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Required: You are working as a buy-side analyst at a large firm in the ‘diversified financials’ industry. Your manager has provided you with the attached information and asked you to prepare a report...

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Required:
You are working as a buy-side analyst at a large firm in the ‘diversified financials’ industry. Your manager has provided you with the attached information and asked you to prepare a report on the suitability of your firm acquiring an equity investment in this listed target company.
Your tasks include:
1. Ratio analysis – using the three years’ financial information provided, undertake ratio analysis using the Du Pont method (the traditional approach) to provide an informed assessment of the recent performance of the target company. Discuss your findings.
(6 marks)
2. Forecasted financial statements – based on the forecast assumptions provided, prepare forecasted financial statements for the target company for the next 10 years and the terminal period.     
(6 marks)
3. Valuation – use a range of valuation techniques to make an informed decision and judgement about the equity value of the target company. Explain the techniques you used and show details of your working.     
(9 marks)
4. Financial Distress – using an appropriate financial distress prediction model, determine the quantitative measures of the financial health of the target company for the three financial years.
(3 marks)
5. Recommendation – provide a recommendation to your manager as to the suitability of the target company for investment. Your recommendation should draw on the findings from your ratio and financial distress analysis, include an indication of the price per share that you would offer for the target company and identify and explain any limitations of your analysis.
(6 marks)
*The report should be written and presented in a professional manner.
1. The targeted company is a listed company and operates in the Consumer Discretionary industry sector (sub-industry: Consumer Durables & Apparel).
2. A
eviated standardised financial statements of the target company:
    Income Statement
     
    2017
    2018
    2019
     
    $000
    $000
    $000
    Revenue
     XXXXXXXXXX605,733
     XXXXXXXXXX652,348
     XXXXXXXXXX759,967
    Cost of Sales
     XXXXXXXXXX409,057
     XXXXXXXXXX420,088
     XXXXXXXXXX488,767
    Gross Profit
     XXXXXXXXXX196,676
     XXXXXXXXXX232,260
     XXXXXXXXXX271,200
    Operating Expenses
     XXXXXXXXXX98,263
     XXXXXXXXXX122,004
     XXXXXXXXXX146,925
    EBIT
     XXXXXXXXXX98,413
     XXXXXXXXXX110,256
     XXXXXXXXXX124,275
    Interest Expense (Income)
     XXXXXXXXXX1,797
     XXXXXXXXXX2,536
     XXXXXXXXXX3,034
    Income Tax Expense
     XXXXXXXXXX23,389
     XXXXXXXXXX25,854
     XXXXXXXXXX26,926
    Other Expenses (Income)
     XXXXXXXXXX19,393
     XXXXXXXXXX23,347
     XXXXXXXXXX26,930
    Net Income
     XXXXXXXXXX53,834
     XXXXXXXXXX58,519
     XXXXXXXXXX67,385
    Balance Sheet
     
    2017
    2018
    2019
     
    $000
    $000
    $000
    Cash
     XXXXXXXXXX77,124
     XXXXXXXXXX103,316
     XXXXXXXXXX57,129
    Receivables
     XXXXXXXXXX106,415
     XXXXXXXXXX104,420
     XXXXXXXXXX154,595
    Inventory
     XXXXXXXXXX116,562
     XXXXXXXXXX99,669
     XXXXXXXXXX152,325
    Other Cu
ent Assets
     XXXXXXXXXX833
     XXXXXXXXXX8,300
     XXXXXXXXXX3,939
    Total Cu
ent Assets
     XXXXXXXXXX300,934
     XXXXXXXXXX315,705
     XXXXXXXXXX367,988
    PP&E
     XXXXXXXXXX10,706
     XXXXXXXXXX11,379
     XXXXXXXXXX12,043
    Defe
ed Tax Assets
     XXXXXXXXXX5,819
     XXXXXXXXXX5,677
     XXXXXXXXXX6,322
    Intangibles
     XXXXXXXXXX100,060
     XXXXXXXXXX112,588
     XXXXXXXXXX123,414
    Total Non-Cu
ent Assets
     XXXXXXXXXX116,585
     XXXXXXXXXX129,644
     XXXXXXXXXX141,779
    Total Assets
     XXXXXXXXXX417,519
     XXXXXXXXXX445,349
     XXXXXXXXXX509,767
     
    
    
    
    Accounts Payable
     XXXXXXXXXX94,789
     XXXXXXXXXX84,585
     XXXXXXXXXX122,700
    Other Cu
ent Liabilities
     XXXXXXXXXX22,157
     XXXXXXXXXX24,216
     XXXXXXXXXX20,700
    Total Cu
ent Liabilities
     XXXXXXXXXX116,946
     XXXXXXXXXX108,801
     XXXXXXXXXX143,400
    Non-cu
ent Debt
     XXXXXXXXXX35,841
     XXXXXXXXXX45,324
     XXXXXXXXXX47,283
    Defe
ed Tax Liabilities
     -
     XXXXXXXXXX3,422
     XXXXXXXXXX4,346
    Other Non-cu
ent Liabilities
    
Answered Same Day May 27, 2021

Solution

Neenisha answered on May 28 2021
144 Votes
Standardised statement
    A
eviated standardised financial statements
    Income Statement
        2017    2018    2019
        $000    $000    $000
    Revenue    605,733    652,348    759,967
    Cost of Sales    409,057    420,088    488,767
    Gross Profit    196,676    232,260    271,200
    Operating Expenses    98,263    122,004    146,925
    EBIT    98,413    110,256    124,275
    Interest Expense (Income)    1,797    2,536    3,034
    Income Tax Expense    23,389    25,854    26,926
    Other Expenses (Income)    19,393    23,347    26,930
    Net Income    53,834    58,519    67,385
    Balance Sheet
        2017    2018    2019
        $000    $000    $000
    Cash     77,124    103,316    57,129
    Receivables    106,415    104,420    154,595
    Inventory    116,562    99,669    152,325
    Other Cu
ent Assets    833    8,300    3,939
    Total Cu
ent Assets    300,934    315,705    367,988
    PP&E    10,706    11,379    12,043
    Defe
ed Tax Assets    5,819    5,677    6,322
