[F&N] QoQ TTM Result on 31-Mar-2009 [#2]

	31/12/09	30/09/09	30/06/09	31/03/09	31/12/08	30/09/08	30/06/08	CAGR
TTM Result
Revenue	3,451,814	3,509,594	3,634,203	3,684,610	3,653,757	3,613,325	3,491,005	-0.74%
YoY %	-1.65%	-3.43%	-1.37%	0.84%	1.12%	3.50%	-	-
Horiz. %	98.88%	100.53%	104.10%	105.55%	104.66%	103.50%	100.00%	-
PBT	310,076	287,266	276,693	257,998	248,805	239,672	254,191	14.12%
YoY %	7.94%	3.82%	7.25%	3.69%	3.81%	-5.71%	-	-
Horiz. %	121.99%	113.01%	108.85%	101.50%	97.88%	94.29%	100.00%	-
Tax	-43,800	-44,344	-63,142	-64,889	-61,731	-59,941	-62,550	-21.09%
YoY %	1.23%	29.77%	2.69%	-5.12%	-2.99%	4.17%	-	-
Horiz. %	70.02%	70.89%	100.95%	103.74%	98.69%	95.83%	100.00%	-
NP	266,276	242,922	213,551	193,109	187,074	179,731	191,641	24.44%
YoY %	9.61%	13.75%	10.59%	3.23%	4.09%	-6.21%	-	-
Horiz. %	138.95%	126.76%	111.43%	100.77%	97.62%	93.79%	100.00%	-
								-
YoY %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	-
Horiz. %	-	-	-	-	-	-	-	-
NP to SH	251,218	224,432	198,090	178,629	173,262	166,845	177,710	25.87%
YoY %	11.94%	13.30%	10.89%	3.10%	3.85%	-6.11%	-	-
Horiz. %	141.36%	126.29%	111.47%	100.52%	97.50%	93.89%	100.00%	-
								-
YoY %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	-
Horiz. %	-	-	-	-	-	-	-	-
Tax Rate	14.13%	15.44%	22.82%	25.15%	24.81%	25.01%	24.61%	-
YoY %	-8.48%	-32.34%	-9.26%	1.37%	-0.80%	1.63%	-	-
Horiz. %	57.42%	62.74%	92.73%	102.19%	100.81%	101.63%	100.00%	-
Total Cost	3,185,538	3,266,672	3,420,652	3,491,501	3,466,683	3,433,594	3,299,364	-2.30%
YoY %	-2.48%	-4.50%	-2.03%	0.72%	0.96%	4.07%	-	-
Horiz. %	96.55%	99.01%	103.68%	105.82%	105.07%	104.07%	100.00%	-
								-
YoY %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	-
Horiz. %	-	-	-	-	-	-	-	-
Net Worth	1,069,775	1,296,674	1,228,636	1,211,254	1,229,237	1,176,939	1,128,945	-3.51%
YoY %	-17.50%	5.54%	1.44%	-1.46%	4.44%	4.25%	-	-
Horiz. %	94.76%	114.86%	108.83%	107.29%	108.88%	104.25%	100.00%	-

	31/12/09	30/09/09	30/06/09	31/03/09	31/12/08	30/09/08	30/06/08	CAGR
Dividend
Div	148,879	148,879	125,051	125,051	142,622	142,622	141,958	3.21%
YoY %	0.00%	19.05%	0.00%	-12.32%	0.00%	0.47%	-	-
Horiz. %	104.88%	104.88%	88.09%	88.09%	100.47%	100.47%	100.00%	-
Div Payout %	59.26%	66.34%	63.13%	70.01%	82.32%	85.48%	79.88%	-
YoY %	-10.67%	5.08%	-9.83%	-14.95%	-3.70%	7.01%	-	-
Horiz. %	74.19%	83.05%	79.03%	87.64%	103.05%	107.01%	100.00%	-

