Taylors School of Hospitality, Tourism and Culinary Arts Bachelor in International Tourism Management September 2012

Financial Management HTM3223

Group Confirmation Form (for Group Assignment)
We hereby agree to work as a group for the written group assignment as well as the oral presentation.

No. 1.* 2. 3. 4. 5.
Fiona Chu Ng Wai Yee Khoo Cer-Yinn

Name
Ashley Anusha a/p Devaraj

ID No.
0907JT88341 0904JH87886 0904JH87816 0304301

Signature

* The name of the group leader should be stated in this row.

Name of industry chosen : Hospitality industry Name of company selected: 1. GENTING BHD. 2. SUNWAY BHD

Table of Contents
Title Page

Executive Summary.. 2 General Background.. 3 5 1.1Reasons Why We Chose Genting & Sunway Group 5 6
1.2 Key Issues & Events for Genting Group 6 9 1.3 Key Issues & Events for Sunway Group.. 9 11 1.4 Interpretation12 34

Conclusion 35-36 Recommendation..37 41

Bibliography.. 42

Executive Summary

In this Financial Management group assignment, we are assuming that we are a potential investor with RM5 million to be utilized in either Sunway Group or Genting Group. For Sunway group, they had been established since 1974 starting from a small tin-mining company and now they are the most formidable property-construction group in Malaysia. As for Genting group, they have plenty of groups under them such as Genting Malaysia Berhad, Genting Singapore PLC, Genting Hong Kong Limited and Genting Plantations Berhad. These groups are founded in 1965 by the late Tan Sri (Dr) Lim Goh Tong. We have analyzed and evaluated their finance performance based on Profitability Ratio where we found both companies gross profit margin, net profit margin, ROCE, ROA and ROE. Not only that, we also found their Activity Ratios which consist of AR Turnover, AP Turnover, Inventory Turnover, Cash Conversion Cycle, and Total Asset Turnover. We have also successfully analyzed the Liquidity Ratios (Current Ratio & Quick Ratio) as well as their Gearing Ratios which include Debt Ratio and Interest Cover Ratio. Lastly, we also found out the Investor Ratios which consisted of Earnings per Share, P/E Ratio, Market/Book Ratio, Dividend per Share, Return on Equity and Dividend Yield. Overall for both groups, we discovered that Genting is doing better than Sunway currently. This is due to the fact that we have observed, is that both companies faced the decrease of gross profit margin. However, Genting Berhads performance of gross profit margin is still better compared to Sunway. Not only that, Genting also achieved higher percentage of net profit margin than Sunway as Sunway dropped rapidly in 2010. Under Gearing ratio (debt ratio), Genting had proven that they collected their debts faster and more efficient in controlling the extension of credit from their customers than Sunway Berhad whom almost take 50% more days to collect. Also, Genting Berhad is definitely performing better by giving more revenue than Sunway for 2010 and 2011. More details are written in the report. So in conclusion, we feel that on an overall judgement, Genting Berhad looks financially healthier in an investors point of view due to their fast and efficient way in generating revenue for us investors and stakeholders after calculating the ratios for both organizations. Calculations and more interpretations of the ratios are given in the report which will justify further as to why we have chosen these two companies and which we have plans on investing in.

General Background

Sunway Established in 1974 from a small tin-mining company, Sunway Group has become one of Malaysias most formidable property-construction groups, with many established businesses in more than 40 locations around the world. Sunway Groups core businesses consist of an Integrated Properties division which is a consolidation of its Property Development, Hospitality, Retail, Leisure and commercial properties in Malaysia as well as overseas. Other business divisions include Construction, Trading & Manufacturing, Quarry, Building Materials, Healthcare, Education and Information Technology. The Groups legendary development which has gained international recognition is the thriving 800 acre Sunway Integrated Resort City in Bandar Sunway, an engineering tour de force, located a mere 20 minutes from Malaysias capital city of Kuala Lumpur. The Sunway Integrated Resort City attracts an annual visitation of 30 million with over 7,000 residential, commercial and light industrial units. It is an ideal place to live, work, study, play and shop. It stands as the only Integrated Resort City in Malaysia with six key components, epitomizing Sunways trademark Resort Living Within A City concept. As of today it remains as one of the regions most preferred tourist destinations. Sunway is the only Malaysian organization in the Asia Pacific region that was ranked sixth in the Hewitt- Fortune-RBL Top Companies for Leaders 2007 in recognition of its unflinching commitment to human capital management.

Genting Background

Source : www.genting.com Genting Berhad Genting Berhad is the investment holding and management company of Genting Group. Under the Genting Berhad, there are Genting Malaysia Berhad, Genting Singapore PLC, Genting Hong Kong Limited and Genting Plantations Berhad Genting Group was founded in 1965 by the late Tan Sri (Dr.) Lim Goh Tong. He began the initial development works of building a 20-kilometre private access road across tough mountainous terrains from the foothills to the summit of Mount Ulu Kali which is located at 2,000 metres above sea level.

In 30 July 1968 , the company was incorporated under the Companies Act 1965 under the original name of Genting Highlands Hotel Sdn Bhd to operate a hotel and casino and to develop an integrated tourist complex in Genting Highlands, Malaysia. Gentings company registration number is (7916-A) Upon its conversion into a public company on 24 July 1970, the company changed its name to Genting Highlands Hotel Berhad. However it assumed its present name of Genting Berhad on 9 June 1978.

39.6 % of Genting Berhad is owned by Kien Huat Realty Sdn Bhd, a private company controlled by the late Tan Sri (Dr.) Lim Goh Tongs family.

In 1980, Genting Group via Genting Berhad became involved in palm oil production with the acquisition of The Rubber Trust Group, comprising three Hong Kong plantation companies which owned approximately 13,660 hectares of plantation land in Peninsular Malaysia. This division under listed entity Genting Plantations Berhad now has about 166,000 hectares of land in Malaysia and Indonesia. It is one of the leading and lowest cost palm oil producers in Malaysia.

On the Main Market of Bursa Malaysia Securities Berhad, the shares of Genting Berhad were listed in 1971. In 1989, a restructuring exercise was undertaken which involved the initial public offering and listing of Genting Malaysia Berhad on Bursa Securities and resulted in Genting Berhad's becoming an investment and management company.

