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! …

The 3 Killer Cs - Cyclical, Capital-intensive and Commoditised

"The 3 Killer Cs"

Not one but three 'killer Cs' lurk around the darkest corners of the business world. 

If any one of them grips a business, it makes life hell for the managers and profits elusive for the owners. What are they? 

The first is 'cyclical'. 

• When a business is cyclical, it sees large and unpredictable swings in its revenues, margins, and profits. Everything that matters is all over the place. 

The second is 'capital-intensive'. 

• Businesses afflicted by high capital-intensity require a lot to produce little. They s u  c k investors dry as they need large amounts of capital to make profits. 

The third is 'commoditised'. 

• Companies here can do very little to prove to customers that their product or service is better than their competitor's. 

The presence of even one of these killer Cs is bad news for a business. 

Maybulk (20.7.2017) is still bleeding and struggling.

Maybulk
19.8.2017

INCOME STATEMENT
Thousands
Year …. T4Q
Revenues …. 236,966
PBT …. (504,183)
PAT …. (505,005)
EPS (RM) …. -0.50
No of shr (m) …. 1,000.0

PBT Marg …. -212.77%
NP Marg …. -213.11%


Maybulk
19.8.2017

INCOME STATEMENT
Thousands
Year …. 2016 …. 2015 …. 2014 …. 2013 …. 2012
Revenues …. 225,505 …. 241,501 …. 255,724 …. 246,744 …. 262,266
GrProf …. 165,723 …. 160,942 …. 171,686 …. 161,978 …. 157,395
EBIT …. 155,408 …. 46,107 …. 156,468 …. (27,758) …. (18,564)
Int Exp …. 16,104 …. 12,773 …. 5,396 …. 1233 …. 1,944
PBT …. (167,071) …. (1,011,077) …. (18,735) …. (3,494) …. 21,244
PAT …. (491,306) …. (1,177,153) …. 12,153 …. 44,532 …. 66,049
EPS (Dil) …. -0.49 …. -1.18 …. 0.01 …. 0.04 …. 0.07
No of shr (Dil) …. 1,000,000.000 …. 1,000,000.000 …. 1,000,000.000 …. 1,000,000.000 …. 1,000,000.000



GP Marg …. 73.49% …. 66.64% …. 67.14% …. 65.65% …. 60.01%
PBT Marg …. -74.09% …. -418.66% …. -7.33% …. -1.42% …. 8.10%
NP Marg …. -217.87% …. -487.43% …. 4.75% …. 18.05% …. 25.18%
EBIT/Int …. 9.65 …. 3.61 …. 29.00 …. -22.51 …. -9.55



BALANCE SHEET
Millions USD
Year …. 2016 …. 2015 …. 2014 …. 2013 …. 2012
CA …. 202 …. 285 …. 215 …. 304 …. 347
NCA …. 1,377 …. 1,813 …. 2,291 …. 1,722 …. 1,560
TA …. 1,579 …. 2,098 …. 2,506 …. 2,026 …. 1,907

CL …. 206 …. 339 …. 110 …. 80 …. 104
NCL …. 643 …. 528 …. 380 …. 32 …. 33
TL …. 849 …. 867 …. 490 …. 112 …. 137
Eq …. 730 …. 1,231 …. 2,016 …. 1,914 …. 1,770
TL+Eq …. 1,579 …. 2,098 …. 2,506 …. 2,026 …. 1,907



Cash …. 70 …. 141 …. 155 …. 254 …. 282
ST Debt …. 105 …. 225 …. 68 …. 45 …. 73
LT Debt …. 439 …. 383 …. 347 …. 32 …. 34
Total Debt …. 544 …. 608 …. 415 …. 77 …. 107

Inventories …. 12 …. 8 …. 8 …. 10 …. 10
AR …. 39 …. 36 …. 46 …. 40 …. 43
AP …. 3 …. 3 …. 1 …. - …. -

CA-CL …. (4) …. (54) …. 105 …. 224 …. 243

TD/Eq …. 74.5% …. 49.4% …. 20.6% …. 4.0% …. 6.0%
TD/TA …. 34.5% …. 29.0% …. 16.6% …. 3.8% …. 5.6%
TL/TA …. 53.8% …. 41.3% …. 19.6% …. 5.5% …. 7.2%

