FINANCIAL RATIO ANALYSIS

OF

1

Table of Contents

EXCUTIVE SUMMARY ...............................................................................................................2

INTRODUCTION .......................................................................................................................3

FINANCIAL HIGHLIGHTS ...........................................................................................................4

RATIO ANALSIS ........................................................................................................................ 5

PROFITABILITY RATIO 5-7

LIQUIDITY RATIO 7-9

EFFICIENCY RATIO 9-10

SHAREHOLDERS RATIO 11-12

CAPITAL STRUCTURE RATIO 12-14

BETA ANALYSIS .....................................................................................................................15

CONCLUSION ......................................................................................................................... 16

REFERENCES ..........................................................................................................................17

APPENDIX .........................................................................................................................18-30

2

EXECUTIVE SUMMARY

The purpose of this report is to provide the overview of financial position for AEON Co.

(M) Bhd. This report will mainly look into the company financial situation, interpretation

and explanation of the financial ratios, and beta analysis on the company financial

position. At the same time, the comparison of ratios between AEON Co. (M) Bhd and

retail industry average will be discussed.

On average, the profitability, efficiency, return for shareholder as well as the capital

structure level of AEON are in the satisfactory level. ROE (Return On Equity) is beyond

industry average of 18.8% at 66.33% in year 2010. The P/E ratio reached at 11.28 which

is a good indicator of the company growth prospect. However, the liquidity level of the

company has more room to improve. This may be due to the large financing in expansion

and renovation that would likely to cause the rise in liabilities. The beta 0.47 shows

relatively low market risk in AEON shares.

As a result, investors are recommended to invest into AEON as the company shows a

high potential of growth prospect and safe earnings from the ratio analysis.

3

Introduction

Company Overview

AEON Co. (M) Bhd. is formerly known, as Jaya Jusco Store Sdn. Bhd. It is subsidiary of

AEON Co. Ltd. AEON is known as one of the leading chain general merchandise stores

in Malaysia. It was established in Malaysia in 1984 in response to the request from our

formal Prime Minister Dato Seri Dr. Mahathir to support and aid in the development of

retail industry in Malaysia.

AEON is mainly involved in general merchandise retailing. Their leading retail store is

Jusco. They are also involved in other businesses such as credit card business. They offer

varieties of products such as food, groceries, apparels, household product.

AEON owned a large number of AEON Shopping Centres, JUSCO Stores and Pasaraya

MaxValu throughout Peninsular Malaysia. It operates 21 JUSCO Stores, 17 AEON

Shopping Centres and 5 Pasaraya MaxValu as at year 2009. In addition, JUSCO launched

their in-house brand product, Jusco Selection and Jusco Value Selection for instance, that

provide products that are better in quality and lower at price.

4

Financial Highlights

By refer to revenue graph in appendix; the revenue of AEON has an upward trend from year 2006 to year 2010. This shows that AEON is having stable growth in their revenues. From year 2006 to year 2007, its revenue grows for 49.4% from RM1383.6 million to RM2067.4 million. There is 20.3% increase of revenue from year 2007 to year 2008, 10.5% growth in revenue from year 2008 to year 2009 and 5.3% increase in year 2009 to year 2010. The growth in revenue mainly contributed by the opening of new JUSCO Stores as well as the contribution from existing JUSCO store. Besides that, AEON marketing strategies such as J CARD loyalty programme contributed largely to the sale of JUSCO stores. 60% in average of monthly retail sales are contributed by the J CARD members as shown in annual report.

In year 2006, profit attributable to owners of AEON reached RM103.25 million. From the graph above, there is ascending trend of profit attributable to owners. The profit attributable to owners increased by RM62.05 million or 60.1% from year 2006 to RM165.3 million in year 2010. Increase in expenses is one of the main factor to cause the margin of increase in profit is lower as compared to 109.2% increase in revenue from year 2006 to year 2010. Better expenses management could be done in order to improve the profit attributable to owners of AEON for better future prospects.

From the five year financial highlight table in appendix, total assets of AEON has increased by 55.2% from RM1,438,373,000 in year 2006 to RM2,232,705,000 in year 2010. This is likely due to the expansion of JUSCO stores throughout the Peninsular Malaysia as well as the expansion of MaxValu supermarket.

Total equity attributable to the owners of the company has also increased. It increased by 59.5% from RM706,143,000 to RM1,126,498,000 from year 2006 to year 2010. The increase in equity is contributed by the increase in retained earnings. From year 2006, retained earnings is RM476,817,000 and it increases by RM258,939,000 for 54.3% to RM735,756,000 in year 2010.

The total liabilities are RM732,230,000, RM931,653,000, RM1,209,883,000, RM1,057,019,000 and RM1,106,207,000 respectively for year 2006 to year 2010. From year 2006 to year 2010, total liabilities increased by 51.07%. This might because AEON needs large monetary aid such as loan to finance their expansion and renovation expenses.

