Disclaimer

[PLEASE READ] Before Exploring The File

YAPSS is not operated by a broker, a dealer, or a registered investment adviser. Und

circumstances does any information posted by YAPSS represent a recommendation to b
security and it is meant for entertainment & education purpose only. In no event shall
liable to any member, guest or third party for any damages of any kind arising out of the
content or other material published or available on YAPSS, or relating to the use of, or in
use, YAPSS or any content, including, without limitation, any investment losses, lost pr
opportunity, special, incidental, indirect, consequential or punitive damages. The inform
this excel file, and in its related newsletters, is not intended to be, nor does it const
investment advice or recommendations.
Neither YAPSS nor its Information Providers can guarantee the accuracy, completeness,
or correct sequencing of any of the Information on this excel file. There may be delays, o
or inaccuracies in the Information.
mer
ng The File

nvestment adviser. Under no

recommendation to buy or sell a
only. In no event shall YAPSS be
kind arising out of the use of any
ating to the use of, or inability to
estment losses, lost profits, lost
ve damages. The information on
to be, nor does it constitute,
ons.
curacy, completeness, timeliness,
There may be delays, omissions,
n.
 Company Name : Apex Healthcare Berhad
Filling Date : 29th January 2020
Fiscal Year FY2008 FY2009
Can be Found in: Financial Statement
Income Statement Revenue 259,239,593 282,719,080
Income Statement Cost of Goods 196,667,694 212,068,623
Income Statement Interest Expense/Finance Cost 1,015,232 608,870
Income Statement Operating Profit (Excl. Other Inc. & Non-Opt. Exp.) 16,410,698 21,829,896
Income Statement Net Profits After Tax 14,776,077 22,144,288
Balance Sheet Inventory 41,892,486 41,562,399
Balance Sheet/Note Trade Receivables (Debtors) 62,645,877 65,551,952
Balance Sheet Cash & Cash Equivalents (Incl S.T Investment) 6,919,031 19,949,408
Balance Sheet Current Assets 116,517,667 129,215,364
Statement of Changes iRetained Profits / Retained Earnings 58,418,864 75,080,702
Balance Sheet Equity (Shareholder's funds) 142,690,153 162,547,198
Balance Sheet/Note Trade Payables (Creditors) 31,888,025 34,386,550
Balance Sheet Total Borrowings (Long & Stort Term Debts/Loans) 23,159,454 11,740,820
Balance Sheet Current Liabilities 53,807,928 51,706,068
Balance Sheet Total Liabilities 68,128,242 64,596,910
Cash Flow Statement Cashflow From Operating Activities 14,691,668 32,819,726
Cash Flow Statement Capital Expenditure 10,729,237 3,029,301
Note (Share Capital) Issued & Fully Paid-up Ordinary Shares (Changes) 74,973,500 74,973,500
Note (Diluted Shares) No. of Diluted Shares - (Changes) 74,973,500 74,973,500
Current Outstanding ShNo. of Outstanding Shares (Adjusted) 472,074,372 472,074,372
Note (Dividend) Total Dividends Paid 5,304,380 11,105,462
Yahoo Finance Share Price (1-2 week after Q'4 Result) 0.920 1.968
R-Table Equations
Gross Profit Margins (%) 24.14% 24.99%
Operating Profit Margins (%) 6.33% 7.72%
Net Profit Margins (%) 5.70% 7.83%
Return On Equity (%) 10.36% 13.62%
Return On Invested Capital (%) 8.91% 12.71%
Free Cash Flow 3,962,431 29,790,425
Current Ratio 2.17 2.50
Quick Ratio 1.39 1.70
Debt to Equity Ratio 0.16 0.07
Inventory Turnover Days 77.75 71.53
Trade Receivable Days 88.20 84.63
Trade Payable Days 59.18 59.18
Price to Earnings Ratio 29.39 6.66
Price to Book Ratio 3.04 0.91
 Good To Know
Market Capitalisation ($mil) 434,308,422 147,547,848
Revenue Per Share 0.5491 0.5989
Earnings Per Share 0.0313 0.0469
Book Value Per Share 0.3023 0.3443
Operating Cash Flow Per Share 0.0311 0.0695
Free Cash Flow Per Share 0.0084 0.0631
Net Debt / Equity (Net Gearing) 0.11 -0.05
Dividend Payout Ratio 35.90% 50.15%
Dividend Per Share 0.0708 0.1481
Dividend Yield (%) 1.22% 7.53%
Advance Equations
Debt Repayment A (Total Debt/NPAT) 1.57 0.53
Debt Repayment B (Total Debt/FCF) 5.84 0.39
Quality of Income Ratio 0.99 1.48
Cash Conversion Cycle 106.77 96.98
Interest Coverage Ratio 14.47 53.90
Price to Sales Ratio 1.68 0.52
Altman Z-Score 3.47 2.82
CAPEX to Net Profit (%) 72.61% 13.68%
For you to play [Add EQUATION THAT YOU LIKE HERE]
For you to play [Add EQUATION THAT YOU LIKE HERE]
For you to play [Add EQUATION THAT YOU LIKE HERE]