CR …. 0.98 …. 0.84 …. 1.95 …. 3.80 …. 3.34
QR …. 0.92 …. 0.82 …. 1.88 …. 3.68 …. 3.24



CE …. 1,443 …. 1,900 …. 2,551 …. 2,200 …. 2,085

Average of 2 years
CE (Avg) …. 1,672 …. 2,226 …. 2,376 …. 2,143 ….
TA (Avg) …. 1,839 …. 2,302 …. 2,266 …. 1,967 ….
Eq (Avg) …. 981 …. 1,624 …. 1,965 …. 1,842 ….






CASH FLOW STATEMENT
Thousands
Year …. 2016 …. 2015 …. 2014 …. 2013 …. 2012
Net Inc …. (496,298) …. (1,196,248) …. 18,333 …. 45,506 …. 66,451
D&A …. 29,000 …. 46,327 …. 30,540 …. 27,801 …. 28,032
FFO …. (30,022) …. (29,573) …. (3,459) …. 9,992 …. 17,337
CWC …. 11,966 …. 18,767 …. (10,846) …. 20,557 …. (19,003)
NetOCF …. (18,056) …. (10,806) …. (14,305) …. 30,549 …. (1,666)

Capex …. (83,298) …. (139,255) …. (240,317) …. (24,760) …. (714)

FCF …. (101,354) …. (150,061) …. (254,594) …. 7,693 …. (2,380)
Dividends …. 0.00…. (10,000) …. (30,000) …. (30,000) …. (30,000)
RE …. (496,298) …. (1,206,248) …. (11,667) …. 15,506 …. 36,451


NetOCF/Net Inc …. 3.6% …. 0.9% …. -78.0% …. 67.1% …. -2.5%
FCF/Net Inc …. 20.4% …. 12.5% …. -1388.7% …. 16.9% …. -3.6%
Capex/Net Inc …. -16.8% …. -11.6% …. 1310.8% …. 54.4% …. 1.1%
Capex/NetOCF …. -461.3% …. -1288.7% …. -1680.0% …. 81.1% …. -42.9%
Capex/D&A …. 287.2% …. 300.6% …. 786.9% …. 89.1% …. 2.5%
DPO ratio …. 0.0% …. -0.8% …. 163.6% …. 65.9% …. 45.1%



VALUATION
Year …. 2016 …. 2015 …. 2014 …. 2013 …. 2012
Share Price RM …. 0.71 …. 0.81 …. 1.21 …. 1.77 …. 1.33
Market cap (m) …. 705 …. 805 …. 1,210 …. 1,770 …. 1,330

ROCE …. 9.3% …. 2.1% …. 6.6% …. -1.3% ….
ROA …. -26.7% …. -51.1% …. 0.5% …. 2.3% ….
ROE …. -50.1% …. -72.5% …. 0.6% …. 2.4% ….

FCF/Revenues …. -44.9% …. -62.1% …. -99.6% …. 3.1% …. -0.9%

FCF/Mkt Cap …. -14.4% …. -18.6% …. -21.0% …. 0.4% …. -0.2%
DY …. 0.0% …. 1.2% …. 2.5% …. 1.7% …. 2.3%

Mkt. cap/Equity (P/B) …. 0.97 …. 0.65 …. 0.60 …. 0.92 …. 0.75
Mkt. cap/Net Inc (PE) …. -1.43 …. -0.68 …. 99.56 …. 39.75 …. 20.14



Today's Price RM …. 0.80
Shares (m) …. 1,000.000
Market cap (m) today …. 800

Mkt. cap/Equity (P/B) …. 1.10
Mkt. cap/Net Inc (PE) …. -1.58



MAYBULK Quarter Report History

No.	Financial	Revenue	PBT (RM,000)	Net Profit	EPS (Cent)	Dividend	NTA
	Quarter	(RM,000)		(RM,000)		(Cent)	(RM)
1	31-Mar-17	64,961	-32,589	-33,206	-3.32	0	0.671
4	31-Dec-16	64,156	-400,185	-396,086	-39.61	0	0.709
3	30-Sep-16	52,498	-31,260	-30,807	-3.08	0	1.019
2	30-Jun-16	55,351	-40,149	-40,331	-4.03	0	1.037
1	31-Mar-16	53,500	-24,704	-24,082	-2.41	0	1.1
4	31-Dec-15	64,746	-1,137,497	-1,119,085	-111.91	0	1.18
3	30-Sep-15	66,872	-14,329	-14,194	-1.42	0	2.296
2	30-Jun-15	58,138	-21,303	-21,125	-2.11	0	2.009

