By

Thanapoom Boonipat August 25, 2010 SPC

The Mystery of Saha Pathanapibuls Holdings in Private Companies. By Thanapoom Boonipat August
25, 2010
Saha Pathanapibul Plc
Consolidated (in millions of Thai baht)
Table I-Operating Parts
Cash Assets*

31/6/2010

**Shares PP in 2008 from 275.8 to 318.42

31/12/2009 31/12/2008 31/12/2007 31/12/2006 31/12/2005 31/12/2004 31/12/2003 31/12/2002 31/12/2001 31/12/2000

452.30

385.98

35.01

94.08

61.42

106.65

67.52

89.9

27.174

95.837

94.249

Trade accounts & notes receivable-net

Inventories-net
Other current assets#
Total current assets

2,962.30
557.40
828.63
4,800.63

3,037.30
622.83
1,065.65
5,111.76

2,975.42
561.62
611.59
4,183.63

2,666.98
437.70
558.96
3,757.72

2,192.91
446.00
454.22
3,154.55

1,870.27
369.05
305.68
2,651.65

1,769.06
337.60
229.35
2,403.53

1385.977
394.47
161.64
2,031.99

1614.309
354.08
124.35
2,119.92

1509.685
307.939
83.544
1,997.01

1481.951
386.463
75.2
2,037.86

Non current assets (1,500 land at cost less impairment)^

2,566.70

2,570.97

2,601.06

1,845.55

1,851.66

1,776.87

1,700.25

1,697.22

1,747.77

1610.344

1690.19

Bank overdrafts and from related parties

Trade accounts and notes payable
Accrued Expense
Other liabilities
Total liabilities

2.30
2,833.50
922.19
216.18
3,974.17

3,056.40
1,223.76
232.31
4,512.47

50.00
3,063.53
823.50
202.97
4,140.00

80.00
2,716.55
892.55
167.60
3,856.70

310.58
2,465.36
663.20
144.64
3,583.78

450.00
2,099.65
549.11
187.87
3,286.63

820.00
1,889.22
387.47
187.22
3,283.90

1,169.40
1576.463
258.34
163.784
3,167.99

1,186.29
1718.774
290.27
173.763
3,369.10

1164.518
1539.387
282.938
172.8
3,159.64

1166.043
1521.39
333.26
144.032
3,164.73

374.16
3,393.16
CARG
10526
287.5

213.31
3,170.26
1.15
19923.942
551.791
431.169

8.63
2,644.69

(193.06)
1,746.57

(490.65)
1,422.43

(741.64)
1,141.88

17522.837
432.716
142.2

16294.348
362.71
194.9

15566.446
340.722
170.913

13419.74
301.297
437.637

10829.989
214.333
370.95

9439.759
38.468
201.336

2,670.09

2,701.64

2848.77

2615.667

2442.78

2207.129

1279.745

1068.835

Current assets excluding cash assets

- Total liabilities
Shareholders Equity
Total Revenues++
Net profit (loss) after taxes++
Cash Provided by Operating Activities-CapEx
Market Price of Total Publicly Traded Holdings
Estimated Holdings in Unlisted Co by Book value
in 2010, by dividends cap at 5% in other years
Total Value

3,186.33
CARG

2,670.09
1.115

1,482.00
1,681.47
997.17
8,061.49
7,521.81
6,311.95
25.32 price per share
CARG
1.148

(947.89) (1,225.90) (1,276.36) (1,258.48) (1,221.11)

819.88
561.23
498.59
447.71
563.33
10 yr avg
9498.98 13224.1606
146.929
253.6273
27.08
210.8737

9706.03 10039.535
35.022
112.285
-57.692
190.244

704.03
5,152.24

663.62
4,934.81

581.7362
4,339.28

504.0842
3,766.74

429.1042
3,197.46

700.7242
2,479.05

441.64
1,958.18

5,379.57
19.05

4,965.75
17.58

4,220.89
14.95

3,393.26
12.02

3,448.40
12.21

1,738.01
6.15

1,862.16
6.59

(price on23/8/2010)

Market Cap.(shares 318.4m from 2008, 275.8m before)

closing market price per share

8,915.00
28
CARG

6,336.59
19.9
1.16

5,731.59
18

1,600.08
5.67

*Cash and cash equivalents. Note proceeds of around 6-700m from 2008 share issuance
# Accrued sales promotion expenses and others
^Excluding investments in unconsolidate subsidiaries and goodwill
++ Operating, excluding dividend income and reversal of loss/loss on impairment assets and investments, and equity gain on investments in associated companies
Rental and service revenue of 130 mostly offset by cost of rental and service of 110.

