HOA SEN GROUP JOINT STOCK COMPANY (HSG)
|
|
- George Darren Higgins
- 7 years ago
- Views:
Transcription
1 HOA SEN GROUP JOINT STOCK COMPANY (HSG) OVERVIEW Hoa Sen Group JSC (HSG) was established in August 2001 with initial charter capital of VND 30 bn, mainly operating in the fields of import, production and distribution of metal sheet products, purlin and other types of construction materials. Even though having only existed less than 10 years in operation, HSG has rapidly evolved. into one of the strongest private corporations, leading the galvanized steel sheet market in the entire country with 26% market share in the first 11 months of HSG official listed on the Hose in December 2008 with a notable charter capital of VND bn. Hoa Sen Group currently has plans to separately issue additional shares to strategic shareholders and staffs along with paying stock dividends, expecting to raise charter capital to VND 1,008 bn in HSG is one of few companies currently listed that has opted to use an accounting year from October 1 to September 30. GENERAL INFORMATION Industry Basic material - steel Listed HOSE Ticker HSG Charter capital (VND bn) week highest price (VND) 66, week lowest price (VND) 8,700 Avg trading vol in 10 days 881,468 07/01/2010 (VND) 55,000 Market Capital (VND bn) 3,137 VALUATION MEASURE ROA 2010 (%) 12.2 ROE 2010 (%) 26.8 ROIC 2010 (%) 13.3 P/E 2010 (x) 8.0 P/B 2010 (x) 2.1 Vietnam galvanized steel sheet market: large companies battle for market share Galvanized steel sheet is a segment within the flat steel line, manufactured from cold rolled coil (CRC) as the main raw material. The galvanized steel sheet segment accounts for only 8% of domestic steel consumption in general but 14.5% of the flat steel segment in particular. Overall there is a variety of galvanized steel sheet products with different coatings, color and size, and is used mainly in civil and industrial construction. Vietnam s galvanized steel sheets consumption in 2009 is expected to be around 850,000 tons, an increase of 15.5% over the previous year. The growth rate for this market is forecasted to be stable at 10-12%/year, which is equivalent to the whole steel sectors average annual growth. Mainly, when consumers lean towards the benefits and aesthetics of using galvanized steel then higher quality products such as aluminum zinc alloy coated steel sheets and pre-painted coated steel sheets will begin to have significant growth compared to less expensive conventional zinc coated steel products. Although there is no fierce competition as in the construction steel segment, the galvanized steel sheet market is a battle for market share among large companies. Currently HSG leads the domestic galvanized steel sheet segment with 26% market share, followed by Sun Steel (14.7%) and Phuong Nam Steel (12.4%). Other joint ventures and foreign corporations also account for dominant domestic market share such as Perstima VN (Malaysia 9.3%), Blue Scope Steel (Australia 8.1%) and LD Posvina (JV Vietnam and Posco Korea 6.2%). Hoa Sen Group leader in the galvanized steel sheet market in the entire country With just nearly 10 years of existence, HSG has quickly evolved into one of the strongest private corporations in the steel industry. HSG is currently the leader in the galvanized steel sheet market in the entire country with 26% market share in the first 11 months of Galvanized steel sheet is the key product accounting for 70-80% of the company s revenue and gross profit structure. HSG supplies a variety of galvanized steel sheet products including the four main groups: zinc galvanized steel sheet, pre-painted galvanized steel sheet, alum-zinc alloy coated steel sheet and pre-painted alum-zinc alloy coated steel sheet that meet the diverse needs of consumers. In addition, the company sells other construction material products such as steel pipes, purlin, plafond, and plastic pipes. An almost self-contained production line helps HSG raise profit margins and competiveness higher HSG owns an almost self-contained production line from the cold rolling stage to the final finished product. Hot rolled coil (HRC) is considered as the first raw material input used to produce CRC to later produce the galvanized steel sheet products. Being one of the limited companies that own a cold rolling production line with capacity of 180,000 ton/year, HSG imports mainly HRC with low purchase and tax expenses. Currently, HRC enjoys 0% import tax while tax levied on CRC imported from ASEAN countries is 8% and 12% if imported from other countries. With lower initial input costs, HSG has the ability to achieve better profit margins and greater competiveness compared to other companies in the same industry. The rapid and strong development of the retail network is a competitive advantage HSG possess 82 retail branches in the entire country specializing in distributing products carrying the Hoa Sen brand. The retail network has been deeply invested, supporting wide coverage and bringing high effectiveness to help the
2 FINANCIAL RATIOS 2009 Net revenue (VND bn) 2,831.4 Gross profit (VND bn) Net profit (VND bn) Gross margin (%) 19.6 Net margin (%) 6.7 EBITDA margin (%) 13.8 Debt/Equity (%) ROA (%) 7.8 ROE (%) 20.0 EPS (VND) 3,321 BPS (VND) 16,594 NET REVENUE STRUCTURE 2009 Source: HSG & VCSC GROSS PROFIT STRUCTURE % 2.4% 13.1% 2.4% 8.1% 70.9% Galvanized steel sheet CRC & HRC Steel pipe Purlin Plastic pipe Others Source: HSG & VCSC company realize good revenue and profits, while providing HSG s new products with a good distribution network and accessibility to consumers. In 2010, the company will develop around more branches with a total investment value of VND 190 bn. Fiscal year financials: recovery of the industry and lower raw material inventory bring business results that exceed expectations HSG accounting year is from October 1 to September 30, effective since Ending fiscal year , HSG achieved VND 2,831 bn in net revenue, equivalent to 105.5% of implemented revenue plan. In particular, the galvanized steel sheet segment is still the main product accounting for up to 84.1% of the company s total revenue. It is then followed by other products such as steel pipes (6.9%), purlin (3.2%), plastic pipes (1.8%) and other products including plafond and scrap. HSG s gross margin in Q3 and Q4 increased significantly, respectively reaching 24.2% and 34.8% compared to 18.3% in Q2 and -3% of Q1, mainly thanks to better negotiations on the steel market when HSG was able to import enough raw materials during a low cost period to supply manufacturing needs for over half a year. As a result, the company ended the year with 19.6% gross margin or VND bn in term of gross profit value. Net income reached VND bn, over-passing 163.1% whole year target, and the respective net margin was 6.7%. Q1 fiscal year (October 1, 2009 to December 31, 2009): satisfactory business results as consumption volume and selling price continue to improve HSG just briefly announced estimated business results in Q1 fiscal year as satisfactory with VND 1,043 bn revenue and VND 154 bn net profits. The recovery of the domestic steel market with selling prices increasing over 12% in the final two months of 2009 and consumption remaining at high levels are factors benefiting HSG. The total consumption volume of HSG products in Q1 reached over 63,800 tons, increasing 19.4% compared to the previous quarter Q4 fiscal year along with the recovery of prices helped revenue for this quarter increase 24.8% compared to the previous quarter. Raw material sources under purchase agreements are enough to supplyfor manufacturing until April2010 at a low average cost. This is the main factor that enables HSG to maintain a high gross profit margin around 30% and net profit margin reach 14.8% in Q1. With the results above, HSG has completed 21% of revenue plan and 29.6% of profit plan for fiscal year prospects Strong revenue increase realized from the contributions of galvanized steel sheets products from the new Hoa Sen Phu My steel sheet factory and steel pipe line. Total consumption of HSG in 2010 is estimated to strongly increase 60.6% compared to last year to reach more than 267,400 tons, mainly from contributions of galvanized steel sheet and steel pipe products. In 2009, HSG s production capacity of the galvanized steel sheet was still limited, but new galvanized steel production lines at the new Hoa Sen Phu My steel sheet factory coming into operation in April 2010 will help HSG meet the larger demand and more diverse needs of the market. Hoa Sen Phu My steel sheet factory developing galvanized steel sheet product line and cold rolled coil products. According HSG s plan, the Hoa Sen Phu My steel sheet factory will be completed in the period with a total investment of VND 2,321 bn. The main products of the new factory including a diverse line of galvanized steel sheet products will be available from April 2010 and the CRC production line will be put into operation since Jan The domestic galvanized steel market is relatively stable with an average growth per year of 10-12% and even higher for galvanized steel sheets with better quality and aesthetics. With brand-name and a leading position in the
