By obtaining this model you are deemed to have read and

agreed to our Terms of Use. Visit our website for details:

https://www.gutenbergresearch.com/terms-of-use.html

Blue cells = Primary model estimates

Purple cells = Company guidance (updated xx/xx/xxxx)
Orange cells = Consensus estimates (Updated x/xx/xxxx)
Implied P/E 12-month target value Err:522
Implied DCF 12-month target value #REF!
Implied 50/50 average target value Err:522
Implied target price band Err:522
Income Statement Sep-30' Dec-31' Mar-31'
(Dollars in Millions, except per share data) 1Q21' 2Q21' 3Q22'

Sales 17,209 14,316 22,081

Cost of Sales 11,907 10,013 15,203
Gross Profit 5,302 4,303 6,878
Operating Expense:
Administrative expense 285 412 338
Selling and distributing expense 1,791 1,668 1,980
Total operating expense 2,076 2,079 2,318
Operating Income 3,226 2,223 4,560
Finance income 28 22 21
Finance cost (396) (435) (664)
Net Finance Cost (368) (413) (643)
Non-operating income/(expense) 255 (86) 14
Profit before WPPF and Tax 3,113 1,724 3,931
Contribution to WPPF (148) (82) (187)
Income before income taxes 2,965 1,642 3,744
Provisions for income tax (155) 10 (7)
Net income 2,810 1,652 3,737
Basic shares outstanding 303 303 303
Diluted shares outstanding -
Basic EPS 9.28 5.45 12.33
Diluted EPS N/A N/A N/A
Dividends per share - 17.07 -
Dividend growth rate (YoY) #REF! #REF! #DIV/0!

Segment & Product Data Sep-30' Dec-31' Mar-31'

1Q21' 2Q21' 3Q22'
Freezer and Refrigerator 12250.39137 10190.98163 15718.57121
Electrical Appliances 1400.119371 1164.745709 1796.503912
Television 1699.564065 1413.850843 2180.723698
Air Conditioner 939.9441074 781.9303761 1206.049499
Others 918.9810827 764.4914393 1179.151681
Television (quarter over quarter) growth rate
Freezer and Refrigerator (quarter over quarter) growth rate
Electrical Appliances
Air Conditioner (quarter over quarter) growth rate
Others
Ratio Analysis
Revenue growth rate (year over year)
Revenue growth rate (quarter over quarter) -17% 54%
Gross margin percentage (GAAP) 30.8% 30.1% 31.1%
Operating margin (GAAP) 18.7% 15.5% 20.7%
Net income to revenue 16.3% 11.5% 16.9%
Effective tax rate -5.2% 0.6% -0.2%
Operating expense 1 to sales 10.4% 11.6% 9.0%
Operating expense 2 to sales 1.7% 2.9% 1.5%
Interest and dividend income as a % of investments 2.9% 5.3%
Interest expense as a percentage of average debt -6.0% -10.1%
Share Count Analysis
Change in basic shares (excluding repurchases) 0.0% 0.0%
Change in diluted shares (excluding repurchases) #DIV/0! #DIV/0!
Share repurchase assumptions: average price
Share repurchase: amount in the period ($M)
Shares repurchased (in millions) - - -
Diluted share impact (convertible retirement) - - -

Balance Sheet Sep-30' Dec-31' Mar-31'

(Dollars in millions, except per share data) 1Q21' 2Q21' 3Q22'
Assets
Cash and equivalents 7,283 2,038 2,956
Short-term investment 1,236 287 504
Accounts receivables 30,335 31,654 35,050
Inventories 28,558 35,964 37,735
Deferred tax assets - -
Advances, deposits and prepayments 6,016 6,180 5,938
Investment in securities 1,256 1,252 1,229
Total Current Assets 74,684 77,375 83,412
Long-term marketable securities
Property, plant and equipment, net 62,329 62,735 64,703
Right of Use asset - - -
Acquired intangible assets, net 12 11 11
Other noncurrent assets 4,368 4,963 4,494
Total Non-current Assets 66,709 67,709 69,208
Total Assets 141,392 145,084 152,620

Liabilities
Accounts payable 3,862 3,953 4,442
Provisions and accruals 6,867 6,711 6,548
Short term loan 27,590 35,627 39,445
Dividend payable 5,173 - -
Unclaimed dividend 1 3 2
Current portion of LT debt 2,208 1,828 1,667
Lease liability current portion
Total Current liabilities 45,702 48,122 52,104
Deferred tax liabilities 509 489 484
Long-term debt 3,104 2,753 2,599
UNDP Fund 51 41 15
Lease liability - - -
Total non-current liabilities 3,664 3,283 3,098
Total liabilities 49,366 51,405 55,202
Commitments and contingencies
Equity
Common stock 3,029 3,029 3,029
Retained earnings 56,740 58,400 62,146
Accumulated other comprehensive income - -
Share premium 932 932 932
Revaluation reserve 31,325 31,318 31,311
Total shareholders' equity 92,027 93,679 97,418
Total liabilities and equity 141,392 145,084 152,620

Balance Sheet Ratios & Assumptions Sep-30' Dec-31' Mar-31'

1Q21' 2Q21' 3Q22'
Growth in total investments (QoQ) -77%
Short-term marketable securities as a % total investments 100% 100%
Day Count (number of days in the quarter)
Vendor non-trade receivables turnover 1.6
Inventory turnover 0
Days of inventory on hand -
Receivables turnover 0.5 0.7
Days sales outstanding - -
Payables turnover 2.6 3.6
Number of days of payables - -
Cash conversion cycle - -
Total Deferred Revenue-to-Prior 4 Quarters of Revenue
Current Deferred Revenue-to-Total Deferred Revenue 98% 99% 99%
Depreciation & Amort Exp-to-Average PP&E & Intangibles 1% 1%
Debt-to-Equity Ratio 6% 5% 4%
Growth in total debt (QoQ) -14% -7%
Commercial Paper and ST Debt-to-Total Debt 42% 40% 39%
Reserve revaluation change (0.0) (0.0)

Cash Flow Statement Sep-30' Dec-31' Mar-31'