Weighted Average 3 YRS 5 YRS

Revenue Per Share 1.3093 1.2203
Earnings Per Share 0.0974 0.0873
Book Value Per Share 0.7352 0.6734
Cashflow Per Share 0.0098 0.0245
Price to Sales Ratio 1.26 1.11
Price to Earnings Ratio 16.83 15.40
Price to Book Ratio 2.22 1.99
From : FY2016 FY2014
To : FY2018 FY2018
 FY2010 FY2011 FY2012 FY2013 FY2014 FY2015
MYR
313,718,404 366,001,613 398,603,976 418,450,850 499,237,418 526,859,315
230,207,828 270,933,365 297,465,533 312,887,604 383,122,647 407,125,742
353,395 287,357 112,734 42,752 8,034 17,477
28,119,494 33,577,167 39,219,858 38,907,366 40,449,507 39,879,687
32,941,567 28,003,376 29,012,630 30,021,658 33,864,277 34,236,487
38,914,185 43,097,661 43,122,989 47,742,312 51,697,590 60,865,538
72,698,954 84,190,577 88,862,879 98,377,521 109,761,196 123,091,025
23,249,551 22,802,398 65,168,598 36,732,314 56,055,811 69,352,988
137,788,927 202,524,870 204,405,480 186,425,019 224,999,486 260,954,029
82,598,337 104,633,885 121,229,021 137,896,021 138,607,958 159,958,374
183,063,255 198,810,705 216,310,434 234,830,718 259,935,229 288,302,434
35,789,556 45,507,755 47,672,852 53,375,244 63,017,778 74,433,289
9,451,490 3,612,168 - - 43,593 36,750
54,829,373 67,170,987 67,921,493 72,145,652 88,752,729 96,782,579
67,616,488 75,908,612 73,682,950 77,898,095 94,144,187 101,528,671
26,633,777 32,650,227 30,883,237 27,256,255 35,005,089 22,955,141
8,889,049 16,717,382 7,356,860 41,875,118 7,924,982 6,128,968
93,716,875 93,716,875 93,716,875 93,716,875 117,146,093 117,146,093
93,716,875 93,716,875 93,716,875 93,716,875 117,146,093 117,146,093
472,074,372 472,074,372 472,074,372 472,074,372 472,074,372 472,074,372
11,246,025 12,066,053 13,823,245 9,371,686 11,128,877 12,886,071
2.176 2.240 3.360 3.592 3.800 3.900

26.62% 25.97% 25.37% 25.23% 23.26% 22.73%

8.96% 9.17% 9.84% 9.30% 8.10% 7.57%
10.50% 7.65% 7.28% 7.17% 6.78% 6.50%
17.99% 14.09% 13.41% 12.78% 13.03% 11.88%
17.11% 13.83% 13.41% 12.78% 13.03% 11.87%
17,744,728 15,932,845 23,526,377 (14,618,863) 27,080,107 16,826,173
2.51 3.02 3.01 2.58 2.54 2.70
1.80 2.37 2.37 1.92 1.95 2.07
0.05 0.02 0.00 0.00 0.00 0.00
61.70 58.06 52.91 55.69 49.25 54.57
84.58 83.96 81.37 85.81 80.25 85.28
56.75 61.31 58.50 62.27 60.04 66.73
6.19 7.50 10.85 11.21 13.15 13.34
1.11 1.06 1.46 1.43 1.71 1.58
 203,927,920 209,925,800 314,888,700 336,631,015 445,155,153 456,869,763
0.6646 0.7753 0.8444 0.8864 1.0575 1.1161
0.0698 0.0593 0.0615 0.0636 0.0717 0.0725
0.3878 0.4211 0.4582 0.4974 0.5506 0.6107
0.0564 0.0692 0.0654 0.0577 0.0742 0.0486
0.0376 0.0338 0.0498 -0.0310 0.0574 0.0356
-0.08 -0.10 -0.30 -0.16 -0.22 -0.24
34.14% 43.09% 47.65% 31.22% 32.86% 37.64%
0.1200 0.1288 0.1475 0.1000 0.0950 0.1100
5.51% 5.75% 4.39% 2.78% 2.50% 2.82%

0.29 0.13 0.00 0.00 0.00 0.00

0.53 0.23 0.00 0.00 0.00 0.00
0.81 1.17 1.06 0.91 1.03 0.67
89.54 80.71 75.79 79.24 69.46 73.11
75.37 113.62 273.95 637.54 4357.12 1313.45
0.65 0.57 0.79 0.80 0.89 0.87
2.97 3.32 3.62 3.45 3.55 3.47
26.98% 59.70% 25.36% 139.48% 23.40% 17.90%

7 YRS 10 YRS
1.1189 0.9871
0.0802 0.0738
0.6175 0.5476
0.0202 0.0276
1.02 0.89
14.15 11.94
1.84 1.59
FY2012 FY2009
FY2018 FY2018
 Colour Coding Kindly note that:
For FY2017 result I extracted it from FY2018 Annua
Do Not Edit Editable Editable rest of the Financial Years. It is because by doing so t
FY2016 FY2017 FY2018 LTM closer to the current business model.

