FINANCIAL RATIO

ANALYSIS
OF

2

Table of Contents
EXCUTIVE SUMMARY........................................................................2
INTRODUCTION ................................................................................3
FINANCIAL HIGHLIGHTS ...................................................................4
RATIO ANALSIS ................................................................................5

PROFITABILITY RATIO

5-7

LIQUIDITY RATIO

7-9

EFFICIENCY RATIO

9-10

SHAREHOLDERS RATIO

11-12

CAPITAL STRUCTURE RATIO

12-14

BETA ANALYSIS .............................................................................15
CONCLUSION .................................................................................16
REFERENCES .................................................................................17
APPENDIX .................................................................................18-30

3

This may be due to the large financing in expansion and renovation that would likely to cause the rise in liabilities. interpretation and explanation of the financial ratios. the liquidity level of the company has more room to improve. The beta 0. However. return for shareholder as well as the capital structure level of AEON are in the satisfactory level. efficiency.47 shows relatively low market risk in AEON shares. At the same time. ROE (Return On Equity) is beyond industry average of 18. the comparison of ratios between AEON Co.28 which is a good indicator of the company growth prospect. (M) Bhd and retail industry average will be discussed. As a result. This report will mainly look into the company financial situation. and beta analysis on the company financial position. the profitability. The P/E ratio reached at 11.EXECUTIVE SUMMARY The purpose of this report is to provide the overview of financial position for AEON Co.8% at 66. 4 . investors are recommended to invest into AEON as the company shows a high potential of growth prospect and safe earnings from the ratio analysis. (M) Bhd. On average.33% in year 2010.

JUSCO launched their in-house brand product. 17 AEON Shopping Centres and 5 Pasaraya MaxValu as at year 2009. Their leading retail store is Jusco. They offer varieties of products such as food. It was established in Malaysia in 1984 in response to the request from our formal Prime Minister Dato Seri Dr. AEON is mainly involved in general merchandise retailing. AEON is known as one of the leading chain general merchandise stores in Malaysia. 5 . that provide products that are better in quality and lower at price. Jusco Selection and Jusco Value Selection for instance. apparels. groceries. Ltd. In addition. as Jaya Jusco Store Sdn. Mahathir to support and aid in the development of retail industry in Malaysia. household product.Introduction Company Overview AEON Co. (M) Bhd. AEON owned a large number of AEON Shopping Centres. It is subsidiary of AEON Co. It operates 21 JUSCO Stores. is formerly known. Bhd. They are also involved in other businesses such as credit card business. JUSCO Stores and Pasaraya MaxValu throughout Peninsular Malaysia.

000.Financial Highlights By refer to revenue graph in appendix.939.5% from RM706.25 million. Better expenses management could be done in order to improve the profit attributable to owners of AEON for better future prospects.000 in year 2010. From year 2006. total assets of AEON has increased by 55. This is likely due to the expansion of JUSCO stores throughout the Peninsular Malaysia as well as the expansion of MaxValu supermarket.126.000 for 54.000 in year 2010.8% increase in net earnings per share from year 2006 to year 2010. There is 59.2% increase in revenue from year 2006 to year 2010. The increase in equity is contributed by the increase in retained earnings.000 from year 2006 to year 2010.4 million. AEON marketing strategies such as J CARD loyalty programme contributed largely to the sale of JUSCO stores. The growth in revenue mainly contributed by the opening of new JUSCO Stores as well as the contribution from existing JUSCO store.438. Net earnings per share for AEON have increase gradually from year 2006 to year 2010.705. From year 2006 to year 2007. the revenue of AEON has an upward trend from year 2006 to year 2010. RM1. It increased by 59. Both growths of dividends per share and net asset per share decrease from year 2007 to year 2008. RM1.4% from RM1383.817.3% to RM735. Besides that.000.000 respectively for year 2006 to year 2010.000. The profit attributable to owners increased by RM62.232. 6 . there is ascending trend of profit attributable to owners. Total equity attributable to the owners of the company has also increased. 60% in average of monthly retail sales are contributed by the J CARD members as shown in annual report.756.106. total liabilities increased by 51. Increase in expenses is one of the main factor to cause the margin of increase in profit is lower as compared to 109. From the graph above.373.000 to RM1. From year 2006 to year 2010. profit attributable to owners of AEON reached RM103.019.883.207.05 million or 60.209. This shows that AEON is having stable growth in their revenues.000 and RM1.000 and it increases by RM258.3% increase of revenue from year 2007 to year 2008. From the five year financial highlight table in appendix.230. RM931.653. its revenue grows for 49.5% growth in revenue from year 2008 to year 2009 and 5. In year 2006. The total liabilities are RM732.3 million in year 2010.6 million to RM2067.07%.143. There is 20. This is because there is additional 175500 units of share issued in year 2008 which relatively affect the dividends per share and net asset per share to decrease in year2008.057. This might because AEON needs large monetary aid such as loan to finance their expansion and renovation expenses.498.1% from year 2006 to RM165. retained earnings is RM476.2% from RM1.000 in year 2006 to RM2.3% increase in year 2009 to year 2010. 10.