3 MARKET SHARE OF STEEL SHEET COMPANIES IN 11M2009 Source: VSA MARKET SHARE OF STEEL PIPE COMPANIES IN 11M2009 Source: VSA current galvanized steel sheet market along with the advantage from its distribution network, finding a consumption market for products of the new factory will not be too difficult for HSG. In addition, the new factory will supply two new steel sheet product lines including hot dip galvanized steel sheet and standardized steel sheet. These products have higher expected annual growth of 15-20% than conventional galvanized steel sheets and higher gross margin of over 20%, promising to contribute significantly to HSG s revenue growth and profitability every year. With regards to the CRC products, HSG has plans to develop 5 production lines with total capacity of 1 million ton/year (capacity of each production line is 200,000 ton/year) according to the following schedule from the beginning of 2011 to 2013: CRC production line Capacity Operation Current line 180,000 New line 1 200,000 Jan 2011 New line 2 200,000 May 2011 New line 3 200,000 Oct 2011 New line 4 200,000 Jan 2012 New line 5 200,000 Oct 2013 At first, HSG will invest to raise the production capacity of CRC to meet internal consumption demands to produce galvanized steel sheet and steel pipe products. Thereafter, HSG will target direct consumption in the domestic and export market. However, because these are separate production lines HSG will use flexible consideration relying on market conditions to put into operation each production line accordingly to bring the company the best results. The consumption of CRC of the domestic market is currently about more than 1 million tons/year. By the end of 2010, expected domestic supply will be relatively abundant in the presence of names such as Hoa Sen (180,000 tons/year), Posco (1.2 million tons/year), Phu My Flat Steel (400,000 tons/year), Thong Nhat flat steel (300,000 tons/year) With this fierce competition among companies in the industry as a cautious point, we assume only two new CRC production lines will be developed instead of five according to the company s plan. With the operation of the two new CRC production lines, HSG may have up to 150, ,000 tons of CRC steel for retail sales each year excluding internal consumption. With this assumption, the investment cost for the Hoa Sen Phu My steel sheet factory will be reduced to VND 1,670 bn and estimated completion time is Steel pipes gradually gaining brand awareness and preparing for future growth In addition, HSG s steel pipe product line after a short period of market exploration has gradually gained encouraging market share. As of the first 11 months of 2009, HSG steel pipes accounted for 4.2% market share of the whole domestic steel pipe market. The company s current average consumption volume of steel pipes reaches 4,000 5,000 tons/month. Besides the existing steel pipe production lines with capacity of 114,000 tons/year, HSG is expanding this segment by investing in a new production line with capacity of 108,00 tons/year, with a total investment value of approximately VND 60 bn. Recently, three new production lines with capacity of 36,000 tons/year have been installed and are being tested; the six remaining production lines with capacity of 72,000 tons/year will continue to be developed in In the short time ahead, when HSG s steel pipe production lines are stable and have reached a high capacity level, we believe the company will gain a
4 FINANCIAL RATIOS Q Net revenue (VND bn) 1,043 Net profit (VND bn) 154 Net margin (%) 14.8 EPS (VND) 2,700 OWNERSHIP STRUCTURE Source: Hose & HSG significant market share and become one of leading businesses in the Vietnam steel pipe segment. Therefore, we estimate consumption for HSG s steel pipes this year to reach about 60,000 tons/year, marking an outstanding 190% growth compared to the previous year and an initial step for development in upcoming years. Besides the main estimates regarding volume growth as above, we are also optimistic regarding the direction of steel prices in On that basis, we estimate HSG s revenue for the fiscal year to reach nearly VND 4,640 billion, soaring 63.3% compared to the previous year. However, investment into the Hoa Sen Phu My steel sheet factory requires a relatively large capital source, along with increased working capital needs when the steel factory is in operation will increase the company s debt and borrowing cost. The current upward adjustment of interest rates and the end of the interest-rate subsidies are disadvantageous for HSG. In addition to higher borrowing costs, the costs associated with floating foreign exchange rates also in part directly impacts the company s net profit. Based on the above important point, we anticipate HSG s profit after tax in will reach over VND 480 bn, indicating an increase of 150.7% from the previous year. Moreover, HSG has plans to issue separately an additional mil shares to strategic shareholders and 1 million shares to employees, raising the company charter capital from VND bn to VND 700 bn. The expected price ratio of the new stocks is 5x with the main purpose to mobilize capital for the new Hoa Sen Phu My steel sheet factory project. After the additional issuance, the company will proceed to grant bonus shares to further raise the charter capital to VND 1,008 bn in Comparison of a number listed peer companies in the industry Items HPG HMC HLA SMC VIS HSG Charter Cap (VND bn) 1, SHARE PRICE MOVEMENT 7/1/2010 (VND) 68,000 22,600 33,300 34,600 99,000 55,000 Market Cap (VND bn) 13, ,485 3,137 GM 9T2009 (%) ROA trailing (%) 9.7 (0.4) ROE trailing (%) 16.7 (1.2) P/E 2009 (x) Source: Reuters Recommendation With satisfactory Q business results, we are relatively confident in HSG s ability to achieve the year plan, but also note the following points: (1) systematic industry fluctuations may affect the company s business results (2) when the inventory of low cost raw materials is depleted, HSG s gross margin in the second half of 2010 will be difficult to maintain at the high level of around 30% as in Q1 (3) HSG s revenue and profit growth in 2010 and the years following will be very much dependent on the operations of the new Hoa Sen steel sheet factory (4) if HSG is unsuccessful in offering the additional shares to strategic shareholders at the expected price ratio of 5x to mobilize capital for the new factory, it may hinder the progress of the project, while increasing the company s debt and borrowing costs, therefore negatively impacting HSG s revenue and net profit. Based on the important points above and realizing the contributions from the new factory, we estimate HSG s P/E 2010 to be 8.0x at the current price of VND 55,000/shares (taking into consideration dilution after the additional issuance to raise charter capital to VND 700 bn). Considering this is a reasonable price level we thereforerecommend a HOLD to HSG share.
