A Brief Look at DXN

DXN Holdings Bhd

Business Description:
DXN Holdings Berhad is a Malaysia-based investment holding and provision of management services company. It operates in three business segments:

1. multi-level marketing, which is engaged in the manufacture and sale of health supplements and other products on a multi-level marketing basis; 
2. property development, which is engaged in housing developing and contracting, and 
3. others segment, which includes travel agency and tour operations, information technology consultancy and advisory, and wholesaling and retailing of stationeries, household items, gifts and accessories. 

The Company's subsidiaries include DXN Marketing Sdn. Bhd., DXN Industries (M) Sdn. Bhd., DXN, Pharmaceutical Sdn. Bhd. and DXN Plantation Sdn. Bhd.

Current Price (7/1/2011): 1.47
2010 Sales 259,917,403
Employees: 1,119
Market Cap: 353,923,080
Shares Outstanding: 240,764,000
Closely Held Shares: N/A

Recent Financial Results

Announcement Date		Financial Yr. End		Qtr	Period End		Revenue RM '000		Profit/Lost RM'000		EPS		Amended
18-Jan-11		28-Feb-11		3	30-Nov-10		64,580		12,194		5.30		-
18-Oct-10		28-Feb-11		2	31-Aug-10		82,458		12,443		5.41		-
28-Jul-10		28-Feb-11		1	31-May-10		67,800		10,103		4.43		-
29-Apr-10		28-Feb-10		4	28-Feb-10		60,137		5,125		2.26		-

Estimated EPS for 2011 = 15.14*4/3 = 20.2 sen
At price of 1.47, it is trading at a forward PE = 1.47/0.202 = 7.3 x

Historical
5 Yr
PE range 4.6 - 7.6
DY range 2.0% - 1.3%

10 Yr
PE range 6.6 - 10.4
DY range 1.6% - 1.0%

Year     DPS     EPS
2003     0.0       7.1
2004     0.9       6.8
2005     1.4       9.2
2006     1.8       8.8
2007     1.8     10.0
2008     0.0       8.1
2009     3.50   12.38
9M10   7.75   15.14      NTA 0.9553

Capital Changes

2003    1 to 4 Share Split, 81.33/1 Bonus, 6.35/10 Rights @ RM 0.25