Return on Assests (ROA) 7 . shareholders and other parties to plan ahead for better future prospect. financial ratio analysis could be done by measuring the profitability. 735. the profit margin of AEON shows an ascending trend that indicates the company is able to manage their cost of goods sold well.01 From year 2007 to year 2010. efficiency as well as to measure whether the company is reasonably in debt and also how well of the return by invest into the company.454. In order to assess a company financial performance.972. 631.Ratio Analysis Financial statements resemble a snapshot of the financial position of a company. liquidity. Profit Margin Profit margin reflects the company profit generated by sales. The ratio analysis could assist the company.000 year 2010.84 25.77 35. Profitability Ratio Profitability ratio could be used to measure the effectiveness of company’s operating decision or investing decision in generating profit. Formula: Year 2007 2008 2009 2010 Profit Margin (%) 23.24 23.000 year 2009 to RM1. This is prove by the dramatic change of cost of goods sold in between year 2009 and 2010 where there is a significance 34% drop from RM2.

This would be due to the increase of 7225. ROA may not be a good indicator to measure the performance of the firm.000 in year 2008 to RM197. By comparing to the table above. 388.43 42.50 66.4%. AEON has much higher ROA as compared to the industry average. Formula: Year 2007 2008 2009 2010 ROA (%) 42. as there may be biases in the accounting figures used in the formula. the ROE of AEON starts to decline continuously from year 2009 to year 2010. The interest burden 8 . the average ROA for retail industry is 14.ROA represents the return of the investment made out of the company assets.694.8% However.8% from RM197.85 75.46% of interest obligation from RM 2.37 90.000 in year 2010.91 46.33 From the table above.42 According to the Standard & Poor’s Composite Index.000 in year 2009 and the interest expense increase for 20. 348.000 in year 2009 to RM238. the ROE for AEON are beyond the industry average of 18. Formula: Year 2007 2008 2009 2010 ROE(%) 61. 348. However.58 47. Return on Equity (ROE) ROE shows the return earned from the fund invested by the shareholders’ of the company.

It is important for investor to know the liquidity level of the company debt as they may be exposed to default risk.67 In comparison to the industry average. Current Ratio Current ratio assesses the solvency of the company. the current ratio for AEON is below industry average at 1. Liquidity Ratio Liquidity ratios such as current ratio. However. AEON Bukit Indah and also renovation of existing stores for example MaxValu and Jusco Taman Maluri.45 in year 2008 to 0.67 in year 2010.45 0. Formula: Year 2007 2008 2009 2010 Current Ratio 0. This indicates that the solvency of AEON is improving which is shown by the decrease in current liabilities from year 2008 to year 2010 at 8. The business expansion would require AEON to obtain loan. which incurred high interest burden.of Aeon increased most likely because they are expanding their business for example opening new outlet in end of year 2008 such as AEON Seberang Prai City. It determines the ability of the company to meet their financial obligations in short term with their current assets.60. quick ratio and cash ratio are the vital ratio in measuring how easily for a company to convert its liquid assets into sufficient cash to cover their mature debts. AEON AU2 Setiawangsa. Quick Ratio 9 .52 0.09%. there is a slight ascending trend of current ratio from 0.58 0.

Formula: Year 2007 2008 2009 2010 Cash Ratio 0.Quick ratio is also known as acid-test ratio.2 0. the liquidity level is improving which may also due to the decrease in current liabilities. marketable securities and receivables that are easily convertible to cash instead of inventories in order to give better view in liquidity.13 0. 203).31 The industry average of cash ratio is 0. Myers & Allen 2008.63 (Standard & Poor’s Composite Index cited in Brealey.17 0. Cash Ratio Cash ratio indicates the ratio of most liquid assets of the company. It is still slightly above the cash ratio for AEON.36 Quick ratio of AEON is still below the industry average of 0. This shows the company may need to have a better financial plan in future to deal with their insolvency if there is any unfavorable situations happen. p. Quick ratio is also a measure for liquidity.29 0.39.14 0. Formula: Year 2007 2008 2009 2010 Quick Ratio 0. It is better because it includes cash. which are cash and marketable securities to current liabilities.19 0. However. 10 .

21 times.Efficiency Ratio Efficiency ratio measures the effectiveness of company in using its resources or assets in producing sales. Inventory turnover Inventory turnover is used as a measure of how regular the inventories of a firm being replaced and sold. the industry average for total asset turnover is 2. Formula: 11 . Formula: Year 2007 2008 2009 2010 Total Asset Turnover 1. Total Asset Turnover Total asset turnover ratio reflects how many sales in return are made out of the fund invested in the assets.80 1. The financial crisis has impacted on the decrease in consumption level as well as the employment rate that would indirectly hit on the sales of retailers.83 1.35 According to Standard & Poor’s Composite Index. The total asset turnover ratio for AEON is below the industry average and there is an obvious drop of the ratio from year 2009 to year 2010 would likely due to the hit of financial crisis on the sales of Aeon.81 1.

