FY08 Results

�� The unsatisfactory full year results have disheartened many analysts, who had believed it could turnaround in FY08. Revenues and earnings were uninspiring and continued their losing streak due to both macro and micro factors.

FY08 and Half Year Results
RM'000 FY08 1H08 2H08 Half Yr Chg
Revenue 60.16 29.2 31.0 6.3%
COGS -63.1 -28.4 -34.7 22.3%
Gross Profit -2.94 0.8 -3.7 -579.4%

Macro Factors Contributed to Loss: The FY08 performance was a lag indicator, giving SIAS hindsight on the extremely adverse operating environment for rubber glove makers.

12-month target price of 6.5 cents is based on P/EBITDA multiple of 6 and forecasted FY09 EBITDA of S$1.08 (based on current shareholder base of
500million). Once the rights issue is approved, the target price should be
halved.