StockPick

Updates

1. 20-Nov-05 : Added in FY05 Results (Released on 27-Oct-05)
2. 24-Sep-05 : Thomson share price hit $0.205 on 22-Sep, the first time it closed above $0.20 since Feb-05. It has hit my first tgt which I had previously planned to sell some of my hldgs when I first did this study. Now, after looking at the other healthcare stocks which have hospital operations like Parkway, Raffles Medical and even loss-making HMI being traded at a premium to NAV, I have decided not to sell till the FY05 results are announced or if share price goes above NAV of $0.25. I don't expect any negative surprises and if results are good, I may even consider to hold for longer term. Note that prices may drop again in the coming weeks as it had gone up a bit too fast (aro' 10%) fm $0.185.

Background (Not Updated)
Thomson Medical had been trading below its IPO price of $0.22 since listing in 26-Jan-05. I wanted to apply for the IPO but good thing I missed it as I was busy then. I bought my first lots in Mar-05 when we were expecting our 2nd kid and was visiting Thomson regularly for check-ups. It's always very crowded and the waiting time so long, so I assume biz must be very good. Also, a lot of publicity aro' then due to Zoe Tay delivering there.

Recently, after my studies on HMI, I have been accumulating Thomson Medical shares. Now, a full study to justify my purchases :D


Financial Data
All the data in this case study are extracted fm the Thomson Medical 2004 Annual Report. Some of the figures in the fllwg table are extracted fm the periodical "Shares Investment",

Thomson Medical	2001	2002	2003	1H04	2004	1H05	2005
Margin (%)	NA	1.35	NA	-----	12.66	15.58	?
ROE (%)	-----	-----	-30.82	-----	7.90	-----	?
DIV (S$)	-----	-----	-----	-----	-----	-----	0.01
EPS (S$)	Pre-List	Pre-List	-3.15	0.0125	0.0198	0.0133	0.0224
Turnover (S$M)	30.773	31.160	31.837	17.787	36.378	19.040	41.176
Cash + Bank Bal (S$M)	?	?	5.813	7.853	9.167	11.84	10.976
Short Term Investment (S$M)	?	-	-	-	-	-	-
Current Liabilities - Bank Borrowings (S$M)	?	?	1.836	2	2	2	1.36
Long Term Bank Borrowings (S$M)	?	?	30.172	27.7	27.7	16.7	9.8
NAV / Share (S$)	?	?	0.1023	0.2501	0.2596	0.2505	0.2656

Issued Shares = 264,975,700 @ $0.12 Par ; PE 11.8 @ $0.175

Note :

1. NAV for 2004 and 2003 based on pre-list no. of shares. Would be 19.49cts and 7.68cts if based on post-list.
2. EPS for 2004 and 2003 based on pre-list no. of shares. Would be 1.48cts and -2.37cts if based on post-list.
3. FY05 is end-Aug

Substantial Hldgs

• T Holdings Pte Ltd : 53,029,200 or 20.01%
• Harilela (Singapore) Private Limited : 44,722,250 or 16.88%


• Cheng Wei Chen, Dr : Direct 30,016,050 or 11.33% ; Deemed 65,577,300 or 24.75%
  Lee Siew Chin, Dr : Direct 12,548,100 or 4.74% ; Deemed 83,045,250 or 31.34%
• Dr Cheng Wei Chen is the spouse of Dr Lee Siew Chin. Each of them is deemed to be interested in the shares held by each other and both are deemed interested in the shareholdings in T Holdings Pte Ltd.
• Cheng Li Chang, Dr : Direct 3,234,200 or 1.22% ; Deemed 56,263,400 or 21.23%
  Yeo Chye Neo Angeline, Dr : Direct 3,234,200 or 1.22% ; Deemed 56,263,400 or 21.23%
  
  • Dr Cheng Li Chang is the spouse of Dr Yeo Chye Neo Angeline. Each of them is deemed to be interested in the shares held by each other and both are deemed interested in the shareholdings in T Holdings Pte Ltd.
• Hari Naroomal Harilela, Dr : Direct 1,481,400 or 0.56% ; Deemed 44,722,250 or 16.88%
  
  • Dr Hari Naroomal Harilela is deemed interested in the shareholdings in Harilela (Singapore) Private Limited.
• Free Float : 40.44%

FY 2005 (Extracts)

