Stock Values 2

SUMMARY OF INTRINSIC VALUES OF STOCKS
CAROTECH
RM
HAP SENG
RM
1.3 r = return of industry average
0.00
0.00
0.00
0.00
1.07
6.42
PE multiples
2.1 Based on PE as at 30 July 2011
2.2 Based on market PE as at 30 June 2011 of 16.2
2.1 Based on average PE for industry
0.00
-
2.86
3.62
1.75
Price to book ratio

3.1 Based on current P/BV
3.2 Based on average P/BV for industry
0.04
0.26
2.88
6.10
Dividend growth where:

1.1 r = annualised monthly return
1.2 r = RF + (RM - RF)
Total 1 to 3 divided by
(Result with zero/nil is disregarded for computation of average)
Average Price
0.15
3.53
Highest Price
Lowest Price
0.26
0.04
6.42
1.07
Market Price as at 30 July 2011
0.05
2.73
LONDON BISCUITS
RM
0.00
0.00
0.00
0.95
3.14
1.51
0.92
6.19
5
2.54
6.19
0.92
0.85
INTRINSIC VALUES
CAROTECH
HAP SENG
- Earnings per share (EPS)

- Return on equity (from ratio analysis) (ROE)
- Ri (from beta coefficient) - monthly return
RM
0.00
0.00
-206.24%
-2.84%
RM
0.07
0.21
9.60%
0.30%
- Ri (from beta coefficient) - annualised return
-34.14%
3.63%
- Risk free (RF) - annualised return
3.10%
1.4350
0.90%
3.10%
1.2553
0.90%
10.84%
0.00
10.84%
6.4%
0.00
0.07
Data:- Dividend paid recently (D0)
- (Beta)
- RM (market return) - monthly
- RM (market return) - annualised
- g = ROE X (1 - DPS/EPS)
1. Expected Dividends
1.1 Ri = average return (annualised)
D1 = Do(1+g)
Po = D1/(r-g)
(2.69)
-23.0%
13.4%
0.00
1.07
7.56%
7.56%
Note: This model cannot be used at g > r

1.2 Ri = RF + (RM - RF) (from CAPM)
Po = D1/(r-g)
1.3 Ri = Industry average
Po = D1/(r-g)
0.00
6.42
0.00
16.20
7.81
12.80
16.20
7.81
2.86
2. PE Multiples
PE ratio as at 30 July 2011
Market PE ratio as at 30 June 2011
Average PE ratio for industry
Price = EPS (forecast) X PE ratio
Price = EPS(1 + g) X PE ratio
2.1 Price based on PE ratio as at 30 July 2011
Price = EPS(1 + g) X PE ratio as at 30 July 2011
2.2 Price based on market PE as at 30 June 2011

Price = EPS(1 + g) X market PE ratio
3.62
1.75
Price as at 30 June 2011 (RM)

Book value per share (RM)
0.04
0.10
2.71
2.20
3.1 Price to Book Value (Current)

P/BV (based on data)
0.40
1.23
Price = BV(forecast) X P/BV ratio

Price = BV(1 + g) X P/BV ratio
0.04
2.88
3.2 Price to Book Value (Industry Average)

P/BV
2.59
2.59
0.26
6.10
2.2 Price based on market PE as at 30 June 2011

Price = EPS(1 + g) X average PE ratio for industry
3. Price to Book Value
Price = BV(1 + g) X P/BV ratio
LONDON BISCUITS
Notes
RM
0.00
0.18
7.56%
0.13%
From Dr Saiful's data

From ratio analysis
From beta coefficient calculation
1.52%
3.10%
0.9336
0.90%
Risk free rate determined earlier

10.84%
7.6%

Formula from the lecture notes
0.00
-
8.7%
0.00
7.56%
0.00
4.90
16.20
7.81
From theStar Biz as at 30 July 2011

From Dr Saiful's email
From ratio analysis
Formula from lecture notes
0.95
3.14
1.51
0.86
2.39

0.36
0.92
2.59
From ratio analysis
6.19
CAROTECH BERHAD
OVERVIEW - INDEPENDENT REVIEW OF FUNCTIONS AND ACTIVITIES

Carotech Berhad is a publicly quoted company engaged in the extraction and processing of nutrients
from palm oil for the purpose of manufacturing and producing pharmaceutical, phytonutrient and
oleochemical products. The company was incorporated in 1990 and has its registered head office
located in Ipoh, Perak, Malaysia. Carotech is a leading and largest producer of tocotrienol
complex in the world. The company offers a wide variety of phytonutrient products ranging from
concentrated oil extracts, tabletgrade beadlets, water dispersible powders and emulsions for
different applications in dietary supplements, functional foods/ drinks, cosmetic/ personal care
and functional food/ drink industries. Its product brands include Caromin, a natural palm mixed
carotenoids complex; Tocomin, a natural full spectrum palm tocotrienol/ tocopherol complex;
Stelessterol, a natural palm phytosterol complex; Maxopene, a natural lycopene complex; Spectra,
a natural palm tocotrienol/ tocopherol and mixed carotenoids complex; Carolein, a natural red
palm olein; CaroDiesel, a refined and distilled natural palm fatty acid methyl ester; and Crude
Glycerine. The company's products are marketed to the United States, Europe, Japan and
Australia. Carotech is listed on Kuala Lumpur Stock Exchange under the ticker symbol CTEH.
GLOBAL FORMAT
BALANCE SHEET
Cons
Cons
Cons
6/30/2010
6/30/2009
6/30/2008
12 months
12 months
12 months
No opinion
Unqual
Unqual
th MYR
th MYR
th MYR
AR
AR
AR
IFRS - NFC
IFRS - NFC
IFRS - NFC
83,212
181,068
153,536
Stock
62,821
145,768
91,789
Debtors
14,532
15,411
47,219
Others
5,859
19,889
14,528
730
5,222
1,539
295,567
323,954
307,138
295,189
323,552
306,276
Intangible Fixed Assets
n.a.
n.a.
n.a.
Other Fixed Assets
378
402
862
378,779
505,022
460,674
Current Assets
Cash & Cash Equivalent