Net earnings per share for AEON have increase gradually from year 2006 to year 2010. There is 59.8% increase in net earnings per share from year 2006 to year 2010. Both growths of dividends per share and net asset per share decrease from year 2007 to year 2008. This is because there is additional 175500 units of share issued in year 2008 which relatively affect the dividends per share and net asset per share to decrease in year2008.

5

Ratio Analysis

Financial statements resemble a snapshot of the financial position of a company. In order

to assess a company financial performance, financial ratio analysis could be done by

measuring the profitability, liquidity, efficiency as well as to measure whether the

company is reasonably in debt and also how well of the return by invest into the

company. The ratio analysis could assist the company, shareholders and other parties to

plan ahead for better future prospect.

Profitability Ratio

Profitability ratio could be used to measure the effectiveness of company’s operating

decision or investing decision in generating profit.

Profit Margin

Profit margin reflects the company profit generated by sales.

Formula:

Year Profit Margin (%) 2007 23.242008 23.842009 25.772010 35.01

From year 2007 to year 2010, the profit margin of AEON shows an ascending trend that

indicates the company is able to manage their cost of goods sold well. This is prove by

the dramatic change of cost of goods sold in between year 2009 and 2010 where there is a

significance 34% drop from RM2, 631,972,000 year 2009 to RM1, 735,454,000 year

2010.

6

Return on Assests (ROA)

ROA represents the return of the investment made out of the company assets.

Formula:

Year ROA (%)2007 42.432008 42.912009 46.582010 47.42

According to the Standard & Poor’s Composite Index, the average ROA for retail

industry is 14.4%. By comparing to the table above, AEON has much higher ROA as

compared to the industry average. However, ROA may not be a good indicator to

measure the performance of the firm, as there may be biases in the accounting figures

used in the formula.

Return on Equity (ROE)

ROE shows the return earned from the fund invested by the shareholders’ of the

company.

Formula:

Year ROE (%)2007 61.372008 90.852009 75.502010 66.33

From the table above, the ROE for AEON are beyond the industry average of 18.8%

However, the ROE of AEON starts to decline continuously from year 2009 to year 2010.

This would be due to the increase of 7225.46% of interest obligation from RM 2,694,000

7

in year 2008 to RM197, 348,000 in year 2009 and the interest expense increase for 20.8%

from RM197, 348,000 in year 2009 to RM238, 388,000 in year 2010. The interest burden

of Aeon increased most likely because they are expanding their business for example

opening new outlet in end of year 2008 such as AEON Seberang Prai City, AEON AU2

Setiawangsa, AEON Bukit Indah and also renovation of existing stores for example

MaxValu and Jusco Taman Maluri. The business expansion would require AEON to

obtain loan, which incurred high interest burden.

Liquidity Ratio

Liquidity ratios such as current ratio, quick ratio and cash ratio are the vital ratio in

measuring how easily for a company to convert its liquid assets into sufficient cash to

cover their mature debts. It is important for investor to know the liquidity level of the

company debt as they may be exposed to default risk.

Current Ratio

Current ratio assesses the solvency of the company. It determines the ability of the

company to meet their financial obligations in short term with their current assets.

Formula:

Year Current Ratio 2007 0.582008 0.452009 0.522010 0.67

In comparison to the industry average, the current ratio for AEON is below industry

average at 1.60. However, there is a slight ascending trend of current ratio from 0.45 in

year 2008 to 0.67 in year 2010. This indicates that the solvency of AEON is improving

which is shown by the decrease in current liabilities from year 2008 to year 2010 at

8.09%.

8

Quick Ratio

Quick ratio is also known as acid-test ratio. Quick ratio is also a measure for liquidity. It

is better because it includes cash, marketable securities and receivables that are easily

convertible to cash instead of inventories in order to give better view in liquidity.

Formula:

Year Quick Ratio2007 0.292008 0.172009 0.192010 0.36

Quick ratio of AEON is still below the industry average of 0.63 (Standard & Poor’s

Composite Index cited in Brealey, Myers & Allen 2008, p. 203). However, the liquidity

level is improving which may also due to the decrease in current liabilities.

Cash Ratio

Cash ratio indicates the ratio of most liquid assets of the company, which are cash and

marketable securities to current liabilities.

Formula:

Year Cash Ratio2007 0.22008 0.142009 0.132010 0.31

9

The industry average of cash ratio is 0.39. It is still slightly above the cash ratio for

AEON. This shows the company may need to have a better financial plan in future to

deal with their insolvency if there is any unfavorable situations happen.

Efficiency Ratio

Efficiency ratio measures the effectiveness of company in using its resources or assets in

producing sales.

Total Asset Turnover

Total asset turnover ratio reflects how many sales in return are made out of the fund

invested in the assets.

Formula:

Year Total Asset Turnover2007 1.832008 1.802009 1.812010 1.35

According to Standard & Poor’s Composite Index, the industry average for total asset

turnover is 2.21 times. The total asset turnover ratio for AEON is below the industry

average and there is an obvious drop of the ratio from year 2009 to year 2010 would

likely due to the hit of financial crisis on the sales of Aeon. The financial crisis has

impacted on the decrease in consumption level as well as the employment rate that would

indirectly hit on the sales of retailers.