Revenue

• Increase by 13.2% ($36.4Mil to $41.2Mil)
  
  • Hospital Operations & Ancilliary Services : +11.2% ($30.9Mil to $34.3Mil)
    • Due to increase in inpatient admissions
  • Specialised & Other Revenue : +24.4% ($5.5Mil to $6.9Mil)
    • Due to increase fm Thomson Women's Clinics (3 new clinics)

Gross Profit

• Increase by 20.6% ($14.43Mil to $17.4Mil)
• Gross Profit Margin : 39.7% to 42.3%
• Due to better direct materials margins, labour efficiency and reduction in overhead

Net Profit After Tax

• Increase by 35.5% ($3.9Mil to $5.3Mil)
• Due to higher revenue, GPM and lower finance cost (reduced by $18.5Mil fm IPO proceeds and surplus funds)
  

Mid-Year 2005 (Extracts)

Revenue

• Increase by 7% ($17.8Mil to $19.0Mil)
  
  • Hospital Operations & Ancilliary Services : +5.8% ($$15.3Mil to $16.1Mil)
    • Due to increase in inpatient admissions
  • Specialised & Other Revenue : +15.5% ($2.5Mil to $2.9Mil)
    • Due to increase fm Thomson Women's Clinics (2 new clinics)

Gross Profit

• Increase by 11.7% ($7Mil to $7.9Mil)
• Gross Profit Margin : 39.5% to 41.3%
  • Due to better direct materials margins, labour efficiency and reduction in overhead cost

Net Profit After Tax

• Increase by 11.8% ($2.5Mil to $2.8Mil)
• Would have been higher if not for promotional expenses for IPO listing & full depreciation of Millenium Wing

Bank Borrowings

• Decrease from $29.7Mil to $18.7Mil (use IPO proceeds)

Annual Report 2004 (Extracts)

Revenue
In FY2004, total revenue for the Group rose by 1.3% to S$31.3 million. Revenue for FY2004 was mainly contributed from hospital and ancillary services operations. The increased revenue was mainly from higher number of inpatient admissions which increased by 9% compared with FY2003. The Group also recorded a 4.4% increase in the number of deliveries and a 11.1% increase in the number of operating theatre cases over the previous financial year. The revenue contribution from specialised and other services business segment, post acquisition, was S$442,000.

Gross Profit
Our gross profi t increased by $3.0 million (or 30.2%) from $9.8 million in FY2003 to $12.8 million in FY2004. Despite an increase in revenue of 1.3%, cost of sales reduced by 12.1%. Gross margins improved from 31.7% to 40.8%. This was mainly due to lower direct materials and lower direct labour costs. Labour effi ciency improved due to streamlining of procedures and job scope and automation of administrative procedures.

Profi t before Tax
Our profi t before taxation improved by $5.7 million from a loss of $0.9 million in FY2003 to a profi t of $4.8 million in FY2004. Our hospital operations and ancillary services business segment recorded profi t before taxation of $4.6 million for FY2004 as compared to a loss before taxation of $0.9 million for FY2003. The improved performance is due to increased revenue from operations. The specialised and other services business segment recorded, post acquisition, a profi t before taxation of $218,000.

Moving Ahead
The outlook for the healthcare services industry in Singapore is very competitive, with many private and public healthcare services providers in the market. However, the Group is confi dent that it will continue to enjoy a steady stream of patients with its well established relationship with our tenant specialists and supportive accredited specialists. We believe that with our track record of over 25 years and our good working relationship with specialists, we will continue to be one of the preferred healthcare providers for women and children. As one of the leading providers for women and children’s healthcare services, our local growth strategy is to capitalise on the Government’s $300 million pro-family incentives announced in August 2004. We believe there will be a positive outcome with this initiative and we expect birth rates to increase in the coming year. Our other plans include the setting up of additional Thomson Women’s Clinics, extending parentcraft services and implementing new and innovative programs to encourage the use of our hospital’s facilities and services. Regionally, we aim to increase our presence by intensifying marketing efforts at key catchment areas for foreign patients. We will also be exploring opportunities for healthcare consultancy services, hospital management services and seeking out strategic regional partnerships. The Group intends to work closely with the Singapore Tourism Board to market its services to the region, in particular, Indonesia. We will organise road shows, public forums and seminars to showcase our capabilities and competencies with the aim to attract more foreign patients to our hospital.