Fixed Assets
Tangible Fixed Assets
Total Assets
Current Liabilities
333,802
232,377
191,591
169,377
44,989
14,951
13,135
16,543
27,300
151,290
170,845
149,340
136
179,776
171,334
136
170,658
164,772
9,118
6,562
n.a.
n.a.
n.a.
44,841
92,869
97,749
91,229
45,614
45,614
-46,388
47,255
52,135
Total Shareh. Funds & Liab.
378,779
505,022
460,674
Enterprise Value
333,108
454,179
410,198
Working Capital
64,218
144,636
111,708
-250,590
-51,309
-38,055
Total Liabilities & Debt
333,938
412,153
362,925
Number of Employees
n.a.
n.a.
n.a.
Cons
Cons
Cons
6/30/2010
6/30/2009
6/30/2008
12 months
12 months
12 months
No opinion
Unqual
Unqual
th MYR
th MYR
th MYR
AR
AR
AR
IFRS - NFC
IFRS - NFC
IFRS - NFC
246,354
137,484
107,225
243,140
137,316
105,924
-268,779
-66,215
-89,656
Gross Profit
-22,425
71,269
17,569
Other Operating Items
-37,341
-40,495
-5,959
Depreciation/Amortization
-30,868
-20,799
-8,512
Operating P/L
-90,634
9,975
3,098
122
-14,725
-10,219
-4,313
-14,720
-10,212
-4,191
3,799
-18,178
6,499
Loans
Creditors
Other
Non Current Liabilities
Long Term Debt
Other Non Current Liabilities
Provisions
Shareholders Funds
Capital
Other
Net Current Assets
INCOME STATEMENT
Operating Revenue / Turnover

Sales
Costs of Goods Sold
Financial Revenue
Financial Expenses
Financial P/L
Other non Oper./Financial Items
P/L before Tax
-101,555
-18,415
5,406
9,075
953
1,802
-92,480
-17,462
7,208
P/L for Period
-92,480
-17,462
7,208
Material Costs
-64,687
-87,628
Costs of Employees
-8,762
-8,002
-8,494
Research & Development expenses
-1,008
-1,886
-1,739
Cash Flow
-61,612
3,337
15,720
Added Value
-29,050
22,511
30,329
EBIT
-90,634
9,975
3,098
EBITDA
-59,766
30,774
11,610
2011
2010
2009
January
0.08
0.19
0.16
February
0.07
0.18
0.16
March
0.07
0.17
0.12
April
0.06
0.17
0.14
May
0.06
0.16
0.20
June
0.05
0.15
0.22
July
n.a.
0.14
0.19
August
n.a.
0.12
0.19
September
n.a.
0.09
0.17
October
n.a.
0.09
0.19
November
n.a.
0.05
0.19
December
n.a.
0.07
0.19
January
0.06
0.17
0.14
February
0.06
0.17
0.10
March
0.05
0.15
0.10
April
0.06
0.15
0.10
Taxation
P/L after Tax
Extraord. & Oth. Items
MONTHLY PRICING SERIES
All figures have been adjusted based on the Stock split/Dividend ratio.
Monthly high prices (MYR)
Monthly low prices (MYR)
May
0.05
0.13
0.14
June
0.03
0.14
0.16
July
n.a.
0.07
0.17
August
n.a.
0.07
0.15
September
n.a.
0.07
0.14
October
n.a.
0.07
0.15
November
n.a.
0.04
0.16
December
n.a.
0.05
0.16
January
0.06
0.18
0.15
February
0.06
0.17
0.12
March
0.06
0.16
0.11
April
0.06
0.16
0.14
May
0.05
0.15
0.17
June
0.04
0.14
0.19
July
n.a.
0.09
0.19
August
n.a.
0.08
0.16
September
n.a.
0.07
0.16
October
n.a.
0.07
0.17
November
n.a.
0.05
0.17
December
n.a.
0.07
0.18
January
55,640,900
43,183,400
2,017,590
February
30,040,300
12,901,300
5,474,243
March
16,417,900
9,528,900
5,149,998
April
16,357,600
7,562,600
10,169,981
May
16,242,900
9,555,800
18,715,144
June
18,805,500
7,956,600
32,218,228
July
n.a.
73,196,896
10,204,747
August
n.a.
209,007,600
12,743,543
September
n.a.
198,300,096
9,183,166
October
n.a.
78,293,904
86,275,392
November
n.a.
99,946,496
33,980,800
December
n.a.
75,564,000
34,371,500
January
2,782,045
2,159,170
106,189
February
1,877,519
806,331
304,125
713,822
414,300
245,238
Month end market prices (MYR)
Monthly trading volume (shares)
Monthly average daily volume (shares)
March
April
778,933
343,755
462,272
May
812,145
477,790
935,757
June
854,795
361,664
1,464,465
July
n.a.
3,327,132
443,685
August
n.a.
9,952,743
637,177
September
n.a.
9,915,005
459,158
October
n.a.
3,728,281
3,921,609
November
n.a.
4,997,325
1,699,040
December
n.a.
3,598,286
1,636,738
January
20
20
19
February
16
16
18
March
23
23
21
April
21
22
22
May
20
20
20
June
22
22
22
July
n.a.
22
23
August
n.a.
21
20
September
n.a.
20
20
October
n.a.
21
22
November
n.a.
20
20
December
n.a.
21
21
January
456,144
456,144
655,306
February
456,144
456,144
655,306
March
456,144
456,144
655,306
April
456,144
456,144
655,306
May
456,144
456,144
655,306
June
456,144
456,144
655,306
July
n.a.
456,144
655,306
August
n.a.
456,144
655,306
September
n.a.
456,144
655,306
October
n.a.
456,144
655,306
November
n.a.
456,144
456,144
December
n.a.
456,144
456,144
January
27,369
79,825
100,352
February
25,088
77,544
77,544
No of days traded
Monthly Outstanding Shares (th)
Monthly Market capitalisation (th MYR)
March
27,369
72,983
75,264
April
25,088
70,702
91,229
May
22,807
66,141
111,755
June
18,246
63,860
123,159
July
n.a.
38,772
125,439
August
n.a.
34,211
102,633
September
n.a.
31,930
104,913
October
n.a.
31,930
114,036
November
n.a.
22,807
77,544
December
n.a.
29,649
79,825
ANNUAL STOCK DATA
6/30/2010
6/30/2009
MYR
MYR
Stock split / Dividend ratio
1.00
0.70
Market price - year end
0.14
Market price - high
0.20
0.28
Market price - low
0.13
0.10
456,144
655,306
0.10
0.10
64
123
5370.00
4524.00
n.s.
n.s.
Shares outstanding (th)

