[MAYBANK] QoQ TTM Result on 31-Dec-2003 [#2]

	30/09/04	30/06/04	31/03/04	31/12/03	30/09/03	30/06/03	31/03/03	CAGR
TTM Result
Revenue	10,596,832	10,404,296	10,014,144	9,978,662	9,936,857	10,037,610	10,187,623	2.65%
YoY %	1.85%	3.90%	0.36%	0.42%	-1.00%	-1.47%	-	-
Horiz. %	104.02%	102.13%	98.30%	97.95%	97.54%	98.53%	100.00%	-
PBT	3,451,151	3,358,597	3,231,359	2,893,769	2,781,371	2,628,322	2,397,995	27.38%
YoY %	2.76%	3.94%	11.67%	4.04%	5.82%	9.60%	-	-
Horiz. %	143.92%	140.06%	134.75%	120.67%	115.99%	109.60%	100.00%	-
Tax	-972,822	-934,086	-775,270	-634,284	-656,161	-623,185	-743,239	19.59%
YoY %	-4.15%	-20.49%	-22.23%	3.33%	-5.29%	16.15%	-	-
Horiz. %	130.89%	125.68%	104.31%	85.34%	88.28%	83.85%	100.00%	-
NP	2,478,329	2,424,511	2,456,089	2,259,485	2,125,210	2,005,137	1,654,756	30.80%
YoY %	2.22%	-1.29%	8.70%	6.32%	5.99%	21.17%	-	-
Horiz. %	149.77%	146.52%	148.43%	136.54%	128.43%	121.17%	100.00%	-
								-
YoY %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	-
Horiz. %	-	-	-	-	-	-	-	-
NP to SH	2,478,329	2,424,511	2,456,089	2,259,485	2,125,210	2,005,137	1,654,756	30.80%
YoY %	2.22%	-1.29%	8.70%	6.32%	5.99%	21.17%	-	-
Horiz. %	149.77%	146.52%	148.43%	136.54%	128.43%	121.17%	100.00%	-
								-
YoY %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	-
Horiz. %	-	-	-	-	-	-	-	-
Tax Rate	28.19%	27.81%	23.99%	21.92%	23.59%	23.71%	30.99%	-
YoY %	1.37%	15.92%	9.44%	-7.08%	-0.51%	-23.49%	-	-
Horiz. %	90.96%	89.74%	77.41%	70.73%	76.12%	76.51%	100.00%	-
Total Cost	8,118,503	7,979,785	7,558,055	7,719,177	7,811,647	8,032,473	8,532,867	-3.25%
YoY %	1.74%	5.58%	-2.09%	-1.18%	-2.75%	-5.86%	-	-
Horiz. %	95.14%	93.52%	88.58%	90.46%	91.55%	94.14%	100.00%	-
								-
YoY %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	-
Horiz. %	-	-	-	-	-	-	-	-
Net Worth	15,189,782	14,587,128	14,001,420	14,223,240	14,078,809	10,740,511	10,689,833	26.31%
YoY %	4.13%	4.18%	-1.56%	1.03%	31.08%	0.47%	-	-
Horiz. %	142.10%	136.46%	130.98%	133.05%	131.70%	100.47%	100.00%	-

	30/09/04	30/06/04	31/03/04	31/12/03	30/09/03	30/06/03	31/03/03	CAGR
Dividend
Div	2,158,509	2,158,509	1,868,916	1,868,916	1,853,171	1,853,171	1,244,542	44.20%
YoY %	0.00%	15.50%	0.00%	0.85%	0.00%	48.90%	-	-
Horiz. %	173.44%	173.44%	150.17%	150.17%	148.90%	148.90%	100.00%	-
Div Payout %	87.10%	89.03%	76.09%	82.71%	87.20%	92.42%	75.21%	-
YoY %	-2.17%	17.01%	-8.00%	-5.15%	-5.65%	22.88%	-	-
Horiz. %	115.81%	118.38%	101.17%	109.97%	115.94%	122.88%	100.00%	-

	30/09/04	30/06/04	31/03/04	31/12/03	30/09/03	30/06/03	31/03/03	CAGR
Equity
Net Worth	15,189,782	14,587,128	14,001,420	14,223,240	14,078,809	10,740,511	10,689,833	26.31%
YoY %	4.13%	4.18%	-1.56%	1.03%	31.08%	0.47%	-	-
Horiz. %	142.10%	136.46%	130.98%	133.05%	131.70%	100.47%	100.00%	-
NOSH	3,599,474	3,592,888	3,599,336	3,600,820	3,600,718	3,580,170	3,563,277	0.67%
YoY %	0.18%	-0.18%	-0.04%	0.00%	0.57%	0.47%	-	-
Horiz. %	101.02%	100.83%	101.01%	101.05%	101.05%	100.47%	100.00%	-

