Table

1
Stock Code
Stock Code

Table

WSKT

2
Balance Sheet
2010

2011

Cash Only

354,926,218

583,188,264

Short-Term Investments

340,147,168

24,276,134

2,535,735,554

3,123,025,954

21,099,496

147,038,751

Inventories

232,964,157

351,258,888

Other Current Assets

264,456,481

374,992,454

3,749,329,074

4,603,780,445

284,822,222

347,516,042

-132,698,528

-155,117,470

Net Property, Plant & Equipment

152,123,694

192,398,572

Other Non-Current Assets

177,287,402

319,822,699

Total Assets

4,078,740,171

5,116,001,715

Short Term Debt

1,011,280,237

1,204,968,368

Accounts Payable

2,040,682,756

2,684,626,206

Income Tax Payable

Other Current Liabilities
Total Current Liabilities

27,789,639
340,482,919
3,420,235,551

28,116,925
500,325,286
4,418,036,785

0
208,315,151
208,315,151

0
77,742,569
77,742,569

3,628,550,702

4,495,779,354

654,992,100

654,992,100

-201,543,469
-3,259,162
450,189,469

-31,978,188
-2,791,551
620,222,361

Accounts Receivables, Net

Other Receivables

Total Current Assets

Property, Plant & Equipment - Gross
Accumulated Depreciation

Current Portion of Long Term Debt

Long-Term Debt
Capitalized Lease Obligations
Other Non-Current Liabilities
Total Non-Current Liabilities
Total Liabilities

Common Stock Par/Carry Value

Additional Paid-In Capital/Capital Surplus
Retained Earnings
Others
Total Equity

Liabilities & Shareholders' Equity

Balance Check

Table

SG&A Expense
Other Operating Expense
Unusual Expense
Total Operating Expense
Operating Income
Non Operating Income/Expense
Non-Operating Interest Income
Equity in Affiliates (Pretax)
Interest Expense
Pretax Income
Income Tax
Net Income

2010
5,853,205,164
5,276,902,882

2011
7,274,166,638
6,610,972,813

576,302,282

663,193,825

202,043,178

238,296,140

202,043,178
374,259,104

238,296,140
424,897,685

-1,506,667
-132,508,930

11,676,829
-104,747,582

240,243,507

331,826,931

116,164,147
124,079,360

159,837,737
171,989,194

2010
5,853,205,164

2011
7,274,166,638
24.3%

4
Growth Analysis
Sales/Revenue
Growth
Arithmatic Mean
Geometric Mean

Table

5,116,001,715

3
Income Statement
Sales/Revenue
COGS excluding D&A
Depreciation & Amortization Expense
Gross Income

Table

4,078,740,171

15.4%
15.1%

5
COGS Analysis
COGS
Growth
Begining Inventory
Purchases
Ending Inventory
Purchases to Sales

2010
5,276,902,882

2011
6,610,972,813
25.28%
232,964,157
6,729,267,544
351,258,888
92.5%

Table

6
Percentage of Sales
2010
100.00%
90.15%

2011
100.00%
90.88%

9.85%

9.12%

3.45%
0.00%
0.00%
3.45%
6.39%

3.28%
0.00%
0.00%
3.28%
5.84%

-0.03%
-2.26%
0.00%

0.16%
-1.44%
0.00%

4.10%

4.56%

Income Tax
Net Income

2.12%

2.36%

Effective Tax Rate

48.4%

48.2%

2010
20.55
158.1
16.1
141.2

2011
20.93
156.7
19.4
148.2

Sales/Revenue
COGS excluding D&A
Depreciation & Amortization Expense
Gross Income
SG&A Expense
Other Operating Expense
Unusual Expense
Total Operating Expense
Operating Income
Non Operating Income/Expense
Non-Operating Interest Income
Equity in Affiliates (Pretax)
Interest Expense
Pretax Income

Table

7
Activity Ratios
FATO
Days Sales Outstanding
Days Inventory Outstanding
Days Payable Outstanding

Table

8
Sales Projection
Sales/Revenue

Table

5Y Avg.
15.14%

3Y Avg.
12.24%

5Y Avg.

3Y Avg.

195.4

220.7

9
Receivables Schedule
Sales/Revenue
Credit Sales
Cash Sales

Beginning A/R
Addition
Collection
Ending A/R
Total Collection of Sales/Revenue

Table

10
Cost of Goods Sold (COGS)
COGS
Begining Inventory
Purchases
Ending Inventory

Table

5Y Avg.
90.6%

3Y Avg.
90.5%

18.1

18.3

5Y Avg.

3Y Avg.

166.0

180.3

5Y Avg.

3Y Avg.

3.5%
-1.0%
0.0%

3.6%
-1.4%
0.0%

11
Payable Schedule
Purchases
Credit Purchase
Cash Purchase
Beginning A/P
Addition
Payment
Ending A/P
Total Payment of Purchases

Table

12
Projected Income Statement
Sales/Revenue
COGS excluding D&A
Depreciation & Amortization Expense
Gross Income
0
SG&A Expense
Other Operating Expense
Unusual Expense
Total Operating Expense
Operating Income
0
Non Operating Income/Expense
Non-Operating Interest Income
Equity in Affiliates (Pretax)

Interest Expense
Pretax Income
0
Income Tax
Net Income
Dividend Payment
Retained Earnings

Table

13
Operating Expenses
5Y Avg.

3Y Avg.

5Y Avg.

3Y Avg.

18.14

16.41

Book Value

Depreciation

Operating Expenses
Accrued Expenses
Payment of Operating Expenses
Beginning of Accrued Expenses
Addition
Payment
Ending Accrued Expenses
Total Payment of Operating Expenses

Table

14
New Investment
Sales/Revenue
Gross Fixed Assets
New PP&E

Table

15
Depreciation of Current PP&E

Depreciation
Property, Plant & Equipment - Gross
Accumulated Depreciation
Net Property, Plant & Equipment

Table

16
Depreciation of New PP&E

621,791,835

6,163,392

Total

Table

17
Depreciation of New PP&E

Property, Plant & Equipment - Gross

Accumulated Depreciation
Net Property, Plant & Equipment

Table

18
Settlement of Current Assets
Short-Term Investments
Redemption of Short-Term Investments
Other Receivables
Collection of Other Receivables
Other Current Assets
Sales of Other Current Assets

Table

19
Settlement of Non-Current Assets
Other Non-Current Assets
Sales of Other Non-Current Assets

Table

20
Settlement of Current Liabilities
Short Term Debt
Payment of Short Term Debt
Income Tax Payable
Payment of Income Tax Payable
Addition of Income Tax Payable
Other Current Liabilities

Payment of Other Current Liabilities

Table

21
Existing LTD Schedule
Long-Term Debt
Interest
Principal
Long-term portion
Current portion
Total Long-Term Debt
Payment of Current portion

Table

22
Existing Financial Lease Schedule
0.0%
Interest
Principal

Table

23
Other Non-Current Liabilities
Other Non-Current Liabilities
Payment of Other Non-Current Liabilities

Table

24
Projected Cash Flow
Cash Receipt
Total Collection of Sales/Revenue
Non-Operating Interest Income
Redemption of Short-Term Investments
Collection of Other Receivables
Sales of Other Current Assets
Sales of Other Non-Current Assets
Total of Cash Receipt
Cash Payment
Total Payment of Purchases
Total Payment of Operating Expenses
Payment of Short Term Debt
Payment of Income Tax Payable
Payment of Other Current Liabilities

Payment of Other Non-Current Liabilities

Principal Payment
Interest Expense
New PP&E
Dividend Payment
Total of Cash Payment
Change in Cash Before Financing
Beginning Cash Balance b/f Financing
Ending Cash Balance b/f Financing
Investment Financing
Liabilites
Equities
External Financing Needed (EFN)
Cash Balance b/f EFN
Liabilites
Equities
Cash Balance
Ending Cash Balance
Minimum Cash Required