581,268,777 620,263,997 652,660,132 681,213,000 <-- FY18 Q'4 to FY19 Q'3

452,942,953 484,426,427 497,502,713 530,121,000 <-- FY18 Q'4 to FY19 Q'3
20,448 976 91,705 1,127,000 <-- FY18 Q'4 to FY19 Q'3
40,308,256 43,621,853 55,706,575 51,246,000 <-- FY18 Q'4 to FY19 Q'3
34,954,560 44,458,641 58,580,722 55,550,000 <-- FY18 Q'4 to FY19 Q'3
65,777,599 69,017,815 83,015,832 89,147,000 <-- FY19 Q'3
132,885,303 132,384,980 142,260,677 N/A <-- FY19 Q'3
82,034,753 86,423,225 81,152,997 108,953,000 <-- FY19 Q'3
287,531,298 299,223,908 329,039,182 369,243,000 <-- FY19 Q'3
181,441,136 212,431,934 255,792,685 278,301,000 <-- FY19 Q'3
311,971,110 343,233,913 385,993,701 410,672,000 <-- FY19 Q'3
80,076,341 76,329,473 80,964,994 N/A <-- FY19 Q'3
24,955 - 29,893,450 27,170,000 <-- FY19 Q'3
101,818,093 110,184,623 125,035,795 139,716,000 <-- FY19 Q'3
106,020,564 113,247,928 153,504,060 166,347,000 <-- FY19 Q'3
33,796,462 46,322,971 40,461,050 50,201,000 <-- FY19 Q'3
9,790,722 34,336,965 62,582,906 10,914,000 <-- FY19 Q'3
117,146,093 117,146,093 117,546,093 472,074,372 <-- As at 29th January 2020
117,192,839 117,302,972 117,859,106 473,298,000 <-- FY19 Q'3
472,074,372 472,074,372 472,074,372 472,074,372 <-- As at 29th January 2020
13,471,798 14,057,525 15,861,245 8,011,352 <-- FY19 Q'3
4.940 5.720 9.400 2.350 <-- As at 29th Janaury 2020 Closing Price

22.08% 21.90% 23.77% 22.18%

6.93% 7.03% 8.54% 7.52%
6.01% 7.17% 8.98% 8.15%
11.20% 12.95% 15.18% 13.53%
11.20% 12.95% 14.09% 12.69%
24,005,740 11,986,006 (22,121,856) 39,287,000
2.82 2.72 2.63 2.64
2.18 2.09 1.97 2.00
0.00 0.00 0.08 0.07
53.01 52.00 60.91 61.38
83.44 77.90 79.56 #VALUE!
64.53 57.51 59.40 #VALUE!
16.56 15.07 18.86 19.97
1.85 1.95 2.86 2.70
578,701,699 670,075,652 1,104,933,274 1,109,374,774
1.2313 1.3139 1.3825 1.4430
0.0740 0.0942 0.1241 0.1177
0.6609 0.7271 0.8177 0.8699
0.0716 0.0981 0.0857 0.1063
0.0509 0.0254 -0.0469 0.0832
-0.26 -0.25 -0.13 -0.20
38.54% 31.62% 27.08% 14.42%
0.1150 0.1200 0.1349 0.0170
2.33% 2.10% 1.44% 0.72%

0.00 0.00 0.51 0.49

0.00 0.00 -1.35 0.69
0.97 1.04 0.69 0.90
71.92 72.39 81.06 #VALUE!
1652.80 47462.06 441.21 44.54
1.00 1.08 1.69 1.63
3.68 3.70 3.90 3.78
28.01% 77.23% 106.83% 19.65%
xtracted it from FY2018 Annual Report and similarly to the
ears. It is because by doing so the financial results reflect
business model.

y 2020 Closing Price

 1st Interim Dividend2nd Interim Dividend3rd Interim Dividend4th Interim Dividend
FY2008 2,774,020
FY2009 2,952,090
FY2010 3,748,675
FY2011 3,865,821
FY2012 4,217,262
FY2013 3,748,675
FY2014 4,100,111
FY2015 5,857,305
FY2016 6,443,032
FY2017 6,443,032
FY2018 7,633,018
LTM 8,011,352

1st Interim Dividend 2nd Interim Dividend 3rd

5th Interim Dividend Special Dividend Fina
18000000
16000000
14000000
12000000
10000000
8000000
6000000
4000000
2000000
0
FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY
 5th Interim DividendSpecial DividendFinal DividendTotal Dividend
2,530,360 5,304,380
5,623,013 2,530,359 11,105,462
4,685,844 2,811,506 11,246,025
4,685,846 3,514,386 12,066,053
4,685,844 4,920,139 13,823,245
5,623,011 9,371,686
7,028,766 11,128,877
7,028,766 12,886,071
7,028,766 13,471,798
7,614,493 14,057,525
8,228,227 15,861,245
8,011,352 <-- FY19 Q'3

m Dividend 3rd Interim Dividend 4th Interim Dividend

idend Final Dividend

Y2012 FY2013 FY2014 FY2015 FY2016 FY2017 FY2018 LTM

nd

LTM
Fiscal Year FY2008 FY2009 FY2010 FY2011 FY2012
Revenue 259,239,593 282,719,080 313,718,404 366,001,613 398,603,976
Cost of Goods 196,667,694 212,068,623 230,207,828 270,933,365 297,465,533

Cost of Goods Reve

800000000

700000000

600000000
49923
500000000
398603976 418450850 38312
400000000 366001613
313718404 297465533 312887604
300000000 282719080 270933365
259239593
230207828
196667694 212068623
200000000

100000000

0
FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY20

Fiscal Year FY2008 FY2009 FY2010 FY2011 FY2012

Operating Profit 16,410,698 21,829,896 28,119,494 33,577,167 39,219,858
Net Profits Afte 14,776,077 22,144,288 32,941,567 28,003,376 29,012,630

Net Profits After Tax Operating Profit (Excl.