5 SUMMARY OF HISTORICAL AND PROJECTED FINANCIAL STATEMENTS INCOME STATEMENT (VND bn) 2007A 2008A 2009A 2010F Net revenue 2, , , ,639.2 COGS 1, , , ,644.5 Gross profit Operating profit Profit before tax Corporation tax Minority interest Profit after tax BALANCE SHEET (VND bn) 2007A 2008A 2009A 2010F Current assets , , ,526.2 Cash and cash equivalent Short term financial investments Provision for short term investments Receivables Inventory Provision for inventory devaluation - (50.8) (1.8) - Other current assets Non-current assets , , ,424.1 Fixed assets , ,344.8 Long term financial investments Provision for long term financial investments Other long term assets TOTAL ASSETS 1, , , ,947.3 Current liabilities , , ,453.4 Short term debt ,126.2 Payables Non-current liabilities Long term debt Other long term debt LIABILITIES , , ,154.9 OWNERS EQUITY ,792.4 Charter capital ,008.0 Treasury stocks - (0.6) (0.6) (0.6) Capital surplus Retained earnings Other sources and funds Minority interest TOTAL CAPITAL 1, , , ,947.3 CASH FLOW STATEMENT (VND bn) 2007A 2008A 2009A Profit before tax Operating profit before change in WC Cash flow from operating activities (63.1) (16.8) Cash flow from investing activities (297.2) (231.2) (314.1) Cash flow from financing activities (82.5) Cash flow movement within the period (18.0) (7.4) 31.6 Beginning cash flow Ending cash flow KEY FINANCIAL RATIOS 2007A 2008A 2009A 2010F Revenue growth rate y-o-y % Net income growth rate y-o-y % (4.5) Gross margin % Net margin % ROA (%) ROE (%) EPS (VND) 2,649 3,478 3,321 4,764 EPS growth rate y-o-y % (35.8) 31.3 (4.5) 43.4 Note: - Financial year 2007 is from 1/1 to 12/31 - Financial year 2008 includes only 3Q from 1/1 to 9/30 - Financial year 2009 is from 10/1/2008 to 9/30/2009. Financial year 2010 is from 10/1/2009 to 9/30/2010
6 Disclaimer Copyright 2009 Viet Capital Securities Company. All rights reserved. This report has been prepared on the basis of information believed to be reliable at the time of publication. VCSC makes no representation or warranty regarding the completeness and accuracy of such information. Opinions, estimates and projection expressed in this report represent the current views of the author at the date of publication only. They do not necessarily reflect the opinions of VCSC and are subject to change without notice. This report is provided, for information purposes only, to institutional investor and retail clients of VCSC, and does not constitute an offer or solicitation to buy or sell any securities discussed herein in any jurisdiction. Investors must make their investment decisions based upon independent advice subject to their particular financial situation and investment objectives. This report may not be copied, reproduced, published or redistributed by any person for any purpose without the written permission of an authorized representative of VCSC. Please cite sources when quoting. Trịnh Thanh Cần Hoàng Thị Hoa Ông Thị Thanh Thảo Đinh Thị Như Hoa Trương Vĩnh An Nguyễn Ngọc Ý Nhi Võ Phúc Nguyên Võ Xuân Quỳnh Vũ Thanh Tú RESEARCH AND ANALYSIS DEPARTMENT VIET CAPITAL SECURITIES 67 Ham Nghi, District 1, Ho Chi Minh City, Viet Nam Tel: (84 8) Fax: (84 8)
Closing Announcement of First Quarter of the Fiscal Year Ending March 31, 2009
Member of Financial Accounting Standards Foundation Closing Announcement of First Quarter of the Fiscal Year Ending March 31, 2009 Name of Listed Company: Arisawa Mfg. Co., Ltd. Listed on the 1st Section
More informationSatisfactory Top-Line; Disappointing Bottom-Line
: Tsingtao Brewery (00168 HK) 公 司 报 告 : 青 岛 啤 酒 (00168 HK) Satisfactory Top-Line; Disappointing Bottom-Line 销 售 增 长 理 想 但 盈 利 能 力 令 人 失 望 Sunny Kwok 郭 日 升 +852 2509 2642 sunny.kwok@gtjas.com.hk GTJA Research
More informationTD is currently among an exclusive group of 77 stocks awarded our highest average score of 10. SAMPLE. Peers BMO 9 RY 9 BNS 9 CM 8
Updated April 16, 2012 TORONTO-DOMINION BANK (THE) (-T) Banking & Investment Svcs. / Banking Services / Banks Description The Average Score combines the quantitative analysis of five widely-used investment
More informationBDI BioEnergy Intern. 20.0 Neutral. Activity level in Q3 might not support FY estimates
8/11/1 8/1/11 8/3/11 8/5/11 8/7/11 8/9/11 8/11/11 8/1/12 8/3/12 8/5/12 8/7/12 8/9/12 MATELAN Research Preview Note Price as of 9/11/12: 8.69 12 November 212 Company / Sector Fair Value Recommendation BDI
More informationPrivate drilling fluid technology service leader
21 March 2012 Equity Research Report Company Research Petroleum & Petrochemical Sichuan Renzhi Oilfield Technology Services (002629) Investment value analysis report Private drilling fluid technology service
More informationConsolidated Financial Review for the Second Quarter Ended September 30, 2014
Consolidated Financial Review for the Second Quarter Ended September 30, 2014 TOKYO ELECTRON Oct 29, 2014 Company name: Tokyo Electron Limited URL: http://www.tel.com Telephone number: (03) 5561-7000 Stock
More informationG5 Entertainment. G5 Entertainment. Quarter Update Q3 15. Amended strategy and boosted profitability
Quarter Update Q3 15 Last updated on the 18/11/2015 Share Price Market Capitalisation Target Price 41.00 SEK 360.8m SEK 49.05 SEK Amended strategy and boosted profitability reported their third quarter
More informationCONSOLIDATED FINANCIAL REPORT FIRST QUARTER FISCAL 2009
CONSOLIDATED FINANCIAL REPORT FIRST QUARTER FISCAL 2009 (March 1, 2009 to May 31, 2009) July 9, 2009 F&A Aqua Holdings, Inc. is listed on the First Section of the Tokyo Stock Exchange under the securities
More informationSMC TRADING INVESTMENT JOINT STOCK COMPANY