This shows AEON has no problem to deal with its payers. Aeon inventory turnover is higher as compared to industry average which represents AEON is excellent in managing their inventories. This could aid in improving its liquidity level in terms of cash.15 The industry average for inventory turnover is 3.93 5.46 7.19 7. 12 .88 8. Shareholders Ratio Shareholders ratio reflects the concerns of the investors in relation to the return such as the dividend yield and capital appreciation. Average Collection Period Average collection period is to measure how long the customers or account receivables of the company takes to clear their bills.44 The average collection period of AEON is short which less than 10 days on its average.69 5.93 6. Formula: Year 2007 2008 2009 2010 Average Collection Period (days) 7.3.Year 2007 2008 2009 2010 Inventory turnover 8.

45 11.9 34.66 1.65 From the table above.50 11.28 AEON has relatively strong P/E ratio.53 19. Market –to-Book Ratio Formula: Year 2007 2008 2009 2010 Market-to-Book Ratio 2. This may due to the drop in share prices during the financial crisis from year 2008. Formula: Year 2007 2008 2009 2010 P/E 15. Company with good growth prospect and stable earnings will have high P/E ratio.4 38 47 Price Earnings Ratio (P/E) P/E ratio measures price that investors are prepared and willing to pay for each dollar of earnings per share.Given Earnings per share (EPS): Year 2007 2008 2009 2010 EPS (sen) 59. the market-to-book ratio of AEON is on the downward trend and this indicates the worth of AEON in the eyes of investors has decreased.06 2. 13 .56 1.

Capital Structure Ratio Capital structure ratio could also be known as leverage ratio. It is defined as: Ratios that provide a basis for determining how a firm financed its assets and the ability of the firm to pay for the non-owner supplied fund (Petty et al. 125). p.Dividend Yield Formula: Year 2007 2008 2009 2010 Dividend Yeld 1. Formula: 14 . the dividend yield for AEON is high which reflects that the investors would demand higher rate of return from their investment.26 2. Debt Ratio Debt ratio measures how much of fund has been borrowed and used in financing company’s assets. 2006.48 2.06 1.70 Refer to the table above.

77 1. Formula: Year 2007 2008 2009 2010 Debt-equity ratio 1.Year 2007 2008 2009 2010 Debt ratio 0. Formula: 15 . It is used to determine the interest burden level of a firm by comparing the earnings with the interest expense.61 1.93 1.58 The industry average of debt ratio shown in Standard & Poor’s Composite Index is 0.229.64 0. By comparing the debt ratios of AEON with industry average. Debt-Earnings Ratio Debt-earnings ratio also measures the ratio of long term debts to long term capital which is the shareholder’s equity.37 The debt-equity ratio of AEON is very high which would likely to incur high interest burden to the company as it uses high long term debt to financed the growing operating activities. This would be one of the reasons why the interest expense is high for AEON.66 0. the debt ratios shows it has 58% of its assets are financed by borrowed funds in year 2010.62 0. Interest Coverage Interest coverage ratio is also known as time interest earned. It determines the level of financial leverage in a company.

In year 2010. High interest coverage shows a low probability of bankruptcy because the annual earnings are great enough to cover the interest expense.38 23566. the interest coverage of AEON is very high. 16 .05 From the table. the interest coverage has gone up to 23566.Year 2007 2008 2009 2010 Interest Coverage 2447.78 303.80 308.05 times.

AEON shares are relatively lower at market risk because they are less sensitive to the fluctuation in the share market. which is the market risk. In addition. 17 . As a result.47% if the market increases or decreases 1%.47 for AEON represents the share price of AEON would increase or decrease 0. Beta is the measure of non diversifiable risk. and vice versa. the beta for AEON is 0. shares that have beta of less than 1 are less risky as compared to the market.Beta Analysis By refer to the beta calculation in the appendix. shares with beta greater than 1 are relatively more risky as compared to the market. The beta of 0.47. They further explain that beta could also be defined as the sensitivity of investment’s return in relation to the market’s return movement.

the share price would likely to go upward as the financial market has started to recover from the impact of financial crisis. Therefore. (M) Bhd.Conclusion: In conclusion. According to New Strait Times. it shows high potential of future growth as well as strong earning ratio. there will be increase in private investment and consumption of 2% to 3% that will improve the economy in year 2010. from the movement of share prices as shown at graph below: Appendix P. as from their P/E ratio. I would suggest investors to invest into AEON Co. (2195 words) 18 . Besides that.1 The share price is bouncing back after the downward trend that is likely to cause by the financial crisis in year 2009.

