Start Date End Date

Template Version
#REF!

Version

Remarks

Figures (except per shares items) in

10
2014

9
2013

Cash
Inventories
Trade Receivables
Other Receivables
Financial assets at fair value trrough profit or loss
Available for sale financial assets
Investment in convertible notes
Derivatives Assets
Tax Recoverable
Fixed despoite with licence bank
Tax Refundable
Other Current Assets
Total Current Asset

102,852
52,386
67,779

101,829
50,128
74,695

237
97

230
97

684

870

224,035

227,849

Total Current Asset

224,035

227,849

Property, Plant and Equipment

Intengible Assets
Development expenditure Tax Asset
Long Term Receivable
Investments - in quoted securities
Investments - JV
Investments - Properties
Prepaid lease payment
Long Term Assets held for Sales
Land use right
Goodwill
Deferred Tax Asset
Other Non Current Assets
Total Non Current Asset

144,308
72,920

150,935
77908

2,956
17,144

3,142
17,579

1,455

1674

238,783

251,238

Total Non Current Asset

238,783

251,238

Trade Payables
Other Payables
Amount owing to contract customer
Amount owing to holding company
Amount owing to related company
Derivative liabilities
short term Borrowing
Bank Borrowing
Bank Overdraft
Current portion of other non-current liabilities
Provision for taxasion
Total Current Liabilities

68,746

72,898

12,726

170,602

62
5384
86,918

58
7147
250,705

Total Current Liabilities

86,918

250,705

Deferred Tax Liabilities

Long-term Hire Purchase

12306

13105

Balance Sheet

Bank Borrowing
Deferred Tax Liabilities
Other Non Current Liabilities
Total Non Current Liabilities

137,804
741
150,851

1332
14,437

Total Non Current Liabilities

150,851

14,437

share Capital
Share Premium
Retained Earnings
Capital Reserves
Other Equities
Total Shareholder Equity
Non controlling interests
Total Shareholder Equity

21,715
54,664
221,379
-79,946

21,715
54,664
202,270
-71,643

217,812
7,237
225,049

207,006
6,939
213,945

462,818
237,769
225,049
462,818

479,087
265,142
213,945
479,087

Minority Interest
Share Application Monies
Total Asset
Total Liabilities
Total Equity
Total Equity + Liabilities
Check Sum

PASS

PASS

Income Statement
2013
468,728
-285,588
183,140

2012
477,853
-289,116
188,737

Gross Profit
Other gains
Other Operating Income
Gain on dilution
Selling and distribution
Admin expenses
Finance cost
Share of losess of JV
Other Operating Expenses
Operating Profit (Derrived)
Operating Profit (Manual)
Operating Profit
Profit before Tax (Derrived)

183,140
1,032
12,995

188,737
3,165
11,875

-72744
-40,499
-8,150
-397
-6,814
68,563

-72,511
-42,352
-3,417
-142
-8,261
77,094

68,563
68,563

77,094
77,094

Profit before Tax

Income Tax Expense
Profit from Discontinued Operations
Net Profit (Derrived)

68,563
-19,292

77,094
-19,125

49,271

57,969

Net Profit

49,271

57,969

Net Profit to NCI

Net Profit to Shareholder

-3,046
52,317

13,072
44,897

-652

-9,070

Turnover
Cost of Goood Sold
Gross Profit (Derrived)

Changes in Other Comprehensive Income

Total Comprehensive Income (Derrived)

Total Comprehensive Income (Manual)
Total Comprehensive Income

48,619
51,665
51,665

48,899

Total Comprehensive Income to NCI

Total Comprehensive Income to Shareholder

0
51,665

-279,627
328,526

Depreciation
Amortization
Depreciation & Amortization

11,376

10,761

11,376

10,761

65.30
65.30

56.10
56.10

80,118
80,064
80,064

80,030
80,064
80,064

25.00

20.00

EPS (Sen)
EPS - Diluted (Sen)
Weighted Average Shares (Derrived)
Weighted Average Shares (Manual)
Weighted Average Shares
DPS (Sen)

48,899

Est Gross Dividend Payout

Dividend Payout %

Adjusted EPS (Sen)

Adjusted DPS (Sen)

Tax Rate (Derrived)

Tax Rate (Manual)
Tax Rate
Interest (Derrived)
Interest (Manual)
Interest
Interest Rate (Derrived)
Interest Rate (Manual)
Interest Rate

28.138%

24.807%

28.138%

24.807%

#REF!

#REF!

#REF!

#REF!

