Tuesday 3 April 2012

Coastal versus Dutch Lady (A Comparative Study)


3.4.2012 5.3.2012
Coastal Dutch Lady
Income Statement
31/12/2011 31/12/2011
RM (m) RM (m)
Revenue 719.31 810.65
Gross Profit 196.67 304.47
Operating Profit  - 139.372
Financing costs -0.519 -0.919
PBT 191.636 141.553
PAT 190.954 108.082
EPS (basic) sen 39.51 168.88
EPS (diluted) sen
Balance Sheet
NCA 98.487 74.048
CA 1042.326 324.465
Total Assets 1140.813 398.513
Total Equity 770.798 259.154
NCL 16.936 4.051
CL 353.079 135.308
Total Liabilities 370.015 139.359
Total Eq + Liab 1140.813 398.513
Net assets per share 1.595 4.05
Cash & Eq 150 193.143
LT Borrowings 11.414 0
ST Borrowings 4.089 0
Net Cash 134.497 193.143
Inventories 819.277 93.448
Trade & other receivables 72.347 36.713
Trade & other payables 348.967 121.831
Quick Ratio 0.63 1.71
Current Ratio 2.95 2.40
Cash flow statement
PBT 191.636 141.553
OPBCWC 194.058
Cash from Operations 61.380 188.290
Net CFO 59.471 161.940
CFI 14.510 -7.135
CFF -75.736 -47.319
Capex -16.547 -10.882
FCF 42.924 151.058
Dividends paid -40.231 -46.400
DPS (sen) 8.33 72.5
No of ord shares (m)
basic 483.229 64
diluted
Financial Ratios
Gross Profit Margin 27.34% 37.56%
Net Profit Margin 26.55% 13.33%
Asset Turnover 0.63 2.03
Financial Leverage 1.48 1.54
ROA 16.74% 27.12%
ROC 30.01% 163.73%
ROE 24.77% 41.71%
Valuation 3.4.2012 5.3.2012
Price  2.02 29.5
Market cap (m) 976.12 1888.00
P/E 5.11 17.47
P/BV 1.27 7.29
P/FCF 22.74 12.50
P/Div 24.26 40.69
DPO ratio 0.21 0.43
EY 19.56% 5.72%
FCF/P 4.40% 8.00%
DY 4.12% 2.46%

Apex Healthcare versus Dutch Lady (A Comparative Study)


3.4.2012 5.3.2012
Apex Healthcare Dutch Lady
Income Statement
31/12/2011 31/12/2011
RM (m) RM (m)
Revenue 366.00 810.65
Gross Profit 95.14 304.47
Operating Profit  - 139.372
Financing costs -0.288 -0.919
PBT 35.849 141.553
PAT 28.468 108.082
EPS (basic) sen 29.96 168.88
EPS (diluted) sen 29.96
Balance Sheet
NCA 85.596 74.048
CA 202.303 324.465
Total Assets 287.899 398.513
Total Equity 212.212 259.154
NCL 8.737 4.051
CL 66.95 135.308
Total Liabilities 75.687 139.359
Total Eq + Liab 287.899 398.513
Net assets per share 2.120 4.05
Cash & Eq 22.802 193.143
LT Borrowings 1.345 0
ST Borrowings 2.267 0
Net Cash 19.19 193.143
Inventories 43.098 93.448
Trade receivables 86.158 36.713
Trade payables 63.665 121.831
Quick Ratio 2.38 1.71
Current Ratio 3.02 2.40
Cash flow statement
PBT 35.849 141.553
OPBCWC 42.941
Cash from Operations 39.476 188.290
Net CFO 32.650 161.940
CFI -15.866 -7.135
CFF -16.979 -47.319
Capex -13.251 -10.882
FCF 19.399 151.058
Dividends paid -11.363 -46.400
DPS (sen) 12.12 72.5
No of ord shares (m)
basic 93.717 64
diluted
Financial Ratios
Gross Profit Margin 25.99% 37.56%
Net Profit Margin 7.78% 13.33%
Asset Turnover 1.27 2.03
Financial Leverage 1.36 1.54
ROA 9.89% 27.12%
ROC 14.75% 163.73%
ROE 13.41% 41.71%
Valuation 3.4.2012 5.3.2012
Price  2.92 29.5
Market cap (m) 273.65 1888.00
P/E 9.61 17.47
P/BV 1.29 7.29
P/FCF 14.11 12.50
P/Div 24.08 40.69
DPO ratio 0.40 0.43
EY 10.40% 5.72%
FCF/P 7.09% 8.00%
DY 4.15% 2.46%