Nominal value
Market capitalisation (mil)
Shareholders - common
Earnings per share
Cash flow per share
-0.14
Capital expenditure per share
0.00
-0.03
Operating rev. / Turnover per share
0.54
0.21
-0.20
0.02
Operating profit per share
Dividends per share
0.00
Book value per share
0.10
0.00
Tangible book value per share
n.a.
n.a.
Long term liabilities per share
0.00
0.27
Working capital per share
0.14
0.22
rients
ce
tra,
Cons
Cons
Cons
Pro Forma
6/30/2007
6/30/2006
6/30/2005
10/31/2004
12 months
12 months
12 months
4 months
Unqual
Unqual
Unqual
Qualif n.a.
th MYR
th MYR
th MYR
th MYR
AR
AR
AR
AR
IFRS - NFC
Local GAAP
Local GAAP
Local GAAP
83,029
42,393
34,293
28,844
64,121
29,658
15,540
13,612
4,339
10,750
12,092
7,107
14,569
1,985
6,661
8,125
10,104
1,180
183
1,073
180,293
100,430
40,585
31,681
179,836
99,986
40,585
31,391
n.a.
n.a.
n.a.
n.a.
457
444
n.a.
290
263,322
142,823
74,878
60,525
77,619
31,099
9,741
20,083
6,120
620
n.a.
2,700
2,732
3,855
3,526
3,473
68,767
26,624
6,215
13,910
95,520
35,624
1,375
12,695
87,012
31,417
n.a.
11,765
8,508
4,207
1,375
930
n.a.
n.a.
n.a.
n.a.
90,183
76,100
63,762
27,747
45,614
45,614
28,509
3,432
44,569
30,486
35,253
24,315
263,322
142,823
74,878
60,525
451,749
490,165
114,088
n.a.
65,728
36,553
24,106
17,246
5,410
11,294
24,552
8,761
173,139
66,723
11,116
32,778
n.a.
233
n.a.
n.a.
Cons
Cons
Cons
Pro Forma
6/30/2007
6/30/2006
6/30/2005
10/31/2004
12 months
12 months
12 months
4 months
Unqual
Unqual
Unqual
Qualif n.a.
th MYR
th MYR
th MYR
th MYR
AR
AR
AR
AR
IFRS - NFC
Local GAAP
Local GAAP
Local GAAP
93,563
60,793
53,323
13,260
93,529
60,627
53,323
13,260
-38,239
-23,029
-28,592
-7,838
55,324
37,764
24,731
5,422
-27,099
-18,812
-12,465
-3,707
-6,673
-3,362
-2,715
-660
21,552
15,590
9,551
1,055
147
180
111
41
-2,700
-303
-1,157
-306
-2,553
-123
-1,046
-265
2,870
-231
-626
21,869
15,236
7,879
794
-4,365
-2,898
-710
-164
17,504
12,338
7,169
630
n.a.
n.a.
n.a.
17,504
12,338
7,169
630
-37,779
-22,084
-24,407
n.a.
n.a.
n.a.
n.a.
-1,214
-1,309
-664
-406
-87
24,177
15,700
9,884
1,290
n.a.
n.a.
n.a.
2,646
21,552
15,590
9,551
1,055
28,225
18,952
12,266
1,715
2008
2007
2006
2005
0.37
0.64
0.39
n.a.
0.29
0.63
0.46
n.a.
0.24
0.56
0.52
n.a.
0.21
0.57
0.96
0.26
0.21
0.51
1.02
0.18
0.21
0.50
0.72
0.18
0.26
0.56
0.78
0.17
0.28
0.50
0.76
0.18
0.25
0.52
0.72
0.29
0.22
0.54
0.61
0.35
0.20
0.45
0.70
0.31
0.19
0.39
0.68
0.36
0.26
0.58
0.31
n.a.
0.23
0.50
0.32
n.a.
0.18
0.47
0.45
n.a.
0.18
0.50
0.48
0.18
0.19
0.41
0.56
0.16
0.18
0.41
0.57
0.16
0.18
0.49
0.63
0.17
0.22
0.34
0.67
0.17
0.19
0.48
0.58
0.17
0.13
0.45
0.58
0.25
0.14
0.38
0.58
0.26
0.14
0.35
0.60
0.26
0.28
0.59
0.33
n.a.
0.24
0.55
0.45
n.a.
0.19
0.53
0.49
n.a.
0.21
0.50
0.93
0.18
0.21
0.42
0.63
0.16
0.19
0.50
0.68
0.17
0.25
0.50
0.70
0.17
0.24
0.49
0.69
0.17
0.23
0.52
0.60
0.27
0.14
0.45
0.60
0.28
0.16
0.38
0.64
0.26
0.15
0.36
0.63
0.30
4,928,471
18,541,312
37,607,424
n.a.
1,936,708
21,829,450
57,032,116
n.a.
4,892,268
13,677,203
61,439,808
n.a.
3,256,963
8,574,757
69,134,208
68,327,976
1,215,525
9,231,868
86,534,696
8,840,389
1,988,714
28,503,128
13,357,124
5,525,818
5,956,517
54,391,892
24,078,624
7,933,134
7,537,230
18,983,648
9,750,919
5,149,768
2,924,385
13,451,797
14,456,713
166,804,752
5,046,561
10,490,204
4,487,285
243,053,904
12,493,715
5,122,415
57,977,412
21,949,954
2,801,698
5,407,297
20,896,508
16,057,396
246,424
882,920
2,089,301
n.a.
107,595
1,284,085
3,168,451
n.a.
244,613
621,691
2,671,296
n.a.
148,044
428,738
3,638,643
6,832,798
60,776
439,613
4,120,700
442,019
94,701
1,357,292
607,142
251,174
270,751
2,472,359
1,146,601
377,768
358,916
862,893
443,224
234,080
139,256
672,590
688,415
7,582,034
252,328
476,827
236,173
11,573,995
624,686
243,925
2,635,337
1,155,261
140,085
284,595
1,044,825
764,638
20
21
18
n.a.
18
17
18
n.a.
20
22
23
n.a.
22
20
19
10
20
21
21
20
21
21
22
22
22
22
21
21
21
22
22
22
21
20
21
22
20
22
19
21
20
21
22
19
20
19
20
21
655,306
655,306
655,306
n.a.
655,306
655,306
655,306
n.a.
655,306
655,306
655,306
n.a.
655,306
655,306
655,306
655,306
655,306
655,306
655,306
655,306
655,306
655,306
655,306
655,306
655,306
655,306
655,306
655,306
655,306
655,306
655,306
655,306
655,306
655,306
655,306
655,306
655,306
655,306
655,306
655,306
655,306
655,306
655,306
655,306
655,306
655,306
655,306
655,306
184,739
387,722
214,388
n.a.
155,089
358,073
296,494
n.a.
127,720
348,950
323,862
n.a.
136,843
330,705
611,233
119,737
136,843
278,248
415,091
106,909
127,720
328,424
447,021
111,185
164,212
326,143
456,144
111,185
159,650
319,301
449,302
109,760
150,528
337,547
390,003
178,181
91,229
294,213
392,284
181,032
102,633
248,599
419,653
169,629
100,352
234,914
415,091
198,423
6/30/2009
6/30/2008
6/30/2007
6/30/2006
MYR
MYR
MYR
MYR
0.70
0.70
0.70
0.44
0.19
0.20
0.50
0.68
0.28
0.56
0.78
1.02
0.10
0.18
0.41
0.17
655,306
655,306
655,306
655,306
0.10
0.10
0.10
0.10
123
128
328
447
4524.00
4489.00
4584.00
3598.00
n.s.
0.01
0.03
0.02
0.01
0.02
0.04
0.02
-0.03
-0.21
-0.13
-0.10
0.21
0.16
0.14
0.09
0.02
0.01
0.03
0.02
0.00
n.a.
0.01
0.00
0.14
0.15
0.14
0.12
n.a.
n.a.
n.a.
n.a.
0.27
0.26
0.15
0.05
0.22
0.17
0.10
0.06
6/30/2006
6/30/2005
MYR
MYR
0.44
0.44
0.68
0.17
1.02
0.26
0.17
0.16
655,306
655,306
0.10
0.10
447
111
3598.00
2102.00
0.02
0.01
0.02
0.02
-0.10
-0.02
0.09
0.08
0.02
0.02
0.00
0.00
0.12
0.10
n.a.
n.a.
0.05
0.00
0.06
0.04
HAP SENG PLANTATIONS HOLDINGS BERHAD

