Let us forget all band things and sorrows of past year and well come the new year with new hope.
Hope for the best.
Showing posts with label KNOWLEDGE. Show all posts
Showing posts with label KNOWLEDGE. Show all posts
December 29, 2011
December 27, 2011
HOW TO OPEN A DEMAT ACCOUNT ?
HOW TO OPEN A
DEMAT ACCOUNT ?
Opening an individual Demat account is a two-step process: You approach a DP and fill up the Demat
account-opening booklet. The Web sites of the NSDL and the CDSL list the
approved DPs. You will then receive an account number and a DP ID number for
the account. Quote both the numbers in all future correspondence with your DPs.
·
So it is just like a bank
account where actual money is replaced by shares. You have to approach the DPs (remember, they are like bank branches), to open your demat account. Let's say your portfolio of shares looks like
this: 150 of Infosys, 50 of Wipro, 200 of HLL and 100 of ACC. All these
will show in your demat account. So you don't have to
possess any physical certificates showing that you own these shares. They are all held
electronically in your account. As you buy and sell the shares, they are adjusted in your account. Just like a bank passbook or statement, the DP will provide you with periodic statements of holdings
and transactions.
·
Is a demat account a must? Nowadays,
practically all trades have to be settled in dematerialised form. Although
the market regulator, the Securities and Exchange Board of India (SEBI),
has allowed trades of upto 500 shares to be settled in physical form,
nobody wants physical shares any more.
·
So a demat account is a must for trading
and investing.
·
Most banks are also DP participants,
as are many brokers.
·
You can choose your very own DP.
·
To get a list, visit the NSDL and CDSL websites and see who the
registered DPs are.
·
A broker is separate from a DP. A broker is a
member of the
stock exchange, who buys and sells shares on his behalf and on
behalf of his clients.
·
A DP will just give you an account to hold those
shares.
·
You do not have to take the same DP that your
broker takes. You can choose your own.
Stock market crash
Stock
market crash
A stock market crash is often defined as a sharp
dip in share
prices of equities
listed on the stock exchanges. In parallel with various economic factors,
a reason for stock market crashes is also due to panic and investing public's
loss of confidence. Often, stock market crashes end speculative economic
bubbles.
There have been famous stock market crashes that have ended in the loss
of billions of dollars and wealth destruction on a massive scale. An increasing
number of people are involved in the stock market, especially since the social
security and retirement plans are being increasingly
privatized and linked to stocks and bonds and other elements of the market. There have
been a number of famous stock market crashes like the Wall Street Crash of 1929, the stock market crash of 1973–4, the Black Monday of 1987, the Dot-com
bubble of 2000, and the Stock Market Crash of 2008.
One of the most famous stock market crashes
started October 24, 1929 on Black Thursday. The Dow Jones Industrial lost 50% during this
stock market crash. It was the beginning of the Great
Depression. Another famous crash took place on October 19, 1987 – Black
Monday. The crash began in Hong Kong and quickly spread around the world.
A stock exchange
A stock exchange
A stock
exchange is an entity which provides "trading" facilities for stock
brokers and traders, to trade stocks and other securities. Stock exchanges also provide
facilities for the issue and redemption of securities as well as other
financial instruments and capital events including the payment of income and dividends. The
securities traded on a stock exchange include shares issued by
companies, unit
trusts, derivatives, pooled investment products and bonds.
To be able to trade a security on a certain stock
exchange, it has to be listed there. Usually there is a central location at
least for recordkeeping, but trade is less and less linked to such a physical
place, as modern markets are electronic networks, which gives them
advantages of increased speed and reduced cost of transactions. Trade on an
exchange is by members only.
The initial offering of stocks and bonds to investors is by
definition done in the primary market and subsequent trading is done in the
secondary
market. A stock exchange is often the most important component of a stock
market. Supply and demand in stock markets is driven by various factors
which, as in all free markets, affect the price of stocks (see stock
valuation).
There is usually no compulsion to issue stock via
the stock exchange itself, nor must stock be subsequently traded on the
exchange. Such trading is said to be off exchange or over-the-counter. This is the usual way
that derivatives and bonds
are traded. Increasingly, stock exchanges are part of a global market for
securities.
Types of stock
Types of stock
Stock typically takes the form of shares of
either common
stock or preferred stock. As a unit of ownership, common
stock typically carries voting rights that can be exercised in corporate
decisions. Preferred stock differs from common stock in that
it typically does not carry voting rights but is legally entitled to receive a
certain level of dividend payments before any dividends can be issued to
other shareholders.[3][4]
Convertible preferred stock is preferred stock that includes an option for the holder to convert the preferred
shares into a fixed number of common shares, usually anytime after a
predetermined date. Shares of such stock are called "convertible preferred
shares" (or "convertible preference shares" in the UK)
New equity issues may have specific legal clauses
attached that differentiate them from previous issues of the issuer. Some
shares of common stock may be issued without the typical voting rights, for
instance, or some shares may have special rights unique to them and issued only
to certain parties. Often, new issues that have not been registered with a
securities governing body may be restricted
from resale for certain periods of time.