Total Operating Cost (Derrived)

Total Operating Cost (Manual)
Total Operating Cost
Total Cost (Derrived)
Total Cost (Manual)
Total Cost

55,860

54,172

55,860

54,172

419,457

419,884

419,457

419,884

EBIT (Derrived)
EBIT (Manual)
EBIT

EBITDA (Derrived)
EBITDA (Manual)
EBITDA

NOPAT (Derrived)
NOPAT (Manual)

49,271

57,969

NOPAT

49,271

57,969

Income Statement (Per Share Items)

RPS
EPS
EPS - Diluted
DPS
Adjusted EPS

Adjusted DPS

0.65
0.65
0.25

0.56
0.56
0.20

Cash Flow Statement

OCF (Before WC Change)
(Increase) / Decrease in Inventories
(Increase) / Decrease in amount owing by contract customer
(Increase) / Decrease in Receivables
(Increase) / Decrease in amount owing by holding company
Increase / (Decrease) in Payables
Net (increase)/decrease in amount owing by
Employee Benefits
Cash From Operation

Cash from Operations

84,562
-7,066
-20,461
57,035

99,365
-2,855
-18,173
78,337

57,035

78,337

-10,823
45

-17,218
193
-1,032
-75
4,480

Cash genareted from operation

Interest Paid
Tax Paid
Operating Cash Flow (Derrived)
Operating Cash Flow
Purchase of PPE
Proceeds from Disposal of PPE
Formation JV
Acquisition of a subsidiary, net of cash acquried
Net cash inflow from disposal of subsidiary
Acquisition of an associate
Acquisition of treasury shares
Purchase of Marketable Securities
Proceeds from Disposal of Marketable Securities
Purchase of intengible assets
Acquisition of an exchangable bonds
Purchase of Short Term Invesment
Proceeds from Disposal of Short Term Invesment
Purchase of Assets held for Sales
Proceeds from Disposal of convertible notes
Purchase of Investments - Properties
Proceeds from Disposal of Investments - Properties
Purchase of Investments - Subsidiary
Proceeds from Disposal of Investments in quoted securities
Purchase of Investments - Associates
Proceeds from Disposal of Investments - Associates
Purchase of Investments - JV
Proceeds from Disposal of Investments - JV
Purchase of Investments

-115

-346

-1,606
-1,145

1,694
-3,402

Dividend received
Interest Received
Other Investing Cash Impact
Investing Cash Flow (Derrived)

15
1,691

10
2,379

-9,533

-15,722

Investing Cash Flow

-9,533

-15,722

-29,779
-692
-29

-261,501
-830
-70
297

157,505
-169,268

184,622
-17,806

-42,263

-95,288

-42,263

-95,288

Net Cash (Derrived)

5,239

-32,673

Net Cash

5,239

-32,673

Dividends Paid
Dividends paid to non controlling interetes by a listed subsidiary
Dividends paid to non controlling interetes by a subsidiary
Capital contribution
Share Resales
Proceeds - borrowings
Repayment - borrowings
Proceeds from excercise of shares
Repurchase of ordinary share
Proceeds - Creditors
Repayment - Creditors
Capital element of finance lease payments
Financing Cash Flow (Derrived)
Financing Cash Flow

8
2012

134,657
57,899
76,140
191
97
568
1,625

271,177
271,177
151,049
78124

2,253
11,212

2025
1,426
246,089
246,089
70,623

5,285
145
5520
81,573
81,573
14552

1348
15,900
15,900
21,715
280,818
183,710
-72,679
413,564
6,229
419,793

517,266
97,473
419,793
517,266
PASS

2011
472,237
-285,492
186,745
186,745
3,037
9,707
33
-70,489
-36,969
-339
-294
-6,516
84,915
84,915
84,915
84,915
-20,572
64,343
64,343
31,888
32,455

#REF!

#REF!

64,343
64,343
31,888
32,455
7,578
7,578
40.50
40.50
80,136
80,064
80,064
15.00
24.227%
24.227%
#REF!
#REF!
44,118
44,118
407,894
407,894
64,343

64,343

0.41
0.41
0.15
-

0
0

99,918
-339
-20,113
79,466
79,466
-7,200
292

-64

-586

206

10
2,543
-4,799
-4,799
-39,684
-420

15,846
-25,450
554
-1

-734
-49,889
-49,889
24,778
24,778

#REF!

Worksheet Name
Stock Name

Ratio Analysis
#REF!

Sub-Sector
Stock Code

Instructions:
No data input required.

Notes:

All ratio will be auto calculated based on data from Input (Finance) worksheet.
T4Q - Trailing four quarter data
AQR - Annualize Data for the current FY based on the available announced result. IS = Sum(Available Data)/Avaialable Mth * 4; BS
CU - Current Price vs Latest Financial Year Data; Per Share Items will be Adjusted based on Latest NOSH.
Figures (except per shares items) in #REF!