Inventory turnover

Inventory turnover is used as a measure of how regular the inventories of a firm being

replaced and sold.

10

Formula:

Year Inventory turnover2007 8.882008 8.462009 7.932010 5.15

The industry average for inventory turnover is 3.3. Aeon inventory turnover is higher as

compared to industry average which represents AEON is excellent in managing their

inventories.

Average Collection Period

Average collection period is to measure how long the customers or account receivables of

the company takes to clear their bills.

Formula:

Year Average Collection Period (days)2007 7.932008 6.692009 5.192010 7.44

The average collection period of AEON is short which less than 10 days on its average.

This could aid in improving its liquidity level in terms of cash. This shows AEON has no

problem to deal with its payers.

11

Shareholders Ratio

Shareholders ratio reflects the concerns of the investors in relation to the return such as

the dividend yield and capital appreciation.

Given Earnings per share (EPS):

Year EPS (sen)2007 59.92008 34.42009 382010 47

Price Earnings Ratio (P/E)

P/E ratio measures price that investors are prepared and willing to pay for each dollar of

earnings per share.

Formula:

Year P/E2007 15.532008 19.452009 11.502010 11.28

AEON has relatively strong P/E ratio. Company with good growth prospect and stable

earnings will have high P/E ratio.

Market –to-Book Ratio

Formula:

Year Market-to-Book Ratio2007 2.062008 2.662009 1.562010 1.65

12

From the table above, the market-to-book ratio of AEON is on the downward trend and

this indicates the worth of AEON in the eyes of investors has decreased. This may due to

the drop in share prices during the financial crisis from year 2008.

Dividend Yield

Formula:

Year Dividend Yeld2007 1.262008 2.482009 2.062010 1.70

Refer to the table above, the dividend yield for AEON is high which reflects that the

investors would demand higher rate of return from their investment.

Capital Structure Ratio

Capital structure ratio could also be known as leverage ratio. It is defined as:

Ratios that provide a basis for determining how a firm financed

its assets and the ability of the firm to pay for the non-owner

supplied fund (Petty et al. 2006, p. 125).

Debt Ratio

Debt ratio measures how much of fund has been borrowed and used in financing

company’s assets.

Formula:

13

Year Debt ratio2007 0.642008 0.662009 0.622010 0.58

The industry average of debt ratio shown in Standard & Poor’s Composite Index is 0.229.

By comparing the debt ratios of AEON with industry average, the debt ratios shows it has

58% of its assets are financed by borrowed funds in year 2010. This would be one of the

reasons why the interest expense is high for AEON.

Debt-Earnings Ratio

Debt-earnings ratio also measures the ratio of long term debts to long term capital which

is the shareholder’s equity. It determines the level of financial leverage in a company.

Formula:

Year Debt-equity ratio2007 1.772008 1.932009 1.612010 1.37

The debt-equity ratio of AEON is very high which would likely to incur high interest

burden to the company as it uses high long term debt to financed the growing operating

activities.

Interest Coverage

Interest coverage ratio is also known as time interest earned. It is used to determine the

interest burden level of a firm by comparing the earnings with the interest expense.

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Formula:

Year Interest Coverage2007 2447.782008 303.802009 308.382010 23566.05

From the table, the interest coverage of AEON is very high. In year 2010, the interest

coverage has gone up to 23566.05 times. High interest coverage shows a low probability

of bankruptcy because the annual earnings are great enough to cover the interest expense.

15

Beta Analysis

By refer to the beta calculation in the appendix; the beta for AEON is 0.47. Beta is the

measure of non diversifiable risk, which is the market risk. They further explain that beta

could also be defined as the sensitivity of investment’s return in relation to the market’s

return movement. In addition, shares that have beta of less than 1 are less risky as

compared to the market, and vice versa, shares with beta greater than 1 are relatively

more risky as compared to the market. The beta of 0.47 for AEON represents the share

price of AEON would increase or decrease 0.47% if the market increases or decreases

1%. As a result, AEON shares are relatively lower at market risk because they are less

sensitive to the fluctuation in the share market.

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Conclusion:

In conclusion, I would suggest investors to invest into AEON Co. (M) Bhd. as from their

P/E ratio; it shows high potential of future growth as well as strong earning ratio.

Besides that, from the movement of share prices as shown at graph below:

Appendix P.1

The share price is bouncing back after the downward trend that is likely to cause by the

financial crisis in year 2009. Therefore, the share price would likely to go upward as the

financial market has started to recover from the impact of financial crisis. According to

New Strait Times, there will be increase in private investment and consumption of 2% to

3% that will improve the economy in year 2010.

(2195 words)

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References:

AEON Co. (M) Bhd. 2011, viewed 28 October 2011<http://www.jusco.com.my/history.html>

Bodie, Z, Kane, A & Marcus, AJ 2008, Essentials of Investments, 7th edn, McGrawHill, New York.

