oum human recearch .docx
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Contents
TITLE: FINANCIAL RATIO ANALYSIS ON TWO COMPANIES.......................................0
2.1 IJM CORPORATION BACKGROUND.........................................................................3
2.2. IGB CORPORATION BACKGROUND........................................................................5
6.1.0 PROFITABILITY RATIO................................................................................................9
6.2.0 LIUIDITY!S RATIO................................................................................................11
6.2.1 N"# $%&'()* +,-(#,.....................................................................................................11
6.2.2 C/&&")# &,#(%.................................................................................................................13
6.2.3 UICK RATIO............................................................................................................15
6.3.0 A+#((#E(+(")+ R,#(%.............................................................................................16
6.4.0 LEERAGE GEARING RATIO..............................................................................19
6.5.0 MARKET ALUE...................................................................................................21
.0 T7" O"&("$ % C%8-,) P"&%&8,)+" /- #% ,#" 2013;..............................................23
<.0 CONCLUSION = RECOMMENDATION.......................................................................25
9.0 B(>(%*&,-7.......................................................................................................................26
APPENDI?ES.........................................................................................................................2
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1.0 INTRODUCTION
T7" -/&-%@" % #7(@ &"-%&# (@ #% ()#"&-&"# #7" ,),#(+, ,),@(@ %) #7" (),)+(, &"-%&#@
%) #$% +%8-,)("@ %) #7" @,8" ()/@#& %& -"&%&8,)+" ",/,#(%). T7" ",/,#(%) +%)@(@#@
% #7" (),)+(, &"-%&#@ ()%&8,#(%) ,,(,>" &%8 >%#7 +%8-,)("@ ,@ , 8"(/8 #%
,++%8-(@7 #7" #"@# %) #7" (),)+(, -"&%&8,)+". M%&"%"& #% +%8-"#" #7" "#,(@ % #"@# %)
(),)+(, &,#(% ,),@(@ %) #$% +%8-,)("@ 7,@ >"") +,&&(" %/#. T7" +%8-,)("@ #7,# 7, >"")
+7%%@" ,&" IGB C%&-%&,#(%) ,) #7" IJM C%&-%&,#(%) $7(+7 (@ >%#7 () #7" -&%-"&# @"+#%&@
()/@#&. T% ,+7(""@ #7" ,++/&,#" 8",@/&"8")# #7" @,8" @(" % ()+%8" @#,#"8")# %) ("
",&@ (),)+(, &"-%&# 7,@ >"") /@" ,@% #% ,),@" #7" +%8-,)("@ #7,# 7, >"") @""+#" #7"
(),)+(, &,#(% ,),@(@ 7,@ >"") +,&&(" %/#.
T7" %"&, -"&%&8,)+" ,),@" %+/@" %) #7" (),)+(, ,+#((#("@ ,) #7" ,>((# %
",+7 +%8-,) #% @/@#,() %) #7" 8,&'"# +%8-"#" $(#7 #7"(& +%8-"#(#%& ,8%)* #7" ()/@#&.
P"&%&8,)+" ,@% "(+,#"@ #% -&%/+#((# (),)+()* @%/&+" ,) ,/" ," +&",#" > #7"@"
+%8-,)("@ /&()* %-"&,#()* ,+#((#("@ +%/ ()(&"+# >%%@# #7" +%8-,) &"")/". I) #"&8 %
@7,&"7%"& #7" +%8-,) -"&%&8,)+" +%/ >" ",/,#" > ,"/,#" -&%(# ,,(,>" %& (@#&(>/#" ,@ ((") -,%/#.
T7" &"@/# % ",+7 +%8-,) &,#(% 7,@ >"") +%8-,&"@ ,) ,),@"@ #% ')%$ $7(+7
+%8-,)("@ -"&%&8 >"##"&. T7" >&(" ,) +%)+(@" "-,),#(%) (@ >"") 8," #% /@#( ",+7
",/,#(%) ,@ #7" -&%% #7" ",/,#(%) (@ +%&&"+# ,) $" /*"8")# %) #7" &"@/# ",+7
(),)+(, &,#(% ,),@(@. F/"& ()"@#(*,#(%) 7,@ >"") 8," %& ,(#(%), ,) @/--"8")#,&
-,&#@ ,@% ,(#(%), ()%&8,#(%) #% @/--%&# #7" "-,),#(%) %) #7" (),)+(, ,),@(@
-"&%&8,)+".
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2.1 IJM CORPORATION BACKGROUND
2.1.1 Histo!"
R"@/#" &%8 #7" 8"&*"& % #7&"" 8"(/8 @(" +%8-,)("@ %) %+, +%)@#&/+#(%)
+%8-,) #7" IJM C%&-%&,#(%) 7, >"") %&8". IJM C%&-%&,#(%) $,@ %(+(, "@#,>(@7 %)
19<3 %& +%8-"#" ,*,()@# >(**"& %&"(*) +%8-"#(#%& $(#7 8%&" ""+#(". T7" +%8-,)
8,),*" #% *,()" -"%-" #&/@# ,) @#,&#" #% >/( #7" &"-/#,#(%) %) #7" @7%&# -"&(% /" #%
#7"(& -&%"@@(%), 7,)()* +%)@#&/+#(%) *&%/-. T7"(& +,-,>((# (@ >"") ,$,&" $7") #7"
+%8-,) ,**&"@@(" ()+&",@"@ () 8,&'"# "8,)". I) ",& 2004 #7" "-,)" #7"
>/@()"@@ %) ()/@#&(, -&%/+"& > #,'"%"& #7" C%)+&"#" P&%/+# B"&7, ,) @/++"@@/
("&@((+,#(%) ()#% C7(), I)(, ,) P,'(@#,). O) A-&( 200 IJM -/&+7,@" R%, B/("&
G&%/- #7,# $,@ #7"(& +%@"@ +%8-"#(#%& ,# #7,# #(8" () %&"& #% @/@#,() #7"(& -%@(#(%) ,@ %)" %
#7" +%/)#& >(**"@# >/("&.