Preferred stock may be hybrid by having the
qualities of bonds of fixed returns and common stock voting rights. They also
have preference in the payment of dividends over common stock and also have
been given preference at the time of liquidation over common stock. They have
other features of accumulation in dividend.
Methods of issuing securities in the primary market are:
Methods of issuing securities in the primary market are:
- Initial public offering;
- Rights
issue
(for existing companies);
- Preferential
issue.
Public limited company: A public
company or publicly traded
company is a company that has permission to offer its registered securities (stock, bonds,
etc.) for sale to the general public, typically through a stock
exchange, or occasionally a company whose stock is traded over the counter (OTC) via market
makers who use non-exchange quotation services.
A public limited company must include the words "public limited
company" or its abbreviation "plc" at the end and as part of its
legal company name. Certain public limited companies (mostly nationalised
concerns), incorporated under special legislation, are exempted from bearing
any of the identifying suffixes
Features of primary markets are
Features of primary markets are:
- This
is the market for new long term equity capital. The primary market is the
market where the securities are sold for the first time. Therefore it is
also called the new issue market (NIM).
- In
a primary issue, the securities are issued by the company directly to
investors.
- The
company receives the money and issues new security certificates to the
investors.
- Primary
issues are used by companies for the purpose of setting up new business or
for expanding or modernizing the existing business.
- The
primary market performs the crucial function of facilitating capital
formation in the economy.
- The
new issue market does not include certain other sources of new long term
external finance, such as loans from financial institutions. Borrowers in
the new issue market may be raising capital for converting private capital
into public capital; this is known as "going public."
- The
financial assets sold can only be redeemed by the original holder.
Primary market
Primary market
The primary
market is that part of the capital
markets that deals with the issue of new securities. Companies, governments or public
sector institutions can obtain funding through the sale of a new stock or bond
issue. This is typically done through a syndicate of securities dealers. The
process of selling new issues to investors is called underwriting.
In the case of a new stock issue, this sale is an initial public offering (IPO). Dealers earn
a commission that is built into the price of the security offering, though it
can be found in the prospectus. Primary markets creates long term
instruments through which corporate entities borrow from capital market.
December 26, 2011
Ratio Analysis
Ratio
Analysis
|
Liquidity Ratio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current ratio
|
|
Formula = CA / CL
|
|
|
|
|
|
2001
|
2002
|
2003
|
2004
|
2005
|
|
CA
|
816,320,886
|
