MESB (MESB-KU)

Retailers / Specialty Retailers / Apparel Retailers DETAILED STOCK REPORT

Report Date: 2021-Nov-25

Last Close Avg Daily Vol 52-Week High Trailing PE Annual Div ROE LTG Forecast 1-Mo Return
0.54 (MYR) 1.4M 0.63 6.7 -- 12.2% -- 0.9%
2021 November 24 Market Cap 52-Week Low Forward PE Dividend Yield Annual Rev Inst Own 3-Mo Return
MALAYSIA Exchange
57M 0.40 -- -- 137M 0.0% 8.0%

AVERAGE SCORE
POSITIVE OUTLOOK: MESB's current score of Score Averages
8 places it among the top quartile of stocks Specialty Retailers Group: 6.5 Small Market Cap: 5.2
scored. Retailers Sector: 6.3 FBM KLCI Index: 6.4

Average Score Trend (4-Week Moving Avg) Peers -6M -3M -1M -1W Current 1Y Trend

Positive TOMEI 9 9 9 10 9
MESB 5 7 8 9 8
Neutral BONIA 10 8 8 7 7
PADINI 3 5 6 5 5
Negative
CRG 5 NR NR NR NR
2018-11 2019-11 2020-11 2021-11

HIGHLIGHTS I/B/E/S MEAN

- The score for Mesb dropped slightly this week from 9 to 8.
NA Mean recommendation from all analysts covering
- The recent change in the Average Score was primarily due to a 0 Analysts the company on a standardized 5-point scale.
decline in the Price Momentum component score.
Strong Strong
Sell Hold Buy
Sell Buy

PRICE AND VOLUME CHARTS

1-Year Return: 13.7% 5-Year Return: 55.8%

BUSINESS SUMMARY
MESB Berhad is an investment holding company. The Company operates through two segments: Trading and Investment holding. The Trading
segment is involved in the trading of leather products and apparels. The Investment holding segment is involved in investment holding. The Company's
core business is trading in leatherware products, the range of products covering ladies handbags, ladies small leather goods, gents bags, men's small
leather goods and gents accessories through its subsidiary, Miroza Leather (M) Sdn. Bhd. (Miroza). Miroza owns the license to design, source and
market international brands, such as Alain Delon and Pierre Cardin. Miroza also holds the Alain Delon distribution rights in Indonesia. In addition,
Miroza owns its In-house brands, namely Giossardi and Giamax. Miroza operates boutiques and has over 270 consignment retail counters throughout
departmental store in Malaysia. Its other subsidiaries include MESB Capital & Development Sdn.Bhd. and Active Fit Sdn Bhd.

Page 1 of 11
© 2021 Refinitiv. All rights reserved.
MESB (MESB-KU)
Retailers / Specialty Retailers / Apparel Retailers DETAILED STOCK REPORT
Report Date: 2021-Nov-25

INDICATOR COMPONENTS
The AVERAGE SCORE combines the quantitative analysis of five widely-used investment decision making tools: Earnings,
Fundamental, Relative Valuation, Risk, and Price Momentum. A simple average of the underlying component ratings is normally
distributed to rank stocks on a 1-10 scale (10 being awarded to the most favorable). These factors may be evaluated differently using
alternative methodologies and the importance of individual factors varies across industries, market capitalization and investment styles.
Additional criteria should always by used to evaluate a stock.