Table

25
Financing of Investment
New PP&E
Financing
Debt
Equity

Table

26
Interest Payment of Debt Financing
Tahun

2015
2016
2017
2018
2019
2020
2021
2022
2023
2024

1
2
3
4
5
6
7
8
9
10

Table

27
Principal Payment of Debt Financing
Tahun

2015
2016
2017
2018
2019
2020
2021
2022
2023
2024

Table

1
2
3
4
5
6
7
8
9
10

28
Balance of Debt Financing
Tahun
Begining Balance
Interest Payment
New Debt
Principal Payment
Ending Balance
Long-term portion
Current portion
Total Balance of Debt Financing

Table

29
External Funding Needed
External Funding Needed
Financing
Debt
Equity

Table

30
Interest Payment of External Funding
Tahun

2015
2016

1
2

2017
2018
2019
2020
2021
2022
2023
2024

3
4
5
6
7
8
9
10

Total

Table

31
Principal Payment of External Funding
Tahun

2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
Total

Table

32
Balance of External Funding
Tahun
Begining Balance
Interest Payment
New Debt
Principal Payment
Ending Balance
Long-term portion
Current portion
Total Balance of Debt Financing

Table

29
Balance Sheet
Cash Only
Short-Term Investments
Accounts Receivables, Net
Other Receivables

1
2
3
4
5
6
7
8
9
10

Inventories
Other Current Assets
Total Current Assets
Property, Plant & Equipment - Gross
Accumulated Depreciation
Net Property, Plant & Equipment
Other Non-Current Assets
Total Assets

Short Term Debt

Current Portion of Long Term Debt
Accounts Payable
Income Tax Payable
Other Current Liabilities
Total Current Liabilities
Long-Term Debt
Capitalized Lease Obligations
Other Non-Current Liabilities
Total Non-Current Liabilities
Total Liabilities

Common Stock Par/Carry Value

Additional Paid-In Capital/Capital Surplus
Retained Earnings
Others
Total Equity
Liabilities & Shareholders' Equity

Balance Check

2015

499,091,631.00

(in IDR thousands)

2012

2013

2014

2,183,783,098

353,174,011

650,155,272

24,276,134

790,796,134

1,224,404,134

4,698,827,384

5,628,427,433

7,196,295,440

32,338,014

25,932,212

64,732,935

412,538,363

292,226,654

604,279,266

437,951,800

690,856,670

784,300,859

7,789,714,793

7,781,413,114

10,524,167,906

400,606,099

627,785,188

871,337,650

-160,672,477

-212,345,234

-249,545,815

239,933,622

415,439,954

621,791,835

336,595,673

591,450,171

1,396,081,604

8,366,244,088

8,788,303,238

12,542,041,345

1,171,853,482

874,807,781

1,917,129,494

3,567,813,274

4,086,007,414

5,272,332,287

95,086,202
457,073,201
5,291,826,159

97,227,415
369,096,799
5,427,139,409

104,179,351
434,512,423
7,728,153,555

747,453,840

748,044,637

1,245,656,604

319,888,861
1,067,342,701

230,717,377
978,762,014

725,260,832
1,970,917,436

6,359,168,860

6,405,901,423

9,699,070,991

963,223,600
831,137,835
215,173,536
-2,459,742
2,007,075,229

963,223,600
860,067,730
562,911,015
-3,800,530
2,382,401,815

972,750,421
924,152,110
954,023,533
-7,955,711
2,842,970,353

8,366,244,088

8,788,303,238

12,542,041,345

2012
8,808,415,749
8,076,157,819
732,257,930
284,720,190

(in IDR thousands)

2013
2014
9,686,610,302 10,286,813,284
8,775,913,965
9,177,916,819
5,791,274
6,163,392
904,905,063
1,102,733,073
429,413,008
-266,063,357

284,720,190
447,537,740

340,344,030
-142,106,004
-231,278
198,006,748
706,898,315

54,415,923
-42,040,284

1,153,156

-185,096

459,913,378

-96,850,837
611,200,635

-183,596,367
755,601,960

205,882,087
254,031,291

243,230,406
367,970,229

254,389,168
501,212,792

2012
8,808,415,749
21.1%

2013
9,686,610,302
10.0%

2014
10,286,813,284
6.2%

2012
8,076,157,819
22.16%
351,258,888
8,137,437,294
412,538,363

2013
8,775,913,965
8.66%
412,538,363
8,655,602,256
292,226,654

2014
9,177,916,819
4.58%
292,226,654
9,489,969,431
604,279,266

92.4%

89.4%

92.3%

163,349,651
939,383,422

2012
100.00%
91.69%

2013
100.00%
90.60%

2014
100.00%
89.22%

8.31%

9.40%

10.78%

3.23%
0.00%
0.00%
3.23%
5.08%

3.51%
-1.47%
0.00%
2.04%
7.36%

4.17%
-2.59%
0.00%
1.59%
9.19%

0.62%
-0.48%
0.00%

0.00%
0.01%
0.00%

0.00%
0.00%
0.00%

5.22%

6.31%

7.35%

2.88%

3.80%

4.87%

44.8%

39.8%

33.7%

2012
21.99
194.7
18.6
161.2

2013
15.43
212.1
12.2
169.9

2014
11.81
255.3
24.0
209.7

Current
6.20%

Assumption
18.0%

Description
Growth

2014
10,286,813,284

2015
12,138,439,675

Current
0.00%

Assumption

Description

2014
10,286,813,284

2015
12,138,439,675

255.3

190.0

TOP

5,354,779,518
4,932,033,766

6,318,639,831
5,819,799,844

7,196,295,440

7,196,295,440
6,318,639,831
7,196,295,440
6,318,639,831
13,016,095,284

Current
89.2%

Assumption
86.00%

Description
POS

2014
9,177,916,819

2015
10,439,058,121

292,226,654
9,489,969,431
604,279,266

604,279,266
10,349,581,721
514,802,866

24.0

18.0

TOP

Current
0.00%

Assumption

Description

2014
9,489,969,431

2015
10,349,581,721

209.7

166.0

TOP

4,315,986,097
5,173,983,334

4,706,933,057
5,642,648,664

5,272,332,287

5,272,332,287
4,706,933,057
5,272,332,287
4,706,933,057
10,914,980,951

Current

Assumption

Description

4.2%
-2.6%
0.0%

3.50%
-1.00%
0.00%

POS
POS
POS

2014
10,286,813,284
9,177,916,819
6,163,392
1,102,733,073

2015
12,138,439,675
10,439,058,121
31,089,592
1,668,291,963

429,413,008
-266,063,357

424,845,389
-121,384,397

163,349,651
939,383,422

303,460,992
1,364,830,971

-185,096

25.00%

Tax Rate

-183,596,367
1,122,794,693

112,109,094
1,252,721,877

254,389,168
868,405,525

313,180,469
939,541,407

22.00%

Current

206,699,110
732,842,298

Assumption

Description

2014
163,349,651

2015
303,460,992

30.0

TOP

13,425,999
149,923,652

24,941,999
278,518,993

24,941,999
24,941,999

303,460,992

Current

Assumption

11.81

18.00

Est. Life

Assumption

100.88

20.00

Description

Depreciation

2014

2015
12,138,439,675

871,337,650

674,357,760

2014

2015

871,337,650
249,545,815
621,791,835

31089591.75
871,337,650
280,635,407
590,702,243

2014

2015

1
31,089,592

Assumption

Description

Book Value
1

Age
20

Depreciation

2
3
4
5
6
7
8
9
10

121,384,397
143,233,588
169,015,634
199,438,448
235,337,369
277,698,095
327,683,752
386,666,828
456,266,857

20
20
20
20
20
20
20
20
20

6,069,220
7,161,679
8,450,782
9,971,922
11,766,868
13,884,905
16,384,188
19,333,341
22,813,343