1,062,983,169
|
1,396,399,897
|
1,342,335,580
|
1,537,155,946
|
|
CL
|
609,920,107
|
870,761,136
|
1,243,623,034
|
1,236,604,180
|
1,596,968,729
|
|
Current ratio
|
1.3384
|
1.2208
|
1.1228
|
1.0855
|
0.9625
|
|
|
|
|
|
|
|
|
|
|
Avg
|
Std Dev
|
Growth
|
|
|
|
|
1.1460
|
0.1418
|
-28.0827%
|
|
|
|
|
|
|
|
|
|
Quick ratio
|
|
Formula =
(CA - Inv.) / CL
|
|
|
|
|
|
2001
|
2002
|
2003
|
2004
|
2005
|
|
CA
|
816,320,886
|
1,062,983,169
|
1,396,399,897
|
1,342,335,580
|
1,537,155,946
|
|
CL
|
609,920,107
|
870,761,136
|
1,243,623,034
|
1,236,604,180
|
1,596,968,729
|
|
Inv
|
101,713,154
|
155,760,473
|
231,426,737
|
341,773,148
|
374,805,011
|
|
Quick Ratio
|
1.1716
|
1.0419
|
0.9368
|
0.8091
|
0.7278
|
|
|
|
|
|
|
|
|
|
|
Avg
|
Std Dev
|
Growth
|
|
|
|
|
0.9374
|
0.1776
|
-37.8779%
|
|
|
|
|
|
|
|
|
|
Cash ratio
|
|
Formula = (Cash + M/s ) / CL
|
|
|
|
|
|
2001
|
2002
|
2003
|
2004
|
2005
|
|
Cash+M/s
|
123,165,593
|
117,715,951
|
61,294,753
|
58,022,038
|
56,704,288
|
|
CL
|
609,920,107
|
870,761,136
|
1,243,623,034
|
1,236,604,180
|
1,596,968,729
|
|
Cash ratio
|
0.2019
|
0.1352
|
0.0493
|
0.0469
|
0.0355
|
|
|
|
|
|
|
|
|
|
|
Avg
|
Std Dev
|
Growth
|
|
|
|
|
0.0938
|
0.0724
|
-82.4166%
|
|
|
|
|
|
|
|
|
|
NWC to asset ratio
|
Formula = NWC / TA
|
|
|
||
|
|
2001
|
2002
|
2003
|
2004
|
2005
|
|
NWC
|
206,400,779
|
192,222,033
|
152,776,863
|
105,731,400
|
-59,812,783
|
|
TA
|
1,195,210,173
|
1,511,867,305
|
2,009,138,547
|
2,378,690,093
|
2,674,494,145
|
|
NWC to asset ratio
|
0.1727
|
0.1271
|
0.0760
|
0.0444
|
-0.0224
|
|
|
|
|
|
|
|
|
|
|
Avg
|
Std Dev
|
Growth
|
|
|
|
|
0.0796
|
0.0751
|
-112.9505%
|
|
|
Internal measure
|
Formula = (Cash + M/s + A/c Rec.) / Daily
expenses
|
||||
|
|
2001
|
2002
|
2003
|
2004
|
2005
|
|
Cash+M/s+A/R
|
123,165,593
|
117,715,951
|
61,294,753
|
58,022,038
|
56,704,288
|
|
Daily Exp
|
4,116,035
|
5,194,601
|
5,983,059
|
6,459,780
|
7,829,235
|
|
Internal measure
|
29.9234
|
22.6612
|
10.2447
|
8.9820
|
7.2426
|
|
|
|
|
|
|
|
|
|
|
Avg
|
Std Dev
|
Growth
|
|
|
|
|
15.8108
|
9.9639
|
-75.7961%
|
|
|
|
|
|
|
|
|
|
Inventory ternover ratio (ITOR)
|
Formula = COGS / Avg. Inventory
|
||||
|
|
2001
|
2002
|
2003
|
2004
|
2005
|
|
COGS
|
1,184,074,252
|
1,422,247,548
|
1,600,211,511
|
1,817,394,259
|
2,131,538,267
|
|
Avg Inv
|
50,856,577
|
128,736,814
|
193,593,605
|
286,599,943
|
358,289,080
|
|
ITOR
|
23.2826
|
11.0477
|
8.2658
|
6.3412
|
5.9492
|
|
|
|
|
|
|
|
|
|
|
Avg
|
Std Dev
|
Growth
|
|
|
|
|
10.9773
|
7.1686
|
-74.4478%
|
|
|
|
|
|
|
|
|
|
Inventory ternover period (ITOP)
|
Formula = Avg. inv. / Daily COGS
|
||||
|
|
2001
|
2002
|
2003
|
2004
|
2005
|
|
Avg Inv
|
50,856,577
|
128,736,814
|
193,593,605
|
286,599,943
|
358,289,080
|
|
Daily COGS
|
3244039.047
|
3896568.625
|
4384141.126
|
4979162.353
|
5839830.868
|
|
ITOP
|
15.6769
|
33.0385
|
44.1577
|
57.5599
|
61.3526
|
|
|
|
|
|
|
|
|
|
|
Avg
|
Std Dev
|
Growth
|
|
|
|
|
42.3571
|
18.6672
|
291.3562%
|
|
|
|
|
|
|
|
|
|
Receivabls turnover ratio (RTOR)
|
Formula = Cr. Sales / Avg. rec.
|
|
|||
|
|
2001
|
2002
|
2003
|
2004
|
2005
|
|
Cr. Sales
|
1,637,408,231
|
2,052,913,536
|
2,239,565,258
|
2,557,772,237