Genting Group via Genting Berhad became involved in the electricity power generation and supply and the paper manufacturing businesses in 1994, with the acquisition of Genting International Paper Holdings Limited, and in the exploration and production of oil and gas in 1996 under Genting Oil & Gas Limited. In July 2007, the Group divested its paper and packaging business to focus on its core businesses.

Reasons why we choose Genting & Sunway group

Due to the fact that we are from the school of hospitality and tourism, it is forseeable that our group would chose Genting and Sunway group to study about for financial analysis simply because they are related to the study in our field. We would like to find out more about the happenings in the industry that we are studying in therefore all our members decided to choose between Genting and Sunway which will bring benefit to us. Therefore, we would like to take this opportunity in this assignment to identify the industries and company which is performing better for us to enrolled ourselves in the future during our career life. Both Groups are well established and it would be interesting to see how these two companies fare in a financial point of view. This would give us the added advantage 6

as well to understand better how to analyse if a company is financially healthy for future prospects.

Key Issues and events for Genting Group

In 2011, unprecedented crisis happened in many countries such as the devastating earthquakes and tsunami in Japan, major floods in Thailand, the Arab Spring revolutions and the Euro-zone Sovereign debt crisis. Anyhow, Genting group worked hard to grow their businesses and as result, the group recorded a revenue rose by 29%.

2011 RM19.6 billion

2010 RM15.2 billion

Group profit before tax also rose by 52% which is:

2011 RM6.7 billion

2010 RM4.4 billion

EBITDA also rose by 14% which is:

2011 RM8.1 billion

2010 RM7.1 billion

Some multinational companies consolidated Genting operations in 2011, thus Genting continue to reinvest on their own properties and expended their core businesses. This leads them to score several firsts for Genting group. 2011 marked the official opening of Southeast Asias first universal Studio in Singapore which contributed hugely to their revenue this year than the previous 7

year 2010. There is also the opening of Johor Premium Outlets in Malaysia which is Southeast Asias first premium outlet Center and the launch of Resorts World Casino New York City in the United States of America. Recently Resorts World Genting in Malaysia and Resorts World Sentosa in Singapore are now two of Asias highly successful integrated resorts, attracting millions of visitors annually. Resorts world Genting produced consistent growth and solid financials for four decades which is a testimony of Gentings strong management and reinvestment track record. Genting welcomes 20.3 million visitors in 2011 and 19.9 million visitors in 2010. Resorts World Sentosa, in its second year of operations debuted world premier attractions like Madagascar: A Crate Adventure, TRANFORMERS the Ride and Hollywood Dreams Parade, as well as Singapores first maritime museum. As Singapores most popular integrated family resort, Resorts World Sentosa received numerous accolades in 2011 including Best Integrated Resort and Best Resort of the Year. Genting Malaysia, via Genting UK has the largest casino network in the UK. Owning 44 of the countrys total 145 casinos as at 31 December 2011. During November 2011, Genting UK obtained a casino licence in Birmingham to develop the upcoming Resorts World at the NEC. Genting UK also acquired Fox Poker Club which owns a casino premises licence and operates a poker card in Shaftesbury Avenue in central London. On the other hand, in US the opening of Resorts World New York City on Oct 2011 was a major milestone for the group. The second phase of the property opened two months later with full capacity rollout. Resort World New York City attracted a daily average of 27,000 visitors in 2011. Plans for Miami began in May 2011. Genting Malaysia acquired the Miami Herald Properties for USD 236 million. In November 2011, Genting Malaysia also secured ownership of the adjacent property, Omni Center.

Genting Plantations again posted strong results in 2011 due to favourable palm product prices achieved and higher oil palm crop production recorded in Peninsular Malaysia and Sabah.

A total of 1.37 million metric tonnes (MT) of fresh fruit bunches were produced in 2011 which was 15% higher than the previous year. Higher average prices were achieved for

Crude palm oil:

2011 RM3240 per MT

2010 RM2738 per MT

Palm kernel: 2011 RM2235 per MT 2010 RM1754 per MT

Johor Premium Outlets was officially opened by the Prime Minister of Malaysia on December 2011. It was a success since its opening, drawing thousands of visitors and shoppers every day.

Genting group paid an interim dividend of 3.5 cents per ordinary share of 10 cents each, less 25% tax amounting to RM96.9 million on 27 October 2011. Genting Board of Directors has recommended a final gross dividend of 4.5 cents per share less 25% tax for the approval of the shareholders at the forthoming 44th meeting. If approved, total gross dividend per ordinary share in 2011will amount to: 2011 8.0 cents 2010 7.8 cents

An increase of 2.6% over the previous year

Genting Group has actively contributed over RM 25 million in 2011 to various charity and community. Genting group has established stable cash flows, one of the strongest balance sheet in the industry and an experienced management team with a proven track record. Genting Singapore especially has the highest investment-grade settings accorded to any gaming company in the world. It recently concluded two perpetual bond issues, amounting to SGD1.8 billion, is one of the largest book sizes ever achieved for a Singapore dollar bond deal.

Key Issues and events for Sunway Group

In August 2011, Sunway group has merged two public listed companies. Sunway City and Sunway Holdings into a single, larger Sunway as at 31 Dec 2011. They had a market capitalization RM3.3 billion and assets in excess RM7.0 billion. With the merger, Sunway group envisioned that they will be bigger, better and stronger company. They wanted to enjoy group savings from strategic sourcing opportunities, and provide us the ability to leverage on economies of scale for bulk purchasing. Sunway group are investing on the development of a Virtual Design & Construction platform (VDC) to facilitate greater efficiency in the design and planning stage for buildings. In spite of having to prepare for the merger and other integration efforts, Sunway had a sterling financial year. The group achieved RM3.7 billion which is 19% higher than the previous year. Profit attributable to owners of the parent (PATMI): 2010 RM684.4 million

2011 RM372.1 million

This is due to one-off gains from disposal of properties to the REIT in FY 2010. However, core PATMI had been maintained at RM327.1 million in FY 2011 which was higher than RM286.2 million recorded in the past year. 10

In the 2011 development which the Board are particularly excited with that will have the potential to contribute substantially to Sunways earning in the future is the proposed acquisition of the leases over two parcels of land totaling 69 acres in Medini Islakandar for RM745.3 million via Sunways joint venture with Khazanah Nasional Berhad.

This proposed acquisition is in line with Sunways strategy to continue extending our expertise in building and managing integrated cities, as exemplified by out integrated developments in Bandar Sunway, Sunway City Ipoh, Sunway Velocity and Sunway Damansara.