GENERAL INFORMATION ABOUT COMPANY Overall Formation and Development History Goods and Services Operation Network Organizational Structure 04 06 08 10 12 CONTENT OPERATIONAL COVERING Chairman s Statement
More informationConsolidated Financial Statements for the Third Quarter of the Fiscal Year Ending March 31 st, 2016 (FY2016), Japan GAAP February 9 th, 2016
Consolidated Financial Statements for the Third Quarter of the Fiscal Year Ending March 31 st, 2016 (FY2016), Japan GAAP February 9 th, 2016 Company Name Tokyo Seimitsu Co., Ltd. Stock Listing: First Section,
More informationTrxade Group, Inc. (TCQB: TRXD): Record Revenues in Q3
Siddharth Rajeev, B.Tech, MBA, CFA Analyst November 5, 2015 Trxade Group, Inc. (TCQB: TRXD): Record Revenues in Q3 Sector/Industry: E-commerce Market Data (as of November 5, 2015) Current Price $1.15 Fair
More informationKingdee (268 HK) Buy (maintained) Target price: HK$3.58. Solidifying leadership in cloud services; maintain Buy but revise TP down to HK$3.
Equity Research Information Technology Aug 2, 21 Kingdee (28 HK) Buy (maintained) Target price: HK$.8 Solidifying leadership in cloud services; maintain Buy but revise TP down to HK$.8 Lower-than-expected
More informationClosing Announcement of First Quarter of the Fiscal Year Ending March 31, 2016 [Japanese Standards] (Consolidated)
Closing Announcement of First Quarter of the Fiscal Year Ending March 31, 2016 [Japanese Standards] (Consolidated) August 4, 2015 Name of Listed Company: Arisawa Mfg. Co., Ltd. Listed on the Tokyo Stock
More informationFinancial Analysis Project. Apple Inc.
MBA 606, Managerial Finance Spring 2008 Pfeiffer/Triangle Financial Analysis Project Apple Inc. Prepared by: Radoslav Petrov Course Instructor: Dr. Rosemary E. Minyard Submission Date: 5 May 2008 Petrov,
More informationIn line performance. Results update 4Q2015. Banks UAE 28 January 2016 DUBAI ISLAMIC BANK
28 Jan 15 28 Apr 15 28 Jul 15 28 Oct 15 DUBAI ISLAMIC BANK In line performance Results update 4Q2015 Banks UAE 28 January 2016 Dubai Islamic Bank s (DIB) reported net profit of AED865mn, in-line with our
More informationINVESTOR NEWSLETTER. Contents. 2... Financial Highlights 6... Share Price History 7... About LTLS. November 4 th, 2015
November 4 th, Distributor and Manufacturer - Basic and Specialty Chemicals INVESTOR NEWSLETTER Contents 2... Financial Highlights 6... Share Price History 7... About LTLS PT Lautan Luas Tbk @PTLAUTANLUASTbk
More informationRAJESH EXPORTS LIMITED GLOBAL PRESENCE IN GOLD AND GOLD PRODUCTS. Earnings Presentation Q2 FY16
RAJESH EXPORTS LIMITED GLOBAL PRESENCE IN GOLD AND GOLD PRODUCTS Earnings Presentation Q2 FY16 Company Overview COMPANY OVERVIEW Rajesh Exports Ltd. (REL) was incorporated in 1989. Currently REL is a leader
More informationSummary of Consolidated Business Results for the First Quarter of Fiscal 2015 For the fiscal year ending May 31, 2016
October 9, 2015 Summary of Consolidated Business Results for the First Quarter of Fiscal 2015 For the fiscal year ending May 31, 2016 Toyo Denki Seizo K.K. Stock Exchange: 1st Section of the Tokyo Stock
More informationConsolidated and Non-Consolidated Financial Statements
May 13, 2016 Consolidated and Non-Consolidated Financial Statements (For the Period from April 1, 2015 to March 31, 2016) 1. Summary of Operating Results (Consolidated) (April 1,
More information(April 1, 2015 June 30, 2015)
Financial Results Summary of Consolidated Financial Results For the Three-month Period Ended June 30, 2015 (IFRS basis) (April 1, 2015 June 30, 2015) *This document is an English translation of materials
More informationFSA Note: Summary of Financial Ratio Calculations
FSA Note: Summary of Financial Ratio Calculations This note contains a summary of the more common financial statement ratios. A few points should be noted: Calculations vary in practice; consistency and
More informationPEER GROUPS CMP MARKET CAP EPS P/E (X) P/BV(X) DIVIDEND Company Name (Rs.) Rs. in mn. (Rs.) Ratio Ratio (%)
BUY CMP 196.40 Target Price 225.00 STYLAM INDUSTRIES LIMITED Result Update (PARENT BASIS): Q2 FY16 DECEMBER 16 th. 2015 ISIN: INE239C01012 12 th h, 2013 Index Details Stock Data Sector Plastic Products
More informationBDI BioEnergy Internat. 14.5 Buy
20/08/13 20/10/13 20/12/13 20/02/14 20/04/14 20/06/14 20/08/14 20/10/14 20/12/14 20/02/15 20/04/15 20/06/15 MATELAN Research Update Note Price as of 20/08/15: 10.80 21 August 2015 Company / Sector Fair
More informationTechnical Analysis in Vietnam s Equity Market
Technical Analysis in Vietnam s Equity Market This article analyses the usefulness of technical analysis in Vietnam s equity market. It starts of by giving a brief overview of the equity market and some
More informationConsolidated Financial Results for the First Two Quarters of the Fiscal Year Ending March 31, 2016 (Japan GAAP)
Consolidated Financial Results for the First Two Quarters of the Fiscal Year Ending March 31, 2016 (Japan GAAP) Name of Listed Company: Yokogawa Electric Corporation (the Company herein) Stock Exchanges
More informationComputing Liquidity Ratios Current Ratio = CA / CL 708 / 540 = 1.31 times Quick Ratio = (CA Inventory) / CL (708 422) / 540 =.53 times Cash Ratio =
1 Computing Liquidity Ratios Current Ratio = CA / CL 708 / 540 = 1.31 times Quick Ratio = (CA Inventory) / CL (708 422) / 540 =.53 times Cash Ratio = Cash / CL 98 / 540 =.18 times 2 Computing Leverage
More informationTipco Asphalt Public Company Limited (TASCO)
(TASCO) Q1/2015 Opportunity Day 4 th June 2015 1 Disclaimer This presentation material has been prepared solely for informational purposes only. TASCO is furnishing it solely for use by prospective investors
More informationMedia Contact: Mike Conway Director, Corporate Communications Sherwin-Williams Direct: 216.515.4393 Pager: 216.422.3751 mike.conway@sherwin.