Brealey, RA, Myers, SC & Allen, F 2008, Principles of Corporate Finance, 9th edn, McGrawHill, New York.

Bursa Malaysia, viewed 29 October 2011<http://finance.yahoo.com/q/hp?s=%5EKLSE+Historical+Prices>

New Strait Times 24 October 2009, ‘Global Recovery Likely to Firm Up Next Year’, p. 7.

Petty, JW, Keown, AJ, Scott Jr, DF, Martin, JD, Burrow, M, Martin, P & Hoa, NY 2006, Financial Management, 4th edn, Pearson Education Australia, NSW.

Stolowy, H & Lebas, M 2006, Financial Accounting and Reporting: A Global Perspective, 2nd edn, viewed 30 October 2011, <http://books.google.com.my/books?id=rRGF7iSaxc8C&pg=PA76&lpg=PA76&dq=Debtearnings+ratio+also+measures+the+ratio+of+long+term+debts+to+long+term+capital+which+is+the+shareholder%E2%80%99s+equity&source=bl&ots=57NyOr6PFy&sig=oRkc3UdakDir06PP_CGkZkhmLKc&hl=en&ei=MvisTqTwCIfyrQfQ_oS8DA&sa=X&oi=book_result&ct=result&resnum=3&ved=0CCYQ6AEwAjgU#v=onepage&q&f=false>

Yahoo! Inc. 2011, Yahoo Finance, viewed 29 October 2011<http://finance.yahoo.com/q/hp?s=6599.KL&a=00&b=1&c=2003&d=11&e=30&f=2010&g=w>

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Appendix:

19

20

Financial Ratio Calculation

Calculation of Profit Margin:

YearTotal

RevenuesCost of

goods sold Depreciation EBIT SalesProfit

Margin(RM'000) (RM'000) (RM'000) (RM'000) (RM'000) (%)

(1) (2) (3) (4) (6)(1-2-3) (4 )/(6)

2007 2886220 2108923 106604 670693 2886220 23.242008 3433049 2494679 119935 818435 3433049 23.842009 3735755 2631972 141034 962749 3735755 25.772010 2894482 1735454 145688 1013340 2894482 35.01

Calculation of Return on Assets:Year EBIT (1) Total Assets (2) Average Assets (3) ROA (%)

(RM'000) (RM'000) (RM'000) [(1)+(2)] / 2 (1) / (3)2006 - 1438373 - -2007 670693 1722474 1580423.5 42.442008 818435 2092138 1907306 42.912009 962749 2041213 2066675.5 46.582010 1013340 2232705 2136959 47.42

Calculation of Return on Equity:

Year EBIT Tax InterestEBIT - Tax -

InterestShareholders'

EquityAverage Shareholder's

Equity ROE (%)(RM'000) (RM'000) (RM'000) (RM'000) (1) (RM'000) (RM'000) (2) [(1)/(2)]*100

2006 - 706143 -2007 670693 53830 157510 459353 790821 748482 61.372008 818435 55745 2694 759996 882255 836538 90.852009 962749 60843 197348 704558 984194 933224.5 75.502010 1013340 74993 238388 699959 1126498 1055346 66.33

Calculation of Current Ratio:Year Current Assets Current Liabilities Current Ratio

(RM'000) (1) (RM'000) (2) (1) / (2)2007 526007 907824 0.582008 532895 1172745 0.452009 532366 1026321 0.522010 727024 1077904 0.67

Calculation of Quick Ratio:Year Cash Marketable Receivables Current Liabilities Quick Ratio

21

Securities(RM'000) (1) (RM'000) (2) (RM'000) (3) (RM'000) (4) [(1)+(2)+(3)/(4)]

2007 185261 - 79818 907824 0.292008 158394 - 46002 1172745 0.172009 137067 - 60284 1026321 0.192010 330908 - 57715 1077904 0.36

Calculation of Cash Ratio:

Year CashMarketable Securities Current Liabilities Cash Ratio

(RM'000) (1) (RM'000) (2) (RM'000) (3) [(1) + (2)]/(3)2007 185261 - 907824 0.202008 158394 - 1172745 0.142009 137067 - 1026321 0.132010 330908 - 1077904 0.31

Calculation of Total Assets Turnover:

Sales (1) Total Assets (2)Average Assets

(3) Total Asset TurnoverYear (RM'000) (RM'000) (RM'000) (1) / (3)

1438373 - -2007 2886220 1722474 1580423.5 1.832008 3433049 2092138 1907306 1.802009 3735755 2041213 2066675.5 1.812010 2894482 2232705 2136959 1.35

Calculation of Inventory Turnover:Year Cost of goods sold Inventories Average Inventories Inventory turnover

(RM'000) (1) (RM'000) (2) (RM'000) (3) (1) / (3)2006 - 214183 - -2007 2108923 260928 237555.5 8.882008 2494679 328499 294713.5 8.462009 2631972 335015 331757 7.932010 1735454 338401 336708 5.15

Calculation of Average Collection Period:Year Receivables Average Receivables Sales Average Collection Period