2014

2015

2014
1,224,404,134

2015
1,224,404,134

64,732,935
64,732,935
784,300,859
784,300,859

2014
1,396,081,604

2015
1,396,081,604

2014
1,917,129,494

2015

104,179,351

1,917,129,494
417,359,820

434,512,423

313,180,469
434,512,423

Assumption

Description

9.0%
5.0

Interest Rate
TTM

Assumption

Description

10.0%
3.0

Interest Rate
TTM

Assumption

Description

2014
1,245,656,604

2015
1,245,656,604
112,109,094

1,245,656,604
1,245,656,604

1,037,516,782
208,139,822
1,245,656,604

2014

1
2015

1
1
725,260,832
725,260,832

2014

2015
13,016,095,284
1224404134
64732935
784300859
15,089,533,212

10,914,980,951
303,460,992
1,917,129,494

725,260,832
112,109,094
206,699,110
14,179,640,473
909,892,739
650,155,272
1,560,048,011

1,560,048,011

1,560,048,011

Assumption

Description

2014

2015

2014

2015
0

77.0%
23.0%

Interest

TTM

9.0%
9.0%
9.0%
9.0%
9.0%
9.0%
9.0%
9.0%
9.0%
9.0%

5
5
5
5
5
5
5
5
5
5

0
93,465,985
110,289,863
130,142,038
153,567,605
181,209,774
213,827,533
252,316,489
297,733,457
351,325,480

Interest

TTM

9.0%
9.0%
9.0%
9.0%
9.0%
9.0%
9.0%
9.0%
9.0%
9.0%

5
5
5
5
5
5
5
5
5
5

Interest

TTM

2014

2015

2014

2015
0
0
0
0
0

0
93,465,985
110,289,863
130,142,038
153,567,605
181,209,774
213,827,533
252,316,489
297,733,457
351,325,480