Malaysia’s stock market hit an all-time high



Stock market hits all-time high
Malaysia’s stock market hit an all-time high of 1,603.96 points yesterday and closed at 1,603.78 for a gain of 7.45 points. PETALING JAYA: Malaysia’s stock market hit a new high yesterday with the FTSE Bursa Malaysia KLCI (FBM KLCI) reaching 1,603.96 after... 

Impact of Retained earnings on EPS


When EPS growth is entirely due to profits from retained earnings, the increased EPS percentage measures the impact of ROE on those retained earnings. 

For instance,

Half of profit is retained: If ROE is 20 percent, half the profit is retained and ROE in the following year remains steady at 20 percent, EPS will increase by 10 percent.

All profit is retained: If all profit is retained and reinvested at 20 percent, EPS will increase by 20 per cent. 

All profit is distributed: If all profit were distributed, irrespective of ROE, EPS growth would be zero.

Money is actually a debt instrument. So grows the gap between the haves and have-nots.

When it come to personal-finance success, responsibility for how we earn, spend, save and invest is obviously essential. However, financial objectives can easily elude us if we lack the whole story about money. 
Central banks worldwide (Federal Reserve for the U.S.) issue currency at the precise moment it is borrowed via an automated procedure called fractional-reserve banking. Therefore, money is actually a debt instrument (Federal Reserve Note). This private profit, interest-delivering system was designed centuries ago.
Over time debt grows per compounding interest and purchasing power diminishes with increased cost of living. The cost of living rises as businesses add their interest cost from bank loans to the cost of the goods and services we purchase.
And so grows the gap between the haves and have-nots.
That brings me to the pivotal issue of how much purchasing power $1.00 has in the marketplace today. One dollar is only worth 4.5 cents and an online inflation calculator proves my point. An item purchased for $1.00 in 1913 (when the Federal Reserve System was created) would cost $22.10 in 2010; a 2000% increase in inflation!
Without a working knowledge of money as debt, even the most sincere efforts may falter as a rising cost of living erodes hard-won forward movement. When following conventional financial wisdom, the solution to keeping up and making ends meet could well end up, once again, as participation in the vicious cycle of credit and debt. Who benefits?

If you find a good company at a good price, who cares what "the market" is doing?


When buying a great wonderful company, also ensure that the stock was reasonably priced.
Even a great company can be a bad investment if you pay too much for it

If you find a good company at a good price, who cares what "the market" is doing?

Monday 2 April 2012

Petronas Dagangan versus Dutch Lady (A Comparative Study)