65000000

55000000

45000000
39219858 38907366 40449
35000000 32941567 33577167 33864
30021658
28119494 28003376 29012630
25000000 22144288
21829896
16410698
14776077
15000000

5000000
 39219858 38907366 40449
35000000 32941567 33577167 33864
30021658
28119494 28003376 29012630
25000000 22144288
21829896
16410698
14776077
15000000

5000000

FY2008
-5000000 FY2009 FY2010 FY2011 FY2012 FY2013 FY20

Fiscal Year FY2008 FY2009 FY2010 FY2011 FY2012

Gross Profit Ma 24.14% 24.99% 26.62% 25.97% 25.37%
Operating Profi 6.33% 7.72% 8.96% 9.17% 9.84%
Net Profit Marg 5.70% 7.83% 10.50% 7.65% 7.28%

Gross Profit Margins (%) Operating Profit Margins (%)

0.3

0.2661959736
0.2597481667
0.25 0.2498963176 0.2537316462
0.2522715535
0.2413670623 0.23258
0.2

0.15

0.1 0.1050036166 0.0983930426

0.0917404891
0.0896329117 0.0929795363
0.0783261179
0.0772140883 0.0765116191
0.0727856011 0.08102
0.0717447653
0.0633032085 0.06783
0.05 0.0569977635

0
FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014 F

Fiscal Year FY2008 FY2009 FY2010 FY2011 FY2012

Return On Equit 10.36% 13.62% 17.99% 14.09% 13.41%
Return On Inves 8.91% 12.71% 17.11% 13.83% 13.41%

Return On Equity (%) Return On Invested

0.19
0.1799463633
0.17 0.1711119166
 Return On Equity (%) Return On Invested
0.19
0.1799463633
0.17 0.1711119166

0.15
0.1408544676
0.138340967
0.1362329728 0.1341249678
0.13 0.1270557107 0.13027
0.13025
0.1278438283
0.11
0.1035535858
0.09 0.0890932289

0.07

0.05
FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014 F

Fiscal Year FY2008 FY2009 FY2010 FY2011 FY2012

Cash & Cash Equi 6,919,031 19,949,408 23,249,551 22,802,398 65,168,598
Total Borrowing 23,159,454 11,740,820 9,451,490 3,612,168 -

Total Borrowings (Long & Stort Term Debts/Loans) Cash

120000000

100000000

80000000
65168598
60000000 56055

40000000 36732314

23159454 19949408 23249551 22802398

20000000
11740820 9451490
6919031 3612168
0 0 4359
0
FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY20
 23159454 19949408 23249551 22802398
20000000
11740820 9451490
6919031 3612168
0 0 4359
0
FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY20

Fiscal Year FY2008 FY2009 FY2010 FY2011 FY2012

Cashflow From O 14,691,668 32,819,726 26,633,777 32,650,227 30,883,237
Capital Expendi 10,729,237 3,029,301 8,889,049 16,717,382 7,356,860

Capital Expenditure Cashflow From

70000000

60000000

50000000
41875118
40000000
35005
32819726 32650227 30883237
30000000 26633777 27256255

20000000 16717382
14691668
10729237 8889049
10000000 7356860 79249
3029301
0
FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY20

Fiscal Year FY2008 FY2009 FY2010 FY2011 FY2012

Free Cash Flow 3,962,431 29,790,425 17,744,728 15,932,845 23,526,377
Total Dividends 5,304,380 11,105,462 11,246,025 12,066,053 13,823,245

Total Dividends Paid Free

45000000

35000000
29790425
27080
25000000 23526377
17744728 15932845
13823245
15000000 11105462 11246025 12066053 9371686 11128
5304380
3962431
5000000

FY2008
-5000000 FY2009 FY2010 FY2011 FY2012 FY2013 FY20
 29790425
27080
25000000 23526377
17744728 15932845
13823245
15000000 11105462 11246025 12066053 9371686 11128
5304380
3962431
5000000

FY2008
-5000000 FY2009 FY2010 FY2011 FY2012 FY2013 FY20
-14618863
-15000000

-25000000

-35000000

Fiscal Year FY2008 FY2009 FY2010 FY2011 FY2012

Cash & Cash Equi 6,919,031 19,949,408 23,249,551 22,802,398 65,168,598
Total Dividends 5,304,380 11,105,462 11,246,025 12,066,053 13,823,245
Amount Needed f 1,341,949 (18,684,963) (6,498,703) (3,866,792) (9,703,132)

Amount Needed for Dividend after FCF

Cash & Cash Equivalents (Incl S.T Investmen
120000000

100000000

80000000

60000000

40000000

20000000

0
FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY20
-20000000

-40000000

Fiscal Year FY2008 FY2009 FY2010 FY2011 FY2012

Current Ratio 2.17 2.50 2.51 3.02 3.01
Quick Ratio 1.39 1.70 1.80 2.37 2.37
Debt to Equity R 0.16 0.07 0.05 0.02 0.00

Current Ratio Quick Ratio Debt to Eq

3.5

3 3.015064674
3.009437381
2.5 2.513049474
2.499036747 2.584009068
2.53512
2.374542783
2.373453423
2.165436792
2 1.95263
1.922260083
1.803317029
1.695216217
1.5
1.386880777
1