|
3,088,714,707
|
|
Avg A/R
|
17,108,459
|
49,270,504
|
77,674,463
|
85,995,917
|
218927411
|
|
RTOR
|
0
|
0
|
0
|
0
|
0
|
|
|
|
|
|
|
|
|
|
|
Avg
|
Std Dev
|
Growth
|
|
|
|
|
0.0000
|
0.0000
|
0.0000%
|
|
|
Days sales outstanding (DSO) or (ACP)
|
Formula = Avg. Re. / Daily Cr. Sales
|
||||
|
|
2001
|
2002
|
2003
|
2004
|
2005
|
|
Avg A/R
|
0
|
0
|
0
|
0
|
0
|
|
Daily Cr. Sales
|
0
|
0
|
0
|
0
|
0
|
|
DSO
|
3.43
|
5.90
|
10.34
|
11.68
|
18.02
|
|
|
|
|
|
|
|
|
|
|
Avg
|
Std Dev
|
Growth
|
|
|
|
|
0.0000
|
0.0000
|
0.0000%
|
|
|
|
|
|
|
|
|
|
Payable Defferal Period (PDP)
|
|
Formula = Avg. A/c payable / Daily COGS
|
|||
|
|
2001
|
2002
|
2003
|
2004
|
2005
|
|
Avg A/P
|
100,815,221
|
241,044,167
|
300,511,090
|
336,243,825
|
485,579,409
|
|
Daily COGS
|
3244039.047
|
3896568.625
|
4384141.126
|
4979162.353
|
5839830.868
|
|
PDP
|
31.0771
|
61.8606
|
68.5450
|
67.5302
|
83.1496
|
|
|
|
|
|
|
|
|
|
|
Avg
|
Std Dev
|
Growth
|
|
|
|
|
62.4325
|
19.2096
|
167.5592%
|
|
|
|
|
|
|
|
|
|
Cash Conversion Cycle
|
|
Formula = ITOP + DSO - PDP
|
|
||
|
|
2001
|
2002
|
2003
|
2004
|
2005
|
|
ITOP
|
15.67693122
|
33.03850808
|
44.15770374
|
57.55987105
|
61.35264669
|
|
DSO
|
0
|
0
|
0
|
0
|
0
|
|
PDP
|
31.07706768
|
61.86062411
|
68.54503114
|
67.53019908
|
83.14956716
|
|
CCC
|
-11.97
|
-22.92
|
-14.04
|
1.71
|
-3.78
|
|
|
|
|
|
|
|
|
|
|
Avg
|
Std Dev
|
Growth
|
|
|
|
|
-20.0754
|
7.4504
|
41.5372%
|
|
|
Debt Management Ratio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long term debt ratio
|
|
|
Formula = LTD / TA
|
|
|
|
|
2001
|
2002
|
2003
|
2004
|
2005
|
|
LTD
|
38,104,458
|
50,722,643
|
166,929,977
|
356,247,707
|
244,355,147
|
|
TA
|
1,195,210,173
|
1,511,867,305
|
2,009,138,547
|
2,378,690,093
|
2,674,494,145
|
|
Long term debt ratio
|
0.031880969
|
0.033549666
|
0.083085349
|
0.149766339
|
0.091364996
|
|
|
|
|
|
|
|
|
|
|
Avg
|
Std Dev
|
Growth
|
|
|
|
|
0.0779
|
0.0486
|
186.5816%
|
|
|
Current liability ratio
|
|
|
Formula =CL / Total. Debt
|
|
|
|
|
2001
|
2002
|
2003
|
2004
|
2005
|
|
CL
|
609,920,107
|
870,761,136
|
1,243,623,034
|
1,236,604,180
|
1,596,968,729
|
|
Total Debt
|
648,024,565
|
921,483,779
|
1,410,553,011
|
1,592,851,887
|
1,841,323,876
|
|
Current liability ratio
|
0.941199053
|
0.944955468
|
0.881656361
|
0.776345993
|
0.867293772
|
|
|
|
|
|
|
|
|
|
|
Avg
|
Std Dev
|
Growth
|
|
|
|
|
0.8823
|
0.0686
|
-7.8522%
|
|
|
|
|
|
|
|
|
|
LTD to total liability ratio
|
|
|
Formula =LTD / Total Debt
|
|
|
|
|
2001
|
2002
|
2003
|
2004
|
2005
|
|
LTD
|
38,104,458
|
50,722,643
|
166,929,977
|
356,247,707
|
244,355,147
|
|
Total Debt
|
648,024,565
|
921,483,779
|
1,410,553,011
|
1,592,851,887
|
1,841,323,876
|
|
LTD to total liability ratio
|
0.058800947
|
0.055044532
|
0.118343639
|
0.223654007
|
0.132706228
|
|
|
|
|
|
|
|
|
|
|
Avg
|
Std Dev
|
Growth
|
|
|
|
|
0.1177
|
0.0686
|
125.6872%
|
|
|
|
|
|
|
|
|
|
Debt (total) ratio
|
|
|
Formula =Total Debt/ TA
|
|
|
|
|
2001
|
2002
|
2003
|
2004
|
2005
|
|
Total Debt
|
648,024,565
|
921,483,779
|
1,410,553,011
|
1,592,851,887
|
1,841,323,876
|
|
TA
|
1,195,210,173
|
1,511,867,305
|
2,009,138,547
|
2,378,690,093
|