2.1.2 A#ti$ities"
IJM C%&-%&,#(%) (@ , -&%"@@(%), +%8-,) 8,),*" /)"& +%8-"#")+ +%&"
,+#((#("@ +%)@(@# % +%)@#&/+#(%) -&%-"&# ""%-8")# 8,)/,+#/&()* ,) /,&&()*
()&,@#&/+#/&" +%)+"@@(%)@ ,) -,)#,#(%). I# 7, >"") "@#,>(@7" ,) *&%$#7 %"& #7" -,@#
#7&"" "+," $(#7 %+/@()* %) #7" ,&(,#(%) ()#% #,+#(+, &",#" >/@()"@@"@ ,) ,@%
(@+"&)()* "),&*"8")# #%$,&@ &"@7 8,&'"#. M,() %(+"@ $"&" () S",)*%& $(#7 +%))"+#()*
#% %#7"&@ #") +%/)#&("@ ,8%)* #7" $%& $(#7 %+/@" %) M,,@(, C7(), A&,> ,)
In%onesi&. IJM's st&te% #% >"+%8" ""%-"& %) -&%-"&# ,#"& #7" @/++"@@/ "-"&(")+"
() #7" +%)@#&/+#(%) >/@()"@@. T7" -&%-"&# *&%/- #7") +%)#()/%/@ *&%$#7 "#")@(" %"&
#7" ",& /" #% #7,# #7" IJM C%&-%&,#(%) 7, >"+%8" %)" % #7" 8,%& -&%-"&# ""%-"& ()
M,,@(, ()+/()* @-&",()* +(#("@ -&%(#8,'()* >/(()* ,) ,@% @'@+&,-"& +%)%8()(/8.
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2.1.( M&)et sten*t+"
T7" &"@/# % 8"&*"& >"#$"") #7&"" 8"(/8 @(" % %+, +%)@#&/+#(%) %&8" ,
@#&%)* +%8-,) #7,# +%/ >" +%8-"#" $(#7 #7" >(**"& @(" +%8-,). T7" ""%-()* () ,
*&%$()* -&"@")+" ,) %-"&,#(%), () 8%&" #7,) 10 +%/)#&("@ $(#7 -&(8,&( %+/@" %)
M&,&!si& ens-e t+e #o/eten#ies' &n% #e&tes t+e ,,)#,*"@ ,8%)* #7"(& +%8-"#(#%&@.
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2.2. IGB CORPORATION BACKGROUND
2.2.1 Histo!"
T7" IGB C%&-%&,#(%) (@ 8,%& () -&%-"&# ()/@#&(, () M,,@(, ,) ,>&%,. A@ #7"
-(%)""& -&%-"&# ""%-"& #7(@ +%8-,) 7,@ @"# #7" ()/@#& @#,),& () -&%-"&# @"+#%&
$7"&" 8,) +%)#()/" %#7"&@ +%8-,) ,@% @#,&# #% %%$. T7" %+/@@" %) #7" &"@(")#(,
,) 7%@-(#,(# ""%-8")#. S#,&#" $(#7 #7" +%)@#&/+#(%) % #7" /"") (+#%&(, B/(()* %)
",&@ 19<4 19<6 > I-%7 L# T7" G,"&("@ (+#%&(, () 19<< T7" S#&,) ,) #7" M(
," M"*,8, %) ",& 1999. T7" ,#"@# +%)@#&/+#(%) -&%-"&# (@ T7" G,&")@ M,.
2.2.2 A#ti$ities"
IGB C%&-%&,#(%) (@ ",()* -&%-"&# ""%-8")# %) #7(@ +%/)#& ,) >"()* (@#" #%
#7" >/&@, @,7,8 8,() >%,& () M,,@(,. T7" ,&" 8,%& () +%)@#&/+#(%) -&%-"&#
""%-8")# &"#,( ""%-8")# ,) 7%@-(#,(# ,+#((#("@. T7" ,@% $"&" %+/@()* ()
("&@((+,#(%) % ,+#((#("@ /)"& +%)@#&/+#(%). A8%)* #7" ,+7(""8")# #7" &"+"(" (@ M(
," M"*,8, +ee t+e! ein* &&%e% 3o Best Ret&i, De$e,o/ent4 K-&,&
L-/- Cit! H&,,'s Best &n% +",)()* @7%--()* +")#&" 2001. T7"&"%&" #7" ,@% *%#
,$,& ,@ #7" R"#,( E+"")+" A$,& 2006200.
2.2.( M&)et sten*t+"
I) 2012 %& #7" #")@ +%)@"+/#(" ",&@ #7" IGB C%&-%&,#(%) $,@ ,8%)* T%- T")
P&%-"&# D""%-"&@ &"+"(". S()+" 1999 #7" "@#,>(@78")# % M( ," M"*,8, #7"
7, &"+"(" 1< ,$,&@ ,) ,++%,"@. T7" 7, #7" ()"@#8")# -%(+ #% >" #7" >"@# ,8%)*
#7" +%)@#&/+#(%) ""%-"& () #7" +%/)#& ,@% ()#"&),#(%),. T7" -&%(" #7" &"*/,& ,)
@#,>" (@#&(>/#(%)@ @/@#,(),>" %)* #"&8 $7(" 8,()#,()()* #7" ,--&%-&(,#" +,-(#, @#&/+#/&"
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5.0 AB6TRACT OF INCOME 6TATEMENT
IGB CORPORATION BERHAD
C%)@%(,#" F(),)+(, S#,#"8")# %& ",& ")" 2009 /)#( ",&@ 20122009 2010 2011 2012
RM'000 RM'000 RM'000 RM'000R!"# $42%442 &19%3$0 &&2%129 993%51()*+ ), ** -21%59 -259%9&9 -32$%99$ -3&2%534
G/)** /) + 3$0%53 459%31 445%133 $21%31&O+/ )/+" ")6 4&%030 33%5 121%94 39%0&5
A76"*+/+! 8"** -151%432 -1&9%54& -1&%55 -2$3%00$O+/ )/+" 8"** -1$%3&1 -23%953 -2%9&$ -3%&3&P/) + ,/)6 )/+)"* 240%00 29%&$$ 3&$%19$ 393%$49F"" )*+ 10%&$5 1&%15 22%0 31%&19
S/ ), /*#+* ),**)+* -5&%142 -53%&53 -55%91 -$9%5G" )" 7*)* ), "**)+ 2&%33 24%&51 15%13 10%41P/) + ,)/ +8 221%53$ 2&&%922 35&%504 3$$%19
T8 8"* -42%31$ -&&%9$$ -90%$55 -144%154E#+; )7/* ), +()6"; 15%9& 1&4%$1& 23&%$50 10%190M")/+; "+/*+* 20%242 25%339 29%199 41%54
P/)+ ,)/ + "";/ 1&9%220 199%95$ 2$$%49 222%044
IJM CORPORATION BERHAD
C%)@%(,#" I)+%8" S#,#"8")# %& ",& ")" 2009 /)#( ",&@ 2012
2009 2010 2011 2012
O/+" /!"# 4!01294 401330 3720717 4178!0
()*+ ), ** -3703848 -30!0100 -2729703 -3370011
G/)** /)+ 89744! 93430 991014 1147849
O+/ )/+" ")6 172! 208933 3224!9 2!8340T"7/"% *" "7 7*+/#+)"8"** -93413 -93927 -10!128 -129033
A76"*+/+! 8"** -14!98 -182!81 -227933 -2024!