Sunway group envisioned Sunway Iskandar to be an iconic, cosmopolitan city with a total gross development value (GDV) of over RM 12 billion which will capture the local interest, regional and other international firm.

On 36.8% associate, Sunway REIT had managed a coup in 2011 by acquiring Putra Place which comprises a hotel, shopping mall and office tower. The property was acquired through successful bidding at a public auction on March 2011 for a total cash consideration of RM513.9 million.

Sunways largest development overseas, in the Sino-Singapore Tianjin Eco City (SSTEC) experienced further progress in 2011. In Singapore, Sunway made great strides with their joint venture, Hoi Hup Realty Pte Ltd. They had 3 property launches in 2011. Sunway group also won the land tender for a 4.3 acre piece of leasehold land in Pasir Ris and will be looking to launch it in 2012. Sunway group also secured major contract such as Legoland Malaysia Theme Park in Iskandar Malaysia totaling of RM258.0 million. In August 2011, Sunway secured a bigger order of RM569 million from Syarikat Prasarana Negara Berhad for the construction and completion of Kelana Jaya line extension.

The third win of the year was a RM308.9 million contract from Iskandar Malaysia Studios Sdn Bhd to build an integrated media studios facility in Pulai, Johor. 11

The group was recognized by its excellence at the 2011 Malaysian BusinessChartered Institute of Management Accountant (CIMA) Enterprise Governance Award with wins in three categories. Sunway Group received the Merit Award for the Overall category, was named runners up in the Green Initiative category and clinched the Best Return to Shareholders category.

The Group won three awards at the National Annual Corporate Report Awards (NACRA) 2011 for promoting transparency and accountability. Sunway City Berhad was awarded the Industry Excellence Awards in the category of Properties, Hotels & Trusts for the fifth consecutive year while Sunway Holdings Berhad clinched the Industry Excellence Awards under the Construction & Infrastructure Projects Company category for the second time. Sunway Holdings Berhad was also the proud recipient of the Platinum Award for Overall Best Designed Annual Report.

Sunway group continues to ranked among the top 3 property developers in Malaysia in The Edge Top Property Developer Awards 2011 with improvements in rankings for qualitative factors like product quality and expertise.

Sunway Property has garnered domestic an international acclaim by bagging 2 prestigious FIABC Malaysia Property Awards while Sunway Pyramid Shopping Mall won the Malaysian Chapter equivalent in the previous year, went a step further by winning international FIABCI Prix d excellence award for Best Retail Development.

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Interpretation
Amounts in RM million unless otherwise stated. A. Profitability Ratio Gross Profit Margin Gross Profit Margin equals the difference between net sales revenue and the cost of goods sold. Changes in the cost of goods sold can have a substantial impact on the profit for the period. Gross Profit Margin = Gross Profit X 100 Sales / Revenue Sunway Berhad 2011 1061697 X 100 3691712 = 28.75% 2010 1032422 X 100 3102 129 = 33.28%

In this case, Sunway Berhad showed a decrease in percentage for year ended 31 December 2011 at 2010 from 33.28% to 28.75% in year 2011 of gross profit. This is due to the increase of cost of sales from (2,069,707) in year 2010 to (2,630,015) n year 2011. With this, we can conclude that Sunway Berhad did not manage t control their cost that well which is what caused the decrease in gross profit. Genting Berhad 2011 7825.8 X 100 19559 = 40.01% 2010

6657 X 100 15194.7 = 43.81%

In 2011, Gentings gross profit margin is 40.01% while in 2010 is 43.81%. the figure decrease to 3.81% at 2011. This is due to the increment of the cost of sales in 2010 13

Amounts in RM million unless otherwise stated.

(8537.7) to 2011 (11733.2). which concluded Genting did not managed and controls their cost well. Conclusion Comparing the gross profit margin at Sunway Berhad and Genting Berhad, we observe that both companies face the decrease of gross profit margin. Anyhow, Genting Berhads overall performance of gross profit margin is better compared to Sunway Berhad.

Net profit margin A company used profit to measure return on sales, often termed as net profit margin. The ratio gives a measure of net income dollars generated by each dollar of sales. This ratio can be affected by economic conditions, operating cost and etc. Net Profit Margin = Net Income after taxation X 100 Sales Sunway Berhad 2011 412443 X 100 3691712 = 11.17% 2010 993659 X 100 3102129 = 32.03%

Sunway Berhad shows that there was a rapid decrease in net profit margin for year ended 31 December 2011, stating 32.03% in 2010 and 11.7% in year 2011. This is most probably due to the merging of Sunway City and Sunway Holdings which required them to put aside some finances for expansion for group savings and bulk purchasing. Genting Berhad 2011 5145.2 X 100 19559 = 26.3% 2010 3410.7 X 100 15194.7 = 22.44% 14

Amounts in RM million unless otherwise stated. In 2010, Genting Berhad is 22.44% and it has been increase to 26.30% in 2011. This is due to consolidated with same multinational companies and keep on reinvesting themselves (ie, Universal Studio Singapore and First Premium Outlet in Johor) for expansion of their core businesses. Conclusion Comparing both companies, net profit margin for the year 2010, Sunway Berhad had higher percentage than Genting. However in 2010, Genting achieved a higher percentage of net profit margin than Sunway as Sunway dropped rapidly that year. This was due to economic conditions and expansion of Sunway Berhad. Therefore, Gentings overall net profit margin is better.

ROCE ratio ROCE computation attempts to relate the net income to all sources of capital to the total value of capital contributions. In the case, ROCE is the returns incurred for the capital and contributions to capital employed. ROCE = Profit after interest and tax X 100 Capital Employed Sunway Berhad 2011 412443 X 100 7843628 - 2353440 = 7.5% 2010 993659 X 100 6980516 - 1962087 = 19.8%

As for ROCE for Sunway Berhad year ended 31 December 2011, we observe that the returns for year 2010 are 19.8% and year 2011 is 7.5%. This means the overall profitability of Sunway was better in year 2010 because they had more returns generated bank into their company. The decrease of 12.3% is assumed to be due to merging of companies which made them inefficient in cost control to generate profit from sales. 15

Amounts in RM million unless otherwise stated. Genting Berhad 2011 5145.2 (54344.7 - 7243.4) = 0.11 / 11% 2010 3410.7 (49014.1 - 5907.8) = 0.08 / 8%

In 2010, Genting Berhads ROCE is only 8% and it has increased to 11% in 2011. Therefore, Genting is shown that they are able to generate more returns. Conclusion By examining the 2 companies, Genting Berhad is performing better not only for 2011 but also much higher than Sunway Berhad. This shows that Genting Berhad was more efficient in this case with cost control in generation of profit from sales and managing their assets.

