[MAYBANK] QoQ TTM Result on 31-Mar-2004 [#3]

	31/12/04	30/09/04	30/06/04	31/03/04	31/12/03	30/09/03	30/06/03	CAGR
TTM Result
Revenue	10,831,400	10,596,832	10,404,296	10,014,144	9,978,662	9,936,857	10,037,610	5.18%
YoY %	2.21%	1.85%	3.90%	0.36%	0.42%	-1.00%	-	-
Horiz. %	107.91%	105.57%	103.65%	99.77%	99.41%	99.00%	100.00%	-
PBT	3,633,402	3,451,151	3,358,597	3,231,359	2,893,769	2,781,371	2,628,322	23.97%
YoY %	5.28%	2.76%	3.94%	11.67%	4.04%	5.82%	-	-
Horiz. %	138.24%	131.31%	127.78%	122.94%	110.10%	105.82%	100.00%	-
Tax	-1,054,245	-972,822	-934,086	-775,270	-634,284	-656,161	-623,185	41.75%
YoY %	-8.37%	-4.15%	-20.49%	-22.23%	3.33%	-5.29%	-	-
Horiz. %	169.17%	156.10%	149.89%	124.40%	101.78%	105.29%	100.00%	-
NP	2,579,157	2,478,329	2,424,511	2,456,089	2,259,485	2,125,210	2,005,137	18.18%
YoY %	4.07%	2.22%	-1.29%	8.70%	6.32%	5.99%	-	-
Horiz. %	128.63%	123.60%	120.91%	122.49%	112.68%	105.99%	100.00%	-
								-
YoY %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	-
Horiz. %	-	-	-	-	-	-	-	-
NP to SH	2,579,157	2,478,329	2,424,511	2,456,089	2,259,485	2,125,210	2,005,137	18.18%
YoY %	4.07%	2.22%	-1.29%	8.70%	6.32%	5.99%	-	-
Horiz. %	128.63%	123.60%	120.91%	122.49%	112.68%	105.99%	100.00%	-
								-
YoY %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	-
Horiz. %	-	-	-	-	-	-	-	-
Tax Rate	29.02%	28.19%	27.81%	23.99%	21.92%	23.59%	23.71%	-
YoY %	2.94%	1.37%	15.92%	9.44%	-7.08%	-0.51%	-	-
Horiz. %	122.40%	118.89%	117.29%	101.18%	92.45%	99.49%	100.00%	-
Total Cost	8,252,243	8,118,503	7,979,785	7,558,055	7,719,177	7,811,647	8,032,473	1.80%
YoY %	1.65%	1.74%	5.58%	-2.09%	-1.18%	-2.75%	-	-
Horiz. %	102.74%	101.07%	99.34%	94.09%	96.10%	97.25%	100.00%	-
								-
YoY %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	-
Horiz. %	-	-	-	-	-	-	-	-
Net Worth	15,625,113	15,189,782	14,587,128	14,001,420	14,223,240	14,078,809	10,740,511	28.24%
YoY %	2.87%	4.13%	4.18%	-1.56%	1.03%	31.08%	-	-
Horiz. %	145.48%	141.43%	135.81%	130.36%	132.43%	131.08%	100.00%	-

	31/12/04	30/09/04	30/06/04	31/03/04	31/12/03	30/09/03	30/06/03	CAGR
Dividend
Div	2,438,981	2,158,509	2,158,509	1,868,916	1,868,916	1,853,171	1,853,171	19.99%
YoY %	12.99%	0.00%	15.50%	0.00%	0.85%	0.00%	-	-
Horiz. %	131.61%	116.48%	116.48%	100.85%	100.85%	100.00%	100.00%	-
Div Payout %	94.57%	87.10%	89.03%	76.09%	82.71%	87.20%	92.42%	-
YoY %	8.58%	-2.17%	17.01%	-8.00%	-5.15%	-5.65%	-	-
Horiz. %	102.33%	94.24%	96.33%	82.33%	89.49%	94.35%	100.00%	-