0.5
0.1623059021
0.0722302208
0.0516296403
0 0.0181688808
0 0 0.00016
FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014 F
-0.5

-1

Fiscal Year FY2008 FY2009 FY2010 FY2011 FY2012

Inventory Turno 77.75 71.53 61.70 58.06 52.91
Trade Receivabl 88.20 84.63 84.58 83.96 81.37
Trade Payable D 59.18 59.18 56.75 61.31 58.50

Inventory Turnover Days Trade Receivable Days

100

90 88.2031361
84.62981161
84.58259978
83.96017808 85.81126114
80 81.37136804 80.2480
77.74920771
70 71.53474861
60 59.18170335 61.69936812
59.18410075 61.30780746 62.265055660.0368
56.74519435 58.49615854
58.06094153 55.69394139
50
52.91332689
49.2521
40

30

20

10
 60 59.18170335
59.18410075 61.30780746
58.49615854 60.0368
58.06094153
56.74519435 55.69394139
50
52.91332689
49.2521
40

30

20

10

0
FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014 F

Fiscal Year FY2008 FY2009 FY2010 FY2011 FY2012

Price to Earning 29.39 6.66 6.19 7.50 10.85
Price to Book Ra 3.04 0.91 1.11 1.06 1.46

Price to Book Ratio Price to Ea

35

29.39267454
30

25

20

15 13.145272
11.21293884
10.85350415
10
7.496446143
6.663020646.190595608
5
3.043716845
1.1139751671.055907931.455725894
0.9077231094 1.7125618
1.433505028
0
FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
 FY2013 FY2014 FY2015 FY2016 FY2017 FY2018
418,450,850 499,237,418 526,859,315 581,268,777 620,263,997 652,660,132
312,887,604 383,122,647 407,125,742 452,942,953 484,426,427 497,502,713

ost of Goods Revenue

681213000
652660132
620263997
581268777
526859315 530121000
499237418 484426427 497502713
452942953
976 418450850 383122647 407125742

533 312887604

2 FY2013 FY2014 FY2015 FY2016 FY2017 FY2018 LTM

FY2013 FY2014 FY2015 FY2016 FY2017 FY2018

38,907,366 40,449,507 39,879,687 40,308,256 43,621,853 55,706,575
30,021,658 33,864,277 34,236,487 34,954,560 44,458,641 58,580,722

perating Profit (Excl. Other Inc. & Non-Opt. Exp.)

58580722
55706575 55550000
51246000
44458641
43621853
58 38907366 40449507 39879687 40308256
33864277 34236487 34954560
30 30021658
58 38907366 40449507 39879687 40308256
33864277 34236487 34954560
30 30021658

FY2013 FY2014 FY2015 FY2016 FY2017 FY2018 LTM

FY2013 FY2014 FY2015 FY2016 FY2017 FY2018

25.23% 23.26% 22.73% 22.08% 21.90% 23.77%
9.30% 8.10% 7.57% 6.93% 7.03% 8.54%
7.17% 6.78% 6.50% 6.01% 7.17% 8.98%

ing Profit Margins (%) Net Profit Margins (%)

16462
0.2522715535
0.2325842712 0.2377308057
0.2272590986
0.2207684794
0.2189996045 0.2217984683

30426
0.0929795363 0.0897568568
0.0810225867 0.0853531145
0.0815457133
56011
0.0717447653 0.075693237
0.0678320089 0.0716769653
0.0703278817
0.069345297 0.075227572
0.0649822183
0.0601349348

Y2013 FY2014 FY2015 FY2016 FY2017 FY2018 LTM

FY2013 FY2014 FY2015 FY2016 FY2017 FY2018

12.78% 13.03% 11.88% 11.20% 12.95% 15.18%
12.78% 13.03% 11.87% 11.20% 12.95% 14.09%

Return On Invested Capital (%)

0.1517660051
 Return On Invested Capital (%)

0.1517660051
0.1408572538
49678 0.1352661004
0.1302796744
0.1302578292
0.1278438283 0.1295286955 0.1268722507
0.1187519874
0.1187368519
0.112044221
0.1120352592

Y2013 FY2014 FY2015 FY2016 FY2017 FY2018 LTM

FY2013 FY2014 FY2015 FY2016 FY2017 FY2018

36,732,314 56,055,811 69,352,988 82,034,753 86,423,225 81,152,997
- 43,593 36,750 24,955 - 29,893,450

ebts/Loans) Cash & Cash Equivalents (Incl S.T Investment)

108953000

86423225
82034753 81152997
69352988
98
56055811

36732314
29893450 27170000

0 43593 36750 24955 0

FY2013 FY2014 FY2015 FY2016 FY2017 FY2018 LTM
 29893450 27170000

0 43593 36750 24955 0

FY2013 FY2014 FY2015 FY2016 FY2017 FY2018 LTM

FY2013 FY2014 FY2015 FY2016 FY2017 FY2018

27,256,255 35,005,089 22,955,141 33,796,462 46,322,971 40,461,050
41,875,118 7,924,982 6,128,968 9,790,722 34,336,965 62,582,906

re Cashflow From Operating Activities

62582906

50201000
46322971
41875118 40461050
35005089 33796462 34336965
37
27256255
22955141