Comments:

When its business fundamentals deteriorated soon after the Global Financial Crisis, those who sold off quickly would have got out of an investment that was soon to crash rather quickly.

A red flag then was ALL the directors selling their equities in the company.

In its early years, this company was doing extremely well.  Its super sized profits were augmented by gains from asset sales of its bulk carriers and investors were rewarded with good dividends.

Bulk carriage is a cyclical business that is also capital intensive.   It is facing huge competition today due to excess capacity built up over the good period.

Selling an investment is often more difficult than buying.  When the company's fundamentals deteriorated, those were good reasons to cash out and sit with cash on the sideline or redeploy cash into another investment.

Berkshire Hathaway P/B = 2.3 (19.7.2017)

Berkshire Hathaway
19.8.2017

INCOME STATEMENT
Millions USD
Year …. 2016 …. 2015 …. 2014 …. 2013 …. 2012
Revenues …. 222,935 …. 209,995 …. 194,864 …. 179,770 …. 160,837
GrProf …. 53,789 …. 52,944 …. 45,270 …. 41,134 …. 33,857
EBIT …. 35,572 …. 38,461 …. 31,549 …. 29,217 …. 23,354
Int Exp …. 3,497 …. 3,515 …. 3,253 …. 2801 …. 2,744
PBT …. 33,667 …. 34,946 …. 28,105 …. 28,796 …. 22,236
PAT …. 24,074 …. 24,083 …. 19,872 …. 19,476 …. 14,824
EPS (Dil) …. 9.76 …. 9.77 …. 8.06 …. 7.90 …. 5.98
No of shr (Dil) …. 2.466 …. 2.465 …. 2.465 …. 2.465 …. 2.477



GP Marg …. 24.13% …. 25.21% …. 23.23% …. 22.88% …. 21.05%
PBT Marg …. 15.10% …. 16.64% …. 14.42% …. 16.02% …. 13.83%
NP Marg …. 10.80% …. 11.47% …. 10.20% …. 10.83% …. 9.22%
EBIT/Int …. 10.17 …. 10.94 …. 9.70 …. 10.43 …. 8.51



BALANCE SHEET
Millions USD
Year …. 2016 …. 2015 …. 2014 …. 2013 …. 2012
CA …. 142,494 …. 119,721 …. 107,923 …. 91,454 …. 91,229
NCA …. 478,360 …. 432,536 …. 418,263 …. 393,477 …. 336,223
TA …. 620,854 …. 552,257 …. 526,186 …. 484,931 …. 427,452

CL …. 47,392 …. 33,260 …. 48,506 …. 44,469 …. 47,288
NCL …. (17,856) …. (5,922) …. (25,180) …. (21,685) …. (22,760)
TL …. 29,536 …. 27,338 …. 23,326 …. 22,784 …. 24,528
Eq …. 286,359 …. 258,627 …. 243,027 …. 224,485 …. 191,588
TL+Eq …. 620,854 …. 552,257 …. 526,186 …. 484,931 …. 427,452



Cash …. 86,370 …. 71,730 …. 63,269 …. 48,186 …. 46,992
ST Debt …. 12,350 …. 1,989 …. 8,283 …. 6,634 …. 11,927
LT Debt …. 89,294 …. 82300 …. 71926 …. 65590 …. 50809
Total Debt …. 101,644 …. 84,289 …. 80,209 …. 72,224 …. 62,736

Inventories …. 15,727 …. 11,916 …. 10,236 …. 9,945 …. 9,675
AR …. 40,397 …. 36,075 …. 34,418 …. 33,323 …. 34,562
AP …. 35,042 …. 31,271 …. 40,223 …. 37,835 …. 35,361

