HEIM at a glance

 

Quote:

"At Berkshire, we particularly favor the rare enterprise that can deploy additional capital at high returns in the future. Owning only one of these companies - and simply sitting tight - can deliver wealth almost beyond measure. Even heirs to such a holding can - ugh! - sometimes live a lifetime of leisure."

HEIM at a Glance

 

HEIM

 

HEIM

From 2009 to 2022, it has grown its earnings per share 2.9 times, from 47 sen to 136.65 sen.  

It paid out 99% of its earnings as dividends and despite retaining only 1% of its earnings, it was able to grow its earnings 2.9 times.

At the price of RM 23.56 per share, it is trading at a PE of 18.12x.  

Excluding the extremely high PEs and extremely low PEs,  the usual historical PE for Heim ranged from 14.8 to high PE of 25.6 and its average PE was 20.5.

Its usual DY ranges 3.33% to 5.26%.   At RM 23.56 per share, its DY is 5.86%.   

Heineken Malaysia Bhd (HEIM)

 

Fiscal year is January-December. 

2021 2020 2019 2018 2017

5-year trend 

INCOME STATEMENT

All values MYR Millions.

Sales/Revenue 1,979 1,762 2,320 2,030 1,930 

Gross Income 600 479 709 654 663

 Gross Income Growth 25.34% -32.45% 8.43% -1.35% -

 Gross Profit Margin 30.32% - - - -

 EBIT 326 219 406 378 367 

Interest Expense 4 9 4 4 4

 Pretax Income 321 199 412 381 363

 Pretax Income Growth 61.75% -51.78% 8.24% 4.84% -

 Pretax Margin 16.24% - - - - 

Consolidated Net Income 246 154 313 283 270

 Net Income 246 154 313 283 270

 Net Income Growth 59.33% -50.73% 10.78% 4.61% -

 Net Margin 12.41% - - - - 

CASH FLOW STATEMENT

 All values MYR Thousands. 

Net Income before Extraordinaries 321,427.0 198,716.0 412,127.0 380,764.0 363,174.0

 Net Income Growth 61.75% -51.78% 8.24% 4.84% - 

Depreciation, Depletion & Amortization 70,706.0 68,847.0 56,684.0 45,657.0 103,645.0 

Funds from Operations 350,636.0 254,306.0 440,292.0 396,244.0 383,919.0 

Net Operating Cash Flow 341,430.0 230,486.0 412,705.0 349,686.0 358,921.0

 Net Operating Cash Flow Growth 48.13% -44.15% 18.02% -2.57% -

 Net Operating Cash Flow / Sales 17.25% 13.08% 17.79% 17.23% 18.60% 

 Capital Expenditures (104,179.0) (61,410.0) (108,581.0) (81,846.0) (77,235.0) 

Capital Expenditures Growth -69.65% 43.44% -32.67% -5.97% -

 Capital Expenditures / Sales -5.26% -3.48% -4.68% -4.03% -4.00% 

Free Cash Flow 242,611.0 173,011.0 310,859.0 272,292.0 287,092.0

 Free Cash Flow Growth 40.23% -44.34% 14.16% -5.16% -

 Free Cash Flow Yield 0.69% - - - -

 Net Investing Cash Flow (103,354.0) (61,199.0) (108,098.0) (80,520.0) (76,563.0)

 Net Investing Cash Flow Growth -68.88% 43.39% -34.25% -5.17% -

 Net Investing Cash Flow / Sales -5.22% -3.47% -4.66% -3.97% -3.97%

 Cash Dividends Paid - Total (199,385.0) (199,385.0) (290,014.0) (271,888.0) (302,098.0) 

 

BALANCE SHEET

 All values MYR Millions.