Hap Seng Plantations Holdings Berhad (HSP) is a Malaysia-based investment holding company that
carries out marketing and trading activities for its subsidiaries. Its subsidiaries are
primarily engaged in the cultivation of oil palm and fresh fruit bunches in Malaysia. The group
operates its plantations on a contiguous block of land of approximately 36,354 hectares located
between Lahad Datu and Sandakan. The group also produces crude palm oil and palm kernel. HSP was
founded in 1950 and is headquartered in Selangor, Malaysia. The company's subsidiaries include
Jeroco Plantation Sdn Bhd and Hap Seng Plantations (River Estates) Sdn Bhd, both engaged in the
cultivation of palm oil and processing of fresh fruit bunches (FFB), and Hap Seng Plantations
(Wecan) Sdn Bhd, Hap Seng Plantations (Tampilit) Sdn Bhd and Hap Seng Plantations (Ledang Kawa)
Sdn Bhd, all engaged in the cultivation of oil palm.
GLOBAL FORMAT
BALANCE SHEET
Cons
Cons
Cons
12/31/2010
12/31/2009
12/31/2008
12 months
12 months
11 months
Unqual
Unqual
Unqual
th MYR
th MYR
th MYR
AR
AR
IFRS - NFC
IFRS - NFC
IFRS - NFC
110,865
87,286
108,357
Stock
17,523
23,670
29,262
Debtors
25,700
19,036
13,278
Others
67,642
44,580
65,817
58,699
34,565
45,739
1,908,922
1,900,955
1,859,594
576,940
574,494
548,470
n.a.
n.a.
n.a.
1,331,982
1,326,461
1,311,124
2,019,787
1,988,241
1,967,951
51,146
66,783
73,185
17,500
13,334
13,333
8,494
7,334
15,843
Current Assets

Fixed Assets
Other Fixed Assets
Total Assets
Current Liabilities
Loans
Creditors
Other
25,152
46,115
44,009
207,500
241,418
242,815
17,500
55,000
55,334
190,000
186,418
187,481
n.a.
n.a.
n.a.
1,761,141
1,680,040
1,651,951
Capital
800,000
800,000
800,000
Other
961,141
880,040
851,951
2,019,787
1,988,241
1,967,951
Enterprise Value
2,656,301
1,892,269
1,320,028
Working Capital
34,729
35,372
26,697
Net Current Assets
59,719
20,503
35,172
258,646
308,201
316,000
Number of Employees
n.a.
n.a.
n.a.
Cons
Cons
Cons
12/31/2010
12/31/2009
12/31/2008
12 months
12 months
11 months
Unqual
Unqual
Unqual
th MYR
th MYR
th MYR
AR
AR
IFRS - NFC
IFRS - NFC
IFRS - NFC
475,524
374,367
395,021
473,754
373,134
393,605
-171,988
-171,163
-145,116
Gross Profit
303,536
203,204
249,905
-51,850
-42,554
-60,072
-24,401
-23,378
-21,313
Operating P/L
227,285
137,272
168,520
760
520
497
-1,709
-2,656
-2,743
-949
-2,136
-2,246
40
n.a.
P/L before Tax
226,376
135,136
166,274
Taxation
-57,265
-35,039
-35,452
P/L after Tax
169,111
100,097
130,822

Long Term Debt
Provisions
Shareholders Funds
INCOME STATEMENT

Sales
Costs of Goods Sold
Financial Revenue
Financial Expenses
Financial P/L
P/L for Period
169,111
100,097
130,822
Material Costs
n.a.
n.a.
n.a.
-60,233
-50,527
-43,606
n.a.
n.a.
n.a.
Cash Flow
193,512
123,475
152,135
Added Value
198,189
141,619
163,032
EBIT
227,325
137,272
168,520
EBITDA
251,686
160,650
189,833
2011
2010
2009
January
3.53
2.53
1.80
February
3.26
2.40
1.74
March
3.00
2.53
1.67
April
2.97
2.48
1.97
May
2.83
2.45
2.32
June
2.77
2.31
2.20
July
n.a.
2.31
2.24
August
n.a.
2.41
2.36
September
n.a.
2.39
2.28
October
n.a.
2.78
2.32
November
n.a.
3.14
2.32
December
n.a.
3.35
2.38
January
3.10
2.29
1.57
February
2.99
2.28
1.55
March
2.76
2.34
1.55
April
2.82
2.35
1.66
May
2.60
2.04
1.92
June
2.60
2.18
2.03
July
n.a.
2.24
2.00
August
n.a.
2.28
2.19
Costs of Employees
September
n.a.
2.26
2.16
October
n.a.
2.35
2.25
November
n.a.
2.71
2.24
December
n.a.
3.08
2.23
January
3.20
2.35
1.62
February
3.00
2.37
1.60
March
3.00
2.48
1.66
April
2.85
2.44
1.89
May
2.73
2.20
2.25
June
2.71
2.25
2.14
July
n.a.
2.31
2.23
August
n.a.
2.41
2.22
September
n.a.
2.38
2.27
October
n.a.
2.74
2.26
November
n.a.
3.14
2.26
December
n.a.
3.35
2.30
January
26,606,600
5,311,300
6,476,600
February
6,109,100
1,409,800
6,771,100
March
5,049,900
5,587,700
3,816,200
April
2,272,900
2,460,000
13,732,800
May
6,185,900
2,103,500
17,941,900
June
17,817,800
1,111,300
12,610,200
July
n.a.
1,285,400
5,181,200
August
n.a.
2,409,700
7,460,400
September
n.a.
2,971,500
4,815,700
October
n.a.
18,872,900
7,337,107
November
n.a.
35,240,700
5,695,100
December
n.a.
27,321,600
2,997,600
1,330,330
265,565
340,874
February
381,819
88,113
376,172
March
219,561
242,943
181,724
April
108,233
111,818
624,218
May
309,295
105,175
897,095
June
809,900
50,514
573,191
n.a.
58,427
225,270

