(01-02-2011, 11:42 AM)Foxer Wrote: [ -> ]For one thing, let's look at the earnings per share.
2006- 0.033
2007- 0.040
2008- 0.025
2009- 0.025
2010- 0.035 (estimated based on first 3 quarters results)
I think your EPS numbers are inaccurate. I have extracted the folowing EPS numbers (in US cents) from Adampak's FY09 AR (p7) -
FY2005 - 2.03 (based on NP of USD3.571m, and 175.75m shares)
FY2006 - 3.28 (based on NP of USD5.765m, and 175.75m shares)
FY2007 - 3.18 (based on NP of USD7.14m, and weighted average 224.382m shares)
FY2008 - 2.56 (based on NP of USD6.749m, and 263.625m shares)
FY2009 - 2.46 (based on NP of USD6.492m, and 263.625m shares)
FY2010 (estimate) - 3.47 (derived from extrapolating 1st 9 months' NP of USD6.857m, and based on 263.625m shares)
When interpreting the above EPS numbers, we have to bear in mind the following -
1. In May07, in the interest of shareholders who could derive tax benefits from the company's remaining S44 tax credit (expiring 31Dec07), Adampak undertook a 'free-of-charge' 1-for-2 rights issue priced at $0.082 per rights share, which shareholders could pay for it by a $0.05/share concurrent Special dividend payment.....
http://info.sgx.com/webcorpinfo.nsf/Corp...endocument [1-for-2 rights issue in 2007]
http://info.sgx.com/webcorpinfo.nsf/Corp...endocument [Special dividend paid in 2007]
The rights issue raised the total number of issued shares from 175.75m, to 263.625m. This had dampened EPS in FY2007, and exerted a dampening effect on EPS numbers of FY2008 and FY2009.
2. The fall in NP and EPS of FY2009 was mainly caused by a sharp fall in business volume in Q1 and Q2 during the last global financial crisis which started in Q3 of FY2008. Adampak's business staged a strong recovery in Q3 of FY2009 and has since posted further quarter-over-quaater gains.
For FY2010, an EPS of 3.47 US cents will translate to approx. Sing 4.44 cents (based on the USD/SGD exchange rate of 1.28).