(Dollars in millions, except per share data) 1Q21' 2Q21' 3Q22'
A. Cash flows from operating activities
Proft After lncome Tax 2,810 1,652 3,737
Depreciation 450 465 478
Depreciation of lease asset - - -
Amortization 1 1 1
Total depreciation 451 466 479
Loss on disposal of assets 3 12 26
Loss/(Gain)on investment in shares (Unrealized) (198) 149 50
Adjustment of UNDP fund (27) (28) (26)
Income tax expense (Deferred) 144 (20) (5)
Payment for Financial Cost 296 398 512
Interest income from FDR and STD (28) (22) (22)
Dividend and other Investment income (22) (28) (31)
Changes In: - - -
Inventory (4,427) (7,407) (1,772)
Accounts Receivables 2,555 (1,336) (3,386)
Rent Receivable
Advance, Deposits and Prepayments (1,007) (164) 242
Trade and other payables 939 91 488
Provision and other accruals (179) (156) (163)
Net Cash Generated From Operating Activities 1,761 2,745 4,771
B. Cash flows from investing activities
Payment for acquisition of PPE (918) (1,484) (2,012)
Proceeds from Sale of PPE - - -
acquisition of Intangible asset - - -
Encashment/(payment) of short term investment 129 950 (218)
Encashment/(payment) of investment in securities 48 (145) (27)
Interest received from FDR & SDT 27 46 21
Received from dividend and other investment income 22 28 31
Net Cash used in investing activities (692) (605) (2,205)
C. Cash flows from Financing activities
Received from UNDP - 19 -
Dividend paid - (5,172) -
Share capital proceed through IPO - -
Payment against interest and lease liability - -
Payment for financial cost (296) (398) (509)
Long term loan received/(repaid) (455) (731) (314)
Short term loan received/(repaid) 3,710 8,038 3,818
Net cash used in financing activities 2,959 1,756 2,995
D. Net increase/(decrease) in cash and cash equivalents(A+B+C 2,088 995 627
E.Cash and equivalents at beginning of period 3,704 5,792 6,787
F. Cash and equivalents at end of period(D+E) 5,792 6,787 7,414
Free Cash Flow to Firm (FCFF)*
DCF Period (approximate number of years)
Discounted FCFF
Net Cash and investments per share
Cash and investments held by foreign subsidiaries
% of total cash and investments held by foreign subs 0% 0% 0%
Def Tax Liability (DTL) for unremitted earnings of foreign subs - - -
DTL to foreign cash and investment balance
Net cash and investments per share (pre-DTL) #DIV/0! #DIV/0! #DIV/0!
Estimate of tax adjustment on net cash and investments per sh #DIV/0! #DIV/0! #DIV/0!

Cash Flow Ratios & Assumptions Sep-30' Dec-31' Mar-31'

1Q21' 2Q21' 3Q22'
Ratios
Share-based compensation to Sales 10.2% 19.2% 21.6%
Excess tax benefits from equity awards as a percentage of sto #REF! #REF! #REF!
Taxes paid related to equity awards as a percentage of stock #REF! #REF! #REF!
Net Cash from Operations growth rate (YoY)
Capex-to-Sales
Capex growth rate (QoQ) -38% -26%

Multiple Valuation
P/E 3-month average (a)
P/E 3-month high
P/E 3-month low
P/E used for valuation
Net cash & investments per share #DIV/0!
Repatriation tax estimate per share #DIV/0!
Adjusted cash per share #DIV/0!
Implied P/E 12-month target value #DIV/0!
NOTE: There are many different multiples which could be
applied to various earnings metrics, each of which result in
different valuations. This calculation is for demonstration
only. Please refer to the Terms of Use link for important
details. The DCF and Multiple valuation metrics are kept
constant at certain points during each quarter to isolate the
impact from changes in earnings estimates. The multiple in
this section was last updated on 5/30/2017.
(a) Multiples are calculated excluding the value of net cash
and are based on the 3-month average daily share price
compared to the consensus EPS estimates for the next twelve
month period. For Apple, we adjust the net cash per share to
approximate the tax implications of repatriating cash
balances that are held in foreign countries.

Discounted Cash Flow Valuation

WACC Inputs
Current share price
Shares outstanding -
Market Capitalization ($M) -
Beta (relative to the S&P500) 0.01
Constant market Sharpe ratio(b) 0.31
S&P500 implied volatility(c)
Equity market risk premium 11.2%
Risk Free (12 mo ave 10yr US-T) 7.44%
Required return on equity (CAPM) 7.6%
Equity to total capital 0.0%
Average cost of debt 37.8%
Effective tax rate -1%
After tax cost of debt 38.2%
S1 Weighted Average Cost of Capital 38.2%
Constant Growth Stage Assumptions(d,e)
Revenue growth (in perpetuity)
Constant CFO growth rate
Ave CapEx (% of sales)
Stage 2 Long-Term WACC (f) 38.2%
DCF Valuation
PV of terminal value #REF!
NPV of stage-one cash flows Err:522
Plus cash/(debt) per share #DIV/0!
Implied DCF 12-month target value #REF!
NOTE: There are many different methods to calculate a DCF-
based valuation, each of which result in different final
valuation estimates. This calculation is for demonstration
only. Different inputs and assumptions can result in
significantly different valuation estimates. Refer to the Terms
of Use link for important information regarding this
demonstration. The DCF and Multiple valuation metrics are
kept constant at certain points during each quarter to isolate
the impact from changes in earnings estimates. The Beta,
Volatility, and Risk-Free rate used in this DCF section was last
updated on 5/30/2017 .
(b) This model uses the Constant Sharpe approach to
estimate the Equity Risk Premium. The S&P500 Constant
Sharpe is calculated by taking the excess return on the index
over the risk-free rate, divided by the standard deviation of
returns. The Constant Sharpe ratio is multiplied by the
estimate of implied volatility.

(c) The VIX is quoted in percentage points and measures the

implied annualized volatility for the S&P500. The VIX is a
forward looking measure of implied volatility, however, single
day volatility would have too much of an impact on the
overall discount rate, for this reason the twelve month trailing
average is used.

(d) Assumes constant networking capital in the constant

growth stage.
(e) Assumes debt balance and interest expense remains
constant in the constant growth stage, and that book value of
debt approximates fair value.

(f) Stage two long-term WACC assumes the weight and cost of
debt remains constant, and cost of equity reaches long term
average based on an ERP of 6.0% and a required return on
equity of 13.9% based on a VIX of 19.5%, Beta of 1.25, Risk-
Free Rate of 6.4%, and Constant Sharpe of 0.31.

Risk Estimation Summary (g)

Mean monthly return 4%
Standard deviation 4%
Implied target value Err:522
Implied upper bound Err:522
Implied Lower bound Err:522
(g) There are many approaches to estimating a stock's risk. In
this demonstration we use the standard deviation and the
monthly average return over the last 12 months to construct
an estimated price target range. Standard deviation is a
measure of dispersion around the mean monthly return. The
larger the historic standard deviation the greater the volatility
in prices. Using a normal distribution, approximately 95% of
observations fall within 2 standard deviations of the mean.
This approach has multiple limitations including: 1) it assumes
that historic results can predict future return characteristics,
and 2) it assumes the stock's returns are normally distributed.
This analysis is for demonstration only, refer to full Terms of
Use at GutenbergResearch.com. The mean & standard
deviation in this section were last updated on 5/30/2017.
 June-30' June-30' Sep-30' Dec-31' Mar-31' June-30' June-30'
4Q22' 2021-22' 1Q22' 2Q22' 3Q23' 4Q23' 2022-23'

28,075 81,681 14,785.45 11,038 15,029 25,522 66,374

18,023 55,147 10,089.05 7,547 9,730 15,656 43,022
10,052 26,534 4,696.40 3,491 5,299 9,866 23,352

354 1,389 336.00 324 284 429 1,373

2,357 7,795 1,603.00 1,125 1,256 2,426 6,410
2,711 9,184 1,939.00 1,449 1,540 2,855 7,783
7,341 17,350 2,757 2,042 3,759 7,011 15,569
8 79 7.00 8 9 8 32
(3,243) (4,738) (3,224.00) (1,469) (1,354) (4,427) (10,474)
(3,235) (4,659) (3,217) (1,461) (1,345) (4,419) (10,442)
88 271 0.87 6 74 121 202
4,194 12,962 (459) 587 2,488 2,713 5,329
(200) (617) - (7) (119) (268) (394)
3,994 12,345 (459) 580 2,369 2,445 4,935
(27) (179) (2.17) (2) (13) (29) (46)
3,967 12,166 (461) 578 2,356 2,416 4,889
303 303 303.00 303 303 303 303
- -
13.09 40.15 (1.52) 1.91 7.78 7.97 16.14
N/A N/A N/A N/A N/A N/A N/A
- 17.07 - 15.09 - - 15.09
#VALUE! #DIV/0! #DIV/0! -12% #DIV/0! #DIV/0! -12%

