Investor's Checklist: Consumer Services

Most consumer services concepts fail in the long run, so any investment in a company in the speculative or aggressive growth stage of the business life cycle needs to be monitored more closely than the average stock investment.

Beware of stocks that have already priced in lofty growth expectations.  You can make money if you get in early enough, but you can also lose your shirt on the stock's rapid downslide.

The sector is rife with low switching costs.  Companies that establish store loyalty or store dependence are very attractive.  Tiffany's is a good example; it faces limited competition in the retail jewelery market.

Make sure to compare inventory and payables turns to determine which retailers are superior operators.  Companies that know what their customers want and how to exploit their negotiating power are more likely to make solid bets in the sector.

Keep an eye on those off-balance sheet obligations.   Many retailers have little or no debt on the books, but their overall financial health might not be that good.

Look for a buying opportunity when a solid company releases poor monthly or quarterly sales numbers.  Many investors overreact to one month's worth of bad same-store sales results, and the reason might just be bad weather or an overly difficult comparison to the prior-year period.  Focus on the fundamentals of the business and not the emotion of the stock.

Companies also tend to move in tandem when news comes out about the economy.  Look for a chance to pick up shares of a great retailer when the entire sector falls - keep that watch list handy.  


Ref:  The Five Rules for Successful Stock Investing by Pat Dorsey


Read also:
Investor's Checklist: A Guided Tour of the Market...

Investor's Checklist: Consumer Goods

Find companies that enjoy the cost advantages of manufacturing on a larger scale than most other competitors.  One related issue is whether the firm holds dominant market share in its categories.

Look for the firms that consistently launch successful new products - all the better if the firm is first to market with these innovations.

Check to see if the company is supporting its brand with consistent advertising.  If the firm constantly promotes its products with sale prices, it's depleting brand equity and just milking the brand for shorter-term gain.

Examine how well the firm is handling operating costs.  Occasional restructuring can help squeeze out efficiency gains and lower costs, but if the firm is regularly incurring restructuring costs and relying solely on this cost-cutting tactic to boost its business, tread carefully.

Because these mature firms generate so much free cash flow, it's important to make sure management is using it wisely.  How much of the cash is turned over to shareholders in the form of dividends or share repurchase agreements?

Keep in mind that investors may bid up a consumer goods stock during economic downturns, making the shares pricey relative to its fair value.  Look for buying opportunities when shares trade with a 20 percent to 30 percent margin of safety.  

Ref:  The Five Rules for Successful Stock Investing by Pat Dorsey



Read also:
Investor's Checklist: A Guided Tour of the Market...

Maybank raises Nestle Malaysia to 'hold'

KUALA LUMPUR, June 20  

Maybank Research raised its call on food manufacturer Nestle Malaysia Bhd to 'hold' from 'sell' on the back of a stronger earnings and exports outlook.

"Nestle's ongoing heavy capex is supporting the group's earnings momentum, particularly with an upcoming plant which should provide additional capacity," Maybank said in a note.

Maybank raised its 2013-2014 earnings forecast by 2-3 per cent due to stronger export projections and after Nestle reported a 10 per cent export sales growth in the first quarter of 2012.

"While more than 50 per cent of Nestle's exports are to ASEAN countries, there is still much potential outside ASEAN given that Nestle Malaysia is being positioned as the halal food hub for the Nestle group," Maybank said, referring to the Association of Southeast Asian Nations.

Maybank also revised its target price upwards to 54.20 ringgit per share from 52.40 ringgit earlier. As of 0125 GMT, Nestle shares rose 0.32 per cent against the Malaysian benchmark stock index's 0.06 per cent gain. — Reuters