0
0
0

2014

2015

2014

2015
0

77.0%
23.0%

Interest

TTM

9.0%
9.0%

5
5

0
0

9.0%
9.0%
9.0%
9.0%
9.0%
9.0%
9.0%
9.0%

5
5
5
5
5
5
5
5

Interest

TTM

9.0%
9.0%
9.0%
9.0%
9.0%
9.0%
9.0%
9.0%
9.0%
9.0%

5
5
5
5
5
5
5
5
5
5

Interest

TTM

0
0
0
0
0
0
0
0

2014

2015
0

2014

2015
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0

0
0
0

Assumption

Description

2014
650,155,272
1,224,404,134
7,196,295,440
64,732,935

2015
1,560,048,011
6,318,639,831

604,279,266
784,300,859
10,524,167,906

514,802,866
8,393,490,708

871,337,650
249,545,815
621,791,835
1,396,081,604
12,542,041,345

871,337,650
280,635,407
590,702,243
1,396,081,604
10,380,274,555

1,917,129,494
5,272,332,287
104,179,351
434,512,423
7,728,153,555

208,139,822
4,706,933,057
417,359,820
434,512,423
5,766,945,122

1,245,656,604

1,037,516,782

725,260,832
1,970,917,436

1,037,516,782

9,699,070,991

6,804,461,904

972,750,421
924,152,110
954,023,533
-7,955,711
2,842,970,353

972,750,421
924,152,110
1,686,865,831
-7,955,711
3,575,812,651

12,542,041,345

10,380,274,555

2016

2017

2018

2019

2020

2021

2016
14,323,358,817

2017
16,901,563,404

2018
19,943,844,816

2019
23,533,736,883

2020
27,769,809,522

2021
32,768,375,236

2016
14,323,358,817

2017
16,901,563,404

2018
19,943,844,816

2019
23,533,736,883

2020
27,769,809,522

2021
32,768,375,236

7,455,995,000
6,867,363,816

8,798,074,101
8,103,489,303

10,381,727,439
9,562,117,378

12,250,438,378
11,283,298,506

14,455,517,286
13,314,292,237

17,057,510,397
15,710,864,839

6,318,639,831
7,455,995,000
6,318,639,831
7,455,995,000

7,455,995,000
8,798,074,101
7,455,995,000
8,798,074,101

8,798,074,101
10,381,727,439
8,798,074,101
10,381,727,439

10,381,727,439
12,250,438,378
10,381,727,439
12,250,438,378

12,250,438,378
14,455,517,286
12,250,438,378
14,455,517,286

14,455,517,286
17,057,510,397
14,455,517,286
17,057,510,397

13,186,003,647

15,559,484,304

18,360,191,478

21,665,025,944

25,564,730,614

30,166,382,125

2016
12,318,088,582

2017
14,535,344,527

2018
17,151,706,542

2019
20,239,013,720

2020
23,882,036,189

2021
28,180,802,703

514,802,866
12,410,753,098
607,467,382

607,467,382
14,644,688,656
716,811,511

716,811,511
17,280,732,614
845,837,583

845,837,583
20,391,264,484
998,088,348

998,088,348
24,061,692,092
1,177,744,250

1,177,744,250
28,392,796,668
1,389,738,215

2016
12,410,753,098

2017
14,644,688,656

2018
17,280,732,614

2019
20,391,264,484

2020
24,061,692,092

2021
28,392,796,668

5,644,342,505
6,766,410,593

6,660,324,156
7,984,364,500

7,859,182,504
9,421,550,110

9,273,835,355
11,117,429,130

10,943,125,718
13,118,566,373

12,912,888,348
15,479,908,320

4,706,933,057
5,644,342,505
4,706,933,057
5,644,342,505

5,644,342,505
6,660,324,156
5,644,342,505
6,660,324,156

6,660,324,156
7,859,182,504
6,660,324,156
7,859,182,504

7,859,182,504
9,273,835,355
7,859,182,504
9,273,835,355

9,273,835,355
10,943,125,718
9,273,835,355
10,943,125,718

10,943,125,718
12,912,888,348
10,943,125,718
12,912,888,348

11,473,343,650

13,628,707,005

16,081,874,266

18,976,611,634

22,392,401,728

26,423,034,039

2016
14,323,358,817
12,318,088,582
37,158,812
1,968,111,423

2017
16,901,563,404
14,535,344,527
44,320,491
2,321,898,386

2018
19,943,844,816
17,151,706,542
52,771,273
2,739,367,002

2019
23,533,736,883
20,239,013,720
62,743,195
3,231,979,969

2020
27,769,809,522
23,882,036,189
74,510,064
3,813,263,270

2021
32,768,375,236
28,180,802,703
88,394,968
4,499,177,565

501,317,559
-143,233,588

591,554,719
-169,015,634

698,034,569
-199,438,448

823,680,791
-235,337,369

971,943,333
-277,698,095

1,146,893,133
-327,683,752

358,083,970
1,610,027,452

422,539,085
1,899,359,300

498,596,120
2,240,770,881

588,343,422
2,643,636,546

694,245,238
3,119,018,032

819,209,381
3,679,968,184

112,109,094
1,497,918,358

101,788,449
1,797,570,851

89,890,449
2,150,880,433

76,156,402
2,567,480,145

60,283,323
3,058,734,708

41,916,166
3,638,052,017

374,479,589
1,123,438,768

449,392,713
1,348,178,139

537,720,108
1,613,160,324

641,870,036
1,925,610,109

764,683,677
2,294,051,031

909,513,004
2,728,539,013

247,156,529
876,282,239

296,599,190
1,051,578,948

354,895,271
1,258,265,053

423,634,224
1,501,975,885

504,691,227
1,789,359,804

600,278,583
2,128,260,430

2016
358,083,970

2017
422,539,085

2018
498,596,120

2019
588,343,422

2020
694,245,238

2021
819,209,381

29,431,559
328,652,411

34,729,240
387,809,845

40,980,503
457,615,617

48,356,994
539,986,428

57,061,252
637,183,986

67,332,278
751,877,103

29,431,559
24,941,999
4,489,560

4,489,560
34,729,240
29,431,559
9,787,241

9,787,241
40,980,503
34,729,240
16,038,504

16,038,504
48,356,994
40,980,503
23,414,994

23,414,994
57,061,252
48,356,994
32,119,253

32,119,253
67,332,278
57,061,252
42,390,279

353,594,411

417,241,404

492,344,857

580,966,932

685,540,979

808,938,355

2016
14,323,358,817

2017
16,901,563,404

2018
19,943,844,816

2019
23,533,736,883

2020
27,769,809,522

2021
32,768,375,236

795,742,156
121,384,397

938,975,745
143,233,588

1,107,991,379
169,015,634

1,307,429,827
199,438,448

1,542,767,196
235,337,369

1,820,465,291
277,698,095

2016

2017

2018

2019

2020

2021

31,089,592
871,337,650
311,724,999
559,612,652

31,089,592
871,337,650
342,814,590
528,523,060

31,089,592
871,337,650
373,904,182
497,433,468

31,089,592
871,337,650
404,993,774
466,343,876

31,089,592
871,337,650
436,083,366
435,254,285

31,089,592
871,337,650
467,172,957
404,164,693

2016

2017

2018

2019

2020

2021

2
121,384,397

3
143,233,588

4
169,015,634

5
199,438,448

6
235,337,369

7
277,698,095

6,069,220

6,069,220
7,161,679

6,069,220
7,161,679
8,450,782

6,069,220
7,161,679
8,450,782
9,971,922

6,069,220
7,161,679
8,450,782
9,971,922
11,766,868

6,069,220
7,161,679
8,450,782
9,971,922
11,766,868
13,884,905

6,069,220

13,230,899

21,681,681

31,653,603

43,420,472

57,305,377

2016

2017

2018

2019

2020

2021

121,384,397
6,069,220
115,315,177

264,617,985
19,300,119
245,317,866

433,633,619
40,981,800
392,651,819

633,072,067
72,635,403
560,436,664

868,409,436
116,055,875
752,353,561

1,146,107,531
173,361,252
972,746,279

2016

2017

2018

2019

2020

2021

2016
1,396,081,604

2017
1,396,081,604

2018
1,396,081,604

2019
1,396,081,604

2020
1,396,081,604

2021
1,396,081,604

2016

2017

2018

2019

2020

2021

374,479,589
417,359,820
374,479,589
434,512,423

449,392,713
374,479,589
449,392,713

537,720,108
449,392,713
537,720,108

641,870,036
537,720,108
641,870,036

764,683,677
641,870,036
764,683,677

909,513,004
764,683,677
909,513,004

434,512,423

1
2016
1,037,516,782
112,109,094
208,139,822

2
2017
810,644,375
93,376,510
226,872,407

3
2018
563,353,452
72,957,994
247,290,923

4
2019
293,806,346
50,701,811
269,547,106

5
2020

6
2021

810,644,375
226,872,407
1,037,516,782

563,353,452
247,290,923
810,644,375

293,806,346
269,547,106
563,353,452

293,806,346
293,806,346

208,139,822

226,872,407

247,290,923

269,547,106

293,806,346

2
2016

3
2017

4
2018

5
2019

6
2020

7
2021

2
2

3
3

4
4

5
5

6
6

7
7

2016

2017

2018

2019

2020

2021

13,186,003,647

15,559,484,304

18,360,191,478

21,665,025,944

25,564,730,614

30,166,382,125

13,186,003,647

15,559,484,304

18,360,191,478

21,665,025,944

25,564,730,614

30,166,382,125

11,473,343,650
353,594,411

13,628,707,005
417,241,404

16,081,874,266
492,344,857

18,976,611,634
580,966,932

22,392,401,728
685,540,979

26,423,034,039
808,938,355

417,359,820

374,479,589
434,512,423

449,392,713

537,720,108

641,870,036

764,683,677