O+/ )/+" 8"**: -111044 -13707 -142099 -112184O/+" <)**=>/)+ ,)/ "")*+ !9! 748!98 837323 97207
F"" )*+ -189090 -201421 -19498! -17287
O/+" <)**=>/)+ ,+/ "" )*+ 0!4!! 47277 !42337 799!32
S/ ), /)+* ), **)+* 1904! 19!7! 4!844 39799S/ ), /)+*><.)***= ), ?)"+.;)"+/)..7 "++* 318 11071 -2940 -37840
<L)**=>/)+ ,)/ +8+)" 28!70 78024 !9731 80191
I")6 +8 8"* -12!703 -148!0 -197194 -2110
I")6 ,/)6 )"+"#" )/+)"*,)/
E#+; )7/* ), + ()6"; 290212 33280 304491 40907!
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7.0 6UMMARY COMPUTATION OF RATIO
IJM (ORPORATION
2009 2010 2011 2012
PROFITABILIT@ RATIO'S
+( ."$# 5 8,74 10,4 12,43 12,18
(6# +# "%%( ROA 5 3,435 3,375 3,!85 3,9!5
(6# +# E6$(* ROE 5 42,!75 31,885 34,235 39,845
R(6# +# "$(": .:+*; 5 ,8 ,! !,4 !,8
IUIDIT@
N( W+$# C"$(": RM 1 9!2 833 2 913 41 3 1!3 09 3 ! 7
6#( R"($+ T$.
%
1,9 2,09 2,18 2,21
=6$ R"($+ T$.
%1,47 1,89 1,9! 2,04
A(TIIT@>EFFI(IEN(@
A%%( T6#+ T$.
% 0,39 0,32 0,29 0,33
##(+* T6#+ T$.
% 10 7 !
A" C+::($+# P$+; ?"*% 1! 3 38 22
A" P"*.#( $+; ?"*%97 101 8! 10
EERAGE>GEARING
?@( "($+ 50,1 0,48 0,48 0,49
?@( (+ 6$(* "($+ T$.
% 2,8 2,49 2,44 2,82
$.% I#(%( E"#; TIE "($+ 3,8 3,87 4,38 ,!9
MARKET ALUE
"#$#% P S&" EPS %# 23,4! 22,!9 22,!3 29,84
$/E"#$#% "($+ %# 0,18 0,22 0,28 0,19
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8.0 An&,!sis on t+e &tio
8.1.0 PROFITABILITY RATIO
2009 2010 2011 2012
IJM IGB IJM IGB IJM IGB IJM IGB
-&%(# 8,&*() <.4 2.9 10.54 2.< 12.43 34.56 12.1< 22.34
&"#/&) %) ,@@"# ROA; 3.43 4.01 3.3 4.2 3.6< 4.99 3.96 3.12
R"#/&) %) E/(# ROE; 42.6 4<.1 31.<< 54 34.23 1.62 39.<4 60
R"#/&) %) +,-(#, 5.< 6.04 5.6 .2< 6.4 <.2 6.< .24"8-%"
P&%(# 8,&*() (@ ()(+,#"@ 7%$ 8/+7 #7" +%8-,) *")"&,#"@ -&%(# &%8 @,"@ #7"&"%&"
>"+%8()* 7(*7 -"&+")#,*" (@ >"##"&. T7(@ &,#(% ,%$@ #7" +%8-,)("@ #% "#"&8()" 7%$ $"
#7" ,&" %()* () #7" @"+#%& ,) 7%$ #7" +,) 8,),*" #% +%8-"#" $(+%8-"#(#%&@. B,@" %)
#7" #,>" ,>%" $" +,) @"" #7,# IGB 7,@ , >"##"& -&%(# 8,&*() +%8-,&" #% #7" IJM
C%&-%&,#(%). I# ()(+,#"@ #7,# #7" IGB C%&-%&,#(%) 7,@ , 7(*7 &"")/"@ *")"&,#"@ %) ",+7 @,"@
,) ,@% @7%$@ #7" #7" 7," ""+#(" () 8,),*()* +%@# ,) #/&)()* @,"@ ()#% -&%(#. IGB
C%&-%&,#(%) @#,#" #7" 7(*7"@# &,#(% %) ",& 2011 $7"&" (# @7%$@ 34.56 -"&+")# &%8 #7" @,"@.
%$""& #7" -&%(# 8,&*()@ -"&+")# (# 8%()* %$) >,+' %) ",& 2012 &%8 34.56 #% 22.34.
E") #7%/*7 #7" IGB C%&-%&,#(%) (@ &%--" , )/8>"& () -"&+")#,*" #7" @#( 8,),*" #% *"#
7(*7"& #7,) #7"(& +%8-"#(#%& IJM C%&-%&,#(%). A *%% -"&+")#,*" % -&%(# 8,&*()@ $( ,##&,+#
#7" ()"@#%&@ ,) @7,&"7%"&.
R"#/&) %) ,@@"#@ (@ ()(+,#%& 7%$ $" #7" +%8-,) 8,),*" #7"(& ,@@"#@ () *")"&,#()*
",&)()*. D/&()* ",& >"%&" 2009 #7" IJM C%&-%&,#(%) 7,@ , )"*,#(" -"&+")#,*" /" #% #7"8
8,'()* %@@"@ %) #7,# ",&. C%)@"/")+"@ &%8 #7,# $" +,) ')%$ #7,# #7" +%8-,) )%# $(@"
,) 8,),*" () ,%+,#()* #7" &"@%/&+"@. %$""& #7" IJM C%&-%&,#(%) (@ %/>()* #7" "%&#
%& @/@#,() >" ,>" *"# -&%(# %& %&$,& ",&. T7" IGB C%&-%&,#(%) @#&%)* @#, ,7", % #7"(&
+%8-"#(#%& /)#( ",& 2011 $7"&" #7" &"+%&" 7(*7 -"&+")#,*" % &"#/&) %) ,@@"#. %$""& ()
",& 2012 #7" IJM C%&-%&,#(%) @/++"@@/ " #7" +%8-"#(#(%) > 0.<4 -"&+")#. T7"&"%&" (#
()(+,#"@ #7" IJM C%&-%&,#(%) ,@% +,) +%8-"#" "") #7%/*7 7,@ , %$"& -"&+")#,*" ,@
>"*())()*.R"#/&) %) "/(# (@ &,#(% % )"# ()+%8" % >/@()"@@ #%$,&@ #7"(& @#%+'7%"&@ "/(#.9 | P "
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R"#/&) %) +,-(#, "8-%" ROCE; /@/, /@" %& +%8-,&()* #7" -"&%&8,)+" %
+%8-,)("@ () +,-(#, ""&,*" %) #7" >/@()"@@. T7(@ &,#(% ()(+,#"@ %) (),)+(, -"&%&8,)+" %
#7" +%8-,)("@ () , >"##"& $, $(#7 , @(*)((+,)# ">#. T7" IGB C%&-%&,#(%) 7,@ , >"##"&
-"&+")#,*" %) +,-(#, "8-%" +%8-,&" #% #7" IJM C%&-%&,#(%). O) ",& 2011 #7" IGB
C%&-%&,#(%) @#,#"@ #7" 7(*7 -"&+")#,*" #7,# (@ <.2-"&+")# +%8-,&" #% #7" IJM C%&-%&,#(%) #7,#
%) 7, 6.4 -"&+")#. T7(@ @7%$@ #7" IGB C%&-%&,#(%) 7,@ , >"##"& %> % "-%()* (#@ +,-(#,#7,) IJM C%&-%&,#(%). T7(@ @7%$@ #7" IGB C%&-%&,#(%) 7,@ @/-"&(%& &,#7"& #7,) IJM
C%&-%&,#(%). T7(@ ()(+,#"@ IGB 7,@ , >"##"& (),)+(, -"&%&8,)+" %& +%8-,)("@ $(#7
@(*)((+,)# ">#. I) *")"&, #7" ROCE #&") %"& #7" ",&@ (@ (8-%&#,)# ()(+,#%& %"& #7"
",& >"+,/@" #7" ()"@#%&@ ,&" ('" #% ,%/& +%8-,) $(#7 @#,>" ,) &(@()* ROCE.