Comments (Not Updated)

• Improving NAV (from premium to discount)
  • IPO : Price $0.22 vs NAV $0.1949 (FY04)
  • Now : Price $0.185 vs NAV $0.2505 (mid-yr '05)
• Profitable in 1H05
• EPS is 1.33cts
• If profitability continues to full-year, may declare dividends
• Assuming FY05 EPS is aro' 2cts
• Shld be able to give at least 0.5ct dividend
• => 2.7% Net Yield @ $0.185
• Purchase by Director
  • 150,000 shares twice in Jul & Aug
  • Either good indication that Thomson is doing well or director averaging down IPO shares :D

• Re-designation of COO

  • May be bad as it indicates COO didn't perform up to expectations
  • May be good if purpose is to improve results in new area

Conclusions (Not Updated)
Be warned, the above has been created to justify my recent additional buy of Thomson Medical shares. This will be intended for mid to long term hold as Thomson Medical looks like a potential good yield stock. Daily trading volume is very low, so it's not recommended for those who may need to sell in the short term as you may not be able to sell at a good price.

My Action (Not Updated)
Decide after FY05 results are out. Most likely sell half my hldgs if it hits above $0.20 for immediate 10% profits. My dream target price is aro' NAV, ie. $0.25. There'll likely be strong resistance at $0.22 (IPO price) as many who got fm IPO will look to exit, given its illiquidity and price drop after IPO. There's also a risk that results may not be up to my expectations. In that case, become long term hold :D

Share Price (Not Updated)

• 1mth : $0.17-$0.19
• 3mth : $0.165-$0.19
• 1yr : $0.165-$0.22

References

• 27-Oct-05 : FY05 Results / Press Release
• 12-Apr-05 : Mid Year FY05 Results
• 31-Jan-05 : FY04 Final Results
• Annual Report 2004
• IPO Prospectus
• Blog Bullrun / Forum
• Open Mkt Transactions by Director
• 26-May-06 : Buy 174,000 Shares @ $0.3341 by Harilela Hotels (S) Pte Ltd
• 25-Apr-06 : Buy 100,000 Shares @ $0.395 by Harilela Hldgs (S) Pte Ltd
• 21-Apr-06 : Buy 130,000 Shares @ $0.395 by Harilela Hldgs (S) Pte Ltd
• 19-Apr-06 : Buy 274,000 Shares @ $0.395 by Harilela Hldgs (S) Pte Ltd
• 10-Mar-06 : Sell 100,000 Shares @ $0.30 by Phua Wee Thuan
• 9-Mar-06 : Sell 100,000 Shares @ $0.295 by Phua Wee Thuan
• 8-Mar-06 : Sell 100,000 Shares @ $0.2993 by Phua Wee Thuan
• 6-Mar-06 : Sell 200,000 Shares @ $0.305 by Phua Wee Thuan
• 24-Feb-06 : Sell 50,000 Shares @ $0.315 by Phua Wee Thuan
• 24-Feb-06 : Sell 50,000 Shares @ $0.31 by Phua Wee Thuan
• 21-Feb-06 : Sell 50,000 Shares @ $0.305 by Phua Wee Thuan
• 17-Feb-06 : Sell 50,000 Shares @ $0.295 by Phua Wee Thuan
• 13-Feb-06 : Sell 50,000 Shares @ $0.30 by Phua Wee Thuan
• 17-Nov-05 : Buy 45,000 Shares by Phua Wee Thuan
• 2-Nov-05 : Buy 245,000 Shares by Angeline Yeo Chye Neo (Wife of Cheng Li Chang)
• 31-Oct-05 : Buy 100,000 Shares by Phua Wee Thuan
• 15-Aug-05 : Buy 150,000 Shares by Phua Wee Thuan
• 8-Jul-05 : Buy 150,000 Shares by Phua Wee Thuan
• Others
• 26-Oct-05 : Hospital Consultancy Agreement in Vietnam
• 18-Oct-05 : Thomson Medical Delivers 24% More Births in Jan-Sep 2005
• 7-Oct-05 : Promising Brand Award
• 12-Jul-05 : Redesignation of COO
  

Disclaimer : Use the above at your own risk! We'll not be responsible for any losses incurred but you can give us credit if you make money :D

Updated : Added in figures for FY05 on 29-Aug-05

Background
A couple of weeks ago, I noticed several posts in CNA Forum on HMI. Forummers were complaining about this Healthcare stock which was at $0.05-$0.055 (now, $0.06-$0.065, likely due to interest triggered by optimistic posts in the forum) and kept going into the red, despite a rights issue in 2003. My interest was piqued as I also have special interest in Healthcare stocks, with holdings in Thomson Medical and Raffles Medical, and cannot understand why HMI should be making losses. Parkway, at the other extreme, is the best performing Healthcare stock.