2,674,494,145
|
|
Debt (total) ratio
|
0.542184613
|
0.609500434
|
0.702068562
|
0.669634053
|
0.688475568
|
|
|
|
|
|
|
|
|
|
|
Avg
|
Std Dev
|
Growth
|
|
|
|
|
0.6424
|
0.0662
|
26.9818%
|
|
|
|
|
|
|
|
|
|
Debt equity ratio
|
|
|
Formula = LTD / Total Equity
|
||
|
|
2001
|
2002
|
2003
|
2004
|
2005
|
|
LTD
|
38,104,458
|
50,722,643
|
166,929,977
|
356,247,707
|
244,355,147
|
|
Total Equity
|
547,185,608
|
590,383,526
|
598,585,536
|
785,838,206
|
833,170,269
|
|
Debt equity ratio
|
0.0696
|
0.0859
|
0.2789
|
0.4533
|
0.2933
|
|
|
|
|
|
|
|
|
|
|
Avg
|
Std Dev
|
Growth
|
|
|
|
|
0.2362
|
0.1601
|
321.1595%
|
|
|
Cash coverage ratio
|
|
|
Formula = (EBIT + Depreciation) / Interest
|
||
|
|
2001
|
2002
|
2003
|
2004
|
2005
|
|
EBIT
|
161,323,511
|
201,310,707
|
161,326,651
|
234,554,399
|
252,472,271
|
|
Depreciation
|
3,896,000
|
3,957,000
|
3,975,000
|
5,243,000
|
5,878,000
|
|
Interest
|
24,608,083
|
37,708,125
|
67,886,440
|
93,164,270
|
83,396,936
|
|
Cash coverage ratio
|
6.7140
|
5.4436
|
2.4350
|
2.5739
|
3.0978
|
|
|
|
|
|
|
|
|
|
|
Avg
|
Std Dev
|
Growth
|
|
|
|
|
4.0529
|
1.9192
|
-53.8602%
|
|
|
|
|
|
|
|
|
|
Times interest earned (TIE)
|
|
Formula = EBIT / Interest
|
|
||
|
|
2001
|
2002
|
2003
|
2004
|
2005
|
|
EBIT
|
161,323,511
|
201,310,707
|
161,326,651
|
234,554,399
|
252,472,271
|
|
Interest
|
24,608,083
|
37,708,125
|
67,886,440
|
93,164,270
|
83,396,936
|
|
Times interest earned (TIE)
|
6.5557
|
5.3387
|
2.3764
|
2.5176
|
3.0274
|
|
|
|
|
|
|
|
|
|
|
Avg
|
Std Dev
|
Growth
|
|
|
|
|
3.9632
|
1.8773
|
-53.8211%
|
|
|
Asset Management Ratio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FATOR
|
|
Formula = sales / Avg. FA
|
|
|
|
|
|
2001
|
2002
|
2003
|
2004
|
2005
|
|
Sales
|
1,821,807,060
|
2,326,722,048
|
2,522,981,541
|
2,832,899,234
|
3,425,128,951
|
|
Avg FA
|
189,444,644
|
413,886,712
|
530,811,393
|
824,546,582
|
1,086,846,356
|
|
FATOR
|
9.6166
|
5.6216
|
4.7531
|
3.4357
|
3.1514
|
|
|
|
|
|
|
|
|
|
|
Avg
|
Std Dev
|
Growth
|
|
|
|
|
5.3157
|
2.6041
|
-67.2291%
|
|
|
|
|
|
|
|
|
|
FATOP
|
|
|
Formula= Avg. FA / Daily sales
|
||
|
|
2001
|
2002
|
2003
|
2004
|
2005
|
|
Avg FA
|
189,444,644
|
413,886,712
|
530,811,393
|
824,546,582
|
1,086,846,356
|
|
Daily Sales
|
4991252.219
|
6374580.953
|
6912278.195
|
7761367.764
|
9383914.934
|
|
FATOP
|
37.9553
|
64.9277
|
76.7925
|
106.2373
|
115.8201
|
|
|
|
|
|
|
|
|
|
|
Avg
|
Std Dev
|
Growth
|
|
|
|
|
80.3466
|
31.5281
|
205.1485%
|
|
|
TATOR
|
|
|
Formula= Sales / Avg. TA
|
|
|
|
|
2001
|
2002
|
2003
|
2004
|
2005
|
|
Sales
|
1,821,807,060
|
2,326,722,048
|
2,522,981,541
|
2,832,899,234
|
3,425,128,951
|
|
Avg TA
|
597,605,087
|
1,353,538,739
|
1,760,502,926
|
2,193,914,320
|
2,526,592,119
|
|
TATOR
|
3.0485
|
1.7190
|
1.4331
|
1.2913
|
1.3556
|
|
|
|
|
|
|
|
|
|
|
Avg
|
Std Dev
|
Growth
|
|
|
|
|
1.7695
|
0.7334
|
-55.5314%
|
|
|
|
|
|
|
|
|
|
TATOP
|
|
|
Formula= Avg. TA / Daily sales
|
||
|
|
2001
|
2002
|
2003
|
2004
|
2005
|
|
Avg TA
|
597,605,087
|
1,353,538,739
|
1,760,502,926
|
2,193,914,320
|
2,526,592,119
|
|
Daily Sales
|
4991252.219
|
6374580.953
|
6912278.195
|
7761367.764
|
9383914.934
|
|
TATOP
|