26,442,571
293,806,346

208,139,822
112,109,094
121,384,397
247,156,529
12,933,087,723

242,489,868
101,788,449
143,233,588
296,599,190
15,639,051,517

282,742,560
89,890,449
169,015,634
354,895,271
17,920,155,750

329,935,143
76,156,402
199,438,448
423,634,224
21,124,462,890

385,289,295
60,283,323
235,337,369
504,691,227
24,905,413,957

129,995,201
41,916,166
277,698,095
600,278,583
29,046,544,117

252,915,924
1,560,048,011
1,812,963,935

-79,567,214
1,934,348,332
1,854,781,118

440,035,728
1,998,014,706
2,438,050,434

540,563,054
2,607,066,068
3,147,629,122

659,316,657
3,347,067,571
4,006,384,228

1,119,838,008
4,241,721,597
5,361,559,605

93,465,985
27,918,411

110,289,863
32,943,725

130,142,038
38,873,596

153,567,605
45,870,843

181,209,774
54,127,595

213,827,533
63,870,562

1,934,348,332

1,998,014,706

2,607,066,068

3,347,067,571

4,241,721,597

5,639,257,700

1,934,348,332

1,998,014,706

2,607,066,068

3,347,067,571

4,241,721,597

5,639,257,700

2016
121,384,397

2017
143,233,588

2018
169,015,634

2019
199,438,448

2020
235,337,369

2021
277,698,095

93,465,985
27,918,411

110,289,863
32,943,725

130,142,038
38,873,596

153,567,605
45,870,843

181,209,774
54,127,595

213,827,533
63,870,562

1
2016
93,465,985

2
2017
110,289,863

3
2018
130,142,038

4
2019
153,567,605

5
2020
181,209,774

6
2021
213,827,533

0
0
0
0
0
0
0
0
0
0

0
8,411,939
0
0
0
0
0
0
0
0

0
7,006,367
9,926,088
0
0
0
0
0
0
0

0
5,474,294
8,267,513
11,712,783
0
0
0
0
0
0

0
3,804,335
6,459,667
9,755,666
13,821,084
0
0
0
0
0

0
1,984,079
4,489,115
7,622,407
11,511,685
16,308,880
0
0
0
0

1
2
2016
2017
93,465,985 110289862.8881

3
4
5
2018
2019
2020
130142038.208 153567605.0854 181209774.0008

6
2021
213827533.321

0
0
0
0
0
0
0
0
0
0

0
15,617,461
0
0
0
0
0
0
0
0

0
17,023,033
18,428,604
0
0
0
0
0
0
0

0
18,555,106
20,087,179
21,745,753
0
0
0
0
0
0

0
20,225,065
21,895,025
23,702,871
25,659,988
0
0
0
0
0

0
22,045,321
23,865,577
25,836,129
27,969,387
30,278,786
0
0
0
0

1
2016
0
0
93,465,985
0
93,465,985

2
2017
93,465,985
8,411,939
110,289,863
15,617,461
188,138,387

3
2018
188,138,387
16,932,455
130,142,038
35,451,637
282,828,789

4
2019
282,828,789
25,454,591
153,567,605
60,388,037
376,008,357

5
2020
376,008,357
33,840,752
181,209,774
91,482,949
465,735,182

6
2021
465,735,182
41,916,166
213,827,533
129,995,201
549,567,515

77,848,524
15,617,461
93,465,985

152,686,750
35,451,637
188,138,387

222,440,752
60,388,037
282,828,789

284,525,408
91,482,949
376,008,357

335,739,981
129,995,201
465,735,182

396,173,178
153,394,337
549,567,515

2016

2017

2018

2019

2020

2021

1
2016
0

2
2017
0

3
2018
0

4
2019
0

5
2020
0

6
2021
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0

1
2016
0

2
2017
0

3
2018
0

4
2019
0

5
2020
0

6
2021
0

0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0

1
2016
0
0
0
0
0

2
2017
0
0
0
0
0

3
2018
0
0
0
0
0

4
2019
0
0
0
0
0

5
2020
0
0
0
0
0

6
2021
0
0
0
0
0

0
0
0

0
0
0

0
0
0

0
0
0

0
0
0

0
0
0

2016
1,934,348,332

2017
1,998,014,706

2018
2,607,066,068

2019
3,347,067,571

2020
4,241,721,597

2021
5,639,257,700

7,455,995,000

8,798,074,101

10,381,727,439

12,250,438,378

14,455,517,286

17,057,510,397

607,467,382

716,811,511

845,837,583

998,088,348

1,177,744,250

1,389,738,215

9,997,810,714

11,512,900,318

13,834,631,090

16,595,594,296

19,874,983,133

24,086,506,313

992,722,047
317,794,218
674,927,828
1,396,081,604
12,068,820,147

1,135,955,635
362,114,709
773,840,926
1,396,081,604
13,682,822,847

1,304,971,269
414,885,982
890,085,287
1,396,081,604
16,120,797,981

1,504,409,717
477,629,177
1,026,780,540
1,396,081,604
19,018,456,440

1,739,747,086
552,139,241
1,187,607,845
1,396,081,604
22,458,672,582

2,017,445,181
640,534,209
1,376,910,972
1,396,081,604
26,859,498,889

242,489,868
5,644,342,505
374,479,589
439,001,983
6,700,313,945

282,742,560
6,660,324,156
449,392,713
9,787,241
7,402,246,669

329,935,143
7,859,182,504
537,720,108
16,038,504
8,742,876,259

385,289,295
9,273,835,355
641,870,036
23,414,994
10,324,409,680

129,995,201
10,943,125,718
764,683,677
32,119,253
11,869,923,849

153,394,337
12,912,888,348
909,513,004
42,390,279
14,018,185,967

888,492,899

716,040,202

516,247,097

284,525,408

335,739,981

396,173,178

888,492,899

716,040,202

516,247,097

284,525,408

335,739,981

396,173,178

7,588,806,844

8,118,286,871

9,259,123,356

10,608,935,087

12,205,663,830

14,414,359,145

1,000,668,832
924,152,110
2,563,148,070
-7,955,711
4,480,013,301

1,033,612,558
924,152,110
3,614,727,018
-7,955,711
5,564,535,975

1,072,486,153
924,152,110
4,872,992,071
-7,955,711
6,861,674,624

1,118,356,996
924,152,110
6,374,967,956
-7,955,711
8,409,521,351

1,172,484,591
924,152,110
8,164,327,760
-7,955,711
10,253,008,751

1,236,355,153
924,152,110
10,292,588,191
-7,955,711
12,445,139,743

12,068,820,147

13,682,822,847

16,120,797,981

19,018,456,440

22,458,672,582

26,859,498,889

937,409,448

2022

2023

2024

2022
38,666,682,779

2023
45,626,685,679

2024
53,839,489,101

2022
38,666,682,779

2023
45,626,685,679

2024
53,839,489,101

20,127,862,268
18,538,820,510

23,750,877,477
21,875,808,202

28,026,035,422
25,813,453,679

17,057,510,397
20,127,862,268
17,057,510,397
20,127,862,268

20,127,862,268
23,750,877,477
20,127,862,268
23,750,877,477

23,750,877,477
28,026,035,422
23,750,877,477
28,026,035,422

35,596,330,907

42,003,670,471

49,564,331,155

2022
33,253,347,190

2023
39,238,949,684

2024
46,301,960,627

1,389,738,215
33,503,500,068
1,639,891,094

1,639,891,094
39,534,130,081
1,935,071,491

1,935,071,491
46,650,273,495
2,283,384,360

2022
33,503,500,068

2023
39,534,130,081

2024
46,650,273,495

15,237,208,250
18,266,291,818

17,979,905,735
21,554,224,345

21,216,288,768
25,433,984,728

12,912,888,348
15,237,208,250
12,912,888,348
15,237,208,250

15,237,208,250
17,979,905,735
15,237,208,250
17,979,905,735

17,979,905,735
21,216,288,768
17,979,905,735
21,216,288,768

31,179,180,166

36,791,432,596

43,413,890,463

2022
38,666,682,779
33,253,347,190
104,779,156
5,308,556,433

2023
45,626,685,679
39,238,949,684
124,112,497
6,263,623,498

2024
53,839,489,101
46,301,960,627
146,925,840
7,390,602,634

1,353,333,897
-386,666,828

1,596,933,999
-456,266,857

1,884,382,119
-538,394,891

966,667,069
4,341,889,364

1,140,667,142
5,122,956,356

1,345,987,228
6,044,615,406

49,461,076
4,292,428,287

58,364,070
5,064,592,286

68,869,603
5,975,745,804

1,073,107,072
3,219,321,215

1,266,148,071
3,798,444,214

1,493,936,451
4,481,809,353

708,250,667
2,511,070,548

835,657,727
2,962,786,487

985,998,058
3,495,811,295

2022
966,667,069

2023
1,140,667,142

2024
1,345,987,228

79,452,088
887,214,982

93,753,464
1,046,913,678

110,629,087
1,235,358,140

42,390,279
79,452,088
67,332,278
54,510,089

54,510,089
93,753,464
79,452,088
68,811,464

68,811,464
110,629,087
93,753,464
85,687,088

954,547,259

1,126,365,766

1,329,111,604

2022
38,666,682,779

2023
45,626,685,679

2024
53,839,489,101

2,148,149,043
327,683,752

2,534,815,871
386,666,828

2,991,082,728
456,266,857

2022

2023

2024

10

31,089,592
871,337,650
498,262,549
373,075,101

31,089,592
871,337,650
529,352,141
341,985,509

31,089,592
871,337,650
560,441,733
310,895,918

2022

2023

2024

8
327,683,752

9
386,666,828

10
456,266,857

6,069,220
7,161,679
8,450,782
9,971,922
11,766,868
13,884,905
16,384,188

6,069,220
7,161,679
8,450,782
9,971,922
11,766,868
13,884,905
16,384,188
19,333,341

6,069,220
7,161,679
8,450,782
9,971,922
11,766,868
13,884,905
16,384,188
19,333,341
22,813,343