7.com. viewed 28 October 2011 <http://www.com. Stolowy. Scott Jr. Principles of Corporate Finance. 4th edn. Kane. Martin.com/q/hp?s=%5EKLSE+Historical+Prices> New Strait Times 24 October 2009. Brealey.html> Bodie. JW. 2011. New York. Z. 9th edn. viewed 30 October 2011. RA. NSW. Essentials of Investments. <http://books. Pearson Education Australia. Bursa Malaysia. Burrow. AJ. DF.google.my/books? id=rRGF7iSaxc8C&pg=PA76&lpg=PA76&dq=Debtearnings+ratio+also+measures+the+ra tio+of+long+term+debts+to+long+term+capital+which+is+the+shareholder %E2%80%99s+equity&source=bl&ots=57NyOr6PFy&sig=oRkc3UdakDir06PP_CGkZkh mLKc&hl=en&ei=MvisTqTwCIfyrQfQ_oS8DA&sa=X&oi=book_result&ct=result&resnu m=3&ved=0CCYQ6AEwAjgU#v=onepage&q&f=false> Yahoo! Inc. Financial Accounting and Reporting: A Global Perspective. AJ 2008. A & Marcus.com/q/hp? s=6599.KL&a=00&b=1&c=2003&d=11&e=30&f=2010&g=w> 19 .References: AEON Co. viewed 29 October 2011 <http://finance. McGrawHill. M 2006. New York. NY 2006. 2nd edn. Yahoo Finance. H & Lebas. Myers. 7th edn.jusco. (M) Bhd. Martin. JD. Petty. ‘Global Recovery Likely to Firm Up Next Year’. viewed 29 October 2011 <http://finance.yahoo.my/history. Financial Management. Keown. SC & Allen.yahoo. M. P & Hoa. 2011. McGrawHill. p. F 2008.

Appendix: 20 .

21 .

45 0.5 2136959 ROA (%) (1) / (3) 42.58 0.5 1907306 2066675.50 1126498 1055346 66.77 1735454 145688 1013340 2894482 35.Tax Interest (RM'000) (1) 157510 2694 197348 238388 459353 759996 704558 699959 Shareholders' Average Shareholder's Equity Equity ROE (%) (RM'000) (RM'000) (2) [(1)/(2)]*100 706143 790821 748482 61.91 46.Financial Ratio Calculation Calculation of Profit Margin: Total Year Revenues (RM'000) (1) 2007 2008 2009 2010 2886220 3433049 3735755 2894482 Cost of Profit goods sold Depreciation EBIT Sales Margin (RM'000) (RM'000) (RM'000) (RM'000) (%) (2) (3) (4) (6) (1-2-3) (4 )/(6) 2108923 106604 670693 2886220 23.85 984194 933224.42 Calculation of Return on Equity: Year 2006 2007 2008 2009 2010 EBIT (RM'000) 670693 818435 962749 1013340 Tax Interest (RM'000) (RM'000) 53830 55745 60843 74993 EBIT .44 42.67 Calculation of Quick Ratio: Year Cash Marketable Securities Receivables Current Liabilities Quick Ratio 22 .33 Calculation of Current Ratio: Year 2007 2008 2009 2010 Current Assets Current Liabilities (RM'000) (1) (RM'000) (2) 526007 907824 532895 1172745 532366 1026321 727024 1077904 Current Ratio (1) / (2) 0.24 2494679 119935 818435 3433049 23.5 75.01 Calculation of Return on Assets: Year 2006 2007 2008 2009 2010 EBIT (1) (RM'000) 670693 818435 962749 1013340 Total Assets (2) (RM'000) 1438373 1722474 2092138 2041213 2232705 Average Assets (3) (RM'000) [(1)+(2)] / 2 1580423.52 0.58 47.37 882255 836538 90.84 2631972 141034 962749 3735755 25.

46 2631972 335015 331757 7.81 2894482 2232705 2136959 1.5 1.31 Calculation of Total Assets Turnover: Year 2007 2008 2009 2010 Sales (1) Total Assets (2) Average Assets (3) Total Asset Turnover (RM'000) (RM'000) (RM'000) (1) / (3) 1438373 2886220 1722474 1580423.93 6.5 1.93 1735454 338401 336708 5.14 137067 1026321 0.69 23 .15 Calculation of Average Collection Period: Year 2006 2007 2008 Receivables (RM'000) (1) 45669 79818 46002 Average Receivables (RM'000) (2) 62743.80 3735755 2041213 2066675.2007 2008 2009 2010 (RM'000) (1) 185261 158394 137067 330908 (RM'000) (2) - (RM'000) (3) 79818 46002 60284 57715 (RM'000) (4) 907824 1172745 1026321 1077904 [(1)+(2)+(3)/(4)] 0.17 0.83 3433049 2092138 1907306 1.35 Calculation of Inventory Turnover: Year 2006 2007 2008 2009 2010 Cost of goods sold Inventories Average Inventories Inventory turnover (RM'000) (1) (RM'000) (2) (RM'000) (3) (1) / (3) 214183 2108923 260928 237555.19 0.20 158394 1172745 0.36 Calculation of Cash Ratio: Year 2007 2008 2009 2010 Cash Marketable Securities Current Liabilities Cash Ratio (RM'000) (1) (RM'000) (2) (RM'000) (3) [(1) + (2)]/(3) 185261 907824 0.88 2494679 328499 294713.13 330908 1077904 0.5 62910 Sales (RM'000) (3) 2886220 3433049 Average Collection Period (Days) (2)/[(3)/ 365] 7.5 8.29 0.5 8.

