You are on page 1of 32

FINANCIAL RATIO

ANALYSIS
OF

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

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.

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.

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.

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 companys operating
decision or investing decision in generating profit.
Profit Margin
Profit margin reflects the company profit generated by sales.
Formula:

Year
2007
2008
2009
2010

Profit Margin (%)


23.24
23.84
25.77
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.

Return on Assests (ROA)

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

Year
2007
2008
2009
2010

ROA (%)
42.43
42.91
46.58
47.42

According to the Standard & Poors 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
2007
2008
2009
2010

ROE(%)
61.37
90.85
75.50
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 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
2007
2008
2009
2010

Current Ratio
0.58
0.45
0.52
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%.
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
2007
2008
2009
2010

Quick Ratio
0.29
0.17
0.19
0.36

Quick ratio of AEON is still below the industry average of 0.63 (Standard & Poors
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
2007
2008
2009
2010

Cash Ratio
0.2
0.14
0.13
0.31

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.

10

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
2007
2008
2009
2010

Total Asset Turnover


1.83
1.80
1.81
1.35

According to Standard & Poors 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.
Formula:

11

Year
2007
2008
2009
2010

Inventory turnover
8.88
8.46
7.93
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
2007
2008
2009
2010

Average Collection Period (days)


7.93
6.69
5.19
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.

Shareholders Ratio
Shareholders ratio reflects the concerns of the investors in relation to the return such as the
dividend yield and capital appreciation.

12

Given Earnings per share (EPS):


Year
2007
2008
2009
2010

EPS (sen)
59.9
34.4
38
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
2007
2008
2009
2010

P/E
15.53
19.45
11.50
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
2007
2008
2009
2010

Market-to-Book Ratio
2.06
2.66
1.56
1.65

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.

13

Dividend Yield
Formula:

Year
2007
2008
2009
2010

Dividend Yeld
1.26
2.48
2.06
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
companys assets.
Formula:

14

Year
2007
2008
2009
2010

Debt ratio
0.64
0.66
0.62
0.58

The industry average of debt ratio shown in Standard & Poors 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 shareholders equity. It determines the level of financial leverage in a company.
Formula:

Year
2007
2008
2009
2010

Debt-equity ratio
1.77
1.93
1.61
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.

Formula:
15

Year
2007
2008
2009
2010

Interest Coverage
2447.78
303.80
308.38
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.

16

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 investments return in relation to the markets
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.

17

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)

18

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+ra
tio+of+long+term+debts+to+long+term+capital+which+is+the+shareholder
%E2%80%99s+equity&source=bl&ots=57NyOr6PFy&sig=oRkc3UdakDir06PP_CGkZkh
mLKc&hl=en&ei=MvisTqTwCIfyrQfQ_oS8DA&sa=X&oi=book_result&ct=result&resnu
m=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>

19

Appendix:

20

21

Financial Ratio Calculation


Calculation of Profit Margin:
Total
Year Revenues
(RM'000)
(1)
2007
2008
2009
2010

2886220
3433049
3735755
2894482

Cost of
Profit
goods sold Depreciation EBIT
Sales
Margin
(RM'000)
(RM'000) (RM'000) (RM'000)
(%)
(2)
(3)
(4)
(6)
(1-2-3)
(4 )/(6)
2108923
106604
670693 2886220 23.24
2494679
119935
818435 3433049 23.84
2631972
141034
962749 3735755 25.77
1735454
145688 1013340 2894482 35.01

Calculation of Return on Assets:


Year
2006
2007
2008
2009
2010

EBIT (1)
(RM'000)
670693
818435
962749
1013340

Total Assets (2)


(RM'000)
1438373
1722474
2092138
2041213
2232705

Average Assets (3)


(RM'000) [(1)+(2)] / 2
1580423.5
1907306
2066675.5
2136959

ROA (%)
(1) / (3)
42.44
42.91
46.58
47.42

Calculation of Return on Equity:


