8
DY range 4.8% - 2.2%

Capital Changes

2007   1 to 2 Share Split

2010  1/2 Bonus

A Brief Look at Latexx

Latexx Partners Berhad

Business Description:
Latexx Partners Berhad is a Malaysia-based company engaged in investment holding and trading of rubber gloves. The Company, through its subsidiaries, is engaged in manufacturing and sale of examination rubber gloves. Its subsidiaries are Latexx Manufacturing Sdn. Bhd., which is engaged in manufacturing of rubber gloves; Medtexx Manufacturing Sdn. Bhd., which is engaged in trading of rubber gloves and letting of glove manufacturing plant and machinery, and Total Glove Company Sdn. Bhd.

Recent Financial Results

Announcement Date		Financial Yr. End		Qtr	Period End		Revenue RM '000		Profit/Lost RM'000		EPS		Amended
10-Nov-10		31-Dec-10		3	30-Sep-10		129,878		17,625		8.19		-
06-Aug-10		31-Dec-10		2	30-Jun-10		134,483		21,551		10.39		-
03-May-10		31-Dec-10		1	31-Mar-10		126,171		20,715		10.52		-
02-Nov-09		31-Dec-09		3	30-Sep-09		80,839		14,274		7.33		-

Current Price (7/1/2011): 2.68
2009 Sales 328,473,188
Employees: 1,976
Market Cap: 586,448,320
Shares Outstanding: 218,824,000
Closely Held Shares: 59,489,900

Estimated basic EPS for 2011 = 4*8.19 = 32.76 sen
Estimated diluted EPS for 2011 = (4*8.19) x [218.824 / (218.824 + 57.55)] = 25.94 sen
At price of 2.68, the prospective basic PE = 2.68 / 0.3276 = 8.2 x
At price of 2.68, the prospective diluted PE = 2.68 / 0.2594 = 10.3 x

Year    DPS    EPS
2002    0.0      -29.7
2003    0.0     -16.9
2004    0.0     -12.0
2005    0.0        5.2
2006    0.0        4.8
2007    0.0        2.7
2008    0.0        8.4
2009    2.0       27.0
9M10   5.0       28.76   NTA  1.07

Historical
5 Yr
PE range 6.8 - 20.3
DY range 1.3% - 0.3%

10 Yr
PE range 6.6 - 19.3
DY range 0.6% - 0.2%

Capital Changes

2006 Capital Reconstruction

Warrant   57.55m units   Maturity 6/6/2017   Ex Pr RM 0.53

How the Stock Market Works

State sec: Khir’s title suspended, not returned

State sec: Khir’s title suspended, not returned

UPDATED @ 07:17:17 PM 13-01-2011
By Syed Mu’az Syed Putra and Boo Su-Lyn January 13, 2011

Khir claimed to have returned the title for the duration of his fraud trial. — file pic
KUALA LUMPUR, Jan 13 — Dr Mohd Khir Toyo’s “Datuk Seri” title was suspended by the Selangor Sultan and not returned temporarily as suggested by the former mentri besar yesterday in an apparent attempt to salvage his political image.

State Secretary Datuk Mohd Khusrin Munawi today said the decision to suspend Khir’s title was made by the state's royal council this week.

“His title is suspended. It is not [he] who has returned the title. That is a misleading statement by him.

“His title has been suspended until his trial is over,” Khusrin told The Malaysian Insider.

The state secretary said that if Khir is found guilty, he would be permanently stripped of the title.

The title would, however, be returned to him if he was cleared of the charges, Khusrin added.

Writing in his blog yesterday, Khir said that he was returning the Seri Paduka Mahkota Selangor medal to avoid dishonouring it during his ongoing graft trial.

“The medal has been returned to avoid a state honorific title being tainted during the course of the trial,” he said.

He claimed he had written to the palace in the middle of December asking to return the medal temporarily and that the Council of the Royal Court of Selangor agreed to his request.

Khir was charged on December 6 under Section 165 of the Penal Code for knowingly accepting a bribe, in the form of two plots of land in Section 7, Shah Alam at a substantial discount from Shamsuddin Haryoni.

He subsequently resigned as state opposition leader.

Today, the former Selangor mentri besar conceded that his “datukship” had been suspended.

“At the royal council meeting on January 11, they made the decision to suspend my title,” Khir told The Malaysian Insider.

Khir, however, maintained that he had offered to surrender his title prior to the royal council’s decision.

“I sent a letter to the palace last month to surrender my title temporarily,” he said.

“I voluntarily surrendered. That is the difference from other people,” added the Sungai Panjang assemblyman.