    Intangibles    100,060    112,588    123,414
    Total Non-Cu
ent Assets    116,585    129,644    141,779
    Total Assets    417,519    445,349    509,767
    Accounts Payable    94,789    84,585    122,700
    Other Cu
ent Liabilities    22,157    24,216    20,700
    Total Cu
ent Liabilities    116,946    108,801    143,400
    Non-cu
ent Debt    35,841    45,324    47,283
    Defe
ed Tax Liabilities    -    3,422    4,346
    Other Non-cu
ent Liabilities    5,123    4,567    4,403
    Total Non-cu
ent Liabilities    40,964    53,313    56,032
    Total Liabilities    157,910    162,114    199,432
    Total Equity    259,609    283,235    310,335
    Total Liabilities and Equity    417,519    445,349    509,767
        2017    2018    2019
    Dividends Paid ($000)    38,378    40,980    45,533
    Retained Earnings ($000)    126,341    143,880    80,999
    Shares Issued (#)    130,095,322    130,095,322    130,095,322
    Year End Share Price ($)    10.45    11.62    16.36
Historical prices
    Historical prices from the target company                                        S&P/ASX 200
    Date    Open    High    Low    Close    Adj Close    Volume    Change            Date    Price    Open    High    Low    Volume    Change
    7/1/14    8.1    8.44    7.595    8.35    6.944288    6198085                7/1/14    5,632.90    5,395.70    5,644.20    5,370.90    12.09B    4.40%
    8/1/14    8.27    8.75    6.95    7.27    6.046104    12369684    -12.93%            8/1/14    5,625.90    5,632.90    5,679.50    5,425.20    12.63B    -0.12%
    9/1/14    7.29    8.21    6.8    7.01    5.829874    13875577    -3.58%            9/1/14    5,292.80    5,625.90    5,672.70    5,253.10    13.02B    -5.92%
    10/1/14    7    7.27    6.73    6.81    5.764679    6100166    -1.12%            10/1/14    5,526.60    5,292.80    5,526.60    5,122.00    14.41B    4.42%
    11/1/14    6.82    7.05    6.39    6.58    5.569983    6106777    -3.38%            11/1/14    5,313.00    5,526.60    5,550.30    5,292.90    11.45B    -3.86%
    12/1/14    6.51    6.6    6.06    6.46    5.468404    6095715    -1.82%            12/1/14    5,411.00    5,313.00    5,486.70    5,142.80    13.20B    1.84%
    1/1/15    6.46    7.47    6.45    7.26    6.145606    3927002    12.38%            1/1/15    5,588.30    5,411.00    5,619.50    5,267.40    11.71B    3.28%
    2/1/15    7.24    7.71    6.31    7.35    6.22179    8581053    1.24%            2/1/15    5,928.80    5,588.30    5,955.50    5,588.30    14.49B    6.09%
    3/1/15    7.36    7.71    7.1    7.55    6.391091    5723795    2.72%            3/1/15    5,891.50    5,928.80    5,996.90    5,748.70    15.21B    -0.63%
    4/1/15    7.45    7.99    7.17    7.7    6.643414    3691293    3.95%            4/1/15    5,790.00    5,891.50    5,996.40    5,749.90    11.18B    -1.72%
    5/1/15    7.6    8.1    7.37    7.53    6.49674    4058789    -2.21%            5/1/15    5,777.20    5,790.00    5,901.80    5,574.60    13.17B    -0.22%
    6/1/15    7.47    7.57    6.1    6.21    5.35787    5405674    -17.53%            6/1/15    5,459.00    5,777.20    5,777.20    5,390.50    14.04B    -5.51%
    7/1/15    6.12    7.14    6.12    6.84    5.901422    5484897    10.14%            7/1/15    5,699.20    5,455.40    5,718.90    5,383.70    12.86B    4.40%
    8/1/15    6.93    7.3    6.03    6.48    5.590821    7078949    -5.26%            8/1/15    5,207.00    5,699.20    5,727.70    4,928.30    15.46B    -8.64%
    9/1/15    6.42    6.45    5.63    5.9    5.090408    7912610    -8.95%            9/1/15    5,021.60    5,207.00    5,221.10    4,918.40    16.09B    -3.56%
    10/1/15    5.89    6.68    5.87    6.57    5.795523    3861170    13.85%            10/1/15    5,239.40    5,021.70    5,384.80    5,021.70    12.94B    4.34%
    11/1/15    6.58    6.97    6.25    6.57    5.795523    4179959    0.00%            11/1/15    5,166.50    5,239.40    5,313.70    4,979.20    13.83B    -1.39%
    12/1/15    6.59    7.48    6.5    7.47    6.58943    4018192    13.70%            12/1/15    5,295.90    5,166.50    5,325.80    4,909.60    13.50B    2.50%
    1/1/16    7.47    7.47    6    6.08    5.363285    4185316    -18.61%            1/1/16    5,005.50    5,295.90    5,331.40    4,803.90    11.39B    -5.48%
    2/1/16    6.19    7.74    5.48    7.62    6.721748    10083024    25.33%            2/1/16    4,880.90    5,005.50    5,073.00    4,706.70    14.98B    -2.49%
    3/1/16    7.62    7.99    7.45    7.82    6.898171    5792464    2.62%            3/1/16    5,082.80    4,880.90    5,216.20    4,868.10    14.68B    4.14%
    4/1/16    7.77    8.46    7.33    8.23    7.401234    4140255    7.29%            4/1/16    5,252.20    5,082.80    5,281.60    4,893.50    11.62B    3.33%
    5/1/16    8.24    8.62    7.67    7.85    7.0595    3536039    -4.62%            5/1/16    5,378.60    5,252.20    5,427.70    5,182.20    13.76B    2.41%
    6/1/16    7.65    7.82    7.115    7.49    6.735753    3382925    -4.59%            6/1/16    5,233.40    5,378.60    5,392.50    5,051.00    13.81B    -2.70%
    7/1/16    7.48    8.16    7.27    8.01    7.203389    3172645    6.94%            7/1/16    5,562.40    5,233.40    5,570.40    5,148.70    11.52B    6.29%
    8/1/16    8.05    8.49    7.25    8.2    7.374255    3720482    2.37%            8/1/16    5,433.00    5,562.40    5,611.20    5,412.60    13.19B    -2.33%
    9/1/16    8.18    8.87    7.99    8.75    7.868869    4593757    6.71%            9/1/16    5,435.90    5,433.00    5,473.30    5,192.20    13.84B    0.05%