ROA ratio Return on assets is a ratio which shows the firms ability to utilize its assets to create profits by comparing profits with the assets that generate the profits. ROA = Net Income after interest & taxation X 100 Total Assets

Sunway Berhad 2011 412443 X 100 7843628 = 5.25% 2010 993659 X 100 6980516 = 14.23%

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Amounts in RM million unless otherwise stated.

The utilization of assests for Sunway Berhad was quite low on efficiency as we observe in year end 31 December 2010 the returns were 14.23% but when compared to year 2011 there is a rapid decline to 5.25%. Although there was an increase in assets from 2010 to 2011, Sunway Berhad still did not manage to utilize their assets which resulted in a lower return on assets overall. Genting Berhad 2011 5145.2 X 100 54344.7 = 9.47% 2010 3410.7 X 100 49014.1 = 6.96%

Genting Berhads ROA in 2011 is 9.47% and while 2010 is 6.96%. This increment shows that when Genting Berhads increase their amount of asset in 2011, they are also able to fully utilize their assets well. Conclusion Genting Berhad is performing better in away utilizing their assets. It is due to the increment of the percentage from 2010 to 2011 as well as performing better than Sunway Berhad

ROE ratio Return on Equity measures the amount of net income returned as a percentage of shareholders equity. Return on equity measure a corporations profitability by revealing how much profit a company generates with the money shareholders have invested. ROE = Net Income X 100 Total shareholders Equity

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Amounts in RM million unless otherwise stated. Sunway Berhad 2011 412443 X 100 3311799 = 12.45% 2010 993659 X 100 3898639 = 14.2%

Looking at Sunway Berhad in terms of Return on Equity in year ended 31 December 2011, it is observed that in year 2010, the percentage of returns on equity is 14.23%, whereas in year 2011, it showed 12.45%. There was a small decrease in percentage which does not offer their profit that much because there was a slight change of only 1.78%. Anyhow, it is analyzed that there was a decrease in shareholders equity which reasons out as to why the returns decreased as well. Genting Berhad 2011 5145.2 X 100 33166.9 = 15.51% 2010 3410.7 X 100 29446.5 = 11.58%

The amount of returns share Genting Berhad able to generate from the money shareholder that has invested is 15.51% in 2011. Whereas, 2010 is 11.58% it might be the reason the increment of total of shareholders equity will get more returns. Conclusion It is shown that Genting Berhad is performing better and able to generate more money to the shareholder. It might because that Gentings equity was increased whereby Sunway Berhad decreased.

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B. Activity Ratio AR Turnover

Amounts in RM million unless otherwise stated.

Accounts Receiveable Turnover ratio is an activity ratio measuring how efficiently a firm uses its assets. Activity ratio shows how efficiently a company has managed its shortterm assets and liabilities. AR Turnover Ratio = Accounts Receiveable X 365 Credit Sales

Sunway Berhad 2011 1108144 X 365 3691712 = 109.56 / 109 days 2010 1010497 X 365 3103129 = 118.89 / 118 days

The tabulation of result of accounts receivable turnover ratio year ended 31 December 2011 show that in year 2010, Sunway took 118 days to collect debts, whereas in year 2011, 109 days was taken to collect debts. This means that Sunway Berhad is inefficient in collecting debts as well as giving to many days in extending credit to their customers. Genting Berhad 2011 2781.3 X 365 19559 = 51.9 / 52 days 2010 2184.7 X 365 15194.7 = 52.47 / 52 days

In 2010 and 2011, Genting Berhad has successfully maintained their Account Receiveable ratio with 52 days. It is shown that it takes 52 days to collect the debts from the debtors.

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Conclusion

Amounts in RM million unless otherwise stated.

This concluded that Genting Berhad is collecting their debts faster and more efficient in controlling the extension of credit to their customer than Sunway Berhad which almost take 50% more of the days to collect. AP Turnover Accounts Payable ratio represents on entitys obligation to pay off a short-term debt to its creditors. It is the responsibility held to make payments owed by the company to supplies and other creditors. AP Turnover = Accounts payable X 365 Cost of sales

Sunway Berhad 2011 1990501 X 365 2630015 = 276.24 / 276 days 2010 1378969 X 365 2069707 = 243 / 243 days

In this case, we observe that in year end 31 December 2011 that Sunway Berhad took 243 days in year 2010 to pay back its debts. These results are assumed to have increased due to expansion purposes of their company. Due to the merging of Sunway City and Sunway Holidays, they need more time to pay their debts. Genting Berhad 2011 4376.7 X 365 11733.2 = 136.15 / 136 days 2010 4098.8 X 365 8537.7 = 175.23 / 175 days

In 2011, Genting Account Payable ratio is 136 days and 2010 is 175 days. This shows that Genting is paying back their purchases quicker than 2010.

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Conclusion

Amounts in RM million unless otherwise stated.

The result shows that Genting Berhad is paying back their supplier much faster compared to Sunway Berhad. Whereby, Sunway Berhad takes a 100 more days compared to Genting to pay their suppliers.

Inventory Turnover This ratio shows how many times a companys inventory is sold and replaced over a certain period. It also shows how long it takes for a company to turn its stocks or inventory into sales. Stock turnover / Inventory turnover = Stock / inventory X 365 Cost of sales

Sunway Berhad 2011 451840 X 365 2630015 = 62.70 / 62 days 2010 301545 X 365 2069707 = 53.1 / 53 days

In this case of Sunway Berhad, as year ended 31 December 2011, in year 2010, Sunway took 53 days to convert their inventory into sales. Then again, the number of days increased to 62 days which means that they incur a higher inventing turnover which incurs higher costs to the companies holding stock. Genting Berhad 2011 539 X 365 11733.2 = 16.77 / 16 days 2010 520.6 X 365 8537.7 = 22.26 / 22 days

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Amounts in RM million unless otherwise stated.