June-30' June-30' Sep-30' Dec-31' Mar-31' June-30' June-30'

4Q22' 2021-22' 1Q22' 2Q22' 3Q23' 4Q23' 2022-23'
19985.45748 58,146 9460.34 7062.57 9616.17 16330.02 42,469
2284.174056 6,646 1882.756178 1405.561731 1913.769456 3249.931736 8452
2772.692262 8,067 1183.338544 883.4151712 1202.830822 2042.627469 5312
1533.437783 4,461 1381.148232 1031.088955 1403.898886 2384.07794 6200
1499.238416 4,362 877.8695957 655.3689335 892.3301052 1515.340272 3941
-0.30 -0.38 -0.45 -0.26
(0.23) (0.31) (0.39) (0.18)
0.34 0.21 0.07 0.42
0.47 0.32 0.16 0.55
(0.04) (0.14) (0.24) 0.011

(0.14) -23% -32% -9% -19%

27% (0.47) -25% 36% 70%
35.8% 32.5% 31.76% 31.63% 35.26% 38.66% 35.18%
26.1% 21.2% 0.19 18.5% 25.0% 27.5% 23.5%
14.1% 14.9% (0.03) 5.2% 15.7% 9.5% 7.4%
-0.7% -1.4% 0.00 -0.3% -0.5% -1.2% -0.9%
8.4% 10% 0.11 10.2% 8.4% 9.5% 10%
1.3% 2% 0.02 2.9% 1.9% 1.7% 2%
2.0% 0.02 2.7% 4.7% 3.5%
-53.6% (0.39) -15.0% -13.6% -43.6%

0.0% - 0.0% 0.0% 0.0%

#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

- - - - -
- - - - -

June-30' June-30' Sep-30' Dec-31' Mar-31' June-30' June-30'

4Q22' 2021-22' 1Q22' 2Q22' 3Q23' 4Q23' 2022-23'

2,321 2,321 (7,341.42) 1,728 1,918 2,417 2,417

278 278 358.77 233 149 313 313
41,894 41,894 37,502.30 33,075 32,867 34,675 34,675
36,198 36,198 31,701.10 31,219 31,256 25,573 25,573
- -
5,536 5,536 5,020.00 4,930 4,860 5,518 5,518
1,187 1,187 1,125.80 1,003 1,040 1,034 1,034
87,414 87,414 68,366.55 72,188 72,090 69,530 69,530
- -
65,475 65,475 66,451.00 67,457 68,062 68,825 68,825
208 208 210.00 219 216 213 213
13 13 13.00 12 21 19 19
6,446 6,446 6,994.00 6,158 6,817 7,352 7,352
72,142 72,142 73,668.00 73,846 75,116 76,409 76,409
159,556 159,556 142,035 146,034 147,206 145,939 145,939
 4,582 4,582 2,844.98 2,885 2,527 3,058 3,058
6,261 6,261 6,478.19 6,273 6,304 6,522 6,522
42,659 42,659 33,954.08 32,529 31,654 24,096 24,096
- 4,573.73 -
3 3 2.83 4 4 4 4
1,331 1,331 1,379.73 1,332 1,384 1,696 1,696
28 28 30.12 32 33 36 36
54,864 54,864 49,263.66 43,055 41,906 35,412 35,412
478 478 473.96 469 472 989 989
2,584 2,584 4,863.12 5,308 5,234 5,144 5,144
57 57 51.64 46 84 75 75
189 189 192.90 201 199 196 196
3,308 3,308 5,581.62 6,024 5,989 6,404 6,404
58,172 58,172 54,845 49,079 47,895 41,816 41,816
- -

3,029 3,029 3,029.00 3,029 3,029 3,029 3,029

66,120 66,120 61,092.00 61,705 64,068 69,403 69,403
- -
932 932 932.00 932 932 932 932
31,303 31,303 31,296.00 31,289 31,282 30,759 30,759
101,384 101,384 96,349.00 96,955 99,311 104,123 104,123
159,556 159,556 151,194 146,034 147,206 145,939 145,939

June-30' June-30' Sep-30' Dec-31' Mar-31' June-30' June-30'

4Q22' 2021-22' 1Q22' 2Q22' 3Q23' 4Q23' 2022-23'
0.29 -35% -36% 110%
1.00 100% 100% 100%

1.91 1.5 2.0 3.0

0.30 0 0 1
- - - -
0.7 0.37 0.3 0.5 0.8
- - - - -
3.99 2.72 2.6 3.6 5.6
- - - - -
- - - - -
53% 0.43 43% 47% 38%
99% 0.99 99% 99% 96%
1% 1% 3% 1% 1% 1% 1%
4% 0.06 7% 7% 7%
-8% 0.59 6% 0% 3%
34% 0.22 20% 21% 25%
 (0.0) - (0.0) (0.0) (0.0) (0.0) -

June-30' June-30' Sep-30' Dec-31' Mar-31' June-30' June-30'

4Q22' 2021-22' 1Q22' 2Q22' 3Q23' 4Q23' 2022-23'

3,967 12,166 (461) 3,516 2,356 2,416 7,827

501 1,894 496 524 526 555 2,101
31 31 10 10 10 10 40
1 4 1 1 2 1 5
533 1,929 507 535 538 566 2,146
- 41 9 5 3 32 49
70 71 25 37 (24) (20) 18
(5) (86) (6) (5) (9) (10) (30)
(5) 114 (3) (5) 3 3 (2)
3,095 4,301 3,123 1,477 1,058 1,695 7,353
(8) (80) (7) (8) (9) (8) (32)
(30) (111) (17) (10) (19) (5) (51)
-
1,539 (12,067) 4,497 482 (38) 5,683 10,624
(6,851) (9,018) 4,375 4,423 212 (1,772) 7,238
13 (30) (17)
402 (528) 517 90 70 397 19
139 1,657 (1,737) 40 (357) 531 (1,523)
(285) (783) 217 (205) 31 217 260
5,103 (465) 11,546 10,907 4,366 3,560 36,025
- -
(3,204) (7,618) (1,976.69) (753) (1,811) (1,884) (6,425)
8 8 8.00 9 2 - 19
(3) (3) (1.50) (0) (9) (1) (12)
226 1,087 (80.55) 36 174 (164) (35)
(27) (151) 35.94 86 (14) 26 134
1 95 10.98 12 5 3 31
30 111 17.38 10 18 6 51
(2,969) (6,471) (1,986.44) (601) (1,635) (2,014) (6,236)
- -
47 65 - 47 - 47
- (5,172) (4,574) - 1 (4,573)
- -
(36) (36) (6.78) (8) (8) (8) (30)
(3,098) (4,301) (3,122.70) (1,477) (1,057) (1,696) (7,353)
(351) (1,851) 2,327.50 398 (23) 221 2,924
3,213 18,779 (8,704.00) (1,426) (875) (7,559) (18,564)
(225) 7,484 (9,505.98) (7,087) (1,916) (9,041) (27,550)
 (3,479) 230 (11,275) (7,892) (3,520) (10,838) (33,526)
7,414 3,704 3,934.00 (7,341) (15,234) (18,754) 2,416
3,935 3,934 (7,341) (15,234) (18,754) (29,592) (31,110)
(7,097) 31,563
- -
(7,097) -

