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Apollo vs. Oriental Food

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Introduction

The main objective of producing this report is to evaluate and compare 2 listed companies from the same industry and country, and hence come out with a recommendation in an investment plan from a financial analyst’s perspective. In this report, we will be focusing on the evaluation of the investment value of two companies from snacks and confectionary industry in Malaysia: Oriental Food Industries Sdn. Bhd. and Apollo Food Holdings Berhad. The two companies have the similar company size and both of them are the market leaders in the industry; hence it is worth an investigation to compare the value of the company share.

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A combined analysis will be conducted in later section based on annual financial reports as well as quarter financial reports.

Analysis on the annual financial reports will contribute to the evaluation on the overall performance and stability of the company over a medium term observation period to cater the needs of long-term investors while the analysis on the quarter financial reports will contribute to the evaluation on the performance of the company over a short term observation period to cater the needs of the short-term investors.

5

1.0.1

Background of Company

1.0.1.1 Oriental Food Industries Sdn Bhd
Oriental Food Industries Sdn Bhd was established and incorporated in 1978 with its manufacturing plants are located in Air Keroh Industrial Estate in Malacca. As one of the leading companies in the snack food and confectionery industry in Malaysia, Oriental Food Industries has tried hard to make a benchmark in the industry. In general, Oriental Food Industries Sdn Bhd’s product lines can be divided into four main lines: snack food, wafer, potato snacks and bakery products. Each of the product lines has its distinctive naming and most of them are well known by the households in Malaysia. For instance, Rota potato chips, Super Ring chips, Jacker wafer, and more. Oriental Food Industries Holdings Berhad (“OFIH”) was incorporated on 8 June 1996 Malaysia under the Companies Act, 1965 as a public limited company, and was listed on the Second Board of Bursa Malaysia Securities in August 2000 and was subsequently transferred to the Main Board on 13 October 2003. Currently, OFIH is listed on the Main Market of Bursa Malaysia Securities Berhad. OFIH is principally an investment holding company while the OFIH Group has subsidiaries which are engaged in the following activities:

Name of Major Subsidiaries

Equity Interest (%)

Subsidiaries of OFIH
Oriental Food Industries

Manufacturing and marketing
100

Sdn.Bhd.(“OFI”)
OFI Properties Sdn.Bhd.(“OFIP”)

Principal Activities

of snack food and
confectioneries.

90

Subsidiary of OFI

Property Development
Sales and marketing of snack

100
Oriental Food Marketing (M)

food and confectioneries.

6

Sdn.Bhd.(“OFM”)
Table 1: Major Subsidiaries of Oriental Food Industries Sdn Bhd

1.0.1.2 Apollo Food Holdings Berhad
Apollo Food Holdings Berhad is a Malaysia-based investment holding company, engages in the manufacture, trading, marketing, and distribution of compound chocolate confectionery products in Malaysia. The company was incorporated on 5th March 1994 as a private limited company under the name Apollo Food Holdings Sdn Bhd, based in Johor Bahru, Malaysia.

It subsequently converted into a public company on 8th September 1994 and changed its name to the present name. Apollo Food Holdings Berhad’s wholly owned subsidiaries are Apollo Food Industries (M) Sdn Bhd, which is engaged in manufacturing and trading in compound chocolates and chocolate confectionery products and cakes, and Hap Huat Food Industries Sdn Bhd, which is engaged in the distribution and marketing of compound chocolates and chocolate confectionery products and cakes. Both subsidiaries market their products in Malaysia and in other Asian countries.

The main products of Apollo Food Industries Sdn Bhd are chocolate wafer products, layer cakes, chocolate layer cakes, and Swiss roll products. The company distributes its products in Singapore, Indonesia, Thailand, the Philippines, Vietnam, China, Hong Kong, Taiwan, Japan, India, the Middle East, Mauritius, and Maldives. The corporate goal of the company is to always fulfil the customer needs and requirements by implementing the latest equipment and technology. The group always emphasizes their products’ quality and standard in order to meet customer requirements. They also constantly strive to determine and provide the resources needed to implement and maintain the quality management system and continually improve its effectiveness. Last but not least, the company will ensure the quality 7  assurance procedures, the company had accredited with HALAL imposed to an Islamic country.

8

1.0.2

Corporate Structure of the Organisation and Management

Team
Like most of the corporates, the management team of both companies is divided
into three levels: Strategic Management (top level), Tactical Management (middle level) and Operational Management (low level), which the responsibilities of each management level are as shown below:

Figure 1: Management Levels with Respective Responsibilities i

Both Oriental Food Industries Sdn Bhd and Apollo Food Holdings Berhad do not have the detailed organisation chart for all the three management levels, except the structure of the board of director and the identities of the key executives of the company. However, both companies do update the shareholders about any changes in the board of director and top management level from time to time. Hence, although not all information on every management level is revealed, this does not impact much on the investment decision suggested in this report.

9

1.0.2.1 Oriental Food Industries Sdn Bhd
The corporate structure of the organisation is as shown below: Oriental
OFIH
OFI
(100%)

OFIP
(90%)

OFM
(100%)

Figure 2: Corporate Structure of Oriental Food Industries Sdn Bhd

The organisation chart of the board of directors is as shown below:

Board of
Directors
Executive
Directors
Audit
Committees

NonExecutive
Directors

Nomination
Committees

Remuneration
Committees

Figure 3: Organisation Chart of BOD of Oriental Food Industries Sdn BHd

The organisation chart of the key executives from the top management of the company is as shown below:
Board of
Directors

Managing
Director

Chief Financial
Officer

Executive
Director

Head of
Operation of
Production Lines

Figure 4: Organisation Chart of the Key Executives of Oriental Food
Industries Sdn Bhd

10

1.0.2.2 Apollo Food Holdings Berhad
The group structure is as shown below:

APOLLO Food
Holdings Berhad

APOLLO Food
Industriess (M) Sdn
Bhd

Hap Huat Food
Industries Sdn Bhd

Figure 5: Corporate Structure of Apollo Food Holdings Berhad

The organisation chart of the board of directors is as shown below:

Board of Directors

Executive
Directors

Non-Executive
Directors

Figure 6: Organisation Chart of BOD of Apollo Food Holdings Berhad

The organisation chart of the key executives from the top management of the company is as shown below:
Board of
Directors
Executive Chairman /
Managing Director
Company
Secretary
Sales
Director