    10/1/16    8.85    9.72    8.71    9.26    8.475091    3400397    7.70%            10/1/16    5,317.70    5,435.90    5,498.00    5,261.40    12.20B    -2.17%
    11/1/16    9.17    9.33    8.39    8.81    8.063232    2884121    -4.86%            11/1/16    5,440.50    5,317.70    5,520.90    5,052.10    15.05B    2.31%
    12/1/16    8.88    9.04    8    8.66    7.925947    3400524    -1.70%            12/1/16    5,665.80    5,440.50    5,699.10    5,383.80    12.49B    4.14%
    1/1/17    8.66    8.88    8.21    8.36    7.651376    2779249    -3.46%            1/1/17    5,620.90    5,667.40    5,827.50    5,604.30    10.58B    -0.79%
    2/1/17    8.32    9.81    8.1    9.76    8.932707    4377564    16.75%            2/1/17    5,712.20    5,620.90    5,833.20    5,582.70    13.23B    1.62%
    3/1/17    9.75    10.59    9.32    10.33    9.454391    6550655    5.84%            3/1/17    5,864.90    5,712.20    5,901.50    5,675.00    15.41B    2.67%
    4/1/17    10.28    10.97    9.85    10.7    9.943095    4648303    5.17%            4/1/17    5,924.10    5,864.90    5,950.10    5,790.60    10.54B    1.01%
    5/1/17    10.61    10.93    9.99    10.29    9.562099    5894101    -3.83%            5/1/17    5,724.60    5,924.10    5,956.50    5,679.80    15.25B    -3.37%
    6/1/17    10.22    11.19    10.22    10.45    9.71078    4491484    1.55%            6/1/17    5,721.50    5,724.60    5,836.40    5,629.80    14.72B    -0.05%
    7/1/17    10.44    10.72    10.01    10.05    9.339076    3576396    -3.83%            7/1/17    5,720.60    5,721.50    5,799.60    5,653.30    11.80B    -0.02%
    8/1/17    10.01    11.22    9.78    11.06    10.27763    3711131    10.05%            8/1/17    5,714.50    5,720.60    5,806.30    5,645.80    13.92B    -0.11%
    9/1/17    11.04    11.38    10.34    11.32    10.519238    4124175    2.35%            9/1/17    5,681.60    5,714.50    5,777.70    5,639.40    11.07B    -0.58%
    10/1/17    11.25    12.09    11.08    11.65    10.982638    4098555    4.41%            10/1/17    5,909.00    5,681.60    5,938.10    5,650.90    10.92B    4.00%
    11/1/17    11.7    13.29    11.69    13.2    12.443849    3624869    13.30%            11/1/17    5,969.90    5,909.00    6,052.10    5,909.00    11.78B    1.03%
    12/1/17    13.34    13.37    12.47    12.6    11.87822    2382847    -4.55%            12/1/17    6,065.10    5,969.90    6,092.80    5,938.70    10.43B    1.59%
    1/1/18    12.6    12.88    11.52    12.28    11.576549    4125843    -2.54%            1/1/18    6,037.70    6,065.10    6,150.00    5,991.90    9.76B    -0.45%
    2/1/18    12.2    14.175    11.45    12.79    12.057335    5421428    4.15%            2/1/18    6,015.96    6,037.70    6,121.40    5,786.80    12.88B    -0.36%
    3/1/18    12.75    12.77    11.29    11.63    10.963785    5269476    -9.07%            3/1/18    5,759.40    6,016.00    6,026.10    5,752.70    12.35B    -4.26%
    4/1/18    11.63    11.63    10.67    11.39    10.884868    8943311    -0.72%            4/1/18    5,982.70    5,759.40    5,991.10    5,724.80    9.95B    3.88%
    5/1/18    11.31    11.7    10.95    11.62    11.104667    6529061    2.02%            5/1/18    6,011.90    5,982.70    6,146.80    5,964.10    13.30B    0.49%
    6/1/18    11.57    12.06    11.27    11.62    11.104667    4388166    0.00%            6/1/18    6,194.60    6,011.90    6,250.80    5,972.00    12.08B    3.04%
    7/1/18    11.77    11.99    10.72    10.74    10.263693    3463486    -7.57%            7/1/18    6,280.20    6,194.60    6,306.10    6,174.40    11.14B    1.38%
    8/1/18    10.87    13.98    10.38    13.57    12.968185    6566917    26.35%            8/1/18    6,319.50    6,280.20    6,373.50    6,230.90    13.82B    0.63%
    9/1/18    13.66    13.84    12.545    13.08    12.499918    3787992    -3.61%            9/1/18    6,207.60    6,319.50    6,333.70    6,102.00    12.07B    -1.77%
    10/1/18    13.01    13.06    11.72    12.29    11.891486    4936929    -4.87%            10/1/18    5,830.30    6,207.60    6,207.60    5,624.60    14.01B    -6.08%
    11/1/18    12.15    12.87    10.5    10.97    10.614288    6514504    -10.74%            11/1/18    5,667.20    5,830.30    5,941.30    5,594.00    13.85B    -2.80%
    12/1/18    10.9    11.52    10.13    10.66    10.314342    3991746    -2.83%            12/1/18    5,646.40    5,667.20    5,771.20    5,410.20    12.46B    -0.37%
    1/1/19    10.66    11.2    10.3    10.98    10.623964    3594691    3.00%            1/1/19    5,864.70    5,646.40    5,915.20    5,552.00    10.83B    3.87%
    2/1/19    10.92    15.85    10.74    15.75    15.239294    6584034    43.44%            2/1/19    6,169.00    5,864.70    6,191.10    5,848.90    13.71B    5.19%
    3/1/19    15.75    16.959999    15.36    16.280001    15.943264    8080893    4.62%            3/1/19    6,180.70    6,169.00    6,270.90    6,096.80    14.42B    0.19%
    4/1/19    16.110001    19.27    16.110001    19.24    18.842037    5345388    18.18%            4/1/19    6,325.50    6,180.70    6,390.50    6,169.80    10.47B    2.34%
    5/1/19    19.299999    19.549999    16.77    16.879999    16.530851    8257293    -12.27%            5/1/19    6,396.90    6,325.50    6,510.90    6,203.10    13.87B    1.13%
    6/1/19    16.57    17.389999    16.07    16.360001    16.021608    6620018    -3.08%            6/1/19    6,618.80    6,396.90    6,691.50    6,315.60    13.58B    3.47%
Osiris_Export
        Company name    Country
code
(incorp)    GICS code    Operating Rev.