Saha Pathanapibul PLCs large diverse holdings in private enterprises, along with its blend
structure of a trading and a holding company, greatly mystify its intrinsic value. A separation of its
diverse parts and valuation of each part separately is performed. The writer has also reviewed the
basic balance sheet and income statements of the private companies SPC holds.
To look at the trading operation first, we see from Table I that in the past decade business volume
double (CARG 7%), while equity increase about 6 times. The characteristic of the balance sheet
change from a highly leveraged balance sheet with more than 1 billion in bank and other debt (vs.
563 in trading company equity) to with no debt and more than 3 billion in equity. Current assets
excluding cash assets have turned positive with the benefit of 600 million stock issuance (about 20%
dilution). Significant land assets have not be revalued in ten years. Profit showed a marked
improvement. As first half of 2010, the trading companys shareholder equity amounted to 3,393
million, earnings of 287.5 million. Earnings for 10 years averaged 253 million. If we use 15 as the PE
ratio for the 10 years averaged earnings, we arrive at about 4 billion, a figure 30% above equity, PE
of 7 using 2009 earnings.
SPC also have large holdings in marketable securities, most of which it have hold on to for more
than a decade, and have seen significant price appreciation (CARG of 11% over 10 years). The writer
has reviewed the valuation placed on these holdings, and confirmed their reasonableness. Some

By Thanapoom Boonipat August 25, 2010 SPC

holdings might even be undervalued, selling for less than half book value, and non sell for more than
2-3 times book value or high PE ratio. Dividends have average around 3% on the market value. As of
August 20, 2010, closing price, the marketable holdings are worth 3,186 million.
Investment in private enterprises is stated at cost less allowance for impairment. At year end
2009, SPC booked 739 as cost, impairment of 229, to arrive at 536 million as the net value. However,
from a review of the private companies balance sheet, the writer is convinced of the significantly
higher intrinsic worth of these holdings. Some of these private holdings are companies of the utmost
reputation, very well known, and doing large volume of profitable business. Most holdings have
remained unchanged for significantly longer than a decade. For example, Lion Corporation, stated on
book at 36, paid more than 23 to SPC in 2009, having 9 billion in sales, 1,700 in equity. SPCs share
using the equity method should be worth at least 300. IDF, 86 in yearly profit, 2,600 in equity, is
stated at 27. SPCs nearly 20% stake should make IDF worth around 400. Thai Samsung Electric,
showing immense 60 billion sales, explosive 20-30% growth over the last 5 years, and 9 billion in
equity. SPCs 0.83% holdings is stated at 10, while in 2009 it receive 30 in dividends alone! We value
SPCs holdings at 250, since profit of more than 2,600 per year clearly justify a 10 PE for this
prosperous enterprise. Thai Samsung Electric epitomizes SPCs long term investment philosophy. Its
0.83% interest in Samsung dated back longer than a decade, with dividends in 2001 of only 0.5. A
few other investments, such as Siam Family Mart, Daiso Sangyo, Waseda Education, Siam Samsung
Life Insurance, and Thai Takeda, confirmed SPCs extreme long term view. Its investment philosophy
is to take a minority stake in large foreign enterpriseprincipally Japanese and Koreansthat
decide to expand business in Thailand. SPC therefore benefit from the explosive growth that is
virtually guaranteed by the proven products and brand name, professional foreign management,
and strong parent foreign company financial resources. Siam Samsung Life Insurance seems to be in
a state Samsung was in 10 years ago, establishing a business, but not profitable yet (it might be
noted that companies outside the stock exchange often do their accounting in such a way that
greatly understate profit). Using a book value approach, valuing only the large holdings, we arrive at
1,482 as a value of these holdings, or nearly 3 times the stated value. In Table I, we also calculate the
value using a 5% dividend cap rate to arrive at essentially the same value.
Therefore, adding all the parts together, SPC have an intrinsic worth of around 8.4 billion. On
23/8/2010, at 28 baht per share, SPCs market cap is 8.9 billion. Our 10-year intrinsic value estimate
closely paralleled the market cap. Therefore, at current price of 28, we conclude that no
undervaluation exists, but a significant price drop will present the investor with a great buying
opportunity. However, judging from past experience, it should be point out, that buyer at current
price will most likely still do reasonably well over time. On December 31st, 2001, the market
capitalization is roughly the same as our estimated value. If the investor brought in at this time, and
hold on to his holdings, he would have enjoy around 15% annual compounded growth rate,
excluding dividends, which will add another 2-3%. However, the future is uncertain, and growth
might not match past experience, partly due to less leverage used, partly due to the already large
business being done by all parts of SPC. Therefore, investor at current price must have a clear idea of
SPCs future growth. Investors who do not have this foresight would be well advised to wait for a
significant margin of safety to develop before making a commitment in SPC.