9790722 10914000
0 7924982 6128968

FY2013 FY2014 FY2015 FY2016 FY2017 FY2018 LTM

FY2013 FY2014 FY2015 FY2016 FY2017 FY2018

(14,618,863) 27,080,107 16,826,173 24,005,740 11,986,006 (22,121,856)
9,371,686 11,128,877 12,886,071 13,471,798 14,057,525 15,861,245

vidends Paid Free Cash Flow

39287000

27080107
77 24005740
16826173 15861244.51
45 12886071 13471798 14057525
11986006
9371686 11128877
8011352

2 FY2013 FY2014 FY2015 FY2016 FY2017 FY2018 LTM

 27080107
77 24005740
16826173 15861244.51
45 12886071 13471798 14057525
11986006
9371686 11128877
8011352

2 FY2013 FY2014 FY2015 FY2016 FY2017 FY2018 LTM

-14618863
-22121856

FY2013 FY2014 FY2015 FY2016 FY2017 FY2018

36,732,314 56,055,811 69,352,988 82,034,753 86,423,225 81,152,997
9,371,686 11,128,877 12,886,071 13,471,798 14,057,525 15,861,245
23,990,549 (15,951,230) (3,940,102) (10,533,942) 2,071,519 37,983,101

idend after FCF Total Dividends Paid

s (Incl S.T Investment)

2 FY2013 FY2014 FY2015 FY2016 FY2017 FY2018 LTM

FY2013 FY2014 FY2015 FY2016 FY2017 FY2018

2.58 2.54 2.70 2.82 2.72 2.63
1.92 1.95 2.07 2.18 2.09 1.97
 0.00 0.00 0.00 0.00 0.00 0.08

uick Ratio Debt to Equity Ratio

381
2.823970569
2.696291334 2.715659407
2.584009068
2.535127523 2.642811131
2.631559883
783
2.177940015
2.067401934 2.089276042
1.952637377
1.922260083 2.004752498
1.967623351

7.999138125E 0.0774454348
0.0661598551
0 0.0001677072
0.0001274703 0
2013 FY2014 FY2015 -05
FY2016 FY2017 FY2018 LTM

FY2013 FY2014 FY2015 FY2016 FY2017 FY2018

55.69 49.25 54.57 53.01 52.00 60.91
85.81 80.25 85.28 83.44 77.90 79.56
62.27 60.04 66.73 64.53 57.51 59.40

rade Receivable Days Trade Payable Days

85.81126114 85.27556189
83.44355918
804 80.24806454 79.55924463
77.90314759
66.73159587
64.52879832
62.265055660.03688153 61.37967558
60.90575566
59.40112895
854
55.69394139 57.51184513
689 54.56771478
53.00628584
52.00274195
49.25216637
854 60.03688153 61.37967558
60.90575566
59.40112895
55.69394139 54.56771478 57.51184513
689 53.00628584
52.00274195
49.25216637

0
2013 FY2014 FY2015 FY2016 FY2017 FY2018 LTM

FY2013 FY2014 FY2015 FY2016 FY2017 FY2018

11.21 13.15 13.34 16.56 15.07 18.86
1.43 1.71 1.58 1.85 1.95 2.86

ok Ratio Price to Earnings Ratio

19.97074301
18.86172168
16.55582846
15.07188787
13.1452726213.3445281
1.21293884

2.8625681492.70136453
1.952241974
1.854984904
1.712561837
433505028 1.584689232

FY2013 FY2014 FY2015 FY2016 FY2017 FY2018 LTM

 LTM
681,213,000
530,121,000

681213000
32

530121000
13

LTM

LTM
51,246,000
55,550,000

22
75 55550000
51246000
 LTM

LTM
22.18%
7.52%
8.15%

57
0.2217984683

68
45
0.0815457133
0.075227572

LTM
13.53%
12.69%

51
51
38
0.1352661004
0.1268722507

LTM
108,953,000
27,170,000

108953000

0 27170000

LTM
0 27170000

LTM

LTM <-- FY19 Q'3

50,201,000
10,914,000

06

50201000

50

10914000

LTM

LTM <-- FY19 Q'3

39,287,000
8,011,352

39287000

4.51
8011352

LTM
4.51
8011352

LTM

56

LTM
108,953,000
8,011,352
(31,275,648)

LTM

LTM
2.64
2.00
 0.07

2.642811131
3

2.004752498
1

48
0.0661598551

LTM
61.38
#VALUE!
#VALUE!

63

61.37967558
66
95
 61.37967558
66
95

0
M

LTM
19.97
2.70

19.97074301
68

492.70136453

LTM
Fiscal Year FY2008 FY2009 FY2010 FY2011 FY2012
Equity (Shareho 142,690,153 162,547,198 183,063,255 198,810,705 216,310,434
Retained Profit 58,418,864 75,080,702 82,598,337 104,633,885 121,229,021

Retained Profits / Retained Earnings Equ

450000000

400000000

350000000

300000000
25993
250000000 234830718
216310434
198810705
200000000 183063255
162547198
142690153
150000000 137896021 13860
121229021
104633885
100000000 75080702 82598337
58418864
50000000