(RM'000) (1) (RM'000) (2) (RM'000) (3) (Days) (2)/[(3)/ 365]

22

2006 45669 - - -2007 79818 62743.5 2886220 7.932008 46002 62910 3433049 6.692009 60284 53143 3735755 5.192010 57715 58999.5 2894482 7.44

Extracted from Annual Report Year 2007~2010:Year EPS (sen)2007 59.92008 34.42009 382010 47

Calculation of Price Earnings Ratio:Year Average Share Prices EPS P/E

(RM) (1) (RM) (2) (1) / (2)2007 9.3 0.599 15.532008 6.69 0.344 19.452009 4.37 0.38 11.502010 5.3 0.47 11.28

Calculation of Market-to-Book Ratio:

YearAverage Share

PricesShareholders'

EquityNumber of

sharesBook value per

shareMarket-to-Book

Ratio(RM) (1) (RM'000) (2) ('000) (3) (RM) (2) / (3) = (4) (1) / (4)

2007 9.3 790821 175500 4.51 2.062008 6.69 882255 351000 2.51 2.662009 4.37 984194 351000 2.80 1.562010 5.3 1126498 351000 3.21 1.65

Calculation of Dividend Yield:Year Dividend per share Average Share Prices Dividend Yeld

(RM) (1) (RM) (2) (%) [[1) / (2)]*1002007 0.117 9.3 1.262008 0.166 6.69 2.482009 0.09 4.37 2.062010 0.09 5.3 1.70

Calculation of Debt Ratio:Year Long term debt Leases Shareholders' Equity Debt ratio

(RM'000) (1) (RM'000) (2) (RM'000) (2) [(1)+(2)] / [(1)+(2)+(3)]2007 501088 895167 790821 0.64

23

2008 567712 1134452 882255 0.662009 566180 1019483 984194 0.622010 608607 929385 1126498 0.58

Calculation of Debt-equity Ratio:Year Long term debt Leases Shareholders' Equity Debt-equity ratio

(RM'000) (1) (RM'000) (2) (RM'000) (3) [(1)+(2)] / (3)2007 501088 895167 790821 1.772008 567712 1134452 882255 1.932009 566180 1019483 984194 1.612010 608607 929385 1126498 1.365

Calculation of Interest Coverage:Year EBIT Interest Expense Interest Coverage

(RM'000) (1) (RM'000) (2) (1) / (2)2007 670693 274 2447.782008 818435 2694 303.802009 962749 3122 308.382010 1013340 43 23566.05

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Beta Computation:

Excel Regression Analysis:

SUMMARY OUTPUT

Regression StatisticsMultiple R 0.28169799R Square 0.07935376Adjusted R Square 0.07023845Standard Error 0.02595505Observations 103

ANOVA  df SS MS F Significance F

Regression 1 0.005864621 0.005865 8.705547 0.003943457Residual 101 0.068040144 0.000674Total 102 0.073904764      

  Coefficients Standard Error t Stat P-value Lower 95% Upper 95% Lower 95.0% Upper 95.0%Intercept 0.00223736 0.002681591 0.83434 0.406058 -0.003082196 0.0075569 -0.003082196 0.007556916X Variable 1 0.47445188 0.160802995 2.950516 0.003943 0.155462006 0.7934418 0.155462006 0.793441761

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Historical Weekly Share Price (Year 2009-2010) of AEON Co. (M) Bhd. from Yahoo! Finance:Date Open High Low Close Volume Adj Close

12/27/2010 6.1 6.1 6.06 6.09 46900 6.0912/20/2010 6.45 6.5 5.82 6.1 409900 6.112/13/2010 6.27 6.5 6.2 6.44 106600 6.44

12/6/2010 6.05 6.25 6.03 6.25 80100 6.2511/29/2010 5.84 6.04 5.83 6.03 128800 6.0311/22/2010 5.85 5.9 5.84 5.85 11900 5.8511/15/2010 5.85 5.86 5.84 5.85 182600 5.85

11/8/2010 5.85 6.01 5.65 5.85 263600 5.8511/1/2010 5.52 5.89 5.49 5.88 531000 5.88

10/25/2010 5.77 5.77 5.48 5.52 324700 5.5210/18/2010 5.85 5.85 5.7 5.77 164900 5.7710/11/2010 5.9 5.9 5.8 5.85 187900 5.85

10/4/2010 6 6.08 5.88 5.9 484300 5.99/27/2010 5.79 6.08 5.79 6 459800 69/20/2010 5.65 5.98 5.65 5.78 550500 5.789/13/2010 5.49 5.65 5.45 5.65 728200 5.65

9/6/2010 5.34 5.5 5.34 5.49 1551600 5.498/30/2010 5.1 5.38 5.1 5.31 225000 5.318/23/2010 5.06 5.15 5.06 5.1 207900 5.18/16/2010 5.02 5.28 5.01 5.2 172100 5.2