I did some studies and contributed a few posts. My initial studies points to the fact that HMI is not like other penny stocks which I'd classify as "junk". HMI will post losses of aro' $5Mil due to write-off of assets in their loss making Health Education biz in S'pore for the recently concluded FY05 in Jun-05, but very likely, they'll start to post profits fm then on.

This study will help me decide on whether to add HMI to my portfolio and if so, at what price.

Financial Data
All the data in this case study are extracted fm the HMI 2004 Annual Report and 2005 mid yr results,

HMI	2002	2003	1H04	2004	1H05	2005
Turnover (S$)	33,864,381	32,829,483	16,292,000	34,020,358	19,737,000	38,963,000
Cost of Services (S$)	(21,902,967)	(21,605,867)	(7,850,000)	(21,727,797)	(9,250,000)	(23,292,000)
Gross Profit (S$)	11,961,414	11,223,616	8,442,000	12,292,561	10,487,000	15,671,000
Net Profit (S$)	(4,523,157)	619,673	199,000	758,420	(112,000)	(5,296,000)
EPS (cents)	(2.37)	0.27	0.09	0.29	(0.04)	(1.85)
Trade Receivables	6,026,186	21,068,097	-	49,753,858	47,391,000	48,636,000
Cash + Bank Bal (S$)	677,823	1,088,496	-	1,615,525	3,998,000	8,739,000
Current Liabilities - Bank Borrowings (S$)	7,367,498	8,093,986	-	4,609,218	3,791,000	5,406,000
Long Term Bank Borrowings (S$)	13,817,814	13,169,460	-	12,167,033	11,786,000	11,199,000
NAV / Share (cents)	?	?	?	7.40	6.90	5.34

Issued Shares = 286,686,600 @ $0.05 Par ; PE 18.9 @ $0.05

2003 : Additional 95,562,200 shares were issued by 1:2 rights issue

Substantial Hldgs

• Nam See Investment (Pte) Ltd (Direct 267,901 ; Deemed 130,020,000)
• Gan See Khem (Direct 172,500 ; Deemed 130,437,901)
• Chin Koy Nam (Direct 150,000 ; Deemed 130,460,401)
• Free Float 49.39%

Highlights (30-Jun-05 Announcements)

• Mahkota Medical Centre, a 228-bed hospital, has achieved a double-digit revenue year-on-year growth over the last three financial years from FY2002 to FY2004. In addition, the Company has also negotiated a contract to provide hospital management services to the Grand Hospital Bengkalis, a 150-bed hospital in Indonesia, which will commence operations in the fourth quarter of 2005.



• The healthcare education and training business has incurred a loss of S$1.5 million for FY2004. It is expected to sustain a loss of approximately S$1.5 million for FY2005. The Company having assessed the performance and the prevailing market conditions has decided to restructure the healthcare education and training division in order to stem further losses. In conjunction with this, the Company intends to make a one-time write-off of approximately S$5.6 million comprising mainly of non-cash items including fixed assets, revaluation reserves, and deferred expenditures, resulting in a net loss in the Company’s consolidated results for FY2005. Further details on the progress of the restructuring exercise will be announced when such plans are established.


My Comments : Impact of write-off on FY05 (End-June) Results
• Net Loss $4.5~$6Mil
• NAV drops below $0.05 (6.9ct minus $5.6Mil/286,686,600 shares = 1.953cts/share)
• Reduces subsequent Annual Depreciation Expenses by 1/3 or ~$1.2Mil

Highlights (Mid-Year 2005 : Dec-04)

• Revenue
  
  • Malaysian operations revenue grew by 21.2% to $18.92 million while the Singapore operations contributed $0.82 million to total revenue.
• Malaysia registered a profit after tax of $2.56 million. The losses in the Group's education operation in Singapore widened by 17% to S$0.78 million
• NAV - Mid Year '04 : 6.9cts ; Jun '04 : 7.3ct

My Comments - Profits continue to come from M'sia operations and losses from S'pore operations, resulting in net loss for the half.