21 Market-to-Book Ratio (1) / (4) 2.66 566180 1019483 984194 0.09 Average Share Prices Dividend Yeld (RM) (2) (%) [[1) / (2)]*100 9.06 5.66 1.3 6.06 2.69 4.3 1.50 11.70 Calculation of Debt Ratio: Year 2007 2008 2009 2010 Long term debt Leases Shareholders' Equity Debt ratio (RM'000) (1) (RM'000) (2) (RM'000) (2) [(1)+(2)] / [(1)+(2)+(3)] 501088 895167 790821 0.28 Calculation of Market-to-Book Ratio: Year 2007 2008 2009 2010 Average Share Prices (RM) (1) 9.599 0.62 608607 929385 1126498 0.344 0.48 4.5 3735755 2894482 5.51 351000 2.80 351000 3.166 0.2009 2010 60284 57715 53143 58999.3 1.65 Calculation of Dividend Yield: Year 2007 2008 2009 2010 Dividend per share (RM) (1) 0.3 EPS (RM) (2) 0.44 Extracted from Annual Report Year 2007~2010: Year 2007 2008 2009 2010 EPS (sen) 59.3 6.26 6.38 0.3 Shareholders' Equity (RM'000) (2) 790821 882255 984194 1126498 Book value per Number of shares share ('000) (3) (RM) (2) / (3) = (4) 175500 4.9 34.19 7.69 4.117 0.37 5.37 2.64 567712 1134452 882255 0.4 38 47 Calculation of Price Earnings Ratio: Year 2007 2008 2009 2010 Average Share Prices (RM) (1) 9.53 19.56 1.37 5.58 24 .47 P/E (1) / (2) 15.09 0.69 2.51 351000 2.45 11.

Calculation of Debt-equity Ratio: Year 2007 2008 2009 2010 Long term debt Leases Shareholders' Equity (RM'000) (1) (RM'000) (2) (RM'000) (3) 501088 895167 790821 567712 1134452 882255 566180 1019483 984194 608607 929385 1126498 Debt-equity ratio [(1)+(2)] / (3) 1.61 1.78 303.77 1.93 1.05 25 .38 23566.365 Calculation of Interest Coverage: Year 2007 2008 2009 2010 EBIT (RM'000) (1) 670693 818435 962749 1013340 Interest Expense (RM'000) (2) 274 2694 3122 43 Interest Coverage (1) / (2) 2447.80 308.

003082196 0.47445188 0.155462006 0.003943457 101 0.003943 0.005864621 0.0% 0.Beta Computation: Excel Regression Analysis: SUMMARY OUTPUT Regression Statistics Multiple R 0.07023845 Standard Error 0.0075569 -0.705547 0.07935376 Adjusted R Square 0.793441761 26 .0% Upper 95.155462006 0.00223736 0.003082196 0.950516 0.02595505 Observations 103 ANOVA df Regression Residual Total Intercept X Variable 1 SS MS F Significance F 1 0.000674 102 0.406058 -0.073904764 Coefficients Standard Error t Stat P-value Lower 95% Upper 95% Lower 95.83434 0.068040144 0.7934418 0.160802995 2.007556916 0.28169799 R Square 0.005865 8.002681591 0.

05 63300 5.88 27 .9 6 459800 6 5.89 4.77 164900 5.06 5.49 5.95 4.94 5 5 5 5.01 5.04 5.84 5.9 4.85 4.9 4.05 Close 6.08 6.85 5.78 5.49 5.88 805600 4.5 5.78 Close Volume Adj Close 4.79 5.86 Volume Adj Close 6.34 5.25 6.9 6.1 4.97 4.52 5.85 11900 5.25 80100 6.98 5 4.9 4.1 5.98 4.09 6.83 4.96 Date Open High Low 2/22/2010 5 5 2/17/2010 5.9 4.96 4.Historical Weekly Share Price (Year 2009-2010) of AEON Co.99 151400 4.98 670300 4.31 5.01 4.83 5.88 5 294000 4.78 550500 5.15 5.65 5.89 5.95 83700 4.92 314200 4.82 6.99 426700 4.94 4.52 324700 5.03 5.97 674300 4.84 5.49 5.77 5.12 5.09 46900 6.09 4.38 5.81 4.99 4.04 5.65 5.05 4.44 106600 6.9 4.98 5.99 4.2 6.01 5.88 4.7 5.03 128800 6.88 5.9 4.78 4.88 4.03 5.81 4.98 5.1 5.25 6.97 4.85 5.9 4.94 163600 4.17 397200 5.34 5.31 225000 5.9 258500 4.87 5.5 6.1 207900 5.9 484300 5.1 4.88 531000 5. from Yahoo! Finance: Date Open 12/27/2010 12/20/2010 12/13/2010 12/6/2010 11/29/2010 11/22/2010 11/15/2010 11/8/2010 11/1/2010 10/25/2010 10/18/2010 10/11/2010 10/4/2010 9/27/2010 9/20/2010 9/13/2010 9/6/2010 8/30/2010 8/23/2010 8/16/2010 8/9/2010 8/2/2010 7/26/2010 7/19/2010 7/12/2010 7/5/2010 6/28/2010 6/21/2010 6/14/2010 6/7/2010 5/31/2010 5/24/2010 5/17/2010 5/10/2010 5/3/2010 4/26/2010 4/19/2010 4/12/2010 4/5/2010 3/29/2010 3/22/2010 3/15/2010 3/8/2010 3/1/2010 High 6.1 6.1 216300 5.98 4.85 4.88 4.28 5.02 219400 4.9 5.99 4.96 Low 6.98 789300 4.97 4.1 5.44 6.05 5.92 4.52 5.05 5.81 177300 4.1 136700 4.82 4.8 5.98 5 4.2 5.99 4.88 4.99 4.8 4.02 5.65 728200 5.88 4.99 5 5 5 4.85 182600 5.1 409900 6.88 5.05 5.88 4.9 869800 4.77 5.9 158800 4.29 5.81 4.9 204900 4.16 5.85 5.65 5.03 5.85 5.1 6.85 5.88 5 245500 4.79 5.01 5.06 5.86 6.1 4. (M) Bhd.05 4.97 4.17 5.04 5.08 5.92 4.9 4.9 5.9 4.17 5.98 4.85 5.49 1551600 5.98 5.5 6.87 5 398100 4.91 4.9 6 5.94 4.88 4.76 4.98 4.97 228200 4.9 5 5.89 4.85 5.8 4.88 5 288700 4.86 5 645000 4.06 5.85 5.48 5.1 6.96 4.77 5.1 4.65 5.95 4.45 6.05 5.84 5.45 5.85 5.1 5.85 187900 5.65 5.88 569000 4.2 172100 5.27 6.05 5.85 263600 5.