119.7305
|
212.3338
|
254.6921
|
282.6711
|
269.2471
|
|
|
|
|
|
|
|
|
|
|
Avg
|
Std Dev
|
Growth
|
|
|
|
|
227.7349
|
65.8978
|
124.8777%
|
|
|
|
|
|
|
|
|
|
NWC turnover
|
|
Formula= Sales / NWC
|
|
||
|
|
2001
|
2002
|
2003
|
2004
|
2005
|
|
Sales
|
1,821,807,060
|
2,326,722,048
|
2,522,981,541
|
2,832,899,234
|
3,425,128,951
|
|
NWC
|
206,400,779
|
192,222,033
|
152,776,863
|
105,731,400
|
-59,812,783
|
|
NWC turnover
|
8.8266
|
12.1043
|
16.5142
|
26.7934
|
-57.2642
|
|
|
|
|
|
|
|
|
|
|
Avg
|
Std Dev
|
Growth
|
|
|
|
|
1.3949
|
33.4831
|
-748.7717%
|
|
|
|
|
|
|
|
|
|
NWC to TA
|
|
|
Formula= NWC / avg. TA
|
|
|
|
|
2001
|
2002
|
2003
|
2004
|
2005
|
|
NWC
|
206,400,779
|
192,222,033
|
152,776,863
|
105,731,400
|
-59,812,783
|
|
Avg TA
|
597,605,087
|
1,353,538,739
|
1,760,502,926
|
2,193,914,320
|
2,526,592,119
|
|
NWC to TA
|
0.3454
|
0.1420
|
0.0868
|
0.0482
|
-0.0237
|
|
|
|
|
|
|
|
|
|
|
Avg
|
Std Dev
|
Growth
|
|
|
|
|
0.1197
|
0.1398
|
-106.8543%
|
|
|
CIR
|
|
|
Formula= FA / TA
|
|
|
|
|
2001
|
2002
|
2003
|
2004
|
2005
|
|
FA
|
378,889,287
|
448,884,136
|
612,738,650
|
1,036,354,513
|
1,137,338,199
|
|
TA
|
1,195,210,173
|
1,511,867,305
|
2,009,138,547
|
2,378,690,093
|
2,674,494,145
|
|
CIR
|
0.3170
|
0.2969
|
0.3050
|
0.4357
|
0.4253
|
|
|
|
|
|
|
|
|
|
|
Avg
|
Std Dev
|
Growth
|
|
|
|
|
0.3560
|
0.0685
|
34.1467%
|
|
|
|
|
|
|
|
|
|
CAIR
|
|
|
Formula = CA / TA
|
|
|
|
|
2001
|
2002
|
2003
|
2004
|
2005
|
|
CA
|
816,320,886
|
1,062,983,169
|
1,396,399,897
|
1,342,335,580
|
1,537,155,946
|
|
TA
|
1,195,210,173
|
1,511,867,305
|
2,009,138,547
|
2,378,690,093
|
2,674,494,145
|
|
CAIR
|
0.6830
|
0.7031
|
0.6950
|
0.5643
|
0.5747
|
|
|
|
|
|
|
|
|
|
|
Avg
|
Std Dev
|
Growth
|
|
|
|
|
0.6440
|
0.0685
|
-15.8489%
|
|
|
Profitability Ratio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit Margin
|
|
Formula= NI / Sales
|
|
|
|
|
|
2001
|
2002
|
2003
|
2004
|
2005
|
|
NI
|
91,715,428
|
109,180,668
|
85,413,760
|
89,516,202
|
112,270,813
|
|
Sales
|
1,821,807,060
|
2,326,722,048
|
2,522,981,541
|
2,832,899,234
|
3,425,128,951
|
|
Profit Margin
|
0.0503
|
0.0469
|
0.0339
|
0.0316
|
0.0328
|
|
|
|
|
|
|
|
|
|
|
Avg
|
Std Dev
|
Growth
|
|
|
|
|
0.0391
|
0.0088
|
-34.8897%
|
|
|
|
|
|
|
|
|
|
Net Profit Margin
|
|
Formula = (NI + Interest) / Sales
|
|
||
|
|
2001
|
2002
|
2003
|
2004
|
2005
|
|
NI
|
91,715,428
|
109,180,668
|
85,413,760
|
89,516,202
|
112,270,813
|
|
Interest
|
24,608,083
|
37,708,125
|
67,886,440
|
93,164,270
|
83,396,936
|
|
Sales
|
1,821,807,060
|
2,326,722,048
|
2,522,981,541
|
2,832,899,234
|
3,425,128,951
|
|
Net Profit Margin
|
0.0639
|
0.0631
|
0.0608
|
0.0645
|
0.0571
|
|
|
|
|
|
|
|
|
|
|
Avg
|
Std Dev
|
Growth
|
|
|
|
|
0.0619
|
0.0030
|
-10.5300%
|
|
|
Operating Profit
Margin
|
|
Formula= EBIT / Sales
|
|
|
|
|
|
2001
|
2002
|
2003
|
2004
|
2005
|
|
EBIT
|
161,323,511
|
201,310,707
|
161,326,651
|
234,554,399
|
252,472,271
|
|
Sales
|
1,821,807,060
|
2,326,722,048
|
2,522,981,541
|
2,832,899,234
|
3,425,128,951
|
|
Operating Profit
Margin
|
0.0886
|
0.0865
|
0.0639
|
0.0828
|
0.0737
|
|
|
|
|
|
|
|
|
|
|
Avg
|
Std Dev
|
Growth
|
|
|
|
|
0.0791
|