For inventory turnover, Genting Berhad has lowered down their rate from 22 days (2010) to 16 days (2011). This conduces that Genting Berhad convert the inventories in sales in shorter days compared to 2010. Conclusion We observed that Genting Berhad inventory turnover rate is faster compared to Sunway Berhad. Anyhow, it depends on the nature of the businesses, because it is stated that faster turn over may be implies either strong sales or ineffective buying. Cash Conversion Cycle Usually a company acquires inventory on credit which results in accounts payable. A company also can sell products on credit, which results in accounts receivable. The cash conversion cycle measures the time between the outlay of cash and cash recovery. Cash conversion cycle highlights how quickly a company can convert its products into cash through sales. Cash conversion cycle = Stock turnover + accounts receivable days accounts payable days Sunway Berhad 2011 62+109-276 = -105 days 2010 53+118-243 = -72 days

Sunway Berhad faces a negative cash conversion cycle as of year end 31 December 2011. As for year 2010, Sunway has -72 days and in year 2011, it has -105 days. This means that Sunway Berhad does not pay its suppliers until after they have received payment for it. However, the amount of days have increased which means that the cash conversion is faster. Genting Berhad 2011 16 + 52 - 136 = - 68 days 2010 22 + 52 - 175 = - 101 days 22

Amounts in RM million unless otherwise stated.

Cash conversion cycle for Genting Berhad is -68 days in 2011 and -101 days in 2010. Cash conversion cycle has improved tremendously from -101 days to -68 days and this can make Genting Berhad nearer to convert its products into cash through sales. Conclusion Genting Berhad has a shorter time frame to convert cash compared to Sunway Berhad. However, both of the companys cash conversion cycle is negative. This means that both companies do not pay its suppliers until after they receive payment. Therefore, Genting and Sunway Berhad do not hold very much inventory and still hold on to its money for a longer period of time. Total asset turnover This ratio refers to the amount of sales generated for every ringgit worth of assets and it is calculated by dividing sales in ringgits by assets in ringgits. Total asset turnovers = Sales / Revenue Total assets Sunway Berhad 2011 3691712 7843628 = 0.47 times 2010 3102129 6980516 = 0.44 times

The total assets turnover for Sunway Berhad in years 2010 was 0.44 times and increased to 0.47 times in year 2011. This shows that Sunway Berhad is efficient at using its assets in generating sales as revenue. Genting Berhad 2011 19559 54344.7 = 0.36 times 2010 15194.7 49014.1 = 0.31 times

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Amounts in RM million unless otherwise stated. Genting Berhad has 0.36 times of total asset turnover in 2011where else 0.31 times in 2010. It is proven that Genting is performing slightly better in 2011 as it is more efficient in 2011 in generating sales. Conclusion By comparing the results of both years, Sunway Berhad total assets turnover is higher than Genting Berhad. The higher the number is, it is showing that how great the business is doing.

C. Liquidity ratios Current ratio Current ratio is also known as liquidity ratio, cash a set ratio and cash ratio. It reassures a companys ability to pay short term obligations. Current Ratio = Current asset Current Liability Sunway Berhad

2011 3284612 2353440 = 1.39 times

2010 3149317 1962087 = 1.605 times

This shows that Sunway Berhad is able to meet its short term obligations and can pay up its obligations at 2010 for 1.75 times and year 2011 at 1.20 times. The amount of times did decreased anyhow, Sunway Berhad is still able to meet its obligations with a stand of 1.20 times. Genting Berhad 2011 18829.2 7243.4 = 2.6 times 2010 19266.3 5907.8 = 3.2 times 24

Amounts in RM million unless otherwise stated.

In 2011, Genting Berhad current ratio is 2.6 times a year while 2010 is 3.26 times a year. The number of times is dropped during 2011 but its still meet the average of the normal current ratio which is around 2. Conclusion Genting Berhad is better because the outcome of current ratio is above average while Sunway Berhad is below average. Which is also stated that Genting Berhad have higher ability to pay short term obligation and is financially healthy than Sunway Berhad.

Quick ratio Quick ratio is also known as acid test ratio or quick assets ratio. This ratio is an indicator of a companys short term obligations with its most liquid assets. Quick Ratio = Current asset Stock Current Liabilities Sunway Berhad 2011 3284612 451840 2353440 = 1.20 times 2010 3149317 301545 1962087 = 1.45 times

As for Sunway Berhad, the quick ratio estimated for year end 31 December 2011 it showed that in year 2010, Sunway had 1.45 times and year 2011 it was 1.20 times. The amount of times did decreases, but anyhow it does give Sunway Berhad a better estimate as to their ability to meet short- term obligations with its most liquid assets. Genting Berhad 2011 18829.2 539 7243.4 = 2.52 times 2010 19266.3 - 520.6 5907.8 = 3.17 times

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Amounts in RM million unless otherwise stated.

As for Genting Berhad, the quick ratio in 2011 is 2.52 times a year and 2010 is 3.17 times a year. The amount dropped as shown in 2011 as it is same with current ratio. Conclusion Genting Berhad definitely did better compared to Sunway Berhad in both years. Anyhow, it did show a decrease in times per year in quick ratio which is good because current ratio could over estimate a company short term financial strength. The lesser time the better because it gives both companies the exact ability to meet short term obligation which its most liquid assets.

D. Gearing ratios Debt ratio Debt ratio is a ratio indicating the proportion of debt of a company has relative to its assets. It gives a general idea of the leverage of the company along with the potential risks the company faces in terms of its debt load. A debt ratio greater than 1 indicates that a company has more debt than assets a debt ratio less than 1 indicates that a company has more assets than debt. Debt Ratio = Total liabilities Total asset

Sunway Berhad 2011 4531829 7843628 = 0.577 times 2010 3081877 6980516 = 0.441 times

As for year ended 31 December 2011, it was observed that Sunway Berhad had a debt ratio of 0.44 times in year 2010 and 0.57 times a year 2011. Anyhow, as long as the

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Amounts in RM million unless otherwise stated. amount of times are lesser than 1, this indicates that the company is financially strong with higher assets than debt. Genting Berhad 2011 21177.8 53344.7 = 0.4 times 2010 19567.6 49014.1 = 0.4 times

Genting Berhad had successfully maintain their debt ratio in both years, that is 0.40 times which is good because Genting Berhad have more assets than its debt. Conclusion It is found out that Genting Berhad is maintaining and controlling their debts compared to Sunway Berhad. Anyhow, both company is doing fine because its debt ratio is less than This means that both companies have more assets than debts.

