INARI 28 Dec 2023 - Financial - Analysis - Explained - V1.1

双剑：KLSE 财务分析报表
不定时上载财务分析报表.
双剑论股 Double Swords Investing YouTube 频道

https://www.youtube.com/channel/UCfBCbkqZM8xLGjvN-ucIbeQ
双剑合璧KLSE吹水站
https://t.me/joinchat/wsTteKWMlw5kN2Y1
基本面技术面双剑合璧
https://www.facebook.com/groups/203715566878990/
CLICK TO
Old Friend Investing SPONSOR ME
https://oldfriendsinvesting.blogspot.com/
Stock Symbol INARI
Stock Code 0166

Last QR ended date 30-Sep-2022
Report date 28-Dec-2022
The raw data are extracted from internet without The analysis is intended for educational purposes
further validation. Readers are advised to refer to only. This is not a buy/sell call.Please make your
BURSA for the official financial figures for the independent evaluation, consider your own
mentioned listed company. investment objectives and financial situation and
consult your own professional advisers before
participating in any transaction.
Summary of Financial Ratios Dashboard Financial Health Check
Fiscal year is July-June. All values MYR Millions. Last QR date
Last Modified Date 28-Dec-2022 Latest FY 30-Sep-2022
Financial Health Check
Health Check
INARI 30-Jun-2018 30-Jun-2019 30-Jun-2020 30-Jun-2021 30-Jun-2022 Rolling Last4Q Benchmark
Evaluation
Last 4Q
Score 7.5 Good
Total Revenue 1,376 1,153 1,058 1,429 1,548 1,494
(Max 10 points)
Revenue Growth % -16.2% -8.2% 35.1% 8.3% -3.5% 5% Not OK 0
Net Profit 249 192 156 330 391 390
Net Profit Growth % -22.9% -18.8% 111.5% 18.5% -0.2% 7% Not OK 0 28-Dec-2022
Gross Profit % 26.4% 23.3% 20.4% 29.7% 30.4% 30.2%
Operating Profit % 14.0% 8.2% 4.4% 17.0% 17.4% 18.2%
Net Profit %
EPS (Basic)
18.1%
0.08
16.7%
0.06
14.7%
0.05
23.1%
0.10
25.3%
0.11
26.1%
0.11
10% OK 1
Good Above 7
EPS Growth % 0.0% -25.0% -16.7% 100.0% 10.0% 0.1% 7% Not OK
Dividend per share
Dividend Payout %
0.0646
80.1%
0.0669
110.2%
0.0439
90.2%
0.0660
66.0%
0.1180
110.8%
0.1029
97.6%
Normal 5 to 7
DY% Average 3.3% 3.6% 2.7% 2.4% 3.5% 3.9% 2% OK 1
Share Price FYE Average
Share Price FYE Highest
1.97
2.53
1.84
2.53
1.65
2.08
2.77
3.70
3.35
4.25
2.65
2.95
Alert Below 5
Share Price FYE Lowest 1.41 1.23 1.04 1.73 2.48 2.34
PE FYE Average 24.6 30.6 33.0 27.7 30.4 25.1
PE FYE Highest 31.7 42.2 41.6 37.0 38.6 28.0
Summary of Stock Valuations

PE FYE Lowest 17.6 20.5 20.8 17.3 22.5 22.2
PEG FYE Average -1.2 -2.0 0.3 3.0 251.2
PEG FYE Highest -1.7 -2.5 0.4 3.9 280.0
PEG FYE Lowest -0.8 -1.2 0.2 2.3 222.1
Book Value per share 0.34 0.35 0.38 0.42 0.68 0.70
P/B Highest
P/B Lowest
7.36
4.09
7.16
3.48
5.54
2.77
8.90
4.16
6.23
3.64
4.21
3.34
INARI
P/B Average
Net Operating Cash Flow
5.71
278
5.20
270
4.40
347
6.67
487
4.91
505
3.78
538 0 OK 1
Net Investing Cash Flow (111) (186) (93) (99) (86) (100)
Net Financing Cash Flow (88) (191) (101) (73) 648 (293)
Last Closed Share Price 2.65 28-Dec-2022
Net Change in Cash 75 (103) 159 311 1,086 179
Capital Expenditures (164) (184) (89) (99) (111) (105) PE valuation (last 4Q) Above Average
Capital Expenditures (abs value) 164 184 89 99 111 105
Free Cash Flow
Operating Cash Flow/Net Profit %
114
112%
86
141%
258
222%
387
147%
394
129%
433
138%
0
50%
OK
OK
3
2
Key PE valuation (last 5 years) Above Average
Total Debt/Total Equity %
Capital
3%
608
2%
650
2%
705
1%
885
1%
1,977
1%
2,026
50% OK 1
P/B Valuation (Last 4Q) Above Average
Capital Surplus 0 (5) 0 0 0 0
Retained Earnings 440 438 452 462 473 498 P/B Valuation (Last 5 Years) Above Average
Retained Earnings/Total Equity % 41% 39% 38% 34% 19% 19% 60% Not OK 0
ROE % 23.4% 17.6% 13.4% 25.6% 20.2% 15.3% 10% OK 3 Key Peter Lynch Valuation Over-valued
ROA % 18.6% 14.3% 11.1% 20.1% 16.6% 13.4%
Total Revenue/Total Asset % 103% 86% 72% 79% 53% 51% Ben Graham's formula 0.94 Over-valued
Total Asset/Total Equity % 126% 120% 121% 133% 116% 113%
Gordon Earning Yield %
ROA/ROE 18.6%
1.8%
14.3%
4.0%
11.1%
11.1%
20.1%
1.4%
16.6%
4.3%
13.4%
ROE Method 0.46 Over-valued
Receivable Days
Payable Days
60
23
73
27
77
26
59
25
59
25
58
35
90 OK 1 5 years DCF Valuation 1.31 Over-valued
Inventories
Inventory Days
162
43
174
55
148
51
159
41
150
35
144
36 60 OK 1
10 years DDM 2.08 Over-valued
Total Inv and Rec Days
Total Revenue per share
103
0.45
128
0.36
128
0.33
100
0.43
95
0.42
94
0.40
Dividend per share 0.0646 0.0669 0.0439 0.0660 0.1180 0.1029
Net Tangible Asset per share 0.43 0.42 0.46 0.55 0.79 0.79 25% above lowest PE (Last 4Q) 2.93 Under-valued
Borrowings per share 0.01 0.01 0.01 0.01 0.01 0.01
Total Asset per share 0.43 0.42 0.46 0.55 0.79 0.79 25% below average PE (Last 4Q) 1.99 Over-valued
Operating Cash Flow per share 0.09 0.09 0.11 0.15 0.14 0.15
Free Cash Flow per share 0.04 0.03 0.08 0.12 0.11 0.12 Mean Average/Lowest PE (Last 4Q) 2.49 Over-valued
Altman Z-Score
Market Capitalization
16.25
6061.72
18.13
5815.49
14.32
5296.76
14.58
9159.56
21.11
12287.86
19.86
9803.50
3 OK 1
Gordon Valuation (Next Year) 0.45 Over-valued
Enterprise Value 5568.72 5409.49 4723.76 8272.56 10346.86 7775.50
EV/EBITDA
Interest Coverage
20.2
50
28.6
50
32.1
47
23.9
50
28.0
50
20.8
50
Average for all methods 1.65 Over-valued
(Excluded min & max values)
Financial Ratio Analysis
Analysis
INARI 30-Jun-2018 30-Jun-2019 30-Jun-2020 30-Jun-2021 30-Jun-2022 Rolling Last4Q Commentary
ROE % 23.4% 17.6% 13.4% 25.6% 20.2% 15.3% 18.4% 5 years average
Main Criterias
Free Cash Flow 114 86 258 387 394 433 312 5 years average
INARI ROE and Free Cash Flow Analysis