Turnove
th AUD
2019    Shareholders
Funds
th AUD
2019    Net Income
th AUD
2019    Market Cap.
th AUD
2019    No of outstanding shares         P/E    P/B    P/S
    1    A.S.CREATION TAPETEN AG    DE    25201020    228,597    127,360    22,662    77,929    3,000,000
    2    A.S.T. GROUPE    FR    25201030    n.a.    n.a.    n.a.    n.a.    12,903,011
    3    AB ELECTROLUX    SE    25201040    19,987,447    3,464,880    385,106    10,611,875    300,727,769
    4    AB SNAIGE    LT    25201040    n.a.    n.a.    n.a.    n.a.    39,622,395
    5    AB VILNIAUS BALDAI    LT    25201020    124,931    32,364    6,688    45,647    3,886,267
    6    ABANS ELECTRICALS PLC    LK    25201040    n.a.    n.a.    n.a.    n.a.    5,110,560
    7    ABBEY PUBLIC LIMITED COMPANY    IE    25201030    368,918    584,262    68,841    488,604    20,977,999
    8    ABILITY ENTERPRISE COMPANY LIMITED    TW    25201010    314,057    320,435    -18,929    222,894    282,363,000
    9    ABITARE IN S.P.A.    IT    25201030    1,177,254    76,579,785    10,285,458    199,485    2,570,808
    10    ACE BED CO.,LTD.    KR    25201020    n.a.    n.a.    n.a.    n.a.    11,090,000
    11    ACTION ELECTRONICS COMPANY LIMITED    TW    25201010    n.a.    n.a.    n.a.    n.a.    277,158,000
    12    ADVANCED CONNECTION CORPORATION PUBLIC COMPANY LIMITED    TH    25201040    13,973    35,120    -2,692    42,595    1,343,055,623
    13    AEROGROW INTERNATIONAL, INC.    US    25201050    n.a.    n.a.    n.a.    n.a.    34,328,036
    14    AGRATIO URBAN DESIGN INC    JP    25201030    n.a.    n.a.    n.a.    n.a.    5,691,600
    15    AINAVO HOLDINGS CO., LTD.    JP    25201030    955,110    276,464    19,965    156,518    11,647,820
    16    AIPTEK INTERNATIONAL INC    TW    25201010    n.a.    n.a.    n.a.    n.a.    127,077,000
    17    AIREA PLC    GB    25201020    36,452    25,994    2,918    34,854    41,354,353        11.94    1.34    0.96
    18    AIRLUX ELECTRICAL COMPANY LIMITED    TW    25201040    n.a.    n.a.    n.a.    n.a.    47,947,000
    19    AIRMATE (CAYMAN) INTERNATIONAL COMPANY LIMITED    KY    25201040    484,025    142,663    11,944    189,780    136,851,000
    20    AISHIDA CO., LTD.    CN    25201050    n.a.    n.a.    n.a.    n.a.    315,619,000
    21    AKTSIONERNOE OBSCHESTVO MEBELNAYA KOMPANIYA SHATURA    RU    25201020    89,100    44,752    3,648    n.a.    n.a.
    22    AL ABDULLATIF INDUSTRIAL INVESTMENT COMPANY    SA    25201020    231,840    437,273    -4,443    373,585    81,250,000
    23    AL FANAR FOR GENERAL CONSTRUCTION, CONSTRUCTION, TRADE, IMPORT AND EXPORT CO. S.A.E    EG    25201030    1,540    1,191    87    892    8,000,000
    24    AL SORAYAI TRADING AND INDUSTRIAL GROUP (SAUDI JOINT STOCK COMPANY)    SA    25201020    94,135    12,597    -44,231    77,161    17,816,000