Measure / Hints

10
2013

Formula

Profitability
Revenue
Gross Profit
Gross Profit Margin

Increasing,
Preferably 30%

Gross Profit /
Revenue

468,728
183,140
39.07%

Revenue
Operating Profit
Operating Profit Margin

Increasing,
Preferably 20%

Operating Profit /
Revenue

468,728
68,563
14.63%

Revenue
Profit before Tax
Profit before Tax Margin

Increasing,
Preferably 20%

Profit before Tax /

Revenue

468,728
68,563
14.63%

Revenue
Net Profit
Net Profit Margin

Increasing,
Preferably 15%

Net Profit /
Revenue

468,728
49,271
10.51%

Total Asset
Net Profit
ROA

Increasin, ,
Preferably 12%

Net Profit / Total

Asset

462,818
49,271
10.65%

Total Equity
Net Profit
ROE

Increasin, ,
Preferably 15%

Net Profit / Total

Equity

225,049
49,271
21.89%

Equity Multiplier /
Net Profit Margin

10.51%

ROE 3 Step DuPont Analysis

Net Profit Margin
Increasin, ,
Preferably 15%
Sales Turnover
Equity Multiplier
ROE

2.0565
21.62%

Total Asset
Operating Cash Flow
OCF/Total Asset

Increasin, ,
Preferably 8%

Operating Cash
Flow / Total Asset

Total Asset
Free Cash Flow
FCF/Total Asset

Increasin, ,
Preferably 5%

Free Cash Flow /

Total Asset

462,818
57,035
12.32%
462,818
-

Cash Flow
Net Profit
Operating Cash Flow
OCF/NP

Increasing,
Preferably 1

Operating Cash
Flow / Net Profit

Revenue
Operating Cash Flow
OCF/Revenue

Increasing,
Preferably >= 10%

Operating Cash
Flow / Revenue

Cost of Goood Sold

Inventories
Days In Inventory

Decreasing

Inventories / Cost
of Goood Sold *
365

Revenue
Trade Receivables
Days In Receivables

Decreasing

Trade Receivables
/ Revenue * 365

Total Asset
Revenue
Sales Turnover

Increasing

Revenue
Inventories
Inventory Turnover

Decreasing

Revenue
Trade Receivables
Receivables Turnover

Decreasing

Revenue
Inventories
Inventories % of Revenue

Decreasing

49,271
57,035
115.76%
57,035
-

Efficiency

Revenue / Total
Asset

67,779
-

462,818
-

Revenue
Decreasing
Trade Receivables
Receivables % of Revenue

Inventories /
Revenue

Trade Receivables
/ Revenue

Inventories /
Revenue

Trade Receivables
/ Revenue

Cash & Short Term InvesmentIncreasing - more

Revenue / Cash &
sale generated with Short Term
Revenue
less cash
Invesment
Revenue / Cash & Eq.

Leverage

-285,588
52,386
66.95

52,386
-

67,779
-

52,386
-

67,779
-

Total Equity
Total Asset
Equity Multiplier

Lower = Lower
Leverage

225,049
462,818
2.06

Total Asset / Total

Equity

Total Equity
Declining,
Preferably < 1
Total Liabilities
Total Liabilities / Total Equity

Total Liabilities /
Total Equity

225,049
237,769
105.65%

Total Asset
Declining,
Preferably < 0.5
Total Liabilities
Total Liabilities / Total Asset

Total Liabilities /
Total Asset

462,818
237,769
51.37%

Total Current Asset

/ Total Current
Liabilities

86,918
224,035

Liquidity
Total Current Liabilities
Total Current Asset

Increasing,
Preferably 2

Current Ratio
Total Current Liabilities
Inventories
Total Current Asset
Quick Ratio

2.58
86,918
52,386
224,035
1.97

Increasing,
Preferably 1

(Total Current
Asset - Inventories)
/ Total Current
Liabilities

Net Profit
Operating Cash Flow
Earning Quality

Increasing,
Preferably 80%

Operating Cash
Flow / Net Profit

Revenue
Trade Receivables
Revenue Quality

Increasing,
Preferably 80%

1(Receivable/Reven
ue)

Revenue
Inventories
Inventory Quality

Decreasing,
Preferably <= 20%

Inventories /
Revenue

Spotting Danger Signs

49,271
57,035
115.76%

67,779
-

52,386
-

Date
Company Name

= Sum(Available Data)/Avaialable Mth * 4; BS and CF - Not available

ed on Latest NOSH.