30.0% 500
450
• Yearly ROE%:
25.0% • Prefer 5 years average >10%
400
• Expecting stable/uptrend
350
20.0%
300 • Yearly Free Cash Flow:
15.0% 250 • Prefer 5 years average >0
200
RRO • Prefer Sum of 5 years >0
10.0%
150
• Expecting at least 2 years are positive Free
5.0%
100 Cash Flow during last 3 years
50
0.0% 0
30-Jun-2018 30-Jun-2019 30-Jun-2020 30-Jun-2021 30-Jun-2022 Rolling Last4Q
ROE % 23.4% 17.6% 13.4% 25.6% 20.2% 15.3%
Free Cash Flow 114 86 258 387 394 433
ROE % Free Cash Flow Linear (ROE %) Linear (Free Cash Flow)
Fiscal year is July-June. All values MYR Millions.
Last Modified Date 28-Dec-2022 Last 5 Quarter Reports Latest QR
Analysis
INARI 30-Sep-2021 31-Dec-2021 31-Mar-2022 30-Jun-2022 30-Sep-2022
ROE% Annualized 17.6% 17.3% 14.6% 13.8% 16.4%

Last 5Q ROE and FCF
Free Cash Flow 67 124 110 94 106
INARI ROE and Free Cash Flow Analysis

20.0% 140
18.0% • Last 5Q ROE%

120 • Expecting stable/uptrend
16.0%
14.0% 100 • Last 5Q Free Cash Flow

12.0%
80
10.0% • Always compare with yearly ROE%

RRO
8.0%
60 and yearly Free Cash Flow
6.0% 40
4.0%
20
2.0%
0.0% 0
30-Sep-2021 31-Dec-2021 31-Mar-2022 30-Jun-2022 30-Sep-2022
ROE% Annualized 17.6% 17.3% 14.6% 13.8% 16.4%
Free Cash Flow 67 124 110 94 106
Analysis
Main Criterias
Total Revenue 1,376 1,153 1,058 1,429 1,548 1,494 1,336 5 years average
Revenue Growth % -16.2% -8.2% 35.1% 8.3% -3.5% 2.2% 3 years CAGR or Latest Growth
Gross Profit % 26.4% 23.3% 20.4% 29.7% 30.4% 30.2% 26.8% 5 years average
Net Profit 249 192 156 330 391 390 292 5 years average
General Financial Data
Net Profit Growth % -22.9% -18.8% 111.5% 18.5% -0.2% 8.7% 3 years CAGR
Net Profit % 18% 17% 15% 23% 25% 26% 21.2% 5 years average
EPS (Basic) 0.0800 0.0600 0.0500 0.1000 0.1100 0.1054 0.0851 5 years average
EPS Growth % -25.0% -16.7% 100.0% 10.0% 0.1% 2.7% 3 years CAGR or Latest Growth
INARI
1,800 0.1200 Total Revenue and Net Profit Analysis
1,600
0.1000
• Yearly Total Revenue
1,400 • Expecting stable/uptrend
1,200 0.0800
• Yearly Net Profit
1,000 • Expecting stable/uptrend
0.0600
800
• Yearly EPS
600 0.0400 • Expecting stable/uptrend
400
0.0200
200
0 0.0000
Total Revenue 1,376 1,153 1,058 1,429 1,548 1,494
Net Profit 249 192 156 330 391 390
EPS (Basic) 0.0800 0.0600 0.0500 0.1000 0.1100 0.1054
Analysis INARI 30-Sep-2021 31-Dec-2021 31-Mar-2022 30-Jun-2022 30-Sep-2022
Total Revenue 431 420 360 336 377

Last 5Q Revenue and Profit Net Profit 107 107 90 86 106
EPS (Basic) 0.030 0.030 0.020 0.020 0.030
INARI Total Revenue and Net Profit Analysis

500 0.035
450 • Last 5Q Total Revenue

0.030
400
350 0.025
• Last 5Q Net Profit
0.020
250
• Last 5Q EPS
0.015
150 0.010
• Always compare with yearly ROE%
100
and yearly Free Cash Flow
0.005
50
0 0.000
30-Sep-2021 31-Dec-2021 31-Mar-2022 30-Jun-2022 30-Sep-2022
Total Revenue 431 420 360 336 377
Net Profit 107 107 90 86 106
EPS (Basic) 0.030 0.030 0.020 0.020 0.030
Analysis
Main Criterias
INARI Gross Profit Margin and Net Profit Margin Analysis

1,800 35.0%
• Yearly Gross Profit %
1,600
30.0% • Expecting stable/uptrend
1,400
25.0% • Yearly Net Profit %
1,200
1,000 20.0%
• Prefer >10%
800 15.0%
• Yearly EPS Growth %
600
10.0%
400 • Prefer 3 years CAGR Growth >7%
5.0%
200
0 0.0%
Total Revenue 1,376 1,153 1,058 1,429 1,548 1,494
Net Profit 249 192 156 330 391 390
Gross Profit % 26.4% 23.3% 20.4% 29.7% 30.4% 30.2%
Net Profit % 18% 17% 15% 23% 25% 26%
Analysis INARI 30-Sep-2021 31-Dec-2021 31-Mar-2022 30-Jun-2022 30-Sep-2022
Total Revenue 431 420 360 336 377

Net Profit 107 107 90 86 106
Last 5Q Revenue and Profit
Gross Profit % 30.5% 31.5% 30.6% 29.6% 29.1%
Net Profit % 24.8% 25.5% 25.1% 25.6% 28.2%
INARI Gross Profit % and Net Profit