Executive
Director

Figure 7: Orgnisation Chart of the Key Executives of Apollo Food Holdings Berhad

11

2.0

Ratio Analysis

2.0.1

Ratio Analysis of Oriental Food Industries Sdn Bhd

2.0.1.1 Financial Analysis on Annual Data

Financial Analysis on Annual Data of Oriental Food Industries Sdn Bhd For the year ended:
Year
Accounting Data/ Time

31/3/2009
2009

Sales
Inventories
Cost of Goods Sale
Opening Stock
Closing Stock
Purchases
Gross Profit
Profit Before Int & Tax
Profit After Tax & Pref Div
Current Assets
Fixed Assets
Total Asset
Current Liabilities
Long Term Liabilities
Total Liabilities
Total equity
Market Share Price
Debtors
Creditors
Interest Charged
No. of Ordinary Shares
Ordinary Dividends
Dividend Per Share

31/3/2010
2010

118,440,509
12,335,933
85,798,619
14,532,625
12,335,933
83,601,927
32,641,890
10,054,852
9,766,635
42,614,718
88,108,961
130,723,679
11,446,161
12,884,306
24,330,467
106,393,212
0.90
13,254,166
7,389,968
528,754
60,000,000
1,574,998
0.0262

31/3/2011
2011

125,709,885
14,027,671
89,477,707
12,335,933
14,027,671
91,169,445
36,232,178
13,826,263
12,643,771
51,346,294
85,330,322
136,676,616
13,565,308
9,249,323
22,814,631
113,861,985
1.53
16,436,749
9,642,790
398,849
60,000,000
5,174,998
0.0862

31/3/2012
2012

149,294,765
15,122,535
110,489,219
14,027,671
15,122,535
111,584,083
42,959,856
11,087,748
8,699,897
61,402,859
83,696,806
145,099,665
20,952,274
7,345,223
28,297,497
116,802,168
1.61
19,737,856
15,119,800
248,232
60,000,000
5,700,000
0.0950

195,269,469
19,274,047
152,309,613
15,122,535
19,274,047
156,461,125
38,805,546
16,799,658
13,088,247
73,133,786
86,132,300
159,266,086
27,710,842
6,195,505
33,906,347
125,359,739
1.52
25,624,425
17,817,104
179,288
60,000,000
4,800,000
0.0800

Figure 8: Annual Financial Analysis of Oriental Food Industries Sdn Bhd for 2009 – 2012

2.0.1.2 Financial Analysis on Quarter Data
Financial Analysis on Quarter Data of Oriental Food Industries Sdn Bhd For the year ended:
Year
Accounting Data/ Time
Sales
Inventories
Cost of Goods Sale
Opening Stock
Closing Stock
Purchases
Gross Profit
Profit Before Int & Tax
Profit After Tax & Pref Div
Current Assets
Fixed Assets
Total Asset
Current Liabilities
Long Term Liabilities
Total Liabilities
Total equity
Market Share Price
Debtors
Creditors
Interest Charged
No. of Ordinary Shares
Ordinary Dividends
Dividend Yield

30/6/2010
2010

30/9/2010
2010

31/12/2010
2010

31/3/2011
2011

30/6/2011
2011

30/9/2011
2011

31/12/2011
2011

31/3/2012
2012

35,229,000 35,550,000 37,914,000 40,602,000 45,246,000 43,241,000 52,321,000 54,461,000 14,300,000
15,114,000
14,749,000
15,123,000
17,589,000
18,112,000
17,752,000
19,274,000
25,255,000
25,720,000
27,919,000
31,595,000
35,177,000
33,543,000
39,887,000
43,703,000
14,028,000
14,300,000
15,114,000
14,749,000
15,123,000
17,589,000
18,112,000
17,752,000
14,300,000
15,114,000
14,749,000
15,123,000
17,589,000
18,112,000
17,752,000
19,274,000
39,555,000
26,534,000
27,554,000
31,969,000
37,643,000
34,066,000
39,527,000
45,225,000
9,974,000
9,830,000
9,995,000
9,007,000 10,069,000
9,698,000 12,434,000 10,758,000
3,768,000
3,044,000
3,296,000
980,000
4,759,000
3,696,000
3,601,000
4,743,000
3,015,000
2,538,000
2,127,000
1,060,000
3,559,000
3,167,000
2,704,000
3,927,000
57,283,000
55,518,000
60,928,000
62,352,000
66,131,000
66,339,000
68,941,000
72,293,000
84,349,000
82,819,000
81,847,000
82,747,000
82,493,000
82,009,000
85,485,000
86,132,000
141,632,000 138,337,000 142,775,000 145,099,000 148,624,000 148,348,000 154,426,000 158,425,000 16,021,000
14,123,000
17,608,000
21,083,000
20,475,000
20,274,000
24,352,000
26,870,000
8,834,000
8,199,000
8,225,000
7,214,000
7,788,000
6,946,000
7,442,000
6,196,000
24,855,000 22,322,000 25,833,000 28,297,000 28,263,000 27,220,000 31,794,000 33,066,000 116,777,000 116,015,000 116,942,000 116,802,000 120,361,000
121,128,000 122,632,000 125,359,000 1.54
1.73
1.62
1.60
1.60
1.36
1.50
1.52
19,908,000
19,542,000
23,318,000
22,804,000
21,655,000
24,447,000
27,634,000
25,223,000
11,100,000
9,430,000
11,632,000
15,119,000
16,682,000
13,785,000
16,759,000
16,977,000
74,000
64,000
58,000
52,000
46,000
47,000
44,000
42,000
60,000,000
60,000,000
60,000,000
60,000,000
60,000,000
60,000,000
60,000,000
60,000,000
0
3,300,000
4,500,000
5,700,000
0
2,400,000
2,400,000
4,800,000
0.0000
0.0318
0.0463
0.0594
0.0000
0.0294
0.0267
0.0526

Figure 9: Quarter Financial Analysis of Oriental Food Industries Sdn Bhd for 2011 – 2012

12

2.0.1.3 Ratio Analysis on Annual Data

Ratio Analysis on Annual Data of Oriental Food Industries Sdn Bhd For the year ended:
Year
Accounting Data/ Time
Profitability Ratio:
Gross Profit Margin
Net Profit Margin
Operating Profit Margin
Earning per Share (EPS)
Return on Asset (ROA)
Return on Equity (ROE)

