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% | |
Keep INVESTING Simple and Safe (KISS) ****Investment Philosophy, Strategy and various Valuation Methods**** The same forces that bring risk into investing in the stock market also make possible the large gains many investors enjoy. It’s true that the fluctuations in the market make for losses as well as gains but if you have a proven strategy and stick with it over the long term you will be a winner!****Warren Buffett: Rule No. 1 - Never lose money. Rule No. 2 - Never forget Rule No. 1.
Monday 2 April 2012
Guan Chong versus Dutch Lady (A Comparative Study)
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1 comment:
Guan Chong's gross profit margin is about 15%. The cost of goods (in this case cocoa) they sold is very expensive.
To make more money they need to buy in more cocoa. As a result they always need to take huge loan and are always in debt (although temporary).
The good thing is they are selling something that is always in demand - chocolate.
Take huge loan to buy material, process the material and sell them.
Take in more and more loan to buy more and more cocoa to process and sell them.
Is this a good business model?
Will there be a time where the world says "hey, i don't want to eat any more chocolate" and force Guan Chong not to service the loan repayment?
Please share your view.
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