Monday 2 April 2012

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%

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