	31/12/04	30/09/04	30/06/04	31/03/04	31/12/03	30/09/03	30/06/03	CAGR
Equity
Net Worth	15,625,113	15,189,782	14,587,128	14,001,420	14,223,240	14,078,809	10,740,511	28.24%
YoY %	2.87%	4.13%	4.18%	-1.56%	1.03%	31.08%	-	-
Horiz. %	145.48%	141.43%	135.81%	130.36%	132.43%	131.08%	100.00%	-
NOSH	3,625,316	3,599,474	3,592,888	3,599,336	3,600,820	3,600,718	3,580,170	0.83%
YoY %	0.72%	0.18%	-0.18%	-0.04%	0.00%	0.57%	-	-
Horiz. %	101.26%	100.54%	100.36%	100.54%	100.58%	100.57%	100.00%	-

	31/12/04	30/09/04	30/06/04	31/03/04	31/12/03	30/09/03	30/06/03	CAGR
Ratio Analysis
NP Margin	23.81%	23.39%	23.30%	24.53%	22.64%	21.39%	19.98%	-
YoY %	1.80%	0.39%	-5.01%	8.35%	5.84%	7.06%	-	-
Horiz. %	119.17%	117.07%	116.62%	122.77%	113.31%	107.06%	100.00%	-
ROE	16.51%	16.32%	16.62%	17.54%	15.89%	15.10%	18.67%	-
YoY %	1.16%	-1.81%	-5.25%	10.38%	5.23%	-19.12%	-	-
Horiz. %	88.43%	87.41%	89.02%	93.95%	85.11%	80.88%	100.00%	-

	31/12/04	30/09/04	30/06/04	31/03/04	31/12/03	30/09/03	30/06/03	CAGR
Per Share
RPS	298.77	294.40	289.58	278.22	277.12	275.97	280.37	4.30%
YoY %	1.48%	1.66%	4.08%	0.40%	0.42%	-1.57%	-	-
Horiz. %	106.56%	105.00%	103.28%	99.23%	98.84%	98.43%	100.00%	-
EPS	71.14	68.85	67.48	68.24	62.75	59.02	56.01	17.19%
YoY %	3.33%	2.03%	-1.11%	8.75%	6.32%	5.37%	-	-
Horiz. %	127.01%	122.92%	120.48%	121.84%	112.03%	105.37%	100.00%	-
DPS	67.50	60.00	60.00	52.00	52.00	52.00	52.00	18.90%
YoY %	12.50%	0.00%	15.38%	0.00%	0.00%	0.00%	-	-
Horiz. %	129.81%	115.38%	115.38%	100.00%	100.00%	100.00%	100.00%	-
NAPS	4.31	4.22	4.06	3.89	3.95	3.91	3.00	27.18%
YoY %	2.13%	3.94%	4.37%	-1.52%	1.02%	30.33%	-	-
Horiz. %	143.67%	140.67%	135.33%	129.67%	131.67%	130.33%	100.00%	-

	31/12/04	30/09/04	30/06/04	31/03/04	31/12/03	30/09/03	30/06/03	CAGR
Adjusted Per Share Value based on latest NOSH - 3,599,336
RPS	89.78	87.84	86.24	83.01	82.71	82.37	83.20	5.18%
YoY %	2.21%	1.86%	3.89%	0.36%	0.41%	-1.00%	-	-
Horiz. %	107.91%	105.58%	103.65%	99.77%	99.41%	99.00%	100.00%	-
EPS	21.38	20.54	20.10	20.36	18.73	17.62	16.62	18.19%
YoY %	4.09%	2.19%	-1.28%	8.70%	6.30%	6.02%	-	-
Horiz. %	128.64%	123.59%	120.94%	122.50%	112.70%	106.02%	100.00%	-
DPS	20.22	17.89	17.89	15.49	15.49	15.36	15.36	20.01%
YoY %	13.02%	0.00%	15.49%	0.00%	0.85%	0.00%	-	-
Horiz. %	131.64%	116.47%	116.47%	100.85%	100.85%	100.00%	100.00%	-
NAPS	1.2952	1.2591	1.2091	1.1606	1.179	1.167	0.8903	28.24%
YoY %	2.87%	4.14%	4.18%	-1.56%	1.03%	31.08%	-	-
Horiz. %	145.48%	141.42%	135.81%	130.36%	132.43%	131.08%	100.00%	-