	30/09/04	30/06/04	31/03/04	31/12/03	30/09/03	30/06/03	31/03/03	CAGR
Ratio Analysis
NP Margin	23.39%	23.30%	24.53%	22.64%	21.39%	19.98%	16.24%	-
YoY %	0.39%	-5.01%	8.35%	5.84%	7.06%	23.03%	-	-
Horiz. %	144.03%	143.47%	151.05%	139.41%	131.71%	123.03%	100.00%	-
ROE	16.32%	16.62%	17.54%	15.89%	15.10%	18.67%	15.48%	-
YoY %	-1.81%	-5.25%	10.38%	5.23%	-19.12%	20.61%	-	-
Horiz. %	105.43%	107.36%	113.31%	102.65%	97.55%	120.61%	100.00%	-

	30/09/04	30/06/04	31/03/04	31/12/03	30/09/03	30/06/03	31/03/03	CAGR
Per Share
RPS	294.40	289.58	278.22	277.12	275.97	280.37	285.91	1.96%
YoY %	1.66%	4.08%	0.40%	0.42%	-1.57%	-1.94%	-	-
Horiz. %	102.97%	101.28%	97.31%	96.93%	96.52%	98.06%	100.00%	-
EPS	68.85	67.48	68.24	62.75	59.02	56.01	46.44	29.92%
YoY %	2.03%	-1.11%	8.75%	6.32%	5.37%	20.61%	-	-
Horiz. %	148.26%	145.31%	146.94%	135.12%	127.09%	120.61%	100.00%	-
DPS	60.00	60.00	52.00	52.00	52.00	52.00	35.00	43.09%
YoY %	0.00%	15.38%	0.00%	0.00%	0.00%	48.57%	-	-
Horiz. %	171.43%	171.43%	148.57%	148.57%	148.57%	148.57%	100.00%	-
NAPS	4.22	4.06	3.89	3.95	3.91	3.00	3.00	25.46%
YoY %	3.94%	4.37%	-1.52%	1.02%	30.33%	0.00%	-	-
Horiz. %	140.67%	135.33%	129.67%	131.67%	130.33%	100.00%	100.00%	-

	30/09/04	30/06/04	31/03/04	31/12/03	30/09/03	30/06/03	31/03/03	CAGR
Adjusted Per Share Value based on latest NOSH - 3,600,820
RPS	87.82	86.22	82.99	82.69	82.35	83.18	84.43	2.65%
YoY %	1.86%	3.89%	0.36%	0.41%	-1.00%	-1.48%	-	-
Horiz. %	104.02%	102.12%	98.29%	97.94%	97.54%	98.52%	100.00%	-
EPS	20.54	20.09	20.35	18.72	17.61	16.62	13.71	30.83%
YoY %	2.24%	-1.28%	8.71%	6.30%	5.96%	21.23%	-	-
Horiz. %	149.82%	146.54%	148.43%	136.54%	128.45%	121.23%	100.00%	-
DPS	17.89	17.89	15.49	15.49	15.36	15.36	10.31	44.25%
YoY %	0.00%	15.49%	0.00%	0.85%	0.00%	48.98%	-	-
Horiz. %	173.52%	173.52%	150.24%	150.24%	148.98%	148.98%	100.00%	-
NAPS	1.2588	1.2088	1.1603	1.1787	1.1667	0.8901	0.8859	26.30%
YoY %	4.14%	4.18%	-1.56%	1.03%	31.08%	0.47%	-	-
Horiz. %	142.09%	136.45%	130.97%	133.05%	131.70%	100.47%	100.00%	-