73,689,564

93,022,906

115,836,248

2022

2023

2024

10

1,473,791,284
247,050,816
1,226,740,468

1,860,458,111
340,073,721
1,520,384,390

2,316,724,968
455,909,970
1,860,814,998

2022

2023

2024

2022
1,396,081,604

2023
1,396,081,604

2024
1,396,081,604

2022

2023

2024

1,073,107,072
909,513,004
1,073,107,072

1,266,148,071
1,073,107,072
1,266,148,071

1,493,936,451
1,266,148,071
1,493,936,451

7
2022

8
2023

9
2024

8
2022

9
2023

10
2024

8
8

9
9

10
10

2022

2023

2024

35,596,330,907

42,003,670,471

49,564,331,155

35,596,330,907

42,003,670,471

49,564,331,155

31,179,180,166
954,547,259

36,791,432,596
1,126,365,766

43,413,890,463
1,329,111,604

909,513,004

1,073,107,072

1,266,148,071

153,394,337
49,461,076
327,683,752
708,250,667
34,282,030,263

181,005,317
58,364,070
386,666,828
835,657,727
40,452,599,376

213,586,274
68,869,603
456,266,857
985,998,058
47,733,870,930

1,314,300,645
5,639,257,700
6,953,558,345

1,551,071,095
7,281,242,097
8,832,313,192

1,830,460,225
9,218,980,020
11,049,440,245

252,316,489
75,367,263

297,733,457
88,933,370

351,325,480
104,941,377

7,281,242,097

9,218,980,020

11,505,707,102

7,281,242,097

9,218,980,020

11,505,707,102

2022
327,683,752

2023
386,666,828

2024
456,266,857

252,316,489
75,367,263

297,733,457
88,933,370

351,325,480
104,941,377

7
2022
252,316,489

8
2023
297,733,457

9
2024
351,325,480

10
2025
0

0
0
2,341,213
5,297,156
8,994,441
13,583,789
19,244,478
0
0
0

0
0
0
2,762,631
6,250,644
10,613,440
16,028,871
22,708,484
0
0

0
0
0
0
3,259,905
7,375,760
12,523,859
18,914,068
26,796,011
0

0
0
0
0
0
3,846,688
8,703,396
14,778,154
22,318,600
31,619,293

7
8
9
2022
2023
2024
252316489.3188 297733457.3961 351325479.7274

10
2025
0

0
0
26,013,479
28,161,381
30,486,632
33,003,877
35,728,968
0
0
0

0
0
0
30,695,905
33,230,429
35,974,226
38,944,575
42,160,182
0
0

0
0
0
0
36,221,168
39,211,906
42,449,587
45,954,599
49,749,015
0

0
0
0
0
0
42,740,978
46,270,050
50,090,512
54,226,426
58,703,838

7
2022
549,567,515
49,461,076
252,316,489
153,394,337
648,489,667

8
2023
648,489,667
58,364,070
297,733,457
181,005,317
765,217,807

9
2024
765,217,807
68,869,603
351,325,480
213,586,274
902,957,012

10
2025
902,957,012
81,266,131
0
252,031,804
650,925,209

467,484,350
181,005,317
648,489,667

551,631,533
213,586,274
765,217,807

650,925,209
252,031,804
902,957,012

2022

2023

2024

7
2022
0

8
2023
0

9
2024
0

10
2025
0

0
0

0
0

0
0

0
0

0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0

7
2022
0

8
2023
0

9
2024
0

10
2025
0

0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0

7
2022
0
0
0
0
0

8
2023
0
0
0
0
0

9
2024
0
0
0
0
0

10
2025
0
0
0
0
0

0
0
0

0
0
0

0
0
0

2022
7,281,242,097

2023
9,218,980,020

2024
11,505,707,102

20,127,862,268

23,750,877,477

28,026,035,422

1,639,891,094

1,935,071,491

2,283,384,360

29,048,995,460

34,904,928,988

41,815,126,884

2,345,128,934
745,313,365
1,599,815,569
1,396,081,604
32,044,892,633

2,731,795,761
869,425,862
1,862,369,899
1,396,081,604
38,163,380,491

3,188,062,618
1,016,351,702
2,171,710,916
1,396,081,604
45,382,919,404

181,005,317
15,237,208,250
1,073,107,072
54,510,089
16,545,830,728

213,586,274
17,979,905,735
1,266,148,071
68,811,464
19,528,451,546

252,031,804
21,216,288,768
1,493,936,451
85,687,088
23,047,944,110

467,484,350

551,631,533

650,925,209

467,484,350

551,631,533

650,925,209

17,013,315,078

20,080,083,078

23,698,869,319

1,311,722,416
924,152,110
12,803,658,739
-7,955,711
15,031,577,554

1,400,655,787
924,152,110
15,766,445,226
-7,955,711
18,083,297,411

1,505,597,164
924,152,110
19,262,256,521
-7,955,711
21,684,050,084

32,044,892,633

38,163,380,491

45,382,919,404

Table

1
Stock Code
Stock Code

Table

WSKT

2
Balance Sheet
Cash Only

2014

2015

650,155,272

1,560,048,011

Short-Term Investments

1,224,404,134

Accounts Receivables, Net

7,196,295,440

Other Receivables

64,732,935

Inventories

604,279,266

Other Current Assets

784,300,859

Total Current Assets

6,318,639,831
514,802,866

10,524,167,906

8,393,490,708

Property, Plant & Equipment - Gross

871,337,650

871,337,650

Accumulated Depreciation

249,545,815

280,635,407

Net Property, Plant & Equipment

621,791,835

590,702,243

1,396,081,604

1,396,081,604

12,542,041,345

10,380,274,555

Other Non-Current Assets

Total Assets

Short Term Debt

1,917,129,494

Current Portion of Long Term Debt

208,139,822

Accounts Payable

5,272,332,287

4,706,933,057

Income Tax Payable

Other Current Liabilities
Total Current Liabilities

104,179,351
434,512,423
7,728,153,555

417,359,820
434,512,423
5,766,945,122

Long-Term Debt
Capitalized Lease Obligations
Other Non-Current Liabilities
Total Non-Current Liabilities

1,245,656,604

1,037,516,782

725,260,832
1,970,917,436

1,037,516,782

Total Liabilities

9,699,070,991

6,804,461,904

Common Stock Par/Carry Value

Additional Paid-In Capital/Capital Surplus
Retained Earnings
Others
Total Equity

972,750,421
924,152,110
954,023,533
-7,955,711
2,842,970,353

972,750,421
924,152,110
1,686,865,831
-7,955,711
3,575,812,651

Liabilities & Shareholders' Equity

DER
Balance Check
ROA
Table

ROE
3
Income Statement
Sales/Revenue
COGS excluding D&A
Depreciation & Amortization Expense
Gross Income
SG&A Expense
Other Operating Expense
Unusual Expense
Total Operating Expense
Operating Income
Non Operating Income/Expense
Non-Operating Interest Income
Equity in Affiliates (Pretax)
Interest Expense
Pretax Income
Income Tax
Net Income
EPS

Table

12,542,041,345

10,380,274,555

3.4115976555
1

1.9029134265
1

6.92%

9.05%

30.55%

26.27%

2014
10,286,813,284
9,177,916,819
6,163,392
1,102,733,073

2015
12,138,439,675
10,439,058,121
31,089,592
1,668,291,963

429,413,008
-266,063,357

424,845,389
-121,384,397

163,349,651
939,383,422

303,460,992
1,364,830,971

-185,096
-183,596,367
1,122,794,693

112,109,094
1,252,721,877

254,389,168
868,405,525

313,180,469
939,541,407

64

69

2013

2014

4
Projected Cash Flow
Cash Receipt
Total Collection of Sales/Revenue
Non-Operating Interest Income
Redemption of Short-Term Investments
Collection of Other Receivables
Sales of Other Current Assets
Sales of Other Non-Current Assets
Total of Cash Receipt
Cash Payment
Total Payment of Purchases
Total Payment of Operating Expenses
Payment of Short Term Debt
Payment of Income Tax Payable
Payment of Other Current Liabilities
Payment of Other Non-Current Liabilities
Principal Payment

13,016,095,284
1,224,404,134
64,732,935
784,300,859
15,089,533,212

10,914,980,951
303,460,992
1,917,129,494

725,260,832

Interest Expense
New PP&E
Total of Cash Payment

112,109,094
14,179,640,473

Change in Cash Before Financing

Beginning Cash Balance b/f Financing
Ending Cash Balance b/f Financing

909,892,739
650,155,272
1,560,048,011

Investment Financing
Liabilites
Equities
External Financing Needed (EFN)
Cash Balance b/f EFN
Liabilites
Equities

1,560,048,011

Cash Balance
Ending Cash Balance
Minimum Cash Required

Table

1,560,048,011

5
Valuation Components
2013
Cash Flow
EBIT (1 - T)
Net Income
Depreciation & Amortization Expense
Capital Expenditure
Non-Cash Working Capital
Principal Repayment

1,023,623,228
939,541,407
31,089,592
2,528,242,419

Financial Ratios
Return on Equity
Return on Invested Capital

Table

2014

2,126,509,641
1,917,129,494

26.3%
11.6%

6
Cost of Capital
Cost of Equity
LCY Government Bond
Default Spread
Risk-Free Rate
Industry Levered Beta
Industry DER
Unlevered Beta
Company DER
Company Levered Beta
Developed Market ERP

7.0%
2.5%
4.5%
1.14
0.15
1.0
3.4
3.64
6.0%

CAPM
LCY Gov. Bond
Beta
Market Premium

Relative Risk
Country Risk Premium
Cost of Equity

2.22
5.6%
14.2%

Cost of Debt
EBIT Interest Coverage
EBITDA Interest Coverage
Funds Flow from Operations/Total Debt
Return on Capital
Long-Term Debt/Capital
Total Debt/Capital
Average Score