5.3.2012 5.3.2012
PetDag Dutch Lady
Income Statement
31/12/2011 31/12/2011
RM (m) RM (m)
Revenue 23,251.78 810.65
Gross Profit 2,100.70 304.47
Operating Profit 1209.173 139.372
Financing costs -1.015 -0.919
PBT 1208.911 141.553
PAT 875.927 108.082
EPS (basic) sen 87.5 168.88
EPS (diluted) sen
Balance Sheet
NCA 3957.02 74.048
CA 4527.712 324.465
Total Assets 8484.732 398.513
Total Equity 4830.594 259.154
NCL 198.629 4.051
CL 3455.509 135.308
Total Liabilities 3654.138 139.359
Total Eq + Liab 8484.732 398.513
Net assets per share 4.862 4.05
Cash & Eq 1026.209 193.143
LT Borrowings 16.232 0
ST Borrowings 0 0
Net Cash 1009.977 193.143
Inventories 832.6 93.448
Trade receivables 2668.903 36.713
Trade payables 3351.073 121.831
Quick Ratio 1.07 1.71
Current Ratio 1.31 2.40
Cash flow statement
PBT 1208.911 141.553
OPBCWC
Cash from Operations 188.290
Net CFO 1043.938 161.940
CFI -307.041 -7.135
CFF -623.159 -47.319
Capex -289.167 -10.882
FCF 754.771 151.058
Dividends paid -633.327 -46.400
DPS (sen) 63.75 72.5
No of ord shares (m)
basic 993.454 64
diluted
Financial Ratios
Gross Profit Margin 9.03% 37.56%
Net Profit Margin 3.77% 13.33%
Asset Turnover 2.74 2.03
Financial Leverage 1.76 1.54
ROA 10.32% 27.12%
ROC 22.93% 163.73%
ROE 18.13% 41.71%
Valuation 5.3.2012 5.3.2012
Price  18.24 29.5
Market cap (m) 18120.6 1888.00
P/E 20.69 17.47
P/BV 3.75 7.29
P/FCF 24.01 12.50
P/Div 28.61 40.69
DPO ratio 0.72 0.43
EY 4.83% 5.72%
FCF/P 4.17% 8.00%
DY 3.50% 2.46%

Padini versus Dutch Lady (A Comparative Study)


6.3.2012 5.3.2012
Padini Dutch Lady
Income Statement
30/6/2011 31/12/2011
RM (m) RM (m)
Revenue 568.48 810.65
Gross Profit 290.80 304.47
Operating Profit 106.63 139.372
Financing costs -1.573 -0.919
PBT 105.057 141.553
PAT 75.694 108.082
EPS (basic) sen 11.51 168.88
Balance Sheet
NCA 94.585 74.048
CA 349.754 324.465
Total Assets 444.339 398.513
Total Equity 282.677 259.154
NCL 23.715 4.051
CL 137.947 135.308
Total Liabilities 161.662 139.359
Total Eq + Liab 444.339 398.513
Net assets per share 0.430 4.05
Cash & Eq 138.622 193.143
LT Borrowings 22.151 0
ST Borrowings 24.948 0
Net Cash 91.523 193.143
Inventories 170.955 93.448
Trade receivables 39.433 36.713
Trade payables 93.94 121.831
Quick Ratio 1.30 1.71
Current Ratio 2.54 2.40
Cash flow statement
PBT 105.057 141.553
OPBCWC 129.019
Cash from Operations 60.017 188.290
Net CFO -2.104 161.940
CFI -2.276 -7.135
CFF 8.773 -47.319
Capex -24.728 -10.882
FCF -26.832 151.058
Dividends paid -26.316 -46.400
DPS (sen) 4.00 72.5
No of ord shares (m) 657.91 64
Financial Ratios
Gross Profit Margin 51.16% 37.56%
Net Profit Margin 13.32% 13.33%
Asset Turnover 1.28 2.03
Financial Leverage 1.57 1.54
ROA 17.04% 27.12%
ROC 39.60% 163.73%
ROE 26.78% 41.71%
Valuation 6.3.2012 5.3.2012
Price  1.53 29.5
Market cap (m) 1006.60 1888.00
P/E 13.30 17.47
P/BV 3.56 7.29
P/FCF -37.51 12.50
P/Div 38.25 40.69
DPO ratio 0.35 0.43
EY 7.52% 5.72%
FCF/P -2.67% 8.00%
DY 2.61% 2.46%

Guan Chong versus Dutch Lady (A Comparative Study)