	31/12/09	30/09/09	30/06/09	31/03/09	31/12/08	30/09/08	30/06/08	CAGR
Equity
Net Worth	1,069,775	1,296,674	1,228,636	1,211,254	1,229,237	1,176,939	1,128,945	-3.51%
YoY %	-17.50%	5.54%	1.44%	-1.46%	4.44%	4.25%	-	-
Horiz. %	94.76%	114.86%	108.83%	107.29%	108.88%	104.25%	100.00%	-
NOSH	356,591	357,210	356,126	355,206	356,300	354,499	357,261	-0.12%
YoY %	-0.17%	0.30%	0.26%	-0.31%	0.51%	-0.77%	-	-
Horiz. %	99.81%	99.99%	99.68%	99.42%	99.73%	99.23%	100.00%	-

	31/12/09	30/09/09	30/06/09	31/03/09	31/12/08	30/09/08	30/06/08	CAGR
Ratio Analysis
NP Margin	7.71%	6.92%	5.88%	5.24%	5.12%	4.97%	5.49%	-
YoY %	11.42%	17.69%	12.21%	2.34%	3.02%	-9.47%	-	-
Horiz. %	140.44%	126.05%	107.10%	95.45%	93.26%	90.53%	100.00%	-
ROE	23.48%	17.31%	16.12%	14.75%	14.10%	14.18%	15.74%	-
YoY %	35.64%	7.38%	9.29%	4.61%	-0.56%	-9.91%	-	-
Horiz. %	149.17%	109.97%	102.41%	93.71%	89.58%	90.09%	100.00%	-

	31/12/09	30/09/09	30/06/09	31/03/09	31/12/08	30/09/08	30/06/08	CAGR
Per Share
RPS	968.00	982.50	1,020.48	1,037.31	1,025.47	1,019.27	977.16	-0.62%
YoY %	-1.48%	-3.72%	-1.62%	1.15%	0.61%	4.31%	-	-
Horiz. %	99.06%	100.55%	104.43%	106.16%	104.94%	104.31%	100.00%	-
EPS	70.45	62.83	55.62	50.29	48.63	47.06	49.74	26.03%
YoY %	12.13%	12.96%	10.60%	3.41%	3.34%	-5.39%	-	-
Horiz. %	141.64%	126.32%	111.82%	101.11%	97.77%	94.61%	100.00%	-
DPS	41.75	41.75	35.25	35.25	40.08	40.08	39.78	3.26%
YoY %	0.00%	18.44%	0.00%	-12.05%	0.00%	0.75%	-	-
Horiz. %	104.95%	104.95%	88.61%	88.61%	100.75%	100.75%	100.00%	-
NAPS	3.00	3.63	3.45	3.41	3.45	3.32	3.16	-3.39%
YoY %	-17.36%	5.22%	1.17%	-1.16%	3.92%	5.06%	-	-
Horiz. %	94.94%	114.87%	109.18%	107.91%	109.18%	105.06%	100.00%	-

	31/12/09	30/09/09	30/06/09	31/03/09	31/12/08	30/09/08	30/06/08	CAGR
Adjusted Per Share Value based on latest NOSH - 355,206
RPS	942.24	958.01	992.03	1,005.79	997.37	986.33	952.94	-0.74%
YoY %	-1.65%	-3.43%	-1.37%	0.84%	1.12%	3.50%	-	-
Horiz. %	98.88%	100.53%	104.10%	105.55%	104.66%	103.50%	100.00%	-
EPS	68.58	61.26	54.07	48.76	47.30	45.54	48.51	25.88%
YoY %	11.95%	13.30%	10.89%	3.09%	3.86%	-6.12%	-	-
Horiz. %	141.37%	126.28%	111.46%	100.52%	97.51%	93.88%	100.00%	-
DPS	40.64	40.64	34.14	34.14	38.93	38.93	38.75	3.21%
YoY %	0.00%	19.04%	0.00%	-12.30%	0.00%	0.46%	-	-
Horiz. %	104.88%	104.88%	88.10%	88.10%	100.46%	100.46%	100.00%	-
NAPS	2.9202	3.5395	3.3538	3.3064	3.3555	3.2127	3.0817	-3.51%
YoY %	-17.50%	5.54%	1.43%	-1.46%	4.44%	4.25%	-	-
Horiz. %	94.76%	114.86%	108.83%	107.29%	108.88%	104.25%	100.00%	-