9
2012

8
2011

477,853
188,737
39.50%

472,237
186,745
39.54%

477,853
77,094
16.13%

472,237
84,915
17.98%

477,853
77,094
16.13%

472,237
84,915
17.98%

477,853
57,969
12.13%

472,237
64,343
13.63%

479,087
57,969
12.10%

517,266
64,343
12.44%

213,945
57,969
27.10%

419,793
64,343
15.33%

12.13%

13.63%

2.2393
27.17%

1.2322
16.79%

479,087
78,337
16.35%

517,266
79,466
15.36%

479,087
-

517,266
-

57,969
78,337
135.14%

64,343
79,466
123.50%

78,337
-

79,466
-

-289,116
50,128
63.29

-285,492
57,899
74.02

74,695
-

76,140
-

479,087
-

517,266
-

50,128
-

57,899
-

74,695
-

76,140
-

50,128
-

57,899
-

74,695
-

76,140
-

213,945
479,087
2.24

419,793
517,266
1.23

213,945
265,142
123.93%

419,793
97,473
23.22%

479,087
265,142
55.34%

517,266
97,473
18.84%

250,705
227,849

81,573
271,177

0.91

3.32

250,705
50,128
227,849
0.71

81,573
57,899
271,177
2.61

57,969
78,337
135.14%

64,343
79,466
123.50%

74,695
-

76,140
-

50,128
-

57,899
-

#REF!

Worksheet Name
Stock Name

Panser

Sub-Sector
Stock Code

#REF!
#REF!

Instructions:
No data input required.
Notes:
All value will be auto captured and presented on this worksheet based on data from Input (Finance) worksheet.

Figures (except per shares items) in

10
2013
Revenue
YOY Chg (%)
Vertical
Horizontal
Cost of Goood Sold
YOY Chg (%)
Vertical
Horizontal
Gross Profit
YOY Chg (%)
Vertical
Horizontal
Other Operating Income
YOY Chg (%)
Vertical
Horizontal
Administrative Expenses
YOY Chg (%)
Vertical
Horizontal
Other Operating Expenses
YOY Chg (%)
Vertical
Horizontal
Operating Profit
YOY Chg (%)
Vertical
Horizontal
Profit before Tax
YOY Chg (%)
Vertical
Horizontal
Income Tax Expense
YOY Chg (%)
Vertical
Horizontal

9
2012
-

-285,588
-1.22%
-

8
2011
354,975,347
100.00%
-

-289,116
1.27% -

98.78%
183,140
-2.97%
-

101.27%
188,737
1.07% -

97.03%
12,995
9.43%
-

101.07%
11,875
-99.85% -

109.43%
-27,625,505
0.18%
-

0.15%
-27,576,752
13.58% -

100.18%
-6,814
-17.52%
-

113.58%
-8,261
26.78% -

82.48%
68,563
-11.07%
-

126.78%
77,094
-9.21% -

88.93%
68,563
-11.07%

90.79%
77,094
-9.21% -

-19,292
0.87%
-

-285,492
-0.08%
98.75%
186,745
0.05%
98.94%
7,815,637
2.20%
65815.89%
-24,278,637
-6.84%
88.04%
-6,516
0.00%
78.88%
84,915
0.02%
110.14%
84,915
0.02%

-19,125
-7.03% -

-20,572

100.87%

92.97%

-0.01%
107.57%

Net Profit

49,271

57,969

64,343

YOY Chg (%)

Vertical
Horizontal
Net Profit to NCI
YOY Chg (%)
Vertical
Horizontal
Net Profit to Shareholder

-15.00%

-9.91% -

85.00%
-3,046
-123.30%

90.09%
13,072
-59.01% -

-23.30%
52,317

40.99%
44,897

0.02%
111.00%
31,888
0.01%
243.94%
32,455

YOY Chg (%)

Vertical
Horizontal

16.53%
-

38.34% -

116.53%

138.34%

0.01%
72.29%

#REF!

Worksheet Name
Stock Name
Instructions:
No data input required.
Notes:
All value will be auto captured and presented on this worksheet based on data from Input (Finance) worksheet.

Figures (except per shares items) in

10
2013
Cash
YOY Chg (%)
Vertical
Horizontal
Marketable Securities
YOY Chg (%)
Vertical
Horizontal
Short Term Invesment
YOY Chg (%)
Vertical
Horizontal
Short Term Assets held for Sales
YOY Chg (%)
Vertical
Horizontal
Inventories
YOY Chg (%)
Vertical
Horizontal
Trade Receivables
YOY Chg (%)
Vertical
Horizontal
Receivables - Associates
YOY Chg (%)
Vertical
Horizontal
Receivables - JV
YOY Chg (%)
Vertical
Horizontal
Other Receivables
YOY Chg (%)
Vertical
Horizontal
Prepayment
YOY Chg (%)
Vertical
Horizontal
Tax Refundable

9
2012

102,852
1.00%
22.22%
101.00%
-

101,829
-24.38%
21.25%
75.62%
-

52,386
4.50%
11.32%
104.50%
67,779
-9.26%
14.64%
90.74%
-

50,128
-13.42%
10.46%
86.58%
74,695
-1.90%
15.59%
98.10%
-

0
-

0
-

0.00%
-

0.00%
-

YOY Chg (%)