Value
-5.1
-5.2
0.1
5.6%
0.1
0.8

Cost of Debt

9.5%

Market Value of Equity

Market Value of Debt
Total
Cost of Capital

Table

15,095,910
3,162,707,925
3,177,803,835
7.2%

7
Terminal Value Assumptions
Terminal Growth
ROIC
EBIT Reinvestment Rate
Cost of Equity
Cost of Debt
Debt Ratio
WACC
ROE
Equity Reinvestment Rate

Table

Score
1
1
1
1
1
1
1

5.0%
16.7%
29.9%
14.2%
9.5%
77.0%
8.8%
23.8%
21.0%

8
Free Cash Flow to The Firm (FCFF)
2013
EBIT (1 - T)
+ Depreciation & Amortization Expense

1
2014
1,023,623,228
31,089,592

- Capital Expenditure
- Incremental of Non-Cash Working Capital

-401,732,778

= FCFF

1,456,445,598

PVIF

.9330

PV of FCFF

10,381,420,325

Terminal Value

27,720,589,395

1,358,880,074

Table

Enterprise Value

38,102,009,721

Equity Value

34,289,146,524

9
Free Cash Flow to Equity (FCFE)
2013
Net Income
+ Depreciation & Amortization Expense

1
2014
939,541,407
31,089,592

- Capital Expenditure
- Incremental of Non-Cash Working Capital

-401,732,778

+ Net Debt
= FCFF

1,372,363,778

PVIF

.8758

PV of FCFF

6,657,255,434

Terminal Value

7,016,649,629

Equity Value

13,673,905,063

Difference

20,615,241,461

1,201,961,671

2016

2017

2018

2019

2020

2021

1,934,348,332

1,998,014,706

2,607,066,068

3,347,067,571

4,241,721,597

5,639,257,700

7,455,995,000

8,798,074,101

10,381,727,439

12,250,438,378

14,455,517,286

17,057,510,397

607,467,382

716,811,511

845,837,583

998,088,348

1,177,744,250

1,389,738,215

9,997,810,714

11,512,900,318

13,834,631,090

16,595,594,296

19,874,983,133

24,086,506,313

992,722,047

1,135,955,635

1,304,971,269

1,504,409,717

1,739,747,086

2,017,445,181

317,794,218

362,114,709

414,885,982

477,629,177

552,139,241

640,534,209

674,927,828

773,840,926

890,085,287

1,026,780,540

1,187,607,845

1,376,910,972

1,396,081,604

1,396,081,604

1,396,081,604

1,396,081,604

1,396,081,604

1,396,081,604

12,068,820,147

13,682,822,847

16,120,797,981

19,018,456,440

22,458,672,582

26,859,498,889

242,489,868

282,742,560

329,935,143

385,289,295

129,995,201

153,394,337

5,644,342,505

6,660,324,156

7,859,182,504

9,273,835,355

10,943,125,718

12,912,888,348

374,479,589
439,001,983
6,700,313,945

449,392,713
9,787,241
7,402,246,669

537,720,108
16,038,504
8,742,876,259

641,870,036
23,414,994
10,324,409,680

764,683,677
32,119,253
11,869,923,849

909,513,004
42,390,279
14,018,185,967

888,492,899

716,040,202

516,247,097

284,525,408

335,739,981

396,173,178

888,492,899

716,040,202

516,247,097

284,525,408

335,739,981

396,173,178

7,588,806,844

8,118,286,871

9,259,123,356

10,608,935,087

12,205,663,830

14,414,359,145

1,000,668,832
924,152,110
2,563,148,070
-7,955,711
4,480,013,301

1,033,612,558
924,152,110
3,614,727,018
-7,955,711
5,564,535,975

1,072,486,153
924,152,110
4,872,992,071
-7,955,711
6,861,674,624

1,118,356,996
924,152,110
6,374,967,956
-7,955,711
8,409,521,351

1,172,484,591
924,152,110
8,164,327,760
-7,955,711
10,253,008,751

1,236,355,153
924,152,110
10,292,588,191
-7,955,711
12,445,139,743

12,068,820,147

13,682,822,847

16,120,797,981

19,018,456,440

22,458,672,582

26,859,498,889

1.6939250698
1

1.458933307
1

1.3493970297
1

1.2615385162
1

1.1904470314
1

1.1582320041
1

9.31%

9.85%

10.01%

10.12%

10.21%

10.16%

25.08%

24.23%

23.51%

22.90%

22.37%

21.92%

2016
14,323,358,817
12,318,088,582
37,158,812
1,968,111,423

2017
16,901,563,404
14,535,344,527
44,320,491
2,321,898,386

2018
19,943,844,816
17,151,706,542
52,771,273
2,739,367,002

2019
23,533,736,883
20,239,013,720
62,743,195
3,231,979,969

2020
27,769,809,522
23,882,036,189
74,510,064
3,813,263,270

2021
32,768,375,236
28,180,802,703
88,394,968
4,499,177,565

501,317,559
-143,233,588

591,554,719
-169,015,634

698,034,569
-199,438,448

823,680,791
-235,337,369

971,943,333
-277,698,095

1,146,893,133
-327,683,752

358,083,970
1,610,027,452

422,539,085
1,899,359,300

498,596,120
2,240,770,881

588,343,422
2,643,636,546

694,245,238
3,119,018,032

819,209,381
3,679,968,184

112,109,094
1,497,918,358

101,788,449
1,797,570,851

89,890,449
2,150,880,433

76,156,402
2,567,480,145

60,283,323
3,058,734,708

41,916,166
3,638,052,017

374,479,589
1,123,438,768

449,392,713
1,348,178,139

537,720,108
1,613,160,324

641,870,036
1,925,610,109

764,683,677
2,294,051,031

909,513,004
2,728,539,013

83

99

119

142

169

201

2015

2016

2017

2018

2019

2020

13,186,003,647

15,559,484,304

18,360,191,478

21,665,025,944

25,564,730,614

30,166,382,125

13,186,003,647

15,559,484,304

18,360,191,478

21,665,025,944

25,564,730,614

30,166,382,125

11,473,343,650
353,594,411

13,628,707,005
417,241,404

16,081,874,266
492,344,857

18,976,611,634
580,966,932

22,392,401,728
685,540,979

26,423,034,039
808,938,355

417,359,820

374,479,589
434,512,423

449,392,713

537,720,108

641,870,036

764,683,677

208,139,822

242,489,868

282,742,560

329,935,143

385,289,295

129,995,201

112,109,094
121,384,397
12,933,087,723

101,788,449
143,233,588
15,639,051,517

89,890,449
169,015,634
17,920,155,750

76,156,402
199,438,448
21,124,462,890

60,283,323
235,337,369
24,905,413,957

41,916,166
277,698,095
29,046,544,117

252,915,924
1,560,048,011
1,812,963,935

-79,567,214
1,934,348,332
1,854,781,118

440,035,728
1,998,014,706
2,438,050,434

540,563,054
2,607,066,068
3,147,629,122

659,316,657
3,347,067,571
4,006,384,228

1,119,838,008
4,241,721,597
5,361,559,605

93,465,985
27,918,411

110,289,863
32,943,725

130,142,038
38,873,596

153,567,605
45,870,843

181,209,774
54,127,595

213,827,533
63,870,562

1,934,348,332

1,998,014,706

2,607,066,068

3,347,067,571

4,241,721,597

5,639,257,700

1,934,348,332

1,998,014,706

2,607,066,068

3,347,067,571

4,241,721,597

5,639,257,700

2015

2016

2017

2018

2019

2020

1,207,520,589
1,123,438,768
37,158,812
121,384,397
2,419,119,878
208,139,822

1,424,519,475
1,348,178,139
44,320,491
143,233,588
2,854,561,456
242,489,868

1,680,578,161
1,613,160,324
52,771,273
169,015,634
3,368,382,518
282,742,560

1,982,727,410
1,925,610,109
62,743,195