Cash & Short Term Investments 76 132 15 13 11 

Cash & ST Investments / Total Assets 7.00% 12.53% 1.36% 1.34% 1.30% 

ST Debt & Current Portion LT Debt 163 254 102 105 101 

Long-Term Debt 5 7 3 - - 

 

Total Accounts Receivable 420 317 578 478 469 

Accounts Receivable Growth 32.31% -45.11% 21.05% 1.83% -

 Accounts Receivable Turnover 4.71 5.55 4.01 4.25 4.12

 Accounts Payable 160 124 161 120 86

 Accounts Payable Growth 29.05% -23.42% 34.14% 39.87% -

 Total Current Assets 658 658 703 604 582

 Total Current Liabilities 655 659 664 536 478

 Current Ratio 1.00 1.00 1.06 1.13 1.22

 Quick Ratio 0.77 0.71 0.95 0.96 1.08

 Cash Ratio 0.12 0.20 0.02 0.02 0.02 

 Net Property, Plant & Equipment 407 364 360 293 242 

 Total Assets 1,092 1,052 1,106 940 868

 Assets - Total - Growth 3.77% -4.83% 17.59% 8.28% -

 Asset Turnover 1.85 - - - -

 Return On Average Assets 22.91%

 Total Liabilities 696 703 712 569 508

 Total Liabilities / Total Assets 63.77% 66.80% 64.36% 60.53% 58.48%

 Common Equity (Total) 396 349 394 371 361

 Common Stock Par/Carry Value 151 151 151 151 151

 Retained Earnings 244 198 243 220 209

 Other Appropriated Reserves 0 0 - - -

 Common Equity / Total Assets 36.23% 33.20% 35.64% 39.47% 41.52%

 Total Shareholders' Equity 396 349 394 371 361

 Total Shareholders' Equity / Total Assets 36.23% 33.20% 35.64% 39.47% 41.52%

 Total Equity 396 349 394 371 361

 Liabilities & Shareholders' Equity 1,092 1,052 1,106 940 868 

 

Average Growth Rates 

Heineken Malaysia Bhd 

Past Five Years Ending 12/31/2021 (Fiscal Year) 

Revenue +0.51%

 Net Income -1.81%

 Earnings Per Share -1.81% 

Capital Spending +6.98%

 Gross Margin +34.43%

 Cash Flow -3.10% 

 KEY STOCK DATA 

P/E Ratio (TTM) 19.08(12/21/22) 

EPS (TTM) RM1.34 

Market Cap RM7.62 B 

Shares Outstanding N/A 

Public Float 134.61 M 

Yield 4.15%(12/21/22) 

Latest Dividend RM0.400000006(11/11/22) 

Ex-Dividend Date 10/19/22 ? 

SHORT INTEREST () 

N/A ? 