Year
2006
2007
2008
2009
2010

EBIT
(RM'000)
670693
818435
962749
1013340

Tax
Interest
(RM'000) (RM'000)
53830
55745
60843
74993

EBIT - Tax Interest


(RM'000) (1)

157510
2694
197348
238388

459353
759996
704558
699959

Shareholders' Average Shareholder's


Equity
Equity
ROE (%)
(RM'000)
(RM'000) (2)
[(1)/(2)]*100
706143
790821
748482
61.37
882255
836538
90.85
984194
933224.5
75.50
1126498
1055346
66.33

Calculation of Current Ratio:


Year
2007
2008
2009
2010

Current Assets Current Liabilities


(RM'000) (1)
(RM'000) (2)
526007
907824
532895
1172745
532366
1026321
727024
1077904

Current Ratio
(1) / (2)
0.58
0.45
0.52
0.67

Calculation of Quick Ratio:


Year

Cash

Marketable Securities Receivables Current Liabilities

Quick Ratio

22

2007
2008
2009
2010

(RM'000) (1)
185261
158394
137067
330908

(RM'000) (2)
-

(RM'000) (3)
79818
46002
60284
57715

(RM'000) (4)
907824
1172745
1026321
1077904

[(1)+(2)+(3)/(4)]
0.29
0.17
0.19
0.36

Calculation of Cash Ratio:


Year
2007
2008
2009
2010

Cash
Marketable Securities Current Liabilities Cash Ratio
(RM'000) (1)
(RM'000) (2)
(RM'000) (3)
[(1) + (2)]/(3)
185261
907824
0.20
158394
1172745
0.14
137067
1026321
0.13
330908
1077904
0.31

Calculation of Total Assets Turnover:


Year
2007
2008
2009
2010

Sales (1) Total Assets (2) Average Assets (3) Total Asset Turnover
(RM'000)
(RM'000)
(RM'000)
(1) / (3)
1438373
2886220
1722474
1580423.5
1.83
3433049
2092138
1907306
1.80
3735755
2041213
2066675.5
1.81
2894482
2232705
2136959
1.35

Calculation of Inventory Turnover:


Year
2006
2007
2008
2009
2010

Cost of goods sold Inventories Average Inventories Inventory turnover


(RM'000) (1)
(RM'000) (2)
(RM'000) (3)
(1) / (3)
214183
2108923
260928
237555.5
8.88
2494679
328499
294713.5
8.46
2631972
335015
331757
7.93
1735454
338401
336708
5.15

Calculation of Average Collection Period:


Year
2006
2007
2008

Receivables
(RM'000) (1)
45669
79818
46002

Average Receivables
(RM'000) (2)
62743.5
62910

Sales
(RM'000) (3)
2886220
3433049

Average Collection Period


(Days) (2)/[(3)/ 365]
7.93
6.69

23

2009
2010

60284
57715

53143
58999.5

3735755
2894482

5.19
7.44

Extracted from Annual Report Year 2007~2010:


Year
2007
2008
2009
2010

EPS (sen)
59.9
34.4
38
47

Calculation of Price Earnings Ratio:


Year
2007
2008
2009
2010

Average Share Prices


(RM) (1)
9.3
6.69
4.37
5.3

EPS
(RM) (2)
0.599
0.344
0.38
0.47

P/E
(1) / (2)
15.53
19.45
11.50
11.28

Calculation of Market-to-Book Ratio:


Year
2007
2008
2009
2010

Average Share
Prices
(RM) (1)
9.3
6.69
4.37
5.3

Shareholders'
Equity
(RM'000) (2)
790821
882255
984194
1126498

Book value per


Number of shares
share
('000) (3)
(RM) (2) / (3) = (4)
175500
4.51
351000
2.51
351000
2.80
351000
3.21

Market-to-Book
Ratio
(1) / (4)
2.06
2.66
1.56
1.65

Calculation of Dividend Yield:


Year
2007
2008
2009
2010

Dividend per share


(RM) (1)
0.117
0.166
0.09
0.09

Average Share Prices Dividend Yeld


(RM) (2)
(%) [[1) / (2)]*100
9.3
1.26
6.69
2.48
4.37
2.06
5.3
1.70

Calculation of Debt Ratio:


Year
2007
2008
2009
2010

Long term debt


Leases
Shareholders' Equity
Debt ratio
(RM'000) (1)
(RM'000) (2)
(RM'000) (2)
[(1)+(2)] / [(1)+(2)+(3)]
501088
895167
790821
0.64
567712
1134452
882255
0.66
566180
1019483
984194
0.62
608607
929385
1126498
0.58

24

Calculation of Debt-equity Ratio:


Year
2007
2008
2009
2010

Long term debt


Leases
Shareholders' Equity
(RM'000) (1)
(RM'000) (2)
(RM'000) (3)
501088
895167
790821
567712
1134452
882255
566180
1019483
984194
608607
929385
1126498

Debt-equity ratio
[(1)+(2)] / (3)
1.77
1.93
1.61
1.365

Calculation of Interest Coverage:


Year
2007
2008
2009
2010

EBIT
(RM'000) (1)
670693
818435
962749
1013340

Interest Expense
(RM'000) (2)
274
2694
3122
43

Interest Coverage
(1) / (2)
2447.78
303.80
308.38
23566.05

25

Beta Computation:
Excel Regression Analysis:
SUMMARY OUTPUT
Regression Statistics
Multiple R
0.28169799
R Square
0.07935376
Adjusted R Square 0.07023845
Standard Error
0.02595505
Observations
103
ANOVA
df
Regression
Residual
Total

Intercept
X Variable 1

SS
MS
F
Significance F
1 0.005864621 0.005865 8.705547 0.003943457
101 0.068040144 0.000674
102 0.073904764

Coefficients Standard Error t Stat


P-value Lower 95% Upper 95% Lower 95.0% Upper 95.0%
0.00223736 0.002681591 0.83434 0.406058 -0.003082196 0.0075569 -0.003082196
0.007556916
0.47445188 0.160802995 2.950516 0.003943 0.155462006 0.7934418 0.155462006
0.793441761

26

Historical Weekly Share Price (Year 2009-2010) of AEON Co. (M) Bhd. from Yahoo! Finance:
Date
Open
12/27/2010
12/20/2010
12/13/2010
12/6/2010
11/29/2010
11/22/2010
11/15/2010
11/8/2010
11/1/2010
10/25/2010
10/18/2010
10/11/2010
10/4/2010
9/27/2010
9/20/2010
9/13/2010
9/6/2010
8/30/2010
8/23/2010
8/16/2010
8/9/2010
8/2/2010
7/26/2010
7/19/2010
7/12/2010
7/5/2010
6/28/2010
6/21/2010
6/14/2010
6/7/2010
5/31/2010
5/24/2010
5/17/2010
5/10/2010
5/3/2010
4/26/2010
4/19/2010
4/12/2010
4/5/2010
3/29/2010
3/22/2010
3/15/2010
3/8/2010
3/1/2010

High
6.1
6.45
6.27
6.05
5.84
5.85
5.85
5.85
5.52
5.77
5.85
5.9
6
5.79
5.65
5.49
5.34
5.1
5.06
5.02
5.16
5.1
4.9
5
5.05
4.99
4.9
4.9
4.81
4.88
4.98
5
4.99
5
5
5
4.98
5.01
5.09
4.97
4.92
4.9
4.91
4.96

Low
6.1
6.5
6.5
6.25
6.04
5.9
5.86
6.01
5.89
5.77
5.85
5.9
6.08
6.08
5.98
5.65
5.5
5.38
5.15
5.28
5.17
5.29
5.12
5.05
5.05
4.99
4.99
4.95
4.94
4.94
5
5
5
5.05
5.01
5.03
5.04
5.04
5.1
5.1
4.97
4.98
4.92
4.96