He explained that it was state policy to suspend state honorific titles for those facing criminal charges.

“That’s why I voluntarily surrendered,” he said of his title, which had been awarded in 2001.

Later, Khusrin revealed that the palace has also suspended Ditamas Sdn Bhd director Shamsuddin’s “datukship”, which had been awarded in 2002.

Shamsuddin was charged on December 6 with abetting Khir in the deal involving the latter’s Balinese-style mansion in Shah Alam.

The state secretary said the Selangor Sultan had decided to suspend the titles of both men due to the “serious” nature of their graft charges.

“The Selangor Sultan made this decision after giving due consideration that the charges against the two are serious and involve public and national interest,” said the state secretary in a statement.

http://www.themalaysianinsider.com/malaysia/article/state-sec-khirs-title-suspended-not-returned/

British analyst fined £50,000 for misleading message

British analyst fined £50,000 for misleading message

January 13, 2011
LONDON, Jan 13 — A former investment analyst has been fined £50,000 (RM250,000) for sending misleading information via instant messages, pushing shares in a property company up sharply, Britain’s market regulator said today.

Christopher Gower, at the time a senior research analyst at MF Global Securities, sent messages to 14 clients, a Bloomberg reporter and MF Global salesmen implying he had obtained insider information about the REIT status of Enterprise Inns.

What Gower learned during a meeting with the head of Punch Taverns was, in fact, already in the public domain and portraying it as insider information misled the market, the Financial Services Authority said.

Starting his instant message “Hot off the press”, Gower said he had just had a meeting with the chief executive of Punch Taverns. “They have heard from HM Revenue & Customs that it is highly likely Enterprise Inns has been granted REIT status and ETI are due to announce this on May 13 at interims,” he went on to say in the message on May 7, 2008.

“Expect ETI to bounce, was up 10 per cent on previous HMRC news, but then fall back as (the market) realises it will take time to implement.... more on my meeting to follow,” he said.

Enterprise Inns shares rose 4.45 per cent after Gower’s messages were sent, amid high volume.

While the FSA accepted 34-year-old Gower did not intend to give the impression he had inside information, it said he had not observed proper standards of conduct.

“There is no excuse for a senior retail analyst to be so careless with messages that could have such an impact on the market,” Margaret Cole, the FSA’s managing director of enforcement and financial crime said.

“Gower’s dissemination of inaccurate information contributed to a large increase in the volume of shares traded and a disorderly market in ETI shares.”

MF Global was not available to comment. — Reuters

Sometimes, investors are puzzled why the EPF trades regularly between buy and sell.

Sometimes, investors are puzzled why the EPF trades regularly between buy and sell.

The presumably unclear direction of trades is because the provident fund also appoints external fund managers (EFMs) who have the full discretion to buy or sell. As such, sometimes the EPF could be buying a stock but their EFMs could be selling the same stock on the same day.

In certain cases, one EFM buys but another EFM could be selling at the same time or a few days later. Hence, the disclosure by the EPF is a combination of trades by its internal fund managers as well as that of EFMs.

Due to the difference in opinion between the EPF and its EFMs, there is no clear signal of the direction of this powerful domestic fund.

The fund could be big, but they are not "united" and they are in fact competing with each other. This is also a way to generate liquidity in the market. .

Even if the fund is buying a particular stock persistently, we observe that the stock price may not seem to rise substantially.

This may be linked to the way the orders are placed - that is, they tend to buy lower after a completed trade.

Read here.

A Brief Look at Century Logistics Holdings Berhad

Century Logistics Holdings Berhad
Business Description:

Century Logistics Holdings Berhad is a Malaysia-based investment holding company. The Company, through its subsidiaries, is engaged in the provision of integrated logistics activities. It provides freight forwarding, transportation, warehousing and other ancillary services. The Company is involved in the supply chain management and ship husbandry for fuel oil traders, including the services for floating storage units (FSU). In addition, it offers a range of procurement and assembly services for various electrical and electronic products. The Company offers original equipment manufacturing (OEM) solutions to locally-based electrical and electronic products manufacturers and traders. Its direct subsidiaries are Century Total Logistics Sdn. Bhd., Century Logistics Sdn. Bhd., Storewell (M) Sdn. Bhd., Century Logistics (Sarawak) Sdn. Bhd., Century Global Logistics Sdn. Bhd., Century Logistics (Johore) Sdn. Bhd., Century Advance Technology Sdn. Bhd. and Century Forwarding Agency Sdn. Bhd.