Earnings Fundamental Relative Valuation Risk Price Momentum

PEER ANALYSIS Currency in MYR

PRICE MOMENTUM VALUATION FUNDAMENTAL ANALYSTS

Average Price 1-Mo 3-Mo 1-Yr Market Trailing Forward Dividend Net LTG I/B/E/S # of
Score Ticker (2021-11-24) Return Return Return Cap PE PE Yield Margin Forecast Mean Analysts
5 PADINI 2.84 -9.0% -7.8% 15.9% 1.9B 34.6 18.7 2.6% 5.3% -- Buy 10
5 INNATURE 0.70 -15.7% -3.4% 29.6% 498M 23.9 29.2 3.2% 11.3% -- Hold 1
7 FOCUSP 0.70 -7.9% -6.0% 57.9% 238M 33.3 21.9 2.9% 8.2% -- Strong Buy 2
6 RGTECH 0.44 17.6% 24.3% 17.6% 231M 43.3 -- -- 4.7% -- -- --
8 CCB 2.26 2.7% -7.0% 48.7% 228M 87.7 -- -- 0.2% -- -- --
1 KANGER 0.03 -40.0% -50.0% -83.3% 209M -- -- -- -127.0% -- -- --
7 BONIA 0.85 -2.3% -0.6% 63.9% 171M 12.0 9.3 6.9% 5.3% -- Buy 2
9 TOMEI 0.93 -1.6% 1.6% 10.7% 134M 4.6 5.2 2.2% 4.1% -- -- --
NR CRG 0.12 33.3% 20.0% 71.4% 97M 24.2 -- 4.2% 5.2% -- -- --
5 KHJB 0.25 -9.3% -21.0% 16.7% 95M 17.1 -- 4.1% 6.6% -- -- --
8 MESB 0.54 0.9% 8.0% 13.7% 57M 6.7 -- -- 6.7% -- -- --
6.1 Average 0.88 -2.8% -3.8% 23.9% 352M 28.7 16.8 3.7% -6.3% -- Buy 3.8

PEER COMPANIES
BONIA Bonia Corp KANGER Kanger International
CCB Cycle & Carriage Bintang KHJB Kim Hin Joo (Malaysia)
CRG CRG Inc PADINI Padini Holdings Berhad
FOCUSP Focus Point Holdings RGTECH Radiant Globaltech
INNATURE Innature TOMEI Tomei Consolidated

Page 2 of 11
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MESB (MESB-KU)
Retailers / Specialty Retailers / Apparel Retailers DETAILED STOCK REPORT
Report Date: 2021-Nov-25

EARNINGS Currency in MYR

This company does not currently meet the data Earnings Score Averages
requirements to calculate a score for this Specialty Retailers Group: 6.0 Small Market Cap: 5.3
component. Retailers Sector: 6.1 FBM KLCI Index: 5.6

Earnings Score Trend (4-Week Moving Avg) Peers -6M -3M -1M -1W Current 1Y Trend

Positive PADINI 2 3 8 7 7
BONIA 6 6 8 3 3
Neutral CRG NR NR NR NR NR
MESB NR NR NR NR NR
Negative
TOMEI NR NR NR NR NR
2018-11 2019-11 2020-11 2021-11

EARNINGS INDICATORS
Earnings Surprises Estimate Revisions Recommendation Changes
(33.3% weight) (33.3% weight) (33.3% weight)

PADINI

BONIA
PADINI
PADINI

BONIA

CRG CRG BONIA

MESB MESB CRG
TOMEI TOMEI MESB
TOMEI

Last 4 Quarters Last 4 Weeks Last 120 Days

# Positive Surprises (>2%) 0 # Up Revisions -- # Broker Upgrades 0
# Negative Surprises (<-2%) 0 # Down Revisions -- # Broker Downgrades 0
# In-Line Surprises (within 2%) 0 Avg Up Revisions --
Avg Surprise -- Avg Down Revisions --

HIGHLIGHTS PRICE TARGET

- Due to a lack of recent analyst activity, no Earnings Rating can be The chart indicates where analysts predict the stock price will be within
calculated for Mesb. The average Earnings Rating for its Apparel the next 12 months, as compared to the current price.
Retailers industry is 5.0 and the FTSE BURSA MALAYSIA
COMPOSITE index average is 5.6. 12-Month Price Target
Mean (MYR) --
- There have been no upward or downward broker recommendation
High --
changes for Mesb over the past 120 days.
Data is not available Low --
Target vs. Current --
# of Analysts --

Current Price Price Target

(MYR)

Page 3 of 11
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MESB (MESB-KU)
Retailers / Specialty Retailers / Apparel Retailers DETAILED STOCK REPORT
Report Date: 2021-Nov-25

EARNINGS PER SHARE

Actuals Estimates

Earnings per share (EPS) is calculated Quarterly -- --

by dividing a company's earnings by the Mean -- --
number of shares outstanding. Analysts Quarterly data is not available
tend to interpret a pattern of increasing High -- --
earnings as a sign of strength and flat Low -- --
or falling earnings as a sign of
# of Analysts -- --
weakness.