January
July
August
n.a.
114,748
373,020
September
n.a.
148,575
240,785
October
n.a.
898,710
333,505
November
n.a.
1,762,035
284,755
December
n.a.
1,301,029
142,743
January
20
20
19
February
16
16
18
March
23
23
21
April
21
22
22
May
20
20
20
June
22
22
22
July
n.a.
22
23
August
n.a.
21
20
September
n.a.
20
20
October
n.a.
21
22
November
n.a.
20
20
December
n.a.
21
21
January
800,000
800,000
800,000
February
800,000
800,000
800,000
March
800,000
800,000
800,000
April
800,000
800,000
800,000
May
800,000
800,000
800,000
June
800,000
800,000
800,000
July
n.a.
800,000
800,000
August
n.a.
800,000
800,000
September
n.a.
800,000
800,000
October
n.a.
800,000
800,000
November
n.a.
800,000
800,000
December
n.a.
800,000
800,000
January
2,560,000
1,880,000
1,296,000
February
2,400,000
1,896,000
1,280,000
March
2,400,000
1,984,000
1,328,000
April
2,280,000
1,952,000
1,512,000
May
2,184,000
1,760,000
1,800,000
June
2,168,000
1,800,000
1,712,000
No of days traded
July
n.a.
1,848,000
1,784,000
August
n.a.
1,928,000
1,776,000
September
n.a.
1,904,000
1,816,000
October
n.a.
2,192,000
1,808,000
November
n.a.
2,512,000
1,808,000
December
n.a.
2,680,000
1,840,000
ANNUAL STOCK DATA
12/31/2010
12/31/2009
MYR
MYR
1.00
3.35
Market price - high
3.35
Market price - low
2.04

Nominal value
800,000
800,000
1.00
1.00
2,680
1,840
10437.00
11207.00
Earnings per share
0.21
Cash flow per share
0.24
-0.03
0.59
0.28
Dividends per share
0.07
2.20
n.a.
0.26
0.04
y that
HSP was
de
n the
g Kawa)
Cons
Pro Forma
1/31/2008
7/31/2007
12 months
12 months
Unqual
Unaudited
th MYR
th MYR
AR
AR
IFRS - NFC
Local GAAP
123,590
98,090
21,331
20,872
19,290
10,729
82,969
66,489
69,323
11,452
1,816,345
1,805,863
536,618
526,448
n.a.
n.a.
1,279,727
1,279,415
1,939,935
1,903,953
86,252
80,342
13,333
8,167
5,837
5,041
67,082
67,134
252,545
294,222
56,667
98,333
195,878
195,889
n.a.
n.a.
1,601,138
1,529,389
800,000
800,000
801,138
729,389
1,939,935
1,903,953
2,480,677
n.a.
34,784
26,560
37,338
17,748
338,797
374,564
n.a.
n.a.
Cons
Pro Forma
1/31/2008
7/31/2007
12 months
12 months
Unqual
Unaudited
th MYR
th MYR
AR
AR
IFRS - NFC
Local GAAP
294,427
280,276
216,588
278,885
-51,466
-127,280
242,961
152,996
-34,545
-31,208
-9,105
199,311
121,788
828
7,771
-2,837
-25
-2,009
7,746
n.a.
n.a.
197,302
129,534
-31,742
-28,582
165,560
100,952
165,560
100,952
n.a.
n.a.
-17,710
n.a.
n.a.
n.a.
174,665
100,952
163,470
n.a.
199,311
121,788
208,416
121,788
2008
2007
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
3.10
n.a.
3.08
n.a.
3.10
n.a.
3.04
n.a.
2.82
n.a.
2.32
n.a.
1.91
n.a.
1.72
n.a.
1.61
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
2.57
n.a.
2.90
n.a.
2.80
n.a.
2.74
n.a.
2.20
n.a.
1.66
n.a.
1.25
n.a.
1.50
n.a.
1.40
n.a.
3.10
n.a.
3.16
n.a.
2.83
n.a.
3.02
n.a.
2.98
n.a.
3.04
n.a.
2.82
n.a.
2.36
n.a.
1.93
n.a.
1.50
n.a.
1.56
3.08
1.59
3.18
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
31,896,200
n.a.
11,875,600
n.a.
22,029,800
n.a.
17,667,800
n.a.
9,261,900
n.a.
26,963,300
n.a.
14,229,200
n.a.
4,177,100
n.a.
2,200,200
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
1,449,827
n.a.
593,780
n.a.
1,049,038
n.a.
803,082
n.a.
441,043
n.a.
1,283,967
n.a.
711,460
n.a.
208,855
n.a.
110,010
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
22
n.a.
20
n.a.
21
n.a.
22
n.a.
21
n.a.
21
n.a.
20
n.a.
20
n.a.
20
n.a.
800,000
n.a.
800,000
n.a.
800,000
n.a.
800,000
n.a.
800,000
n.a.
800,000
n.a.
800,000
n.a.
800,000
n.a.
800,000
n.a.
800,000
n.a.
800,000
800,000
800,000
800,000
2,480,000
n.a.
2,528,000
n.a.
2,264,000
n.a.
2,416,000
n.a.
2,384,000
n.a.
2,432,000
n.a.
2,256,000
n.a.
1,888,000
n.a.
1,544,000
n.a.
1,200,000
n.a.
1,248,000
2,464,000
1,272,000
2,544,000
12/31/2009
12/31/2008
7/31/2007
MYR
MYR
MYR
1.00
1.00
1.00
2.30
1.59
n.a.
2.38
3.10
n.a.
1.55
1.25
n.a.
800,000
800,000
800,000
1.00
1.00
1.00
1,840
1,272
n.a.
11207.00
11814.00
n.a.
0.13
0.16
0.13
0.15
0.19
0.13
-0.04
-0.02
-0.04
0.47
0.49
0.35
0.17
0.21
0.15
0.04
0.15
0.00
2.10
2.07
1.91
n.a.
n.a.
n.a.
0.30
0.30
0.37
0.04
0.03
0.03
LONDON BISCUITS BERHAD

London Biscuits Berhad is a Malaysian-based company engaged in manufacturing and trading
confectionery and other related foodstuffs in Malaysia and internationally. The company,
formerly known as London Biscuits Sdn Bhd, was founded in 1981 and is headquartered in Ulu
Tiram, Malaysia. It operates as a publicly quoted company whose shares are listed on Kuala
Lumpur Stock Exchange. The company, together with its subsidiaries, manufactures a wide range of
products. Its product portfolio includes extruded corn snacks; cake products, such as Swiss
rolls, pie cakes, and layer cakes; and chocolate confectionery, including chocolate-coated
peanuts and biscuits, pancake cookies, jellies and puddings, wafer sticks, cup sticks and snack
noodles, chocolates, cakes, and other snack products. London Biscuits also engages in trading
preserved foods and general food stuffs, and letting of property. The company offers its
products under various brand names, including Lonbisco, London, Kinos, Gega, Caca, Mizu, and
Hiro. London Biscuits products can be found in Malaysia and in more than 65 other markets,
worldwide. Its main overseas markets are China, Hong Kong, Macau, Indonesia, Singapore, Taiwan,
Thailand, Vietnam and the Middle East.
GLOBAL FORMAT
BALANCE SHEET
Cons
Cons
Cons
6/30/2010
6/30/2009
6/30/2008
12 months
12 months
12 months
Unqual
Unqual
Unqual
th MYR
th MYR
th MYR
AR
AR
AR
IFRS - NFC
IFRS - NFC
IFRS - NFC
109,189
94,855
84,762
Stock
31,563
33,055
18,030
Debtors
26,306
22,772
15,905
Others
51,320
39,028
50,827
21,506
15,805
28,214
392,175
352,901
286,936
355,047
321,007
233,989
12,660
12,659
4,205
Other Fixed Assets
24,468
19,235
48,742
501,364
447,756
371,698
Current Assets