Nestle

Nestle
Announcement	Qtr	EPS	ttm-EPS	Price
Date	No	(Cents)	(Cent)	(RM)	PE	DY	P/NTA
25/04/2012	1	67.41	196.89	55.86	28.4	3.2%	15.65
23/02/2012	4	37.13	194.59	55.80	28.7	3.2%	20.44
11/04/2011	3	46.91	174.20	50.00	28.7	3.3%	17.06
18/08/2011	2	45.44	175.56	47.90	27.3	3.4%	18.57
20/04/2011	1	65.11	172.83	48.00	27.8	3.4%	14.63
24/02/2011	4	16.74	166.91	45.30	27.1	6.1%	17.29
28/10/2010	3	48.27	186.94	43.40	23.2	3.5%	14.76
26/08/2010	2	42.71	172.68	42.00	24.3	3.6%	17.00
21/04/2010	1	59.19	166.41	34.30	20.6	4.4%	11.32
25/02/2010	4	36.77	150.01	34.14	22.8	6.6%	14.11
29/10/2009	3	34.01	146.19	33.18	22.7	5.8%	13.01
27/08/2009	2	36.44	149.51	34.50	23.1	5.5%	15.75
15/04/2009	1	42.79	147.92	30.00	20.3	6.4%	11.41
26/02/2009	4	32.95	145.36	29.50	20.3	9.4%	13.41
30/10/2008	3	37.33	126.84	27.50	21.7	4.1%	14.40
08/07/2008	2	34.85	138.96	27.25	19.6	4.2%	13.16
23/04/2008	1	40.23	134.99	29.50	21.9	3.9%	9.49

Nestle
Announcement	Revenue	PBT	Net Profit	EPS	Dividend	NTA	Qtr
Date	(RM,000)	(RM,000)	(RM,000)	(Cent)	(Cent)	(RM)	No
25/04/2012	1164128	206827	158080	67.41	0	3.57	1
23/02/2012	1188961	101847	87066	37.13	125	2.73	4
11/04/2011	1171468	138080	110000	46.91	0	2.93	3
18/08/2011	1155567	127775	106549	45.44	55	2.58	2
20/04/2011	1184998	191107	152686	65.11	0	3.28	1
24/02/2011	963893	45004	39259	16.74	115	2.62	4
28/10/2010	991076	132652	113187	48.27	0	2.94	3
26/08/2010	1050863	117470	100153	42.71	50	2.47	2
21/04/2010	1020487	170617	138798	59.19	0	3.03	1
25/02/2010	950632	99175	86224	36.77	100	2.42	4
29/10/2009	886812	106411	79760	34.01	0	2.55	3
27/08/2009	922857	104271	85455	36.44	50	2.19	2
15/04/2009	983932	130404	100354	42.79	0	2.63	1
26/02/2009	972648	104798	77279	32.95	80	2.2	4
30/10/2008	961822	113063	87542	37.33	0	1.91	3
08/07/2008	1014910	98733	81720	34.85	50	2.07	2
23/04/2008	927688	124758	94345	40.23	61.19	3.11	1

Nestle Malaysia: The Highest Price per Share Stock in Bursa Malaysia today. Well done.

Friday April 27, 2012

Nestle Malaysia plans major capex investment

By SHARIDAN M. ALI
sharidan@thestar.com.my

KUALA LUMPUR: Nestle (M) Bhd's expansion plan for additional capacity at its manufacturing facility in Shah Alam will reflect a significant jump in its capital expenditure (capex) for 2013 and 2014.

Managing director Peter R. Vogt said the company planned quite a sizeable investment to expand its manufacturing facility in Shah Alam.

“At the moment our engineering department is working on which production lines should be added and what is the exact size of investment needed,” he told reporters after the company's AGM yesterday.

Last year, Nestle Malaysia bought a piece of land adjacent to the company's plant in Shah Alam from British American Tobacco (M) Bhd (BAT) for RM36mil cash.

As for this year's capex, Vogt said it would spend about RM180mil, where a large portion of it would be for the upgrading of equipment.

“We are running 80% to 90% of capacity utilisation in many areas of our production thus we need to upgrade a lot of basic equipment,” he said.

Asked if Nestle was planning to increase the prices of its products, Vogt said the company had no plan to do so for the time being but was closely monitoring the price movements of commodities.

“We are buying forward or hedging certain commodities to minimise the impact of cost spike. We also are continuing with our Nestle Continuous Excellence initiatives, where every year we find new ways to save on cost.