The charts provide a comparison NA NA NA NA

between a company's actual and
estimated EPS, including the high and Actuals Estimates
low forecasts.
Annual -- --
Mean -- --
Annual data is not available
High -- --
Low -- --
# of Analysts -- --

NA NA NA NA

MEAN ESTIMATE TREND ANALYST RECOMMENDATIONS

Q Q Y Y Price I/B/E/S Mean: NA (0 Analysts)
-- -- -- -- Target
Current -- -- -- -- --
Strong Buy 0
30 Days Ago -- -- -- -- -- Buy 0
90 Days Ago -- -- -- -- -- Hold 0
% Change (90 Days) -- -- -- -- --
Sell 0
Current Fiscal Year End: --
Next Expected Report Date: -- Strong Sell 0

EARNINGS SURPRISES
Comparing a company's actual earnings to the mean expectation of Surprise Detail (Last 6 Periods)
analysts results in a difference referred to as a 'positive' or 'negative'
surprise. Research has shown that when a company reports a Surprise Announce Period End Actual Mean Surprise
surprise, it is often followed by more of the same surprise type. Type Date Date EPS EPS (%)
Surprise Summary (Last 12 Quarters)

Surprise Type Amount Percent There are no earnings surprises during this time period.
Positive Quarters (> 2%) 0 --
Negative Quarters (< -2%) 0 --
In-Line Quarters (within 2%) 0 --

ANNUAL REVENUE
A pattern of increasing sales in Actuals Estimates
conjunction with a rising EPS may
influence a buy recommendation, while NA NA
flat or falling sales and faltering
earnings may explain a sell Mean -- --
recommendation. A rising EPS with flat Annual revenue data is not available High -- --
or falling sales may result from
increased cost efficiency and margins, Low -- --
rather than market expansion. This Forecasted Growth -- --
chart shows the sales forecast trend of # of Analysts -- --
all analysts and the highest and lowest
projections for the current and next NA NA NA NA
fiscal year.

Page 4 of 11
© 2021 Refinitiv. All rights reserved.
MESB (MESB-KU)
Retailers / Specialty Retailers / Apparel Retailers DETAILED STOCK REPORT
Report Date: 2021-Nov-25

FUNDAMENTAL
POSITIVE OUTLOOK: Strong fundamentals Fundamental Score Averages
such as high profit margins, low debt levels, or Specialty Retailers Group: 6.3 Small Market Cap: 5.3
growing dividends. Retailers Sector: 6.1 FBM KLCI Index: 6.1

Q4 Q1 Q2 Q3
Fundamental Score Trend Peers 2020 2021 2021 2021 Current 3Y Trend
MESB 2 8 4 4 9
Positive
CRG NR NR NR NR 8
Neutral BONIA 8 10 10 10 7

Negative TOMEI 8 NR NR NR 7

Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 PADINI 5 6 5 5 6
2019 2020 2021

FUNDAMENTAL INDICATORS
Profitability Debt Earnings Quality Dividend
(25% weight) (25% weight) (25% weight) (25% weight)

BONIA
CRG
MESB MESB PADINI
PADINI
TOMEI

CRG BONIA
TOMEI
TOMEI MESB CRG
CRG
BONIA TOMEI

BONIA
PADINI
PADINI

MESB

Revenue Growth -7.6%Current Ratio 2.2 Oper. Cash Yield 81.7% Dividend Growth --
For year over year For interim period For latest 12 months For year over year
ending 2021-06 ending 2021-06 ending 2021-06 ending --
Gross Margin 56.5% Debt-to-Capital 2.0% Accruals -12.8% Dividend Payout --
For latest 12 months For annual period For latest 12 months For latest 12 months
ending 2021-06 ending 2021-06 ending 2021-06 ending --
Return On Equity 12.2% Interest Funding 10.2% Days Sales In Inv. 418.6 Dividend Coverage --
For interim period For interim period For annual period For annual period
ending 2021-06 ending 2021-06 ending 2021-06 ending --
Net Margin 6.7% Interest Coverage 35.1 Days Sales In Rec. 74.0 Current Div. Yield --
For latest 12 months For interim period For annual period For latest 12 months
ending 2021-06 ending 2021-06 ending 2021-06 ending --

HIGHLIGHTS
- Mesb currently has a Fundamental Rating of 9, which is significantly
more bullish than the Specialty Retailers industry group average of
6.3.
- The company's gross margin has been higher than its industry group
average for each of the past five years.
- The company's current ratio has been lower than its industry group
average for each of the past five years.
- The company's days sales in inventory has been higher than its
industry group average for each of the past five years.
- Mesb does not currently pay a dividend. Of 21 firms within the
Specialty Retailers industry group, it is among the 8 companies
without a dividend.

