[NCB] QoQ TTM Result on 31-Dec-2003 [#4]

	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	785,677	776,770	748,141	734,467	732,730	731,964	733,687	4.65%
YoY %	1.15%	3.83%	1.86%	0.24%	0.10%	-0.23%	-	-
Horiz. %	107.09%	105.87%	101.97%	100.11%	99.87%	99.77%	100.00%	-
PBT	160,208	167,097	145,298	139,539	131,525	119,963	110,334	28.14%
YoY %	-4.12%	15.00%	4.13%	6.09%	9.64%	8.73%	-	-
Horiz. %	145.20%	151.45%	131.69%	126.47%	119.21%	108.73%	100.00%	-
Tax	-54,601	-57,234	-50,086	-47,725	-42,666	-39,169	-36,175	31.48%
YoY %	4.60%	-14.27%	-4.95%	-11.86%	-8.93%	-8.28%	-	-
Horiz. %	150.94%	158.21%	138.45%	131.93%	117.94%	108.28%	100.00%	-
NP	105,607	109,863	95,212	91,814	88,859	80,794	74,159	26.49%
YoY %	-3.87%	15.39%	3.70%	3.33%	9.98%	8.95%	-	-
Horiz. %	142.41%	148.15%	128.39%	123.81%	119.82%	108.95%	100.00%	-
								-
YoY %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	-
Horiz. %	-	-	-	-	-	-	-	-
NP to SH	105,607	109,863	95,212	91,814	88,859	80,794	74,159	26.49%
YoY %	-3.87%	15.39%	3.70%	3.33%	9.98%	8.95%	-	-
Horiz. %	142.41%	148.15%	128.39%	123.81%	119.82%	108.95%	100.00%	-
								-
YoY %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	-
Horiz. %	-	-	-	-	-	-	-	-
Tax Rate	34.08%	34.25%	34.47%	34.20%	32.44%	32.65%	32.79%	-
YoY %	-0.50%	-0.64%	0.79%	5.43%	-0.64%	-0.43%	-	-
Horiz. %	103.93%	104.45%	105.12%	104.30%	98.93%	99.57%	100.00%	-
Total Cost	680,070	666,907	652,929	642,653	643,871	651,170	659,528	2.06%
YoY %	1.97%	2.14%	1.60%	-0.19%	-1.12%	-1.27%	-	-
Horiz. %	103.11%	101.12%	99.00%	97.44%	97.63%	98.73%	100.00%	-
								-
YoY %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	-
Horiz. %	-	-	-	-	-	-	-	-
Net Worth	1,394,442	1,366,939	1,364,853	1,331,865	1,276,347	1,238,692	1,246,585	7.73%
YoY %	2.01%	0.15%	2.48%	4.35%	3.04%	-0.63%	-	-
Horiz. %	111.86%	109.65%	109.49%	106.84%	102.39%	99.37%	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	61,514	61,514	56,410	56,410	46,406	46,406	37,319	39.41%
YoY %	0.00%	9.05%	0.00%	21.56%	0.00%	24.35%	-	-
Horiz. %	164.83%	164.83%	151.16%	151.16%	124.35%	124.35%	100.00%	-
Div Payout %	58.25%	55.99%	59.25%	61.44%	52.23%	57.44%	50.32%	-
YoY %	4.04%	-5.50%	-3.56%	17.63%	-9.07%	14.15%	-	-
Horiz. %	115.76%	111.27%	117.75%	122.10%	103.80%	114.15%	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	1,394,442	1,366,939	1,364,853	1,331,865	1,276,347	1,238,692	1,246,585	7.73%
YoY %	2.01%	0.15%	2.48%	4.35%	3.04%	-0.63%	-	-
Horiz. %	111.86%	109.65%	109.49%	106.84%	102.39%	99.37%	100.00%	-
NOSH	472,692	474,631	473,907	472,292	472,721	465,673	472,191	0.07%
YoY %	-0.41%	0.15%	0.34%	-0.09%	1.51%	-1.38%	-	-
Horiz. %	100.11%	100.52%	100.36%	100.02%	100.11%	98.62%	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	13.44%	14.14%	12.73%	12.50%	12.13%	11.04%	10.11%	-
YoY %	-4.95%	11.08%	1.84%	3.05%	9.87%	9.20%	-	-
Horiz. %	132.94%	139.86%	125.91%	123.64%	119.98%	109.20%	100.00%	-
ROE	7.57%	8.04%	6.98%	6.89%	6.96%	6.52%	5.95%	-
YoY %	-5.85%	15.19%	1.31%	-1.01%	6.75%	9.58%	-	-
Horiz. %	127.23%	135.13%	117.31%	115.80%	116.97%	109.58%	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	166.21	163.66	157.87	155.51	155.00	157.18	155.38	4.58%
YoY %	1.56%	3.67%	1.52%	0.33%	-1.39%	1.16%	-	-
Horiz. %	106.97%	105.33%	101.60%	100.08%	99.76%	101.16%	100.00%	-