Interest cover ratio A ratio used to determine how costly a company can pay interest on outstanding debt. The interest and taxes (EBIT) for one period by the companys interest exposes for the same period. Interest Cover Ratio = Profit before interest and tax Interest charges Sunway Berhad 2011 498533 + 67087 67807 = 8.43 times 2010 715949 + 74605 74605 = 10.6 times

This shows that Sunway Berhad in year 2010 has 10.6 times to pay interest on its outstanding debt, whereas in year 2011, Sunway faced 8.43 times. This interprets the 27

Amounts in RM million unless otherwise stated. outcome of Sunway Berhad having a decrease of lesser opportunity of paying interest towards its investors.

Genting Berhad 2011 6673.3 + 411.1 411.1 = 17.23 times 2010 4394.3 + 565.3 565.3 = 8.77 times

As per year 2011, the interest cover ratio of Genting Berhad is 17.23 times a year while in 2010 is 8.77 times a year. The amount of times has been significantly increased. This shows that the company is generating more revenues for its investor by 17.23 times in 2011. Conclusion Genting Berhad definitely performing better by giving more revenue than Sunway Berhad for in the recent year 2011. However, in general both company interest coverage ratio is 1.5 and above. This shows that they are able to meet its interest expenses and generating sufficient revenue to satisfy interest expenses and to their investors.

E. Investor ratios Earnings per share A financial ratio that measures the portion of a company profit allocated to each outstanding share of common stock. It is the most basic measure of the value of a share and also is the basic for calculating several other important investment ratio Earnings per share = Profit for the financial year x 100 No. of ordinary shares

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Amounts in RM million unless otherwise stated.

Sunway Berhad 2011 372,056 X 100 1292505 2010 684 424 X 100 1292505

= 28.79sen

= 52.95 sen

In this case of Sunway, we are able to observe that for each share, the share value is 28.79 sen for 2011 and 52.95 sen in 2010 for each share. For every outstanding share the earnings are 28.79 and 52.95. Overall, 52.95 is from 2010 which means that 2010 was doing better because they earned more per share. Genting Berhad 2011 2010

2867.5 x 100 3699039

2203 x 100 3698287

= 77.52sen

= 59.57sen

In 2011, Genting Berhad managed to increase their earnings per share to 77.52 sen from 59.57 sen in 2010. Which is better in 2011 as it shows that Genting Berhads prfiability. Conclusion Genting Berhad is definitely doing much better compared to Sunway Berhad as the amount of 1 share is equivalent to 77.52 sen while Sunway Berhad is 28.79 sen in 2011. Which means the investors of Genting Berhad is earning more dividens. Anyhow, even if the earnigs per share was low for Sunway Bhd, the confidence level in Sunway Bhd grew. This will be explained more in P/E Ratio.

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Amounts in RM million unless otherwise stated. P/E ratio A popular valuation ratio at a companys current share price compared with its per share earnings. The amount the market is willing to pay for the price of the share each dollar is generated in earnings by the company. The higher the P/E ratio, the more investors have to pay meaning its more expensive. It shows how much we are willing to pay for their earnings due to more confidence in the company.

P/E Ratio = Market price of share Earnings per share

Sunway Berhad 2011 2.310 X 100 = 231 sen 28.79 sen 2010 2.310 X 100 = 231 sen 52.95 sen

= 8.02 times

= 4.36 times

As for Sunway Berhad, we observe that the P/E is quite low in year 2010 at 4.36 times and 8.02 times in 2011. Although there was a rise, this P/E ratio is considered low in year 2010, but increases in year 2011 which shows that the confidence in investors towards Sunway Berhad is increasing. Genting Berhad 2011 2010

1100 cents 77.52 cents

1120 cents 59.57 cents

= 14.18 times

= 18.82 times

For Genting Berhad, price earning ratio in 2011 is 14.2 times whereby 2010 is 18.8 times. It had decrease in 2011 from 2010 which is bad. 30

Amounts in RM million unless otherwise stated. Conclusion Overall, Genting Berhad shows a higher confidence in both of the years than Sunway Berhad as it is almost near twice of the figure. Normally, the higher the figure is, the higher the confidence level for the investor to invest in the company. Anyhow, there was a drop in Genting Bhds ratio, and a rise in Sunway Bhds ratio which shows improvement in Sunway Bhd compared to Genting Bhd.

Market/book ratio Market to book ratio measures companys performance and makes quick comparisons with competitors. It is a figure that gives a way of judging whether a company is under or overvalued.

Market/ Book ratio = Market price per shares Book value per shares Book value per stock = Shareholder funds preferred shares No. of ordinary issued Sunway Berhad 2011 2985433 0 1292505 2010 3517939 0 1292505

= 2.30

= 2.72

2.310 2.30

2.310 2.72

= 1.00

= 0.84

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Amounts in RM million unless otherwise stated. For Sunway Berhad, it is interpreted that the share value is at 1.00 for year 2011 and 0.84 for 2010. This looks good from an investors point of view because we can see that both the figures are below 1, which measures up to being undervalued which is good investment opportunity.

Genting Berhad 2011 17618700000 0 3699039000 2010

*Amount stated are in millions

15497500000 0 3698287000

= 4.763 11 4.763

= 4.190 11.2 4.190

= 2.309

= 2.673

In 2011, Genting Berhads market / book ratio is 2.309 and its decreased from year 2011, which is 2.673. The figures fall shows an improvement as the higher value means overvalued. Conclusion In the nutshell, Sunway Berhad is actually performing better in market/ book ratio compared to Genting Berhad. The figure show less than 1 is undervalued as it is better than Genting Berhad figure which is overvalued. However, Genting Berhads value is not overly high, therefore it is still possible to invest with them.

