[TM] QoQ Annualized Quarter Result on 31-Dec-2003 [#4]

Announcement Date
26-Feb-2004
Admission Sponsor
-
Sponsor
-
Financial Year
31-Dec-2003
Quarter
31-Dec-2003 [#4]
Profit Trend
QoQ- 17.08%
YoY- 64.69%
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Annualized Quarter Result
30/09/04 30/06/04 31/03/04 31/12/03 30/09/03 30/06/03 31/03/03 CAGR
Revenue 13,047,726 13,001,262 13,028,176 11,796,350 11,461,788 10,577,858 9,351,944 24.78%
PBT 2,972,088 3,414,992 2,824,284 1,810,452 1,732,204 1,687,192 1,724,640 43.59%
Tax -586,408 -496,428 -795,760 -420,038 -544,665 -572,270 -606,248 -2.18%
NP 2,385,680 2,918,564 2,028,524 1,390,414 1,187,538 1,114,922 1,118,392 65.48%
-
NP to SH 2,385,680 2,918,564 2,028,524 1,390,414 1,187,538 1,114,922 1,118,392 65.48%
-
Tax Rate 19.73% 14.54% 28.18% 23.20% 31.44% 33.92% 35.15% -
Total Cost 10,662,046 10,082,698 10,999,652 10,405,936 10,274,249 9,462,936 8,233,552 18.74%
-
Net Worth 14,305,434 14,210,627 13,660,595 12,468,442 11,867,964 11,417,498 14,075,216 1.08%
Dividend
30/09/04 30/06/04 31/03/04 31/12/03 30/09/03 30/06/03 31/03/03 CAGR
Div 443,434 661,805 - 637,804 - - - -
Div Payout % 18.59% 22.68% - 45.87% - - - -
Equity
30/09/04 30/06/04 31/03/04 31/12/03 30/09/03 30/06/03 31/03/03 CAGR
Net Worth 14,305,434 14,210,627 13,660,595 12,468,442 11,867,964 11,417,498 14,075,216 1.08%
NOSH 3,325,762 3,309,029 3,293,058 3,189,023 3,180,907 3,167,391 3,177,249 3.08%
Ratio Analysis
30/09/04 30/06/04 31/03/04 31/12/03 30/09/03 30/06/03 31/03/03 CAGR
NP Margin 18.28% 22.45% 15.57% 11.79% 10.36% 10.54% 11.96% -
ROE 16.68% 20.54% 14.85% 11.15% 10.01% 9.77% 7.95% -
Per Share
30/09/04 30/06/04 31/03/04 31/12/03 30/09/03 30/06/03 31/03/03 CAGR
RPS 392.32 392.90 395.63 369.90 360.33 333.96 294.34 21.05%
EPS 71.73 88.20 61.60 43.60 37.33 35.20 35.20 60.52%
DPS 13.33 20.00 0.00 20.00 0.00 0.00 0.00 -
NAPS 4.3014 4.2945 4.1483 3.9098 3.731 3.6047 4.43 -1.93%
Adjusted Per Share Value based on latest NOSH - 3,224,258
30/09/04 30/06/04 31/03/04 31/12/03 30/09/03 30/06/03 31/03/03 CAGR
RPS 339.99 338.78 339.48 307.38 298.66 275.63 243.69 24.78%
EPS 62.16 76.05 52.86 36.23 30.94 29.05 29.14 65.48%
DPS 11.55 17.24 0.00 16.62 0.00 0.00 0.00 -
NAPS 3.7276 3.7029 3.5596 3.2489 3.0925 2.9751 3.6676 1.08%
Price Multiplier on Financial Quarter End Date
30/09/04 30/06/04 31/03/04 31/12/03 30/09/03 30/06/03 31/03/03 CAGR
Date 30/09/04 30/06/04 31/03/04 31/12/03 30/09/03 30/06/03 31/03/03 -
Price 5.60 5.15 5.15 4.20 3.67 3.92 3.58 -
P/RPS 1.43 1.31 1.30 1.14 1.02 1.17 1.22 11.13%
P/EPS 7.81 5.84 8.36 9.63 9.83 11.14 10.17 -16.09%
EY 12.81 17.13 11.96 10.38 10.17 8.98 9.83 19.24%
DY 2.38 3.88 0.00 4.76 0.00 0.00 0.00 -
P/NAPS 1.30 1.20 1.24 1.07 0.98 1.09 0.81 36.96%
Price Multiplier on Announcement Date
30/09/04 30/06/04 31/03/04 31/12/03 30/09/03 30/06/03 31/03/03 CAGR
Date 30/11/04 24/08/04 26/05/04 26/02/04 21/11/03 26/08/03 27/05/03 -
Price 6.00 5.05 4.75 5.25 4.18 3.95 3.78 -
P/RPS 1.53 1.29 1.20 1.42 1.16 1.18 1.28 12.59%
P/EPS 8.36 5.73 7.71 12.04 11.20 11.22 10.74 -15.34%
EY 11.96 17.47 12.97 8.30 8.93 8.91 9.31 18.11%
DY 2.22 3.96 0.00 3.81 0.00 0.00 0.00 -
P/NAPS 1.39 1.18 1.15 1.34 1.12 1.10 0.85 38.67%

PBT = Profit before Tax, NP = Net Profit, NP to SH = Net Profit Attributable to Shareholder, Div = Dividend, NP Margin = Net Profit Margin, ROE = Return on Equity, NOSH = Number of Shares, RPS = Revenue per Share, EPS = Earning Per Share, DPS = Dividend Per Share, NAPS = Net Asset Per Share, EOQ = End of Quarter, ANN = Announcement, P/RPS = Price/Revenue per Share, P/EPS = Price/Earning per Share, P/NAPS = Price/Net Asset per Share, EY = Earning Yield, DY = Dividend Yield.

NOSH is estimated based on the NP to SH and EPS. Div is an estimated figure based on the DPS and NOSH. Net Worth is an estimated figure based on the NAPS and NOSH.

Div Payout %, NP Margin, ROE, DY, QoQ & YoY figures in Percentage; RPS, EPS & DPS's figures in Cent; and NAPS's figures in Dollar.

All figures in '000 unless specified.

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