| 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% | |
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Guan Chong's gross profit margin is about 15%. The cost of goods (in this case cocoa) they sold is very expensive.
ReplyDeleteTo 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.