- -
0% 0% - 0% 0% 0% 0%
- 26,868 - - - - 31,436
#DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

June-30' June-30' Sep-30' Dec-31' Mar-31' June-30' June-30'

4Q22' 2021-22' 1Q22' 2Q22' 3Q23' 4Q23' 2022-23'

18.2% 0.78 98.8% 29.1% 13.9%

#REF! #REF! #REF! #REF! #REF! #REF! #REF!
#REF! #REF! #REF! #REF! #REF! #REF! #REF!
#REF! #REF! #REF! #REF! #REF!
#REF! #REF!
-37% 285% 163% -58% -4%
Sep-30' Dec-31' Mar-31 June-30 June-30 Sep-30 Dec-31
1Q23' 2Q23' 3Q24E 4Q24E 2023-24E 1Q24E 2Q24E

12,032 11,077 10,895 24,710 58,714 13,764 11,251

7,813 7,520 7,235 14,453 37,021 8,919 7,606
4,219 3,557 3,659 10,257 21,693 4,845 3,645

297 320 186 363 1,167 326 328

1,206 1,278 944 2,212 5,639 1,436 1,222
1,503 1,598 1,130 2,575 6,806 1,762 1,550
2,717 1,959 2,529 7,682 14,887 3,083 2,095
9 72 15 8 104 8 40
(628) (1,152) (1,009) (3,835) (6,624) (1,926) (1,311)
(619) (1,080)
30 20 61 58 169 42 45
2,128 899 (933) (3,769) (6,351) (1,876) (1,225)
(101) (70) (153) (234) (558) (51) (39)
2,027 829 1,597 3,913 8,536 1,207 870
(6) (22) (6) (36) (70) (20) (7)
2,021 807 1,603 3,949 8,607 1,227 877
302 303 303 303 295 303 303
- - - - -
6.69 2.66 5.29 13.03 29.20 4.05 2.89
N/A N/A #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
9.20 - - 9.20 - 5.61
#DIV/0! -39% -39% -39% -39% -39% -39%

Sep-30' Dec-31' Mar-24 June-30 June-30 Sep-30 Dec-31

1Q23' 2Q23' 3Q24E 4Q24E 2023-24E 1Q24E 2Q24E
7698.57 7087.52 5,882.9 13,343.2 34,012.2 7399.428617 7179.617865
1532.14 1410.53 2,039 4,624 9,605 2564.662322 1445.623151
962.97 886.54 663 1,505 4,018 844.4110067 919.8509861
1123.94 1034.73 1,634 3,707 7,499 2105.714138 1048.078331
 714.39 657.68 675 1,532 3,579 849.4137475 657.6845149

-19% 0% -28% -3% -12% 14% 2%

-53% -8% -2% 127% -44% -18%
35.1% 32.1% 33.6% 41.5% 36.9% 35.2% 32.4%
22.6% 17.7% 23.2% 31.1% 25.4% 22.4% 18.6%
16.8% 7.3% 14.7% 16.0% 14.7% 8.9% 7.8%
-0.3% -2.7% -0.37% -0.9% -0.8% -1.68% -0.80%
10.0% 11.5% 8.7% 9.0% 10% 10.4% 10.9%
2.5% 2.9% 1.7% 1.5% 2% 2.4% 2.9%
2.9% 4.4%
-5.8% -9.5% -11.9% -48.6% -22.5% -10.2%

-0.3% 0.3%
#DIV/0! #DIV/0!

- - - - - -
- - - - - -

Sep-30' Dec-31' Mar-31 ' June-30 ' June-30 Sep-30 Dec-31

1Q23' 2Q23' 3Q24E' 4Q24E' 2023-24E 1Q24E 2Q24E

1,614 5,575 (2,275) (7,531) (7,531) (46,940) (49,481)

312 2,963 2,963 2,963 2,963 2,963 2,963
30,830 31,108 10,694 46,492 46,492 19,034 35,981
24,887 24,677 12,049 29,426 29,426 16,112 23,517
- - - - -
7,437 7,151 3,561 10,537 10,537 11,225 10,485
1,031 1,032 1,070 1,064 1,064 1,061 1,062
66,111 72,506 28,062 82,950 82,950 3,456 24,526
- - - - -
69,340 69,344 Err:522 Err:522 Err:522 Err:522 Err:522
228 219 216 213 213 228 219
21 20 21 23 23 24 25
8,106 8,906 9,859 10,633 10,633 11,723 12,880
77,695 78,489
143,806 150,995 Err:522 Err:522 Err:522 Err:522 Err:522
 2,336 2,121 1,020 3,004 3,004 1,802 1,716
6,631 6,733 6,766 7,000 7,000 7,117 7,227
19,882 27,605 27,936 28,271 28,271 28,611 28,954
- 2,788 - - 2,788 - 1,700
4
1,906 2,349 1,493 1,633 1,633 1,644 1,745
38 39
30,797 41,635 37,216 39,909 42,697 39,174 41,343
987 991 - - - - -
5,552 6,109 7,327 4,715 4,715 4,690 4,954
115 101 184 165 165 253 222
210 202
6,864 7,403 7,511
37,661 49,038 44,727 44,789 47,577 44,117 46,519
- - - - -

3,029 3,029 3,029 3,029 3,029 3,029 3,029

71,432 70,032 71,635 75,584 76,809 78,036 80,613
- - - - - -
932 932 932 932 932 932 932
30,752 30,746 30,739 30,478 30,478 30,471 30,465
106,145 104,739 74,664 78,613 79,838 81,065 83,642
143,806 153,777 119,391 123,403 127,415 125,182 130,161
Err:522 Err:522 Err:522 Err:522 Err:522
Sep-30' Dec-31' Sept-17 Dec-17 Dec-17 Mar-18 June-18
1Q23' 2Q23' 3Q17E 4Q17E 2017E 1Q18E 2Q18E
0% 850%
100% 100% 100% 100% 100% 100%

1.2 1.0 1.4 2.1 0.8 0.7

0 0 0.4 0.7 0.4 0.4
- - - - - -
0.4 0.4 0.5 0.9 0.4 0.4
- - - - - -
2.90 3.4 4.6 7.2 3.7 4.3
- - - - - -
- - - - - -
33% 45%
95% 97%
3% 1% 1% 2% 2% 1%
7% 8% 8% 8% 8% 8%
9% 13% 4% -28% 0% 6%
26% 28% 25% 26% 26% 26%
 (0.0) (0.0) (0.0) (0.0) - (0.0) (0.0)

Sep-30' Dec-31' March-31' June-30' June-30 Sep30 Dec31

1Q23' 2Q23' 3Q24E 4Q24E 2023-24E 1Q24E 2Q24E

2,021 807 1,603 3,949 8,607 1,227 877

560 573 Err:522 Err:522 Err:522 Err:522 Err:522
11 11 11 11 44 12 12
2 2 2 1 7 1 1
573 586 Err:522 Err:522 Err:522 Err:522 Err:522
6 5 3 30 44 5 4
7 (1) 13 25 44 (55) 62
(11) (13) (18) (8) (49) (9) (9)
(2) 5 (1) (1) 1 46 (7)
479 1,159 785 2,395 4,818 1,801 1,318
(9) (73) (16) (8) (106) (8) (41)
(6) (1) (25) (18) (50) (12) (6)

