Annual Revenue of 08 to 09 was reduced from 119bil to 113bil and net profit drop from 14.9bil to 4bil. As of dec 08, Net asset value is 1,537bil and the NAPS is USD0.30. Beware with the long term debt of USD299-bil w.r.t the cash in hand of USD32-bil.
Forecast that the bank sector might not fully recover on 2009 and it's share price may potentially head to deeper downward if Q1-09 result is not encouraging.
Deal: From buying business perspective, NAPS of $0.30 vs 2/20 trading price of USD3.93, is there a safety margin exist? You can know the answer yourself.
Rating: Not recommended to buy at this price.
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