Fixed Assets
Total Assets
Current Liabilities
152,379
154,142
145,971
Loans
19,054
8,982
48,651
Creditors
52,273
29,154
22,534
Other
81,052
116,006
74,786
149,655
119,626
73,092
Long Term Debt
99,564
70,490
70,976
50,091
49,136
2,116
n.a.
n.a.
n.a.
199,330
173,988
152,635
96,014
78,045
78,045
103,316
95,943
74,590
501,364
447,756
371,698
Enterprise Value
245,565
229,380
232,991
Working Capital
5,596
26,673
11,401
Net Current Assets
-43,190
-59,287
-61,209
302,034
273,768
219,063
Number of Employees
n.a.
n.a.
n.a.
Cons
Cons
Cons
6/30/2010
6/30/2009
6/30/2008
12 months
12 months
12 months
Unqual
Unqual
Unqual
th MYR
th MYR
th MYR
AR
AR
AR
IFRS - NFC
IFRS - NFC
IFRS - NFC
223,940
184,600
138,440
223,434
184,302
138,163
-154,007
-121,566
-93,950
69,933
63,034
44,490
-38,202
-29,399
-17,957
-10,046
-8,421
-9,702
21,685
25,214
16,831
40
133
-8,193
-10,535
-10,007
-8,153
-10,402
-10,004
4,063
2,800
2,430
Provisions
Shareholders Funds
Capital
Other
INCOME STATEMENT

Sales
Costs of Goods Sold
Gross Profit
Operating P/L
Financial Revenue
Financial Expenses
Financial P/L
P/L before Tax
17,595
17,612
9,257
470
-491
1,246
P/L after Tax
18,065
17,121
10,503
-3,001
P/L for Period
15,064
17,121
10,503
Material Costs
n.a.
n.a.
n.a.
-15,220
-15,500
-9,798
n.a.
n.a.
n.a.
Cash Flow
25,110
25,542
20,205
Added Value
48,993
51,086
41,256
EBIT
22,561
26,310
17,820
EBITDA
31,731
33,635
26,533
2011
2010
2009
January
1.11
1.21
0.82
February
1.07
1.18
0.73
March
1.04
1.09
0.70
April
1.05
1.18
0.78
May
1.02
1.13
0.75
June
0.97
1.08
0.90
July
n.a.
1.35
0.90
August
n.a.
1.35
1.05
September
n.a.
1.14
1.03
October
n.a.
1.16
1.10
November
n.a.
1.08
1.10
December
n.a.
1.09
1.04
January
1.02
1.01
0.66
February
1.00
1.00
0.65
March
0.94
1.00
0.65
April
1.00
1.04
0.65
Taxation
Costs of Employees
May
0.98
1.00
0.66
June
0.85
1.01
0.70
July
n.a.
1.01
0.78
August
n.a.
1.11
0.87
September
n.a.
1.04
0.98
October
n.a.
1.05
0.95
November
n.a.
1.00
1.02
December
n.a.
1.00
0.99
January
1.05
1.15
0.70
February
1.00
1.03
0.70
March
1.02
1.05
0.70
April
1.02
1.13
0.73
May
0.98
1.04
0.70
June
0.86
1.04
0.88
July
n.a.
1.35
0.89
August
n.a.
1.13
0.99
September
n.a.
1.07
1.00
October
n.a.
1.07
1.07
November
n.a.
1.04
1.05
December
n.a.
1.07
1.01
January
6,572,700
15,966,700
345,900
February
2,687,700
5,153,800
138,600
March
3,495,100
8,081,900
53,600
April
4,314,300
8,340,300
726,200
May
3,530,600
2,224,800
1,273,600
June
3,128,300
1,465,700
3,290,400
July
n.a.
39,121,100
796,601
August
n.a.
11,706,100
912,100
September
n.a.
6,273,500
1,084,100
October
n.a.
5,575,700
5,596,900
November
n.a.
4,006,200
2,543,100
December
n.a.
6,721,000
2,046,000
January
328,635
798,335
18,205
February
167,981
322,113
7,700
March
151,961
351,387
2,552
April
205,443
379,105
33,009
May
176,530
111,240
63,680
June
142,195
66,623
149,564
July
n.a.
1,778,232
34,635
August
n.a.
557,433
45,605
September
n.a.
313,675
54,205
October
n.a.
265,510
254,405
November
n.a.
200,310
127,155
December
n.a.
320,048
97,429
January
20
20
19
February
16
16
18
March
23
23
21
April
21
22
22
May
20
20
20
June
22
22
22
July
n.a.
22
23
August
n.a.
21
20
September
n.a.
20
20
October
n.a.
21
22
November
n.a.
20
20
December
n.a.
21
21
January
83,490
83,490
78,045
February
83,490
83,490
78,045
March
83,490
83,490
78,045
April
83,490
83,490
78,045
May
83,490
83,490
78,045
June
83,490
83,490
78,045
July
n.a.
83,490
82,820
August
n.a.
83,490
83,490
September
n.a.
83,490
83,490
October
n.a.
83,490
83,490
November
n.a.
83,490
83,490
December
n.a.
83,490
83,490
January
87,665
96,014
54,632
February
83,490
85,995
54,632
No of days traded
March
85,160
87,665
54,632
April
85,160
94,344
56,973
May
81,820
86,830
54,632
June
71,801
86,830
68,680
July
n.a.
112,712
73,710
August
n.a.
94,344
82,655
September
n.a.
89,334
83,490
October
n.a.
89,334
89,334
November
n.a.
86,830
87,665
December
n.a.
89,334
84,325
ANNUAL STOCK DATA
6/30/2010
6/30/2009
MYR
MYR
1.00
1.04
Market price - high
1.21
Market price - low
0.78