Highlights (AR2004)

• Revenue
• Division
  • Hospital operations - 2004 : 32,487,528 ; 2003 : 31,245,057
  • Education - 2004 : 1,532,830 ; 2003 : 1,584,426
• Country
  • Malaysia - 2004 : 32,682,579 ; 2003 : 28,030,410
  • Singapore - 2004 : 1,337,779 ; 2003 : 4,799,073
  


• Asset Restructuring Exercise
  
  
  
  • MMCSB completed an asset restructuring exercise with the divestments of a major part of its properties to Genuine Foresight Sdn Bhd and its subsidiary companies. The restructuring exercise capitalized on the Malaysian government’s waiver of real property gains tax as well as to unlock and reflect the value of MMCSB’s assets.
    
    
  • Included in the Group’s trade receivables is an amount of approximately $46,336,000 (RM102,318,828) [2003 : $14,829,000 (RM32,138,090)] related to the disposal of some overseas leasehold properties and medical suites by MMCSB to GFSB group of companies in which certain shareholders of the Vendor have an interest. The profit on the disposal amounting to approximately $4,243,000 (RM9,390,102) [2003 : $9,100,000 (RM19,633,610] was included in other operating income. This transaction contributed to the Group recording a net profit of $758,420 and a positive net current asset position of $39,803,426. According to management, if the Purchaser is unable to pay the Consideration, this amount can be offset by the capital reduction of MMCSB as mentioned in Note 6(c).


• Subsidiary : Mahkota Medical Centre (30% +10% via M'sia subsidiary)


• In addition to its existing hospital management and technical consultancy contract, MMCSB had, in February 2004, secured a contract to provide medical equipment consultancy services to the Grand Hospital Bengkalis, Riau.
  
  
• Mahkota Medical Centre (MMC) in Malacca has initiated a multi-phase upgrading program to improve its facilities and services. A newly remodeled ward comprising 44 beds was completed and opened to patients in September 2004.
  
  
• As at 30 June 2004, the Group holds a total of 40% equity interest in MMCSB. Pursuant to an agreement signed by the shareholders of MMCSB on 21 September 2002, the Group exercises control over the Board of Directors and accordingly considers MMCSB as a subsidiary company. The existence of control can be demonstrated, inter alia, by representation on the Board of Directors, participation in policy making decisions and control over the management of MMCSB. MMCSB’s shareholders have approved the following capital reduction scheme:
  

(a) Increase of authorised share capital from RM50,000,000 to RM100,000,000 by way of the creation of 50,000,000new ordinary shares of RM1 each;

(b) Increase of issued and paid up share capital from RM30,000,000 to RM96,000,000 by way of a bonus issue of 66,000,000 new ordinary shares of RM1 each to be credited as fully paid up through capitalisation of M66,000,000 from revaluation surplus and retained profits and that such bonus shares shall rank pari passu in all respects with theexisting ordinary shares of MMCSB including but not limited to dividend and return of capital;

(c) Reduction of issued and paid up enlarged share capital from RM96,000,000 to RM4,800,000 by returning RM0.95 per share to the shareholders of MMCSB; and

(d) Consolidation of 96,000,000 ordinary shares of RM0.05 each to 4,800,000 ordinary shares of RM1 each.

The capital reduction exercise aims to maximise the value of MMCSB to its shareholders by separating the assets ownershipfrom the hospital operations of MMCSB.The capital reduction exercise will require the approval of the creditors of MMCSB and the High Court of Malaya. In the event that the capital reduction exercise is approved, the proceeds from the capital reduction will be returned to the shareholders of MMCSB. MMCSB’s shareholders can consider investing such proceeds in Genuine Foresight Sdn. Bhd. (“GFSB”) . The result of the capital reduction is that MMCSB will have a low paid-up capital and in the opinion of MMCSB’s directors, a better return on equity and capital employed.


• Rights Offering (December 2003)
  
  • ~$1.89 million for working capital after deducting expenses of $0.52 million and setting-off the shareholders' loans of $2.37 million.