Date
Open
High
Low
2/22/2010
5
5
2/17/2010
5.05
5.05

Close
6.06
5.82
6.2
6.03
5.83
5.84
5.84
5.65
5.49
5.48
5.7
5.8
5.88
5.79
5.65
5.45
5.34
5.1
5.06
5.01
4.98
5.1
4.9
4.9
4.96
4.9
4.89
4.88
4.81
4.8
4.88
4.82
4.96
4.99
4.99
4.98
4.98
4.98
5
4.95
4.88
4.89
4.85
4.86

Volume Adj Close


6.09
46900
6.09
6.1
409900
6.1
6.44
106600
6.44
6.25
80100
6.25
6.03
128800
6.03
5.85
11900
5.85
5.85
182600
5.85
5.85
263600
5.85
5.88
531000
5.88
5.52
324700
5.52
5.77
164900
5.77
5.85
187900
5.85
5.9
484300
5.9
6
459800
6
5.78
550500
5.78
5.65
728200
5.65
5.49 1551600
5.49
5.31
225000
5.31
5.1
207900
5.1
5.2
172100
5.2
5.05
63300
5.05
5.17
397200
5.17
5.1
216300
5.1
4.94
163600
4.94
4.98
789300
4.98
4.97
228200
4.97
4.9
204900
4.9
4.9
869800
4.9
4.88
805600
4.88
4.81
177300
4.81
4.88
569000
4.76
4.98
670300
4.86
5
645000
4.88
4.99
426700
4.87
5
398100
4.88
5
294000
4.88
5
288700
4.88
4.99
151400
4.87
5.02
219400
4.9
5.1
136700
4.97
4.97
674300
4.85
4.92
314200
4.8
4.9
158800
4.78
4.9
258500
4.78

Close
Volume Adj Close
4.9
4.95
83700
4.83
4.88
5
245500
4.88

27

2/8/2010
2/2/2010
1/25/2010
1/18/2010
1/11/2010
1/4/2010
12/28/2009
12/21/2009
12/14/2009
12/7/2009
11/30/2009
11/23/2009
11/16/2009
11/9/2009
11/2/2009
10/26/2009
10/19/2009
10/12/2009
10/5/2009
9/28/2009
9/23/2009
9/14/2009
9/7/2009
9/1/2009
8/24/2009
8/17/2009
8/10/2009
8/3/2009
7/27/2009
7/20/2009
7/13/2009
7/6/2009
6/29/2009
6/22/2009
6/15/2009
6/8/2009
6/1/2009

5.05
5.15
5.1
5.3
5.1
4.96
5
4.91
4.9
4.9
4.82
4.98
4.99
5
4.83
5.1
5.15
4.9
4.73
4.77
4.75
4.53
4.64
4.8
4.32
4.69
4.85
4.5
4.44
4.28
4.32
4.26
4.28
4.26
4.3
4.32
4.22

5.13
5.25
5.5
5.3
5.2
5.22
5.08
5
4.91
4.9
4.95
4.98
5.01
5.19
5.13
5.18
5.24
5.18
4.9
4.77
4.75
4.79
4.76
4.8
4.8
4.69
4.86
5
4.5
4.46
4.42
4.4
4.3
4.34
4.34
4.46
4.42

Date
Open
High
Low
5/25/2009
4.22
4.22
5/18/2009
4.1
4.24
5/11/2009
4.14
4.2
5/4/2009
4
4.6
4/27/2009
3.98
4.1

5
5.08
5.1
5.1
5.04
4.96
4.9
4.91
4.88
4.83
4.82
4.9
4.99
4.9
4.83
4.85
5.1
4.9
4.7
4.6
4.68
4.53
4.5
4.6
4.32
4.3
4.61
4.5
4.36
4.26
4.24
4.08
4.26
4.04
4.24
4.3
4.22