Vertical
Horizontal
Other Current Assets
YOY Chg (%)
Vertical
Horizontal
Total Current Asset
YOY Chg (%)
Vertical
Horizontal
Property, Plant and Equipment
YOY Chg (%)
Vertical
Horizontal
Land Use Rights
YOY Chg (%)
Vertical
Horizontal
Biological Assets
YOY Chg (%)
Vertical
Horizontal
Long Term Receivable
YOY Chg (%)
Vertical
Horizontal
Investments - Associates
YOY Chg (%)
Vertical
Horizontal
Investments - JV
YOY Chg (%)
Vertical
Horizontal
Investments - Properties
YOY Chg (%)
Vertical
Horizontal
Investments
YOY Chg (%)
Vertical
Horizontal
Long Term Assets held for Sales
YOY Chg (%)
Vertical
Horizontal
Intangible Assets
YOY Chg (%)
Vertical
Horizontal
Goodwill
YOY Chg (%)
Vertical
Horizontal
Deferred Tax Asset
YOY Chg (%)
Vertical

0.00%

0.00%
-

0
-

0
-

0.00%
-

0.00%
-

224,035
-1.67%
48.41%
98.33%

227,849
-15.98%
47.56%
84.02%

144,308
-4.39%
31.18%
95.61%

150,935
-0.08%
31.50%
99.92%

0
-

0.00%
-

0.00%
-

2,956
-5.92%
0.64%
-

3,142
39.46%
0.66%
-

17,144
-2.47%
3.70%
-

17,579
56.79%
3.67%
-

0
-

0
-

0.00%
-

0.00%
-

0
-

0
-

0.00%
-

0.00%
-

1,455
-13.08%
0.31%

1,674
17.39%
0.35%

Horizontal
Other Non Current Assets
YOY Chg (%)
Vertical
Horizontal
Total Non Current Asset
YOY Chg (%)
Vertical
Horizontal

86.92%
0
-

0.00%

Total Asset
YOY Chg (%)
Vertical
Horizontal
Short-term Loans
YOY Chg (%)
Vertical
Horizontal
Short-term Hire Purchase
YOY Chg (%)
Vertical
Horizontal
Trade Payables
YOY Chg (%)
Vertical
Horizontal
Payables - Associates
YOY Chg (%)
Vertical
Horizontal
Payables - JV
YOY Chg (%)
Vertical
Horizontal
Other Payables
YOY Chg (%)
Vertical
Horizontal
Accruals
YOY Chg (%)
Vertical
Horizontal
Asstes held for Sales (Liabilities)
YOY Chg (%)
Vertical
Horizontal
Taxation Payable
YOY Chg (%)
Vertical
Horizontal
Dividend Payable
YOY Chg (%)
Vertical
Horizontal
Other Current Liabilities
YOY Chg (%)
Vertical
Horizontal

117.39%
0
0.00%
-

238,783
-4.96%
51.59%
95.04%

251,238
2.09%
52.44%
102.09%

462,818
-3.40%
100.00%
96.60%

479,087
-7.38%
100.00%
92.62%

68,746
-5.70%
14.85%
94.30%

72,898
3.22%
15.22%
103.22%
-

0
-

0
-

0.00%
-

0.00%
-

Total Current Liabilities

YOY Chg (%)
Vertical
Horizontal
Long-term Loans
YOY Chg (%)
Vertical
Horizontal
Long-term Hire Purchase
YOY Chg (%)
Vertical
Horizontal
Retirement benefits
YOY Chg (%)
Vertical
Horizontal
Deferred Tax Liabilities
YOY Chg (%)
Vertical
Horizontal
Other Non Current Liabilities
YOY Chg (%)
Vertical
Horizontal
Total Non Current Liabilities
YOY Chg (%)
Vertical
Horizontal

86,918
-65.33%
18.78%
34.67%
-

0
-

0.00%
-

0.00%
-

12,306
-6.10%
2.66%
93.90%
741
-44.37%
0.16%
-

Total Liabilities
YOY Chg (%)
Vertical
Horizontal
Paid Up Capital
YOY Chg (%)
Vertical
Horizontal
Share Premium
YOY Chg (%)
Vertical
Horizontal
Retained Earnings
YOY Chg (%)
Vertical
Horizontal
Capital Reserves
YOY Chg (%)
Vertical
Horizontal
Other Equities
YOY Chg (%)
Vertical
Horizontal
Total Shareholder Equity
YOY Chg (%)
Vertical
Horizontal

250,705
207.34%
52.33%
307.34%

13,105
-9.94%
2.74%
90.06%
1,332
-1.19%
0.28%
-

150,851
944.89%
32.59%
1044.89%

14,437
-9.20%
3.01%
90.80%

237,769
-10.32%
51.37%
89.68%

265,142
172.02%
55.34%
272.02%

54,664
0.00%
11.81%

54,664
-80.53%
11.41%
-

221,379
9.45%
47.83%
-

202,270
10.10%
42.22%
-

-79,946
11.59%
-17.27%
111.59%
0
-

-71,643
-1.43%
-14.95%
98.57%
0
-

0.00%
-

0.00%
-

225,049
5.19%
48.63%
105.19%

213,945
-49.04%
44.66%
50.96%

Minority Interest
YOY Chg (%)
Vertical
Horizontal
Share Application Monies
YOY Chg (%)
Vertical
Horizontal
Total Equity
YOY Chg (%)
Vertical
Horizontal

