Friday 14 January 2011

A Brief Look at Dutch Lady Milk Industries Bhd.

Dutch Lady Milk Industries Berhad

Business Description:
Dutch Lady Milk Industries Berhad is a Malaysia-based manufacturing company. The Company is engaged in the manufacture and distribution of sweetened condensed milk, milk powder, dairy products and fruit juice drinks in the home market and for export. It manufactures and sells a range of dairy products and fruit juices for the home and export market, such as infant formula, growing-up milk, powdered milk, condensed milk, ultra high temperature (UHT) milk, sterilized milk, pasteurized milk, cultured milk, yoghurt and fruit juice drinks. The Company operates under the brands Dutch Lady, Frisolac, Friso, Completa, Omela and Joy. The immediate and ultimate holding companies during the year ended December 31, 2009, were Frint Beheer IV BV and Royal FrieslandCampina NV, respectively.


2002 DPS   5.8 EPS 23.7
2003 DPS 12.8 EPS 24.2
2004 DPS 56.0 EPS 26.6
2005 DPS 63.2 EPS 42.4
2006 DPS 63.2 EPS 67.3
2007 DPS 63.2 EPS 73.8
2008 DPS 42.1 EPS 66.6
2009 DPS 65.6 EPS 94.4
9M10 DPS 35.0 EPS 82.89 NTA 3.27

Announcement
Date
Financial
Yr. End
QtrPeriod EndRevenue
RM '000
Profit/Lost
RM'000
EPSAmended
29-Nov-1031-Dec-10330-Sep-10186,71513,32220.82-
18-Aug-1031-Dec-10230-Jun-10188,92918,91829.56-
18-May-1031-Dec-10131-Mar-10173,11120,81232.52-
18-Feb-1031-Dec-09431-Dec-09169,52116,04825.08-


Current Price (1/7/2011): 17.50
2009 Sales 691,847,000
Employees: 570
Market Cap: 1,120,000,000
Shares Outstanding: 64,000,000
Closely Held Shares: 46,418,300

Estimated EPS for 2010 = ttm-EPS = 107.98 sen
Projected PE for 2010 = 17.50 / 1.0798 = 16.2 x

Historical
5 Yr
PE range 10.7 - 17.8
DY range 7.0% - 4.2%

10 Yr
PE range 12.3 - 20.1
DY range 7.0% - 4.5%

Capital change
2002   3/1 Bonus

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