Graphical representation :
P/)++; R+)
80
70
!0
0
40
30
20
10
0
-10
-20IJM IB IJM IAB IJM IB IJM IB IJM IB
2008 2009 2010 2011 2012
+( ."$# 5 -!,47 2,12 8,74 27,9 10,4 27,8 12,43 34,! 12,18 22,34
(6# +# "%%( ROA 5 -2,!9 3,88 3,43 4,01 3,37 4,27 3,!8 4,99 3,9! 3,12
R(6# +# E6$(* ROE5 34,93 4!,4 42,!7 48,1 31,88 4 34,23 71,!239,84 !0
R(6# +# "$(":.:+*; 5 -0,0 3, ,8 !,04 ,! 7,28 !,4 8,72 !,8 7,24
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8.2.0 LI9UIDITY'6 RATIO
8.2.1 Net o)in* #&/it&,
IGB CORPORATION YEAR'6 2009 2010 2011 2012
C-ent &sset RM'000 1 131 240 1 145 045 1 36 250 1 36 250C-ent ,i&i,it! RM'000 491 902 06 359 0< 592 69 4<
N"# :o)in* C&/it&, RM'000 639 33< 43< 6<6 0< 592 1 <94 45
IJM CORPORATION YEAR'6 2009 2010 2011 2012
C-ent &sset RM'000 5 313 043 5 59< 66 5 <4< 6<2 6 51< 546
C-ent ,i&i,it! RM'000 3 550 210 2 6<5 225 2 6<5 623 2 952 <34
Net :o)in* C&/it&, RM'000 1 962 <33 2 913 541 3 163 059 3 565 12
T7" )"# $%&'()* +,-(#, ()(+,#"@ #7" $7"#7"& #7" +%8-,) +/&&")# ,@@"#@ (@ 8%&"
#7,) +/&&")# (,>((#("@ %& )%#. I #7" +%8-,) 7,@ #7" +/&&")# (,>((#("@ 8%&" #7,) #7"
+/&&")# ,@@"#@ #7" ,&" -&%>,> &/) () #&%/>" () -,()* >,+' #7"(&@ +&"(#%&@ () #7" @7%&#
#"&8. T7"&" +%/ >" 8%&" @"&(%/@ +,@" +%/ %++/& ,&" >,)'&/-#+.
F%& #7" IGB C%&-%&,#(%) %) #7" ",& 200< #% 2009 #7" )"# $%&'()* +,-(#, @7%$@ ,)
()+&",@()* () )/8>"&@ > RM 132 340 000 $7(+7 (@ ()(+,#"@ , *%% %-"&,#(%), "(+(")+.
T7"&"%&" (# &""+#@ #7" +%8-,) 7,@ +,@7 ,) @7%&# #"&8 ,@@"#@ "-"+#" #% +%"&" #7"
@7%&# #"&8 ">#. %$""& %) ",& 2010 #7" +%8-,) 7,@ @(*)((+,)# &%--" #7" )/8>"&
% )"# $%&'()* +,-(#,. T7(@ (@ /" #% #7" 7(*7 )/8>"&@ ,8%/)#" %) #7" +/&&")# (,>((#
"&@/@ +/&&")# ,@@"#@ %) #7,# -,&#(+/,& ",&. M%&"%"& #7" +%8-,) 8,),*" #% +,#+7 /- #7"
7(*7 "" % )"# $%&'()* +,-(#, %) &%$ &%8 ",& 2010 /)#( 2012. T7(@ @7%$@ #7" 7, ,)
,"/,#" (/( ,@@"#. P%@(#(" $%&'()* +,-(#, ")@/&"@ #7" (&8 ,>" #% +%)#()/" (#@ %-"&,#(%)
,) 7," , @(*)((+,)# ")%/*7 /)@ %& (),)+" #7"(&@ @7%&# #"&8 ">#. O) ",& 2012 #7"
+%8-,) 7,@ 7(*7"@# )"# $%&'()* +,-(#, (# +%/ >" &%8 #7" ,+#(%) % +%8-,) >/()*
7/*" /,)#(# % ()")#%&("@ @% #7"(& +/&&")# ,@@"#@ ,&" ()+&",@" ,) @#",( 7(*7 &%8
-&"(%/@ ",&@.
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F%& #7" IJM C%&-%&,#(%) #7" +%8-,) @#,&#@ )"# $%&'()* +,-(#, %) ",& 200< ,# RM2
331 254 >/# #7" +%8-,) 7, @""&" , %) ",& 2009 > RM 360 421 000. I# @7%$@ #7"
+%8-,) "@@ "(+(")+ %) %-"&,#(%), $7(+7 8",)@ #7" +%8-,) ,(@ #% 8,()#,() %&
"-,)@ #7"(& %-"&,#(%),. L"@@ )"# $%&'()* +,-(#, &""+# #7" +%8-,) 7,@ "@@ +,@7 ,)
@7%&# #"&8 ,@@"#@ #% >" (/((# #% +%"&" +/&&")# (,>((#. T7"&"%&" (# ,@% +%/ >" &",#"#7" +%8-,) (@ )%# %-"&,#()* () #7" 8%@# "(+(")# 8,))"& ,) ,@% @%$@ +%"+#(%) %) #7"(&
,++%/)# &"+"(,>". %$""& #7" +%8-,) 7,@ (8-&%"@ ,) @#",( ()+&",@" #7"(& )"#
$%&'()* +,-(#, @()+" ",& 2010 /)#( 2012. T7" ()+&",@()* ,8%/)# %) +,@7 8",)@ #7"
+%8-,) 7,@ ,,(,>" #% /) #7" *&%$#7 ,) %#7"& ()(#(,#(" -/&-%@". I) ,(#(%), #7" 7(*7
)"# $%&'()* +,-(#, ,@% "()" ,>((# % #7" +%8-,) (#@" () 8,),*()* #7"(& &"@%/&+"@ ,)
/(+' +7,)*"@ (# ()#% +,@7. T7" +,@7 #7,# +%/ ,@% >"") /@" %& &"()"@# -/&-%@".