CA-CL …. 95,102 …. 86,461 …. 59,417 …. 46,985 …. 43,941

TD/Eq …. 35.5% …. 32.6% …. 33.0% …. 32.2% …. 32.7%
TD/TA …. 16.4% …. 15.3% …. 15.2% …. 14.9% …. 14.7%
TL/TA …. 4.8% …. 5.0% …. 4.4% …. 4.7% …. 5.7%

CR …. 3.01 …. 3.60 …. 2.22 …. 2.06 …. 1.93
QR …. 2.67 …. 3.24 …. 2.01 …. 1.83 …. 1.72



CE …. 659,832 …. 590,727 …. 540,949 …. 488,648 …. 427,156

Average of 2 years
CE (Avg) …. 625,280 …. 565,838 …. 514,799 …. 457,902 ….
TA (Avg) …. 586,556 …. 539,222 …. 505,559 …. 456,192 ….
Eq (Avg) …. 272,493 …. 250,827 …. 233,756 …. 208,037 ….






CASH FLOW STATEMENT
Millions USD
Year …. 2016 …. 2015 …. 2014 …. 2013 …. 2012
Net Inc …. 24,427 …. 24,414 …. 20,170 …. 19,845 …. 15,312
D&A …. 8,901 …. 7,779 …. 7,370 …. 6,508 …. 5,146
FFO …. 25,614 …. 23,571 …. 23,624 …. 22,661 …. 19,791
CWC …. 6,921 …. 7,920 …. 8,386 …. 5,043 …. 1,159
NetOCF …. 32,535 …. 31,491 …. 32,010 …. 27,704 …. 20,950

Capex …. (12,954) …. (16,082) …. (15,185) …. (11,087) …. (9,775)

FCF …. 19,581 …. 15,409 …. 16,825 …. 16,617 …. 11,175
Dividends …. - …. - …. - …. - …. -
RE …. 24,427 …. 24,414 …. 20,170 …. 19,845 …. 15,312


NetOCF/Net Inc …. 133.2% …. 129.0% …. 158.7% …. 139.6% …. 136.8%
FCF/Net Inc …. 80.2% …. 63.1% …. 83.4% …. 83.7% …. 73.0%
Capex/Net Inc …. 53.0% …. 65.9% …. 75.3% …. 55.9% …. 63.8%
Capex/NetOCF …. 39.8% …. 51.1% …. 47.4% …. 40.0% …. 46.7%
Capex/D&A …. 145.5% …. 206.7% …. 206.0% …. 170.4% …. 190.0%
DPO ratio …. 0.0% …. 0.0% …. 0.0% …. 0.0% …. 0.0%



VALUATION
Year …. 2016 …. 2015 …. 2014 …. 2013 …. 2012
Share Price RM …. 244,121 …. 200,150 …. 223,600 …. 187,350 …. 156,280
Market cap (m) …. 602,002 …. 493,370 …. 551,174 …. 461,818 …. 387,106

ROCE …. 5.7% …. 6.8% …. 6.1% …. 6.4% ….
ROA …. 4.1% …. 4.5% …. 3.9% …. 4.3% ….
ROE …. 8.8% …. 9.6% …. 8.5% …. 9.4% ….

FCF/Revenues …. 8.8% …. 7.3% …. 8.6% …. 9.2% …. 6.9%

FCF/Mkt Cap …. 3.3% …. 3.1% …. 3.1% …. 3.6% …. 2.9%
DY …. 0.0% …. 0.0% …. 0.0% …. 0.0% …. 0.0%

Mkt. cap/Equity (P/B) …. 2.10 …. 1.91 …. 2.27 …. 2.06 …. 2.02
Mkt. cap/Net Inc (PE) …. 25.01 …. 20.49 …. 27.74 …. 23.71 …. 26.11



Today's Price RM …. 267,377
Shares (m) …. 2.466
Market cap (m) today …. 659,352

Mkt. cap/Equity (P/B) …. 2.30
Mkt. cap/Net Inc (PE) …. 27.39




Comments:

Cash in book of 86.37 Billion

FCF generated in 2016 was 19.581 Billion