31/3/2009
2009

31/3/2010
2010

31/3/2011
2011

31/3/2012
2012

27.56%
8.25%
8.49%
0.16
7.47%
9.18%

28.82%
10.06%
11.00%
0.21
9.25%
11.10%

28.78%
5.83%
7.43%
0.14
6.00%
7.45%

19.87%
6.70%
8.60%
0.22
8.22%
10.44%

3.72
2.65

3.79
2.75

2.93
2.21

2.64
1.94

18.61%
19.02

16.69%
34.67

19.50%
44.67

21.29%
93.70

6.96
52.48
40.85
32.26
0.91

6.38
57.22
47.72
38.61
0.92

7.31
49.96
48.26
49.46
1.03

7.90
46.19
47.90
41.56
1.23

Market Ratio:
Price/Earnings (P/E) Ratio
Market/Book (M/B) Ratio

5.53
0.51

7.26
0.81

11.10
0.83

6.97
0.73

Capital Gearing Ratio:
Gearing Ratio

0.23

0.20

0.24

0.27

Liquidity Ratio:
Current Ratio
Quick Ratio
Leverage Ratio
Debt Ratio
Time Interest Earned Ratio
Activity Ratio:
Inventory Turnover
Inventories Turnover Period
Settlement Period for Trade Receivable
Settlement Period for Trade Payable
Total Asset Turnover

Figure 10: Ratio Analysis on Annual Data of Oriental Food Industries Sdn Bhd for 2009 – 2012

13

2.0.2

Ratio Analysis of Apollo Food Holdings Berhad

2.0.2.1 Financial Analysis on Annual Data
Financial Analysis on Annual Data of Apollo Food Holdings Berhad For the year ended:
Year
Accounting Data/ Time
Gross Profit
Profit Before Int & Tax
Sales
Current Assets
Fixed Assets
Current Liabilities
Long Term Liabilities
Total equity
Profit After Tax & Pref Div
Opening Stock
Closing Stock
Purchases
Cost of Goods Sale
Market Share Price
Debtors
Creditors
Interest Charged
No. of Ordinary Shares
Ordinary Dividends
Inventories
Total Asset
Total Liabilities
Dividend Per Share

30/4/2009
2009

30/4/2010
2010

43,143,948
25,442,740
175,337,429
83,436,717
127,090,547
5,911,306
15,653,835
188,962,123
20,918,303
12,335,933
12,208,778
132,066,326
132,193,481
2.26
21,296,157
1,742,070
0
80,000,000
9,000,000
12,208,778
210,527,264
21,565,141
0.113

30/4/2011
2011

45,496,811
32,247,766
159,531,255
102,345,475
128,284,265
8,009,467
16,835,167
205,785,106
24,676,992
12,208,778
14,569,823
116,395,489
114,034,444
2.90
20,472,957
3,144,648
0
80,000,000
12,000,000
14,569,823
227,151,552
23,975,087
0.150

30/4/2012
2012

40,255,679
22,576,924
176,291,985
99,633,147
134,138,328
8,090,542
17,202,633
208,478,300
17,854,221
14,569,823
18,866,856
140,333,339
136,036,306
3.05
23,152,108
4,290,539
0
80,000,000
15,400,000
18,866,856
233,771,475
25,293,175
0.193

45,092,996
28,593,663
200,548,462
103,060,858
137,386,787
7,611,750
17,702,542
215,133,353
21,741,325
18,866,856
17,221,363
153,809,973
155,455,466
2.93
26,221,654
3,703,319
0
80,000,000
16,000,000
17,221,363
240,447,645
25,314,292
0.200

Figure 11: Annual Financial Analysis of Apollo Food Holdings Berhad for 2009 – 2012

2.0.2.2 Financial Analysis on Quarter Data
Financial Analysis on Quarter Data of Apollo Food Holdings Berhad For the year ended:
Year
Accounting Data/ Time
Sales
Inventories
Cost of Goods Sale
Opening Stock
Closing Stock
Purchases
Gross Profit
Profit Before Int & Tax
Profit After Tax & Pref Div
Current Assets
Fixed Assets
Total Asset
Current Liabilities
Long Term Liabilities
Total Liabilities
Total equity
Market Share Price
Debtors
Creditors
Interest Charged
No. of Ordinary Shares
Ordinary Dividends
Dividend Yield

31/7/2010
2010

31/10/2010
2010

31/1/2011
2010

30/4/2011
2011

31/7/2011
2011

31/10/2011
2011

31/1/2012
2011

30/4/2012
2012

43,517,000
14,066,000
32,371,000
14,570,000
14,066,000
46,437,000
11,146,000
6,810,000
5,500,000
106,982,000
125,249,000
232,231,000
7,011,000
15,891,000
22,902,000
209,329,000
3.13
34,069,000
6,828,000
0
80,000,000
0
0.0000

37,078,000
14,412,000
28,284,000
14,066,000
14,412,000
28,630,000
8,794,000
3,954,000
3,954,000
105,385,000
133,943,000
239,328,000
7,388,000
16,361,000
24,781,000
215,579,000
3.40
24,428,000
6,522,000
0
80,000,000
0
0.0000

51,024,000
13,424,000
18,305,000
14,412,000
13,424,000
27,554,000
11,626,000
7,400,000
6,386,000
98,744,000
132,201,000
230,945,000
7,499,000
15,882,000
24,432,000
206,513,000
3.00
30,265,000
7,499,000
0
80,000,000
0
0.0000

44,673,000
18,867,000
35,984,000
13,424,000
18,867,000
41,427,000
8,689,000
3,461,000
2,014,000
24,210,000
134,138,000
233,771,000
8,091,000
17,202,000
25,293,000
208,478,000
3.05
21,210,000
7,829,000
0
80,000,000
15,400,000
0.0631

49,289,000
17,474,000
40,155,000
18,867,000
17,474,000
38,762,000
9,134,000
4,598,000
3,191,000
104,454,000
132,035,000
236,489,000
7,025,000
17,470,000
24,829,000
211,640,000
3.04
28,429,000
7,025,000
0
80,000,000
0
0.0000