500 35.0% % Analysis
450
30.0% • Last 5Q Gross Profit %
400
• Expecting
350 25.0% stable/uptrend
300
20.0%
250 • Last 5Q Net Profit %
200
15.0%
• Expecting
stable/uptrend
150 10.0%
• Prefer >10%
100
50
5.0%
• Always compare with
yearly Gross Profit % and
0 0.0%
30-Sep-2021 31-Dec-2021 31-Mar-2022 30-Jun-2022 30-Sep-2022 yearly Net Profit %
Total Revenue 431 420 360 336 377
Net Profit 107 107 90 86 106
Gross Profit % 30.5% 31.5% 30.6% 29.6% 29.1%
Net Profit % 24.8% 25.5% 25.1% 25.6% 28.2%
Analysis
Main Criterias
Dividend per share 0.0646 0.0669 0.0439 0.0660 0.1180 0.1029 0.3975 Sum of 5 years
Dividend Analysis
Free Cash Flow per share 0.0370 0.0273 0.0803 0.1173 0.1073 0.1170 0.4493 Sum of 5 years
Book Value per share 0.34 0.35 0.38 0.42 0.68 0.70 0.51 5 years average
Net Tangible Asset per share (NTAPS) 0.43 0.42 0.46 0.55 0.79 0.79 0.60 5 years average
Per share
Borrowings per share (BPS) 0.01 0.01 0.01 0.01 0.01 0.01 0.01 5 years average
Total Asset per share (TAPS) 0.43 0.42 0.46 0.55 0.79 0.79 0.60 5 years average
INARI Financial Ratios per share

0.9000
0.8000
• All except BPS
0.7000 • Expecting stable/uptrend
0.6000
0.5000 • BPS
0.4000
• Expecting stable/downtrend
0.3000
0.2000
0.1000
0.0000
EPS (Basic) 0.0800 0.0600 0.0500 0.1000 0.1100 0.1054
Dividend per share 0.0646 0.0669 0.0439 0.0660 0.1180 0.1029
Free Cash Flow per share 0.0370 0.0273 0.0803 0.1173 0.1073 0.1170
Book Value per share 0.34 0.35 0.38 0.42 0.68 0.70
Net Tangible Asset per share (NTAPS) 0.43 0.42 0.46 0.55 0.79 0.79
Total Asset per share (TAPS) 0.43 0.42 0.46 0.55 0.79 0.79
Borrowings per share (BPS) 0.01 0.01 0.01 0.01 0.01 0.01
Analysis INARI 30-Jun-2018 30-Jun-2019 30-Jun-2020 30-Jun-2021 30-Jun-2022 Rolling Last4Q Commentary
Main Criterias
Net Profit % 18.1% 16.7% 14.7% 23.1% 25.3% 26.1% 21.2% 5 years average
DuPont Analysis
Total Revenue/Total Asset % 102.9% 86.0% 72.3% 78.5% 53.5% 51.1% 68.3% 5 years average
Total Asset/Total Equity % 125.9% 119.9% 121.5% 132.6% 115.6% 112.7% 120.4% 5 years average
ROE % DuPont Analysis

INARI
30.0% 140.0%
• Overall ROE %
120.0%
25.0%
100.0% • Net Profit %

20.0% • Expecting higher Net Profit %, to
80.0% contribute higher ROE%
15.0% • Expecting stable/uptrend
60.0%
10.0% • Asset Turn-over %

40.0%
• Expecting higher Asset Turn-over %, to
5.0%
contribute higher ROE%
20.0%
0.0% 0.0%
30-Jun-2018 30-Jun-2019 30-Jun-2020 30-Jun-2021 30-Jun-2022 Rolling Last4Q • Total Asset/Total Equity % or Gearing %
ROE % 23.4% 17.6% 13.4% 25.6% 20.2% 15.3%
Net Profit % 18.1% 16.7% 14.7% 23.1% 25.3% 26.1%
• Ensure higher ROE% is not due to this
Total Revenue/Total Asset % 102.9% 86.0% 72.3% 78.5% 53.5% 51.1% ratio
Total Asset/Total Equity % 125.9% 119.9% 121.5% 132.6% 115.6% 112.7% • Expecting stable/uptrend
Analysis INARI 30-Jun-2018 30-Jun-2019 30-Jun-2020 30-Jun-2021 30-Jun-2022 Rolling Last4Q

Commentary
Main Criterias
Total Shareholders' Equity 1,062 1,118 1,205 1,373 2,505 2,595 1,759 5 years average
Retained Earnings 440 438 452 462 473 498 465 5 years average
Retained Earnings Growth % -0.5% 3.2% 2.2% 2.4% 5.3% 3.8% 3 years CAGR or Latest Growth
Quality of Total Equity
Capital 608 650 705 885 1,977 2,026 1,249 5 years average
Capital Surplus 0 (5) 0 0 0 0 N/A 5 years average
Retained Earnings/Total Equity % 41.4% 39.2% 37.5% 33.6% 18.9% 19.2% 26.4% 5 years average
INARI Shareholder’s Equity Analysis

3,000 50.0%
45.0%
• Retained Earnings/Total Equity %
2,500 • Prefer >60%
40.0%
2,000 35.0%
30.0%
1,500
25.0%
1,000
20.0%
500 15.0%
10.0%
0
5.0%
(500) 0.0%
Capital Surplus 0 (5) 0 0 0 0
Capital 608 650 705 885 1,977 2,026
Retained Earnings 440 438 452 462 473 498
Retained Earnings/Total Equity % 41.4% 39.2% 37.5% 33.6% 18.9% 19.2%
Main Criterias
Net Operating Cash Flow 278 270 347 487 505 538 429 5 years average
Net Investing Cash Flow (111) (186) (93) (99) (86) (100) (113) 5 years average
Cash Flow Analysis
Net Financing Cash Flow (88) (191) (101) (73) 648 (293) (2) 5 years average
Sum of 5 Years Free Cash Flow 1,559 Sum of 5 Years Free Cash Flow
INARI Cash Flow Analysis

800 500
450 • Net Operating Cash Flow

600 • Expecting positive
400
350
400
300
• Free Cash Flow
• Prefer 5 years average >0
200 250 • Prefer Sum of 5 years >0
0 • Prefer at least 2 years are
150
positive Free Cash Flow during
100 last 3 years
(200)
50
(400) 0
Net Operating Cash Flow 278 270 347 487 505 538
Net Investing Cash Flow (111) (186) (93) (99) (86) (100)
Net Financing Cash Flow (88) (191) (101) (73) 648 (293)
Free Cash Flow 114 86 258 387 394 433
Main Criterias
Net Operating Cash Flow 278 270 347 487 505 538 429 5 years average
Earining Quality Net Profit 249 192 156 330 391 390 292 5 years average
Net Operating Cash Flow/Net Profit 111.5% 140.8% 222.4% 147.4% 129.1% 138.0% 147% 5 years average
INARI Earning Quality