• Property, Plant and Equipment
• NBV (30-Jun-04) = $16,669,296
• Depreciation for 2003 = $3,722,584

Comments

• GPM looks good at 30%
  
  • Profits from M'sia operations (MMC) - $2.56Mil after tax ; Double digit growth
  • Losses from S'pore operations (Education) ; Write-off in FY05 $5.6Mil
  • Net Losses due to High costs and Expenses + S'pore Education Biz


• Sale of assets in MMC
  
• Now in Trade Receivables ($46Mil)
  
  • Good for HMI to get cash as can reduce Bank Borrowings ($15Mil+) and thus Finance Cost ($1.5Mil~$1.8Mil)
• May be paid by buyer using cash fm Capital Reduction Exercise
• HMI gets small, regular Rental Income as shareholder


• Impact of write-off on FY05 (End-June) Results
  
  • Net Loss $4.5~$6Mil
  • NAV drops below $0.05 (6.9ct minus $5.6Mil/286,686,600 shares = 1.953cts/share)
  • Reduces subsequent Annual Depreciation Expenses by 1/3 or ~$1.2Mil


• Comparison with other Healthcare Stocks
  
• Thomson Medical (Mid-Yr 05) : 209,941,907 Shares @ $0.12 par
• NAV 25.05cts vs 18.5cts share price ; EPS 1.33cts ; PE 11.8 @ $0.175
• Revenue $19.04Mil ; GP $7.855Mil ; GPM 41.3% ; Net Profit $2.792Mil ; Cash $11.84Mil ; Borrowings $2Mil + $16.7Mil
• Raffles Medical (Mid-Yr 05) : 398,851,999 Shares @ $0.10 par
• NAV 25.01cts vs 50cts share price ; EPS 1.25cts ; PE 19 @ $0.48
• Revenue $52.9Mil ; Operating Profit $5.613Mil ; Net Profit $5.025Mil ; Cash $28.55Mil ; Borrowings $1.995Mil
• Parkway (Mid-Yr 05) : 725,711,212 @ $0.25 par
• NAV 52cts vs $2.10 share price ; EPS 4.04cts ; PE 28 @ $1.93
• Revenue $216.28Mil ; Net Profit $30.36Mil ; Cash $29.9Mil + $66Mil ; Borrowings $40.2Mil + $233.2Mil

Conclusion

Either a long term buy (2-3yrs) or short term speculative buy (buy at $0.05-$0.055 and sell at $0.06-$0.065 for 20% returns). I doubt that HMI will show very good profits in the short term as it only has 40% of MMC that's generating all their profits and yet incurring high costs and expenses locally. So, I think HMI must grow their overseas biz to at least 2-3x the current size before we see good economy of scale. In the short term, there may be speculative fervour, fuelled by over-optimism (like CNA forum) which may drive the share price up (my guess is $0.07-$0.10 based on historical data), but, it'll drop back again once investors gets tired of waiting for the profits to come in.

Looking at the other Healthcare stocks, Thomson looks good as it's below NAV and is profitable. I believe Thomson will issue a maiden dividend if they continue to be profitable at year end. That should drive their share price up higher but it'll subsequently still settle down to illiquidity again due to its small caps nature. Raffles Medical has low debts and is profitable but somehow, I don't find it attractive. Parkway will always be the mkt favourite due to its ownership and larger size. Thomson and HMI (MMC anyway) could also potentially be future takeover targets by Parkway as they provide a good fit to their existing portfolio.

Price Chart

• 29-Jul-05 : Start of HMI thread in CNA Forum ; Share Price Range moves up to $0.06-$0.065 in Aug-05
• 30-Jun-05 ($0.045) : MISCELLANEOUS :: HMI TO FOCUS ON HEALTHCARE DELIVERY AND MANAGEMENT CONSULTANCY
• 7-Feb-05 : HALF YEAR FINANCIAL STATEMENT AND DIVIDEND ANNOUNCEMENT
• 27-Aug-04 : FULL YEAR FINANCIAL STATEMENT FOR THE PERIOD ENDED 30-JUN-04

Sources

• 29-Aug-05 : FY05 Results / Press Release
• 30-Jun-05 : Announcement (Write off of Education biz assets)
• 7-Feb-05 : Mid Year Report 2005
• Annual Report 2004
• Annual Report 2003
• Analyst Report - DMG Partners
• CNA Forum

Disclaimer : The above are for my own reference only. Do not rely on it for your investment decisions