199,438,448
3,974,691,371
329,935,143

2,339,263,524
2,294,051,031
74,510,064
235,337,369
4,690,135,818
385,289,295

2,759,976,138
2,728,539,013
88,394,968
277,698,095
5,534,360,265
129,995,201

25.1%
11.9%

24.2%
12.2%

23.5%
12.4%

22.9%
12.7%

22.4%
12.8%

21.9%
13.0%

8.87%
1.77
3.00%

BBB
2.46
4.18
-0.34
6.9%
0.62
0.67

A
2.60
3.69
-0.07
7.4%
0.37
0.63

AA
3.33
7.09
0.07
8.8%
0.38
0.58

2
2015
1,207,520,589

3
2016
1,424,519,475

4
2017
1,680,578,161

5
2018
1,982,727,410

6
2019
2,339,263,524

7
2020
2,759,976,138

37,158,812

44,320,491

52,771,273

62,743,195

74,510,064

88,394,968

121,384,397

143,233,588

169,015,634

199,438,448

235,337,369

277,698,095

292,610,237

435,441,578

513,821,062

606,308,853

715,444,447

844,224,447

830,684,767

890,164,800

1,050,512,738

1,239,723,304

1,462,991,772

1,726,448,564

.8705

.8122

.7578

.7070

.6597

.6155

723,119,332

722,987,861

796,065,447

876,514,448

965,079,434

1,062,580,114

13,568,000
Shr. Outst.

2,527
Value/Share

1,605

57%

Price, 25 Nov. 15 Upside

2
2015
1,123,438,768

3
2016
1,348,178,139

4
2017
1,613,160,324

5
2018
1,925,610,109

6
2019
2,294,051,031

7
2020
2,728,539,013

37,158,812

44,320,491

52,771,273

62,743,195

74,510,064

88,394,968

121,384,397

143,233,588

169,015,634

199,438,448

235,337,369

277,698,095

292,610,237

435,441,578

513,821,062

606,308,853

715,444,447

844,224,447

-114,673,837

-132,200,005

-152,600,522

-176,367,538

-204,079,521

83,832,333

631,929,109

681,623,459

830,494,379

1,006,238,464

1,213,699,759

1,778,843,772

.7671

.6718

.5884

.5154

.4514

.3953

484,742,508

457,940,069

488,677,324

518,570,462

547,822,038

703,213,846

13,568,000

1,008

2022

2023

2024

7,281,242,097

9,218,980,020

11,505,707,102

20,127,862,268

23,750,877,477

28,026,035,422

1,639,891,094

1,935,071,491

2,283,384,360

29,048,995,460

34,904,928,988

41,815,126,884

2,345,128,934

2,731,795,761

3,188,062,618

745,313,365

869,425,862

1,016,351,702

1,599,815,569

1,862,369,899

2,171,710,916

1,396,081,604

1,396,081,604

1,396,081,604

32,044,892,633

38,163,380,491

45,382,919,404

181,005,317

213,586,274

252,031,804

15,237,208,250

17,979,905,735

21,216,288,768

1,073,107,072
54,510,089
16,545,830,728

1,266,148,071
68,811,464
19,528,451,546

1,493,936,451
85,687,088
23,047,944,110

467,484,350

551,631,533

650,925,209

467,484,350

551,631,533

650,925,209

17,013,315,078

20,080,083,078

23,698,869,319

1,311,722,416
924,152,110
12,803,658,739
-7,955,711
15,031,577,554

1,400,655,787
924,152,110
15,766,445,226
-7,955,711
18,083,297,411

1,505,597,164
924,152,110
19,262,256,521
-7,955,711
21,684,050,084

32,044,892,633

38,163,380,491

45,382,919,404

1.1318382929
1

1.1104215466
1

1.0929171085
1

10.05%

9.95%

9.88%

21.42%

21.01%

20.67%

2022
38,666,682,779
33,253,347,190
104,779,156
5,308,556,433

2023
45,626,685,679
39,238,949,684
124,112,497
6,263,623,498

2024
53,839,489,101
46,301,960,627
146,925,840
7,390,602,634

1,353,333,897
-386,666,828

1,596,933,999
-456,266,857

1,884,382,119
-538,394,891

966,667,069
4,341,889,364

1,140,667,142
5,122,956,356

1,345,987,228
6,044,615,406

49,461,076
4,292,428,287

58,364,070
5,064,592,286

68,869,603
5,975,745,804

1,073,107,072
3,219,321,215

1,266,148,071
3,798,444,214

1,493,936,451
4,481,809,353

237

280

330

2021

2022

2023

35,596,330,907

42,003,670,471

49,564,331,155

35,596,330,907

42,003,670,471

49,564,331,155

31,179,180,166
954,547,259

36,791,432,596
1,126,365,766

43,413,890,463
1,329,111,604

909,513,004

1,073,107,072

1,266,148,071

153,394,337

181,005,317

213,586,274

49,461,076
327,683,752
34,282,030,263

58,364,070
386,666,828
40,452,599,376

68,869,603
456,266,857
47,733,870,930

1,314,300,645
5,639,257,700
6,953,558,345

1,551,071,095
7,281,242,097
8,832,313,192

1,830,460,225
9,218,980,020
11,049,440,245

252,316,489
75,367,263

297,733,457
88,933,370

351,325,480
104,941,377

7,281,242,097

9,218,980,020

11,505,707,102

7,281,242,097

9,218,980,020

11,505,707,102

2021

2022

2023

3,256,417,023
3,219,321,215
104,779,156
327,683,752
6,530,545,112
153,394,337

3,842,217,267
3,798,444,214
124,112,497
386,666,828
7,706,043,233
181,005,317

4,533,461,555
4,481,809,353
146,925,840
456,266,857
9,093,131,014
213,586,274

21.4%
13.1%

21.0%
13.3%

20.7%
13.4%

8
2021
3,256,417,023

9
2022
3,842,217,267

10
2023
4,533,461,555

104,779,156

124,112,497

146,925,840

327,683,752

386,666,828

456,266,857

996,184,848

1,175,498,120

1,387,087,782

2,037,327,579

2,404,164,816

2,837,032,756

.5742

.5358

.4999

1,169,918,927

1,288,089,390

1,418,185,298

8
2021
3,219,321,215

9
2022
3,798,444,214

10
2023
4,481,809,353

104,779,156

124,112,497

146,925,840

327,683,752

386,666,828

456,266,857

996,184,848

1,175,498,120

1,387,087,782

98,922,153

116,728,140

137,739,205

2,099,153,924

2,477,119,904

2,923,119,760

.3462

.3032

.2656

726,800,577

751,171,979

776,354,959

Sector
-average
(Mean)

Sector Mean
EBITDA WKST
EV WSKT
Add: Cash
Less: LTD

n/a

16.3755371412
945,546,814.00
15,483,836,971.38
650155272
1245656604
14,888,335,639.38

###

###

Shares Outstandin
Equity / Share

###

###

13,568,000
1,097.31

2527.2071435832

###

1,812.26

30.20

20.03

###

###

###

3.99

17.35

### 1,439.00
16.37554

Revenue Growth
Total Revenues
EBITDA
Net Income
EPS
Dividend per Share
Book Value per Share
ROA
ROE

2014
10,286,813,284.00
1,023,623,228.17
868,405,525.00
64.00
11.46
209.53
6.92%
30.55%

2015 2016F
2017F
12,138,439,675.12 14,323,358,816.64 16,901,563,403.64
13,016,095,284.24 13,186,003,647.08 15,559,484,303.56
1,207,520,589.24
1,424,519,475.32
1,680,578,160.88
939,541,407.40
1,123,438,768.47
1,348,178,138.54
69.25
82.80
99.36
10.31
16.56
19.87
263.55
330.19
410.12
9.05%
9.31%
9.85%
26.27%
25.08%
24.23%

2018F
2019F
19,943,844,816.29 23,533,736,883.22
18,360,191,478.20 21,665,025,944.27
1,982,727,409.85
2,339,263,523.63
1,613,160,324.43
1,925,610,108.61
118.89
141.92
23.78
28.38
505.72
619.81
10.01%
10.12%
23.51%
22.90%