[WTHORSE] QoQ Quarter Result on 30-Sep-2003 [#3]

Announcement Date
21-Nov-2003
Admission Sponsor
-
Sponsor
-
Financial Year
31-Dec-2003
Quarter
30-Sep-2003 [#3]
Profit Trend
QoQ- 22.0%
YoY- 24.33%
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Quarter Result
30/06/04 31/03/04 31/12/03 30/09/03 30/06/03 31/03/03 31/12/02 CAGR
Revenue 109,268 86,492 94,686 90,184 78,780 61,260 71,480 32.73%
PBT 24,246 13,498 12,160 14,782 12,072 8,430 8,483 101.52%
Tax -3,121 -1,202 -855 -1,532 -1,211 -1,211 -1,689 50.63%
NP 21,125 12,296 11,305 13,250 10,861 7,219 6,794 113.18%
-
NP to SH 21,125 12,296 11,305 13,250 10,861 7,219 6,794 113.18%
-
Tax Rate 12.87% 8.91% 7.03% 10.36% 10.03% 14.37% 19.91% -
Total Cost 88,143 74,196 83,381 76,934 67,919 54,041 64,686 22.93%
-
Net Worth 379,963 373,913 239,711 342,631 330,864 330,970 240,318 35.75%
Dividend
30/06/04 31/03/04 31/12/03 30/09/03 30/06/03 31/03/03 31/12/02 CAGR
Div 7,169 - - - 11,987 - - -
Div Payout % 33.94% - - - 110.38% - - -
Equity
30/06/04 31/03/04 31/12/03 30/09/03 30/06/03 31/03/03 31/12/02 CAGR
Net Worth 379,963 373,913 239,711 342,631 330,864 330,970 240,318 35.75%
NOSH 238,970 239,688 239,711 239,602 239,757 239,833 240,318 -0.37%
Ratio Analysis
30/06/04 31/03/04 31/12/03 30/09/03 30/06/03 31/03/03 31/12/02 CAGR
NP Margin 19.33% 14.22% 11.94% 14.69% 13.79% 11.78% 9.50% -
ROE 5.56% 3.29% 4.72% 3.87% 3.28% 2.18% 2.83% -
Per Share
30/06/04 31/03/04 31/12/03 30/09/03 30/06/03 31/03/03 31/12/02 CAGR
RPS 45.72 36.09 39.50 37.64 32.86 25.54 29.74 33.23%
EPS 8.84 5.13 4.73 5.53 4.53 3.01 2.84 113.33%
DPS 3.00 0.00 0.00 0.00 5.00 0.00 0.00 -
NAPS 1.59 1.56 1.00 1.43 1.38 1.38 1.00 36.26%
Adjusted Per Share Value based on latest NOSH - 239,602
30/06/04 31/03/04 31/12/03 30/09/03 30/06/03 31/03/03 31/12/02 CAGR
RPS 49.67 39.31 43.04 40.99 35.81 27.85 32.49 32.74%
EPS 9.60 5.59 5.14 6.02 4.94 3.28 3.09 113.06%
DPS 3.26 0.00 0.00 0.00 5.45 0.00 0.00 -
NAPS 1.7271 1.6996 1.0896 1.5574 1.5039 1.5044 1.0924 35.75%
Price Multiplier on Financial Quarter End Date
30/06/04 31/03/04 31/12/03 30/09/03 30/06/03 31/03/03 31/12/02 CAGR
Date 30/06/04 31/03/04 31/12/03 30/09/03 30/06/03 31/03/03 31/12/02 -
Price 1.80 1.98 1.77 1.55 1.57 1.33 1.50 -
P/RPS 3.94 5.49 4.48 4.12 4.78 5.21 5.04 -15.15%
P/EPS 20.36 38.60 37.53 28.03 34.66 44.19 53.06 -47.22%
EY 4.91 2.59 2.66 3.57 2.89 2.26 1.88 89.75%
DY 1.67 0.00 0.00 0.00 3.18 0.00 0.00 -
P/NAPS 1.13 1.27 1.77 1.08 1.14 0.96 1.50 -17.22%
Price Multiplier on Announcement Date
30/06/04 31/03/04 31/12/03 30/09/03 30/06/03 31/03/03 31/12/02 CAGR
Date 19/08/04 20/05/04 24/02/04 21/11/03 21/08/03 28/05/03 21/02/03 -
Price 1.85 1.90 1.88 1.66 1.59 1.50 1.45 -
P/RPS 4.05 5.27 4.76 4.41 4.84 5.87 4.87 -11.57%
P/EPS 20.93 37.04 39.86 30.02 35.10 49.83 51.29 -45.01%
EY 4.78 2.70 2.51 3.33 2.85 2.01 1.95 81.90%
DY 1.62 0.00 0.00 0.00 3.14 0.00 0.00 -
P/NAPS 1.16 1.22 1.88 1.16 1.15 1.09 1.45 -13.83%

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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