This is to ensure the net profit comes from Income
600 250.0%
Statement is not paper gain.
500 • Net Operating Cash Flow/Net Profit %

200.0%
• Prefer >70%; <120%
• If >120%, further validation is
400
needed (Example: Depreciation,
150.0%
one time gain/loss)
100.0%
200
50.0%
100
0 0.0%
Net Operating Cash Flow 278 270 347 487 505 538
Net Profit 249 192 156 330 391 390
Net Operating Cash Flow/Net Profit 111.5% 140.8% 222.4% 147.4% 129.1% 138.0%
Main Criterias
Dividend per share 0.0646 0.0669 0.0439 0.0660 0.1180 0.1029 0.3975 Sum of 5 years
Dividend Payout % 80.1% 110.2% 90.2% 66.0% 110.8% 97.6% 95.0% 5 years average
DY% Average 3.3% 3.6% 2.7% 2.4% 3.5% 3.9% 3.2% 5 years average
Dividend Analysis
EPS (Basic) 0.0800 0.0600 0.0500 0.1000 0.1100 0.1054 0.4254 Sum of 5 years
Free Cash Flow per share 0.0370 0.0273 0.0803 0.1173 0.1073 0.1170 0.4493 Sum of 5 years
Dividend/Free Cash Flow per share 174.5% 244.7% 54.6% 56.3% 109.9% 87.9% 88.5% Sum of 5 years
INARI INARI INARI

0.1400 120.0% 0.1400 4.5% 0.1400 300.0%
4.0%
0.1200 0.1200 0.1200
100.0% 250.0%
3.5%
0.1000 0.1000 0.1000
80.0% 3.0% 200.0%
0.0800
0.0800 0.0800 2.5%
150.0%
60.0%
2.0% 0.0600
0.0600 0.0600
100.0%
40.0% 1.5% 0.0400
0.0400 0.0400
1.0%
50.0%
20.0% 0.0200
0.0200 0.0200
0.5%
0.0000 0.0%
30-Jun- 30-Jun- 30-Jun- 30-Jun- 30-Jun- Rolling
0.0000 0.0% 0.0000 0.0%
30-Jun-2018 30-Jun-2019 30-Jun-2020 30-Jun-2021 30-Jun-2022 Rolling Last4Q 30-Jun-2018 30-Jun-2019 30-Jun-2020 30-Jun-2021 30-Jun-2022 Rolling Last4Q 2018 2019 2020 2021 2022 Last4Q
Dividend per share 0.0646 0.0669 0.0439 0.0660 0.1180 0.1029 Dividend per share 0.0646 0.0669 0.0439 0.0660 0.1180 0.1029 Dividend per share 0.0646 0.0669 0.0439 0.0660 0.1180 0.1029
EPS (Basic) 0.0800 0.0600 0.0500 0.1000 0.1100 0.1054 EPS (Basic) 0.0800 0.0600 0.0500 0.1000 0.1100 0.1054 Free Cash Flow per share 0.0370 0.0273 0.0803 0.1173 0.1073 0.1170
Dividend Payout % 80.1% 110.2% 90.2% 66.0% 110.8% 97.6% DY% Average 3.3% 3.6% 2.7% 2.4% 3.5% 3.9% Dividend/Free Cash Flow per share 174.5% 244.7% 54.6% 56.3% 109.9% 87.9%
Dividend Payout % Dividend Yield % Dividend/Free Cash Flow per share

This is to ensure net generated free cash flow is sufficient to pay dividend.
• Dividend/Free Cash Flow per share
• Dividend per share • Dividend per share • Prefer >50%
• Expecting stable/uptrend • Expecting stable/uptrend • Expecting stable/uptrend
• If >100%, need further validation source of
• Dividend Payout % • Dividend Yield % Average funds (Example one time gain)
• Expecting stable/uptrend • Ensure Dividend not come from borrowing
(Validate Financial Cash Flow)
Main Criterias
Inventory Days 43 55 51 41 35 36 44 5 years average
Receivable Days 60 73 77 59 59 58 65 5 years average
Operational Efficiency Total Inv and Rec Days 103 128 128 100 95 94 109 5 years average
Payable Days 23 27 26 25 25 35 28 5 years average
Inventories 162 174 148 159 150 144 155 5 years average
INARI Operation Efficiency Analysis

90
• Inventory Days
80
• Expecting stable trending
70 • Negative impact on Operating Cash Flow
60
• Receivable Days
50 • Expecting stable/downtrend
• Prefer <90 days (depend on industry)
40
• Be caution if too high
30 • Negative impact on Operating Cash Flow
20
• Payable Days
• Positive impact on Operating Cash Flow
0
Inventory Days 43 55 51 41 35 36 • Prefer Payable Days > Receivable
Receivable Days 60 73 77 59 59 58
Payable Days 23 27 26 25 25 35
Days/Inventory Days
Analysis
Main Criterias
Long Term Liabilities 26 18 15 16 29 26 21 5 years average
ST Debt & Current Portion LT Debt 11 6 7 2 1 2 4 5 years average
Liability Analysis Accounts Payable 88 82 70 128 80 205 113 5 years average
Income Tax Payable 9 2 2 2 10 13 6 5 years average
Bad Debt/Total Debt % 27.6% 22.2% 23.4% 12.2% 25.0% 11.4% 17.0% 5 years average
INARI Debt Analysis

250 30.0%
• Good Debt – Not need to pay

25.0% interest
200
• Account Payable
20.0%
• Income Tax Payable
150
• Bad Debt – Need to pay interest
15.0%
• Long Term Liabilities
100 • Short Term Loan
10.0%
• Long Term Debt
50
5.0% • Bad Debt/Total Debt %
• Prefer <70%
0
0.0% • Expecting stable/downtrend
Long Term Liabilities 26 18 15 16 29 26
ST Debt & Current Portion LT Debt 11 6 7 2 1 2
Accounts Payable 88 82 70 128 80 205
Income Tax Payable 9 2 2 2 10 13
Bad Debt/Total Debt % 27.6% 22.2% 23.4% 12.2% 25.0% 11.4%
Main Criterias
Current Ratio 3.9 4.2 4.0 3.1 6.7 8.0 5.2 5 years average
Interest Cover 96.0 94.0 47.0 243.0 269.0 195.8 169.8 5 years average
Financial Stability Analysis
Total Debt/Equity 0.0 0.0 0.0 0.0 0.0 0.0 0.0 5 years average
Altman Z-Score 16.3 18.1 14.3 14.6 21.1 19.9 17.6 5 years average
INARI Financial Stability Analysis