45,216,000
17,000,000
35,696,000
17,474,000
17,000,000
35,222,000
9,520,000
6,054,000
4,138,000
107,421,000
134,608,000
242,029,000
7,823,000
17,949,000
17,949,000
215,864,000
3.14
27,502,000
7,823,000
0
80,000,000
0
0.0000

49,851,000
20,780,000
37,863,000
17,000,000
20,780,000
41,643,000
11,988,000
8,452,000
5,671,000
100,037,000
132,615,000
232,652,000
8,042,000
18,435,000
27,010,000
205,642,000
3.00
26,699,000
8,042,000
0
80,000,000
0
0.0000

56,193,000
17,221,000
41,741,000
20,780,000
17,221,000
38,182,000
14,452,000
9,489,000
8,740,000
103,061,000
137,387,000
240,448,000
7,298,000
17,703,000
25,315,000
215,133,000
2.93
28,865,000
7,298,000
0
80,000,000
16,000,000
0.0683

Figure 12: Quarter Financial Analysis of Apollo Food Holdings Berhad for 2011 – 2012

14

2.0.2.3 Ratio Analysis on Annual Data
Ratio Analysis on Annual Data of Apollo Food Holdings Berhad For the year ended:
Year
Accounting Data/ Time

30/4/2009
2009

30/4/2010
2010

30/4/2011
2011

30/4/2012
2012

Ratio Analysis:
Profitability:
Gross Profit Margin
Net Profit Margin
Operating Profit Margin
Earning per Share (EPS)
Return on Asset (ROA)
Return on Equity (ROE)

Leverage Ratios:
Debt Ratio
Time Interest Earned Ratio

28.52%
15.47%
20.21%
0.31
10.86%
11.99%

22.83%
10.13%
12.81%
0.22
7.64%
8.56%

22.48%
10.84%
14.26%
0.27
9.04%
10.11%

5.33
4.55

Liquidity:
Current Ratio
Quick Ratio

24.61%
11.93%
14.51%
0.26
9.94%
11.07%

6.08
5.21

5.79
4.69

5.82
4.85

10.24%
10.55%
10.82%
Not available as the company settles its debt within 7 – 60 days

10.53%

Activity Ratio:
Inventory Turnover
Inventories Turnover Period
Settlement Period for Trade Receivable
Settlement Period for Trade Payable
Total Asset Turnover

10.83
33.71
44.33
4.81
0.83

7.83
46.63
46.84
9.86
0.70

7.21
50.62
47.93
11.16
0.75

9.03
40.43
47.72
8.79
0.83

Market Ratio:
Price/Earnings (P/E) Ratio
Market/Book (M/B) Ratio

11.09
0.96

9.89
1.13

13.67
1.17

10.78
1.09

0.11

0.12

0.12

0.12

Capital Gearing Ratio:
Gearing Ratio

Figure 13: Ratio Analysis on Annual Data of Apollo Food Holdings Berhad

15

3.0

Evaluation of Analysis

3.0.1

Assessment on Balance Sheet and Income Statement

In this section, the annual gross profit & net profit, dividends yield and market share price of the two companies throughout 2009 to 2012 are analysed to evaluate the overall stability of performance of the company in terms of maintaining and increasing the company’s operational profits, as well as from the prospective of maximising shareholders’ wealth.

3.0.1.1 Oriental Food Industries Sdn Bhd
In overview, according to our findings from the evaluation of the balance sheet and income statement of Oriental Food Industries Sdn Bhd throughout 2009 – 2012, we concluded that the company grows healthily with a slight volatility in the company’s profit earnings which is proved not to impact the movement of the share price greatly, and the management had strived hard to maximise shareholders’ satisfaction through maintaining the balance of dividends payment and the movement of share price. Below are the highlighted performances of the company throughout 2009 – 2012:

Gross Profit & Net Profit
42,959,856

50,000,000
40,000,000

32,641,890

36,232,178

38,805,546

30,000,000
9,766,635

12,643,771

1/1/2009

20,000,000

1/1/2010

8,699,897

13,088,247

10,000,000
0
Gross Profit

1/1/2011

1/1/2012

Profit After Tax & Pref Div

Figure 14: Annual Trend Analysis on Gross Profit & Net Profit of Oriental Food Industries Sdn Bhd for 2009 – 2012

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Oriental Food Industries Sdn Bhd pays its dividends thrice a year, every 2nd, 3rd and 4th quarter of its accounting year. This has definitely boosted the confidence and satisfaction among the shareholders as distribution of dividends quarterly also indicating that the company is making profit for every quarter.

Dividend Yield
0.0318

0.0594

0.0463

0.0526
0.0294

0.0267

1/3/2012

1/2/2012

1/1/2012

1/12/2011

1/11/2011

1/10/2011

1/9/2011

1/8/2011

1/7/2011

1/6/2011

1/5/2011

1/4/2011

1/3/2011

1/2/2011

1/1/2011

1/12/2010

1/11/2010

1/10/2010

1/9/2010

1/8/2010

0.0000

1/7/2010

1/6/2010

0.0800
0.0600
0.0400
0.0200 0.0000
0.0000

Dividend Yield

Figure 15: Dividend Yield of Oriental Food Industries Sdn Bhd for 2011 – 2012

Market Share Price
2.00

1.53

1.61

1.52

1/1/2010

1/1/2011

1/1/2012

1.50
0.90
1.00
0.50
0.00
1/1/2009

Market Share Price

Figure 16: Market Share Price of Oriental Food Industries Sdn Bhd for 2009 – 2012

From Figure 14, it is shown that throughout year 2011 to year 2012, the company was facing a decline of 4.1 million in their gross profit (refer to Figure 14), which is believed to have impacted the growth and movement of the share price negatively. From the movement of the dividends yield as illustrated in Figure 15 and the 17

movement of the share price in Figure 16, it can be observed that the management distributed fewer dividends during the year, to have a more liquid cash flow and a higher net profit despite of the reduced gross profit of the year. Hence, although the gross profit of the company in 2012 dropped by 9.7% with respect to the previous year, the share price on the same year had only dropped by 5.6%.