0.0102
|
-16.7582%
|
|
|
|
|
|
|
|
|
|
OIROI
|
|
Formula= Operating income / avg.TA
|
|
||
|
|
2001
|
2002
|
2003
|
2004
|
2005
|
|
Operating Income
|
33,103,898
|
53,037,092
|
110,495,815
|
42,043,347
|
30,326,861
|
|
Avg TA
|
597,605,087
|
1,353,538,739
|
1,760,502,926
|
2,193,914,320
|
2,526,592,119
|
|
OIROI
|
0.0554
|
0.0392
|
0.0628
|
0.0192
|
0.0120
|
|
|
|
|
|
|
|
|
|
|
Avg
|
Std Dev
|
Growth
|
|
|
|
|
0.0377
|
0.0221
|
-78.3316%
|
|
|
|
|
|
|
|
|
|
BEP
|
|
Formula= EBIT / avg.TA
|
|
|
|
|
|
2001
|
2002
|
2003
|
2004
|
2005
|
|
EBIT
|
161,323,511
|
201,310,707
|
161,326,651
|
234,554,399
|
252,472,271
|
|
Avg TA
|
597,605,087
|
1,353,538,739
|
1,760,502,926
|
2,193,914,320
|
2,526,592,119
|
|
BEP
|
0.2700
|
0.1487
|
0.0916
|
0.1069
|
0.0999
|
|
|
|
|
|
|
|
|
|
|
Avg
|
Std Dev
|
Growth
|
|
|
|
|
0.1434
|
0.0741
|
-62.9835%
|
|
|
|
|
|
|
|
|
|
ROA
|
|
Formula= (NI + Interest) / avg. TA
|
|
||
|
|
2001
|
2002
|
2003
|
2004
|
2005
|
|
NI
|
91,715,428
|
109,180,668
|
85,413,760
|
89,516,202
|
112,270,813
|
|
Interest
|
24,608,083
|
37,708,125
|
67,886,440
|
93,164,270
|
83,396,936
|
|
Avg TA
|
597,605,087
|
1,353,538,739
|
1,760,502,926
|
2,193,914,320
|
2,526,592,119
|
|
ROA
|
0.1946
|
0.1085
|
0.0871
|
0.0833
|
0.0774
|
|
|
|
|
|
|
|
|
|
|
Avg
|
Std Dev
|
Growth
|
|
|
|
|
0.1102
|
0.0487
|
-60.2139%
|
|
|
ROI
|
|
Formula = EBIT / avg. TA
|
|
|
|
|
|
2001
|
2002
|
2003
|
2004
|
2005
|
|
EBIT
|
161,323,511
|
201,310,707
|
161,326,651
|
234,554,399
|
252,472,271
|
|
Avg TA
|
597,605,087
|
1,353,538,739
|
1,760,502,926
|
2,193,914,320
|
2,526,592,119
|
|
ROI
|
0.2700
|
0.1487
|
0.0916
|
0.1069
|
0.0999
|
|
|
|
|
|
|
|
|
|
|
Avg
|
Std Dev
|
Growth
|
|
|
|
|
0.1434
|
0.0741
|
-62.9835%
|
|
|
|
|
|
|
|
|
|
ROE
|
|
Formula= NI / avg. TE
|
|
|
|
|
|
2001
|
2002
|
2003
|
2004
|
2005
|
|
NI
|
91,715,428
|
109,180,668
|
85,413,760
|
89,516,202
|
112,270,813
|
|
Avg TE
|
273,592,804
|
568,784,567
|
594,484,531
|
692,211,871
|
809,504,238
|
|
ROE
|
0.3352
|
0.1920
|
0.1437
|
0.1293
|
0.1387
|
|
|
|
|
|
|
|
|
|
|
Avg
|
Std Dev
|
Growth
|
|
|
|
|
0.1878
|
0.0859
|
-58.6277%
|
|
|
|
|
|
|
|
|
|
POR
|
|
Formula = Dividend / NI
|
|
|
|
|
|
2001
|
2002
|
2003
|
2004
|
2005
|
|
Dividend
|
45,174,000
|
48,186,000
|
48,186,000
|
60,232,000
|
36,139,000
|
|
NI
|
91,715,428
|
109,180,668
|
85,413,760
|
89,516,202
|
112,270,813
|
|
POR
|
0.4925
|
0.4413
|
0.5641
|
0.6729
|
0.3219
|
|
|
|
|
|
|
|
|
|
|
Avg
|
Std Dev
|
Growth
|
|
|
|
|
0.4986
|
0.1315
|
-34.6474%
|
|
|
|
|
|
|
|
|
|
PBR
|
|
Formula = 1 - POR
|
|
|
|
|
|
2001
|
2002
|
2003
|
2004
|
2005
|
|
POR
|
0.4925
|
0.4413
|
0.5641
|
0.6729
|
0.3219
|
|
PBR
|
0.5075
|
0.5587
|
0.4359
|
0.3271
|
0.6781
|
|
|
|
|
|
|
|
|
|
|
Avg
|
Std Dev
|
Growth
|
|
|
|
|
0.5014
|
0.1315
|
33.6294%
|
|
|
Equity Multiplier
|
|
Formula = TA / EQ
|
|
|
|
|
|
2001
|
2002
|
2003
|
2004
|
2005
|
|
TA
|
1,195,210,173
|
1,511,867,305
|
2,009,138,547
|
2,378,690,093
|
2,674,494,145
|
|
Total Equity
|
547,185,608
|
590,383,526
|
598,585,536
|
785,838,206
|
833,170,269
|
|
Equity Multiplier
|
2.1843
|
2.5608
|
3.3565
|
3.0269
|
3.2100
|
|
|
|
|
|
|
|
|
|
|
Avg
|
Std Dev
|
Growth
|
|