Page 5 of 11
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MESB (MESB-KU)
Retailers / Specialty Retailers / Apparel Retailers DETAILED STOCK REPORT
Report Date: 2021-Nov-25

RELATIVE VALUATION
POSITIVE OUTLOOK: Multiples significantly Relative Valuation Score Averages
below the market or the stock's historic norms. Specialty Retailers Group: 5.5 Small Market Cap: 5.7
Retailers Sector: 5.6 FBM KLCI Index: 4.1

Relative Valuation Score Trend (4-Week Moving Avg) Peers -6M -3M -1M -1W Current 1Y Trend

Positive MESB NR 7 10 9 10
TOMEI 9 10 10 10 10
Neutral BONIA 8 7 9 9 9
CRG 4 NR 6 6 5
Negative
PADINI 2 2 2 2 2
2018-11 2019-11 2020-11 2021-11

RELATIVE VALUATION INDICATORS

Price to Sales Trailing PE Forward PE
(50% weight) (25% weight) (25% weight)

MESB
TOMEI TOMEI
TOMEI
MESB BONIA
BONIA

CRG
BONIA PADINI
PADINI

CRG
PADINI

CRG
MESB

Price to Sales 0.4 Trailing PE 6.7 Forward PE --

5-Yr Average 0.4 5-Yr Average 8.9 5-Yr Average --
Rel. to 5-Yr Avg. 13% Premium Rel. to 5-Yr Avg. 25% Discount Rel. to 5-Yr Avg. --
FBM KLCI Index 2.5 FBM KLCI Index 15.7 FBM KLCI Index 15.9
Rel. to FBM KLCI 83% Discount Rel. to FBM KLCI 57% Discount Rel. to FBM KLCI --

HIGHLIGHTS
- Mesb currently has a Relative Valuation Rating of 10 which is
significantly above the FTSE BURSA MALAYSIA COMPOSITE index
average rating of 4.1.
- MESB is currently valued at a discount to the FTSE BURSA
MALAYSIA COMPOSITE index based on both Price to Sales ratio and
Trailing P/E.
- MESB's Price to Sales ratio of 0.4 represents a 13% Premium to its 5-
year average of 0.4.
- MESB's Trailing P/E of 6.7 represents a 25% Discount to its 5-year
average of 8.9. If the Trailing P/E returned to historical form, the stock
would trade at 0.72.

Page 6 of 11
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MESB (MESB-KU)
Retailers / Specialty Retailers / Apparel Retailers DETAILED STOCK REPORT
Report Date: 2021-Nov-25

PRICE TO SALES TRAILING PE

The most recent week's close price divided by the revenue per share. The most recent week's close price divided by the sum of the four most
recently reported quarterly earnings.
Price to Sales: 0.4 Trailing PE: 6.7
5-Year Average: 0.4 5-Year Average: 8.9
FBM KLCI Index Average: 2.5 FBM KLCI Index Average: 15.7
Specialty Retailers Group Average: 2.3 Specialty Retailers Group Average: 38.8
1.20 22
1.10 20
1.00 18
0.90 16
0.80 14
0.70 12
0.60 10
5-Yr Average
0.50 8
0.40 5-Yr Average 6
0.30 4
0.20 2
2017 2018 2019 2020 2021 2017 2018 2019 2020 2021

FORWARD PE FORWARD PEG

The most recent week's close price divided by the sum of the four The Forward P/E divided by the five-year forecasted growth rate.
upcoming quarterly consensus estimates.
Forward PE: -- Forward PEG: --
5-Year Average: -- 5-Year Average: --
FBM KLCI Index Average: 15.9 FBM KLCI Index Average: 1.1
Specialty Retailers Group Average: 33.6 Specialty Retailers Group Average: 1.2
>50 >5.0
45 4.5
40 4.0
35 3.5
30 3.0
25 This valuation data is not available 2.5 This valuation data is not available
20 2.0
15 1.5
10 1.0
5 0.5
<0 <0.0
2017 2018 2019 2020 2021 2017 2018 2019 2020 2021