By Thanapoom Boonipat August 25, 2010 SPC

SPC Investments
Long-Term Investments in Related Parties & Long-Term Investments (Others) (Unconsolidated)
2009
2008
2007
2006
2005
2004
2003
2002
%
Cost or Mkt Price* Dividends %
Cost
Dividends %
Dividends %
Dividends %
Dividends %
Dividends %
Dividends %
Dividends
Saha Pathana-Interholdings Plc. (SPI)
6.08%
591.71
6.01
6.06%
61.97
5.90
6.01%
5.90
6.00%
5.90
6.00%
5.90
6.00%
5.90
6.00%
5.90
6.00%
5.93
I.C.C. International Plc. (ICC)
8.47%
1,003.10
24.63
8.47%
218
24.37
8.26%
23.90
8.26%
23.90
8.26%
23.90
8.23%
21.52
8.23%
21.52
8.23%
16.74
Far East DDB Plc. (FE)
12.30%
91.33
4.61
12.30%
27.2
4.61
12.30%
4.61
12.30%
4.61 12.30%
4.61 12.30%
4.61 12.30%
1.08 12.30%
4.61
Boutique Newcity Plc. (BTNC)
0.72%
1.30 0.72%
2.178 0.72% 0.72% 0.72% 0.72%
0.06
0.72% 0.72% Pan Asia Footware Plc. (PAF)
0.96%
6.22 0.96%
33.668 0.96% 0.96% 0.96% 0.96%
1.72
0.96%
1.72
0.96%
1.72
People's Garment Plc. (PG)
8.80%
103.91
4.56
8.80%
34.002
3.63
8.80%
10.99
8.80%
6.34
8.80%
6.34
8.80%
6.97
8.80%
2.85
8.80%
2.54
New Plus Knitting Plc. (NPK)^
0.61%
0.61% 0.61% 0.61% 0.61% 0.61% 0.61% 0.61% New City (Bangkok) Plc. (NC)
0.45%
1.35 0.45%
2.995 0.45% 0.45% 0.42% 0.42% 0.42% 0.42% Thai President Foods Plc. (TF)
2.18%
462.25
8.82
2.18%
50.218
5.35
2.18%
7.27
2.18%
7.55
2.18%
4.99
2.18%
4.80
2.18%
4.81
2.18%
5.85
Textile Prestige Plc. (TPCORP)
8.69%
95.73
2.82
8.69%
20.255
4.70
8.69%
7.04
8.69%
7.98
8.69%
7.51
8.69%
7.51
8.69%
6.57
8.69%
4.23
Thai Wacoal Plc. (WACOAL)
7.57%
399.70
13.63
7.57%
65.121
11.81
7.57%
11.81
7.57%
9.99
7.57%
9.99
7.57%
9.99
7.57%
8.18
7.57%
7.27
O.C.C. International Plc. (OCC)
0.10%
0.75 0.10%
0.198 0.10% 0.10% 0.10% 0.10% 0.10% 0.10% S&J International Enterprise Plc. (S&J)
0.16%
3.52
0.17
0.16%
0.987
0.13
0.17%
0.11
0.17%
0.10
0.17%
0.10
0.17%
0.08
0.17%
0.07
0.17%
0.04
Inter Far East Engineering Plc. (IFEC)
0.75%
4.22
0.31
0.75%
0.766
0.17
0.75% 0.75% 1.15% 1.19% 2.53% Tahitoray Textile Mills Plc. (TTTM)
0.50%
2.73 0.50%
0.265 0.50% 0.50% 0.50% 0.50%
0.09
0.50%
0.08
0.50%
0.08
The Thana Phum Fund (cost)
0.30%
30.30%
30.30% 0.30% 0.30% 0.30% 0.30% 0.30% Bangkok Nylon Plc. (BNC)
0.21%
0.149352 0.21%
0.308 0.21% 0.21% 0.21% 0.21% 0.21% 0.21%
0.01
President Bakery Plc. (PB)
1.17%
120.5685
2.82
1.17%
15.7
1.88
1.17%
1.68
1.17%
1.68
1.17%
0.79
1.17%
0.70
1.17%
0.51
0.22% Daidomon Group Plc (bankrupt)
0.45% 0.45% 0.45% 0.45% 0.55%
0.07
0.55%
0.14
Nation Multimedia Group Plc. (NMG)
0.41%
5.1988 0.41%
8.6 0.41% 0.41% 0.41%
0.13
0.41%
0.36
0.41%
0.17 Saha Cogen (Chonburi) Plc. (SCG)
7.29%
289.60983
10.44
7.29%
118.9
20.40
7.29%
20.40
7.29%
13.60
7.29%
18.70
7.12%
20.40
8.29%
17.00
8.29%
8.50
(co ltd)
mkt price
mkt price yr end
(Saha Cogen at cost)
cost
1.12
666.374
1.03
Total Publicly Traded Companies
3,186.33
78.81
2,670.09
82.95 2,701.64
93.71 2848.77
81.65 2615.667
82.96 2442.78
84.73 2207.129
70.50 1279.745
57.65
yield
2.5%
3.1%
3.5%
2.9%
3.2%
3.5%
3.2%
4.5%