8/9/2010 5.16 5.17 4.98 5.05 63300 5.058/2/2010 5.1 5.29 5.1 5.17 397200 5.17

7/26/2010 4.9 5.12 4.9 5.1 216300 5.17/19/2010 5 5.05 4.9 4.94 163600 4.947/12/2010 5.05 5.05 4.96 4.98 789300 4.98

7/5/2010 4.99 4.99 4.9 4.97 228200 4.976/28/2010 4.9 4.99 4.89 4.9 204900 4.96/21/2010 4.9 4.95 4.88 4.9 869800 4.96/14/2010 4.81 4.94 4.81 4.88 805600 4.88

6/7/2010 4.88 4.94 4.8 4.81 177300 4.815/31/2010 4.98 5 4.88 4.88 569000 4.765/24/2010 5 5 4.82 4.98 670300 4.865/17/2010 4.99 5 4.96 5 645000 4.885/10/2010 5 5.05 4.99 4.99 426700 4.87

5/3/2010 5 5.01 4.99 5 398100 4.884/26/2010 5 5.03 4.98 5 294000 4.884/19/2010 4.98 5.04 4.98 5 288700 4.884/12/2010 5.01 5.04 4.98 4.99 151400 4.87

4/5/2010 5.09 5.1 5 5.02 219400 4.93/29/2010 4.97 5.1 4.95 5.1 136700 4.973/22/2010 4.92 4.97 4.88 4.97 674300 4.853/15/2010 4.9 4.98 4.89 4.92 314200 4.8

3/8/2010 4.91 4.92 4.85 4.9 158800 4.783/1/2010 4.96 4.96 4.86 4.9 258500 4.78

Date Open High Low Close Volume Adj Close2/22/2010 5 5 4.9 4.95 83700 4.832/17/2010 5.05 5.05 4.88 5 245500 4.88

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2/8/2010 5.05 5.13 5 5.05 95200 4.932/2/2010 5.15 5.25 5.08 5.08 50000 4.96

1/25/2010 5.1 5.5 5.1 5.25 183800 5.121/18/2010 5.3 5.3 5.1 5.29 99900 5.161/11/2010 5.1 5.2 5.04 5.18 115300 5.05

1/4/2010 4.96 5.22 4.96 5.15 11500 5.0212/28/2009 5 5.08 4.9 4.96 214100 4.8412/21/2009 4.91 5 4.91 5 3400 4.8812/14/2009 4.9 4.91 4.88 4.91 8500 4.79

12/7/2009 4.9 4.9 4.83 4.9 181300 4.7811/30/2009 4.82 4.95 4.82 4.88 20600 4.7611/23/2009 4.98 4.98 4.9 4.92 14800 4.811/16/2009 4.99 5.01 4.99 4.99 209900 4.87

11/9/2009 5 5.19 4.9 4.99 148500 4.8711/2/2009 4.83 5.13 4.83 5.02 160600 4.9

10/26/2009 5.1 5.18 4.85 5.12 87300 4.9910/19/2009 5.15 5.24 5.1 5.15 177000 5.0210/12/2009 4.9 5.18 4.9 5.17 251600 5.04

10/5/2009 4.73 4.9 4.7 4.88 22800 4.769/28/2009 4.77 4.77 4.6 4.75 12000 4.639/23/2009 4.75 4.75 4.68 4.68 15800 4.569/14/2009 4.53 4.79 4.53 4.75 226200 4.63

9/7/2009 4.64 4.76 4.5 4.6 169200 4.499/1/2009 4.8 4.8 4.6 4.62 201500 4.51

8/24/2009 4.32 4.8 4.32 4.8 153000 4.688/17/2009 4.69 4.69 4.3 4.3 255400 4.198/10/2009 4.85 4.86 4.61 4.7 228800 4.58

8/3/2009 4.5 5 4.5 4.85 375800 4.737/27/2009 4.44 4.5 4.36 4.5 246200 4.397/20/2009 4.28 4.46 4.26 4.42 203700 4.317/13/2009 4.32 4.42 4.24 4.3 249800 4.19

7/6/2009 4.26 4.4 4.08 4.3 156500 4.086/29/2009 4.28 4.3 4.26 4.3 365400 4.086/22/2009 4.26 4.34 4.04 4.26 166200 4.046/15/2009 4.3 4.34 4.24 4.34 172300 4.12

6/8/2009 4.32 4.46 4.3 4.34 66300 4.126/1/2009 4.22 4.42 4.22 4.3 336400 4.08

Date Open High Low Close Volume Adj Close5/25/2009 4.22 4.22 4.18 4.22 96200 45/18/2009 4.1 4.24 4.1 4.22 511500 45/11/2009 4.14 4.2 4.06 4.1 737400 3.89

5/4/2009 4 4.6 4 4.12 315300 3.914/27/2009 3.98 4.1 3.96 3.98 133800 3.78

27

4/20/2009 3.92 4 3.9 4 178000 3.84/13/2009 3.88 4.02 3.88 3.94 179200 3.74

4/6/2009 3.86 3.9 3.74 3.88 109600 3.683/30/2009 3.74 3.84 3.7 3.84 168200 3.643/23/2009 3.74 3.8 3.7 3.74 88300 3.553/16/2009 3.74 3.78 3.72 3.74 120800 3.553/10/2009 3.72 3.72 3.68 3.72 12900 3.53