686 210 (19,207) 3,853 (14,458) (8,775) (1,160)

3,842 (256) (22,173) 11,817 (6,769) (11,796) 4,873
- (3) - -
(1,919) 286 156 400 (1,078) (701) 188
(722) (215) 66 335 (537) (1,230) (88)
109 103 (66) (34) 112 163 (51)
5,627 3,185 Err:522 Err:522 Err:522 Err:522 Err:522
-
(1,841) (1,378) (795) (631) (4,645) (2,319) (3,539)
5 (5) 1 4 4 1 1
(4) - (3) (2) (9) (2) (2)
2 (2,651) (2,649) 31 (5,267) (39) (1,308)
(4) (1) (5) (1) (11) 27 (20)
13 53 66 2 134 17 37
6 1 7 18 32 15 13
(1,824) (3,981) (3,379) (579) (9,763) (2,301) (4,818)
-
52 - 52 - 47
- (2,788) - - (2,788) - (1,700)
-
(9) (9) (18) (8) (44) (9) (9)
(479) (1,160) (1,639) (2,397) (5,676) (1,299) (1,012)
618 999 1,617 (65) 3,168 830 222
(4,215) 7,724 3,509 (2,173) 4,846 (3,070) 4,779
(4,034) 4,766 3,520 (4,643) (493) (3,548) 2,327
(5,748) 888 75 (5,256) (10,145) (5,685) (2,542)
2,510 (3,238) (2,350) (2,275) (31,110) (41,254) (46,940)
(3,238) (2,350) (2,275) (7,531) (41,254) (46,940) (49,481)
Err:522
1
Err:522

- - - - -
0% 0% 0% 0% 0% 0% 0%
- - - - - - -
#DIV/0!
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Sep-30' Dec-31' March-31' June-30' June-30 Sep30 Dec31

1Q23' 2Q23' 3Q24E 4Q24E 2023-24 1Q24E 2Q24E

46.8% 28.8% 25.3% 16.1% 45.0% 48.9%

#REF! #REF! #REF! #REF! #REF! #REF!
#REF! #REF! #REF! #REF! #REF! #REF!
#REF! #REF! #REF! #REF! #REF! #REF! #REF!
#REF!
249% 34% -42% -21% 267% 53%
 Mar-31 Jun-30 Jun-30 Sep-30 Dec-31 Mar-31 June-30
3Q25E 4Q25E 2024-25E 1Q25E 2Q25E 3Q26E 4Q26E

15,519 25,934 66,467 14,003 11,432 15,771 26,353

10,176 13,255 39,955 9,055 7,695 10,208 16,207
5,343 12,679 26,512 4,948 3,737 5,562 10,146

279.33 409 1,342 339 332 276.79 401

1,321 2,393 6,372 1,432 1,281 1,354 2,395
1,600 2,802 7,714 1,771 1,612 1,631 2,797
3,743 9,877 18,798 3,177 2,125 3,932 7,349
12 8 68 9 56 14 8
(1,182) (4,131) (8,549) (1,277) (1,231) (1,095) (3,983)

52 49 189 47 48 49 49
(1,118) (4,074) (8,292) (1,221) (1,127) (1,033) (3,926)
(136) (251) (476) (76) (54) (145) (243)
2,625 5,803 10,506 1,956 998 2,899 3,423
(10) (54) (91) (10) (13) (12) (35)
2,635 5,857 10,597 1,965 1,011 2,911 3,458
303 303 303 303 303 303 303
- - - - - - -
8.70 19.33 34.97 6.49 3.34 9.61 11.41
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
- - 5.61 - 3.42 - -
-39% -39% -39% -39% -39% -39% -39%

Mar-31 June-30 June-30 Mar-19 June-19 Sept-19 Dec-19

3Q25E 4Q25E 2024-25E 1Q19E 2Q19E 3Q19E 4Q19E
9864.428986 16539.4734 40,982.9 7494.33457 7271.704499 9990.951328 16751.61066
1963.829613 3292.163015 9,266 2597.988859 1464.408319 1989.348621 3334.943068
1263.430501 2093.449903 5,121 865.4207225 942.7377173 1294.865804 2145.536845
1511.39349 2473.667414 7,139 2184.843188 1087.463279 1568.189011 2566.623505
915.4976381 1534.885582 3,957 860.3697392 666.1675259 927.3059995 1554.682994

42% 5% 13% 2% 2% 2% 2%
38% 67% -46% -18% 38% 67%
34.4% 48.9% 39.9% 35.3% 32.7% 35.3% 38.5%
24.1% 38.1% 28.3% 22.7% 18.6% 24.9% 27.9%
17.0% 22.6% 15.9% 14.0% 8.8% 18.5% 13.1%
-0.37% -0.93% -1% -0.50% -1.27% -0.43% -1.02%
8.5% 9.2% 10% 10.2% 11.2% 8.6% 9.1%
1.8% 1.6% 2% 2.4% 2.9% 1.8% 1.5%

-11.9% -48.6% -22.5% -11.6% -12.5% -47.0%

- - - - - -
- - - - - -

Mar-31 June-30 June-30 Sep-30 Dec-31 Mar-31 June-30

3Q25E 4Q25E 2024-25E 1Q25E 2Q25E 3Q26E 4Q26E

(51,244) (57,465) (57,465) (68,967) (79,778) (86,418) (97,287)

2,963 2,963 2,963 2,963 2,963 2,963 2,963
16,091 36,395 36,395 21,905 26,982 19,295 27,347
17,317 12,753 12,753 23,798 7,900 24,484 4,582
- - - - - - -
11,682 7,342 7,342 25,170 7,153 25,570 8,658
1,101 1,095 1,095 1,091 1,093 1,133 1,126
(2,090) 3,082 3,082 5,961 (33,687) (12,973) (52,611)
- - - - - - -
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
216 213 213 228 219 216 213
25 26 26 27 27 27 28
14,259 15,378 15,378 16,955 18,628 20,622 22,240

Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522

 1,733 1,149 1,149 2,661 119 2,583 168
7,262 7,514 7,514 7,639 7,757 7,795 8,065
29,302 29,653 29,653 30,009 30,369 30,734 31,102
- - 1,700 - 1,036 - -

1,767 1,898 1,898 1,864 1,913 1,967 2,040

40,063 40,213 41,913 42,173 41,193 43,078 41,375

- - - - - - -
5,130 5,448 5,448 5,344 5,489 5,660 5,858
405 362 362 554 487 889 794

45,598 46,023 47,723 48,072 47,169 49,628 48,027

- - - - - - -

3,029 3,029 3,029 3,029 3,029 3,029 3,029

83,248 89,105 85,706 87,671 89,718 92,630 96,087
- - - - - - -
932 932 932 932 932 932 932
30,458 30,074 30,074 30,067 30,061 30,055 29,738
86,277 92,134 88,735 90,700 92,747 95,659 99,116
131,875 138,157 136,458 138,772 139,916 145,286 147,143
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Sept-18 Dec-18 Dec-18 Mar-19 June-19 Sept-19 Dec-19
3Q18E 4Q18E 2018E 1Q19E 2Q19E 3Q19E 4Q19E