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Y",&@ 2009 2010 2011 2012
IJM CORPORATION T(8"@ 1.59 2.09 2.1< 2.21
IGB CORPORATION T(8"@ 2.3 1.62 2.06 3.2
T7" IJM +%&-%&,#(%) @7%$@ ,8%)* #7" (" ",&@ %-"&,#(%), #7"(& +/&&")# &,#(% ,&"
,8%@# #7" @,8". T7" ""@ % #7" &,#(% ,&" 8%"&,#" >/# @#( +%)@("& *%% ,@ #7" +%8-,)
+,) +%"& +/&&")# (,>((#("@ %"& +/&&")# ,@@"#@ ,@ #7" +,) 8,()#,() , &,#(% ,>%" 1.50. A@
*")"&,(" /@/, , *%% -"&%&8,)+" % +%8-,) 7,@ , +/&&")# &,#(% >"#$"") 1.5 /)#( 2.0.
A#7%/*7 (# ,@% @7%/ %%'()* %) #7" #-" % ()/@#& ,) #7" >/@()"@@ #7,# ")#(# (@ >"")
&/). T7" (/( &,#(% % IJM C%&-%&,#(%) (@ >"") "+&",@"@ #% 1.59 %) ",& 2009. T7(@ 8(*7#
/" &%8 #7" +,@7 ,) >,)' >,,)+"@ (@ &"/+" >"+,/@" #7,# (@ /@" %& ((") -,8")#
-/&-%@". F%& ",& 2010 #% 2012 #7" &,#(% (@ @#",( ()+&",@"@.
T7" IGB C%&-%&,#(%) 7,@ , >"##"& &,#(% $7(+7 (@ 1.50 ,) ,>%" %& #7" (" ",& () ,
&%$. T7" &,#(% (@ +%)#()/"@ *&%$()* /- ,++"-# %& #7" ",& 2010 $7"&" #7"&" (@ @(*)((+,)#&%--" &%8 2.3 #% 1.62 $7"&" #7" %$"@# +/&&")# &,#(% #7,# 7, >"") &"+%&" %& #7(@
+%8-,) ,8%)* (" ",&@. O) ",& 2012 #7" +%8-,) 7,@ @#,#" #7" 7(*7"@# &,#(% $7(+7 (@
3.2 +%8-,&" #% #7" -&"(%/@ ",&. T7" ()+&",@()* %) +/&&")# &,#(% @7%$@ #7" IGB
C%&-%&,#(%) 7, #,'") @"&(%/@ () #7"(& ,>((# #% -,( /- #7"(& @7%&#H#"&8 "># #7(@ $%/
-&%>,> ")7,)+" ,@@/&,)+" % ()"@#%&@ @7,&"7%"&@ ,) %/#@("& ,>%/# #7"(& ,>((# #% -,
"># %"& #7" )"# 12 8%)#7.
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G&/+i#&, Re/esent&tion "
B,@" %) #7" *&,-7 $" +,) @"" #7" IGB C%&-%&,#(%) ,) IJM C%&-%&,#(%) 7,"
+%)@#,)# ()+&",@" %) ",& 200<. B/# %& ",& 2009 #7" IJM C%&-%&,#(%) @(*)((+,)# &%--"
$7(" IGB C%&-%&,#(%) 7, @#",( (8-&%". F&%8 ",& 2009 /)#( 2012 #7" IJM
C%&-%&,#(%) @#&(" #% 8,()#,() #7"(& *%% &,#(% +%)(#(%) #% +%8-"#" $(#7 %#7"& +%8-,) &%8
#7" @,8" @"+#%& ,@ , &"@/# #7" '""- ()+&",@()* #7" +/&&")# &,#(% /)#( ",&@ 2012.
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8.2.( 9UICK RATIO
/(+' &,#(% (@ >"") ()#"&-&"# ,@ , +%8-,) @7%&# #"&8 (/((# #% 8",@/&" ,>((# #% /@"
#7"(& /(+' ,@@"#@ %& -,()* +/&&")# (,>((#("@ -/&-%@". I) ,(#(%), #7" (", /(+' &,#(%
@7%/ >" 1:1. B,@" %) #7" #,>" ,>%" $" +,) @"" #7" IJM C%&-%&,#(%n 7,@ , @#(8/,#()*
+%)(#(%) $7"&" #7" /(+' &,#(% @7%$@ ()(+,#" #7(@ +%8-,) 7,@ 8,),*" #7"(& /(+' ,@@"#@
-&%-"& () #7" (" ",& >/@()"@@ %-"&,#(%),. T7" &,#(% @""8 "+&",@" &%8 1.4 #% 1.4 %)
",& 2009 #7(@ 8(*7# >" /" #% "+&",@" %) #7" +,@7 %& ,++%/)# &"+"(,>" >,,)+"@. %$""" &,#(% (@ 8,()#,()" ()+&",@" ""& ",& @()+" 2010 /)#( ",& 2012.
F%& #7" IGB C%&-%&,#(%) #7" &,#(% @#,&# $(#7 2.1 %) ",& 2009 ()(+,#"@ , *%%
)/8>"&@ $7"&" (# &""+#@ , *%% +%)(#(%) % #7" +%8-,). I# @(*7# ()+&",@" %) ",& 2009
&%8 #% 2.1 (# 8(*7# 7," ,) ,,)#,*" ,) (@,,)#,*" () , ("&")# #"&8. T7" 7(*7 &,#(%
8, ()(+,#" #7" +%8-,) '""- #%% 8/+7 +,@7 %) 7,) %& -&%>"8 () +%"+#()* #7"(& ,++%/)#
&"+"(,>". %$""& 7(*7 &,#(% ,@% @7%$@ #7(@ +%8-,) +,) 8""# #7"(& +/&&")# (),)+(,
%>(*,#(%) $(#7 /(+' /) %) 7,)@. T7" 7(*7"@# &,#(% %& #7(@ +%8-,) @#,#" %) ",& 2012
$7"&" (# @7%$@ , &,#(% 3.63. (*7 )/8>"& () /(+' &,#(% (@ )""" $7") #7" +%8-,) 7,
((+/# >%&&%$()* %) @7%&# #"&8 /)@.