Current Price (7/1/2011): 1.85
2009 Sales 210,950,000
Employees: 600
Market Cap: 151,709,250
Shares Outstanding: 82,005,000
Closely Held Shares: 41,754,019

Recent Financial Results

Announcement Date		Financial Yr. End		Qtr	Period End		Revenue RM '000		Profit/Lost RM'000		EPS		Amended
11-Nov-10		31-Dec-10		3	30-Sep-10		71,571		8,025		10.27		-
12-Aug-10		31-Dec-10		2	30-Jun-10		75,307		7,574		9.51		-
20-May-10		31-Dec-10		1	31-Mar-10		59,828		6,536		8.29		-
25-Feb-10		31-Dec-09		4	31-Dec-09		57,090		7,076		8.78		-

NTA 2.14 (3Q10)
ttm-EPS 36.85 sen
ttm-PE 5.0 x

Capital changes

2005 1/2 Warrant @ RM 0.10

2009 1/10 Treasury Share Distribution

2010 1/2 Warrant @ RM 0.05

Warrant-WB:  40.42 m Units, Maturity 27/01/2013,  Ex Pr RM 1.00

Comment:

Capital Intensive

Highly Competitive industry

Small "moat"

There are better business to invest in.

A Brief Look at Parkson Holdings Berhad

Parkson Holdings Berhad

Business Description:
Parkson Holdings Berhad is a Malaysia-based investment holding company. The Company, along with its subsidiaries, is principally engaged in the operations of the Parkson brand department stores. The businesses are located in the People's Republic of China, Malaysia and Vietnam. The Company has a chain of 85 Parkson department stores, with 35 in Malaysia, 44 in China and 6 in Vietnam. The Company's subsidiaries include East Crest International Limited, Parkson Vietnam Investment Holdings Co Ltd, Parkson Properties Holdings Co Ltd, Prime Yield Holdings Limited, PRG Corporation Limited, Parkson Venture Pte Ltd, Serbadagang Holdings Sdn Bhd and Sea Coral Limited.

Year     DPS    EPS

2003     0.4    -50.6

2004     0.4     42.6

2005     2.8     79.7

2006     0.4    -94.5

2007     0.0      -8.9

2008   14.9     25.3

2009     5.0     25.4

2010     6.0     27.89

1Q11  10.0      7.28    NTA 1.97

Recent Financial Results

Announcement Date		Financial Yr. End		Qtr	Period End		Revenue RM '000		Profit/Lost RM'000		EPS		Amended
15-Nov-10		30-Jun-11		1	30-Sep-10		656,485		130,350		7.28		-
24-Aug-10		30-Jun-10		4	30-Jun-10		620,370		113,823		5.46		-
24-May-10		30-Jun-10		3	31-Mar-10		753,897		154,795		8.15		-
23-Feb-10		30-Jun-10		2	31-Dec-09		709,319		145,847		7.90		-

Current Price (1/7/2011): 5.90
2010 Sales 2,722,256,000
Employees: 6,700
Market Cap: 6,517,000,760
Shares Outstanding: 1,104,576,400
Closely Held Shares: 851,255,339

Estimated EPS for 2011 = ttm-EPS = 28.79 sen
At Current Price of 5.90, its projected PE for 2011 = 5.90 / 0.2879 = 20.5 x

Historical
5 Yr
PE range 13.3 - 28.2
DY range 1.8% - 0.7%

10 Yr
PE range 8.3 - 18.5
DY range 1.2% -0.5%

Capital changes

2007    4 to 1 Capital Reduction

2009   1/100 Treasury Share Distribution

A Brief Look at Dutch Lady Milk Industries Bhd.

Dutch Lady Milk Industries Berhad

Business Description:
Dutch Lady Milk Industries Berhad is a Malaysia-based manufacturing company. The Company is engaged in the manufacture and distribution of sweetened condensed milk, milk powder, dairy products and fruit juice drinks in the home market and for export. It manufactures and sells a range of dairy products and fruit juices for the home and export market, such as infant formula, growing-up milk, powdered milk, condensed milk, ultra high temperature (UHT) milk, sterilized milk, pasteurized milk, cultured milk, yoghurt and fruit juice drinks. The Company operates under the brands Dutch Lady, Frisolac, Friso, Completa, Omela and Joy. The immediate and ultimate holding companies during the year ended December 31, 2009, were Frint Beheer IV BV and Royal FrieslandCampina NV, respectively.