Page 7 of 11
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MESB (MESB-KU)
Retailers / Specialty Retailers / Apparel Retailers DETAILED STOCK REPORT
Report Date: 2021-Nov-25

RISK
NEUTRAL OUTLOOK: Moderate risk (medium Risk Score Averages
volatility). Specialty Retailers Group: 6.6 Small Market Cap: 4.9
Retailers Sector: 6.3 FBM KLCI Index: 8.7

Risk Score Trend (4-Week Moving Avg) Peers -6M -3M -1M -1W Current 1Y Trend

Positive PADINI 4 7 7 8 8
BONIA 7 8 7 7 7
Neutral TOMEI 4 7 7 6 6
MESB 5 6 4 4 4
Negative
CRG 2 NR NR NR NR
2018-11 2019-11 2020-11 2021-11

RISK INDICATORS
Magnitude of Returns Volatility Beta (1-year) Correlation
(25% weight) (25% weight) (25% weight) (25% weight)

PADINI MESB
PADINI
BONIA TOMEI

BONIA BONIA
TOMEI BONIA
MESB PADINI
MESB PADINI
TOMEI TOMEI

MESB

CRG CRG CRG CRG

Daily Returns (Last 90 Days) Standard Deviation Beta vs. FBM KLCI 0.26 Correlation vs. FBM KLCI
Best 9.5% Last 90 Days 2.64 Positive Days Only -0.28 Last 90 Days -12%
Worst -5.3% Last 60 Months 16.93 Negative Days Only 0.49 Last 60 Months 17%
Monthly Returns (Last 60 Months) Intra-Day Swing (Last 90 Days) Beta vs. Group 0.31 Correlation vs. Group
Best 66.7% Average 4.1% Positive Days Only -0.44 Last 90 Days 8%
Worst -42.1% Largest 14.4% Negative Days Only 0.89 Last 60 Months 56%

HIGHLIGHTS RISK ANALYSIS

- Mesb currently has a Risk Rating of 4, which is significantly Last 90 Days Last 60 Months
below the FTSE BURSA MALAYSIA COMPOSITE index Best Worst # # Largest Best Worst
average rating of 8.7. Daily Daily Days Days Intra-Day Monthly Monthly
- On days when the market is up, MESB shares typically Peers Return Return Up Down Swing Return Return
decrease. Furthermore, on days when the market is down, the MESB 9.5% -5.3% 25 22 14.4% 66.7% -42.1%
shares tend to decline less than the FTSE BURSA MALAYSIA
COMPOSITE index. BONIA 5.4% -5.1% 17 21 7.0% 50.0% -44.6%
- In the short term, MESB has shown inverse correlation (< -0.1) CRG -- -- -- -- -- 69.2% -38.5%
with the FTSE BURSA MALAYSIA COMPOSITE index. The
stock has, however, shown low correlation (>= -0.1 and < 0.2) PADINI 2.6% -2.7% 25 30 5.1% 35.1% -33.1%
with the market in the long term.
TOMEI 8.9% -5.7% 25 29 11.1% 97.7% -34.8%
- Over the last 90 days, MESB shares have been more volatile
than the overall market, as the stock's daily price fluctuations FBM KLCI 1.9% -2.0% 29 31 1.8% 7.1% -8.9%
have exceeded that of 86% of FTSE BURSA MALAYSIA
COMPOSITE index firms.

Page 8 of 11
© 2021 Refinitiv. All rights reserved.
MESB (MESB-KU)
Retailers / Specialty Retailers / Apparel Retailers DETAILED STOCK REPORT
Report Date: 2021-Nov-25

PRICE MOMENTUM Currency in MYR

NEUTRAL OUTLOOK: Performance relatively Price Momentum Score Averages

in-line with the market. Specialty Retailers Group: 6.2 Small Market Cap: 5.4
Retailers Sector: 6.0 FBM KLCI Index: 5.3

Price Momentum Score Trend (4-Week Moving Avg) Peers -6M -3M -1M -1W Current 1Y Trend