0
FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY20

Fiscal Year FY2008 FY2009 FY2010 FY2011 FY2012

Debt Repayment 1.57 0.53 0.29 0.13 0.00
Debt Repayment 5.84 0.39 0.53 0.23 0.00

Debt Repayment B (Total Debt/FCF) Debt Rep

7
5.844758937
6

2
1.567361486
1 0.5301963197
0.5326365104
0.3941138806
0.2869168306
0.226712053
0.1289904474 0 0 0.00128728
0.00160977
0
 4

2
1.567361486
1 0.5326365104
0.5301963197
0.3941138806
0.2869168306
0.226712053
0.1289904474 0 0 0.00128728
0.00160977
0
FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
-1

-2

Fiscal Year FY2008 FY2009 FY2010 FY2011 FY2012

Quality of Inco 0.99 1.48 0.81 1.17 1.06

Quality of Income Rat

1.6
1.482085403
1.4

1.2 1.165938957
1.064475609 1.0336877
0.9942874553
1 0.9078863999
0.808515788
0.8

0.6

0.4

0.2

0
FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014

Fiscal Year FY2008 FY2009 FY2010 FY2011 FY2012

Cash Conversion 106.77 96.98 89.54 80.71 75.79

Cash Conversion Cy
120
106.7706405
100 96.98045947
89.53677356
80.71331216 79.24014694
80 75.78853639
69.463349
 Cash Conversion Cy
120
106.7706405
100 96.98045947
89.53677356
80.71331216 79.24014694
80 75.78853639
69.463349
60

40

20

0
FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014

Fiscal Year FY2008 FY2009 FY2010 FY2011 FY2012

Altman Z-Score 3.47 2.82 2.97 3.32 3.62
Safe Zone 2.99 2.99 2.99 2.99 2.99
Danger Zone 1.8 1.8 1.8 1.8 1.8

Altman Z-Score Safe Zone

4.5

3.5 3.620998254 3.54966

3.466295275 3.448978607
3.317232479
3 2.966912665
2.822559961
2.5

1.5

0.5

0
FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
 1

0.5

0
FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014

Fiscal Year FY2008 FY2009 FY2010 FY2011 FY2012

CAPEX to Net Pr 72.61% 13.68% 26.98% 59.70% 25.36%

FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014 F

1.6

1.4 1.394830292
1.2

0.8
0.7261221635
0.6 0.5969773787
0.4
0.2698429313 0.2535743916 0.234021
0.2
0.1367983021
0
FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014 F

Fiscal Year FY2008 FY2009 FY2010 FY2011 FY2012

For you to play A
For you to play B
For you to play C
Fiscal Year FY2008 FY2009 FY2010 FY2011 FY2012
For you to play A
For you to play B
For you to play C
 FY2013 FY2014 FY2015 FY2016 FY2017 FY2018
234,830,718 259,935,229 288,302,434 311,971,110 343,233,913 385,993,701
137,896,021 138,607,958 159,958,374 181,441,136 212,431,934 255,792,685

ned Earnings Equity (Shareholder's funds)

410672000
385993701
343233913
311971110
288302434 278301000
259935229 255792685
234830718
434 212431934
181441136
159958374
137896021 138607958
021

2 FY2013 FY2014 FY2015 FY2016 FY2017 FY2018 LTM

FY2013 FY2014 FY2015 FY2016 FY2017 FY2018

0.00 0.00 0.00 0.00 0.00 0.51
0.00 0.00 0.00 0.00 0.00 -1.35

ebt/FCF) Debt Repayment A (Total Debt/NPAT)

0.6915773666
0.510295008
0.4891089109
0 0.0012872857
0.0016097795
0.0010734162
0.0021840974
0.0007139269
0.001039543 0
 0.6915773666
0.510295008
0.4891089109
0 0.0021840974
0.0016097795
0.0012872857
0.0010734162
0.0007139269
0.001039543 0
FY2013 FY2014 FY2015 FY2016 FY2017 FY2018 LTM
-1.351308407

FY2013 FY2014 FY2015 FY2016 FY2017 FY2018

0.91 1.03 0.67 0.97 1.04 0.69

Quality of Income Ratio

1.033687771 1.04193403
0.9668684715
9078863999 0.9037083708

0.6704876292 0.6906888242

FY2013 FY2014 FY2015 FY2016 FY2017 FY2018 LTM

FY2013 FY2014 FY2015 FY2016 FY2017 FY2018

79.24 69.46 73.11 71.92 72.39 81.06

Cash Conversion Cycle

81.06387134
99.24014694
69.4633493873.111680871.921046772.3940444
 Cash Conversion Cycle

81.06387134
99.24014694
69.4633493873.111680871.921046772.3940444

0
FY2013 FY2014 FY2015 FY2016 FY2017 FY2018 LTM

FY2013 FY2014 FY2015 FY2016 FY2017 FY2018

3.45 3.55 3.47 3.68 3.70 3.90
2.99 2.99 2.99 2.99 2.99 2.99
1.8 1.8 1.8 1.8 1.8 1.8

Safe Zone Danger Zone

3.8956843 3.778596981
254 3.701994114
3.679018757
3.549661004
3.448978607 3.470745989

Y2013 FY2014 FY2015 FY2016 FY2017 FY2018 LTM

Y2013 FY2014 FY2015 FY2016 FY2017 FY2018 LTM

FY2013 FY2014 FY2015 FY2016 FY2017 FY2018

139.48% 23.40% 17.90% 28.01% 77.23% 106.83%

FY2013 FY2014 FY2015 FY2016 FY2017 FY2018 LTM

1.394830292

1.068319131

0.7723350113

3916 0.2340218868 0.2800985622

0.1790186008 0.1964716472

2013 FY2014 FY2015 FY2016 FY2017 FY2018 LTM

FY2013 FY2014 FY2015 FY2016 FY2017 FY2018

FY2013 FY2014 FY2015 FY2016 FY2017 FY2018
 LTM
410,672,000
278,301,000

410672000
01

278301000
85

LTM

LTM
0.49
0.69

8.6915773666
.4891089109
8.6915773666
.4891089109

LTM
7

LTM
0.90

.9037083708

42

LTM

LTM
#VALUE!