“The objective of all these is to maintain the current price as long as we can,” he said.

Some of Nestle Malaysia's main raw materials used in its products are coffee, cocoa powder and milk solids.

On new product launches, Vogt said Nestle had strategised to have fewer but good quality product launches that would have long and strong marketability.

“The best example is our newest product Nescafe Dolce Gusto Espressomachine where we are planning to expand on its variety of beverages.

“Another good example is Milo, which is still strong in the market even after 40 to 50 years,” he said.

Asked whether Nestle Malaysia would market Pfizer's baby food products soon following the recent announcement that Nestle SA was acquiring Pfizer's infant nutrition division, Vogt said the transaction would need necessary regulatory approvals that would take six to 12 months.

“It's too early to say now how we are going to integrate this new development into Nestle Malaysia,” he said.

Despite the many uncertainties that could dampen global economic growth and further drive volatility in commodity costs, Nestle Malaysia on Wednesday announced a good set of financial results.

Its net profit for its first quarter ended March 31 was up 7.5% to RM158.1mil from the same quarter last year.

Turnover for the quarter stood at RM1.16bil, which reflected an 8.5% increase from a year ago.

The growth was driven by both domestic and export sales.

Vogt noted that Nestle Malaysia, which celebrated its 100th anniversary in Malaysia this year, had achieved the highest level rating in the 2011 Creating Shared Value (CSV) report, which accompanied the group's corporate and financial reports.

“The report was externally verified by Bureau Veritas Certification for an A+rating in accordance with Global Reporting Initiative 3.0 standards for the food Processing sector,” he said.

http://biz.thestar.com.my/news/story.asp?file=/2012/4/27/business/11184426&sec=business

Nestle versus Dutch Lady (A Comparative Study)

	3.4.2012		3.4.2012
	Nestle		Dutch Lady
Income Statement
	31/12/2011		31/12/2011
	RM (m)		RM (m)
Revenue	4,700.99		810.65
Gross Profit	1,542.12		304.47
Operating Profit	579.428		139.372
Financing costs	-21.398		-0.919
PBT	558.809		141.553
PAT	456.301		108.082
EPS (basic) sen	194.58		168.88
EPS (diluted) sen
Balance Sheet
NCA	987.259		74.048
CA	1015.064		324.465
Total Assets	2002.323		398.513
Total Equity	640.86		259.154
NCL	446.723		4.051
CL	914.74		135.308
Total Liabilities	1361.463		139.359
Total Eq + Liab	2002.323		398.513
Net assets per share	2.730		4.05
Cash & Eq	52.461		193.143
LT Borrowings	337.711		0
ST Borrowings	4.223		0
Net Cash	-289.473		193.143
Inventories	517.573		93.448
Trade receivables	444.854		36.713
Trade payables	878.321		121.831
Quick Ratio	0.54		1.71
Current Ratio	1.11		2.40
Cash flow statement
PBT	558.809		141.553
OPBCWC	681.492
Cash from Operations	640.247		188.290
Net CFO	581.844		161.940
CFI	-90.683		-7.135
CFF	-461.013		-47.319
Capex	-93.015		-10.882
FCF	488.829		151.058
Dividends paid	-398.650		-46.400
DPS (sen)	180.00		72.5
No of ord shares (m)
basic	234.5		64
diluted
Financial Ratios
Gross Profit Margin	32.80%		37.56%
Net Profit Margin	9.71%		13.33%
Asset Turnover	2.35		2.03
Financial Leverage	3.12		1.54
ROA	22.79%		27.12%
ROC	49.05%		163.73%
ROE	71.20%		41.71%
Valuation	3.4.2012		3.4.2012
Price	55.9		36
Market cap (m)	13108.55		2304.00
P/E	28.73		21.32
P/BV	20.45		8.89
P/FCF	26.82		15.25
P/Div	32.88		49.66
DPO ratio	0.87		0.43
EY	3.48%		4.69%
FCF/P	3.73%		6.56%
DY	3.04%		2.01%