G&/+i#&, Re/esent&tion"
#C /+)
4
3
2
1
0
*"% 2008 2009 2010 2011 2012
IJM C++"($+#IBC++"($+#
|
IGB +%&-%&,#(%) T(8"@ 2.1 1.53 1.96 3.63
IJM +%&-%&,#(%) T(8"@ 1.4 1.<9 1.96 2.04
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8.(.0 A#ti$it!;E33i#ien#! R&tio
2009 2010 2011 2012
IB IJM IB IJM IB IJM IB IJM
A%%( T6#+ "($+ 0,14 0,39 0,1 0,32 0,14 0,29 0,14 0,33
I##(+* T6#+ T$.% 4 10 4 7 12 1 !
A" C+::($+# ?"*% 73 1! 47 3 104 38 77 22P$+;
A" P"*.#( ?"*% 281 97 3!7 101 8 8! 29 10$+;
C%88")#:
A@@"# #/&)%"& &,#(% ()(+,#"@ #7" (&8 "(+(")+ ,# /@()* #7"(&@ ,@@"#@ () *")"&,#()* @,"@
%& &"")/" $7(+7 8",)@ #7" 7(*7"& #7" )/8>"& (@ >"##"&. F%& #7" %"&, #7" IGB C%&-%&,#(%) 7,@ ,
%$"& ,@@"# #/&)%"& &,#(% +%8-,&" #% #7" IJM C%&-%&,#(%) ,%)* #7" (" ",&@ %-"&,#(%),. T7(@
@7%$@ #7" IJM C%&-%&,#(%) 7,@ 7(*7"& *&%$()* &"")/" () -&%-%&#(%) #% @,"@ +%8-,&" #% #7" IGB
C%&-%&,#(%). M",)@ IJM C%&- 7,@ /#((@" ,# /@()* #7"(& ,@@"#@ "(+(")+("@ +%8-,&" #% #7"(&
+%8-"#(#%&. M%&"%"& #7(@ ,@% ()(+,#"@ #7" -&(+"@ @#&,#"* #7,# #7" +%8-,) 7, >"") /@" $7"&"
#7" 7(*7 ,@@"#@ #/&)%"& @7%$@ #7" +%8-,) 7, %$ -&%(# 8,&*() +%8-,&" #% #7" %$"& ,@@"#
#/&)%"& +%8-,) $7(+7 7, , 7(*7 -&%(# 8,&*(). W" +,) +%)+/" #7,# #7" IJM C%&-%&,#(%) 7,@ ,
>"##"& ,8%/)# % @,"@ #7,# +,) >" *")"&,#" %& ""& &()**(# 8,,@(, $% % ,@@"#@ +%8-,&" #%
#7"(& +%8-"#(#%& IGB C%&-%&,#(%).
I)")#%& #/&)%"& @7%$@ 7%$ #7" +%8-,) 8,),*" ,) @"()* #7"(& ()")#%& $7(+7
ens-e% t+e #o/&n! e33i#ien#! on +&n%,in* 3i's in$entoies. Fo t+e 3ist t+ee !e&s4 t+e
IJM C%&-%&,#(%) @7%$@ ,) ")+%/&,*()* )/8>"&@ % ()")#%& #/&)%"& $7(+7 8",)@ #7" 7, >"")
@% #7"(& ()")#%& ""+#(" +%8-,&" #% #7" IGB C%&-%&,#(%) #7,# 7, @(*)((+,)# %$"& () #7"
()")#%& #/&)%"& %"& #7" #7&"" ",&@ -"&(%. L%$ ()")#%& #/&)%"& 8(*7# &(@' #7" +%8-,) ,@
#7" ,&" 7%()* ,) %>@%"#" ()")#%& #7,# $%/ 8,'" ()")#%& "@@ <-&,it! +i,e +o,%in* it. It
&! e&t -/ #o/&n!'s /o3it i3 +o,%s in$ento! in ,on* tie -"&(%. M%&"%"& 7(*7 ()")#%&
#/&)%"& @7%$@ , *%% +%)(#(%) % #7" +%8-,) () #7" 8,&'"# >/# @%8"7%$ ( #7"&" (@ #%% 7(*7
()")#%& #/&)%"& $%/ ", #% #7" @#%+'%/#@.
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T7(@ (@ )%# , *%% ()(+,#%& ,@ #7" @#%+'%/#@ #,'" #(8" #% &"H@#%+' #7" ()")#%& ,)
*(" , )"*,#(" -"&@-"+#(" #%$,&@ #7" +(")#@. T7,# >"+,/@" @%8" % #7" +(")#@ )"" @#%+' #%
>" () #(8" $7") #7" ,&" >"") %&"&" ,) @%8" % #7"8 $%/ )%# #%"&,#" ( ,) ",
7,--") #7(@ $%/ ", #% %@@ ( #7(@ @(#/,#(%) %++/&. T7"@" "-,() $7 IJM C%&-%&,#(%) 7,
@/") &%--" () ",& 2011 #% ",& 2012 $7(" IGB C%&-%&,#(%) @#",( ()+&",@".
A"&,*" +%"+#(%) -"&(% ,&" "@#(8,#"@ ,"&,*" % >/@()"@@ #% &"+"(" -,8")# &%8
#7"(& ">#%&@. T7" IJM C%&-%&,#(%) 7,@ , 7(*7 )/8>"& () ,@ #% *"# #7" -,8")# &%8 #7"(&
">#%&@ +%8-,&" #% #7" IGB C%&-%&,#(%). %$""& #7(@ 8(*7# /" #% #7" IJM C%&-%&,#(%) 7,@
8%&" ()")#%& #/&)%"& +%8-,&" #% #7" IGB C%&-%&,#(%) $7(+7 8",)@ IJM C%&- 7, 7(*7
,++%/)# &"+"(,>" #7,# $%/ ()+&",@" #7" , +%"+#(%) &"+"(". IGB C%&- 7,@ %$
+%"+#(%) -"&(% ()(+,#" , *%% ,@ #7" +,) *"# -,8")# /(+' &%8 #7" ">#%&@
8%&"%"& #7"(& ()")#%& #/&)%"& (@ >(# %$"& @% #7" (@ "-"+#" #% *"# +%"+#(%) % ">#
,@#"& +%8-,&" #% #7" IJM C%&-. S,8" *%"@ #% ",&@ 2011 /)#( ",&@ 2012 $7"&" #7" IJM
C%&- 7,@ %$ ,"&,*" +%"+#(%) -"&(% $7(+7 ()(+,#"@ *%% +%)(#(%) >/# (# ,@% /" #% #7"(&
@(*7# "+&",@"@ () ()")#%& #/&)%"& $7"&" &"/+" () ,++%/)# &"+"(,>". I) %"&, >%#7
+%8-,) 7, , *%% ,--&%(8,#"@ ,8%/)# % #(8" #,'") %& ,"&,*" +%"+#(%) -"&(% %"&
(" ",&@ %-"&,#(%), >/@()"@@.