9 4.25 5.7 4.15 5.1 4.42 Date Open High Low 5/25/2009 4.8 4.08 Close 4.84 4.15 4.22 4.24 5/11/2009 4.99 5.44 4.75 4.89 4.78 4.79 4.2/8/2010 2/2/2010 1/25/2010 1/18/2010 1/11/2010 1/4/2010 12/28/2009 12/21/2009 12/14/2009 12/7/2009 11/30/2009 11/23/2009 11/16/2009 11/9/2009 11/2/2009 10/26/2009 10/19/2009 10/12/2009 10/5/2009 9/28/2009 9/23/2009 9/14/2009 9/7/2009 9/1/2009 8/24/2009 8/17/2009 8/10/2009 8/3/2009 7/27/2009 7/20/2009 7/13/2009 7/6/2009 6/29/2009 6/22/2009 6/15/2009 6/8/2009 6/1/2009 5.8 4.22 5.2 5.75 4.34 4.88 4.76 4.69 4.49 4.24 4.3 5.98 5.63 4.63 4.3 5.26 4.9 4.79 4.32 4.83 4.8 4.19 4.87 4.1 5.15 5.85 4.42 4.13 5.96 Volume Adj Close 4.6 4/27/2009 3.73 4.75 4.99 5 4.58 4.88 4.04 4.04 4.26 4.18 4.76 4.1 4.34 4.51 4.14 4.98 133800 3.9 4.28 4.16 5.24 4.12 5.73 4.61 4.9 4.04 4.6 4.87 4.99 5.5 4.08 5.06 4 3.18 4.1 5.82 4.08 5.64 4.05 5.9 4.5 4.93 4.32 4.12 4.9 4.6 4.13 5.3 4.1 5.8 4.91 4.12 4.3 4.53 4.28 4.68 4.31 4.77 4.83 5.68 4.85 5.96 5 4.12 315300 3.1 4.2 5/4/2009 4 4.69 4.82 4.99 4.3 4.04 4.78 28 .46 4.19 4.19 5.56 4.9 4.92 4.3 4.9 4.1 5 5.76 4.1 737400 3.91 4.25 5.08 4.9 4.08 5 4.91 3.02 5.26 4.98 4.9 4.1 5.3 4.3 4.08 4.5 5.22 5.26 4.3 4.24 5.08 4.88 4.5 4.53 4.32 4.39 4.02 5.15 4.05 5.18 5.88 4.4 4.29 5.1 4.98 4.91 4.5 4.17 4.6 4.18 5.34 4.42 4.26 4.75 4.32 4.8 4.05 5.99 4.34 4.22 5.3 4.83 4.68 4.85 4.5 4.95 4.3 95200 50000 183800 99900 115300 11500 214100 3400 8500 181300 20600 14800 209900 148500 160600 87300 177000 251600 22800 12000 15800 226200 169200 201500 153000 255400 228800 375800 246200 203700 249800 156500 365400 166200 172300 66300 336400 4.62 4.22 5/18/2009 4.22 96200 4 4.96 5.86 5 4.9 4.96 4.01 5.7 4.46 4.12 5.96 5 4.36 4.77 4.91 4.02 4.22 511500 4 4.