Nestle - Projecting its future

Nestle					CAGR	CAGR
	15.3.12	31.12.10	31.12.06		2006-2010	2006-2011
	2011	2010	2006		4 Years	5 Years
Market Price $	56.3	43.34	24.8		17.82%	14.98%
Turnover $	4,700,994	4,026,319	3,275,541		7.49%	5.29%
Earnings (sen)	194.58	166.91	112.67		11.55%	10.32%
Div (sen)	180	165	100		12.47%	13.34%
P/E	28.9	26.0	22.0
EY	3.46%	3.85%	4.54%
DY	3.20%	3.81%	4.03%

Projections of Nestle using the following assumptions:
- EPS GR of 8% per year, that is, its earnings double in 9 years from 2011.
- At the end of the 9 year period in 2020, its intrinsic value was at PE of 22x.

	Projections			EPS GR 8%		Projections
	PE 22	15.3.12		CAGR		Using Historical Price
Year	2020	2011				2020
Market Price $	85.6152	56.3		4.77%		56.3
Turnover $		4700994
Earnings (sen)	389.16	194.58		8.01%		389.16
Div (sen)	360	180		8.01%		360
P/E	22.0	28.9				14.5
EY	4.55%	3.46%				6.91%
DY	4.20%	3.20%				6.39%

Using the above 2 CONSERVATIVE assumptions, you can expect a total return per year of about 9.6% if you were to invest into Nestle today.  This return is derived thus:  about 4.77% from capital appreciation and about  4.8% from dividends.

The more enterprising investor may wish to look for investments with a higher return of 15% or more.  Nevertheless, a return of 9.6% is good for many.

Please note that the projections are over a long period of 9 years.  Over the short term, the price of Nestle can be volatile too and your return may even be negative depending on the price you paid to own it.

Graham defined investment thus: An INVESTMENT OPERATION is one which, upon THOROUGH ANALYSIS, promises SAFETY OF PRINCIPAL and a SATISFACTORY RETURN. Operations NOT meeting these requirements are speculative. 

Nestle revisited

In the year 2001, the after tax EPS of Nestle was 87 sen. and its share price was trading between $19.30 to $21.20, with a P/E ranging from 22.2 to 24.4.

For someone who bought Nestle in 2001, where was the margin of safety of this company?

Margin of safety in a company comes from various sources.  Among these are the qualitative factors which are difficult to quantify mathematically.  Nestle has durable competitive advantage and economic moat.  The only assessment for the investor is to "guess intelligently" what its earnings growth will be over the next few years.  

Margin of safety concept can be applied in two ways.  One that is obvious is buying a company at a big discount to its intrinsic value.  Of course, intrinsic value is not easy to determine and does vary widely depending on the assumptions one makes in deriving this value.  Another method that is not obvious, is the margin of safety that exists too when the present price that you are paying is at a discount to its intrinsic value based on its growth projections, conservatively estimated.

Let's look at Nestle.  In 2001, you were paying 22.2 times for $1 of its after tax earnings.  Was this underpriced, fair price or overpriced relative to its intrinsic value, conservatively estimated based on its growth potential?  Growth projections are at best intelligent guesstimates.  Nestle was projected to grow its business profit at 8% per year at that time.  Therefore in 9 years from 2001, it was projected then to have an EPS of 2 x 87 sen = 174 sen.  

Assuming that Nestle in 2010 had the same PE of 22.2, its share price in 2010 should be 22.2 x 174 sen = $.38.63, or CAGR of 8%.  The average DY of Nestle was 4%.  Nestle paid out virtually all its earnings as dividends.  Therefore, its DY in 2001 based on historical cost was 4% but in 2010, its DY based on historical cost was 8% (dividend paid had also doubled).  This was an average dividend yield of about 6% per year for that period.  Should you have reinvested all the dividends back into Nestle, you would probably be able to compound your initial investment at more than 14% per year.