34
34

0
LTM

LTM
3.78
2.99
1.8

3.778596981

M
M

LTM
19.65%

0.1964716472

LTM

<-- Double Click

the chart and use
Column A as headers
(Setup --> Scroll Down)
LTM
 Year Over Year Growth
Fiscal Year FY2008 FY2009 FY2010 FY2011
Revenue Per Share YOY Growth 9.06% 10.96% 16.67%
Earnings Per Share YOY Growth 49.87% 48.76% -14.99%
Book Value Per Share YOY Growth 13.92% 12.62% 8.60%
Operating Cash Flow Per Share YOY Growth 123.39% -18.85% 22.59%
Free Cash Flow Per Share YOY Growth 651.82% -40.43% -10.21%

Compound Annual
Growth Rate (CAGR) 1 2
Revenue Per Share 5% 5.96%
Earnings Per Share 32% 29%
Book Value Per Share 12% 11%
Operating Cash Flow Per Share -13% 9%
Cashflow Per Share #NUM! #NUM!
From : FY2017 FY2016
CAGR Period
To : FY2018 FY2018

Valuation
[DISCLAIMER]

YAPSS is not operated by a broker, a dealer, or a registered investment adviser. Under no circumstances does an
security and it is meant for entertainment & education purpose only. In no event shall YAPSS be liable to any me
of any content or other material published or available on YAPSS, or relating to the use of, or inability to use, YA
profits, lost opportunity, special, incidental, indirect, consequential or punitive damages. The information on t
constitute, investment advice or recommen

Neither YAPSS nor its Information Providers can guarantee the accuracy, completeness, timeliness, or correct s
omissions, or inaccuracies in the Inform

Message
Message 1: 2: IYou
didshould
not build in valuation
always toolsabout
researching to avoid
the over-reliance
company before on 'calculated
putting yourvalue'
moneyandin.invest
Your not knowingofanything
knowledge the com
because
Messageyou are the
3: Every owner ofhave
investors the their
business
ownwhen you invest
valuation your
methods formoney intotypes
different company. So don't be
of companies andlazy, it's your
hence, money!
it is better for
this file and good luck & have fun investing.
7. Dividend Yield
8. Many more...
HIGHLY IMPORTANT:
*Before researching on Valuation, check out "Margin of Safety" by Benjamin Graham.

If you are new to Excel, check out: https://www.youtube.com/watch?v=J-W3thqtDpQ

 Year Over Year Growth (Per Ordinary Share)
FY2012 FY2013 FY2014 FY2015 FY2016 FY2017
8.91% 4.98% 19.31% 5.53% 10.33% 6.71%
3.60% 3.48% 12.80% 1.10% 2.10% 27.19%
8.80% 8.56% 10.69% 10.91% 8.21% 10.02%
-5.41% -11.74% 28.43% -34.42% 47.23% 37.06%
47.66% -162.14% -285.24% -37.87% 42.67% -50.07%

Periods Of Growth
3 4 5 6 7 8
7.40% 6.93% 9.30% 8.57% 8.61% 9.59%
20% 15% 14% 12% 11% 7%
10% 10% 10% 10% 10% 10%
21% 4% 8% 5% 3% 5%
#NUM! #NUM! 9% #NUM! #NUM! #NUM!
FY2015 FY2014 FY2013 FY2012 FY2011 FY2010
FY2018 FY2018 FY2018 FY2018 FY2018 FY2018

Valuation
[DISCLAIMER]

der no circumstances does any information posted by YAPSS represent a recommendation to buy or sell a
hall YAPSS be liable to any member, guest or third party for any damages of any kind arising out of the use
use of, or inability to use, YAPSS or any content, including, without limitation, any investment losses, lost
mages. The information on this excel file, and in its related newsletters, is not intended to be, nor does it
estment advice or recommendations.

eness, timeliness, or correct sequencing of any of the Information on this excel file. There may be delays,
or inaccuracies in the Information.

yndin.invest
Your not knowingofanything
knowledge aboutshould
the company the company, management
be on par & financial
or even more performance. before investing
than the management
don't be
anies andlazy, it's your
hence, money!
it is better for you to find your own method that works for you. Lastly, thanks for purchasing

All you need to know to build your own valuation in Excel is knowing how to use =, +, -, *, / & ().
Financial Data needed for valuation should be able to find in this Excel file.
 FY2018 LTM
5.22% 4.37%
31.76% -5.17%
12.46% 6.39%
-12.65% 24.07%
-284.56% -277.59%

9 10
9.74% 9.67%
11% 15% 17%
10% 10%
2% 11%
#NUM! #NUM!
FY2009 FY2008
FY2018 FY2018