3/2/2009 3.7 3.74 3.64 3.74 12100 3.552/23/2009 3.68 3.72 3.66 3.7 143500 3.512/16/2009 3.66 3.68 3.5 3.66 203800 3.472/10/2009 3.94 3.94 3.64 3.66 577900 3.47

2/3/2009 4 4.02 3.92 3.94 282500 3.741/28/2009 4 4 4 4 363300 3.81/19/2009 4.1 4.2 3.94 3.96 155800 3.761/12/2009 4.2 4.2 4.1 4.1 118900 3.89

1/5/2009 4.2 4.2 4.12 4.14 204300 3.93

28

Historical Weekly Market Return (Year 2009~2010) from Bursa Malaysia:Date Open High Low Close Volume Adj Close

12/27/2010 1511.9 1529.95 1509.55 1518.91 95519300 1518.9112/20/2010 1499.46 1518.8 1493.22 1511.58 106426500 1511.5812/13/2010 1511.82 1517.15 1495.2 1499.88 131605200 1499.88

12/6/2010 1505.66 1522.95 1497.61 1507.28 207924800 1507.2811/29/2010 1488.57 1508.41 1474.02 1500.98 136485600 1500.9811/22/2010 1506.72 1510.13 1476.82 1492.05 117284000 1492.0511/15/2010 1499.61 1506.2 1487.21 1506.05 111158900 1506.05

11/8/2010 1517.01 1531.99 1488.06 1499.81 160444700 1499.8111/1/2010 1510.69 1513.41 1504.72 1511.74 101617700 1511.74

10/25/2010 1493.53 1505.66 1491.25 1505.66 129784800 1505.6610/18/2010 1491.23 1496.48 1476.56 1490.64 148709900 1490.6410/11/2010 1486.14 1503.82 1484.3 1489.86 150869100 1489.86

10/4/2010 1469.51 1484.48 1462.27 1481.41 124468900 1481.419/27/2010 1458.73 1469.77 1456.3 1466.32 127664500 1466.329/20/2010 1470.73 1479.59 1445.33 1451.19 135858400 1451.199/13/2010 1439.26 1479.59 1439.26 1466.97 158840500 1466.97

9/6/2010 1436.11 1440.01 1428.66 1437.78 98264600 1437.788/30/2010 1412.98 1441.8 1412.98 1435.67 166869900 1435.678/23/2010 1399.87 1415.28 1396.41 1411.05 144821600 1411.058/16/2010 1359.86 1395.03 1358.95 1395.02 135626600 1395.02

8/9/2010 1360.56 1362.24 1342.07 1360.15 75893700 1360.158/2/2010 1364.23 1370.52 1358.52 1360.45 89981300 1360.45

7/26/2010 1350.54 1360.92 1348.29 1360.92 97977500 1360.927/19/2010 1333.92 1345.68 1327.98 1345.68 85458100 1345.687/12/2010 1323.91 1341.96 1323.55 1336.65 95383200 1336.65

7/5/2010 1305.51 1327.27 1294.37 1324.31 95923100 1324.316/28/2010 1326.06 1331.09 1304.09 1307.44 95874400 1307.446/21/2010 1320.78 1335.31 1318.52 1326.45 80998500 1326.456/14/2010 1294.89 1317.69 1294.6 1317.69 74978300 1317.69

6/7/2010 1284.51 1302.07 1278.89 1294.67 69979000 1294.675/31/2010 1276.43 1297.75 1271.55 1294.39 96475900 1294.395/24/2010 1282.96 1282.96 1243.86 1269.16 150937000 1269.165/17/2010 1337.24 1337.3 1280.63 1285.73 110300900 1285.735/10/2010 1331.6 1348.09 1330.96 1339.3 93178300 1339.3

5/3/2010 1344.24 1349.92 1315.63 1332.89 110714600 1332.894/26/2010 1336.5 1348.15 1324.34 1346.38 88284600 1346.384/19/2010 1329.73 1339.15 1321.25 1336.78 77168500 1336.784/12/2010 1336.39 1344.12 1330.27 1332.77 91606900 1332.77

4/5/2010 1339.3 1347.61 1331.46 1333.98 93019100 1333.983/29/2010 1313.98 1337.21 1313.11 1335.94 84156100 1335.943/22/2010 1295.83 1315.14 1292.21 1315.14 94262100 1315.143/15/2010 1311.99 1313.36 1294.87 1296.6 96050100 1296.6

3/8/2010 1312.18 1334.34 1308.79 1311.2 129891600 1311.23/1/2010 1276.52 1300.74 1276.52 1299.78 152282400 1299.78

Date Open High Low Close Volume Adj Close2/22/2010 1260.51 1277.66 1260.51 1270.78 114709500 1270.782/16/2010 1072.69 1264.91 1072.69 1257.67 72917300 1257.67