Nominal value
83,490
78,045
1.00
1.00
87
69
4020.00
3218.00
Earnings per share
0.18
Cash flow per share
0.30
-0.57
2.68
0.26
Dividends per share
0.00
2.39
2.24
1.79
0.07
ge of
nd
iwan,
Cons
Cons
Cons
Cons
Cons
Cons
6/30/2007
6/30/2006
6/30/2005
6/30/2004
6/30/2003
6/30/2002
12 months
12 months
12 months
12 months
12 months
12 months
Unqual
Unqual
Unqual
Unqual
Unqual
Unqual
th MYR
th MYR
th MYR
th MYR
th MYR
th MYR
AR
AR
AR
AR
AR
AR
IFRS - NFC
Local GAAP
Local GAAP
Local GAAP
Local GAAP
Local GAAP
76,362
71,252
69,331
85,367
49,451
33,129
17,315
16,754
14,803
8,994
8,698
4,614
13,679
21,026
21,876
16,110
20,908
18,715
45,368
33,472
32,652
60,263
19,845
9,800
16,443
17,267
18,491
52,386
10,216
1,531
222,655
183,643
161,975
104,096
79,637
68,705
197,378
169,029
140,877
94,924
79,629
68,690
2,096
2,195
3,116
n.a.
n.a.
n.a.
23,181
12,419
17,982
9,172
15
299,017
254,895
231,306
189,463
129,088
101,834
92,731
67,654
65,892
40,111
47,056
33,107
3,411
336
4,409
513
2,595
50
15,632
12,832
9,831
4,955
7,185
6,442
73,688
54,486
51,652
34,643
37,276
26,615
86,884
74,247
63,225
56,371
11,494
6,695
67,511
57,651
47,208
46,459
3,402
5,995
19,373
16,596
16,017
9,912
8,092
700
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
119,402
112,994
102,189
92,981
70,538
62,032
72,600
71,031
68,209
68,200
47,243
40,000
46,802
41,963
33,980
24,781
23,295
22,032
299,017
254,895
231,306
189,463
129,088
101,834
236,476
204,354
231,708
175,956
n.a.
n.a.
15,362
24,948
26,848
20,149
22,421
16,887
-16,369
3,598
3,439
45,256
2,395
22
179,615
141,901
129,117
96,482
58,550
39,802
n.a.
470
466
196
196
138
Cons
Cons
Cons
Cons
Cons
Cons
6/30/2007
6/30/2006
6/30/2005
6/30/2004
6/30/2003
6/30/2002
12 months
12 months
12 months
12 months
12 months
12 months
Unqual
Unqual
Unqual
Unqual
Unqual
Unqual
th MYR
th MYR
th MYR
th MYR
th MYR
th MYR
AR
AR
AR
AR
AR
AR
IFRS - NFC
Local GAAP
Local GAAP
Local GAAP
Local GAAP
Local GAAP
122,517
107,810
82,096
66,069
53,072
43,836
117,171
107,740
81,958
65,511
52,744
43,657
-75,491
-58,861
-40,148
-33,809
-27,386
-22,160
47,026
48,949
41,948
32,260
25,686
21,676
-20,740
-18,072
-13,840
-11,347
-7,142
-6,188
-7,238
-9,552
-8,894
-6,506
-5,540
-4,385
19,048
21,325
19,214
14,407
13,004
11,103
43
51
507
221
35
34
-9,044
-6,241
-5,687
-2,801
-1,987
-1,754
-9,001
-6,190
-5,180
-2,580
-1,952
-1,720
4,558
3,509
504
282
29
14
14,605
18,644
14,538
12,109
11,081
9,397
-2,753
-3,957
-2,801
-2,616
-2,135
-697
11,852
14,687
11,737
9,493
8,946
8,700
-26
-486
-234
11,826
14,201
11,503
9,493
8,946
8,700
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
-9,800
-8,555
-6,288
-4,747
-3,444
-2,531
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
19,064
23,753
20,397
15,999
14,486
13,085
35,155
34,592
29,571
20,931
17,782
16,673
23,570
24,655
19,734
14,673
13,004
11,117
26,286
30,877
28,108
20,913
18,544
15,488
2008
2007
2006
2005
2004
1.25
1.98
1.91
2.46
2.60
1.33
2.03
1.98
2.47
2.54
1.21
1.80
1.77
2.47
2.47
1.14
1.71
1.80
2.44
2.55
1.07
1.70
1.82
2.36
2.35
1.03
1.69
1.77
2.27
2.30
1.00
1.62
1.76
2.23
2.24
1.00
1.61
1.86
2.22
2.18
1.00
1.48
1.90
2.17
2.17
1.00
1.43
1.88
2.14
2.18
0.86
1.31
1.90
2.00
2.37
1.07
1.31
1.92
1.98
2.60
1.01
1.82
1.73
2.32
2.26
1.11
1.50
1.71
2.33
2.28
0.98
1.59
1.70
2.40
2.28
1.00
1.64
1.70
2.29
2.20
1.00
1.60
1.70
2.20
2.20
0.96
1.55
1.70
2.14
2.09
0.92
1.50
1.68
2.12
2.05
0.95
1.30
1.70
2.16
2.00
0.75
1.30
1.78
2.08
2.01
0.56
1.23
1.77
1.99
2.02
0.70
1.22
1.78
1.82
2.10
0.58
1.19
1.76
1.65
2.16
1.20
1.89
1.91
2.37
2.40
1.15
1.72
1.76
2.43
2.42
1.02
1.69
1.76
2.42
2.42
1.04
1.68
1.78
2.29
2.32
1.02
1.65
1.75
2.21
2.26
1.00
1.57
1.74
2.21
2.20
0.98
1.53
1.75
2.19
2.20
0.99
1.50
1.83
2.17
2.15
0.90
1.33
1.84
2.10
2.13
0.74
1.25
1.82
2.00
2.15
0.85
1.30
1.85
1.95
2.32
0.83
1.20
1.84
1.79
2.57
589,500
4,765,000
3,765,200
3,227,800
8,339,100
407,500
3,046,800
4,814,900
3,902,100
8,710,900
720,800
1,023,600
1,859,300
3,909,200
11,621,500
278,000
1,112,200
1,186,000
2,384,000
8,956,300
324,000
1,619,600
814,300
1,474,100
4,990,600
334,700
2,702,800
448,100
1,136,600
3,561,300
240,300
4,977,500
219,800
1,123,300
3,203,400
115,700
1,491,400
475,700
1,223,700
4,150,100
405,800
1,516,000
760,700
971,500
1,727,300
291,500
6,681,200
1,113,700
651,600
475,900
134,700
4,525,500
4,736,100
374,000
824,800
100,900
4,360,500
3,209,300
1,420,800
3,686,800
29,475
226,905
209,178
153,705
463,283
22,639
179,224
267,494
195,105
512,406
36,040
46,527
80,839
169,965
505,283
12,636
55,610
62,421
119,200
407,105
16,200
77,124
38,776
73,705
262,663
15,938
128,705
20,368
51,664
161,877
10,923
226,250
10,467
53,490
145,609
5,510
67,791
21,623
55,623
188,641
19,324
75,800
36,224
44,159
78,514
14,575
303,691
58,616
31,029
22,662
6,735
215,500
215,277
19,684
39,276
5,045
229,500
160,465
67,657
160,296
20
21
18
21
18
18
17
18
20
17
20
22
23
23
23
22
20
19
20
22
20
21
21
20
19
21
21
22
22
22
22
22
21
21
22
21
22
22
22
22
21
20
21
22
22
20
22
19
21
21
20
21
22
19
21
20
19
20
21
23
78,045
71,964
68,745
68,200
60,000
78,045
71,964
68,745
68,200
60,000
78,045
71,964
68,745
68,200
68,200
78,045
72,600
68,745
68,200
68,200
78,045
72,600
68,745
68,200
68,200
78,045
72,600
68,745
68,200
68,200
78,045
77,178
68,745
68,745
68,200
78,045
78,045
68,745
68,745
68,200
78,045
78,045
68,745
68,745
68,200
78,045
78,045
68,745
68,745
68,200
78,045
78,045
68,745
68,745
68,200
78,045
78,045
71,497
68,745
68,200
93,654
136,012
131,303
161,634
144,000
89,752
123,778
120,991
165,726
145,200
79,606
121,619
120,991
165,044
165,044
81,167
121,968
122,366
156,178
158,224
79,606
119,790
120,304
150,722
154,132
78,045
113,982
119,616
150,722
150,040
76,484
118,082
120,304
150,552
150,040
77,265
117,068
125,803
149,177
146,630
69,850
103,800
126,491
144,365
145,266
57,753
97,556
125,116
137,490
146,630
66,338
101,459
127,178
134,053
158,224
64,387
93,654
131,554
123,054
175,274
6/30/2009
6/30/2008
6/30/2007
6/30/2006
MYR
MYR
MYR
MYR
1.00
1.00
1.00
1.00
0.88
1.00
1.57
1.74
1.07
1.62
2.03
2.23
0.56
0.96
1.50
1.65
78,045
78,045
72,600
68,745
1.00
1.00
1.00
1.00
69
78
114
120
3218.00
3019.00
3216.00
1869.00
0.22
0.14
0.16
0.21
0.33
0.26
0.26
0.35
-0.42
-0.32
-0.53
-0.32
2.36
1.77
1.69
1.57
0.32
0.22
0.26
0.31
0.00
0.00
0.04
0.23
2.23
1.96
1.65
1.64
2.07
1.90
1.62
1.61
1.53
0.94
1.20
1.08
0.34
0.15
0.21
0.36
Cons
Cons
Cons
6/30/2001
6/30/1997
6/30/1996
12 months
12 months
12 months
Unqual
Unqual
Qualif n.a.
th MYR
th MYR
th MYR
AR
AR
Local GAAP
Local GAAP
Acc. Std na
27,294
10,815
6,454
4,868
3,404
1,588
13,450
6,498
4,746
8,976
913
120
1,061
33
16
49,558
12,862
8,317
49,543
12,815
8,317
n.a.
n.a.
n.a.
15
47
76,852
23,677
14,771
31,290
12,630
9,884
572
93
106
4,902
1,558
1,494
25,816
10,979
8,284
10,915
1,925
1,220
10,632
1,527
966
283
398
254
n.a.
n.a.
n.a.
34,647
9,122
3,667
7,500
4,545
2,450
27,147
4,577
1,217
76,852
23,677
14,771
n.a.
n.a.
n.a.
13,416
8,344
4,840
-3,996
-1,815
-3,430
42,205
14,555
11,104
124
n.a.
n.a.
Cons
Cons
Cons
6/30/2001
6/30/1997
6/30/1996
12 months
12 months
12 months
Unqual
Unqual
Qualif n.a.
th MYR
th MYR
th MYR
AR
AR
Local GAAP
Local GAAP
Acc. Std na
36,623
14,841
12,428
35,982
14,841
12,428
-19,176
-9,629
-9,524
17,447
5,212
2,904
-3,237
n.a.
n.a.
-2,973
-1,144
-636
11,237
n.a.
n.a.
34
-2,033
-869
-385
-1,999
-868
-384
n.a.
103
9,238
3,303
1,889
-1,590
57
-731
7,648
3,360
1,158
7,648
3,360
1,158
n.a.
n.a.
n.a.
-1,899
n.a.
n.a.
n.a.
n.a.
n.a.
10,621
4,504
1,794
12,963
n.a.
n.a.
11,237
103
14,210
n.a.
n.a.
6/30/2006
6/30/2005
6/30/2004
MYR
MYR
MYR
1.00
1.00
1.00
1.74
2.21
2.20
2.23
2.60
2.60
1.65
2.00
2.09
68,745
68,200
68,200
1.00
1.00
1.00
120
151
150
1869.00
1094.00
1075.00
0.21
0.17
0.14
0.35
0.30
0.24
-0.32
-0.54
-0.23
1.57
1.20
0.97
0.31
0.28
0.21
0.23
0.11
0.05
1.64
1.50
1.36
1.61
1.45
n.a.
1.08
0.93
0.83
0.36
0.39
0.30