0
-

0
-

0.00%
-

0.00%
-

0
-

0
-

0.00%
-

0.00%
-

225,049
5.19%
48.63%
105.19%

213,945
-49.04%
44.66%
50.96%

Sub-Sector
Stock Code

8
2011
134,657
26.03%
132.24%
57,899
11.19%
115.50%
76,140
14.72%
101.93%
0
0.00%
0

0.00%
0
0.00%
271,177
52.43%
119.02%
151,049
29.20%
100.08%
0
0.00%
2,253
0.44%
11,212
2.17%
0
0.00%
0
0.00%
1,426
0.28%

85.19%
0
0.00%
246,089
47.57%
97.95%
517,266
100.00%
107.97%
70,623
13.65%
96.88%
0
0.00%
-

81,573
15.77%
32.54%
0
0.00%
14,552
2.81%
111.04%
1,348
0.26%
15,900
3.07%
110.13%
97,473
18.84%
36.76%
280,818
54.29%
183,710
35.52%
-72,679
-14.05%
101.45%
0
0.00%
419,793
81.16%
196.22%

0
0.00%
0
0.00%
419,793
81.16%
196.22%

#REF!
Worksheet Name
Stock Name
Instructions:
No data input required.
Notes:
All value will be auto captured and presented on this worksheet based on data from Input (Finance) worksheet.

Figures (except per shares items) in

10
2013
Net Profit
YOY Chg (%)
Horizontal
OCF (Before WC Change)
YOY Chg (%)
(Increase) / Decrease in Inventories
YOY Chg (%)
Horizontal
(Increase) / Decrease in Receivables
YOY Chg (%)
Horizontal
Increase / (Decrease) in Payables
YOY Chg (%)
Horizontal
Cash from Operations
YOY Chg (%)
Vertical
Horizontal
Tax (Opg Cash Impact)
YOY Chg (%)
Horizontal
Interest (Opg Cash Impact)
YOY Chg (%)
Horizontal
Operating Cash Flow
YOY Chg (%)
Vertical
Horizontal

9
2012

49,271
-15.00%
85.00%
0
-

57,969
-9.91%
90.09%
0
-

0
-

0
-

0
-

0
-

0
-

0
-

0
-

0
-

57,035
-27.19%
-

78,337
-1.42%
-

72.81%

98.58%

Purchase of PPE
YOY Chg (%)
Horizontal
Proceeds from Disposal of PPE
YOY Chg (%)
Horizontal
Investing Cash Flow
YOY Chg (%)
Horizontal

-10,823
-37.14%
62.86%
45
-76.68%
23.32%
-9,533
-39.37%
60.63%

-17,218
139.14%
239.14%
193
-33.90%
66.10%
-15,722
227.61%
327.61%

Dividends Paid
YOY Chg (%)

-29,779
-88.61%

-261,501
558.96%

Horizontal
Financing Cash Flow
YOY Chg (%)
Horizontal

11.39%
-42,263
-55.65%
44.35%

Net Cash
YOY Chg (%)
Horizontal

Operating Cash Flow

YOY Chg (%)
Horizontal

658.96%
-95,288
91.00%
191.00%
-

57,035
-27.19%
-

Investing Cash Flow

YOY Chg (%)
Horizontal

78,337
-1.42%
-

-9,533
-39.37%
-

Financing Cash Flow

YOY Chg (%)
Horizontal

-15,722
227.61%
-

-42,263
-55.65%
-

-95,288
91.00%
-

Cash Flow Summary

100,000
80,000

60,000
40,000
20,000
0
2013

2012

2011

-20,000
-40,000
-60,000

-80,000
-100,000
-120,000
Operating Cash Flow

Investing Cash Flow

Financing Cash Flow

Sub-Sector
Stock Code

8
2011
64,343
111.00%
0
0
0
0
0
79,466
-7,200
292
-4,799
-39,684
-

-49,889
-

79,466
-4,799
-49,889
-

2011

#REF!

#REF!

Worksheet
Financial
Name
Statement Analysis
Stock Name
#REF!

#REF!
#REF!

Instructions:
A sheet to perform Financial Statement Analysis

Review the data and fill in comments on the purple colour cell.
Notes:

Income Statement Analysis

[1]

To check the revenue, cogs, profit margin growth based on horizontal analysis.
10
#REF!
Revenue
Horizontal
Cost of Goood Sold
Horizontal
Gross Profit
Horizontal
Operating Profit
Horizontal
Net Profit
Horizontal

9
#REF!