EPS	22.34	23.15	20.09	19.44	18.80	17.35	15.71	26.37%
YoY %	-3.50%	15.23%	3.34%	3.40%	8.36%	10.44%	-	-
Horiz. %	142.20%	147.36%	127.88%	123.74%	119.67%	110.44%	100.00%	-
DPS	13.00	13.00	12.00	12.00	9.82	10.00	8.00	38.09%
YoY %	0.00%	8.33%	0.00%	22.20%	-1.80%	25.00%	-	-
Horiz. %	162.50%	162.50%	150.00%	150.00%	122.75%	125.00%	100.00%	-
NAPS	2.95	2.88	2.88	2.82	2.70	2.66	2.64	7.66%
YoY %	2.43%	0.00%	2.13%	4.44%	1.50%	0.76%	-	-
Horiz. %	111.74%	109.09%	109.09%	106.82%	102.27%	100.76%	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 - 472,292
RPS	165.94	164.06	158.01	155.12	154.75	154.59	154.96	4.65%
YoY %	1.15%	3.83%	1.86%	0.24%	0.10%	-0.24%	-	-
Horiz. %	107.09%	105.87%	101.97%	100.10%	99.86%	99.76%	100.00%	-
EPS	22.30	23.20	20.11	19.39	18.77	17.06	15.66	26.49%
YoY %	-3.88%	15.37%	3.71%	3.30%	10.02%	8.94%	-	-
Horiz. %	142.40%	148.15%	128.42%	123.82%	119.86%	108.94%	100.00%	-
DPS	12.99	12.99	11.91	11.91	9.80	9.80	7.88	39.42%
YoY %	0.00%	9.07%	0.00%	21.53%	0.00%	24.37%	-	-
Horiz. %	164.85%	164.85%	151.14%	151.14%	124.37%	124.37%	100.00%	-
NAPS	2.9451	2.887	2.8826	2.8129	2.6957	2.6162	2.6328	7.73%
YoY %	2.01%	0.15%	2.48%	4.35%	3.04%	-0.63%	-	-
Horiz. %	111.86%	109.66%	109.49%	106.84%	102.39%	99.37%	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	2.43	2.26	2.35	2.50	2.20	1.90	1.84	-
P/RPS	1.46	1.38	1.49	1.61	1.42	1.21	1.18	15.20%
YoY %	5.80%	-7.38%	-7.45%	13.38%	17.36%	2.54%	-	-
Horiz. %	123.73%	116.95%	126.27%	136.44%	120.34%	102.54%	100.00%	-
P/EPS	10.88	9.76	11.70	12.86	11.70	10.95	11.72	-4.82%
YoY %	11.48%	-16.58%	-9.02%	9.91%	6.85%	-6.57%	-	-
Horiz. %	92.83%	83.28%	99.83%	109.73%	99.83%	93.43%	100.00%	-
EY	9.19	10.24	8.55	7.78	8.54	9.13	8.54	4.99%
YoY %	-10.25%	19.77%	9.90%	-8.90%	-6.46%	6.91%	-	-
Horiz. %	107.61%	119.91%	100.12%	91.10%	100.00%	106.91%	100.00%	-
DY	5.35	5.75	5.11	4.80	4.46	5.26	4.35	14.74%
YoY %	-6.96%	12.52%	6.46%	7.62%	-15.21%	20.92%	-	-
Horiz. %	122.99%	132.18%	117.47%	110.34%	102.53%	120.92%	100.00%	-
P/NAPS	0.82	0.78	0.82	0.89	0.81	0.71	0.70	11.09%
YoY %	5.13%	-4.88%	-7.87%	9.88%	14.08%	1.43%	-	-
Horiz. %	117.14%	111.43%	117.14%	127.14%	115.71%	101.43%	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	20/10/04	23/08/04	12/05/04	24/02/04	28/10/03	19/08/03	21/04/03	-
Price	2.51	2.30	2.20	2.28	2.30	2.09	1.82	-
P/RPS	1.51	1.41	1.39	1.47	1.48	1.33	1.17	18.48%
YoY %	7.09%	1.44%	-5.44%	-0.68%	11.28%	13.68%	-	-
Horiz. %	129.06%	120.51%	118.80%	125.64%	126.50%	113.68%	100.00%	-
P/EPS	11.23	9.94	10.95	11.73	12.24	12.05	11.59	-2.07%
YoY %	12.98%	-9.22%	-6.65%	-4.17%	1.58%	3.97%	-	-
Horiz. %	96.89%	85.76%	94.48%	101.21%	105.61%	103.97%	100.00%	-
EY	8.90	10.06	9.13	8.53	8.17	8.30	8.63	2.06%
YoY %	-11.53%	10.19%	7.03%	4.41%	-1.57%	-3.82%	-	-
Horiz. %	103.13%	116.57%	105.79%	98.84%	94.67%	96.18%	100.00%	-
DY	5.18	5.65	5.45	5.26	4.27	4.78	4.40	11.46%
YoY %	-8.32%	3.67%	3.61%	23.19%	-10.67%	8.64%	-	-
Horiz. %	117.73%	128.41%	123.86%	119.55%	97.05%	108.64%	100.00%	-
P/NAPS	0.85	0.80	0.76	0.81	0.85	0.79	0.69	14.87%
YoY %	6.25%	5.26%	-6.17%	-4.71%	7.59%	14.49%	-	-
Horiz. %	123.19%	115.94%	110.14%	117.39%	123.19%	114.49%	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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