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3.0.1.2 Apollo Food Holdings Berhad
According to our findings from the evaluation on the balance sheet and income statement of Apollo Food Holdings Berhad throughout year 2009 – 2012, we deducted that Apollo Food Holdings Berhad is a stable share with consistently well performance, which the management strives hard to satisfy the shareholders better by manipulating the dividends yield accordingly to the profit movement. With reference to Figure 18, it can be observed that the management had strived hard to please their shareholders by increasing the dividends yield every year regardless of their profit movement as shown in Figure 17.

Below are the highlighted performances of the company throughout year 2009 – 2012:

Gross Profit & Net Profit
50,000,000

43,143,948

45,496,811

45,092,996
40,255,679

40,000,000
30,000,000

20,918,303

24,676,992
17,854,221

21,741,325

20,000,000
10,000,000
0
2009

2010
Gross Profit

2011

2012

Profit After Tax & Pref Div

Figure 17: Annual Trend Analysis on Gross Profit & Net Profit of Apollo Food Holdings Berhad for 2009 – 2012

It can be observed that Apollo Food Holdings Berhad has been consistently doing well throughout the years, with a fluctuation of less than 5.5 million in their gross profit throughout the 4 years. This indicates that the management is doing well in maintaining the sales performance.

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Dividend Yield
0.0800

0.0631
0.0498

0.0517

1/1/2009

0.0600

1/1/2010

0.0683

0.0400
0.0200
0.0000
1/1/2011

1/1/2012

Dividend Yield

Figure 18: Dividend Yield of Apollo Food Holdings Berhad for 2009 – 2012

Long Term Liabilities
17,702,542

18,000,000
16,835,167

17,202,633

17,000,000
16,000,000

15,653,835

15,000,000
14,000,000
1/1/2009

1/1/2010

1/1/2011

1/1/2012

Long Term Liabilities

Figure 19: Market Share Price of Apollo Food Holdings Berhad for 2009 – 2012

From Figure 19, it can be observed that the share price of Apollo Food Holdings Berhad does not show great growth or decline of more than 0.5 after a great increase of 0.64 between year 2009 and 2010. The consecutively 3-years less fluctuated share price has proven that the company had been doing well in maintaining the performance of the operation with respect to the expectation of the shareholders.

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3.0.2

Comparison on Financial Ratios

In this section, we will be comparing the financial ratios of the two companies from five dimensions: Profitability, Liquidity, Debt, Activity, and Market. Descriptionii

Dimensions
Profitability

Ratios Introduced

Ability to generate earnings as compared Gross Profit Margin to expenses incurred during a period of Net Profit Margin
time.

Operating Profit Margin
Earnings Per Share
Return on Asset
Return on Equity

Liquidity

Ability of the company to convert an Current Ratio
asset to cash quickly.

Quick Ratio

Financial

Measure of use of financial instruments Debt Ratio

Leverage

or borrowed capital to increase potential Time Interest Earned Ratio return of an investment.

Activity

Ability to convert accounts within its Inventory Turnover
balance sheets into cash or sales.

Inventory Turnover Period
Total Asset Turnover

Market

Measure investor response to owning a P/E Ratio
company’s stock and also the cost of Market/Book Ratio
issuing stock.
Table 2: Financial Ratios Introduced

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3.0.2.1

Profitability
2009
OFIH
APOF

2011
OFIH
APOF

2012
OFIH
APOF

27.56%
8.25%
8.49%
0.16
7.47%
9.18%

Profitability Ratio:
Gross Profit Margin
Net Profit Margin
Operating Profit Margin
Earning per Share (EPS)
Return on Asset (ROA)
Return on Equity (ROE)

2010
OFIH
APOF

28.82%
10.06%
11.00%
0.21
9.25%
11.10%

28.78%
5.83%
7.43%
0.14
6.00%
7.45%

19.87%
6.70%
8.60%
0.22
8.22%
10.44%

24.61%
11.93%
14.51%
0.26
9.94%
11.07%

28.52%
15.47%
20.21%
0.31
10.86%
11.99%

22.83%
10.13%
12.81%
0.22
7.64%
8.56%

22.48%
10.84%
14.26%
0.27
9.04%
10.11%

Figure 20: Comparison on Profitability Ratio between OFIH and APOF

Gross Profit Margin and Net Profit Margin
Gross Profit Margin indicates the company’s financial health by revealing the proportion of money left over from revenues after accounting for the cost of goods sold.
Net Profit Margin measures the percentage of each sales dollar remaining after all costs and expenses, including interest, taxes, and preferred stock dividends, have been deducted. It shows how much of each ringgit earned by the company is translated into profits and growth of this margin is highly related to the share price growth as this leads directly to higher level of profitability.

Gross Profit Margin
35.00%
30.00%
25.00%
20.00%
15.00%
10.00%
5.00%
0.00%

27.56%
24.61%

28.82%
28.52%

28.78%
22.83%

22.48%
19.87%

15.47%
11.93%
8.25%

10.06%

10.13%
5.83%

10.84%
6.70%

2009

2010

2011

2012

OFIH Gross Profit

APOF Gross Profit

OFIH Net Profit

APOF Net Profit

Figure 21: Comparison between Gross Profit Margin and Net Profit Margin of Oriental Food Industries Sdn Bhd (OFIH) and Apollo Food Holdings Berhad (APOF)

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With reference to Figure 21, it can be observed that change in gross profit does not correlate directly with the change in net profit margin which influences the share price directly. Changes in gross profit margin can
never explain how good the company is doing as it does not reveal the actual profit that the company is making. As seen in the diagram, changes in gross profit margin from year 2009 to 2010 of both companies are observed to be directly proportional to their net profit margin. However, the changes in gross profit margin can no longer symbolize the changes in net profit margin for both companies, this might due to uncertain economic circumstances which the companies to spend more in expenses, leads to the changes in net profit margin which cannot be explained by the movement of gross profit margin. From the movements of the net profit margin of both companies as illustrated in Figure 21, it can be observed that both companies share the same growth pattern, that is, both companies experienced a slight gain in their net profit margin of around 2 (OFIH) – 4% (APOF) in 2010 compared with 2009, a severe drop of around 35 (APOF) – 42% (OFIH) in 2011 compared with 2010, and a gain of 7 (APOF) – 15% (OFIH) in 2012 compared with 2011.

Hence, it can be concluded that in terms of net profit margin, Apollo Food Holdings Berhad had proven that it outperformed Oriental Food Industries Sdn Bhd most of the time, in terms of resistance to economic crisis as well as its recovery rate and growth rate.