    25    ALACRITY HOUSING LIMITED    IN    25201030    n.a.    n.a.    n.a.    n.a.    n.a.
    26    ALCO HOLDINGS LIMITED    BM    25201010    n.a.    n.a.    n.a.    n.a.    723,245,000
    27    ALDA S A    PL    25201050    n.a.    n.a.    n.a.    n.a.    2,293,600
    28    ALFA ICA (INDIA) LTD    IN    25201020    n.a.    n.a.    n.a.    n.a.    4,040,000
    29    ALFA-PLAM A.D.    RS    25201040    n.a.    n.a.    n.a.    n.a.    157,332
    30    ALLAN INTERNATIONAL HOLDINGS LIMITED    BM    25201040    n.a.    n.a.    n.a.    n.a.    335,432,992
    31    ALLTRONICS HOLDINGS LIMITED    KY    25201040    n.a.    n.a.    n.a.    n.a.    946,116,000
    32    ALTEK CORPORATION    TW    25201010    295,579    436,972    3,997    314,627    279,587,000
    33    AMBER ENTERPRISES INDIA LIMITED    IN    25201040    n.a.    n.a.    n.a.    n.a.    31,446,540
    34    AMBIENT WATER CORPORATION    US    25201040    n.a.    n.a.    n.a.    n.a.    2,242,475,661
    35    AMICA S.A.    PL    25201040    1,141,309    346,698    41,101    400,355    7,775,273
    36    AMTRAN TECHNOLOGY COMPANY LIMITED    TW    25201010    727,166    570,385    222    408,667    809,362,000
    37    ANAM ELECTRONICS CO.,LTD.    KR    25201010    299,909    71,142    541    194,915    77,124,820
    38    ANHUI DELI HOUSEHOLD GLASS COMPANY LIMITED    CN    25201050    n.a.    n.a.    n.a.    n.a.    284,237,000
    39    APIS S.A.    PL    25201030    n.a.    n.a.    n.a.    n.a.    195,845,000
    40    ARAB WEAVERS UNION COMPANY PLC    JO    25201020    n.a.    n.a.    n.a.    n.a.    12,000,000
    41    ARÇELIK A.S.    TR    25201040    7,701,837    2,356,519    222,025    3,380,708    675,728,205
    42    ARCHICOM SA    PL    25201030    191,909    204,249    36,769    165,445    25,742,298
    43    ARION TECHNOLOGY INC.    KR    25201010    40,731    23,381    -9,280    70,792    38,974,244
    44    AS KURZEMES ATSLEGA 1    LV    25201020    n.a.    n.a.    n.a.    n.a.    918,144
    45    ASAKA INDUSTRIAL CO., LTD.    JP    25201040    n.a.    n.a.    n.a.    n.a.    1,037,080
    46    ATAL S.A.    PL    25201030    274,818    296,477    42,690    552,927    38,714,610
    47    ATOMOS LIMITED    AU    25201010    53,961    23,209    -1,959    156,516    186,704,376
    48    AUCMA CO., LTD.    CN    25201040    n.a.    n.a.    n.a.    n.a.    776,753,000
    49    AUDIO PIXELS HOLDINGS LIMITED    AU    25201010    122    7,234    -6,232    434,431    28,301,720
    50    AURASOUND, INC.    US    25201010    n.a.    n.a.    n.a.    n.a.    16,978,455
    51    AVERMEDIA TECHNOLOGIES, INC.    TW    25201010    141,857    190,469    170    94,652    192,892,000
    52    AVON MOLDPLAST LIMITED    IN    25201020    n.a.    n.a.    n.a.    n.a.    3,254,000
    53    AZORIM INVESTMENT IN DEVELOPMENT AND CONSTRUCTION LTD.    IL    25201030    509,340    533,412    48,615    609,607    210,740,327
    54    AZUMA HOUSE CO., LTD.    JP    25201030    n.a.    n.a.    n.a.    n.a.    4,031,700
    55    B&C SPEAKERS S.P.A.    IT    25201010    68,894    39,374    12,554    256,079    11,366,667
    56    B. YAIR BUILDING CORPORATION 1988 LTD.    IL    25201030    n.a.    n.a.    n.a.    n.a.    6,279,173
    57    BAJAJ ELECTRICALS LTD    IN    25201040    n.a.    n.a.    n.a.    n.a.    113,767,707
    58    BALSAM VENTURES, INC.    US    25201050    n.a.    n.a.    n.a.    n.a.    1,534,089
    59    BALTA GROUP NV    BE    25201020    1,081,721    416,848    16,678    161,089    35,943,396
    60    BANG & OLUFSEN A/S    DK    25201010    618,126    306,471    4,104    485,142    43,197,478
    61    BANGKOK DEC-CON PUBLIC COMPANY LIMITED    TH    25201020    35,751    72,475    4,055    137,545    1,076,210,468
    62    BARILGA CORPORATION JOINT STOCK COMPANY    MN    25201030    15,772    10,038    3,904    n.a.    40,662
    63    BARRATT DEVELOPMENTS P L C    GB    25201030    8,737,975    8,932,250    1,357,541    10,682,855    1,018,292,450        7.87    1.20    1.22
    64    BASSETT FURNITURE INDUSTRIES INC    US    25201020    667,090    263,642    -2,845    227,058    9,982,591
    65    BASSO INDUSTRY CORPORATION    TW    25201040    164,235    183,999    27,193    323,232    138,571,000
    66    BEAR ELECTRIC APPLIANCE CO., LTD.    CN    25201040    n.a.    n.a.    n.a.    n.a.    30,000,000
    67    BEAZER HOMES USA, INC.    US    25201030    3,093,405    798,272    -117,825    683,400    31,027,490
    68    BEIJING BLUE MOUNTAINS TECHNOLOGY COMPANY LIMITED    CN    25201040    137,955    183,278    10,033    n.a.    n.a.
    69    BEIJING CRYSTAL PHOTOELECTRIC SCIENCE & TECHNOLOGY INCORPORATION    CN    25201010    n.a.    n.a.    n.a.    n.a.    n.a.
    70    BEIJING GUOTIEKELIN SCIENCE AND TECHNOLOGY CO., LTD    CN    25201040    n.a.    n.a.    n.a.    n.a.    n.a.
    71    BEIJING HENGTONG INNOVATION LUXWOOD TECHNOLOGY COMPANY LIMITED    CN    25201030    n.a.    n.a.    n.a.    n.a.    170,417,000
    72    BEIJING INTOLO DECORATION COMPANY LIMITED    CN    25201030    n.a.    n.a.    n.a.    n.a.    n.a.
    73    BEIJING SINOTECH GOING SCI.&TECH.COMPANY LIMITED    CN    25201010    n.a.    n.a.    n.a.    n.a.    n.a.
    74    BELLWAY P L C    GB    25201030    5,969,863    5,154,643    950,321    6,454,980    123,338,821        6.79    1.25    1.08
    75    BENGAL WINDSOR THERMOPLASTICS LIMITED    BD    25201050    13,791    38,782    1,655    42,889    91,476,000
    76    BERKELEY GROUP HOLDINGS PLC (THE)    GB    25201030    5,466,294    5,477,199    1,159,651    8,956,734    125,706,982        7.72    1.64    1.64