Positive TOMEI 10 4 4 9 7
BONIA 10 5 6 6 6
Neutral MESB 5 8 7 7 6
PADINI 8 10 6 3 2
Negative
CRG 8 NR NR NR NR
2018-11 2019-11 2020-11 2021-11

PRICE MOMENTUM INDICATORS

Relative Strength Seasonality
(70% weight) (30% weight)

MESB

TOMEI
BONIA
BONIA
TOMEI
PADINI

MESB
PADINI

CRG CRG

Relative Strength Indicator (Scale from 1 to 100) Average Monthly Return (Last 10 Years)
MESB Industry Avg Nov Dec Jan
Last 1 Month 52 50 Company Avg -5.9% -3.2% -11.2%
Last 3 Months 53 50 Industry Avg -1.3% 0.7% 1.0%
Last 6 Months 53 51 Industry Rank 45 of 51 34 of 50 34 of 51

PRICE PERFORMANCE
Daily close prices are used to calculate the MESB MESB FBM KLCI
performance of the stock as compared to a
FBM KLCI Close Price (2021-11-24) 0.54 1,522
relevant index over five time periods.
52-Week High 0.63 1,685
1.9%
1-Week 52-Week Low 0.40 1,490
-0.2%

0.9% - On 2021-11-24, MESB closed at 0.54, 14.3% below its 52-

1-Month
-4.1% week high and 36.7% above its 52-week low.
- MESB shares are currently trading 2.5% above their 50-day
8%
3-Month moving average of 0.53, and 8.0% above their 200-day moving
-2% average of 0.50.
25.6% - The FTSE BURSA MALAYSIA COMPOSITE index is currently
YTD 9.6% below its 52-week high and 2.2% above its 52-week low.
-6.5%