STOCK MONEY FLOW 

N/A

HEIM 24.8.2017

HEIM		24.8.2017
5 Years Quarterly Report History
Qtr	Financial	Revenue	PBT	PAT	PBT
No	Quarter	(RM,000)	(RM,000)	(RM,000)	Margin
2	30-Jun-17	406,577	80,931	61,581	19.9%
1	31-Mar-17	401,114	64,484	48,973	16.1%
-	31-Dec-16	577,519	122,375	104,678	21.2%
-	30-Sep-16	384,816	74,885	56,920	19.5%
-	30-Jun-16	459,512	79,618	60,876	17.3%
-	31-Mar-16	458,914	70,202	50,849	15.3%
-	31-Dec-15	524,547	118,011	90,838	22.5%
1	30-Sep-15	405,000	84,132	63,099	20.8%
4	30-Jun-15	397,621	65,508	44,024	16.5%
3	31-Mar-15	437,334	52,605	39,455	12.0%
2	31-Dec-14	520,768	101,493	76,119	19.5%
1	30-Sep-14	393,162	72,793	54,595	18.5%
4	30-Jun-14	412,870	64,069	46,936	15.5%
3	31-Mar-14	372,551	47,412	35,558	12.7%
2	31-Dec-13	499,373	88,143	66,089	17.7%
1	30-Sep-13	325,793	66,162	49,623	20.3%
4	30-Jun-13	412,097	43,211	33,459	10.5%
3	31-Mar-13	442,525	81,540	61,156	18.4%
2	31-Dec-12	429,442	88,217	66,162	20.5%
1	30-Sep-12	392,284	75,768	56,827	19.3%
5 Years Trailing 4 Quarters
No.	Financial	ttm-Rev	ttm-PBT	ttm-PAT	ttm-PBT
Qtr.	Quarter	(RM,000)	(RM,000)	(RM,000)	Margin
2	31-Dec-17	1,770,026	342,675	272,152	19.4%
1	31-Dec-17	1,822,961	341,362	271,447	18.7%
-	31-Dec-16	1,880,761	347,080	273,323	18.5%
-	31-Dec-16	1,827,789	342,716	259,483	18.8%
-	31-Dec-16	1,847,973	351,963	265,662	19.0%
-	31-Dec-16	1,786,082	337,853	248,810	18.9%
-	31-Dec-16	1,764,502	320,256	237,416	18.1%
1	30-Jun-16	1,760,723	303,738	222,697	17.3%
4	30-Jun-15	1,748,885	292,399	214,193	16.7%
3	30-Jun-15	1,764,134	290,960	217,105	16.5%
2	30-Jun-15	1,699,351	285,767	213,208	16.8%
1	30-Jun-15	1,677,956	272,417	203,178	16.2%
4	30-Jun-14	1,610,587	265,786	198,206	16.5%
3	30-Jun-14	1,609,814	244,928	184,729	15.2%
2	30-Jun-14	1,679,788	279,056	210,327	16.6%
1	30-Jun-14	1,609,857	279,130	210,400	17.3%
4	30-Jun-13	1,676,348	288,736	217,604	17.2%
3	30-Jun-13	1,610,279	292,401	218,980	18.2%
2	30-Jun-13	1,532,468	279,582	209,358	18.2%
1	30-Jun-13	1,571,348	279,142	209,018	17.8%
5 Years Adjusted EPS, DPS, NTA and ttm-EPS for capital changes
No of shares (m)		302.2
		adj	adj	adj	adj	adj
Qtr	Financial	EPS	DPS	NTA	ttm-EPS	ttm-DPS
No	Quarter	(Cent)	(Cent)	(RM)	(Cent)	(Cent)
2	30-Jun-17	20.38	40.0	1.07	90.07	99.99
1	31-Mar-17	16.21	0.0	1.46	89.83	94.98
-	31-Dec-16	34.64	60.0	1.30	90.46	94.98
-	30-Sep-16	18.84	0.0	0.95	85.87	84.98
-	30-Jun-16	20.15	35.0	1.11	87.92	84.98
-	31-Mar-16	16.83	0.0	0.91	82.34	100.99
-	31-Dec-15	30.06	50.0	1.24	78.57	100.99
1	30-Sep-15	20.88	0.0	1.45	73.70	70.99
4	30-Jun-15	14.57	51.0	1.25	70.89	70.99
3	31-Mar-15	13.06	0.0	1.30	71.85	64.47
2	31-Dec-14	25.19	20.0	1.17	70.56	64.47
1	30-Sep-14	18.07	0.0	1.36	67.24	64.47
4	30-Jun-14	15.53	44.5	1.18	65.60	64.47
3	31-Mar-14	11.77	0.0	1.23	61.14	68.46
2	31-Dec-13	21.87	20.0	1.11	69.61	68.46
1	30-Sep-13	16.42	0.0	1.37	69.63	68.47
4	30-Jun-13	11.07	48.5	1.21	72.02	68.47
3	31-Mar-13	20.24	0.0	1.32	72.47	74.99
2	31-Dec-12	21.90	20.0	1.11	69.29	74.99
1	30-Sep-12	18.81	0.0	1.45	69.17	124.97
Capital changes
No.	Financial	No of
Qtr.	Quarter	Shrs (m)
2	30-Jun-17	302.2
1	31-Mar-17	302.1
-	31-Dec-16	302.1
-	30-Sep-16	302.1
-	30-Jun-16	302.1
-	31-Mar-16	302.1
-	31-Dec-15	302.1
1	30-Sep-15	302.1
4	30-Jun-15	302.2
3	31-Mar-15	302.1
2	31-Dec-14	302.1
1	30-Sep-14	302.1
4	30-Jun-14	302.0
3	31-Mar-14	302.1
2	31-Dec-13	302.1
1	30-Sep-13	302.0
4	30-Jun-13	302.0
3	31-Mar-13	302.2
2	31-Dec-12	302.1
1	30-Sep-12	302.1
4	30-Jun-12	302.1
3	31-Mar-12	302.1
2	31-Dec-11	302.1
1	30-Sep-11	302.0