sime-darby-berhad_2015-06-12 (2).pdf

PDF Report issued on the 12/06/2015

SIME DARBY BERHAD Company ProfileBURSA MALAYSIA / SIME / MYL4197OO009

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Business SummarySime Darby Bhd. operates as an investment holding company, which engages in the management and operation of differentconglomerate.

It operates through the following divisions: Plantation, Property, Industrial, Motors, Energy and Utilities, and Other Businesses.

The Plantation division grows, harvests, and processes oil palms in its own mills and refineries.

The Property division focuses on developing sustainable communities.

The Industrial Equipment division offers a list of heavy equipment and services from sales of new machines, engines, or usedequipment for rental.

The Motor division handles the importation, assembly, distribution, and retail of vehicles.

The Energy and Utilities division offers engineering and technical services, trading services, power, ports and logistics, andwater management.

The company was founded by William Middleton Sime, John Middleton Sime, Henry d'Esterre Darby and Herbert MitfordDarby in 1910 and is headquartered in Kuala Lumpur, Malaysia.

Number of employees : 103 507 persons.

Sales per Businesses

2013 2014Delta

MYR (in Million) % MYR (in Million) %

Motors 17,266 36.9% 17,745 40.4% +2.7%

Industrial 14,059 30% 11,665 26.6% -20.52%

Plantations 11,672 24.9% 10,954 24.9% -6.56%

Property 2,367 5.1% 2,792 6.4% +15.23%

Energy and Utilities 1,378 2.9% 676.60 1.5% -103.69%

Others 70.90 0.2% 75.80 0.2% +6.46%

Corporate and Eliminations - - - - -

Sales per Regions

2013 2014Delta

MYR (in Million) % MYR (in Million) %

Malaysia 13,822 29.5% 13,835 31.5% +0.1%

Australasia 12,093 25.8% 9,539 21.7% -26.77%

China 9,525 20.3% 10,105 23% +5.74%

Singapore 4,529 9.7% 3,939 9% -14.96%

Indonesia 2,436 5.2% 2,470 5.6% +1.37%

Rest of South East Asia 2,297 4.9% 1,969 4.5% -16.68%

Europe 1,455 3.1% 1,416 3.2% -2.74%

Other Countries 655.80 1.4% 634.60 1.4% -3.34%

Upcoming events on SIME DARBY BERHAD

08/27/15 FY 2015 Earnings Release (Projected)11/27/15 Q1 2016 Earnings Release (Projected)

Past events on SIME DARBY BERHAD

05/22/15 Q3 2015 Earnings Release04/21/15 ex-dividend day for interim dividend02/25/15 Interim 2015 Earnings Release12/08/14 ex-dividend day for final dividend

Sector

>> Industrial Conglomerates

Income Statement Evolution

EPS - Rate of surprise

Managers

Name Age Since Title

MohammedBakke bin Salleh 61 -

President, Group CEO &Executive Director

Abdul GhaniOthman 68 2013

Independent Non-ExecutiveChairman

Abdul Wahab binMaskan 64 2008

Group COO & ManagingDirector-Property Division

Poh Keow Tong 60 2008 Group Chief Financial Officer

Samsudin binOsman 67 2008

Non-Independent Non-Executive Director

Shareholders

Name Shares %

Permodalan Nasional Bhd. 2,147,483,647 34.6%

Employees Provident Fund 837,616,430 13.5%

Bumiputra Investment Foundation 482,643,654 7.77%

Kumpulan Wang Persaraan 184,474,561 2.97%

Public Mutual Bhd. 118,675,334 1.91%

Company contact info

19 Floor, Wisma Sime DarbyJalan Raja LautKuala Lumpur, Wilayah Perseketuan (Federal Territory) 50350

Phone : +60.3.2691.4122Fax : +60.3.2698.7398Web : www.simedarby.com

Page 1 of 4


SIME DARBY BERHAD Financials and ForecastBURSA MALAYSIA / SIME / MYL4197OO009

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Income Statement Evolution : Past and Forecast