The Sherwin-Williams Company Reports First Quarter 2012 Financial Results Consolidated net sales increased 15.1% to a record $2.14 billion Diluted net income per common share increased 50.8% to a record
More informationAxis Bank. Strong core performance. Source: Company Data; PL Research
Strong core performance January 17, 2011 Abhijit Majumder abhijitmajumder@plindia.com +91 22 66322236 Umang Shah umangshah@plindia.com +91 22 66322242 Rating BUY Price Rs1,230 Target Price Rs1,600 Implied
More information2010 2011 2012E 2013E 2014E
11 April 2012 Equity Research Report Company Research Construction Engineering Zhejiang Yasha Decoration (002375) Comments on 2011 annual results Rapid growth in results, while profit quality continued
More informationTetragon Financial Group Limited ( TFG )
Tetragon Financial Group Limited ( TFG ) 12 August 2014 THE INFORMATION CONTAINED HEREIN DOES NOT CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO PURCHASE ANY SECURITY OF TFG. THIS INFORMATION
More informationSummary of Consolidated Financial Statements for the First Quarter of Fiscal Year Ending December 31, 2016 (Japanese GAAP)
This document is a translation of the Japanese financial statements and is not in conformity with accounting principles of the United States. Summary of Consolidated Financial Statements for the First
More informationSummary of Consolidated Financial Results for the Six Months Ended September 30, 2013
November 6, 2013 Summary of Consolidated Financial Results for the Six Months Ended Name of Company Listed: Stock Exchange Listings: Nippon Paper Industries Co., Ltd. Tokyo Code Number: 3863 URL: Representative:
More informationFY 2012 SECOND QUARTER (CUMULATIVE) CONSOLIDATED FINANCIAL RESULTS (April 1, 2012 to September 30, 2012)
FY 2012 SECOND QUARTER (CUMULATIVE) CONSOLIDATED FINANCIAL RESULTS (April 1, 2012 to September 30, 2012) 1.Company Name : SANKEN ELECTRIC CO., LTD. 2.Code NO : 6707 3.Headquarters : 363 Kitano, Niizashi,
More informationprice target of 7.40. We reiterate our Buy rating. Figure 1: Reported figures versus forecasts Source: First Berlin Equity Research, SFC Energy AG
FIRST ERLIN Equity Research RATING Germany / Energy Primary exchange: Frankfurt Q3 figures PRICE TARGET 7.40 loomberg: F3C GR Return Potential 38.1% ISIN: DE0007568578 Risk Rating High PROJECT DELAYS URDEN
More informationNovember 4, 2015 Consolidated Financial Results for the Second Quarter of Fiscal Year 2015 (From April 1, 2015 to September 30, 2015) [Japan GAAP]
November 4, 2015 Consolidated Financial Results for the Second Quarter of Fiscal Year 2015 (From April 1, 2015 to September 30, 2015) [Japan GAAP] Company Name: Idemitsu Kosan Co., Ltd. (URL http://www.idemitsu.com)
More informationBOŚ S.A. GROUP Q3 2012
BOŚ S.A. GROUP Q3 2012 PU\Warsaw\Bos\C20120377 Agenda 1. Key information about BOŚ S.A. Group 2. BOŚ S.A. Group after Q3 2012 Appendices 2 3 Key information about BOŚ S.A. Group BOŚ S.A. Group Bank Ochrony
More informationHTC CORPORATION 2Q15 BUSINESS REVIEW. CHIALIN CHANG, CFO & PRESIDENT OF GLOBAL SALES EDWARD WANG, VP OF FINANCE AUGUST 6 th, 2015
HTC CORPORATION 2Q15 BUSINESS REVIEW CHIALIN CHANG, CFO & PRESIDENT OF GLOBAL SALES EDWARD WANG, VP OF FINANCE AUGUST 6 th, 2015 DISCLAIMER STATEMENT This presentation and release contain forward-looking
More informationGrandVision reports Revenue growth of 13.8% and EPS growth of 31.7%
GrandVision reports Revenue of 13.8% and EPS of 31.7% Schiphol, the Netherlands 16 March 2015. GrandVision NV (EURONEXT: GVNV) publishes Full Year and Fourth Quarter 2015 results. 2015 Highlights Revenue
More informationTernium Announces First Quarter 2015 Results
Sebastián Martí Ternium - Investor Relations +1 (866) 890 0443 +54 (11) 4018 2389 www.ternium.com Ternium Announces First Quarter 2015 Results Luxembourg, April 29, 2015 Ternium S.A. (NYSE: TX) today announced
More information20 May 2015 OpenLimit Holding AG. FIRST BERLIN Equity Research
FIRST ERLIN Equity Research RATING Switzerland / Software Primary exchange: Frankfurt Q1 figures PRICE TARGET 1.10 loomberg: O5H GR Return Potential 37.3% ISIN: CH0022237009 Risk Rating High STRONG SALES
More informationFinance Master. Winter 2015/16. Jprof. Narly Dwarkasing University of Bonn, IFS
Finance Master Winter 2015/16 Jprof. Narly Dwarkasing University of Bonn, IFS Chapter 2 Outline 2.1 Firms Disclosure of Financial Information 2.2 The Balance Sheet 2.3 The Income Statement 2.4 The Statement
More informationSummary of Consolidated Financial Results for the Three Months Ended July, 2012 (1Q/FY2013) [Japanese Standards] (Consolidated)
September 7, 2012 Summary of Consolidated Financial Results for the Three Months Ended July, 2012 (1Q/FY2013) [Japanese Standards] (Consolidated) Company name: ZAPPALLAS, INC. Stock listing: Tokyo Stock
More informationFOR IMMEDIATE RELEASE
FOR IMMEDIATE RELEASE O-I REPORTS FULL YEAR AND FOURTH QUARTER 2014 RESULTS O-I generates second highest free cash flow in the Company s history PERRYSBURG, Ohio (February 2, 2015) Owens-Illinois, Inc.