Dividend per share Dividend per share is percentage of earnings paid to shareholder. In dividends. Having growth dividend per share can be good as the company management believes that the growth can be sustained 32

Amounts in RM million unless otherwise stated. Dividend per share = Total dividend to ordinary share No of issue ordinary shares

Sunway Berhad 2011 2010

(N/A)

(N/A)

As for Sunway Berhad, there were no dividends that were issued for both years. This could be due to the reinvestment or rolling of money to improve growth or expansion of their group. Genting Berhad 2011 2010 *Amount stated are in millions

221900000 3699039000

208000000 3698287000

= 6.00sen

= 5.60sen

In 2011, Genting Berhad dividend per share is 6.00 sen which shared an increase from the previous year 2010, whereby is 5.60 sen. Conclusion Genting Berhad is paying to their shareholders in both years whereby, Sunway Berhad did not issue any dividends to their shareholder. This shows that the company gives the shareholder confidence as they can sustain their business. Return on Equity Return on Equity measures the amount of net income returned as a percentage of shareholders equity. Return on equity measure a corporations profitability by revealing how much profit a company generates with the money shareholders have invested. 33

Amounts in RM million unless otherwise stated. ROE = Net Income X 100 Total shareholders Equity

Sunway Berhad 2011 2010

412443 X 100 3311799

993659 X 100 3898639

= 12.45%

= 14.2%

Looking at Sunway Berhad in terms of Return on Equity in year ended 31 December 2011, it is observed that in year 2010, the percentage of returns on equity is 14.23%, whereas in year 2011, it showed 12.45%. There was a small decrease in percentage which does not offer their profit that much because there was a slight change of only 1.78%. Anyhow, it is analyzed that there was a decrease in shareholders equity which reasons out as to why the returns decreased as well. Genting Berhad 2011 2010

5145.2 X 100 33166.9

3410.7 X 100 29446.5

= 15.51%

= 11.58%

The amount of returns share Genting Berhad able to generate from the money shareholder that has invested is 15.51% in 2011. Whereas, 2010 is 11.58% it might be the reason the increment of total of shareholders equity will get more returns. 34

Amounts in RM million unless otherwise stated. Conclusion It is shown that Genting Berhad is performing better and able to generate more money to the shareholder. It might because that Gentings equity was increased whereby Sunway Berhad decreased. Dividend Yield How much a company pays out in dividend each year relative to its share price to their investors. If there is no capital gain, dividend yield is the return on investment for a stock. Dividend Yield = Dividend per share x 100 Share price Sunway Berhad 2011 2010

(N/A)

(N/A)

As for Sunway Berhad, there were no dividends that were issued for both years. Genting Berhad 2011 2010

6.00 11.00 = 0.55sen

5.62 11.2 = 0.50sen

For Genting Berhad dividend yield, it is 0.55 sen in year 2011. As per 2010, it is 0.50 sen. Therefore, year 2011 is giving more dividends to their investors by 0.05sen compared to 2010. In conclusion, Genting Berhad is paying dividend to their investors. In both years where Sunway Berhad did not issue any dividends at all. Therefore, Genting Berhad is giving 0.55 sen and relatively 0.50sen to their investors by each RM 1 shares.

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Conclusion
Overall, we have come to a conclusion that Genting Berhad is better in the investor point of view. Sunway Berhad Genting Berhad 2011 a) Profitability ratios Gross profit margin 28.75% 33.28% Net Profit Margin 11.17% 32.03% ROCE 7.5% 19.8% ROA 5.25% 14.23% ROE 12.45% b) Activity ratios AR Turnover 109.56 / 109 days 118.89 / 118 days 51.9 / 52 days 14.2% 15.51% b) Activity ratios AR Turnover 52.47 / 52 days AP Turnover 136.15 / 136 days 175.23 / 175 days 9.47% 0.11 / 11% 26.3% 40.01% 2010 2011 a) Profitability ratios Gross profit margin 43.81% Net Profit Margin 22.44% ROCE 0.08 / 8% ROA 6.96% ROE 11.58% 2010

AP Turnover 276.24 / 276 days 243 / 243 days

Inventory Turnover 62.70 / 62 days 53.1 / 53 days

Inventory Turnover 16.77 / 16 days 22.26 / 22 days

Cash Conversion Cycle -105 days -72 days Total Asset Turnover 0.47 times 0.44 times - 68 days

Cash Conversion Cycle - 101 days Total Asset Turnover 0.36 times 0.31 times

c) Liquidity Ratios Current Ratio

c) Liquidity Ratios Current Ratio

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1.39 times

1.605 times Quick Ratio

2.6 times

3.2 times Quick Ratio

1.20 times

1.45 times

2.52 times

3.17 times

d) Gearing Ratios Debt Ratio 0.577 times 0.441 times

d) Gearing Ratios Debt Ratio 0.4 times 0.4 times Interest Cover Ratio 17.23 times 8.773 times

Interest Cover Ratio 8.43 times 10.6 times

e) Investor Ratios Earnings per share 28.79sen 52.95 sen P/E Ratio 8.02 times 4.36 times Market/ book Ratio 1.00 0.84 Dividend per share (N/A) (N/A) Return on equity 12.45% 14.2% Dividend yield (N/A) (N/A)

e) Investor Ratios Earnings per share 77.52sen 59.57sen P/E Ratio 14.18 times 18.82 times Market/ book Ratio 2.309 2.673 Dividend per share 6.00sen 5.60sen Return on equity 15.51% 11.58% Dividend yield 0.55sen 0.50sen

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Recommendation
The backbone of any successful company is strong management. The people at the top ultimately make strategic decisions and therefore serves as a crucial factor determining the fate of the company. To assess the strength of management, investors need to look at the actions and decisions made by the company and then decide as to which is the chosen company to be invested in.

In this case of financial analysis comparing Sunway Berhad and Genting Berhad of which two companies to invest 5 million to be utilized as investment, we would like to look at giving both companies an opportunity for investment. With this, we have chosen to invest 50%, 2.5 million in Genting Berhad, and the remaining 50%, 2.5 million in Sunway Berhad.

Genting Berhad is a group, which has many sub groups overseas which is of a similar industry. Whereas Sunway Berhad is mostly based in Malaysia with minimal sub groups overseas. Anyhow, in a situation whereby Genting Bhd faces an issue, which brings down the market shares, there is still a back up from different sub groups because Genting is so diverse and we believe they will be able to counter their losses. We can also say the same for Sunway Bhd, because they are mainly based in Malaysia and the risk is lesser. Therefore, both group get a fair share in this view.

Genting Bhd is a group which is one of the very few groups to have a certified gambling license as well as huge stock market in South East Asia. We are able to conclude that even Resort World Sentosa at Singapore casino is under Genting Bhd. Not only that, Genting is internationally known. It is widely spread and there is a Genting in Hong Kong, as well as Singapore. Genting Bhd is a well-established group and has been running since the 1980s which gives investors the assurance when they invest in Genting Bhd.