100% 100% 100% 100% 100% 100%

0.9 1.4 0.6 0.5 0.6 0.9

0.5 0.9 0.5 0.5 0.6 1.1
- - - - - -
0.6 1.0 0.5 0.5 0.7 1.1
- - - - - -
5.9 9.2 4.8 5.5 7.6 11.8
- - - - - -
- - - - - -

1% 2% 2% 1% 2% 2%
8% 8% 8% 8% 8% 8%
3% 7% -2% 3% 3% 4%
26% 26% 26% 26% 26% 26%
 (0.0) (0.0) - (0.0) (0.0) (0.0) (0.0)

Macrh31 June30 June30 Sep30 Dec31 March31 June30

3Q25E 4Q25E 2024-25E 1Q25E 2Q25E 3Q26E 4Q26E

2,635 5,857 10,597 1,965 1,011 2,911 3,458

Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
12 12 48 13 13 13 13
2 1 5 2 2 2 1
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
6 25 40 3 5 6 9
13 25 44 (8) 33 1 10
(13) (9) (40) (10) (11) (15) (8)
(1) (1) 38 14 (2) 0 0
922 2,045 6,086 1,140 1,239 853 2,220
(12) (8) (69) (9) (57) (14) (8)
(22) (11) (50) (9) (3) (24) (14)

5,268 (16,673) (21,340) 7,686 (15,616) 7,168 (8,171)

5,397 (10,098) (11,624) 2,871 (8,998) 3,203 (9,047)

113 398 (2) (1,310) 237 135 399

(146) 433 (1,030) (976) (151) (40) 335
(18) 92 186 136 26 (42) 29
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522

(2,041) (1,622) (9,521) (5,955) (10,894) (5,698) (4,844)

2 2 7 2 3 3 3
(2) (2) (9) (2) (2) (2) (2)
(1,238) (67) (2,651) (19) (1,979) (1,943) (18)
(15) (1) (9) 19 22 (12) 8
31 2 87 14 34 34 2
19 18 64 13 8 14 14
(3,245) (1,669) (12,033) (5,929) (12,809) (7,604) (4,836)

- - 52 47
- - (1,700) - (1,036) - -

(9) (9) (36) (9) (8) (8) (8)

(1,068) (2,397) (5,776) (1,634) (1,216) (1,255) (2,163)
427 (65) 1,414 1,258 540 673 30
2,151 (2,173) 1,687 (5,329) 3,692 1,595 (3,968)
1,500 (4,644) (4,411) (5,662) 1,972 1,006 (6,062)
 (1,763) (6,221) (16,258) (11,454) (10,811) (6,640) (10,870)
(49,481) (51,244) (41,254) (57,512) (68,967) (79,778) (86,418)
(51,244) (57,465) (57,512) (68,967) (79,778) (86,418) (97,287)
Err:522
2
Err:522

- - - - - - -
0% 0% 0% 0% 0% 0% 0%
- - - - - - -
#DIV/0!
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Macrh31 June30 June30 Sep30 Dec31 March31 June30

3Q25E 4Q25E 2024-25 1Q25E 2Q25E 3Q26E 4Q26E

25.3% 16.1% 56.6% 58.8% 26.6% 15.4%

#REF! #REF! #REF! #REF! #REF! #REF!
#REF! #REF! #REF! #REF! #REF! #REF!
#REF! #REF! #REF! #REF! #REF! #REF! #REF!
#REF!
-42% -21% 267% 83% -48% -15%
 Jun-30 Mar-20 June-20 Sept-20 Dec-20 Dec-20 Mar-21
2025-26E 1Q20E 2Q20E 3Q20E 4Q20E 2020E 1Q21E

67,559 -
43,166 - - - - - -
24,393 - - - - - -

1,349 - - - - - -
6,462 - - - - - -
7,811 - - - - - -
16,583 - - - - - -
86 - - - - - -
(7,587) - #REF! #REF! #REF! #REF! #REF!

193 48 49 49 49 194 49
(7,307) 48 #REF! #REF! #REF! #REF! #REF!
(517)
9,276 48 #REF! #REF! #REF! #REF! #REF!
(70) (0) #REF! #REF! #REF! #REF! #REF!
9,345 49 #REF! #REF! #REF! #REF! #REF!
303 303 303 303 303 #REF! 303
- - - - - #REF! -
30.84 0.16 #REF! #REF! #REF! #REF! #REF!
#DIV/0! #DIV/0! #REF! #REF! #REF! #REF! #REF!
3.42 - 2.08 - - 2.08 -
-39% -39% -39% -39% -39% -39% -39%

Dec-19 Mar-20 June-20 Sept-20 Dec-20 Dec-20 Mar-21

2019E 1Q20E 2Q20E 3Q20E 4Q20E 2020E 1Q21E
41,508.6
9,387
5,249
7,407
 4,009

2% -100% -100% -100% -100% -100% #DIV/0!

-100% #DIV/0! #DIV/0! #DIV/0! #DIV/0!
36.1% #DIV/0!
24.5% #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
13.8% #DIV/0! #REF! #REF! #REF! #REF! #REF!
-1% -1% -2% 0% -1% #REF!
10% #DIV/0!
2% #DIV/0!

- - - - -
- - - - -

June-30 Mar-20 June-20 Sept-20 Dec-20 Dec-20 Mar-21

2025-26E 1Q20E 2Q20E 3Q20E 4Q20E 2020E 1Q21E

(97,287) #REF! #REF! #REF! #REF! #REF! #REF!

2,963 2,963 2,963 2,963 2,963 2,963 2,963
27,347 (27,347) 27,347 (27,347) 27,347 27,347 (27,347)
4,582 (4,582) 4,582 (4,582) 4,582 4,582 (4,582)
- - - - - - -
8,658 (8,658) 8,658 (8,658) 8,658 8,658 (8,658)
1,126 1,123 1,124 1,166 1,159 1,159 1,156
(52,611) #REF! #REF! #REF! #REF! #REF! #REF!
- - - - - - -
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
213 228 219 216 213 213 228
28 28 28 28 #REF! #REF! #REF!
22,240 24,521 26,941 29,824 32,165 32,165 35,463

Err:522 #REF! #REF! #REF! #REF! #REF! #REF!

 168 (168) 168 (168) 168 168 (168)
8,065 8,199 8,325 8,367 8,656 8,656 8,801
31,102 - - - - - -
1,036

2,040 #REF! #REF! #REF! #REF! #REF! #REF!

42,411 #REF! #REF! #REF! #REF! #REF! #REF!

- - - - - - -
5,858 #REF! #REF! #REF! #REF! #REF! #REF!
794 1,217 1,069 1,952 1,743 1,743 2,673

49,063 #REF! #REF! #REF! #REF! #REF! #REF!

- - - - - - -

3,029 #REF! #REF! #REF! #REF! #REF! #REF!

94,015 #REF! #REF! #REF! #REF! #REF! #REF!
- - - - - - -
932
29,738
97,044 #REF! #REF! #REF! #REF! #REF! #REF!
146,107 #REF! #REF! #REF! #REF! #REF! #REF!
Err:522 #REF! #REF! #REF! #REF! #REF! #REF!
Dec-19 Mar-20 June-20 Sept-20 Dec-20 Dec-20 Mar-21
2019E 1Q20E 2Q20E 3Q20E 4Q20E 2020E 1Q21E

100% 100% 100% 100% 100%

0.4 0.3 0.4 0.6 0.3

0.6 0.6 0.8 1.4 0.8
- - - - -
0.5 0.5 0.8 1.3 0.6
- - - - -
6.1 7.1 9.7 15.1 7.8
- - - - -
- - - - -

1% 1% 1% 1% 1%
8% 8% 8% 8% 8%
#REF! #REF! #REF! #REF! #REF!
26% 26% 26% 26% 26%
 -

June30 Mar-20 June-20 Sept-20 Dec-20 Dec-20 Mar-21

2025-26e 1Q20E 2Q20E 3Q20E 4Q20E 2020E 1Q21E

9,345 49 #REF! #REF! #REF! #REF! #REF!