3
%

2001
Dividends
4.45
11.11
1.69
0.36
1.35
6.38
3.15
5.53
0.50%
0.06
0.30% 0.21% 0.22%
0.06
0.69%
0.06
2.04%
2.51

6.00%
8.23%
12.30%
0.72%
1.21%
8.80%
0.61%
0.42%
2.18%
8.69%
7.57%
0.10%
0.17%

489.88
1068.835
3.4%

36.69

Co., Ltd:
Raja Uchino
Thai Hoover Industry
Sahachol Food Supplies
Thai Takeda
Lion Corporation (Thailand)
Thai Lotte
Pan Land
Choksamakee
Thai Q.P.
Sahapat Properties
Thai Cubic Technology
Nissin Food (Thailand)
Kewpie (Thailand)
K.R.S. Logistics
Cocksec Chemical Industries
Saha Asia Pacific
I.D.F.
Huathor (Thailand)
Four People Foods
Sriracha Aviation
Thai Sun Foods
B.S.C. Entertainment
Siam DCM
The International Knitting
Kunming Taitongyi Foods
Mekong Delta Success Venture
Thai Sanwa Food
Thai Mongkol Development
Otsuka Saha Asia Research
First United Industry
Champ Ace
Janome (Thailand)
General Glass
Thanara
Molten (Thailand)
International Laboratories Corporation
Thai Gunze Dyeing
Thai Fujiya
Advance Agrotech
S.S.D.C. Tigertext
Thai Flying Service
Thai Arai
Treasure Hill
Thai Samsung Electric
Saha Rattanakorn
Noble Place
Nuboon
Guang Dong Xiezhong Garment
Chanthaburi Country Club
Molten Asia Polimer Product
Saha Seiren
Amata (Vietnam)
Thai Herbal Products
Imperial Technology Plc
Rajsrima Shopping Complex
Fairy Land Department Store
U.C.C Ueshima Coffee (Thailand)
Belle Maison (Thailand)
Anglo-Euro Syndicate
Sompho Japan Insurance
Kenmin Foods (Thailand)
The Mall Ratchasrima
Winstore
Siam Samsung Life Insurance
Thai Osuka Pharmaceutical
Swan
Kiat Thai Knitting Factory
President Commercial
Arccyber
Thai Itokin
Waseda Education (Thailand)
Daiso Sangyo (Thailand)
SFM Holding
Thai Bunka Fashias
Sriracha BSC Bowling
Mit Pathana Home Shopping
Dune Com Posites (Thailand)
United Utility
Saim DCM
Erawan Textile
Bangkok Tokyo Sock
Saha Thai Pathanaphant
Boonrawi
Unilease
UB-Haworth (Thailand)
Siam City Factoring Plc
Thai Medical Centre
Hirosemisu (Thailand)
Thai Yasuda Insurance
Udorn Payavej Hospital
Advance Packaging
Siam Family Mart