51 3.5 3.74 3.72 3.74 3.2 4.68 3.2 4 4.2 3.84 3.68 3.72 3.14 178000 179200 109600 168200 88300 120800 12900 12100 143500 203800 577900 282500 363300 155800 118900 204300 3.8 3.94 4 4 4.8 3.68 3.64 3.74 3.74 3.1 4.74 3.89 3.7 3.8 3.84 3.74 3.2 4.4/20/2009 4/13/2009 4/6/2009 3/30/2009 3/23/2009 3/16/2009 3/10/2009 3/2/2009 2/23/2009 2/16/2009 2/10/2009 2/3/2009 1/28/2009 1/19/2009 1/12/2009 1/5/2009 3.66 3.64 3.86 3.47 3.74 3.93 29 .55 3.74 3.68 3.66 3.94 4 3.02 4 4.7 3.64 3.72 3.55 3.72 3.55 3.9 3.47 3.7 3.2 4.94 4.78 3.9 3.88 3.92 4 3.74 3.7 3.1 4.66 3.1 4.66 3.88 3.53 3.76 3.96 4.94 4.12 4 3.02 3.74 3.94 3.88 3.92 3.72 3.

98 136485600 1500.86 1269.82 1492.73 1339.69 1264.8 1412.56 1362.92 1315.79 1311.73 110300900 1285.41 1504.46 1518.14 94262100 1315.67 5/31/2010 1276.46 1333.52 1326.18 1334.98 1435.26 1466.12 1330.51 1302.14 3/15/2010 1311.6 3/8/2010 1312.96 1243.31 95923100 1324.75 1271.9 1529.69 1294.59 1439.15 1321.66 10/18/2010 1491.36 1294.41 1474.92 97977500 1360.98 1337.59 1445.92 1345.15 1495.21 1506.58 12/13/2010 1511.02 135626600 1395.74 1276.05 8/16/2010 1359.48 1476.6 96050100 1296.15 1324.74 10/25/2010 1493.78 152282400 1299.16 5/17/2010 1337.66 1260.64 10/11/2010 1486.28 11/29/2010 1488.61 1507.63 1332.28 1396.09 1307.43 1297.69 1257.77 1456.99 1488.2 129891600 1311.57 1508.16 150937000 1269.2 3/1/2010 1276.56 1490.72 1511.81 160444700 1499.63 1285.41 1411.41 9/27/2010 1458.09 1304.45 7/26/2010 1350.91 1072.29 1360.33 1451.02 8/9/2010 1360.6 1348.53 1505.45 6/14/2010 1294.52 1358.21 1313.3 1280.66 1522.8 1493.95 1395.98 3/29/2010 1313.32 127664500 1466.83 1315.81 11/1/2010 1510.06 1499.64 148709900 1490.14 1503.91 95519300 1518.67 30 .98 11/22/2010 1506.77 91606900 1332.98 93019100 1333.58 106426500 1511.67 69979000 1294.5 1348.51 1277.52 1360.11 1440.24 1337.55 1336.09 1330.27 1294.95 1497.51 1270.15 8/2/2010 1364.92 1348.65 95383200 1336.13 1476.96 1323.28 207924800 1507.88 12/6/2010 1505.86 150869100 1489.25 1336.39 5/24/2010 1282.94 3/22/2010 1295.69 1513.39 1344.99 1313.3 1466.3 93178300 1339.96 1339.01 1428.78 77168500 1336.68 7/12/2010 1323.45 80998500 1326.78 114709500 1270.86 1395.98 1441.Historical Weekly Market Return (Year 2009~2010) from Bursa Malaysia: Date Open High Low Close Volume Adj Close 12/27/2010 1511.78 98264600 1437.73 1479.27 1481.3 5/3/2010 1344.15 75893700 1360.55 1294.02 1500.66 129784800 1505.88 131605200 1499.98 1345.51 1327.68 85458100 1345.05 111158900 1506.96 1282.51 1484.55 1518.05 144821600 1411.89 1317.44 6/21/2010 1320.78 2/16/2010 1072.74 101617700 1511.06 1331.39 96475900 1294.69 6/7/2010 1284.97 9/6/2010 1436.03 1358.72 1510.22 1511.38 88284600 1346.73 1469.54 1360.21 1315.66 1491.24 1342.91 1341.41 124468900 1481.94 84156100 1335.05 117284000 1492.89 1294.23 1496.07 1360.91 12/20/2010 1499.87 1415.67 8/23/2010 1399.97 158840500 1466.52 1299.69 74978300 1317.23 1370.31 1318.66 1437.78 1335.73 5/10/2010 1331.27 1332.3 1347.3 1489.65 7/5/2010 1305.89 4/26/2010 1336.05 11/15/2010 1499.77 4/5/2010 1339.82 1517.37 1324.19 135858400 1451.25 1505.05 11/8/2010 1517.78 4/12/2010 1336.11 1335.95 1509.87 1296.44 95874400 1307.19 9/13/2010 1439.07 1278.52 1300.6 1317.68 1327.67 166869900 1435.61 1331.31 6/28/2010 1326.26 1479.32 9/20/2010 1470.61 1506.78 Date Open High Low Close Volume Adj Close 2/22/2010 1260.38 4/19/2010 1329.34 1346.24 1349.01 1531.14 1292.86 10/4/2010 1469.78 8/30/2010 1412.2 1499.48 1462.89 110714600 1332.2 1487.82 1484.67 72917300 1257.45 89981300 1360.92 7/19/2010 1333.34 1308.