Earnings per Share:
Earnings per share (EPS) is the portion of a company’s profit allocated to each outstanding share of common stock. It measures the returns to the shareholder for

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every share invested. The higher the earnings per share is, the more effective the earnings performance of the company is.
In this section, we will be comparing the EPS growth of each company by assessing the annual EPS of each company from 2009 – 2012 to evaluate the consistency of earnings performance of each company.

Annual Earnings Per Share (RM)
0.31

0.35
0.30

0.21

0.25
0.20

0.27

0.26
0.16

0.22

0.22

0.14

0.15
0.10
2009

2010
OFIH EPS

2011

2012

APOF EPS

Figure 22: Annual Earnings per Share (RM) of OFIH and APOF

As illustrated in Figure 22 above, the annual EPS growth of both companies is being in phase with each other, which both of them experienced declines and gains of EPS at the same point of time. This indicates that the decline in EPS might be caused by macroeconomics issue which impacts the entire industry.

In general, both Oriental Food Industries Sdn Bhd and Apollo Food Holdings Berhad have shown to consistently perform well in terms of growth rate as well as recovery rate after a crisis or drop in EPS during an unforeseen circumstance. It can be also observed that Apollo Food Holdings Berhad had always outperformed Oriental Food Industries Sdn Bhd in terms of EPS value. However, the difference between the EPS of both companies are observed to be diminished at the same time, which indicates that the EPS of Oriental Food Industries Sdn Bhd is growing at a 24

faster path than EPS of Apollo Food Holdings Berhad does, although their growth rate are in phase with each other.
Return on Asset & Return on Equity:
Return on total asset (ROA) measures the overall effectiveness of management in generating profits with its available assets. The bigger the ratio, the better it is. Return on equity (ROE) measures the return earned on the common stockholders’ investment in the firm.

Return on Asset and Return on Equity
12.00%
11.00%
10.00%
9.00%
8.00%
7.00%
6.00%
5.00%
2009
OFIH ROE

2010
APOF ROE

2011
OFIH ROA

2012
APOF ROA

Figure 23: Comparison on ROA & ROE between OFIH and APOF

In overview, the ROA of Apollo Food Holdings Berhad is slightly higher than Oriental Food Industries Sdn Bhd throughout 2009 – 2012. This indicates that Apollo Food Holdings Berhad has always been more effective than Oriental Food Industries Sdn Bhd, in terms of how efficient the management in utilizing their available assets to generate the maximum profit.

Similarly, the ROE of Apollo Food Holdings Berhad is observed to be slightly higher than Oriental Food Industries Sdn Bhd. This means that Apollo Food Holdings

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Berhad is more efficient in generating profit with the equity contributed by the shareholders.
Generally, the higher the company’s ROA and ROE, the better the company in terms of fulfilling the objective of shareholder wealth maximization.

3.0.2.2

Liquidity
2009
OFIH
APOF

Liquidity Ratio:
Current Ratio
Quick Ratio

3.72
2.65

5.33
4.55

2010
OFIH
APOF

3.79
2.75

6.08
5.21

2011
OFIH
APOF

2.93
2.21

5.79
4.69

2012
OFIH
APOF

2.64
1.94

5.82
4.85

Figure 24: Comparison on Liquidity Ratio of OFIH and APOF

Current Ratio & Quick Ratio:
Current ratio measures a company’s ability to pay short term obligations using its short term assets. The higher the current ratio, the more capable the company is to pay off its obligations. A current ratio under 1 suggests that the company is facing difficulty in clearing its debts if they came due at this point, however this does not necessarily mean the company will go bankrupt.

Quick ratio indicates a company’s short term liquidity. It measures the company’s ability to meet its short-term obligation using its most liquid assets. The higher the ratio, the better the financial position of the company. As compared with current ratio, quick ratio is a more conservative indicator as it does not take inventories into accounts of the company’s current assets. Hence, quick ratio will be a better indicator to tell a company’s short-term financial strength.

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Quick Ratio & Current Ratio
7.00
6.00
5.00
4.00

6.08
5.21

5.33
4.55
3.72

5.79

5.82

4.69

4.85

3.79

2.65

2.75

2.93
2.21

2.64
1.94

2009

3.00

2010

2011

2012

2.00
1.00
0.00
APOF Current Ratio

OFIH Current Ratio

OFIH Quick Ratio

APOF Quick Ratio

Figure 25: Comparison on Quick Ratio & Current Ratio of OFIH and APOF

The Apollo Food Holdings Berhad with a current ratio of 5.79 is far higher if compared to Oriental Food Industries Holdings Berhad with ratios of 2.93. When it comes to quick ratio that excludes inventory, the Apollo Food Holdings Berhad has a quick ratio of 4.69, which is higher than the Oriental Food Industries Sdn Bhd’s quick ratio of 2.21. In conclusion, based on the company’s current ratio and quick ratio, both companies are believed to be financially capable to cover their short-term liabilities; however Apollo Food Holdings Berhad is believed to have a more liquid position than Oriental Food Industries Sdn Bhd.

3.0.2.3

Financial Leverage
2009
OFIH
APOF

Leverage Ratio
Debt Ratio
Time Interest Earned Ratio

2010
OFIH
APOF

2011
OFIH
APOF

2012
OFIH
APOF

18.61%
19.02

16.69%
34.67

19.50%
44.67

21.29%
93.70

10.24%
N/A

10.55%
N/A

10.82%
N/A

10.53%
N/A

Figure 26: Comparison on Financial Leverage Ratios of OFIH and APOF

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Debt Ratio
Debt ratio explains the proportion of debt a company has relative to its assets. This measure reveals the level of risk of the company in terms of its debt-load.

Debt Ratio
25.00%
20.00%

21.29%
19.50%

18.61%
16.69%

15.00%
10.24%

10.55%

10.82%

10.53%

2009

2010

2011

2012

10.00%
5.00%
0.00%
OFIH Debt Ratio

APOF Debt Ratio

Figure 27: Comparison on Debt Ratio between OFIH and APOF

From Figure 27, it can be observed that both companies have a low debt ratio. Comparatively, Apollo Food Holdings Berhad is in a better financial position than Oriental Food Industries Sdn Bhd as its debt ratios over the year are relatively lower and more consistent.