5.05
5.08
5.25
5.29
5.18
5.15
4.96
5
4.91
4.9
4.88
4.92
4.99
4.99
5.02
5.12
5.15
5.17
4.88
4.75
4.68
4.75
4.6
4.62
4.8
4.3
4.7
4.85
4.5
4.42
4.3
4.3
4.3
4.26
4.34
4.34
4.3

95200
50000
183800
99900
115300
11500
214100
3400
8500
181300
20600
14800
209900
148500
160600
87300
177000
251600
22800
12000
15800
226200
169200
201500
153000
255400
228800
375800
246200
203700
249800
156500
365400
166200
172300
66300
336400

4.93
4.96
5.12
5.16
5.05
5.02
4.84
4.88
4.79
4.78
4.76
4.8
4.87
4.87
4.9
4.99
5.02
5.04
4.76
4.63
4.56
4.63
4.49
4.51
4.68
4.19
4.58
4.73
4.39
4.31
4.19
4.08
4.08
4.04
4.12
4.12
4.08

Close
4.18
4.1
4.06
4
3.96

Volume Adj Close


4.22
96200
4
4.22
511500
4
4.1
737400
3.89
4.12
315300
3.91
3.98
133800
3.78

28

4/20/2009
4/13/2009
4/6/2009
3/30/2009
3/23/2009
3/16/2009
3/10/2009
3/2/2009
2/23/2009
2/16/2009
2/10/2009
2/3/2009
1/28/2009
1/19/2009
1/12/2009
1/5/2009

3.92
3.88
3.86
3.74
3.74
3.74
3.72
3.7
3.68
3.66
3.94
4
4
4.1
4.2
4.2

4
4.02
3.9
3.84
3.8
3.78
3.72
3.74
3.72
3.68
3.94
4.02
4
4.2
4.2
4.2

3.9
3.88
3.74
3.7
3.7
3.72
3.68
3.64
3.66
3.5
3.64
3.92
4
3.94
4.1
4.12

4
3.94
3.88
3.84
3.74
3.74
3.72
3.74
3.7
3.66
3.66
3.94
4
3.96
4.1
4.14

178000
179200
109600
168200
88300
120800
12900
12100
143500
203800
577900
282500
363300
155800
118900
204300