	30/09/04	30/06/04	31/03/04	31/12/03	30/09/03	30/06/03	31/03/03	CAGR
Price Multiplier on Financial Quarter End Date
Date	30/09/04	30/06/04	31/03/04	31/12/03	30/09/03	30/06/03	31/03/03	-
Price	11.00	10.10	11.60	9.65	9.60	8.60	8.35	-
P/RPS	3.74	3.49	4.17	3.48	3.48	3.07	2.92	17.88%
YoY %	7.16%	-16.31%	19.83%	0.00%	13.36%	5.14%	-	-
Horiz. %	128.08%	119.52%	142.81%	119.18%	119.18%	105.14%	100.00%	-
P/EPS	15.98	14.97	17.00	15.38	16.27	15.36	17.98	-7.54%
YoY %	6.75%	-11.94%	10.53%	-5.47%	5.92%	-14.57%	-	-
Horiz. %	88.88%	83.26%	94.55%	85.54%	90.49%	85.43%	100.00%	-
EY	6.26	6.68	5.88	6.50	6.15	6.51	5.56	8.20%
YoY %	-6.29%	13.61%	-9.54%	5.69%	-5.53%	17.09%	-	-
Horiz. %	112.59%	120.14%	105.76%	116.91%	110.61%	117.09%	100.00%	-
DY	5.45	5.94	4.48	5.39	5.42	6.05	4.19	19.10%
YoY %	-8.25%	32.59%	-16.88%	-0.55%	-10.41%	44.39%	-	-
Horiz. %	130.07%	141.77%	106.92%	128.64%	129.36%	144.39%	100.00%	-
P/NAPS	2.61	2.49	2.98	2.44	2.46	2.87	2.78	-4.10%
YoY %	4.82%	-16.44%	22.13%	-0.81%	-14.29%	3.24%	-	-
Horiz. %	93.88%	89.57%	107.19%	87.77%	88.49%	103.24%	100.00%	-

	30/09/04	30/06/04	31/03/04	31/12/03	30/09/03	30/06/03	31/03/03	CAGR
Price Multiplier on Announcement Date
Date	08/11/04	30/08/04	11/05/04	25/02/04	07/11/03	25/08/03	07/05/03	-
Price	11.10	10.40	9.95	11.20	10.10	9.10	8.10	-
P/RPS	3.77	3.59	3.58	4.04	3.66	3.25	2.83	21.00%
YoY %	5.01%	0.28%	-11.39%	10.38%	12.62%	14.84%	-	-
Horiz. %	133.22%	126.86%	126.50%	142.76%	129.33%	114.84%	100.00%	-
P/EPS	16.12	15.41	14.58	17.85	17.11	16.25	17.44	-5.09%
YoY %	4.61%	5.69%	-18.32%	4.32%	5.29%	-6.82%	-	-
Horiz. %	92.43%	88.36%	83.60%	102.35%	98.11%	93.18%	100.00%	-
EY	6.20	6.49	6.86	5.60	5.84	6.15	5.73	5.38%
YoY %	-4.47%	-5.39%	22.50%	-4.11%	-5.04%	7.33%	-	-
Horiz. %	108.20%	113.26%	119.72%	97.73%	101.92%	107.33%	100.00%	-
DY	5.41	5.77	5.23	4.64	5.15	5.71	4.32	16.13%
YoY %	-6.24%	10.33%	12.72%	-9.90%	-9.81%	32.18%	-	-
Horiz. %	125.23%	133.56%	121.06%	107.41%	119.21%	132.18%	100.00%	-
P/NAPS	2.63	2.56	2.56	2.84	2.58	3.03	2.70	-1.73%
YoY %	2.73%	0.00%	-9.86%	10.08%	-14.85%	12.22%	-	-
Horiz. %	97.41%	94.81%	94.81%	105.19%	95.56%	112.22%	100.00%	-

PBT = Profit before Tax, NP = Net Profit, NP to SH = Net Profit Attributable to Shareholder, Div = Dividend, NP Margin = Net Profit Margin, ROE = Return on Equity, NOSH = Number of Shares, RPS = Revenue per Share, EPS = Earning Per Share, DPS = Dividend Per Share, NAPS = Net Asset Per Share, EOQ = End of Quarter, ANN = Announcement, P/RPS = Price/Revenue per Share, P/EPS = Price/Earning per Share, P/NAPS = Price/Net Asset per Share, EY = Earning Yield, DY = Dividend Yield.

NOSH is estimated based on the NP to SH and EPS. Div is an estimated figure based on the DPS and NOSH. Net Worth is an estimated figure based on the NAPS and NOSH.

Div Payout %, NP Margin, ROE, DY, QoQ ⃤ & YoY ⃤ figures in Percentage; RPS, EPS & DPS's figures in Cent; and NAPS's figures in Dollar.

All figures in '000 unless specified.

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