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Time Interest Earned Ratio:
Time interest earned ratio is a measure for the company’s ability to meet its debt obligation.

Time Interest Earned Ratio
100.00
90.00
80.00
70.00
60.00
50.00
40.00
30.00
20.00
10.00
0.00

93.70

44.67
34.67
19.02
0.00

0.00

0.00

0.00

2009

2010

2011

2012

APOF TIE Ratio

OFIH TIE Ratio

Figure 28: Comparison on TIE Ratio between OFIH and APOF

With reference to the diagram above, it can be seen that Apollo Food Holdings Berhad does not bear any interest cost at all throughout the years. This is mainly because the company’s policy of settling their debts within 7 – 60 days, and hence the management will not have to pay any interests on their debt. On the other hand, Oriental Food Industries Sdn Bhd is observed to be having an increasing time interest earned ratio from 2009 to 2012. This indicates that the company is holding excess earnings which should have been invested into other investments or projects to yield more returns.

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3.0.2.4

Activity
2009
OFIH
APOF

Activity Ratio:
Inventory Turnover
Inventories Turnover Period
Total Asset Turnover

6.96
52.48
0.91

10.83
33.71
0.83

2010
OFIH
APOF

6.38
57.22
0.92

2011
OFIH
APOF

7.83
46.63
0.70

7.31
49.96
1.03

7.21
50.62
0.75

2012
OFIH
APOF

7.90
46.19
1.23

9.03
40.43
0.83

Figure 29: Comparison on Activity Ratios between OFIH and APOF

Inventory Turnover & Inventories Turnover Period
Inventory turnover is a ratio showing how many times a company’s inventory is sold and replaced over a period.
Inventories turnover period indicates the days the company takes to sell the inventory on hand.

Inventory Turnover & Inventories
Turnover Period
70.00
60.00

57.22
52.48
46.63

50.00

50.62
49.96
46.19
40.43

40.00

33.71

30.00
20.00
7.83
6.38

7.31
7.21

9.03
7.90

2009

10.00

10.83
6.96

2010

2011

2012

0.00
OFIH Inventory Turnover

OFIH Inventories Turnover Period

APOF Inventories Turnover Period

APOF Inventory Turnover

Figure 30: Comparison on Inventory Turnover & Inventories Turnover Period between OFIH and APOF

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The Apollo Company’s inventory turnover is 9.03 which are slightly faster than Oriental Company’s inventory turnover of 7.90. This shows that the liquidity of the Oriental Company’s inventory is somewhat not efficient, it will affect the inventory lifetime. For example, some inventories might be not usable due to the over it lifetime. From the viewpoint of its collection period, the average payment period of Oriental Company is 32 days longer than Apollo Company, means that Oriental Company’s use longer time to collect their collection and it might bring negative effect to Oriental, which is lack of funds. That will cause the company lack of fund to invest or start their new project or even afford the expense for the current project. Total Asset Turnover

Total asset turnover measures the efficiency of the firm in using its asset to generate sales or revenue. This can also reflect the pricing strategies of the company.

Total Asset Turnover
1.40

1.23

1.20
1.00

1.03
0.91
0.83

0.92
0.70

0.80

0.75

2010

2011

0.83

0.60
0.40
0.20
0.00
2009

OFIH Total Asset Turnover

2012

APOF Total Asset Turnover

Figure 31: Comparison on Total Asset Turnover of OFIH and APOF

With reference to Figure 31, it can be observed that the total asset turnover ratio of Oriental Food Industries Sdn Bhd outperformed Apollo Food Holdings Berhad all the

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time. This indicates that the management of Oriental Food Industries Sdn Bhd had been more efficient in utilising their asset to generate profit. This is good news to investors as although Oriental Food Industries Sdn Bhd has a comparatively smaller asset size than Apollo Food Holdings Berhad, the management has actually proved to have performed better in utilising the company’s asset.

3.0.2.5Market
2009
OFIH
APOF
Market Ratio:
Price/Earnings (P/E) Ratio
Market/Book (M/B) Ratio

5.53
0.51

2010
OFIH
APOF

11.09
0.96

7.26
0.81

2011
OFIH
APOF

9.89
1.13

11.10
0.83

13.67
1.17

2012
OFIH
APOF

6.97
0.73

10.78
1.09

Figure 32: Comparison on Market Ratios between OFIH and APOF

Price/Earnings (P/E) Ratio
PE ratio is a valuation ratio of a company’s current share price compared to its pershare earnings. In general, PE ratio is an indicator for the company that how much the investors are expecting the earnings growth in the future to be.

Price/Earnings Ratio
16.00

13.67

14.00
12.00

9.89

10.00
8.00

11.10

11.09
7.26

10.78
6.97

5.53

6.00
4.00
2.00
0.00
2009

2010
OFIH EPS

2011

2012

APOF EPS

Figure 33: Comparison on PE Ratio between OFIH and APOF

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With reference to the diagram above, it can be observed that PE ratio of Apollo Food Holdings Berhad is relatively higher than Oriental Food Industries Sdn Bhd, which indicates that investors are willing to pay more to acquire Apollo Fod Holdings Berhad as they are expecting a comparatively greater return from the stocks in the future.

Market/Book (M/B) Ratio
Market/Book ratio is generally be used in determining whether a company share is overpriced or under-priced. A company share with M/B ratio greater than one usually means that the company share price is overpriced while company share with M/B ratio less than one means that the company share price is currently under-priced.

Market/Book Ratio
1.50

1.13
0.96

1.00

1.17

0.81

0.83

2010

2011

1.09
0.73

0.51
0.50
0.00
2009

OFIH MB Ratio

2012

APOF MB Ratio

Figure 34: Comparison on Market/Book Ratio between OFIH and APOF

Figure 34 shows that in general, M/B ratio of Apollo Food Holdings Berhad is higher than that of Oriental Food Industries Sdn Bhd. The historical curve also shows that for the recent 3 years, Apollo Food Holdings Berhad had a M/B ratio greater than 1, which might indicate that the stock is currently slightly overpriced. On the contrary, the historical data of Oriental Food Industries Sdn Bhd shows that the company share had been under-priced for the past 4 years.