9.91%
2.57%
10.40%
3.46%
12.13%
1.12%
10.00%
13.79%
7.50%
6.25%
5.00%
19.90%
13.00%
15.50%
12.00%
1.78%
19.60%
2.50%
13.00%
6.06%
16.88%
10.00%
-

6.341
1.54
10.64
4.4
36.646
17.6
30
16
4.5
1.25
2
58.002
26
1.549
3.75
3.185
27.719
0.3
16.945
2
8.437
22.813
-

16.33%
14.37%
4.17%
2.00%
-

5.00%
6.00%
9.50%
4.00%

7.62%
4.62%

4.00%
4.00%
0.83%
15.00%
0.12%
5.74%
5.00% 0.17%
7.80%
0.22%
0.70%
2.25%
0.71%
2.00%
5.00%
10.00%
7.00%
6.00%
5.00%
2.00%
1.76%
16.00%
3.00%
0.35%
3.33%
13.00%
1.00%
7.14%
6.45%
4.26%
8.00%
6.38%
5.67%
7.50%
3.93%
13.00%
12.84%
4.89%

1.605
1.54
0.66
23.235
1.17
0.4
0.78
0.1549
3.5288
0.168
-

13.066 5.746
0.8619
1.666 0.41665
1.76
0.476
36
0.6
77.879
8.55
7.2
0.496
1.25 12.477
0.124
5.04
2.52
5.4236 10
30
27 1.5 2.01
0.301
29.36
1.872
1.5
0.18
2.99
1.807
1.8
0.108
6.25 77.5 1.366 5.6 18
1.2114
1.5
0.075
12.5 76.839 6.3 1.10355
0.058 0.00105
0.358 0.043 0.862 410.3
0.128
5231.7 3.75 9.9778 6.5 54.03 3.7558 -

Total investment in Unlisted Co, cost

Allowance for Impairment
Net (cost-impairment)
yield
investment value if dividends cap at 5%

739.47
229.20
536.48
1,681.47

Total Value

4,867.79

9.91%
2.57%
10.40%
3.46%
12.13%
1.12%
10.00%
13.79%
7.50%
6.25%
5.00%
19.90%
13.00%
15.50%
12.00%
1.78%
19.60%
2.50%
13.00%
6.06%
16.88%
10.00%

84.07

6.341
1.54
10.64
4.4
36.646
17.6
30
16
9
1.25
2
58.002
26
1.549
3.75
3.185
27.719
0.3
16.945
2
8.437
22.813
-

16.33%
14.37%
4.17%
2.00%
-

5.00%
6.00%
9.50%
4.00%
6.67%
7.62%
4.62%

4.00%
4.00%
0.83%
15.00%
0.12%
5.74%
5.00% 0.17%
7.80%
0.22%
0.70%
2.25%
0.71%
2.00%
5.00%
10.00%
7.00%
6.00%
5.00%
2.00%
1.76%
16.00%
3.00%
0.35%
3.33%
13.00%
1.00%
7.14%
6.45%
4.26%
8.00%
6.38%
5.67%
7.50%
3.93%
13.00%
11.00%
4.89%

0.08
0.693
0.66
19.126
-0.63
0.4
0.464
1.235
0.168
-

13.066 5.746
1.666
1.76
36
77.879
7.2
21.25 12.477
5.04
5.4236 10
27 1.5 2.01
29.36
1.5
2.99
1.8
6.25 7
7.5 1.366 5.6 18
1.5
1
2.5 76.839 6.3
0.058
0.358 0.043 0.862 410.3
5231.7 3.75 9.9778 6.5 43.979 3.7558 -

761.29
215.49
545.79

15.7%

9.91%
2.57%
10.40%
3.46%
12.13%
1.12%
10.00%
13.79%
7.50%
6.25%
5.00%
19.90%
13.00%
15.50%
12.00%
2.00%
19.60%
2.50%
13.00%
6.06%
16.88%
10.00%
13.00%