Err:522
52 -
7
Err:522
23
35
(44)
12
5,452
(87)
(50)

(8,933)
(11,972)

(540)
(832)
149
Err:522 - - - - - -

(27,391)
11
(9)
(3,959)
38
84
49
(31,177)

(1,036)

(33)
(6,268)
2,502
(4,010)
(8,846)
(39,874)
(57,512) (97,386) #REF! #REF! #REF! (97,386) #REF!
(97,386) #REF! #REF! #REF! #REF! #REF! #REF!
Err:522 #REF!
3 4
Err:522 #REF!

- #REF! #REF! #REF! #REF! #REF! #REF!

0% 0% 0% 0% 0% #REF! 0%
- #REF! #REF! #REF! #REF! #REF! #REF!
#DIV/0! #REF!
#DIV/0! #REF! #REF! #REF! #REF! #REF! #REF!
#DIV/0! #REF! #REF! #REF! #REF! #REF! #REF!

June30 Mar-20 June-20 Sept-20 Dec-20 Dec-20 Mar-21

2025-26 1Q20E 2Q20E 3Q20E 4Q20E 2020E 1Q21E

#REF! #REF! #REF! #REF! #REF!

#REF! #REF! #REF! #REF! #REF!
#REF! #REF! #REF! #REF! #REF! #REF! #REF!
#REF! #REF!
June-21 Sept-21 Dec-21 Dec-21
2Q21E 3Q21E 4Q21E 2021E

-
- - - -
- - - -

- - - -
- - - -
- - - -
- - - -
- - - -
#REF! #REF! #REF! #REF!

49 49 49 194
#REF! #REF! #REF! #REF!

#REF! #REF! #REF! #REF!

#REF! #REF! #REF! #REF!
#REF! #REF! #REF! #REF!
303 303 303 #REF!
- - - #REF!
#REF! #REF! #REF! #REF!
#REF! #REF! #REF! #REF!
1.27 - - 1.27
-39% -39% -39% -39%

June-21 Sept-21 Dec-21 Dec-21

2Q21E 3Q21E 4Q21E 2021E
#DIV/0! #DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0!
#DIV/0!
#DIV/0! #DIV/0! #DIV/0! #DIV/0!
#REF! #REF! #REF! #REF!
#REF!
#DIV/0!
#DIV/0!

- - -
- - -

June-21 Sept-21 Dec-21 Dec-21

2Q21E 3Q21E 4Q21E 2021E

#REF! #REF! #REF! #REF!

2,963 2,963 2,963 2,963
27,347 (27,347) 27,347 27,347
4,582 (4,582) 4,582 4,582
- - - -
8,658 (8,658) 8,658 8,658
1,157 1,199 1,192 1,192
#REF! #REF! #REF! #REF!
- - - -
Err:522 Err:522 Err:522 Err:522
219 216 213 213
#REF! #REF! #REF! #REF!
38,963 43,133 46,518 46,518

#REF! #REF! #REF! #REF!

 168 (168) 168 168
8,936 8,980 9,291 9,291
- - - -

#REF! #REF! #REF! #REF!

#REF! #REF! #REF! #REF!

- - - -
#REF! #REF! #REF! #REF!
2,347 4,286 3,827 3,827

#REF! #REF! #REF! #REF!

- - - -

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- - - -

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#REF! #REF! #REF! #REF!
June-21 Sept-21 Dec-21 Dec-21
2Q21E 3Q21E 4Q21E 2021E

100% 100% 100%

0.2 0.3 0.4

0.8 1.0 1.8
- - -
0.6 0.9 1.5
- - -
9.1 12.4 19.3
- - -
- - -

1% 1% 1%
8% 8% 8%
#REF! #REF! #REF!
26% 26% 26%
June-21 Sept-21 Dec-21 Dec-21
2Q21E 3Q21E 4Q21E 2021E

#REF! #REF! #REF! #REF!

- - - -
 #REF! #REF! #REF! #REF!
#REF! #REF! #REF! #REF!
#REF!
5
#REF!

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0% 0% 0% #REF!
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#REF!
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June-21 Sept-21 Dec-21 Dec-21

2Q21E 3Q21E 4Q21E 2021E

#REF! #REF! #REF!

#REF! #REF! #REF!
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#REF!
GR
10 Year Govt. Bond Yield
2016-2017 2017-2018 2018-2019 2019-2020 2020-2021
July 7.59% 6.96% 7.00% 8.89% 7.89%
August 7.36% 9.27% 7.40%
September 6.99% 6.95% 9.27% 6.64%
October 6.98% 7.00% 9.05% 5.63%
November 6.89% 7.15% 9.19% 5.90%
December 6.89% 7.24% 7.54% 9.23% 5.77%
January 6.77% 7.39% 7.63% 9.15% 5.75%
February 6.30% 8.94% 6.01%
March 7.35% 7.60% 8.64%
April 7.11% 7.74% 5.69%
May 6.84% 8.11% 8.74% 5.80%
June 6.86% 7.50% 8.44% 8.66% 5.38%
Average 6.96% 7.15% 7.57% 9.00% 6.17%
Risk Free Rate 7.44%
2021-2022 2022-2023
5.40% 8.20%
5.99% 8.17%
6.33% 8.10%
6.80% 8.10%
7.44% 8.25%
7.40% 8.33%
7.10% 8.33%
6.48%
7.10%
7.75%
8.00%
8.10%
6.99% 8.21%
Revenue Segmentation 2021-22 2021-22 2022-23
Product Revenue % of total sales Revenue
Freezer and Refrigerator 5814.59 0.711859571973 4246.9
Electrical appliances 664.56 0.081359717048 845.2
Television 806.69 0.09876018741 531.22
Air conditioner 446.14 0.054619333339 620.02
Others (HAP &WAC) 436.19 0.05340119023 394.09
Total 8168.17 1 6637.43

Sep 30 Dec 31
1Q21 2Q21
Freezer and Refrigerator 12250.39137408 10190.98163236
Electrical Appliances 1400.119370679 1164.745709259
Television 1699.564065146 1413.850842967
Air Conditioner 939.9441074317 781.9303760818
Others 918.981082666 764.491439331
Total Sales 17,209 14316

Sep 30 Dec 31
1Q21 2Q21
Freezer and Refrigerator 12250.39137408 10190.98163236
Electrical Appliances 1400.119370679 1164.745709259
Television 1699.564065146 1413.850842967
Air Conditioner 939.9441074317 781.9303760818
Others 918.981082666 764.491439331
Total Sales 17,209 14316