	31/12/09	30/09/09	30/06/09	31/03/09	31/12/08	30/09/08	30/06/08	CAGR
Price Multiplier on Financial Quarter End Date
Date	31/12/09	30/09/09	30/06/09	31/03/09	31/12/08	30/09/08	30/06/08	-
Price	10.60	10.32	9.55	8.25	8.85	9.05	9.00	-
P/RPS	1.10	1.05	0.94	0.80	0.86	0.89	0.92	12.61%
YoY %	4.76%	11.70%	17.50%	-6.98%	-3.37%	-3.26%	-	-
Horiz. %	119.57%	114.13%	102.17%	86.96%	93.48%	96.74%	100.00%	-
P/EPS	15.05	16.43	17.17	16.41	18.20	19.23	18.09	-11.51%
YoY %	-8.40%	-4.31%	4.63%	-9.84%	-5.36%	6.30%	-	-
Horiz. %	83.20%	90.82%	94.91%	90.71%	100.61%	106.30%	100.00%	-
EY	6.65	6.09	5.82	6.10	5.49	5.20	5.53	13.04%
YoY %	9.20%	4.64%	-4.59%	11.11%	5.58%	-5.97%	-	-
Horiz. %	120.25%	110.13%	105.24%	110.31%	99.28%	94.03%	100.00%	-
DY	3.94	4.05	3.69	4.27	4.53	4.43	4.42	-7.35%
YoY %	-2.72%	9.76%	-13.58%	-5.74%	2.26%	0.23%	-	-
Horiz. %	89.14%	91.63%	83.48%	96.61%	102.49%	100.23%	100.00%	-
P/NAPS	3.53	2.84	2.77	2.42	2.57	2.73	2.85	15.28%
YoY %	24.30%	2.53%	14.46%	-5.84%	-5.86%	-4.21%	-	-
Horiz. %	123.86%	99.65%	97.19%	84.91%	90.18%	95.79%	100.00%	-

	31/12/09	30/09/09	30/06/09	31/03/09	31/12/08	30/09/08	30/06/08	CAGR
Price Multiplier on Announcement Date
Date	09/02/10	09/11/09	06/08/09	04/05/09	11/02/09	06/11/08	07/08/08	-
Price	10.50	10.56	9.80	8.75	9.00	8.35	9.00	-
P/RPS	1.08	1.07	0.96	0.84	0.88	0.82	0.92	11.24%
YoY %	0.93%	11.46%	14.29%	-4.55%	7.32%	-10.87%	-	-
Horiz. %	117.39%	116.30%	104.35%	91.30%	95.65%	89.13%	100.00%	-
P/EPS	14.90	16.81	17.62	17.40	18.51	17.74	18.09	-12.10%
YoY %	-11.36%	-4.60%	1.26%	-6.00%	4.34%	-1.93%	-	-
Horiz. %	82.37%	92.92%	97.40%	96.19%	102.32%	98.07%	100.00%	-
EY	6.71	5.95	5.68	5.75	5.40	5.64	5.53	13.72%
YoY %	12.77%	4.75%	-1.22%	6.48%	-4.26%	1.99%	-	-
Horiz. %	121.34%	107.59%	102.71%	103.98%	97.65%	101.99%	100.00%	-
DY	3.98	3.95	3.60	4.03	4.45	4.80	4.42	-6.73%
YoY %	0.76%	9.72%	-10.67%	-9.44%	-7.29%	8.60%	-	-
Horiz. %	90.05%	89.37%	81.45%	91.18%	100.68%	108.60%	100.00%	-
P/NAPS	3.50	2.91	2.84	2.57	2.61	2.52	2.85	14.63%
YoY %	20.27%	2.46%	10.51%	-1.53%	3.57%	-11.58%	-	-
Horiz. %	122.81%	102.11%	99.65%	90.18%	91.58%	88.42%	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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