As for Sunway Bhd, it is mainly based in Malaysia, but only has minimal sub groups in other parts of the world. They do mostly on property and development, as well as 38

plantations, and not forgetting the hospitality leisure market. Since they are not as large in scale, their profit is relatively low compared to Genting Bhd. Anyhow, the reason behind this is simply due to the assumed fact that they are trying to rejuvenate their group by not issuing dividends so that they can roll the money earned and reinvest in their group for better development. We observed that even if Sunway Bhd didnt issue dividends they are able to attain higher confidence from investors, which is a good thing. Genting Bhd is better known and still has investors confidence. In this case, both groups still has an eye for investors and are well managed. Judging from the investors side, we would like to compare Sunway Bhd and Genting Berhad not based on market to book ratio, but earnings per share ratio. Market to book ratio is suitable for companies with lots of fixed assets, for instance, properties. Properties fetch a good price but they do not generate good cash flow or profits. The value just sits there doing nothing. This justifies as to why Sunway Bhd has an undervalued market to book ratio but doesnt mean that just because it is below 1, it is good. With this, we have decided to judge by comparing earnings per share. Gentings business generates a strong cash flow, hence it is good to gauge its valuation based on earnings per share. Since Sunway Bhd has more fixed assets, its market to book ratio looks good, but when we compare earnings per share, Genting Bhd takes the lead because Sunway Bhd does not generate strong cash flows as Genting Bhd. By this, we observe that there is reasonable valuation in Genting Bhd. Anyhow, even if Sunway Bhd faced lower earnings per share, the amount of investors grew. This is where we observe that investors feel that Sunway Bhd is developing and are investing more in Sunway Bhd.

Deciding to invest in Genting Bhd was also due to its big market capitalization. This gives us a brighter idea of the value of the company and how likely it is to grow. In this case, Genting has a reasonable opportunity in growth perspectives because it is internationally diverse unlike Sunway Bhd. However, as mentioned earlier, although Sunway Bhd may be mainly based in Malaysia, they are still likely to have growth opportunities because they relate to development, which is why we still would like to 39

invest in them. Also, we are able to know that they are planning on growth because usually companies who do not issue dividends for a certain periods due to plans for growth. This is where we see the opportunity for investment in Sunway Bhd as well.

Looking at the CSR point of view among these two companies, we can observe that both companies have done various CSR projects. For Genting Berhad, they took care few types of surroundings, not only environment, they also care for the community, marketplace, workplace and also supports volunteerism among employees. For the environment Genting did achieving a sustainable balance between developments and operations so that these can minimize the impact on the ecosystem. Therefore, they initiative to plant about 3000 trees around Genting Highlands. As for the community, they hosted 71 homes and charitable homes for the unfortunate,underprivileged and Orang Asli families and spent over RM25 million for the other various charities and community causes in the countries they operated. Not only that, Genting also showed supports on the local and international sports every year as main sponsors of Le Tour de Langkawi and other various events that held inside and outside of the country. Moving on, Genting also promote a safe and engaging workplace to keep a good balance between life and work. They publishes internal monthly newsletters, internal notice boards and had won the Asias Best Employer Brand, Leading HR Practice Award , Leading HR Leader Award by Singapore Human Resources Institute. In addition, they organize a number of recreational clubs to enable employees to interact outside the work environment. Most important is, Genting Berhad care for the marketplace by undertake Responsible Gaming practices at the casino premises.

Based on Corporate Social Responsibility (CSR) efforts Sunway Bhd has done many CSR projects with the mission of assisting in three main areas namely education, healthcare and the community as a whole. In year 2010, the Jefferey Cheah Foundation disbursed about 80 million to date with awarding 11,000 to students who have pursued their tertiary education. They also raised 1.2 million for SJK (C) Chee Wen.

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Health wise, Sunway Bhd launched a Health in Your Hands campaign was launched to raise publics awareness on taking charge of their health and the importance of exercise. With nearly 1.2 million Malaysians diagnosed with diabetes, Sunway Bhd decided to play their parts and raise awareness of this killer disease and gave free counseling and blood glucose screening at the medical center by pharmaceutical companies for the entire week. 1.6 million was donated to the National Kidney Foundation (NKF), and even help to reduce financial hardship of single mothers by donating a lump sum of money to them.

Sunway Bhd even supports sports and recreation as well as teambuilding activities to enhance better employee engagement and interaction. They even provide training and development programs to their staff for a better service quality outcome of staff performance. To promote a green environment, Sunway Bhd even proposed to have energy saving systems, recycling and other environmental initiatives to conserve energy and water. This shows that Sunway Bhd actually shows responsibility and cares for the environment and takes the needed effort to improve the world in any aspect possible.

By investing in any two of these groups, we are we feel assured because both groups are running a legitimate business. However, we feel that both companies have a good CSR plan and has done much charity work that will benefit the economy in many perspectives and this way, we know our investment has been put to good use.

Based on the amount of profit a company earns is not good enough to tell if its worth investing in. We must always observe if the company utilizes its money appropriately. In this scenario, we are able to conclude that Genting Bhd is a mature company and still holds confidence in investors, however, Sunway Bhd is yet to mature and seeks a higher growth of investment which is gradually increasing. Both companies have their pro and cons, but is well justifiable as to why their ratios are such. There is no added advantage of either, and it balances of as about the same performance. Due to this very fact, we are sure to invest an equal amount of 50% in Genting Berhad and the remaining 50% in

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Sunway Berhad and hope the best returns out of our investments as we believe in both companies which are well managed.

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Bibliography

Roger Mason (2007), Analysing Financial Statements: In a Week. Chartered Management Institute, UK. Bill Rees (1995), Financial Analysis: Financial Analysis and Financial Information. Second edition, University of Strathclyde, England. Charles H. Gibson (1988), Financial Statement Analysis: South-Western Cengage Learning. 12th Ed, The University of Toledo, Emeritus. Sunway Group., viewed 22nd October 2012, <http://www.sunway.com.my/>. Sunway Holdings Berhad., viewed 22nd October 2010, <http://www.sunway.com.my/suncon/fr_update.htm>. Genting Malaysia Berhad., viewed 22nd October 2012, <http://genting.listedcompany.com/newsroom/GENM270411.pdf>. Investing Answers., viewed 22nd October 2012, <http://www.investinganswers.com/financial-dictionary/ratio-analysis/price-earningsratio-pe-459>. SBA Government., viewed 22nd October 2012, <http://www.sba.gov/content/extendingcredit-your-customers>. Investopedia., viewed 22nd October 2012, <http://www.investopedia.com/articles/06/cashconversioncycle.asp#axzz29w0NnOno>. Total Asset Turnover., viewed 22nd October 2012, <http://www.totalassetturnover.com/>.

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