|
|
|
2.8677
|
0.4855
|
46.9597%
|
|
|
|
|
|
|
|
|
|
Internal Growth Rate
|
|
Formula = ROE * PBR * (1/Eq. multiplier)
|
|
||
|
|
2001
|
2002
|
2003
|
2004
|
2005
|
|
ROE
|
0.3352
|
0.1920
|
0.1437
|
0.1293
|
0.1387
|
|
PBR
|
0.5075
|
0.5587
|
0.4359
|
0.3271
|
0.6781
|
|
Equity Multiplier
|
2.1843
|
2.5608
|
3.3565
|
3.0269
|
3.2100
|
|
Internal Growth Rate
|
0.0779
|
0.0419
|
0.0187
|
0.0140
|
0.0293
|
|
|
|
|
|
|
|
|
|
|
Avg
|
Std Dev
|
Growth
|
|
|
|
|
0.0363
|
0.0256
|
-62.3804%
|
|
|
|
|
|
|
|
|
|
Sustainable Growth Rate
|
|
Formula = PBR * ROE
|
|
|
|
|
|
2001
|
2002
|
2003
|
2004
|
2005
|
|
PBR
|
0.5075
|
0.5587
|
0.4359
|
0.3271
|
0.6781
|
|
ROE
|
0.3352
|
0.1920
|
0.1437
|
0.1293
|
0.1387
|
|
Sustainable Growth Rate
|
0.1701
|
0.1072
|
0.0626
|
0.0423
|
0.0940
|
|
|
|
|
|
|
|
|
|
|
Avg
|
Std Dev
|
Growth
|
|
|
|
|
0.0953
|
0.0490
|
-44.7144%
|
|
|
Market Value analysis
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EPS
|
|
|
Formula = NI / SOS
|
|
|
|
|
2001
|
2002
|
2003
|
2004
|
2005
|
|
NI
|
91,715,428
|
109,180,668
|
85,413,760
|
89,516,202
|
112,270,813
|
|
SOS
|
12,046,449
|
12,046,449
|
12,046,449
|
12,046,449
|
12,046,449
|
|
EPS
|
7.6135
|
9.0633
|
7.0904
|
7.4309
|
9.3198
|
|
|
|
|
|
|
|
|
|
|
Avg
|
Std Dev
|
Growth
|
|
|
|
|
8.1036
|
1.0148
|
22.4121%
|
|
|
Book value per Share
|
|
|
Formula = TE / SOS
|
|
||||
|
|
2001
|
2002
|
2003
|
2004
|
2005
|
|||
|
Total Equity
|
547,185,608
|
590,383,526
|
598,585,536
|
785,838,206
|
833,170,269
|
|||
|
SOS
|
12,046,449
|
12,046,449
|
12,046,449
|
12,046,449
|
12,046,449
|
|||
|
Book value per Share
|
45.4230
|
49.0089
|
49.6898
|
65.2340
|
69.1631
|
|||
|
|
|
|
|
|
|
|||
|
|
|
Avg
|
Std Dev
|
Growth
|
|
|||
|
|
|
55.7038
|
10.7082
|
52.2647%
|
|
|||
|
|
|
|
|
|
|
|||
|
Price earning ratio
|
|
|
Formula = Mkt. Price per share/ EPS
|
|||||
|
|
2001
|
2002
|
2003
|
2004
|
2005
|
|||
|
Price of share
|
54.9
|
55.9
|
55.6
|
79.4
|
80.7
|
|||
|
EPS
|
7.6135
|
9.0633
|
7.0904
|
7.4309
|
9.3198
|
|||
|
Price earning ratio
|
7.2109
|
6.1677
|
7.8416
|
10.6851
|
8.6590
|
|||
|
|
|
|
|
|
|
|||
|
|
|
Avg
|
Std Dev
|
Growth
|
|
|||
|
|
|
8.1129
|
1.7019
|
20.08%
|
|
|||
|
|
|
|
|
|
|
|||
|
Mkt. to Book Value ratio
|
|
|
Formula = Mkt value / Book value
|
|||||
|
|
2001
|
2002
|
2003
|
2004
|
2005
|
|||
|
Mkt Value
|
1,204,644,900
|
1,252,830,696
|
1,433,527,431
|
2,058,738,134
|
1,650,363,513
|
|||
|
Book value
|
547,185,608
|
590,383,526
|
598,585,536
|
785,838,206
|
833,170,269
|
|||
|
Mkt. to Book Value ratio
|
2.2015
|
2.1221
|
2.3949
|
2.6198
|
1.9808
|
|||
|
|
|
|
|
|
|
|||
|
|
|
Avg
|
Std Dev
|
Growth
|
|
|||
|
|
|
2.2638
|
0.2490
|
-10.0251%
|
|
|||
|
|
|
|
|
|
|
|||
|
Dividend yield / return
|
|
|
Formula = Div. per share / price per share
|
|||||
|
|
2001
|
2002
|
2003
|
2004
|
2005
|
|||
|
Div per share
|
3.75
|
3.75
|
4
|
4.25
|
4.5
|
|||
|
Price per share
|
54.9
|
55.9
|
55.6
|
79.4
|
80.7
|
|||
|
Dividend yield / return
|
0.0683
|
0.0671
|
0.0719
|
0.0535
|
0.0558
|
|||
|
|
|
|
|
|
|
|||
|
|
|
Avg
|
Std Dev
|
Growth
|
|
|||
|
|
|
0.0633
|
0.0082
|
-18.36%
|
|
|||
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