    77    BESQAB AB (PUBL)    SE    25201030    199,015    212,154    16,654    350,061    15,514,829
    78    BG TECH CO., LTD.    KR    25201010    191,862    50,586    2,251    56,992    15,613,814
    79    BHS TABLETOP AG    DE    25201050    197,498    53,410    2,772    86,463    3,412,800
    80    BIALETTI INDUSTRIE S.P.A.    IT    25201050    n.a.    n.a.    n.a.    n.a.    154,782,936
    81    BIF TECHNOLOGY COMPANY LIMITED    CN    25201010    n.a.    n.a.    n.a.    n.a.    n.a.
    82    BIGBEN INTERACTIVE SA    FR    25201010    n.a.    n.a.    n.a.    n.a.    19,718,503
    83    BIRLA TRANSASIA CARPETS LIMITED    IN    25201020    n.a.    n.a.    n.a.    n.a.    2,840,729
    84    BONAVA AB    SE    25201030    2,375,102    1,157,313    65,387    186,403    11,906,196
    85    BOROSIL GLASS WORKS LTD.    IN    25201050    n.a.    n.a.    n.a.    n.a.    114,059,537
    86    BOYDS COLLECTION, LTD. (THE)    US    25201050    n.a.    n.a.    n.a.    n.a.    2,008,172
    87    BPL LIMITED    IN    25201010    n.a.    n.a.    n.a.    n.a.    48,884,818
    88    BRILLIANT AG    DE    25201040    n.a.    n.a.    n.a.    n.a.    360,000
    89    BRINNO INCORPORATED    TW    25201010    n.a.    n.a.    n.a.    n.a.    22,225,000
    90    BULEIERLI (BAODING) METAL HOUSEHOLD COMPANY LIMITED    CN    25201050    n.a.    n.a.    n.a.    n.a.    n.a.
    91    BUTTERFLY GANDHIMATHI APPLIANCES LTD.    IN    25201040    n.a.    n.a.    n.a.    n.a.    17,879,551
    92    C.A.TELARES DE PALO GRANDE    VE    25201020    n.a.    n.a.    n.a.    n.a.    1,188,344,665
    93    CAIRN HOMES PLC    IE    25201030    698,236    1,224,641    82,137    1,560,134    749,334,063
    94    CALCOM VISION LIMITED    IN    25201010    n.a.    n.a.    n.a.    n.a.    10,543,467
    95    CAM RESOURCES BHD    MY    25201050    n.a.    n.a.    n.a.    n.a.    196,800,000
    96    CANATURE HEALTH TECHNOLOGY GROUP CO., LTD.    CN    25201040    n.a.    n.a.    n.a.    n.a.    376,529,000
    97    CARMEL HOLDINGS (I.L) LTD    IL    25201020    n.a.    n.a.    n.a.    n.a.    13,103,043
    98    CASABLANCA GROUP LIMITED    KY    25201020    69,880    74,468    3,391    32,685    258,432,000
    99    CASIO COMPUTER CO LTD    JP    25201010    n.a.    n.a.    n.a.    n.a.    259,020,914
    100    CASSINA IXC LTD    JP    25201020    160,408    58,591    -734    44,898    4,091,100
    101    CAVALIER CORPORATION LIMITED    NZ    25201020    130,895    53,223    -16,241    21,271    68,679,098
    102    CAVCO INDUSTRIES, INC.    US    25201030    n.a.    n.a.    n.a.    n.a.    9,142,281
    103    CENTURY COMMUNITIES, INC.    US    25201030    3,619,628    1,515,414    161,282    1,223,738    33,332,501        7.59    0.81    0.34
    104    CHANG TYPE INDUSTRIAL COMPANY LIMITED    TW    25201040    200,846    60,566    11,923    135,989    78,800,000
    105    CHANGHONG MEILING CO., LTD.    CN    25201040    3,372,862    1,044,306    11,530    64,573    161,597,000
    106    CHANGSHA HISCIENCE ELEQ.SCI.&TECH. COMPANY LIMITED    CN    25201040    n.a.    n.a.    n.a.    n.a.    n.a.
    107    CHIGO HOLDING LTD    KY    25201040    n.a.    n.a.    n.a.    n.a.    8,434,178,000
    108    CHIN YANG CHEMICAL CORP.    KR    25201020    54,899    32,859    -2,584    68,791    12,000,000
    109    CHINA BAOFENG (INTERNATIONAL) LIMITED    KY    25201020    187,145    334,875    60,647    243,364    663,846,000
    110    CHINA CREATIVE GLOBAL HOLDINGS LIMITED    KY    25201020    n.a.    n.a.    n.a.    n.a.    2,170,000,000
    111    CHINA GREEN MATERIAL TECHNOLOGIES, INC.    US    25201050    n.a.    n.a.    n.a.    n.a.    25,756,025
    112    CHINA OVERSEAS NUOXIN INTERNATIONAL HOLDINGS LIMITED    KY    25201040    n.a.    n.a.    n.a.    n.a.    445,646,000