300.0 25.0
• Altman Z-Score
• Prefer >3
250.0
20.0 • Expecting stable/uptrend
• If <1.8, high risk
200.0
15.0
• Current Ratio (Current Asset/Current Liability)
150.0 • Prefer >2 (at least >1)
10.0
100.0
• Interest Coverage
50.0
5.0 • Prefer >1.5 (in order to get loan
from bank)
0.0 0.0
Altman Z-Score 16.3 18.1 14.3 14.6 21.1 19.9
• Total Debt to Equity Ratio
Current Ratio 3.9 4.2 4.0 3.1 6.7 8.0
Interest Cover 96.0 94.0 47.0 243.0 269.0 195.8
• Prefer <0.5 (depend on industry)
Total Debt/Equity 0.0 0.0 0.0 0.0 0.0 0.0 • Expecting stable/downtrend
0.5
1.5
2.5
3.5
4.5
0
1
2
3
4
0.5
1.5
2.5
3.5
4.5
0
1
2
3
4
0.5
1.5
2.5
3.5
4.5
0
1
2
3
4
20.12.2016 20.12.2016 20.12.2016
20.01.2017 20.01.2017 20.01.2017
20.02.2017 20.02.2017 20.02.2017

20.03.2017 20.03.2017 20.03.2017
20.04.2017 20.04.2017 20.04.2017
20.05.2017 20.05.2017 20.05.2017
20.06.2017 20.06.2017 20.06.2017
20.07.2017 20.07.2017 20.07.2017
20.08.2017 20.08.2017 20.08.2017
20.09.2017 20.09.2017 20.09.2017
20.10.2017 20.10.2017 20.10.2017
20.11.2017 20.11.2017 20.11.2017
20.12.2017 20.12.2017 20.12.2017
20.01.2018 20.01.2018 20.01.2018
20.02.2018 20.02.2018 20.02.2018
Stock Price vs ROE%

20.03.2018 20.03.2018 20.03.2018
20.04.2018 20.04.2018 20.04.2018
20.05.2018 20.05.2018 20.05.2018

Stock Price vs KLCI Index
20.06.2018 20.06.2018 20.06.2018
20.07.2018 20.07.2018 20.07.2018
20.08.2018 20.08.2018 20.08.2018
20.09.2018 20.09.2018 20.09.2018
20.10.2018 20.10.2018 20.10.2018
20.11.2018 20.11.2018 20.11.2018
20.12.2018 20.12.2018 20.12.2018
20.01.2019 20.01.2019 20.01.2019
20.02.2019 20.02.2019
Stock Price vs PE ratio and P/B ratio
20.02.2019
20.03.2019 20.03.2019 20.03.2019
20.04.2019 20.04.2019 20.04.2019

Close
20.05.2019 20.05.2019 20.05.2019

Close
20.06.2019 20.06.2019 20.06.2019

PE
Close
20.07.2019 20.07.2019 20.07.2019
20.08.2019 20.08.2019 20.08.2019
20.09.2019 20.09.2019 20.09.2019

P/B
20.10.2019 20.10.2019 20.10.2019
ROE %
FBMKL_Index
20.11.2019 20.11.2019 20.11.2019
20.12.2019 20.12.2019 20.12.2019
20.01.2020 20.01.2020
INARI
INARI
20.01.2020
INARI
20.02.2020 20.02.2020 20.02.2020

Linear ( Close)
20.03.2020 20.03.2020
Linear ( Close) 20.03.2020
Linear ( Close)
20.04.2020 20.04.2020 20.04.2020
20.05.2020 20.05.2020 20.05.2020
20.06.2020 20.06.2020 20.06.2020

Linear (PE)
20.07.2020 20.07.2020 20.07.2020
20.08.2020 20.08.2020
Linear (ROE %)
20.08.2020
20.09.2020 20.09.2020 20.09.2020
Linear (FBMKL_Index)
20.10.2020 20.10.2020 20.10.2020

Linear (P/B)
20.11.2020 20.11.2020 20.11.2020
20.12.2020 20.12.2020 20.12.2020
20.01.2021 20.01.2021 20.01.2021
20.02.2021 20.02.2021 20.02.2021

20.03.2021 20.03.2021 20.03.2021
20.04.2021 20.04.2021 20.04.2021
20.05.2021 20.05.2021
20.05.2021
20.06.2021 20.06.2021
20.06.2021
20.07.2021 20.07.2021
20.07.2021
20.08.2021 20.08.2021
20.08.2021
20.09.2021 20.09.2021
20.09.2021
20.10.2021 20.10.2021
20.10.2021
20.11.2021 20.11.2021
20.11.2021
20.12.2021 20.12.2021
20.12.2021
20.01.2022 20.01.2022
20.01.2022
20.02.2022 20.02.2022
20.02.2022
20.03.2022 20.03.2022
20.03.2022
20.04.2022 20.04.2022
20.04.2022
20.05.2022 20.05.2022
20.05.2022
20.06.2022 20.06.2022
20.06.2022
20.07.2022 20.07.2022
20.07.2022
20.08.2022 20.08.2022
20.08.2022
20.09.2022 20.09.2022
20.09.2022
20.10.2022 20.10.2022
20.10.2022
20.11.2022 20.11.2022
20.11.2022
20.12.2022 20.12.2022
20.12.2022
0.0
5.0
0.0%
5.0%
15.0
10.0
20.0
25.0
30.0
35.0
40.0
45.0
15.0%
25.0%
10.0%
20.0%
30.0%
1550.0
1650.0
1450.0
1500.0
1600.0
1700.0
1750.0
1800.0
1850.0
1900.0
1950.0
Future Growth
Prospect
Analysis
Main Criterias
Capital Expenditures (abs value) 164 184 89 99 111 105 588 Sum of 5 years
Future Growth Prospect
Net Profit 249 192 156 330 391 390 1459 Sum of 5 years
INARI Capital Expenditure