0.66
12.736
0.54
0.309
1.235
0.168
-

16.33% 14.37%
4.17%
2.00%
5.00% 0.6
6.00%
2.7
9.50%
0.381
4.00%
6.67% 7.62% 1.121
4.62%
0.88% 1.512
4.00%
4.00% 13
0.83%
15.00% 0.12% 0.442
5.74%
5.00% 0.17% 1.872
7.80%
0.15
0.22%
1.128
0.70%
0.036
2.25% 0.71% 0.371
2.00%
5.00% 10.00% 7.00% 1.206
6.00%
0.075
5.00%
0.46
2.00%
1.76% 16.00% 0.315
3.00%
0.0105
0.35%
3.33% 13.00% 1.25% 1.00% 7.14% 0.103
6.45% 4.26% 8.00% 6.38% 5.67% 7.50% 3.93% 0.861
0.416
0.903

49.86

659.20
218.27
440.93

9.1%
997.17

1.203
0.77
-

1.605
1.386

9.91%
2.57%
10.40%
3.46%
12.13%
8.00%
10.00%
13.79%
7.50%
6.25%
5.00%
19.90%
13.00%
15.50%
12.00%
2.00%
19.60%
10.00%
13.00%
9.09%
16.88%
10.00%
13.00%

0.66
9.097
0.27
0.309
1.235
0.168
-

16.33% 14.37%
0.861
4.17%
0.416
2.00%
1.186
5.00% 1.2
6.00%
1.2
2.7
4.50%
2.7
0.576
4.00%
1.08
7.62% 0.996
4.62%
0.498
0.88% 1.764
4.00%
1.512
4.00% 3
0.83%
2
15.00% 0.12% 0.291
5.74%
0.09
5.00% 0.17% 0.936
7.80%
1.872
0.12
0.22%
0.12
1.242
1.00%
2.085
2.25% 0.71% 0.403
2.00%
0.922
5.00% 10.00% 7.00% 1.00% 1.256
6.00%
0.4986
0.075
5.00%
0.3
0.6
2.00%
0.9
1.76% 8.00% 0.231
3.00%
0.21
0.0105
0.35% 0.00021
3.33% 13.00% 1.25% 1.00% 8.00% 6.45% 5.16% 8.00% 7.50% 6.67% 7.50% 0.861
0.416
0.903

35.20

8.0%
704.03

9.91%
2.57%
10.40%
3.46%
12.13%
4.19%
10.00%
13.79%
7.50%
6.25%
5.00%
19.90%
13.00%
15.50%
12.00%
2.00%
19.60%
10.00%
13.00%
6.06%
16.88%
10.00%
13.00%

1.444
1.386
0.66
9.097
0.27
0.4
0.309
1.058
0.151
-

14.37%
0.861
4.17%
0.416
2.00%
0.8536
15.00%
0.3
5.00% 6.00%
1.2
4.50%
2.7
4.00%
1.656
7.62% 4.62% 0.88% 4.00%
1.008
4.00% 0.83%
1.5
15.00% 0.12% 5.74%
0.402
5.00% 0.17% 7.80%
1.872
0.22%
0.075
1.00%
0.457
2.25% 0.79% 2.00% 5.00% 10.00% 7.00% 1.00% 6.00%
0.522
5.00%
0.225
2.00% 1.76% 8.00% 3.00%
0.189
0.35% 0.00021
3.33% 13.00% 1.25% 1.00%
0.075
8.00% 6.45% 5.16% 8.00% 7.50% 6.67% 7.50% -

9.91%
2.57%
10.40%
3.46%
12.13%
8.00%
10.00%
13.79%
7.50%
6.25%
5.00%
19.90%
13.00%
15.50%
12.00%
2.00%
19.60%
10.00%
13.00%
9.09%
16.88%
10.00%
13.00%

1.203
1.232
0.66
7.278
0.25
0.232
-

9.91%
2.57%
10.40%
3.46%
12.13%
16.00%
10.00%
13.79%
7.50%
6.25%
5.00%
19.90%
13.00%
15.50%
12.00%
2.00%
19.60%
10.00%
13.00%
9.09%
16.88%
10.00%