2002 DPS   5.8 EPS 23.7

2003 DPS 12.8 EPS 24.2

2004 DPS 56.0 EPS 26.6

2005 DPS 63.2 EPS 42.4

2006 DPS 63.2 EPS 67.3

2007 DPS 63.2 EPS 73.8

2008 DPS 42.1 EPS 66.6

2009 DPS 65.6 EPS 94.4

9M10 DPS 35.0 EPS 82.89 NTA 3.27

Recent Financial Results

Announcement Date		Financial Yr. End		Qtr	Period End		Revenue RM '000		Profit/Lost RM'000		EPS		Amended
29-Nov-10		31-Dec-10		3	30-Sep-10		186,715		13,322		20.82		-
18-Aug-10		31-Dec-10		2	30-Jun-10		188,929		18,918		29.56		-
18-May-10		31-Dec-10		1	31-Mar-10		173,111		20,812		32.52		-
18-Feb-10		31-Dec-09		4	31-Dec-09		169,521		16,048		25.08		-

Current Price (1/7/2011): 17.50

2009 Sales 691,847,000
Employees: 570
Market Cap: 1,120,000,000
Shares Outstanding: 64,000,000
Closely Held Shares: 46,418,300

Estimated EPS for 2010 = ttm-EPS = 107.98 sen
Projected PE for 2010 = 17.50 / 1.0798 = 16.2 x

Historical
5 Yr
PE range 10.7 - 17.8
DY range 7.0% - 4.2%

10 Yr
PE range 12.3 - 20.1
DY range 7.0% - 4.5%

Capital change

2002   3/1 Bonus

A Brief Look at Tenaga National Berhad

Tenaga Nasional Berhad

Business Description:
Tenaga Nasional Berhad (TNB) is engaged in the business of the generation, transmission, distribution and sale of electricity. The Company operates through three divisions:

1. Generation Division, 
2. Transmission Division and 
3. Distribution Division. 

The Company also manages and operates a transmission network-the National Grid. Spanning the peninsular, the grid links TNB power stations and IPPs to the distribution network. The grid is also interconnected to Thailand's transmission system in the North and Singapore's transmission system in the South. TNB is also involved in diversified activities linked to the power industry. Through its subsidiaries, the Company is in the manufacture of transformers, high voltage switchgears and cables; the provision of professional consultancy services; architectural, civil, electrical engineering works and services, repair and maintenance; as well as in research and development; property development, and management services.

YEAR  DPS    EPS
2000     5.8    52.6
2001     5.7    43.5
2002     5.9    27.4
2003     6.9    27.0
2004   10.5    35.2
2005     9.3    28.3
2006   10.6    43.6
2007   26.5    82.5
2008   14.8    59.1
2009   11.0    49.7
2010   26.0    73.74  NTA 6.612

(The DPS, EPS and NTA above were before the 2011 1 for 4 Bonus issue.  To adjust to post bonus issue numbers, multiply each by 4/5.)


Current Price (7/1/2011): 6.54
2010 Sales 30,320,100,000
Employees: 29,149
Market Cap: 35,647,530,650
Shares Outstanding: 5,450,692,760
Closely Held Shares: 2,699,667,906

Recent Financial Results (Figures were before the 2011 1 for 4 bonus issue)

Announcement Date		Financial Yr. End		Qtr	Period End		Revenue RM '000		Profit/Lost RM'000		EPS		Amended
28-Oct-10		31-Aug-10		4	31-Aug-10		7,869,400		389,000		8.94		-
14-Jul-10		31-Aug-10		3	31-May-10		7,723,300		1,109,300		25.51		-
20-Apr-10		31-Aug-10		2	28-Feb-10		7,389,100		1,001,500		23.05		-
20-Jan-10		31-Aug-10		1	30-Nov-09		7,338,300		697,500		16.28		-

Estimated EPS for 2011 = 2*(8.94 + 25.51)*(4/5) = 68.9*(4/5) = 55.12 sen #
Projected PE for 2011 = 6.54 / 0.5512 = 11.9 x

# adjusted for the 2011  1/4 Bonus

Historical
5 Yr
PE range 12.6 - 18.7
DY range 2.1% - 1.4%

10 Yr
PE range 17.0 - 24.1
DY range 1.6% - 1.1%

Capital Changes

2006  1/4 Bonus

2011  1/4 Bonus

A Brief Look at Coastal Contracts Bhd.

Coastal Contracts Bhd

Business Description:
Coastal Contracts Bhd is a Malaysia-based company engaged in investment holding and provision of management services. The Company, through its subsidiaries, operates in two segments:

1. vessels manufacturing and repairing services, which include fabrication and sale of marine transportation vessels and provision of ship repairs and maintenance services, and 
2. vessels chartering and equipment hire, which include the provision of vessels transportation and equipment hiring services. 