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3.0.3

SWOT Analysis

3.0.3.1 Oriental Food Industries Sdn Bhd

• Lower PE
Ratio

• Lower Net
Profit Margin
• Lower Share
Price Growth
Strength

Weakness

Threats

Opportunities

• Higher debt
ratio and times
interest return
ratio

• Better ROE
and EPS
growth rate

Figure 35: SWOT Analysis on OFIH

Strength:
A lower P/E ratio will be an attraction to those investors who are unwilling to spend much on one company’s share and on the meanwhile wish to get their return back within a shorter period.
Weakness:
The lower net profit margin of the stock causes the share price to grow in a lower rate. However, it is observed that for recent years, the net profit margin of the company has

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been growing faster than its opponent, although it is still comparatively
lower than its opponent, but the performance of the company is improving.
Opportunities:
Oriental Food Industries Sdn Bhd has a higher Return on Equity ratio and a greater Earning per Share growth rate than its opponent, this might be an excellent confidence boost to its investors and shareholders as the company has successfully proven itself to be a potentially profitable company which may generate profits in a more efficient way to their shareholders, as compared with their key opponent. Threats:

As compared with its opponent, Oriental Food Industries Sdn Bhd has a higher debt ratio and times interest return ratio than Apollo Food Holdings Berhad. This indicates that the company is having a less liquid capital to invest in more projects, and the company will be influenced greater by the interest rate risk.

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3.0.3.2

Apollo Food Holdings Berhad

• Consistent
Share Price
Movement

• Slower
Share Price
Growth
Strength

Weakness

Threats

Opportunities

• High PE
ratio

• No interest
cost

Figure 36: SWOT Analysis on Apollo Food Holdings Berhad

Strength:
As compared with its competitor, the historical data of Apollo Food Holdings Berhad had proven that the company has been performing consistently well. The share price movement is comparatively stable and have less fluctuation, although at times the share price was affected by the macroeconomic environment, the company had been proven to have strived hard to minimise every negative impact and to maximise every positive impact to its share price.

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Weakness:
Meanwhile, we found out that the share price growth is comparatively slower than its competitor. The share price is growing, but it is getting slower, most probably due to its conservative management in always ensuring the share price moves with an expected volatility. This might cause a loss of interest of the investors to the stock who wish to maximise their return within a given period.

Opportunities:
Due to the company’s policy of settling debts within 7 – 60 days, the company does not bear any interest cost throughout the 4 years observation period. This is considered as one of the biggest advantages for the company as its cash flow is further more liquid than its competitor. The company hence has more available capital to be invested in more areas which is able to maximise the return of the investment. Threats:

The P/E ratio of the stock is comparatively higher than its competitor, although it is still considered as at a healthy P/E ratio level, the higher P/E ratio indicates that the investors are expecting more earnings growth of the company in the future. In other words, the current share price growth might not be able to satisfy its current shareholders.

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4.0

Additional Information

4.0.1

Oriental Food Industries Sdn Bhd

The group has prepared an unaudited condensed interim financial report for the year ended 31 March 2013. On 28 May 2013, the Board of Directors proposed that the third interim single tier dividend of RM0.02 per share amounting to RM1, 200,000 for the financial year ended 31 March 2013 on 60,000,000 ordinary shares of RM1.00 each will be paid on 3 April 2013, subject to the approval of the members at the forthcoming Annual General Meeting of the Company. As dividends will only be distributed when the company is making profit, this announcement from the management is actually giving a confidence boost to the investors. Moreover, by tracing back to the history of the company, Oriental Food Industries Sdn Bhd was established and incorporated in 1978. And from the beginnings, they have positioned themselves as a leading manufacturer in the snack food and confectionery industry in Malaysia. Since the company commenced, they had maintain a decent financial health and preserved its future prospects during the operation. The effort of uphold a good image build the goodwill and reputation of the group over time. For current period to date, the group has recorded higher revenue as a result of higher demand from customers as well as higher selling price in the snack food and confectioneries segment. We
still can see the demand in the market even the market today became more competitive. Instead of keep pushing on sales, the company tend to deliver the customers with quality products and services. Customerdriven strategy is expected to hang on to a customer over time and create a long term trading relationship. The intangible value of company’s reputation and the loyalty of its customers might drive the company share price to rise.

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4.0.2

Apollo Food Holdings Berhad

Latterly, the company has prepared a condensed consolidated interim financial statement for the year ended 30 April 2013. For the current quarter ended 30 April 2013, the group recorded its revenue of RM 54.697 million, a decrease of RM 1.496 million over the revenue of RM 56.193 million in the preceding year’s corresponding quarter. The lower revenue was due to lower sales for both the local and export markets during the festive month. The company’s profit before tax for the current quarter ended 30 April 2013 increased by RM 0.085 million to RM 9.574 million from RM 9.489 million in the quarter ended 30 April 2012. Yet the lower operating costs had contributed to the increase in profit. Despite of decreased revenue, Apollo Food Holdings Berhad is still able to generate profit out of the quarter’s earnings, which is expected to have successfully stimulated the interest and confidence of investors to buy or hold the company share.

Besides, the company also reported the earnings per share of RM 0.40 compared to RM 0.27 during the same period last year. This has illustrated that the company is generating a profit from its operation which creates more value to the shares.

4.0.3 Conclusion
In short, the stock is floated in the stock exchange and may change price minute to minute. There are number of factors may determine this change. For
instance, news events, positive or negative, can also influence the price of a stock. A share price closely related to the value of a company’s worth. It also represents company’s current value and reflects the future growth and earnings that investors expected.

39

5.0

Conclusion and Recommendations

Based on our findings from previous sections, we can conclude that both stocks are worth to be invested, and we have concluded that there is no “better” stock between OFIH and APOF as investors with different risk profile will have different opinions on each of them.

Risk Profile

Recommendations Remarks

Risk-Taker

Buy OFIH

Although Oriental Food Industries Sdn Bhd
pays dividends more often than Apollo Food
Industries Berhad, the high debt-ratio and lower
net profit margin puts the company share in a
riskier situation where the stock price may have
a larger volatility than Apollo Food Holdings
Berhad does.

Conservative
Investor

Cite this Apollo vs. Oriental Food

Apollo vs. Oriental Food. (2016, May 05). Retrieved from https://graduateway.com/apollo-vs-oriental-food/

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