More informationAutomatic Data Processing, Inc. and Subsidiaries Consolidated Statements of Earnings (In millions, except per share amounts) (Unaudited)
Automatic Data Processing, Inc. and Subsidiaries Consolidated Statements of Earnings (In millions, except per share amounts) (Unaudited) 2006 (B) 2005 (C) 2006 (B) 2005 (C) Revenues, other than interest
More informationMATELAN Research. Intelligent Transportation Systems MEGATRENDS DRIVE MARKET GROWTH FINANCIALS ACCELERATING IVU AND INIT SHOW HIGHEST UPSIDES
MATELAN Research Intelligent Transportation Systems MEGATRENDS DRIVE MARKET GROWTH FINANCIALS ACCELERATING IVU AND INIT SHOW HIGHEST UPSIDES 2/5/12 2/7/12 2/9/12 2/11/12 2/1/13 2/3/13 2/5/13 2/7/13 2/9/13
More informationLeading enterprise in domestic TFT liquid crystal material market
13 December Research Report Company Research Mid and Small Cap Yantai Valiant Fine Chemicals (002643) New Issuance Pricing Report Leading enterprise in domestic TFT liquid crystal material market Initial
More informationFinancial Results. siemens.com
s Financial Results Fourth Quarter and Fiscal 2015 siemens.com Key figures (in millions of, except where otherwise stated) Volume Q4 % Change Fiscal Year % Change FY 2015 FY 2014 Actual Comp. 1 2015 2014
More informationFINANCIAL RESULTS FOR THE THREE MONTH ENDED JUNE 2013
FINANCIAL RESULTS FOR THE THREE MONTH ENDED JUNE 2013 Based on US GAAP Mitsubishi Corporation 2-3-1 Marunouchi, Chiyoda-ku, Tokyo, JAPAN 100-8086 http://www.mitsubishicorp.com/ Mitsubishi Corporation and
More informationBarrick Gold Corporation NYSE: ABX. Highlights. Business Summary. Investment Thesis
Analysts: Michelle Oliver, Kari Bellinger, & Brady Rothrock Student Investment Fund Portfolio Recommendation: BUY Market Cap: $50.98 billion Current Price: $47.00 Sector: Mining Dividend Yield: 0.9% 12-month
More information2014 FIRST QUARTER RESULTS CONFERENCE CALL. May 15th, 2014
2014 FIRST QUARTER RESULTS CONFERENCE CALL May 15th, 2014 DISCLAIMER This presentation has been prepared by Eurotech S.p.A.(or Eurotech ) and has to be read in conjunction with its oral presentation. The
More informationFebruary 2, 2016 Consolidated Financial Results for the Third Quarter of Fiscal Year 2015 (From April 1, 2015 to December 31, 2015) [Japan GAAP]
February 2, 2016 Consolidated Financial Results for the Third Quarter of Fiscal Year 2015 (From April 1, 2015 to December 31, 2015) [Japan GAAP] Company Name: Idemitsu Kosan Co.,Ltd. (URL http://www.idemitsu.com)
More informationMitsubishi Electric Announces Consolidated Financial Results for the First Quarter of Fiscal 2017
MITSUBISHI ELECTRIC CORPORATION PUBLIC RELATIONS DIVISION 7-3, Marunouchi 2-chome, Chiyoda-ku, Tokyo, 100-8310 Japan FOR IMMEDIATE RELEASE No. 3040 Investor Relations Inquiries Investor Relations Group,
More informationUnderstanding Financial Information for Bankruptcy Lawyers Understanding Financial Statements
Understanding Financial Information for Bankruptcy Lawyers Understanding Financial Statements In the United States, businesses generally present financial information in the form of financial statements
More information1st Quarter Report 2004. Aarhus United A/S
Erik Højsholt Direct line: +45 8730 6102 Fax: +45 8730 6002 erik.hojsholt@aarhusunited.com 2004-05-24 1st Quarter Report 2004 Aarhus United A/S CVR no. 45 95 49 19 Stock exchange announcement no. 12/2004
More informationYear-end Dec 2013A 2014E 2015E 2016E Key data. # Priced at market close, 29/09/14
This research is intended for UK institutional investors only and market professionals. It is not intended for retail customers and any retail customer should seek professional, independent advice before
More informationHOLD. Ticker: MCD Sector: Consumer Services Industry: Restaurants and Bars. Recommendation:
Ticker: MCD Sector: Consumer Services Industry: Restaurants and Bars Recommendation: HOLD Data: Price 52-wk high 52-wk low $54.23 (14-Sept-09) $65.47 (19-Sept-08) $45.79 (10-Oct-08) Market cap $59.18B
More informationFI3300 Corporation Finance
Learning Objectives FI3300 Corporation Finance Spring Semester 2010 Dr. Isabel Tkatch Assistant Professor of Finance Explain the objectives of financial statement analysis and its benefits for creditors,
More informationConsolidated Financial Results for the Six Months Ended September 30, 2015 [Japanese GAAP]
Consolidated Financial Results for the Six Months Ended September 30, 2015 [Japanese GAAP] November 6, 2015 Company name: Shibaura Electronics Co., Ltd. Stock exchange listing: Tokyo Stock Exchange Code
More informationPetkim. MARKETPERFORM (Previous: U.R) Upside Potential 6% Most of the future prospects are priced in. Equity / Mid Cap. / Petroleum and Energy
Equity / Mid Cap. / Petroleum and Energy Petkim Company Update Most of the future prospects are priced in Petrochemical margins improving but demand is weak due to anticipation on further price reduction.