450 200
• This is to exam whether capital
400 180 expenditures generate higher net profit
in the future
160
350 • Observation: Expecting higher
140 CAPEX generates higher Net Profit
300
in the following year
120
250 • Higher CAPEX last 4Q is expecting
100 generate higher net profit in
200 future
80
150
60
100
40
50 20
0 0
Net Profit 249 192 156 330 391 390
Capital Expenditures (abs value) 164 184 89 99 111 105
Main Criterias
Revenue Growth Analysis Gross Profit % 26.4% 23.3% 20.4% 29.7% 30.4% 30.2% 26.8% 5 years average
Inventory Days 43 55 51 41 35 36 44 5 years average
INARI INARI
1,800 60 35.0% 60
1,600
30.0%
50 50
1,400
25.0%
1,200 40 40
20.0%
1,000
30
30
800 15.0%
20
600 20
10.0%
400
10
10 5.0%
200
0.0% 0
0 0 30-Jun-2018 30-Jun-2019 30-Jun-2020 30-Jun-2021 30-Jun-2022 Rolling Last4Q
Gross Profit % 26.4% 23.3% 20.4% 29.7% 30.4% 30.2%
Total Revenue 1,376 1,153 1,058 1,429 1,548 1,494
Inventory Days 43 55 51 41 35 36
Inventory Days 43 55 51 41 35 36
Future Profit Growth Analysis based on Inventory

Future Revenue Growth Analysis based on Inventory This is to ensure higher Gross Profit % is not due to higher inventory. To exam
Revenue up, Inventory Up => Business Growing. Good. Company buy large scale of raw material in lower price however not able to
Revenue up, Inventory Down => Demand more than supply. Good. utilize it on-time.
Revenue down, Inventory Up => Supply more than demand. Bad. Observation: Higher Gross Profit% with higher inventory days need to be caution.
Revenue Down, Inventory Down => Business Declining. Bad.
Analysis
INARI 30-Sep-2021 31-Dec-2021 31-Mar-2022 30-Jun-2022 30-Sep-2022
Total Revenue 431 420 360 336 377

Last 5Q Future Growth Analysis Gross Profit % 30.5% 31.5% 30.6% 29.6% 29.1%
Inventory Days 142 142 159 163 139
INARI INARI
500 165 32.0% 165
450 31.5%
160 160
400
31.0%
155 155
350
30.5%
150 150
300
30.0%
250 145 145
29.5%
200
140 140
29.0%
150
135 135
28.5%
100
130 28.0% 130

50
0 125 27.5% 125

30-Sep-2021 31-Dec-2021 31-Mar-2022 30-Jun-2022 30-Sep-2022 30-Sep-2021 31-Dec-2021 31-Mar-2022 30-Jun-2022 30-Sep-2022
Total Revenue 431 420 360 336 377 Gross Profit % 30.5% 31.5% 30.6% 29.6% 29.1%
Inventory Days 142 142 159 163 139 Inventory Days 142 142 159 163 139
Future Revenue Growth Analysis based on Inventory Future Profit Growth Analysis based on Inventory
Revenue up, Inventory Up => Business Growing. Good. This is to ensure higher Gross Profit % is not due to higher inventory. To exam
Revenue up, Inventory Down => Demand more than supply. Good. Company buy large scale of raw material in lower price however not able to
Revenue down, Inventory Up => Supply more than demand. Bad. utilize it on-time.
Revenue Down, Inventory Down => Business Declining. Bad. Observation: Higher Gross Profit% with higher inventory days need to be caution.
Analysis
Main Criterias
INARI Growth Momentum YoY

120.0%
100.0% Compare YoY revenue growth and Profit YoY growth
80.0% • Revenue YoY growth > Profit YoY growth

• Future profit growth should growing as well
60.0%
• Revenue YoY growth < Profit YoY growth

40.0%
• Future profit growth may declined
20.0%
• Compare Revenue and profit YoY growth with QoQ growth

0.0%
• Expecting higher QoQ growth > YoY growth
-20.0%
-40.0%
30-Jun-2019 30-Jun-2020 30-Jun-2021 30-Jun-2022 Rolling Last4Q
Revenue Growth % -16.2% -8.2% 35.1% 8.3% -3.5%
Net Profit Growth % -22.9% -18.8% 111.5% 18.5% -0.2%
Analysis
INARI 30-Sep-2021 31-Dec-2021 31-Mar-2022 30-Jun-2022 30-Sep-2022 Last QoQ %
Revenue Growth % -2.5% -14.3% -6.7% 12.1% -12.6%

Last 4Q Growth Rate Net Profit Growth Rate % 0.3% -15.7% -4.7% 23.2% -0.6%
EPS Growth Rate % 0.0% -33.3% 0.0% 50.0% 0.0%
INARI
30.0% Growth Momentum QoQ
25.0%
• Compare QoQ revenue growth and Profit QoQ
20.0% growth
15.0%
• Revenue QoQ growth > Revenue YoY growth
10.0% • Future Revenue growth potential upside
5.0%
• Profit QoQ growth > Profit YoY growth
0.0%
• Future Profit growth potential upside
-5.0%
-10.0% • Compare Revenue and profit YoY growth with

QoQ growth
-15.0%
• Expecting higher QoQ growth > YoY Growth
-20.0%
31-Dec-2021 31-Mar-2022 30-Jun-2022 30-Sep-2022 Last QoQ %
Revenue Growth % -2.5% -14.3% -6.7% 12.1% -12.6%
Net Profit Growth Rate % 0.3% -15.7% -4.7% 23.2% -0.6%
Stock Intrinsic Value
Valuations
Main Criterias
Share Price FYE Average 1.97 1.84 1.65 2.77 3.35 2.65 2.45 5 years average
Histotical Share Price Share Price FYE Highest 2.53 2.53 2.08 3.70 4.25 2.95 3.10 5 years average
Share Price FYE Lowest 1.41 1.23 1.04 1.73 2.48 2.34 1.76 5 years average
PE FYE Average 24.6 30.6 33.0 27.7 30.4 25.1 29.38 5 years average
Historical PE PE FYE Highest 31.7 42.2 41.6 37.0 38.6 28.0 37.48 5 years average
PE FYE Lowest 17.6 20.5 20.8 17.3 22.5 22.2 20.67 5 years average
INARI PE Valuation
4.50 45.0 INARI PE Share Price
Lowest Last 4Q 22.2 2.34
4.00 40.0
Average Last 4Q 25.1 2.65
3.50 35.0 Highest Last 4Q 28.0 2.95
3.00 30.0
Last Closed 25.1 2.65
Evaluation Last 4Q Above Average
2.50 25.0
Lowest 5 Years Average 20.7 1.76
2.00 20.0 Average 5 Years Average 29.4 2.45
Highest 5 Years Average 37.5 3.10
1.50 15.0
Last Closed 25.1 2.65
1.00 10.0 Evaluation Last 5 Years Above Average
0.50 5.0
0.00
0.0 Historical PE Analysis
Share Price FYE Average 1.97 1.84 1.65 2.77 3.35 2.65
Share Price FYE Highest 2.53 2.53 2.08 3.70 4.25 2.95 • Entry: Below average and near to lowest PE
Share Price FYE Lowest 1.41 1.23 1.04 1.73 2.48 2.34
• Exit: Near to Highest PE
PE FYE Average 24.6 30.6 33.0 27.7 30.4 25.1
PE FYE Highest 31.7 42.2 41.6 37.0 38.6 28.0
PE FYE Lowest 17.6 20.5 20.8 17.3 22.5 22.2
Main Criterias
Share Price FYE Average 1.97 1.84 1.65 2.77 3.35 2.65 2.45 5 years average
Histotical Share Price Share Price FYE Highest 2.53 2.53 2.08 3.70 4.25 2.95 3.10 5 years average
Share Price FYE Lowest 1.41 1.23 1.04 1.73 2.48 2.34 1.76 5 years average
P/B Highest 7.4 7.2 5.5 8.9 6.2 4.2 6.41 5 years average
Historical P/B P/B Lowest 4.1 3.5 2.8 4.2 3.6 3.3 3.48 5 years average
P/B Average 5.7 5.2 4.4 6.7 4.9 3.8 4.99 5 years average
Price-Book Ratio Valuation