    113    CHINA SINOSTAR GROUP COMPANY LIMITED    BM    25201010    n.a.    n.a.    n.a.    n.a.    4,256,798,000
    114    CHING FENG HOME FASHIONS CO., LTD.    TW    25201020    n.a.    n.a.    n.a.    n.a.    169,623,000
    115    CHITOSE INTERNASIONAL TBK, PT    ID    25201020    42,289    40,011    727    31,009    1,000,000,000
    116    CHOFU SEISAKUSHO CO LTD    JP    25201040    n.a.    n.a.    n.a.    n.a.    35,980,500
    117    CHONGQING GUANGJIAN DECORATION COMPANY LIMITED    CN    25201030    n.a.    n.a.    n.a.    n.a.    n.a.
    118    CHUNGHSIN TECHNOLOGY GROUP COMPANY LIMITED    CN    25201010    n.a.    n.a.    n.a.    n.a.    267,666,000
    119    CHURCHILL CHINA PLC    GB    25201050    n.a.    n.a.    n.a.    n.a.    10,986,234
    120    CLEANUP CORPORATION    JP    25201040    n.a.    n.a.    n.a.    n.a.    37,442,374
    121    COLEFAX GROUP PLC    GB    25201020    159,614    48,868    7,079    89,220    9,022,440        12.60    1.83    0.56
    122    COMPANIA DE TELECOMUNICIONES DE EL SALVADOR SA DE CV    SV    25201020    n.a.    n.a.    n.a.    n.a.    23,060,100
    123    COMPANIAS CIC S.A.    CL    25201020    130,599    54,710    4,837    72,695    1,181,420,348
    124    COMSTOCK HOLDING COMPANIES, INC.    US    25201030    n.a.    n.a.    n.a.    n.a.    7,811,530
    125    CONSORCIO ARA, S.A.B. DE C.V.    MX    25201030    n.a.    n.a.    n.a.    n.a.    1,282,070,452
    126    CONSTRUTORA TENDA S.A.    BR    25201030    690,670    478,737    93,340    1,115,695    104,344,246
    127    COREP LIGHTING    FR    25201040    n.a.    n.a.    n.a.    n.a.    822,820
    128    CORONA CORPORATION    JP    25201040    n.a.    n.a.    n.a.    n.a.    29,342,454
    129    CORPORACION GEO, S.A.B. DE C.V.    MX    25201030    n.a.    n.a.    n.a.    n.a.    418,882,271
    130    CORPOVAEL S.A. DE C.V.    MX    25201030    n.a.    n.a.    n.a.    n.a.    342,022,974
    131    COWAY CO.,LTD.    KR    25201040    3,721,747    1,329,349    410,455    8,470,326    73,799,619
    132    CREA HOLDINGS, INC.    JP    25201030    n.a.    n.a.    n.a.    n.a.    171,844,156
    133    CREST NICHOLSON HOLDINGS PLC    GB    25201030    2,032,804    1,598,700    154,369    1,867,169    256,920,539        12.10    1.17    0.92
    134    CRISTALLERIES DE BACCARAT SA    FR    25201050    n.a.    n.a.    n.a.    n.a.    830,713
    135    CROMPTON GREAVES CONSUMER ELECTRICALS LIMITED    IN    25201040    n.a.    n.a.    n.a.    n.a.    627,283,972
    136    CUCKOO HOLDINGS CO.,LTD.    KR    25201040    651,308    830,526    97,926    920,670    7,112,437
    137    CYRELA BRAZIL REALTY S.A. EMPREENDIMENTOS E PARTICIPAÇOES    BR    25201030    1,394,213    1,832,997    147,280    4,203,441    399,742,799
    138    D-BOX TECHNOLOGIES INC.    CA    25201010    n.a.    n.a.    n.a.    n.a.    175,950,573
    139    D.R. HORTON, INC.    US    25201030    26,067,418    14,847,978    2,398,133    28,883,105    363,537,810        12.04    1.95    1.11
    140    DAESUNG ELTEC CO.,LTD.    KR    25201010    465,270    47,497    -12,202    122,249    99,661,343
    141    DAEWON CO.,LTD.    KR    25201030    306,477    344,968    11,500    152,951    11,587,630
    142    DAI CHAU JSC    VN    25201020    n.a.    n.a.    n.a.    n.a.    60,309,533
    143    DAINICHI CO. LTD.    JP    25201040    n.a.    n.a.    n.a.    n.a.    19,058,587
    144    DANKOTUWA PORCELAIN PLC    LK    25201050    n.a.    n.a.    n.a.    n.a.    162,552,920
    145    DANTAX A/S    DK    25201010    7,368    15,954    1,335    15,212    300,000
    146    DE LONGHI SPA    IT    25201040    3,369,138    1,908,872    258,169    4,836,104    160,000,000
    147    DEA GENERAL AVIATION HOLDING CO., LTD.    CN    25201040    n.a.    n.a.    n.a.    n.a.    265,200,000
    148    DECO MICA LIMITED    IN    25201020    n.a.    n.a.    n.a.    n.a.    4,200,000
    149    DECORA S.A.    PL    25201020    116,054    55,427    9,502    74,921    10,547,063
    150    DEER CONSUMER PRODUCTS, INC .    US    25201040    n.a.    n.a.    n.a.    n.a.    33,592,562
    151    DEER VALLEY CORPORATION    US    25201030    n.a.    n.a.    n.a.    n.a.    15,514,344
    152    DENIZLI CAM SANAYII VE TICARET A.S.    TR    25201050    31,889    15,690    -1,435    30,033    15,000,000
    153    DESARROLLADORA HOMEX, S.A.B. DE C.V.    MX    25201030    n.a.    n.a.    n.a.    n.a.    5,564,874,201
    154    DFS FURNITURE PLC    GB    25201020    1,652,897    461,931    33,205    988,659    255,370,247        29.77    2.14    0.60
    155    DIAMOND INDUSTRIES LIMITED    PK    25201020    160    1,598    -251    n.a.    9,000,000
    156    DIRECIONAL ENGENHARIA S/A.    BR    25201030    516,463    484,983    35,586    814,943    153,398,749
    157    DIXIE GROUP INC    US    25201020    534,659    104,498    21,797    25,262    14,983,013        1.16    0.24    0.05
    158    DIXON TECHNOLOGIES (INDIA) LIMITED    IN    25201010    n.a.    n.a.    n.a.    n.a.    11,570,141
    159    DOGTAS KELEBEK MOBILYA SANAYI VE TICARET A.S.    TR    25201020    146,069    2,878    -15,666    106,583    269,069,767
    160    DOHIA GROUP CO., LTD.    CN    25201020    n.a.    n.a.    n.a.    n.a.    243,338,000
    161    DOM DEVELOPMENT S.A.    PL    25201030    n.a.    n.a.    n.a.    n.a.    25,068,422
    162    DOMEC COMPANIA DE ARTEFACTOS DOMESTICOS S.A.I.C. Y F.    AR    25201040    17,941    4,023    -1,511    4,289    100,000,000
    163    DOREL INDUSTRIES INC    CA    25201020    3,760,557    762,441    -14,920    184,878    28,285,550
    164    DPS RESOURCES BERHAD    MY    25201020    n.a.    n.a.    n.a.    n.a.    587,769,580
    165    DREAMUS COMPANY    KR    25201010    242,816    145,369    -59,182    418,482    56,859,847
    166    DREWEX S.A.    PL    25201020    n.a.    n.a.    n.a.    n.a.    1,852,500
    167    DUC THANH WOOD PROCESSING JOINT STOCK COMPANY    VN    25201050    21,072    17,157    4,575    30,726    16,942,208
    168    DUNI AB    SE    25201050    853,250    408,897    41,289    932,032    46,999,032
    169    DWL RESOURCES BERHAD    MY    25201050    3,972    36,354    -2,373    48,150    232,844,600
    170    DYNA GROUP INTERNATIONAL, INC.    US    25201050    n.a.    n.a.    n.a.    n.a.    13,449,348
    171    DYNAVISION LTD    IN    25201010    n.a.    n.a.    n.a.    n.a.    3,840,000
    172    E'GRAND CO.,LTD.    JP    25201030    n.a.    n.a.    n.a.    n.a.    6,362,000
    173    EAST COAST FURNITECH PUBLIC COMPANY LIMITED    TH    25201020    61,089    68,845    1,907    55,409    959,487,557