More informationConsolidated Results for the First Quarter of the Fiscal Year Ending March 20, 2016
Consolidated Results for the First Quarter of the Fiscal Year Ending March 20, 2016 [Japan GAAP] July 21, 2015 Listed company name: YASKAWA Electric Corporation http://www.yaskawa.co.jp/en/ Representative:
More informationSUMMARY OF CONSOLIDATED BUSINESS RESULTS for the nine months ended December 31, 2012
SUMMARY OF CONSOLIDATED BUSINESS RESULTS for the nine months ended December 31, 2012 February 8, 2013 ARRK Corporation 2-2-9 Minami Hommachi, Chuo-ku, Osaka, 541-0054, JAPAN 1. Consolidated financial results
More informationFinancial ratio analysis
Financial ratio analysis A reading prepared by Pamela Peterson Drake O U T L I N E 1. Introduction 2. Liquidity ratios 3. Profitability ratios and activity ratios 4. Financial leverage ratios 5. Shareholder
More informationChapter. How Well Am I Doing? Financial Statement Analysis
Chapter 17 How Well Am I Doing? Financial Statement Analysis 17-2 LEARNING OBJECTIVES After studying this chapter, you should be able to: 1. Explain the need for and limitations of financial statement
More informationIncome Measurement and Profitability Analysis
PROFITABILITY ANALYSIS The following financial statements for Spencer Company will be used to demonstrate the calculation of the various ratios in profitability analysis. Spencer Company Comparative Balance
More informationConsolidated Earnings Report for the Second Quarter of Fiscal 2011 [Japanese GAAP]
Consolidated Earnings Report for the Second Quarter of Fiscal 2011 [Japanese GAAP] October 27, 2010 Company Name: KOITO MANUFACTURING CO., LTD. Stock Listing: First Section, Tokyo Stock Exchange Code Number:
More informationBUY RSWM LTD SYNOPSIS. CMP 292.20 Target Price 336.00. SEPTEMBER 1 st 2015. Result Update(PARENT BASIS): Q1 FY16
BUY CMP 292.20 Target Price 336.00 RSWM LTD Result Update(PARENT BASIS): Q1 FY16 SEPTEMBER 1 st 2015 ISIN: INE611A01016 Index Details Stock Data Sector Textiles BSE Code 500350 Face Value 10.00 52wk. High
More information2015 Half-Year Results
2015 Half-Year Results 26 August 2015 Copyright Copyright 2015 2015 APR Energy. APR Energy. All Rights All Rights Reserved. Reserved. APR Energy, APR Energy, its logo, its logo, and Powering and Powering
More informationCoal India Ltd. Subdued e-auction realization impacted profitability BUY. Nov. 17, 2015
17-Nov-14 17-Dec-14 17-Jan-15 17-Feb-15 17-Mar-15 17-Apr-15 17-May-15 17-Jun-15 17-Jul-15 17-Aug-15 17-Sep-15 17-Oct-15 Coal India Ltd. Subdued e-auction realization impacted profitability Coal India Ltd.
More informationWAJAX ANNOUNCES IMPROVED SECOND QUARTER 2003 EARNINGS
News Release TSE Symbol: WJX WAJAX ANNOUNCES IMPROVED SECOND QUARTER 2003 EARNINGS (Dollars in millions, except per share data) Three Months Ended June 30 Six Months Ended June 30 2003 2002 2003 2002 Revenue
More informationCIF Stock Recommendation Report (Spring 2013)
Date: February Analyst Name: Mallary Dana CIF Stock Recommendation Report (Spring 2013) Company Name and Ticker: BEAM Section (A) Summary Recommendation Buy: Yes No Target Price: Stop Loss Price: Sector:
More informationNote) Comprehensive Income: FY Ended March, 2011: 363 million (-%) FY Ended March, 2010: (3,712) million (-%)
Consolidated Financial Results For the Fiscal Year Ended March 31, 2011 (Based on Japanese GAAP) (Translation of Japanese Flash Report, Released on May 13, 2011) Company name: Sun Frontier Fudousan Co.,
More information1Q 2016 Highlights Total volume (kmt) Adjusted EBITDA (EUR/Millions) Adjusted EPS (EUR) 1Q16 1Q15 Y-o-Y Comparison 277.8 252.9 9.9% 54.0 53.9 0.1% 0.28 0.33-15.2% Strong volume gains from both Specialty
More informationFY2008 First Quarter Consolidated Financial Results:
FY2008 First Quarter Consolidated Financial Results: For the Three Months Ended June 30, 2007 July 30, 2007 Company name Stock exchange listing Representative URL Contact person : Isuzu Motors Limited
More informationFlexituff International Ltd. (FIL)
s $CompanyN ame$ Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 (Wholly owned subsidiary of Bank of Baroda) Q2FY16 Result Review BUY Flexituff International Ltd. (FIL)
More informationRatio Analysis. A) Liquidity Ratio : - 1) Current ratio = Current asset Current Liability
A) Liquidity Ratio : - Ratio Analysis 1) Current ratio = Current asset Current Liability 2) Quick ratio or Acid Test ratio = Quick Asset Quick liability Quick Asset = Current Asset Stock Quick Liability
More informationOverview of Business Results for the 2nd Quarter of Fiscal Year Ending March 31, 2012 (2Q FY2011)
November 8, 2011 Overview of Business Results for the 2nd Quarter of Fiscal Year Ending March 31, 2012 () Name of the company: Iwatani Corporation Share traded: TSE, OSE, and NSE first sections Company
More informationFINANCIAL SUMMARY. (All financial information has been prepared in accordance with U.S. generally accepted accounting principles)
FINANCIAL SUMMARY FY2015 First Quarter (April 1, 2014 through June 30, 2014) English translation from the original Japanese-language document TOYOTA MOTOR CORPORATION FY2015 First Quarter Consolidated
More informationNet sales Operating income Ordinary income
Consolidated Financial Statements Summary May 10, 2016 (For the year ended March 31, 2016) English translation from the original Japanese-language document (All financial information has been prepared
More information2 11,455. Century Small Cap Select Instl SMALL-CAP as of 09/30/2015. Investment Objective. Fund Overview. Performance Overview
SMALL-CAP as of 09/30/2015 Investment Objective Century Small Cap Select Fund (CSCS) seeks long-term capital growth. Performance Overview Cumulative % Annualized % Quarter Year Since to Date to Date 1
More information1. Highlights of Consolidated Results through Third Quarter of Fiscal Year ending March 31, 2010 (1) Statements of Income