	31/12/04	30/09/04	30/06/04	31/03/04	31/12/03	30/09/03	30/06/03	CAGR
Price Multiplier on Financial Quarter End Date
Date	31/12/04	30/09/04	30/06/04	31/03/04	31/12/03	30/09/03	30/06/03	-
Price	11.80	11.00	10.10	11.60	9.65	9.60	8.60	-
P/RPS	3.95	3.74	3.49	4.17	3.48	3.48	3.07	18.20%
YoY %	5.61%	7.16%	-16.31%	19.83%	0.00%	13.36%	-	-
Horiz. %	128.66%	121.82%	113.68%	135.83%	113.36%	113.36%	100.00%	-
P/EPS	16.59	15.98	14.97	17.00	15.38	16.27	15.36	5.24%
YoY %	3.82%	6.75%	-11.94%	10.53%	-5.47%	5.92%	-	-
Horiz. %	108.01%	104.04%	97.46%	110.68%	100.13%	105.92%	100.00%	-
EY	6.03	6.26	6.68	5.88	6.50	6.15	6.51	-4.95%
YoY %	-3.67%	-6.29%	13.61%	-9.54%	5.69%	-5.53%	-	-
Horiz. %	92.63%	96.16%	102.61%	90.32%	99.85%	94.47%	100.00%	-
DY	5.72	5.45	5.94	4.48	5.39	5.42	6.05	-3.65%
YoY %	4.95%	-8.25%	32.59%	-16.88%	-0.55%	-10.41%	-	-
Horiz. %	94.55%	90.08%	98.18%	74.05%	89.09%	89.59%	100.00%	-
P/NAPS	2.74	2.61	2.49	2.98	2.44	2.46	2.87	-3.02%
YoY %	4.98%	4.82%	-16.44%	22.13%	-0.81%	-14.29%	-	-
Horiz. %	95.47%	90.94%	86.76%	103.83%	85.02%	85.71%	100.00%	-

	31/12/04	30/09/04	30/06/04	31/03/04	31/12/03	30/09/03	30/06/03	CAGR
Price Multiplier on Announcement Date
Date	18/02/05	08/11/04	30/08/04	11/05/04	25/02/04	07/11/03	25/08/03	-
Price	12.30	11.10	10.40	9.95	11.20	10.10	9.10	-
P/RPS	4.12	3.77	3.59	3.58	4.04	3.66	3.25	17.04%
YoY %	9.28%	5.01%	0.28%	-11.39%	10.38%	12.62%	-	-
Horiz. %	126.77%	116.00%	110.46%	110.15%	124.31%	112.62%	100.00%	-
P/EPS	17.29	16.12	15.41	14.58	17.85	17.11	16.25	4.20%
YoY %	7.26%	4.61%	5.69%	-18.32%	4.32%	5.29%	-	-
Horiz. %	106.40%	99.20%	94.83%	89.72%	109.85%	105.29%	100.00%	-
EY	5.78	6.20	6.49	6.86	5.60	5.84	6.15	-4.03%
YoY %	-6.77%	-4.47%	-5.39%	22.50%	-4.11%	-5.04%	-	-
Horiz. %	93.98%	100.81%	105.53%	111.54%	91.06%	94.96%	100.00%	-
DY	5.49	5.41	5.77	5.23	4.64	5.15	5.71	-2.57%
YoY %	1.48%	-6.24%	10.33%	12.72%	-9.90%	-9.81%	-	-
Horiz. %	96.15%	94.75%	101.05%	91.59%	81.26%	90.19%	100.00%	-
P/NAPS	2.85	2.63	2.56	2.56	2.84	2.58	3.03	-3.98%
YoY %	8.37%	2.73%	0.00%	-9.86%	10.08%	-14.85%	-	-
Horiz. %	94.06%	86.80%	84.49%	84.49%	93.73%	85.15%	100.00%	-

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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