    174    EASTECH HOLDING LIMITED    KY    25201010    n.a.    n.a.    n.a.    n.a.    61,458,000
    175    EASYLINK SOLUTIONS CORP.    US    25201010    n.a.    n.a.    n.a.    n.a.    8,988,279,188
    176    EATGOOD SWEDEN AB    SE    25201040    637    928    -693    n.a.    n.a.
    177    EAVS GROUPE S.A.    FR    25201010    n.a.    n.a.    n.a.    n.a.    1,200,000
    178    ECOVACS ROBOTICS CO., LTD.    CN    25201040    n.a.    n.a.    n.a.    n.a.    179,649,000
    179    EDDY CURRENT CONTROLS (INDIA) LTD    IN    25201010    n.a.    n.a.    n.a.    n.a.    n.a.
    180    EG INDUSTRIES BERHAD    MY    25201010    353,751    115,701    4,159    37,400    275,008,862
    181    EINHELL GERMANY AG    DE    25201040    n.a.    n.a.    n.a.    n.a.    2,160,000
    182    EJE (HONG KONG) HOLDINGS LIMITED    KY    25201020    n.a.    n.a.    n.a.    n.a.    2,892,000,000
    183    ELEC-TECH INTERNATIONAL CO., LTD.    CN    25201040    n.a.    n.a.    n.a.    n.a.    1,691,898,000
    184    ELECTRA CONSUMER PRODUCTS LTD.    IL    25201040    n.a.    n.a.    n.a.    n.a.    21,923,123
    185    ELECTROARGES SA    RO    25201040    n.a.    n.a.    n.a.    n.a.    69,764,650
    186    ELECTROLUX DE CHILE S.A.    CL    25201040    n.a.    n.a.    n.a.    n.a.    296,633,147
    187    ELECTRONIC INDUSTRIES MIXED SHARE HOLDING COMPANY    IQ    25201010    n.a.    n.a.    n.a.    n.a.    18,000,000,000
    188    ELECTROSTAR SA    TN    25201040    n.a.    n.a.    n.a.    n.a.    10,288,000
    189    ELICA S.P.A.    IT    25201040    774,636    200,940    6,921    310,703    63,322,800
    190    ELKOP SE    PL    25201030    8,101    26,983    4,701    2,962    39,400,000
    191    ELPO AD    BG    25201000    n.a.    n.a.    n.a.    n.a.    218,762
    192    EMAILUL SA MEDIAS    RO    25201050    n.a.    n.a.    n.a.    n.a.    2,522,118
    193    EMAK S.P.A.    IT    25201040    702,931    339,188    20,763    239,734    163,934,835
    194    EMERSON RADIO CORP    US    25201010    n.a.    n.a.    n.a.    n.a.    21,042,652
    195    EMICO HOLDINGS BERHAD    MY    25201050    n.a.    n.a.    n.a.    n.a.    105,519,121
    196    ENEX CO.,LTD.    KR    25201020    448,264    66,790    -4,483    83,203    59,991,641
    197    ES-CON JAPAN LTD    JP    25201030    943,185    438,813    106,672    880,098    71,841,887
    198    ESPORTS ENTERTAINMENT GROUP, INC.    US    25201040    0    -7,219    -9,227    77,210    9,274,608
    199    ESTEC CORPORATION    KR    25201010    416,655    189,843    21,204    156,692    10,910,000
    200    ETHAN ALLEN INTERIORS INC    US    25201020    1,079,647    526,122    37,157    809,377    25,929,436        21.78    1.54    0.75
    201    EUROSPAN HOLDINGS BERHAD    MY    25201020    16,603    14,752    -1,363    6,275    44,421,700
    202    EVEN CONSTRUTORA E INCORPORADORA S.A    BR    25201030    677,530    664,937    42,214    1,195,868    217,000,000
    203    EVERPIA JOINT STOCK COMPANY    VN    25201020    61,902    57,854    4,431    25,213    38,047,973
    204    EVERYBOT INC.    KR    25201040    19,915    6,097    1,878    n.a.    n.a.
    205    EXEO ENTERTAINMENT, INC.    US    25201010    206    -1,965    -2,274    44,158    29,638,383
    206    EZ TEC EMPREENDIMENTOS E PARTICIPACOES S.A.    BR    25201030    292,639    1,349,233    99,552    4,172,605    227,000,000
    207    FABRYKI MEBLI FORTE S.A.    PL    25201020    n.a.    n.a.    n.a.    n.a.    23,930,769
    208    FACB INDUSTRIES INCORPORATED BERHAD    MY    25201020    13,729    81,531    415    35,378    85,162,000
    209    FANCY WOOD INDUSTRIES PCL    TH    25201020    12,722    47,057    -4,364    16,884    615,000,000
    210    FAYENCERIES DE SARREGUEMINES DIGOIN ET VITRY LE FRANCOIS    FR    25201050    n.a.    n.a.    n.a.    n.a.    150,250
    211    FAZE THREE LIMITED    IN    25201020    n.a.    n.a.    n.a.    n.a.    24,319,000
    212    FEDERAL INTERNATIONAL HOLDINGS BERHAD    MY    25201020    71,598    34,839    2,383    14,269    109,000,000
    213    FINTEXPORT S.A.    GR    25201020    n.a.    n.a.    n.a.    n.a.    7,326,648
    214    FINVESTCORP D.D.    HR    25201020    n.a.    n.a.    n.a.    n.a.    617,751
    215    FIREANGEL SAFETY TECHNOLOGY GROUP PLC    GB    25201010    85,190    32,169    -17,643    18,133    126,558,845
    216    FIRST JUKEN CO., LTD.    JP    25201030    571,959    441,421    31,899    300,476    16,901,900
    217    FIRST-CORPORATION...
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