8.3.2012 5.3.2012
Guan Chong Dutch Lady
Income Statement
31/12/2011 31/12/2011
RM (m) RM (m)
Revenue 1,382.80 810.65
Gross Profit 304.47
Operating Profit 156.667 139.372
Financing costs -6.598 -0.919
PBT 150.069 141.553
PAT 124.641 108.082
EPS (basic) sen 38.68 168.88
EPS (diluted) sen 37.27
Balance Sheet
NCA 250.665 74.048
CA 650.093 324.465
Total Assets 900.758 398.513
Total Equity 268.494 259.154
NCL 23.118 4.051
CL 609.146 135.308
Total Liabilities 632.264 139.359
Total Eq + Liab 900.758 398.513
Net assets per share 82.550 4.05
Cash & Eq 13.16 193.143
LT Borrowings 8.917 0
ST Borrowings 427.672 0
Net Cash -423.429 193.143
Inventories 466.392 93.448
Trade receivables 170.337 36.713
Trade payables 161.907 121.831
Quick Ratio 0.30 1.71
Current Ratio 1.07 2.40
Cash flow statement
PBT 150.069 141.553
OPBCWC 182.743
Cash from Operations -54.949 188.290
Net CFO -72.380 161.940
CFI -106.673 -7.135
CFF 180.136 -47.319
Capex -107.002 -10.882
FCF -179.382 151.058
Dividends paid -38.932 -46.400
DPS (sen) 14.00 72.5
No of ord shares (m)
basic 317.957 64
diluted 330.026
Financial Ratios
Gross Profit Margin    - 37.56%
Net Profit Margin 9.01% 13.33%
Asset Turnover 1.54 2.03
Financial Leverage 3.35 1.54
ROA 13.84% 27.12%
ROC 18.01% 163.73%
ROE 46.42% 41.71%
Valuation 8.3.2012 5.3.2012
Price  2.6 29.5
Market cap (m) 858.07 1888.00
P/E 6.88 17.47
P/BV 3.20 7.29
P/FCF -4.78 12.50
P/Div 22.04 40.69
DPO ratio 0.31 0.43
EY 14.53% 5.72%
FCF/P -20.91% 8.00%
DY 4.54% 2.46%

Petronas Gas versus Dutch Lady (A Comparative Study)


8.3.2012 5.3.2012
Petronas Gas Dutch Lady
Income Statement
31/3/2011 31/12/2011
RM (m) RM (m)
Revenue 3524.95 810.65
Gross Profit 1787.17 304.47
Operating Profit 1921.65 139.372
Financing costs -20.10 -0.919
PBT 1901.55 141.553
PAT 1440.38 108.082
EPS (basic) sen 72.8 168.88
Balance Sheet
NCA 6881.563 74.048
CA 3493.725 324.465
Total Assets 10375.29 398.513
Total Equity 8393.908 259.154
NCL 1542.517 4.051
CL 438.863 135.308
Total Liabilities 1981.38 139.359
Total Eq + Liab 10375.29 398.513
Net assets per share 4.242 4.05
Cash & Eq 2756.079 193.143
LT Borrowings 423.58 0
ST Borrowings 0 0
Net Cash 2332.499 193.143
Inventories 100.399 93.448
Trade receivables 374.513 36.713
Trade payables 326.728 121.831
Quick Ratio 7.73
Current Ratio 7.96 2.40
Cash flow statement
PBT 1901.554 141.553
OPBCWC
Cash from Operations 2573.192 188.290
Net CFO 2233.579 161.940
CFI -654.443 -7.135
CFF -1009.326 -47.319
Capex -478.366 -10.882
FCF 1755.213 151.058
Dividends paid -989.365 -46.400
DPS (sen) 50.00 72.5
No of ord shares (m) 1978.732 64
Financial Ratios
Gross Profit Margin 50.70% 37.56%
Net Profit Margin 40.86% 13.33%
Asset Turnover 0.34 2.03
Financial Leverage 1.24 1.54
ROA 13.88% 27.12%
ROC 23.76% 163.73%
ROE 17.16% 41.71%
Valuation 8.3.2012 5.3.2012
Price  16.8 29.5
Market cap (m) 33242.70 1888.00
P/E 23.08 17.47
P/BV 3.96 7.29
P/FCF 18.94 12.50
P/Div 33.60 40.69
DPO ratio 0.69 0.43
EY 4.33% 5.72%
FCF/P 5.28% 8.00%
DY 2.98% 2.46%