Its subsidiaries are Bonafile Shipbuilders & Repairs Sdn. Bhd., Coastal Transport (Sandakan) Sdn. Bhd., Coastway Transport Sdn. Bhd., Seri Modalwan Sdn. Bhd., Pleasant Engineering Sdn. Bhd., Coastal Marine Pte. Ltd., Coastal Marine Pte. Ltd., Coastal Offshore (Labuan) Pte. Ltd., Asiapride Sdn. Bhd.Thaumas Marine Ltd and Ace Capital Pte. Ltd. Operations are carried out in Malaysia, Indonesia and Singapore.

2004 DPS 1.2 EPS 4.1
2005 DPS 0.9 EPS 4.8
2006 DPS 1.0 EPS 10.2
2007 DPS 1.9 EPS 19.8
2008 DPS 3.5 EPS 27.4
2009 DPS 3.0 EPS 45.0
9M10 DPS 5.0 EPS 40.07 NTA 1.5129


Current Price (7/1/2011): 2.37
2009 Sales 466,058,353
Employees: 420
Market Cap: 859,011,240
Shares Outstanding: 362,452,000
Closely Held Shares: 252,641,000

Recent Financial Results

Announcement Date		Financial Yr. End		Qtr	Period End		Revenue RM '000		Profit/Lost RM'000		EPS		Amended
19-Nov-10		31-Dec-10		3	30-Sep-10		192,091		53,634		14.80		-
24-Aug-10		31-Dec-10		2	30-Jun-10		138,619		48,275		13.32		-
25-May-10		31-Dec-10		1	31-Mar-10		141,142		43,306		11.95		-
22-Feb-10		31-Dec-09		4	31-Dec-09		150,901		54,030		14.97		-

Estimated EPS for 2010 = ttm-EPS = 55.02 sen
Projected PE for 2010 = 2.37 / 0.5502 = 4.3 x

Historical
5 Yr
PE range 3.2 - 8.7
DY range 3.2% - 1.3%

10 Yr
PE range 5.8 - 11.3
DY range 2.5% - 1.2%

Capital Changes

2004  1 to 5 Share Split

A Brief Look at UMW

UMW Holdings Berhad

Business Description:
UMW Holdings Berhad (UMW) is a Malaysia-based company. UMW operates in four segments:

1. automotive; 
2. equipment, which supplies marine engine, material handling and compressed air equipment; 
3. manufacturing and engineering, which provides engineering solutions to automotive components, transportation, petrochemicals, oleochemicals, and oil and gas industries; 
4. oil and gas, and others. 

Its oil and gas segment includes five upstream activities: manufacture of oil country tubular goods and line pipes; oil and gas exploration operations; fabrication of oil and gas structures; provision of oilfield services, and supply of oilfield products. The operations of UMW are carried out in Malaysia, Australia, China, Hong Kong, India, Indonesia, Myanmar, Oman, Papua New Guinea, Singapore, Taiwan, Thailand, Turkmenistan and Vietnam. During the year ended December 31, 2009, UMW sold 248,521 units of Toyota and Perodua vehicles.

Current Price (7/1/2011): 7.61
2009 Sales 10,720,861,000
Employees: 10,000
Market Cap: 8,758,836,040
Shares Outstanding: 1,150,964,000
Closely Held Shares: 17,000

2004 DPS 7.2 EPS 16.5
2005 DPS 9.9 EPS 28.0
2006 DPS 13.7 EPS 30.0
2007 DPS 15.9 EPS 43.6
2008 DPS 30.3 EPS 51.8
2009 DPS 24.7 EPS 34.2
9M10 DPS 23.50 EPS 43.55 NTA 3.5939

Recent Financial Results

Announcement Date		Financial Yr. End		Qtr	Period End		Revenue RM '000		Profit/Lost RM'000		EPS		Amended
22-Nov-10		31-Dec-10		3	30-Sep-10		3,087,276		262,199		13.17		-
20-Aug-10		31-Dec-10		2	30-Jun-10		3,282,075		342,994		18.74		-
20-May-10		31-Dec-10		1	31-Mar-10		3,033,157		232,268		11.81		-
23-Feb-10		31-Dec-09		4	31-Dec-09		2,969,431		169,967		9.04		-

Estimated EPS for 2010 = 43.55*4/3 = 58.07 sen
Projected PE for 2010 = 7.61 / 0.5807 = 13.1 x

Historical
5 Yr
PE range 10.4 - 15.4
DY range 5.1% - 3.5%

10 Yr
PE range 9.9 - 14.2
DY range 4.0% - 2.8%

Capital Changes

2003  2/3 Bonus

2008  1 to 2 Share Split