So, in 2001, Nestle's PE was 22.2x.  Yet, knowing its earning growth potential, conservatively estimated, there was margin of safety even buying at this price, with a reasonable degree of probability.  Using a conservative growth estimate in earnings of 8% per year, its earnings was projected to double in 2010.  Based on this EPS projection, its (future) intrinsic value would be higher and herein was the margin of safety demanded by the value investor.  

Such way of investing may not appeal to some investors.  It is too difficult for them to realise that growth creates value.  One should be happy to pay a higher PE to own a stock of higher quality, better earnings growth, lesser risk and greater certainty of a positive sustainable return.

Buying a wonderful company at a fair price has made those who know how, very rewarding and rich indeed.  There is no reason to change something that has worked consistently over 2 decades of investing.  

Nestle

Closing price on 14.3.2012
$56.30

How does an investor hope to profit from investing into a high quality growth company?

He can obtain his returns from:
1.  The dividends distributed by the company.
2.  The share price appreciation that reflects the better earnings of the company over time.
3.  Buying the share at a bargain to its fair or intrinsic price.

The long term investor will derive most of his gains from dividends and the share price appreciation of the above stock.

Let's assume that the investor was poor in his pricing of this stock and bought in 1996 at $24 per share (the highest price for that period), he would still has a lot of gains from the dividends and share appreciation of this stock when he holds this share to today.

If the investor was very good in his pricing of this stock and bought at the lowest price in 1998 at $13 per share, he would have a better return from the dividends and share appreciation of this stock when he holds this share to today.

The "worse" case scenario is not buying into this stock and holding cash, hoping to buy at very steep bargains that never arise.  The opportunity costs for holding cash instead of being invested into this stock over the short and long term can be very costly.

Nestle posts higher pre-tax profit

Published: 2012/02/23

Nestle (Malaysia) Bhd's pre-tax profit for the financial year ended Dec 31, 2011 jumped to RM558.81 million from RM465.74 million previously, driven by growth in export and domestic sales.

Revenue for the year rose to RM4.70 billion from RM4.03 billion a year ago.

The company has declared a final dividend of 125 sen a share (tax exempt) totalling RM293.12 million, payable on May 30, 2012.

On the domestic front, the excellent results were driven by solid performance in many product categories. 

Focus on fewer but bigger innovations and renovations helped the group launch new exciting products to capture new market segments and support the overall growth, Nestle said in a filing to Bursa Malaysia today. 

It said the most recent launch of Nescafe Dolce Gusto Beverage System has been well received by the market, while earlier launches such as Milo Sejuk, Nestle Crunchy Bite wafer and Nestea Ice Lemon Tea, also showed positive sales trend. 

The group exports its products globally, of which more than half were contributed by the ASEAN region. 

"Benefitting from the resilient and strong economic performance in this region, exports continue to grow at double-digit and represent almost 25 per cent of total sales," it added. 

Nestle said it expects 2012 to be a very challenging year as many uncertainties could dampen global economic growth and further drive volatility in commodity costs. 

The group will continue to capitalise on product innovation and renovation as well as promoting nutritional diets and healthy lifestyles in line with the government's goal of creating a healthy and productive society, it said. 

It will remain focused on growing both top and bottom lines this year. "The group will continue to intensify its marketing investment in line with our objective of being the leader in nutrition, health and wellness, become an industry benchmark for its financial performance as well as maintain our stakeholders' trust," it added. -- BERNAMA

Read more: Nestle posts higher pre-tax profit http://www.btimes.com.my/Current_News/BTIMES/articles/20120223192225/Article/index_html#ixzz1nD0qmekM

Nestle (Malaysia)

Market Watch

Recent Financial Results

Announcement Date		Financial Yr. End		Qtr	Period End		Revenue RM '000		Profit/Lost RM'000		EPS		Amended
18-Aug-11		31-Dec-11		2	30-Jun-11		1,155,567		106,549		45.44		-
20-Apr-11		31-Dec-11		1	31-Mar-11		1,184,998		152,686		65.11		-
24-Feb-11		31-Dec-10		4	31-Dec-10		963,893		39,259		16.74		-
28-Oct-10		31-Dec-10		3	30-Sep-10		991,076		113,187		48.27		-

ttm-EPS  175.56 sen
Price $ 50.60
Trailing PE 28.8 x

Share Price Performance
	High   Low Prices 1 Month 50.800   (24-Nov-11) 48.620   (11-Nov-11)   Prices 3 Months 50.800   (24-Nov-11) 46.900   (26-Sep-11) Prices 12 Months 50.800   (24-Nov-11) 42.020   (20-Dec-10) Volume 12 Months 4,769   (30-Jun-11) 1   (10-Oct-11)

Comment:  There is a possibility that Nestle maybe re-admitted into the KLCI index component stocks.