13.7%
1-Year
-3.6%

Page 9 of 11
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MESB (MESB-KU)
Retailers / Specialty Retailers / Apparel Retailers
DETAILED STOCK REPORT TIPS
The Stock Report from Refinitiv is a comprehensive, company-specific analysis that
includes a proprietary Stock Rating along with underlying component indicators and
supportive data elements. The report is updated daily, although some of the data
elements and the ratings are updated weekly.
Average Score
The Stock Reports Plus Average Score combines a quantitative analysis of five
widely-used investment decision making tools - Earnings, Fundamental, Relative
Valuation, Risk, and Price Momentum. First, a simple average of the five underlying
component ratings is calculated. Then, a normal distribution is used to rank each
stock across the market on a scale of 1 to 10, with 10 being most favorable. A
score of 8 to 10 is considered positive, 4 to 7 is neutral, and 1 to 3 is negative.
These five factors may be evaluated differently using alternative methodologies,
and the importance of individual factors varies across industry groups, market
capitalization and investment styles. Additional criteria should always be used to
evaluate a stock.
A company must have sufficient data available for at least three of the five
component indicators in order to receive an overall Average Score. Approximately
85% of the stocks within the coverage universe meet the criteria to generate a
score.
Indicator Components
The five indicators that comprise the stock rating are displayed. Like the stock
rating, the component rating scale is 1 to 10, with 10 being best. A company will
receive an ‘NR’ for No Rating if the required data elements or criteria are not met. A
detailed section for each component is included in the report.
Indicator Trends
Within each component section, historical score trends are displayed, typically using
a 4-week moving average over a timeframe of the past three years. The dotted
orange line indicates the average of the scores over those three years. The most
recent occurrences of the best and worst scores are also displayed on the chart in
grey boxes to put the current score into historical context.
Next to the trend chart for the company, current score averages are included, along
with peer company comparisons of values from 6 months ago, 3 months ago, 1
month ago, the most recent value from 1 week ago, and the current score. The four
closest industry peers are presented based on similar market capitalization.
Peer Analysis
● The Refinitiv Business Classification (TRBC) schema is used for industry
comparisons. It is designed to track and display the primary business of a
corporation by grouping together correlated companies that offer products and
services into similar end markets. The system includes 10 Economic Sectors, 28
Business Sectors, 54 Industry Groups, and 136 Industries.
● The Peer Analysis section of the report compares the company to its ten closest
peers. The peers are selected from the industry based on similar market
capitalization. The peer listing may have fewer than ten companies if there are
fewer than ten companies within that industry classification.
Highlights
The automated text-generation system from Refinitiv creates highlights
summarizing the most noteworthy data. The bullets will vary by company and will
change from week to week as different criteria are met.
Earnings
The Earnings Rating is based on a combination of three factors: earnings surprise,
estimate revision, and recommendation changes. Each factor is equally weighted.
Then, equal deciles are used to rank each stock across the market on a scale of 1
to 10, with 10 being most favorable. A stock needs to have at least two of the three
earnings factors in order to receive a score.
● Earnings Surprises - The number of positive and negative surprises within the
last 4 periods (quarters or years).
● Estimate Revisions - The number of up and down revisions and the average
percentage change of those revisions within a 4 week period.
● Recommendation Changes - The number of broker upgrades and downgrades in
the last 120 days.
Price Target
The price target is based on the predictions of analysts covering the stock and
shows the high, low and mean price expected within the next 12 months.
Earnings Per Share
The quarterly and annual earnings per share are presented when available, along
with the mean, high and low. Quarterly data is displayed for the past 4 quarters
(actual) and the next 2 quarters (estimated). Annual data is displayed for the past 2
years (actual) and the next 2 years (estimated).
Page 10 of 11
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DETAILED STOCK REPORT
Report Date: 2021-Nov-25
Mean Estimate Trend
The mean estimates show how the consensus has changed over the past 30 days
and 90 days for the upcoming two quarters (when available) and two years. The
percentage change is calculated for the company as a means for comparison by
measuring the difference between the current consensus estimate and that of 90
days ago.
Analyst Recommendations
The I/B/E/S Mean is the average recommendation of all analysts covering the stock,
as provided by I/B/E/S, the Institutional Brokers Estimate System, from Refinitiv.
The recommendations are presented on a five-point standardized scale: strong buy,
buy, hold, reduce, and sell.
Earnings Surprises
● The surprise summary includes the total number of time periods (and
percentage) in the last 12 quarters (quarterly) or last 4 years (annual) in which
earnings surprises were positive, negative, or in-line. In order to be recognized
as a positive or negative surprise, the percent must be greater than 2% above or
2% below the consensus, respectively.
● The surprise detail section includes a listing of the company's quarterly earnings
reported for the most recent 6 periods (quarters or years). The consensus
analyst estimate is provided to determine if the actual earnings report
represented a positive surprise, negative surprise, or in-line result.
Fundamental
The Fundamental Rating is based on a combination of four fundamental component
factors: profitability, debt, earnings quality, and dividend. Companies that do not
pay a dividend are not penalized. Each factor is equally weighted. Then, equal
deciles are used to rank each stock across the market on a scale of 1 to 10, with 10
being most favorable. A stock needs to have at least two of the four fundamental
factors present in order to receive a score.
● Profitability is comprised of four data elements.
- Revenue Growth: (Net Sales – Previous Net Sales) / Previous Net Sales
- Gross Margin: Gross Profit / Net Sales
- Return on Equity: Net Income / Total Equity
- Net Margin: Net Profit / Net Sales
● Debt is comprised of four data elements.
- Current Ratio: Current Assets / Current Liabilities
- Debt-to-Capital: Total Debt / Total Capital
- Interest Funding: (Interest Expense on Debt + Preferred Cash Dividends) /
Funds from Operations
- Interest Coverage: Earnings before Interest and Taxes / (Interest Expense on
Debt + Preferred Cash Dividends)
● Earnings Quality is comprised of four data elements.
- Operating Cash Yield: (Operating Cash Flow – Net Income) / Net Income
- Accruals: (Net Income – Operating Cash Flow – Investing Cash Flow) /
Average Net Operating Assets
- Days Sales in Inventory: 365 / (Cost of Goods Sold / Inventory)
- Days Sales in Receivables: 365 / (Net Sales / Receivables)
● Dividend is comprised of four data elements. The company must have a current
dividend yield.
- Dividend Growth Rate: (Dividends per Share – Previous Dividends per Share)
/ Previous Dividends per Share
- Dividend Payout: Dividends per Share / Earnings per Share
- Dividend Coverage: Funds from Operations / Cash Dividends
- Dividend Yield: Annual Dividends per Share / Current Market Price per Share
Indicator Trend
The fundamental indicator trend displays either quarterly scores over the past three
years or annual scores over the past six years, depending on the reporting periods
for the country. The best and worst scores can be easily determined from the
values shown on the chart for each quarter or year.
Relative Valuation
The Relative Valuation Rating is based on a combination of three component
factors: Price to Sales (50% weight), Trailing P/E (25% weight), and Forward P/E
(25% weight). After the weightings are considered to combine individual factors,
equal deciles are used to rank each stock across the market on a scale of 1 to 10,
with 10 being most favorable. These common valuation metrics are evaluated
against the overall market, the index, and the company's own historic 5-year
averages. A stock needs to have at least one of the three relative valuation factors
in order to receive a score.
● Price to Sales: Close Price / (Sales for 4 Quarters or 1 Year / Shares
Outstanding)
● Trailing P/E: Close Price / Most Recent 4 Quarters or 1 Year of Earnings
● Forward P/E: Close Price / Upcoming 4 Quarters or 1 Year of Earnings
MESB (MESB-KU)
Retailers / Specialty Retailers / Apparel Retailers DETAILED STOCK REPORT
Report Date: 2021-Nov-25