1.203
1.078

9.91%
2.57%
10.40%
5.37%
12.13%
16.00%
10.00%
13.79%
7.50%
6.25%
5.00%
19.90%

0.66
5.458
0.96
0.18
0.175
-

0.232

15.50%
12.00%
2.00%
19.60%
10.00%
13.00%
9.09%
16.88%

0.151
5.63%
7.50%
19.80%
19.80%
15.00% 15.00%
15.00%
9.50%
9.50%
8.33%
8.33%
14.37%
0.861 14.37%
0.861 14.37%
4.17%
0.416
4.17%
1.666
4.17%
2.00%
1.311
2.00%
0.792
2.00%
15.00%
0.6 15.00%
0.6 15.00%
5.00% 5.00% 5.00%
6.00%
2.1
6.00%
1.2
6.00%
4.50%
2.7
4.50%
2.7
4.50%
4.00%
1.08
4.00%
0.72
4.00%
7.62% 7.62% 7.62%
4.62% 4.62% 0.88% 0.88% 4.00%
1.008
4.00%
0.504
4.00%
4.00% 4.00% 4.00%
0.83%
1.5
0.83%
1.5
0.83%
15.00% 15.00% 15.00%
0.12% 0.12% 0.12%
5.74%
0.402
5.74%
0.402
5.74%
5.00% 5.00% 0.17% 0.17% 0.17%
7.80%
0.936
7.80% 7.80%
0.22%
0.075
0.22% 0.22%
1.00%
0.224
1.00% 1.00%
2.25% 2.25% 2.70%
0.79% 0.79% 0.79%
2.00% 2.00% 2.00%
5.00% 5.00% 5.00%
10.00% 10.00% 10.00%
7.00% 7.00% 7.00%
1.00% 1.00% 1.00%
5.00%
0.3
5.00%
0.3
5.00%
2.00% 2.00% 2.00%
1.76% 1.76% 1.76%
8.00% 8.00% 8.00%
3.00%
0.189
3.00%
0.189
3.00%
0.35% 0.00021
0.35% 0.00021
0.35%
3.33% 3.33% 3.33%
13.00% 13.00% 13.00%
1.25% 1.25% 1.25%
1.00%
0.075
1.00%
0.075
1.00%
8.00% 8.00% 8.00%
6.45% 2.50% 5.16% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 1.53% 1.53%
10.00% 10.00%
1.67%
1.67%
1.03%
1.03%
2.83%
2.83%
0.52%
0.52%
3.46%
3.46%
3.46%
6.00%
0.421
6.00% 6.00%
0.06%
0.06%
6.67%
6.67%
3.33%
3.33%

1.203
1.078

9.91%
2.57%
10.40%
5.37%
12.13%
16.00%
10.00%
13.79%
7.50%
6.25%
5.00%
19.90%

0.528
3.639
1.92
0.4
-

0.232

1.203
1.078
0.832
0.66
5.43
1.92
0.45
0.4
-

15.50%
12.00% 2.00% 0.877 19.60%
10.00% 0.151 10.00% 7.50% 19.80%
15
9.50%
8.33%
0.861 14.37%
1.078
4.17%
0.616
2.00%
0.36 15.00%
5.00% 1.2
6.00%
2.16
4.50%
1.08
4.00%
7.62% 4.62% 0.756
4.00%
4.00% 1
0.83%
15.00% 0.12% 0.14
5.74% 0.17% 7.80% 0.83% 0.2
1.00% 2.70% 0.79% 2.00% 5.00% 10.00% 7.00% 1.00% 0.3
5.00%
2.00% 2.50% 8.00% 0.157
3.00% 0.00021
0.35% 3.33% 13.00% 1.25% 0.1
1.00% 1.53%
10.00%
1.67%
3.25%
2.83%
0.52%
3.46%
6.00%
0.06%
6.67%
3.33%

619.5 33.18081
577.35 29.08681
577.35 25.20421
582.6 21.45521
577.35 35.03621
191.38
99.91
99.91
99.91
99.91
428.136
477.367
477.367
482.68
477.367
7.8%
6.1%
5.3%
4.4%
7.3%
663.62
581.7362
504.0842
429.1042
700.7242

577.35
99.91
477.367

0.154

0.877

0.151

0.861
1.078
0.44
0.3
1.2
2.16
1.08

1.008
0.5

0.3

22.082

4.6%
441.64