3.8
3.74
3.68
3.64
3.55
3.55
3.53
3.55
3.51
3.47
3.47
3.74
3.8
3.76
3.89
3.93

29

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
1518.91
12/20/2010 1499.46
1518.8 1493.22 1511.58 106426500
1511.58
12/13/2010 1511.82 1517.15
1495.2 1499.88 131605200
1499.88
12/6/2010 1505.66 1522.95 1497.61 1507.28 207924800
1507.28
11/29/2010 1488.57 1508.41 1474.02 1500.98 136485600
1500.98
11/22/2010 1506.72 1510.13 1476.82 1492.05 117284000
1492.05
11/15/2010 1499.61
1506.2 1487.21 1506.05 111158900
1506.05
11/8/2010 1517.01 1531.99 1488.06 1499.81 160444700
1499.81
11/1/2010 1510.69 1513.41 1504.72 1511.74 101617700
1511.74
10/25/2010 1493.53 1505.66 1491.25 1505.66 129784800
1505.66
10/18/2010 1491.23 1496.48 1476.56 1490.64 148709900
1490.64
10/11/2010 1486.14 1503.82
1484.3 1489.86 150869100
1489.86
10/4/2010 1469.51 1484.48 1462.27 1481.41 124468900
1481.41
9/27/2010 1458.73 1469.77
1456.3 1466.32 127664500
1466.32
9/20/2010 1470.73 1479.59 1445.33 1451.19 135858400
1451.19
9/13/2010 1439.26 1479.59 1439.26 1466.97 158840500
1466.97
9/6/2010 1436.11 1440.01 1428.66 1437.78
98264600
1437.78
8/30/2010 1412.98
1441.8 1412.98 1435.67 166869900
1435.67
8/23/2010 1399.87 1415.28 1396.41 1411.05 144821600
1411.05
8/16/2010 1359.86 1395.03 1358.95 1395.02 135626600
1395.02
8/9/2010 1360.56 1362.24 1342.07 1360.15
75893700
1360.15
8/2/2010 1364.23 1370.52 1358.52 1360.45
89981300
1360.45
7/26/2010 1350.54 1360.92 1348.29 1360.92
97977500
1360.92
7/19/2010 1333.92 1345.68 1327.98 1345.68
85458100
1345.68
7/12/2010 1323.91 1341.96 1323.55 1336.65
95383200
1336.65
7/5/2010 1305.51 1327.27 1294.37 1324.31
95923100
1324.31
6/28/2010 1326.06 1331.09 1304.09 1307.44
95874400
1307.44
6/21/2010 1320.78 1335.31 1318.52 1326.45
80998500
1326.45
6/14/2010 1294.89 1317.69
1294.6 1317.69
74978300
1317.69
6/7/2010 1284.51 1302.07 1278.89 1294.67
69979000
1294.67
5/31/2010 1276.43 1297.75 1271.55 1294.39
96475900
1294.39
5/24/2010 1282.96 1282.96 1243.86 1269.16 150937000
1269.16
5/17/2010 1337.24
1337.3 1280.63 1285.73 110300900
1285.73
5/10/2010
1331.6 1348.09 1330.96
1339.3
93178300
1339.3
5/3/2010 1344.24 1349.92 1315.63 1332.89 110714600
1332.89
4/26/2010
1336.5 1348.15 1324.34 1346.38
88284600
1346.38
4/19/2010 1329.73 1339.15 1321.25 1336.78
77168500
1336.78
4/12/2010 1336.39 1344.12 1330.27 1332.77
91606900
1332.77
4/5/2010
1339.3 1347.61 1331.46 1333.98
93019100
1333.98
3/29/2010 1313.98 1337.21 1313.11 1335.94
84156100
1335.94
3/22/2010 1295.83 1315.14 1292.21 1315.14
94262100
1315.14
3/15/2010 1311.99 1313.36 1294.87
1296.6
96050100
1296.6
3/8/2010 1312.18 1334.34 1308.79
1311.2 129891600
1311.2
3/1/2010 1276.52 1300.74 1276.52 1299.78 152282400
1299.78
Date
Open
High
Low
Close
Volume
Adj Close
2/22/2010 1260.51 1277.66 1260.51 1270.78 114709500
1270.78
2/16/2010 1072.69 1264.91 1072.69 1257.67
72917300
1257.67

30

2/8/2010
2/2/2010
1/25/2010
1/18/2010
1/11/2010
1/4/2010
12/28/2009
12/21/2009
12/14/2009
12/7/2009
11/30/2009
11/23/2009
11/16/2009
11/9/2009
11/2/2009
10/26/2009
10/19/2009
10/12/2009
10/5/2009
9/28/2009
9/22/2009
9/14/2009
9/7/2009
9/1/2009
8/24/2009
8/17/2009
8/10/2009
8/3/2009
7/27/2009
7/20/2009
7/13/2009
7/6/2009
6/29/2009
6/22/2009
6/15/2009
6/8/2009
6/1/2009

1247.81
1261.2
1297.31
1286.25
1292.68
1272.31
1263.53
1266.88
1259.96
1270.2
1256.88
1273.66
1272.98
1262.14
1238.17
1267.43
1257.76
1235.6
1206.06
1216.82
1072.69
1208.53
1178.74
1174.27
1163.79
1188.57
1184.88
1174.9
1155.88
1070.25
1067.76
1072.69
1078.52
1061.88
1093.04
1080.42
1047.62