INARI INARI P/B Share Price
4.50 10.0 Lowest Last 4Q 3.3 2.34
4.00 9.0 Average Last 4Q 3.8 2.65
Highest Last 4Q 4.2 2.95
8.0
3.50 Last Closed 3.7 2.65
7.0 Evaluation Last 4Q Above Average
3.00
6.0 Lowest 5 Years Average 3.5 1.76
2.50
Average 5 Years Average 5.0 2.45
5.0
2.00 Highest 5 Years Average 6.4 3.10
4.0 Last Closed 3.7 2.65
1.50
3.0 Evaluation Last 5 Years Above Average
1.00
2.0
0.50
Historical P/B Analysis
1.0
0.00
0.0 • Entry: Below average and near to lowest P/B
Share Price FYE Average 1.97 1.84 1.65 2.77 3.35 2.65 • Exit: Near to Highest P/B
Share Price FYE Highest
Share Price FYE Lowest
2.53
1.41
2.53
1.23
2.08
1.04
3.70
1.73
4.25
2.48
2.95
2.34
• Validate Net Tangible and Non Tangible Asset
P/B Highest 7.4 7.2 5.5 8.9 6.2 4.2 prior to use this ratio
P/B Lowest 4.1 3.5 2.8 4.2 3.6 3.3
P/B Average 5.7 5.2 4.4 6.7 4.9 3.8
Analysis
Main Criterias
EV/EBITDA EV/EBITDA 20.2 28.6 32.1 23.9 28.0 20.8 26.70 5 years average
INARI
35.0
Historical EV/EBITDA Ratio Analysis
30.0 • Entry: Below average and near to lowest EV/EBITDA

• Exit: Near to Highest EV/EBITDA
25.0
20.0
15.0
10.0
5.0
0.0
EV/EBITDA 20.2 28.6 32.1 23.9 28.0 20.8
Analysis
Main Criterias
Average Dividend Yield % 3.6% 2.7% 2.4% 3.5% 3.9% 3.2% 5 years average
Gordon Model Analysis Return on Retained Earning Growth Rate % -1.8% 1.3% 8.7% -2.2% 0.4% 1.3% 5 years average
Gordon Earning Yield % 1.8% 4.0% 11.1% 1.4% 4.3% 4.5% 5 years average
Peter Lynch Valuation Peter Lynch Valuation 0.06 0.12 0.40 0.04 0.17 0.16 5 years average
Peter Lynch Valuation

INARI INARI Ratio Valuation
12.0% 5
Last Closed 0.17 Over-valued
4.5 Evaluation Last 4Q 0.17 Over-valued
10.0%
Evaluation Last 5 Years 0.16 Over-valued
4
8.0%
3.5
Gordon Model Analysis
6.0%
3
4.0% 2.5
• Gordon Earning Yield
• Prefer >10%
2.0%
2
1.5
0.0%
1
Peter Lynch Valuation
-2.0%
0.5
• Peter Lynch Valuation
-4.0%
30-Jun-2019 30-Jun-2020 30-Jun-2021 30-Jun-2022 Rolling Last4Q
0 • Under-valued >2
Peter Lynch Valuation 0.06 0.12 0.40 0.04 0.17 • Fair Value 1-2
Average Dividend Yield % 3.6% 2.7% 2.4% 3.5% 3.9% • Over-valued <1
Return on Retained Earning Growth Rate % -1.8% 1.3% 8.7% -2.2% 0.4%
Gordon Earning Yield % 1.8% 4.0% 11.1% 1.4% 4.3%
INARI Dividend Discount Model
28.12.2022
• Calculate Stock Intrinsic Value by
Dividend Discount Model
using Dividend Discount Model
for 5 years and 10 years
Year 2022 5 Years 10 Years
Number of years 10 5 By year 2027 2032
Stock Price Last Closed 2.65 Share Price 6.01 11.47 • This valuation is based on
EPS Rolling 4Q 0.11 Present Value of stock price 2.41 1.85 forecasting dividend payout in
PE Ratio 4Q (Last Closed) 25.1 Total Dividend Present Value 0.44 0.75
Expected EPS Growth (adjusted 3 years CAGR) 20.0% 30.1%
the future, and expecting
Dividend per share 4Q 0.10 Stock Intrinsic Value 2.86 2.60 minimum EPS yearly growth 2%
Expected Dividend Growth (adjusted 3 years CAGR) 15.0% 39.1% 20% Safety Margin 2.28 2.08
Expected Return (CAPM) 20% Valuation Over-valued Over-valued
• Not applicable for company not
Year Dividend received
Present Value of
Projected EPS
Adjsuted EPS Adjusted Dividend paying dividend or not paying
Dividend Growth Rate Growth Rate
2023 0.12 0.10 0.13 20.0% 15.0%
consistently.
2024 0.14 0.09 0.15 19.0% 14.3%
2025 0.15 0.09 0.18 18.0% 13.5%
2026 0.17 0.08 0.21 16.0% 12.0%
2027 0.19 0.08 0.24 16.0% 12.0%
2028 0.21 0.07 0.27 15.0% 11.3%
2029 0.24 0.07 0.31 14.0% 10.5%
2030 0.26 0.06 0.36 14.0% 10.5%
2031 0.29 0.06 0.40 14.0% 10.5%
2032 0.32 0.05 0.46 13.0% 9.8%
INARI Discounted Cash Flow Model
28.12.2022
Discounted Cash Flow Model • Calculate Stock Intrinsic Value by