-285,588

-289,116

183,140

188,737

186,745
-

68,563

77,094
-

84,915
-

49,271
-

-285,492
-

8
#REF!

57,969
-

64,343
-

The revenue grew by 97.86% from 2004 to 2013 (CAGR of 7.88%). The COGS grew at a slower rate
of 47.60% (CAGR of 4.42%) and this result a higher Gross Profit growth rate of 451.63% (CAGR of
20.89%).
Compare to the revenue, Operating profit and Net Profit grew at a higher rate of 457.83% and 428.29%
respectively. The profit growth is in tandem with revenue growth and the quality of growth is hence
[2]

To check how the revenues and the spending on different types of expenses change from one year to the next base
10
2013
Revenue
Vertical
Gross Profit
Vertical
Operating Profit
Vertical
Net Profit
Vertical
Cost of Goood Sold
Vertical
Net Finance Cost
Vertical

9
2012

183,140

188,737

68,563

186,745
-

77,094
-

49,271
-

84,915
-

57,969
-

285,588
-

8
2011

64,343
-

289,116
-

285,492
-

Total Operating Cost

Vertical

55,860
-

54,172
-

44,118
-

The profit margin (gross, operating, and net) is on a steady up trend.

The managements ability to contain the total operating cost to about 5% each year.
The growth in profit margin is in tandem with the revenue growth. On the latest financial year, the gross
profit margin, operating profit margin and net profit margin is 34.68%, 38.85% and 30.27%
respectively. The good result here give us more confident on the company growth quality.
The 0 finance cost of the company did contribute positively to the high net profit margin

Chasing high growth is not necessary a good investing strategy, but searchi
Margin ratios never offer perfect information - it depend on
the timeliness and accuracy of the financial data that gets
fed into them, and analyzing them also depends on a
consideration of the company's industry and its position in
[3]

Revenue vs Inventory
9
2013
Revenue
YOY Chg (%)
Horizontal

50,128

57,899 -

-13.42% 10.46%
-

11.19% -

Total Asset
YOY Chg (%)
Horizontal

7
2011

Inventories
YOY Chg (%)
Vertical
Horizontal

8
2012

479,087

517,266 -

-7.38% -

The inventory increased 50.55% (CAGR 4.65%), while the revenue increase 118.49% (CAGR 9.07%).
The inventory is 4.65% of the total assets and it is slightly lower if compare to previous year record.
This show that the company did a good jobs in the inventory management

[4]

Revenue vs Trade Receivables

9
2013
Revenue
YOY Chg (%)
Horizontal

Total Asset
YOY Chg (%)
Horizontal

7
2011

Trade Receivables
YOY Chg (%)
Vertical
Horizontal

8
2012

74,695

76,140 -

-1.90% 15.59%
-

14.72% -

479,087
-

-7.38% -

517,266 -

The growth in trade receivables at 140.91% (CAGR 12.92%) and is higher than the revenue growth
rate of 97.86% (CAGR 9.07%). It may mean its customers are taking a little bit longer to pay.
However, the Trade receivables on year 2013 is 24.92% of total asset is slightly lower compare to its
historical range.
And. from the historical records, the sales proceeds are collected and converted to cash, as evidence
[4]

Core Business Asset

9
2013
Revenue
YOY Chg (%)
Horizontal

7
2011

Property, Plant and Equipment

YOY Chg (%)
Horizontal

8
2012

150,935

151,049 -

-0.08% -

Land Use Rights

YOY Chg (%)

Horizontal

Biological Assets

YOY Chg (%)

Horizontal

Core Business Asset

YOY Chg (%)
Horizontal

CAPEX
YOY Chg (%)
Horizontal

Free Cash Flow

YOY Chg (%)

Horizontal

The Core Business Asset is increasing on 116.34% with a CAGR of 8.95% and the growth rate is
almost same with the revenue growth rate of 97.86% (CAGR 9.07%).
It show that the revenue growth is consistent with the core business asset growth.
And, the CAPEX was funded by Opg Cash Flow in view of the positive free cash flow in 9 out of 10 on
the pass 10 years.

Cash Flow Statement Analysis

[1]

Net Income vs Operating Cash Flow

9
#REF!
Net Profit
Operating Cash Flow

OCF/NP

57,969
78,337
135.14%

8
#REF!
64,343 79,466 123.50% -

7
#REF!

OCF is below NP in 6 out of 10 years. This is not a good sign as not all the net income was able to
convert to the cash.
This is align with above analysis which show that the Trade Receivables was growing faster than the
Revenue.

[2]

Capital Allocation and Earning Quality

9
#REF!

8
#REF!

7
#REF!