Margin of Safety Concept as explained by Warren Buffett

The margin of safety has little to do with price but more to do with the quality of the business (durable competitive advantage and economic moat) and its management.

Buffett:   "In investing in securities, you can change your mind tomorrow and sell it if you feel you have made a mistake. When you buy a business, we buy businesses to keep. So .. our margin of safety is not in the price we pay .. it's in crossing the threshold of being virtually certain of buying into a business with durable competitive advantage, that is, one with good economics ... and we are buying in into people with a passion for the business and who are going to run it in the same way the year after they sold it to us the year that they run it the year before. So our margin of safety gets more into the qualitative characteristics than the quantitative aspects that you probably refer to in terms of the Ben Graham's standard of buying a business for .... he would say buy a stock .. if you think a stock is worth $10 .. don't pay $9.90 for it but $8.00 or something like that. When you are buying businesses, it's a different criteria, you are buying to keep and you better make sure that you are buying both the businesses that you like 10 or 20 years from now and the management that you are going to love 10 or 20 years from now.

We don't look for specific sectors, but we do look at businesses that I can understand. That means where I feel I have a high degree of confidence in my ability to see what they are going to look like 5, 10 and 20 years from now. It isn't that I don't understand, say the software product in general of the Microsoft but I don't know how that industry is going to develop 10 or 20 years. I didn't know that Google was going to come along in terms of search .. and all kind. So, anything that is rapidly developing, has lots of change embodied in it, by my definition, I won't understand. It may do wonders for society. It may have what appears to have a bright future, but I don't bring anything to that game that I know. Not only I don't know more that the other fellow, I do not know as much as the other fellow in evaluating what the industry will look like in 10 years. So, besides the things I look at businesses are reasonably easy to evaluate where the products .. how they will fit in with the economic picture .. how their economics will look in the 5, 10 or 20 years period. (2.40 minute)...Take an extreme example, I can understand Nestle ............................."

Selected Bursa counters 1 (Guinness, Petdag, PBB, LPI, Nestle)

Innovation key to Nestlé long-term growth

Innovation key to Nestlé long-term growth
Published: 2011/05/22

Most Malaysians are familiar with MAGGI instant noodle, MILO ice and "NESCAFÉ tarik".

Their popularity is such that they are available in most Indian Muslim restaurants and on the shelves of sundry shops and hypermarkets.

It is not easy to maintain this position as the consumers’ tastes change and new products emerge, but MAGGI, MILO and NESCAFÉ are still popular and are the top products of Malaysia's leading food and beverage company, Nestlé.

The company started in Malaysia in 1912 as the Anglo Swiss Condensed Milk Co in Penang, and over the years has continued to ensure that Malaysians go for its products.

In an interview with Bernama, Nestlé Malaysia managing director, Peter R. Vogt, attributed this preference for Nestlé products to innovation and the fact that the company always understood what the locals wanted.

"When you analyse our products, like NESCAFÉ instant coffee, there are about 100 different variants worldwide," he said, pointing out that this was because Nestlé understood that taste was different between one market and another.

"You cannot sell the same products in different markets.

"Customers’ needs continue to change. For this reason, every few years, Nestlé reviews and improves the taste of its products," he said.

Vogt said innovation was the key strategy for Nestlé to achieve long-term profitable growth.

He said the company managed to sustain its brand here as it emphasised on sustainable sourcing of raw materials, cleanliness and high quality in production in order to have the winning taste.