2022 2023 2024 2025 2026 2027
using Discounted Cash Flow Model
Projected Revenue Growth Rate 13.5% 14.9% 16.4% 17.2% 18.0% 18.9% for next 5 years.
Projected Free Cash Flow 433 498 579 679 802 953
Total Assets 2,923

• The valuation based on forecasting
Total Debt 328 generated free cash flow in the
% Debt of total Assets 11% future and expecting positive
Total Equity 2,595
revenue growth %.
% Equity of Total Asets 89%
Tax Rate % 13.0%
Risk Free Rate % 3.2% • Not applicable for company with
Borrowing Rate % 6.0% negative free cash flow recently.
Risk Premium % 12.0%
Beta 1.77
Cost of Debt 0.59%
Cost Equity 21.73%
WACC 22.3%
Final Projected Free Cash Flow 953
Long term Cash Flow Growth Rate 5.0%
Discount Rate 22.3%
Terminal Value 5,783
Terminal Value 2023 2024 2025 2026 2027
Discounted Cash Flow Present Value 2,113 407 387 371 358 348
Total free cash flow Present Value 3,985
Net Debt (Balance Sheet) -2,096
Company Fair value 6,081
Total Outstanding Share 3,704
Last Closed Stock Price 2.65
Stock Intrinsic Value 1.64
20% Safety Margin 1.31
Valuation Over-valued
INARI Ben Graham Formula
28.12.2022 • Calculate Stock Intrinsic Value by using Ben Graham’s formula

Ben Graham Formula
• Not applicable if negative EPS

Last 4Q EPS 0.11
PE for stock zero growth 8.5
Expected EPS growth rate 3 years 20.00%
Y 3.5%
Stock Intrinsic Value 1.18

INARI ROE Method

28.12.2022
ROE Method • Calculate Stock Intrinsic Value by using ROE method
Last 4Q • The valuation based on forecasting EPS growth % and ROE%

Book Value per share 0.70
ROE% 15.3% • This valuation is expecting minimum EPS yearly growth 2%
Discounted Rate (WACC) 22.3%
Expected EPS Growth (adjusted 3 years CAGR) 20% • Not applicable if negative ROE% or negative EPS
Stock Intrinsic Value (1 year later) 0.58
INARI
Summary
Last Closed Share Price 2.65 28-Dec-2022 • Observation: Compare stock
value for all methods
PE valuation (last 4Q) Above Average
• Average Stock Valuation for all
PE valuation (last 5 years) Above Average
methods are excluded minimum
P/B Valuation (Last 4Q) Above Average and maximum values
P/B Valuation (Last 5 Years) Above Average
Peter Lynch Valuation Over-valued
Ben Graham's formula 0.94 Over-valued
ROE Method 0.46 Over-valued
5 years DCF Valuation 1.31 Over-valued
25% above lowest PE (Last 4Q) 2.93 Under-valued
25% below average PE (Last 4Q) 1.99 Over-valued
Mean Average/Lowest PE (Last 4Q) 2.49 Over-valued
Gordon Valuation (Next Year) 0.45 Over-valued
Average for all methods 1.65 Over-valued
(Excluded min & max values)
End of report
CLICK TO
SPONSOR ME

INARI 28 Dec 2023 - Financial - Analysis - Explained - V1.1

Uploaded by

Document Information

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

INARI 28 Dec 2023 - Financial - Analysis - Explained - V1.1

Uploaded by

Copyright:

Available Formats

双剑：KLSE 财务分析报表

双剑论股 Double Swords Investing YouTube 频道

Stock Code 0166

Report date 28-Dec-2022

Summary of Stock Valuations

INARI ROE and Free Cash Flow Analysis

ROE% Annualized 17.6% 17.3% 14.6% 13.8% 16.4%

INARI ROE and Free Cash Flow Analysis

18.0% • Last 5Q ROE%

14.0% 100 • Last 5Q Free Cash Flow

10.0% • Always compare with yearly ROE%

Analysis INARI 30-Sep-2021 31-Dec-2021 31-Mar-2022 30-Jun-2022 30-Sep-2022

Total Revenue 431 420 360 336 377

INARI Total Revenue and Net Profit Analysis

450 • Last 5Q Total Revenue

INARI Gross Profit Margin and Net Profit Margin Analysis

Analysis INARI 30-Sep-2021 31-Dec-2021 31-Mar-2022 30-Jun-2022 30-Sep-2022

Total Revenue 431 420 360 336 377

INARI Gross Profit % and Net Profit

INARI Financial Ratios per share

ROE % DuPont Analysis

100.0% • Net Profit %

10.0% • Asset Turn-over %

Analysis INARI 30-Jun-2018 30-Jun-2019 30-Jun-2020 30-Jun-2021 30-Jun-2022 Rolling Last4Q

INARI Shareholder’s Equity Analysis

INARI Cash Flow Analysis

450 • Net Operating Cash Flow

INARI Earning Quality

500 • Net Operating Cash Flow/Net Profit %

INARI INARI INARI

Dividend Payout % Dividend Yield % Dividend/Free Cash Flow per share

INARI Operation Efficiency Analysis

INARI Debt Analysis

• Good Debt – Not need to pay

INARI Financial Stability Analysis

20.12.2016 20.12.2016 20.12.2016

20.01.2017 20.01.2017 20.01.2017

20.02.2017 20.02.2017 20.02.2017

20.04.2017 20.04.2017 20.04.2017

20.05.2017 20.05.2017 20.05.2017

20.06.2017 20.06.2017 20.06.2017

20.07.2017 20.07.2017 20.07.2017

20.08.2017 20.08.2017 20.08.2017

20.09.2017 20.09.2017 20.09.2017

20.10.2017 20.10.2017 20.10.2017

20.11.2017 20.11.2017 20.11.2017

20.12.2017 20.12.2017 20.12.2017

20.01.2018 20.01.2018 20.01.2018

20.02.2018 20.02.2018 20.02.2018

Stock Price vs ROE%

20.04.2018 20.04.2018 20.04.2018

20.05.2018 20.05.2018 20.05.2018

20.06.2018 20.06.2018 20.06.2018

20.07.2018 20.07.2018 20.07.2018

20.08.2018 20.08.2018 20.08.2018

20.09.2018 20.09.2018 20.09.2018

20.10.2018 20.10.2018 20.10.2018

20.11.2018 20.11.2018 20.11.2018

20.12.2018 20.12.2018 20.12.2018

20.01.2019 20.01.2019 20.01.2019

20.04.2019 20.04.2019 20.04.2019

20.05.2019 20.05.2019 20.05.2019

20.06.2019 20.06.2019 20.06.2019