Stock Values 2

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Stock Values 2

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SUMMARY OF INTRINSIC VALUES OF STOCKS

1.3 r = return of industry average

Price to book ratio

Dividend growth where:

Market Price as at 30 July 2011

- Earnings per share (EPS)

- Ri (from beta coefficient) - annualised return

- Risk free (RF) - annualised return

Data:- Dividend paid recently (D0)

Note: This model cannot be used at g > r

2.2 Price based on market PE as at 30 June 2011

Price as at 30 June 2011 (RM)

3.1 Price to Book Value (Current)

Price = BV(forecast) X P/BV ratio

3.2 Price to Book Value (Industry Average)

2.2 Price based on market PE as at 30 June 2011

3. Price to Book Value

Price = BV(1 + g) X P/BV ratio

From Dr Saiful's data

From beta coefficient calculation

Risk free rate determined earlier

From beta coefficient calculation

From beta coefficient calculation

From theStar Biz as at 30 July 2011

From Dr Saiful's data

Formula from lecture notes

Formula from lecture notes

From ratio analysis

Formula from lecture notes

OVERVIEW - INDEPENDENT REVIEW OF FUNCTIONS AND ACTIVITIES

Intangible Fixed Assets

Other Fixed Assets

Cash & Cash Equivalent

Total Shareh. Funds & Liab.

Total Liabilities & Debt

Other Operating Items

Net Current Assets

Operating Revenue / Turnover

P/L before Tax

P/L for Period

Research & Development expenses

MONTHLY PRICING SERIES

Monthly high prices (MYR)

Monthly low prices (MYR)

Month end market prices (MYR)

Monthly trading volume (shares)

Monthly average daily volume (shares)

Monthly Outstanding Shares (th)

Monthly Market capitalisation (th MYR)

ANNUAL STOCK DATA

Stock split / Dividend ratio

Market price - year end

Market price - high

Market price - low

Shares outstanding (th)

Earnings per share

Cash flow per share

Capital expenditure per share

Operating rev. / Turnover per share

Operating profit per share

Dividends per share

Book value per share

Tangible book value per share

Long term liabilities per share