1254.77
1268.21
1297.45
1308.52
1300.89
1299.7
1275.29
1267.73
1272.59
1271.24
1273.46
1274.77
1288.42
1279.52
1263.03
1267.43
1270.44
1256.77
1236.89
1216.82
1231.49
1221.2
1210.36
1182.5
1178.77
1188.57
1196.46
1191.66
1179.08
1160.61
1121.66
1072.69
1083.25
1081.83
1095.72
1095.91
1075.5

1224.37
1247.46
1253.09
1072.69
1286.44
1272.25
1263.34
1255.66
1256.07
1255.76
1248.58
1268.82
1270.74
1259.23
1233.45
1236.2
1255.63
1231.36
1203.27
1200.65
1072.69
1202.62
1178.74
1163.57
1163.79
1153.97
1178.51
1164.36
1148.26
1067.84
1060.96
1058.12
1067.84
1028.14
1052.48
1066.99
1047.62

1253.39
1247.9
1259.16
1300.45
1298.58
1292.98
1272.78
1263.94
1266.97
1260
1270.2
1270.61
1274.36
1270.96
1260.76
1243.23
1267.1
1256.77
1233.82
1206.25
1217.39
1221.2
1208.28
1178.74
1174.27
1163.79
1188.57
1184.88
1174.9
1155.88
1120.9
1067.76
1072.69
1075.77
1059.5
1090.15
1075.5

104691200
104118200
120999600
103827400
96720300
100101300
54418100
58537500
81610500
71689400
99914000
92330800
73149500
79115300
78114400
88066700
96380200
74120800
100331600
70348500
65396200
94517100
118733400
98457900
108450600
105712500
128695900
136200000
148371500
157300700
151400200
140018700
267822800
436806200
477541200
448774900
510375100

1253.39
1247.9
1259.16
1300.45
1298.58
1292.98
1272.78
1263.94
1266.97
1260
1270.2
1270.61
1274.36
1270.96
1260.76
1243.23
1267.1
1256.77
1233.82
1206.25
1217.39
1221.2
1208.28
1178.74
1174.27
1163.79
1188.57
1184.88
1174.9
1155.88
1120.9
1067.76
1072.69
1075.77
1059.5
1090.15
1075.5

Date
Open
High
Low
Close
Volume
Adj Close
5/25/2009
1047.4 1059.88 1036.12 1044.11 490661000
1044.11
5/18/2009 1007.95 1050.45 1000.34 1045.26 511782700
1045.26
5/11/2009 1032.98 1034.37 1011.99 1014.21 657657300
1014.21
5/4/2009
999.44 1037.81
993.2 1026.78 671334700
1026.78
4/27/2009
995.75
996.6
952.37
990.74 371734700
990.74

31

4/20/2009
4/13/2009
4/6/2009
3/30/2009
3/23/2009
3/16/2009
3/10/2009
3/2/2009
2/23/2009
2/16/2009
2/10/2009
2/3/2009
1/28/2009
1/19/2009
1/12/2009
1/5/2009

966.9
942.99
912.79
882.86
858.19
843.66
857.83
889.71
887.4
908.36
897.96
886.18
874.02
897.9
919.4
901.84

992.68
969.93
942.4
910.96
890.57
856.82
863.73
889.97
898.74
909.16
909.84
896.64
887.27
900.24
925.13
936.63

957.57
936.43
907.87
866.72
857.85
838.47
836.51
857.22
883.81
888.73
893.36
873.46
871.53
867.35
889.45
901.84

992.68
965.17
941.38
907.01
885.43
856.82
843.45
858.22
890.67
889.71
909.84
896.64
884.45
872.69
896.47
919.07

443334500
491036100
368345500
296418200
272007500
146839600
148525700
160755800
168258200
150789700
166239900
119564700
96590700
119285400
187827000
299635300

992.68
965.17
941.38
907.01
885.43
856.82
843.45
858.22
890.67
889.71
909.84
896.64
884.45
872.69
896.47
919.07

Average Share Price:


Appendix P.1:
Year
2007
2008
2009
2010

Average Share Prices (RM)


9.3
6.69
4.37
5.3

32

You might also like