Invested Capital

64,343 -

CAPEX/Revenue
FCF/Revenue
FCFF/IC

Revenue
Horizontal
Net Profit
CAPEX
Free Cash Flow
FCFF

57,969

The revenue was growing from 87.36M to 172.85M and it is equivalent to a 118.49% growth rate. The
growth was achieved by a total of 117.22M of capex and the average CAPEX is 8.07% of the revenue.
The FCF on year 2013 is equivalent to 23.64% of revenue and FCFF is 29.65% of the invested capital,
and the average FCF/Revenue and FCFF/IC is 11.74% and 16.12% respectively. This shows that the
growth quality and earning quality is good.
[3]

How the company being financed?

9
#REF!

8
#REF!
78,337

7
#REF!

Net Share Buyback \ (Resale)

79,466 -

FCF/Revenue
FCFF/IC

Operating Cash Flow

CAPEX
Free Cash Flow
Net Cash from\(to) Owners
Net Cash from\(to) Creditors

Most of the time, the CAPEX is lesser than the OCF and the firm able to generate Free Cash Flow from
9 out of 10 years. It mean that the firm able to generate enough cash from its operating activities to
meet its capex requirement. Owing to this, we can see the firm not only need not to acquire cash from
owners or creditors, but it able to pay dividends to owners with the free cash flow.
The CAPEX provides a good yield to its shareholder in view of the average FCF/Revenue and FCDF/IC
is very high which is 23.64% and 29.65% respectively.
[4]
Monetary investments?

9
#REF!
Free Cash Flow
Total Investment Cash Flow
Net Cash from\(to) Owners
Net Cash from\(to) Creditors
Net Share Buyback \ (Resale)

8
#REF!

7
#REF!
-

Analysis of Return on Capital

[1]

ROE DuPont Analysis

9
#REF!
Net Profit Margin
Sales Turnover
Equity Multiplier
ROE
YOY Chg (%)
Horizontal

WACC

8
#REF!
12.13%

7
#REF!

13.63% 1.2322 -

2.2393

PTARAS ROE is way above the WACC (19.30% vs 12.00%) and it have been grew in 128.41% with a
CAGR of 7.71%.
The ROE was achieved with a high profit margin of 30.27% and this is the most desirable way to
achieve a higher ROE.
The sales turnover is verly low and experience a negative growth (CAGR -2.05%). PTARAS should
able to achieve a higher ROE if he able to increase the sales turnover.
Furthermore, it have a very low equity multiplier - 1.2226 and it can increase the financial leverage and
[2]
ROIC Analysis
9
#REF!
77,094
24.81%
57,969
-

Tax Rate
NOPAT

ROIC
YOY Chg (%)
Horizontal

WACC

7
#REF!

84,915 24.23% 64,343 -

Operating Profit

Invested Capital

8
#REF!

PTARAS Invester Capital grew by a CAGR of 10.09% while the NOPAT growth at a much higher rate at
CAGR of 19.83%.
And, owing to this the ROIC was improved from good to best - from 14.77% to 37.97% with a CAGR if
8.85%.
The ROIC is far above the WACC of 12%.

[3]

ROCE and CROIC

9
#REF!
57,969

ROCE
YOY Chg (%)
Horizontal
FCFF
Invested Capital

CROIC
YOY Chg (%)
Horizontal

WACC

7
#REF!

64,343 -

Net Profit
Capital Employed

8
#REF!

ROCE and CROIC is above WACC.

Valuations
[1]

Price to Book Ratio

10
#REF!
FYE - Close
Net Asset (Per Share)
P/Net Asset

9
#REF!
-

8
#REF!
-

We evaluate PTARAS based on earnign power.

[2]

Price to Earning Ratio

10
#REF!
FYE - Close
EPS
P/E

9
#REF!
-

8
#REF!
-

The P/E is increasing. Let's examine PEG

[3]

Earning Yield
10
#REF!

9
#REF!

8
#REF!

Earning Yield

FYE NOSH

FYE - Close
Market Capitalization
Minority Interest
Total Debt
Excess Cash
Non Operating Asset
Enterprise Value

EBIT
EV/EBIT

Earning Yield (Joel Greenblatt)

Earning Yield (Joel Greenblatt) 11.85% > 10 % - Pass.

[4]

PE/Growth Ratio
10
#REF!
P/E
Estimated Growth Rate
PEG

9
#REF!
-

8
#REF!
-

PEG of 1.051 is sligthly > 1

[5]

Price to Free Cash Flow

10
#REF!
FYE - Close
Free Cash Flow (Per Share)
P/FCF

9
#REF!
-

8
#REF!
-

P/FCF = 16.03 < 20 is reasonalbe

[6]

Price to Sales Ratio

10
#REF!
FYE - Close
RPS
P/S

Not Applicable

9
#REF!
-

8
#REF!
-

es change from one year to the next based on vertical analysis.

Vertical

Vertical

Total

Avg

0
122,312
0
0
0
0

#DIV/0!
61,156
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

Total

157,803
0
0
0
0
0

Avg

78,902
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

Total

Avg

0
0
0
0
0

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!