Valuation Averages
Negative values are excluded when calculating the averages. A maximum value of
100 is placed on Trailing P/E and Forward P/E, a maximum value of 5 is placed on
Forward PEG, and a maximum value of 20 is placed on Price to Sales when
calculating the averages. Higher values are rounded down to the maximum for the
averages.

Valuation Multiples
The valuation multiples provide the Trailing P/E, Forward P/E, Forward PEG, and
Price to Sales for the company and the S&P 500 index average. In addition, a
comparison of the current company’s values to its 5-year average and an industry
average are presented. A discount occurs when the company’s ratio is valued
more favorably (lower) than that to which it is compared.

Risk
The Risk Rating displays stocks on a scale of 1 to 10 with 10 being awarded to the
least risky stocks. It is derived by looking at a series of long-term (5-year) and
short-term (90-day) stock performance measures including volatility, magnitude of
returns, beta, and correlation. Each factor is equally weighted. Then, equal deciles
are used to rank each stock across the market. A stock needs to have at least two
of the four risk factors in order to receive a score.

● Magnitude of Returns – The best / worst daily returns in the past 90 days and the
best / worst monthly returns in the past 60 months.
● Volatility – The standard deviation of the stock price over the last 90 days and
last 60 months, along with the average and largest intra-day stock swing.
● Beta – Measures the tendency of a security’s returns to respond to swings in the
market, based on the beta of the company versus the relevant index.
● Correlation – Determines how closely the returns of the stock and the relevant
index move together, measured over the last 90 days and last 60 months.

Risk Analysis
Price analysis for the company and the relevant index is provided over two time
periods. Daily analysis is provided for the last 90 days, whereas monthly statistics
are used for the last 60 months.

Price Momentum
The Price Momentum Rating is based on a combination of two technical
performance factors: relative strength (70% weight) and seasonality (30% weight).
After the weightings are considered to combine individual factors, equal deciles are
used to rank each stock across the market on a scale of 1 to 10, with 10 being most
favorable. A stock needs to have data for the relative strength factor in order to
receive a score.

● Relative Strength – The relative strength of the company for the last 1 month, 3
months, and 6 months on a scale of 1 to 100.
● Seasonality – The average monthly return (price performance) for the current
month and next 2 months for the company and industry, over the past 10 years.
A lower industry rank indicates a higher return.

Price Performance
Daily close prices are used to calculate the price performance of the stock. The
performance of the relevant index is also displayed as a means of comparison.

DISCLAIMER
© 2020 Refinitiv. Republication or redistribution of Refinitiv content, including by
framing or similar means, is prohibited without the prior written consent of Refinitiv.
All information in this report is assumed to be accurate to the best of our ability.
Refinitiv is not liable for any errors or delays in Refinitiv content, or for any actions
taken in reliance on such content.

Any forward-looking statements included in the Refinitiv content are based on

certain assumptions and are subject to a number of risks and uncertainties that
could cause actual results to differ materially from current expectations. There is no
assurance that any forward-looking statements will materialize.

The content in this Refinitiv report does not constitute investment advice or a
recommendation to buy or sell securities of any kind. Past performance is not a
guarantee of future results. Investors should consider this report as only a single
factor when making an investment decision.

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