53 1178.45 1308.36 1270.88 1174.14 1052.66 1256.96 1270.62 1178.74 1163.74 1174.6 952.08 1160.74 1174.42 1279.11 490661000 1044.5 1178.2 1208.23 1267.16 1300.97 1260 1270.2 1270.77 1059.45 1298.74 31 .39 1247.2/8/2010 2/2/2010 1/25/2010 1/18/2010 1/11/2010 1/4/2010 12/28/2009 12/21/2009 12/14/2009 12/7/2009 11/30/2009 11/23/2009 11/16/2009 11/9/2009 11/2/2009 10/26/2009 10/19/2009 10/12/2009 10/5/2009 9/28/2009 9/22/2009 9/14/2009 9/7/2009 9/1/2009 8/24/2009 8/17/2009 8/10/2009 8/3/2009 7/27/2009 7/20/2009 7/13/2009 7/6/2009 6/29/2009 6/22/2009 6/15/2009 6/8/2009 6/1/2009 1247.15 1075.76 1072.23 1233.66 1179.78 4/27/2009 995.74 1174.39 1221.9 1259.96 1260.34 1045.79 1188.9 1067.61 1274.82 1270.25 1217.77 1288.82 1231.61 1274.28 1178.21 5/4/2009 999.84 1060.77 1233.76 1072.81 1261.88 1273.57 1184.06 1216.09 1072.96 1260.57 1163.81 993.9 1155.16 1300.46 1191.98 1262.69 1075.9 1259.36 1203.96 1058.82 1206.23 1267.58 1268.57 1196.77 1236.84 1028.77 1233.76 1235.79 1188.79 1188.21 1297.76 1243.88 1259.88 1120.57 1184.17 1267.03 1267.9 1067.99 1047.59 1271.63 1231.77 1268.04 1080.14 1238.43 1257.45 1000.44 1037.95 1050.45 1298.27 1163.69 1208.44 1272.77 1188.27 1163.88 1174.69 1083.82 1072.52 1263.65 1072.07 1255.97 1178.5 1090.97 1260 1270.48 1066.28 1178.69 1078.75 996.68 1272.2 1026.98 1034.88 1036.25 1292.44 1256.2 1208.53 1266.78 1263.34 1255.62 1254.52 1300.37 990.39 1247.51 1164.89 1299.77 1059.5 1224.31 1263.73 1272.12 1044.36 1270.15 1075.45 1236.26 511782700 1045.88 1070.74 1259.82 1206.89 1216.26 1067.2 1297.5 104691200 104118200 120999600 103827400 96720300 100101300 54418100 58537500 81610500 71689400 99914000 92330800 73149500 79115300 78114400 88066700 96380200 74120800 100331600 70348500 65396200 94517100 118733400 98457900 108450600 105712500 128695900 136200000 148371500 157300700 151400200 140018700 267822800 436806200 477541200 448774900 510375100 1253.39 1221.7 1275.94 1266.66 1072.24 1273.88 1120.37 1247.69 1075.26 5/11/2009 1032.37 1011.2 1270.66 1272.1 1256.46 1253.31 1286.88 1174.2 1255.46 1274.62 1253.57 1184.21 657657300 1014.5 1090.94 1266.25 1067.9 1155.5 Date Open High Low Close Volume Adj Close 5/25/2009 1047.9 1155.2 1210.25 1081.6 1206.12 1067.79 1153.78 1263.25 1217.29 1267.74 371734700 990.52 1061.98 1272.99 1014.58 1292.36 1148.83 1095.69 1286.49 1221.91 1075.42 1047.76 1072.1 1256.25 1263.4 1059.88 1093.11 5/18/2009 1007.61 1121.69 1202.76 1243.76 1248.2 1256.98 1272.72 1095.58 1292.78 671334700 1026.43 1270.27 1200.36 1182.27 1163.

19 843.3 6.43 907.84 992.45 858.82 843.24 925.64 884.43 856.82 863.22 890.84 992.96 886.67 889.93 942.45 858.82 843.84 896.68 965.53 867.4 908.79 882.18 874.47 836.47 919.4 901.38 907.96 890.3 32 .71 909.72 857.4 910.46 871.67 889.45 872.87 866.85 838.01 885.84 896.43 856.07 443334500 491036100 368345500 296418200 272007500 146839600 148525700 160755800 168258200 150789700 166239900 119564700 96590700 119285400 187827000 299635300 992.99 912.07 Average Share Price: Appendix P.57 936.16 909.69 896.9 919.01 885.35 889.83 889.86 858.27 900.45 872.73 889.22 890.9 942.51 857.4/20/2009 4/13/2009 4/6/2009 3/30/2009 3/23/2009 3/16/2009 3/10/2009 3/2/2009 2/23/2009 2/16/2009 2/10/2009 2/3/2009 1/28/2009 1/19/2009 1/12/2009 1/5/2009 966.69 896.68 965.47 919.74 909.97 898.13 936.66 857.84 896.22 883.17 941.57 856.71 887.36 873.64 887.17 941.73 893.71 909.68 969.37 5.81 888.36 897.38 907.63 957.1: Year 2007 2008 2009 2010 Average Share Prices (RM) 9.64 884.02 897.45 901.69 4.

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