Freezer and Refrigerator Electrical Applian Television

Sep 30 1Q21 12250.3913740777 1400.119370679 1699.564065146

Dec 31 2Q21 10190.9816323607 1164.745709259 1413.850842967
Mar 31 3Q22 15718.5712087285 1796.503912137 2180.723698209
June 30 4Q22 19985.4574831327 2284.174056123 2772.692261547
2021-22 58,146 6,646 8,067
Sep 30 1Q22 9460.33745063978 1882.75617822 1183.338543533
Dec 31 2Q22 7062.56520972726 1405.561730971 883.4151712334
 Mar 31 3Q23 9616.17073174406 1913.769455949 1202.830821568
June 30 4Q23 16330.0225840423 3249.931735627 2042.627468764
2022-23 42,469 8452 5312

Time period Revenue GDP Growth Rate

SEP-30(1Q21) 17,209 5.16%
'DEC-31(2Q21) 14316 9.30%
MAR-31(3Q22) 22,081 10.27%
JUNE-30(4Q22) 28,075 3.44%
SEP-30(1Q22) 14785.45 8.76%
DEC-31(2Q22) 11038 7.08%
MAR-31(3Q23) 15029 10.31%
JUNE-30(4Q23) 25522 3.24%

Time period Gross margin

SEP-30(1Q21) 30.8%
'DEC-31(2Q21) 30.1%
MAR-31(3Q22) 31.1%
JUNE-30(4Q22) 35.8%
SEP-30(1Q22) 31.76%
DEC-31(2Q22) 31.63%
MAR-31(3Q23) 35.26%
JUNE-30(4Q23) 38.66%

35.1%
32.1%
2022-23 2023-24 2023-24
%of total sales Revenue %of total sales Revenue CAGR QGR
0.639841022806 7698.567186396 0.639841022806 7087.519009617 0.0523 0.012826119217
0.127338442741 1532.136143055 0.127338442741 1410.527930238 0.0530 0.012994512616
0.080033989059 962.9689563581 0.080033989059 886.5364968067 0.1033 0.024880911764
0.093412661226 1123.941139869 0.093412661226 1034.732048398 0.1590 0.037578249091
0.059373884169 714.3865743217 0.059373884169 657.6845149403 0.0526 0.0128982981
1 12032 1 11077

Mar 31 June 30 2021-22 Sep 30 Dec 31 Mar 31

3Q22 4Q22 1Q22 2Q22 3Q23
15718.57120873 19985.45748313 58,146 9460.33745064 7062.565209727 9616.170731744
1796.503912137 2284.174056123 6,646 1882.75617822 1405.561730971 1913.769455949
2180.723698209 2772.692261547 8,067 1183.338543533 883.4151712334 1202.830821568
1206.049499459 1533.437783494 4,461 1381.148231921 1031.08895461 1403.898885563
1179.151681466 1499.238415704 4,362 877.8695956869 655.3689334577 892.3301051763
22,081 28,075 81682.22439 14785.45 11038 15029

Mar 31 June 30 2021-22 Sep 30 Dec 31 Mar 31

3Q22 4Q22 1Q22 2Q22 3Q23
15718.57120873 19985.45748313 58,146 9460.33745064 7062.565209727 9616.170731744
1796.503912137 2284.174056123 6,646 1882.75617822 1405.561730971 1913.769455949
2180.723698209 2772.692261547 8,067 1183.338543533 883.4151712334 1202.830821568
1206.049499459 1533.437783494 4,461 1381.148231921 1031.08895461 1403.898885563
1179.151681466 1499.238415704 4,362 877.8695956869 655.3689334577 892.3301051763
22,081 28,075 81682.22438563 14785.45 11038 15029

Air Conditioner Others Total Sales

939.9441074317 918.981082666 17,209

781.9303760818 764.491439331 14316
1206.049499459 1179.151681466 22,081
1533.437783494 1499.238415704 28,075
4,461 4,362 81682.22438563
1381.148231921 877.8695956869 14785.45
1031.08895461 655.3689334577 11038
1403.898885563 892.3301051763 15029
2384.077939805 1515.340271762 25522
6200 3941 66374

Gross margin vs. Time period

0.45
0.4
0.35 f(x) = 0.00932827923456299 x + 0.289424433535526
0.3
0.25
Gross margin

0.2 Gross margin

0.15 Linear (Gross margin)
0.1
0.05
0
) ) ) ) ) ) ) )
Q 21 Q 21 Q 22 Q22 Q22 Q 22 Q 23 Q23
1 2 3 4 1 2 3 4
0( 1( 1( 0( 0( 1( 1( 0(
P -3 C -3 R -3 E -3 P -3 C -3 R -3 E -3
SE 'D
E
M
A
JU
N SE DE M
A
JU
N

Time period
 June 30 2022-23 Sep-30 Dec 31 Mar-31 June-30
4Q23 1Q23 2Q23 3Q24 4Q24
16330.02258404 42,469 7,305.7 7087.519009617 9739.508883957 16539.47340052
3249.931735627 8452 2,532 1410.527930238 1938.637957288 3292.163014565
2042.627468764 5312 824 886.5364968067 1232.758349107 2093.449902582
2384.077939805 6200 2,029 1034.732048398 1456.654947583 2473.66741448
1515.340271762 3941 839 657.6845149403 903.8396448767 1534.88558231
25522 66374 12032 11077 15271.39978 25522

June 30 2022-23
4Q23
16330.02258404 42,469
3249.931735627 8452
2042.627468764 5312
2384.077939805 6200
1515.340271762 3941
25522 66374

30.8% 30.1% 31.1% 35.8% 32.5% 31.76%

2023-24 Sep-30 Dec-30 Mar-31 June-30 Sep-30
1Q24 1Q24 3Q25 4Q25 1Q25
7399.428616864 7179.6178648 9864.428986013 16539.47340052 7494.334570438
2564.662321691 1445.623151212 1963.829612681 3292.163014565 2597.988858584
844.4110067272 919.8509861121 1263.430500818 2093.449902582 865.4207224784
2105.714137668 1048.078330812 1511.393490043 2473.66741448 2184.843188048
849.4137474931 657.6845149403 915.4976380511 1534.88558231 860.3697392187
13763.62983044 11250.85484788 15518.58022761 25933.63931445 14002.95707877

31.63% 35.26% 38.66% 35.18% 35.1% 32.1%

 Dec-30 Mar-31 June-30
2Q25 3Q26 4Q26
7271.704499464 9990.951328192 16751.61065813
1464.408319487 1989.348621357 3334.94306839
942.7377173339 1294.865803629 2145.536844891
1087.463279395 1568.189011087 2566.623504749
666.1675258699 927.3059994968 1554.682994101
11432.48134155 15518.58022761 25933.63931445
 Terminal Growth Rate
Average annual revenue growth
Average annual net income growth
Industry average growth rate
Bangladesh GDP Growth rate
Inflation Rate
Average

Forecasted

2023-24E 2024-25E
Book Value 79,838 88,735
Equity Charge 6028.97 6700.82
Residual Income 73,809 82,034
PV of Residual Income 68595.75598 70854.96372

Current Price 527.7

Target Price 1679.33
Upside Potential 2.1823574
Target Holding Period 1 year
 7%
-7.50%
12.05%
7.10%
9.74%
6%

Sum of ResiduaI Income 211467.18

2025-26E Terminal Value Book Value of equity 104123
97044 PV of Terminal Value 4771090.20
7328.28 Intrinsic Value 5086680.37
89715.72 5943666.61 No. of Outstanding shares 3029
72016.45578 Intrinsic Value per share 1679.33
Current Market Price 527.7
Recommendation BUY
CAPM 7.6%
Terminal Growth rate 6%