29

2/8/2010 1247.81 1254.77 1224.37 1253.39 104691200 1253.392/2/2010 1261.2 1268.21 1247.46 1247.9 104118200 1247.9

1/25/2010 1297.31 1297.45 1253.09 1259.16 120999600 1259.161/18/2010 1286.25 1308.52 1072.69 1300.45 103827400 1300.451/11/2010 1292.68 1300.89 1286.44 1298.58 96720300 1298.58

1/4/2010 1272.31 1299.7 1272.25 1292.98 100101300 1292.9812/28/2009 1263.53 1275.29 1263.34 1272.78 54418100 1272.7812/21/2009 1266.88 1267.73 1255.66 1263.94 58537500 1263.9412/14/2009 1259.96 1272.59 1256.07 1266.97 81610500 1266.97

12/7/2009 1270.2 1271.24 1255.76 1260 71689400 126011/30/2009 1256.88 1273.46 1248.58 1270.2 99914000 1270.211/23/2009 1273.66 1274.77 1268.82 1270.61 92330800 1270.6111/16/2009 1272.98 1288.42 1270.74 1274.36 73149500 1274.36

11/9/2009 1262.14 1279.52 1259.23 1270.96 79115300 1270.9611/2/2009 1238.17 1263.03 1233.45 1260.76 78114400 1260.76

10/26/2009 1267.43 1267.43 1236.2 1243.23 88066700 1243.2310/19/2009 1257.76 1270.44 1255.63 1267.1 96380200 1267.110/12/2009 1235.6 1256.77 1231.36 1256.77 74120800 1256.77

10/5/2009 1206.06 1236.89 1203.27 1233.82 100331600 1233.829/28/2009 1216.82 1216.82 1200.65 1206.25 70348500 1206.259/22/2009 1072.69 1231.49 1072.69 1217.39 65396200 1217.399/14/2009 1208.53 1221.2 1202.62 1221.2 94517100 1221.2

9/7/2009 1178.74 1210.36 1178.74 1208.28 118733400 1208.289/1/2009 1174.27 1182.5 1163.57 1178.74 98457900 1178.74

8/24/2009 1163.79 1178.77 1163.79 1174.27 108450600 1174.278/17/2009 1188.57 1188.57 1153.97 1163.79 105712500 1163.798/10/2009 1184.88 1196.46 1178.51 1188.57 128695900 1188.57

8/3/2009 1174.9 1191.66 1164.36 1184.88 136200000 1184.887/27/2009 1155.88 1179.08 1148.26 1174.9 148371500 1174.97/20/2009 1070.25 1160.61 1067.84 1155.88 157300700 1155.887/13/2009 1067.76 1121.66 1060.96 1120.9 151400200 1120.9

7/6/2009 1072.69 1072.69 1058.12 1067.76 140018700 1067.766/29/2009 1078.52 1083.25 1067.84 1072.69 267822800 1072.696/22/2009 1061.88 1081.83 1028.14 1075.77 436806200 1075.776/15/2009 1093.04 1095.72 1052.48 1059.5 477541200 1059.5

6/8/2009 1080.42 1095.91 1066.99 1090.15 448774900 1090.156/1/2009 1047.62 1075.5 1047.62 1075.5 510375100 1075.5

Date Open High Low Close Volume Adj Close5/25/2009 1047.4 1059.88 1036.12 1044.11 490661000 1044.115/18/2009 1007.95 1050.45 1000.34 1045.26 511782700 1045.265/11/2009 1032.98 1034.37 1011.99 1014.21 657657300 1014.21

5/4/2009 999.44 1037.81 993.2 1026.78 671334700 1026.784/27/2009 995.75 996.6 952.37 990.74 371734700 990.74

30

4/20/2009 966.9 992.68 957.57 992.68 443334500 992.684/13/2009 942.99 969.93 936.43 965.17 491036100 965.17

4/6/2009 912.79 942.4 907.87 941.38 368345500 941.383/30/2009 882.86 910.96 866.72 907.01 296418200 907.013/23/2009 858.19 890.57 857.85 885.43 272007500 885.433/16/2009 843.66 856.82 838.47 856.82 146839600 856.823/10/2009 857.83 863.73 836.51 843.45 148525700 843.45

3/2/2009 889.71 889.97 857.22 858.22 160755800 858.222/23/2009 887.4 898.74 883.81 890.67 168258200 890.672/16/2009 908.36 909.16 888.73 889.71 150789700 889.712/10/2009 897.96 909.84 893.36 909.84 166239900 909.84

2/3/2009 886.18 896.64 873.46 896.64 119564700 896.641/28/2009 874.02 887.27 871.53 884.45 96590700 884.451/19/2009 897.9 900.24 867.35 872.69 119285400 872.691/12/2009 919.4 925.13 889.45 896.47 187827000 896.47

1/5/2009 901.84 936.63 901.84 919.07 299635300 919.07

Average Share Price:Appendix P.1:

Year Average Share Prices

(RM)2007 9.32008 6.692009 4.372010 5.3

31