Annual Income Statement Data : Past and Forecast

Actuals in M MYR Estimates in M MYR

Fiscal Period June 2012 2013 2014 2015 2016 2017

Sales 47 602 46 771 43 908 43 845 46 883 49 053

Operating income (EBITDA) 6 973 5 911 5 367 4 639 5 519 6 051

Operating profit (EBIT) 5 813 4 641 4 119 3 505 4 240 4 588

Pre-Tax Profit (EBT) 5 721 4 462 3 965 3 064 3 930 4 500

Net income 4 150 3 701 3 353 2 368 2 917 3 378

EPS (cts MYR) 69,1 61,6 55,6 38,5 46,9 55,1

Dividend per Share (cts MYR) 35,0 34,0 36,0 26,0 29,9 32,4

Yield 4,09% 3,98% 4,21% 3,04% 3,49% 3,78%

Announcement Date 08/29/201212:24am08/30/2013

09:26am08/29/2014

04:01am - - -

Finances - Leverage : Past and Forecast

Financial Ratios

Size 2015e 2016eCapitalization 53 105 M MYR - Entreprise Value (EV) 58 591 M MYR 58 762 M MYR

Valuation 2015e 2016ePER (Price / EPS) 22,2x 18,2x Capitalization / Revenue 1,21x 1,13x EV / Revenue 1,34x 1,25x EV / EBITDA 12,6x 10,6x Yield (DPS / Price) 3,04% 3,49% Price to book (Price / BVPS) 1,74x 1,68x

Profitability 2015e 2016eOperating Margin (EBIT / Sales) 7,99% 9,04% operating Leverage (Delta EBIT / Delta Sales) # 3,03x Net Margin (Net Profit / Revenue) 5,40% 6,22% ROA (Net Profit / Asset) 4,48% 5,33% ROE (Net Profit / Equities) 7,75% 9,36% Rate of Dividend 67,6% 63,6%

Balance Sheet Analysis 2015e 2016eCAPEX / Sales 8,09% 4,42% Cash Flow / Sales (Taux d'autofinancement) 7,17% 8,30% Capital Intensity (Assets / Sales) 1,20x 1,17x Financial Leverage (Net Debt / EBITDA) 1,18x 1,02x

Revenue Revisions

EPS Revisions

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SIME DARBY BERHAD Analysts' ConsensusBURSA MALAYSIA / SIME / MYL4197OO009



Evolution of the average consensus target price

Target Price consensus revisions : last 18 months

Sell BuyConsensus

Mean consensus HOLD

Number of Analysts 20

Average target price 9,04 MYR

Last Close Price 8,55 MYR

Spread / Highest target 24%

Spread / Average Target 5,8%

Spread / Lowest Target -11%

Consensus detail

Consensus revision (last 18 months)

Page 3 of 4


SIME DARBY BERHAD Sector and CompetitorsBURSA MALAYSIA / SIME / MYL4197OO009



Chart Sector

Subsector Industrial Conglomerates

1st jan. Capitalisation (M$) Growth (Revenue) Profitability Finances Valuation PER EPS revision 4m.

SIME DARBY BERHAD 14 157

GENERAL ELECTRIC COMPANY 9.34% 277 189

3M CO -3.21% 101 406

SIEMENS AG 1.90% 94 598

HONEYWELL INTERNATIONAL INC.. 4.85% 82 001

E I DU PONT DE NEMOURS AND .. -5.75% 63 149

MITSUBISHI CORP 27.35% 36 986

ILLINOIS TOOL WORKS INC. -0.12% 34 868

HITACHI, LTD. -6.28% 32 824

MITSUBISHI ELECTRIC CORPORA.. 17.18% 29 198

INDUSTRIES QATAR Q.S.C. -20.06% 22 615

MITSUBISHI HEAVY INDUSTRIES.. 16.37% 21 083

THE SIAM CEMENT PCL --.--% 18 615

TOSHIBA CORP -15.88% 15 149

TORAY INDUSTRIES INC 0.96% 12 813

AYALA CORPORATION --.--% 10 490

ALFA SAB DE CV -5.28% 10 378 -

GRUPO CARSO S.A. DE C.V. -10.40% 9 726 -

WARTSILA OYJ ABP 10.37% 9 145

KAWASAKI HEAVY INDUSTRIES L.. 11.96% 8 336

ORKLA ASA 20.67% 8 035

Best Growth (Revenue) : Mitsubishi Corp Worst Growth (Revenue) : Industries Qatar Q.S.C.Best Profitability : Industries Qatar Q.S.C. Worst Profitability : Alfa SAB de CVBest Situation Fi. : Industries Qatar Q.S.C. Worst Situation Fi. : Ayala CorporationBest EPS revision 4m. : Mitsubishi Electric Cor Worst EPS revision 4m. : General Electric CompanBest Valuation : Mitsubishi Corp Worst Valuation : Industries Qatar Q.S.C.Best Investor Rating : Mitsubishi Electric Cor Worst Investor Rating : General Electric Compan

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