On Nestle's innovation plans, he said: "We have different product categories like NESCAFÉ, MILO, MAGGI, yogurt drink and breakfast cereals and each has its own innovation plan. We have recently launched the new MILO Sejuk and NESTEA Iced Lemon Tea.”

He said although Nestlé was already looking at the next five years and would continuously work on innovation plans to give its consumers the best.

"Nestlé has spent a substantial amount on research and development (R&D) via its 29 R&D centres around the world.

"Innovation is a continuous effort. At the moment, we have around 50 ongoing innovation projects in different areas and categories. For each category, we have different plans. So, it is an on-going process," he said.

With its continuous innovation effort, Vogt said, the company was confident of sustaining its brand name in the market and remain profitable in the long term.

Vogt said another important area to maintain its market position was nutrition.

"People want to have good quality and nutritious food that tastes great," he said.

He said Nestlé was upbeat on its performance for this year, projecting a positive trend for the company based on strong sales both domestic and overseas.

It registered a higher pre-tax profit of RM191.1 million for the first quarter ended March 31, 2011, from the RM170.62 million in the same quarter last year. Revenue jumped 16.1 per cent to RM1.2 billion from the RM1.02 billion recorded previously.

For 2010, Nestlé posted a turnover of RM4 billion, 7.5 per cent higher than the year before, while pre-tax profit stood at RM465.7 million, a 5.8 per cent increase versus the previous year, driven by positive developments in the local and global economies.

"Based on the first-quarter performance, we are confident of achieving better growth driven by the positive economic development in the country with the spearheading of Economic Transformation Programme," he said.

This, he said, would support the export activity in the country as well as for the company to achieve better growth. -- Bernama


Read more: Innovation key to Nestlé long-term growth http://www.btimes.com.my/Current_News/BTIMES/articles/20110522131040/Article/index_html#ixzz1N5aiTukq

Dividends Track Record of Nestle (Malaysia) Berhad

Company

Particulars

Date announced

Ex-Date

To those registered by

To be paid on

Total for yr so far

Total for prev yr

NESTLE	Final Single Tier 115¢TE	24-Feb-11	10-May-11	12-May-11	26-May-11	165¢	150¢
	Interim Single Tier 50¢ TE	26-Aug-10	13-Sep-10	15-Sep-10	05-Oct-10	50¢	150¢
	Final Single Tier 100¢ TE	25-Feb-10	10-May-10	12-May-10	26-May-10	150¢	191.19¢
	Interim 50¢	27-Aug-09	15-Sep-09	17-Sep-09	08-Oct-09	50¢	191.19¢
	Final 80¢	26-Feb-09	05-May-09	07-May-09	28-May-09	191.19¢	154.45¢
	Interim 50¢ single tier	07-Aug-08	26-Aug-08	28-Aug-08	24-Sep-08	111.19¢	154.45¢
	Final 106.5¢	28-Feb-08	12-May-08	14-May-08	29-May-08	154.45¢	133.5826¢
	Second Interim 27.40¢	09-Aug-07	27-Aug-07	29-Aug-07	25-Sep-07	47.95¢	133.5826¢
	Final 73.9726¢ + 11¢ TE	27-Feb-07	15-May-07	17-May-07	31-May-07	133.5826¢	115.02¢
	Interim 27.78¢	03-Aug-06	25-Aug-06	29-Aug-06	26-Sep-06	27.78¢	115.02¢
	Final 71.49¢ + 8.53¢ TE	23-Feb-06	16-May-06	18-May-06	31-May-06	115.02¢	108.46¢
	First Interim 35¢	04-Aug-05	23-Aug-05	25-Aug-05	22-Sep-05	35¢	108.46¢
	Final 65.92¢ + 7.54¢ TE	24-Feb-05	13-May-05	17-May-05	31-May-05	108.46¢	95.90¢
	First Interim 35¢	05-Aug-04	24-Aug-04	26-Aug-04	17-Sep-04	35¢	95.90¢
	Final 38.95% + 21.95% TE	26-Feb-04	28-Apr-04	30-Apr-04	20-May-04	95.90%	97%