Financial Results through Third Quarter of Fiscal Year ending March 31, 2010 (All financial information has been prepared in accordance with generally accepted accounting principles in Japan) English translation
More informationSumitomo Mitsui Trust Holdings, Inc.(SMTH) Financial Results for the Nine Months ended December 31, 2012 [Japanese GAAP] (Consolidated)
Sumitomo Mitsui Trust Holdings, Inc.(SMTH) Financial Results for the Nine Months ended December 31, 2012 [Japanese GAAP] (Consolidated) January 31, 2013 Stock exchange listings : Tokyo, Osaka and Nagoya
More informationFNCE 3010 (Durham). HW2 (Financial ratios)
FNCE 3010 (Durham). HW2 (Financial ratios) 1. What effect would the following actions have on a firms net working capital and current ratio (assume NWC is positive and current ratio is initially greater
More informationChapter 17: Financial Statement Analysis
FIN 301 Class Notes Chapter 17: Financial Statement Analysis INTRODUCTION Financial ratio: is a relationship between different accounting items that tells something about the firm s activities. Purpose
More informationAmoreG (002790) BUY ( initiate ) Growth beyond Amorepacific? 2Q13 results met market consensus
KOREA August 7, 13 Company Earnings Review t AmoreG (79) BUY ( initiate ) Hyerim Kim Analyst Pharmaceuticals, Cosmetics 8--611-91 hyerim.kim@hdsrc.com Ernest Kim RA 8--611-957 ernest.kim@hdsrc.com Current
More informationSummary of Financial Report for the FY ending March 2015 (Non-Consolidated)
Summary of Financial Report for the FY ending March 2015 (Non-Consolidated) April 30, 2015 Listed Company Name: Japan Tissue Engineering Co., Ltd. Listed Securities Exchange: JQ Stock Code: 7774 URL http://www.jpte.co.jp
More informationDisclosure of 1Q15 Results
Disclosure of 1Q15 Results Investor Relations Presentation: José Rubens de la Rosa CEO José Antonio Valiati CFO & Investor Relations Officer Thiago Deiro Finance & Investor Relations Manager Caxias do
More information1H FY2002 Earnings Review
Shaper of Korean Financial Services Industry Daewoo Securities Co., Ltd. (KS:06800) IR Team irteam@bestez.com Hong-Wook Kim, Manager +82-2-768-3917 wookie@bestez.com Haejin Chang +82-2-768-3918 haejin77@bestez.com
More informationBright Smart (1428 HK)
Equity Research Financials Bright Smart (1428 ) Hold (initiation) Target price: $1.70 Local broker with high ROE; initiate at Hold Local broker with expansion ambition Bright Smart is a securities, commodities
More informationVOLEX INTERIM RESULTS TO OCTOBER 5 2014. Christoph Eisenhardt, CEO Nick Parker, CFO November 2014
VOLEX INTERIM RESULTS TO OCTOBER 5 2014 Christoph Eisenhardt, CEO Nick Parker, CFO November 2014 Disclaimer This Presentation has been prepared by Volex PLC (the Company ) in connection with the publication
More informationConsolidated Financial Highlights for the Third Quarter Ended December 31, 2015 [under Japanese GAAP] SMC Corporation
February 9, 2016 Consolidated Financial Highlights for the Third Quarter Ended December 31, [under Japanese GAAP] SMC Corporation Company name : Stock exchange listing : Tokyo Stock Exchange first section
More informationCOMPANY PROFILE. My recommendation for Paychex is a Buy/Hold.
Ticker: Sector: PAYX Information Technology Industry: Data Processing & Outsourcing Recommendation: Buy/Hold Pricing Closing Price $27.60 52-wk High $32.88 52-wk Low $24.65 Market Data Market Cap $9.97B
More information62,843 1.0 11,101 (19.4) 11,189 (23.3) 7,882 (20.1) Six months ended Mar. 31, 2015
Consolidated Financial Results for the Second Quarter of Fiscal Year ending September 30, 2016 (Japanese GAAP) May 9, 2016 Company name: Hamamatsu Photonics K.K. Stock listing: Tokyo Stock Exchange First
More informationNOK CORPORATION and Consolidated Subsidiaries Consolidated Financial Results for the First Quarter Ended June 30, 2008
Member of Financial Accounting Standards Foundation NOK CORPORATION and Consolidated Subsidiaries Consolidated Financial Results for the First Quarter Ended June 30, 2008 Name of Listed Company: NOK Corporation
More information2 September 2015 YOC AG. FIRST BERLIN Equity Research
FIRST ERLIN Equity Research RATING Germany / Advertising Primary exchange: Frankfurt, Xetra Q2/15 Results PRICE TARGET 2.80 loomberg: YOC GR Return Potential 29.6% ISIN: DE0005932735 Risk Rating High SALES
More informationSOHO China (410) Buy Nov 20, 2009. Company update. 4 Acquisitions within 6 Months. Samson Man, CFA (852)-2532-1539 samson.man@firstshanghai.com.
SOHO China (410) Company update Buy Nov 20, 2009 4 Acquisitions within 6 Months Purchase Nexus Centre in Beijing. SOHO China announced to acquire Nexus Centre in Beijing. Total GFA is 103,340 sqm. Total
More informationAlternative asset management
DeA Capital Transformation continues Q215 results Investment companies DeA Capital s NAV per share at 30 June 2015 was 2.18, which compares to 2.15 at 31 March 2015 (after adjusting for the capital distribution
More informationSummary of Financial Results for the Third Quarter of Fiscal Year Ending March 31, 2009 (Nine Months Ended December 31, 2008)
February 5, 2009 Summary of Financial Results for the Third Quarter of Fiscal Year Ending March 31, 2009 (Nine Months Ended December 31, 2008) Company name: KOSÉ Corporation Stock listing: Tokyo Stock
More informationTata Teleservices (Maharashtra) Ltd
1 st June, 2016 TABLE 1 MARKET DATA (STANDALONE) (As on 31 st May, 2016) NSE Code TTML NSE Market Price ( ) 6.45 NSE Market Cap. ( Cr.) 1,253.11 Sector Telecomm Service Face Value ( ) 10.00 Equity ( Cr.)
More informationTotal shares at the end of ten years is 100*(1+5%) 10 =162.9.
FCS5510 Sample Homework Problems Unit04 CHAPTER 8 STOCK PROBLEMS 1. An investor buys 100 shares if a $40 stock that pays a annual cash dividend of $2 a share (a 5% dividend yield) and signs up for the
More information