A"&,*" -,8")# -"&(% @7%$@ #7" )/8>"&@ % ,@ %& 8%)#7 #7,# +%8-,) +,) -,
#7"(& +&"(#%&@. I# &"-&"@")#@ 7%$ $" +%8-,) +,) -, +&"(# -/&+7,@"@. F%& ",& 2009 #7"
IGB C%&-%&,#(%) 7," , >"##"& ,"&,*" -,8")# -"&(% +%8-,&" #% #7" IJM C%&-%&,#(%)
$7(+7 -&"@")#@ %$"& ,"&,*" -,8")# -"&(%. IJM C%&-%&,#(%) @7%$@ #7" ,* 46 ,@
>"7() (#@ +%8-"#(#%& IGB C%&-%&,#(%) () #"&8 % -,8")#. %$""& () ",& 2009 /)#( ",&@
2010 IGB C%&-%&,#(%) 7,@ 7(*7 ,"&,*" % -,8")# +%8-,&" #% IJM C%&-%&,#(%) (# $(
+&",#" &(@' %& #7"(& +%8-,) ,@ (# @7%$@ +%8-,) ,(@ #% 8,),*" (/( ,@@"#@ ,) >,
&"-/#,#(%) ,8%)* +&"(#%&@. S%8"7%$ #7" IGB C%&-%&,#(%) &(@" &%8 #7" , ,) +%)#()/"
#% +&",#" @/++"@@ $7") ",&@ 2011 /)#( ",&@ 2012 @7%$@ 7/*" (8-&%"8")# ,@ #7" )/8>"&
() ,"&,*" -,8")# -"&(% (@ &%--" @(*)((+,)# +%8-,&" #% #7" IJM C%&-%&,#(%).
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8.5.0 LE=ERAGE ; GEARING RATIO
2009 2010 2011 2012
JM IGB IJM IGB IJM IGB IJM IGB
Debt ratio Ratio 0.51 0.37 0.48 0.31 0.48 0.32 0.49 0.33
Debt to equity ratio Times 2.85 1.35 2.49 0.97 2.44 1.38 2.82 2.25
Times Interest Earned ratio 3.8 4.88 3.87 6.17 4.38 7.17 5.69 6.26
D"># &,#(% 8",@/&"@ 7%$ 8/+7 #7" +%8-,) ,&" >"()* (),)+" #7&%/*7 ">#. B,@(+,
"># &,#(% ,>%" 1 ()(+,#" #7"(& +%8-,) ,&" (),)+" 8%&" &%8 ">#. T7"&"%&" (# ,@% 8",)@
#7" +%8-,) , 7(*7 "># ""&,*" (&8. A@ #7" %"&, %& >%#7 +%8-,) #7" @7%$@ , *%%
"># &,#(% $7(+7 8",)@ #7" -&%-%&#(%) % #7" +%8-,) ,@@"#@ (),)+" > "># ,&" ,(& %$ ,) (#
(),)+" 8%&" &%8 "/(# &,#7"& #7,) ">#. C%8-,&" #% #7" >%#7 +%8-,) #7" "># &,#(% %& IJM
C%&-%&,#(%) 7,@ , (##" 7(*7 &,#7"& #7,) IGB C%&-%&,#(%). T7" IJM C%&-%&,#(%) $(#7 7(*7 &,#(%
/@/, -,+()* #7"8 ,# , &(@' "@-"+(, /)"& #7" -&%-"&# 8,&'"# @"+#%& >/@()"@@ >"+,/@" #7(@
@"+#%& /@/, 7, , %,#()* &,#" % 8,&'"# -&(+". D"># #% "/(# &,#(% ()(+,#" 7%$ 8/+7 #7"
+%8-,) (),)+" #7"(& ,@@"#@ > -sin* %et &n% s+&e+o,%es' e<-it! o3 t+e -siness. Loe
&tio is oe /e3e&,e &s it()(+,#" "@@ &(@'. I #7" +%8-,) (@ 7(*7 () "># 8",)@ #7"
#") #% -, ,# 7(*7"& ()#"&"@# &,#"@ ,@ #7" >,)'@ /@/, -,+"@ , 7(*7 &,#" % ()#"&"@# %& #7"
+%8-,) #7,# 7,@ , 7(*7 &(@'. B,@" %) #7" #,>" ,>%" $" +,) @"" #7" IJM C%&-%&,#(%) 7,@ 7(*7
"># #% "/(# &,#(% +%8-,&" #% #7" IGB C%&-%&,#(%). W" +,) +%)+/" #7,# #7" IGB C%&-%&,#(%)
7,@ , >"##"& (),)+" #7"(& 8%)" #7&%/*7 "/(# +%8-,&" #% #7" "># ,%)* #7" (" ",&@
%-"&,#(%),.
T(8"@ ()#"&"@# &,#(% ()(+,#"@ #7" ,>((# % #7" +%8-,) #% 8""# #7" "># %>(*,#(%) $7")
(# (@ /" #%. I# 8",@/&"@ 7%$ 8/+7 #7" +%8-,) +,) &"-, >,+' #7"(& "># $7") (# )""". T7"
7(*7 &,#(% 8",)@ #7" +%8-,) (@ ,>" #% -, #7"(& "># $7"&",@ ( #7" #(8"@ ()#"&"@# ",&)" &,#(% (@/)"& 1 8",)@ #7" +%8-,) (@ 7,()* , -&%>"8 () *")"&,#()* ")%/*7 /)@ #% -, >,+' #7"(&
">#. U)"& #7(@ +(&+/8@#,)+"@ $" +,) @"" #7" IJM C%&-%&,#(%) 7,()* , 7,& #(8" #% -,@ #7"(&
"># %>(*,#(%) %) ",& 200< $(#7 #7" &,#(% 0.0< +%8-,&" #% #7" IGB C%&-%&,#(%) #7,# 7," &,#(%
4.3 $7(+7 7, , >"##"& () 8,),*()* #7"(& %/#@#,)()* ">#. F%& %"& (" ",&@ %-"&,#(%), #7"
IJM C%&-%&,#(%) (@ @#&/**()* #% '""- #7"(& >/@()"@@ () &"-,8")# ,>((# $(#7() #7" @(8(,&
+%8-,) /)"& @,8" @"+#%& % >/@()"@@.
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Graphical representation:
L!/>G/"R+)
8
7
!
4
3
2
1
0 IJM IB JM IAB IJM IB IJM IAB IJM IAB
2008 2009 2010 2011 2012
?@( "($+ R"($+ 0,49 0,38 0,1 0,37 0,48 0,31 0,48 0,32 0,49 0,33?@( (+ 6$(* "($+
T$.% 3,28 1,3 2,8 1,3 2,49 0,97 2,44 1,38 2,82 2,2 T$.% I#(%( E"#;"($+ 0,08 4,73 3,8 4,88 3,87 !,17 4,38 7,17 ,!9 !,2!
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8.7.0 MARKET =ALUE.
2009 2010 2011 2012
IJM IB IJM IB IJM IB IJM IBE"#$#% P S&" EPS %# 23,4! 10,9 22,!9 12 22,!3 1!,3 29,84 12,
P$/E"#$#% "($+ %# 0,18 0,18 0,22 0,17 0,28 0,1 0,19 0,18
Earnings per share (EPS) are being considered to determine how much the share price
of the company. While calculating the outstanding shares, it more preferable to used weighted
average numbers shares outstanding because the numbers of shares can be easily change and
convertible. For overall five years operational from years 2008 until years 2012, the IJM
Corporation shows better earnings per share and higher than IGB Corporation. On overall the
IJM Company has a very encouraging improvement on their business. IJM Corporation stated
steadily growth for five years business operational. For the IGB Corporation, even though
they are having low earning per share therefore they also show an improvement along the five
year business operational. IGB Corporation start from 10.5sen then increase to 12.0sen up to
years 2012.
Price earnings ratio can be defined as the market price per share on current years
divided by earning per shares on the current years. P/E ratio is usually used by the investors to
evaluate the growth of the company in a future. However P/E ratio cant shows the whole story
of future growth of company. It more usually used to evaluate company within the competitors
under the same industrial and as a basis against company own historical P/E ratio. As we can
see, the IJM Corporation had a negative number on year 2008 which is - 0.24. This because of
the consequences of the business where they fail to generates revenue and having losses on that
year. The next year, IJM Corporation had recorded rapidly growth thus ahead from their
competitor until year 2012.
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>.0 T+e O$e$ie o3 Co/&n! Pe3o&n#e -/ to %&te ?201(@
B,@" %) #7" +/&&")# @7,&" -&(+" /- #% ,#" 21 O+#%>"& 2013 #7"&" (@ ,) ()+&",@" %)
#7" ,/" % @7,&" +%@" ,# #7" 7(*7. M",)@ #7" IJM C%&-%&,#(%) @#%+' ,&" () "8,)" >
()"@#%&@. W7") 8%&" -"%-" $,)#@ #% >/ @#%+'@ &%8 +%8-,) #7" -&(+" (@ 8%"@ /-. T7"
&",@%) % IJM C%&-%&,#(%) ()+&",@()* "8,) %) @#%+'@ /" #% #7" ()"@#%&@ ()@ #7,# #7(@
+%8-,) (@ $%. I) ,(#(%) #7" (),)+(, &"-%&# &"",@" 7"-@ #7" ()"@#%& #% ",/,#"
+%8-,) -"&%&8,)+" ,) $",#7 >,@" %) 7(@#%&(+,. M%&"%"& #7" ()"@#%& ,@% #") #%
>/ #7(@ +%8-,) @#%+' >"+,/@" % #7" 7(*7 PE &,#(% $7"&" #7"&" (@ ()(+,#"@ #7" /#/&"
*&%$#7 % #7" +%8-,) >,@" %) #7" ",&("& ,),!sis@ is ette. Hoe$e4 s+&e /i#e
%oesn't @,8" $(#7 #7" ,/" % +%8-,) $7(+7 +," 8,&'"# +,-(#,(,#(%). T7" 8,&'"#
+,-(#,(,#(%) (@ #7" #%#, 8,&'"# ,/" % +%8-,) %/#@#,)()* @7,&"@. T7"&"%&" 8,&'"#
,/" (@ #%#, ,/" %) +/&&")+ % #7" +%8-,) @#%+'@.
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As we can see, the table of market price analyse by bursa saham shows the IGB
Corporation closed the stock price at the same. There is no change up to date related to the
company stocks price. Therefore we can conclude that the IGB Corporation market growth
development is quite slows compare to their competitors. It also could be related to the earlier
analysis on the P/E ratio which this company has significantly lower and it would make the
investor think twice before invest on buying this company stocks. Moreover this company
also make a profit from the financial report that had been released but it more to moderate
and the range is sustainable compare to the other competitor that has a bombastic revenue on
their financial performance.
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.0 CONCLU6ION RECOMMENDATION
Based on the studies that had been carried out, we found out the IJM Corporation has
a better performance and had a steadily growth compare to the IGB Corporation. It can be
prove by comparing the test that being perform for both companies. As we know, at the early
stage the IJM is having difficulty in generating revenues and having losses, however they
prove this company could manage and creates competitive among the same industrial.
Moreover, the IJM Corporation is better because of their financial strategies and creates
potential opportunity to keep profit stability. Despite beating the market expectation, the IJM
Corporation reflect though market conditions and pressures to achieve goals. Because of that,
IJM has developed and focused on the customer retention and also conduct a research to
understand well about their strength and weakness. The information of the company survivalcan be knows from the annual report of this company.
Recommendation based on the analysis that had been carried out, each company that
run a business should create a culture of trust. The honest communication could diminish
differences among team workers and enhances the transparency among top and bottom line
workers. This could lead to improvement and efficiency of workers so then the performance
of company also could be surge. Thus the outsider such as investors attracted to theorganization that had great culture values among them. Secondly, the company should pay
attention toward becoming the best in class as benchmarking toward other competitor. This
could enhance the company goals and vision toward more effective and put an effort by using
the best approach to become favourable company in the industry.
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.0 Bi,io*&/+!
Re3ee% oo)s
I. P%$"& = )"""@ 2012 (),)+(, ,++%/)#()* ()#"&),#(%), "(#(%) C")*,*" L",&)()*
AI. A)&"$ T7%8,@ ,) A))" M,&(" W,& 2009; I)#&%/+#(%) #% F(),)+(,
A++%/)#()* @(#7 "(#(%). T7" M+G&,$H( C%8-,)("@ E/+,#(%).
BI. L,$&")+" J.G(#8,) ,) C7, J./##"& 2009; P&()+(-" % M,),*"&(, F(),)+"
#7(&#"") "(#(%) P",&@%) *%>, "(#(%).
I"+/"+ S+
I, ,$$;$",+.
II,,$#%(+;$",+.
III, ,@$,+,6 ID, ,:%,+.
D, ,(&%("/@$+#:$#/+,+.
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APPENDIES <IGB (ORPORATION=
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IJM CORPORATION
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