PETRONAS DAGANGAN at a glance

 

PETRONAS DAGANGAN

 

Returns to shareholders of Petronas Dagangan over the last 10 years and 5 years

Petronas Dagangan

Dividends (sens)  per share received each year: 

2014  55.50

2015  62.00

2016  62.00

2017  78.00

2018  94.00

2019  70.00

2020  61.00

2021  40.00

2022  40.00

2023  NA

Year end share price of PBB

Year 2013 RM 31.44

Year 2018  RM 26.50

Year 2023  RM 23.00

Returns to shareholders of Petdag

10 year period from end of 2013 to end of 2023

Capital depreciation  = RM 23.00 - RM 31.44 = - RM 8.44

Total dividends received =  RM 5.625

Total loss = - RM 8.44  +  RM 5.625  = - RM 2.815  

Loss % = - RM 2.815 / RM 31.44 = - 8.95% 

The loss of capital was attenuated by the dividends received over the last 10 years.

5 year period from end of 2018 to end of 2023

Capital loss =  RM 23.00 - RM 26.50  = - RM 3.50

Total dividends received =  RM 2.11

Total loss  =  - RM 3.50 + RM 2.11 = - RM 1.39

Gain % = - RM 1.39 / RM 26.50 =  - 5.24%

The loss of capital was attenuated by the dividends received over the last 5 years.

Petronas Dagangan

 

The fast growths in the 80s and 90s have petered out.  It is now a big company with steady revenues and earnings, throwing up a lot of free cash flows.  It distributes most of its earnings as dividends.  Those in this stock are mainly enjoying its steady dividends.

Petronas Dagangan

KEY STOCK DATA

• P/E Ratio (TTM)

  22.56(09/15/23)

• EPS (TTM)

  ^RM1.00

• Market Cap

  ^RM22.65 B

• Shares Outstanding

  N/A

• Public Float

  216.04 M

• Yield

  3.49%(09/15/23)

• Latest Dividend

  ^RM0.180000007(09/26/23)

• Ex-Dividend Date

  09/12/23

PETRONAS DAGANGAN

 

Fiscal year is January-December. 

All values MYR Millions.

2021 2020 2019 2018 2017 5-year trend 

INCOME STATEMENT

Sales/Revenue 22,505 18,711 30,294 30,069 27,421 

Gross Income 2,566 2,271 3,213 2,851 3,013

 Gross Income Growth 13.03% -29.33% 12.70% -5.38% -

 Gross Profit Margin 11.40% - - - - 

Pretax Income 740 386 1,125 1,174 1,434

 Pretax Income Growth 91.35% -65.64% -4.14% -18.16% -

 Pretax Margin 3.29% - - - -

 Net Income 530 276 830 850 1,082

 Net Income Growth 91.96% -66.73% -2.39% -21.49% -

 Net Margin 2.35% - - - -

 

CASH FLOW STATEMENT

Net Income before Extraordinaries 741 386 1,129 1,177 1,438

 Funds from Operations 1,030 753 1,344 1,130 1,492

 Net Operating Cash Flow 258 434 2,531 176 1,213

 Net Operating Cash Flow Growth -40.57% -82.85% 1338.98% -85.50% -

 Net Operating Cash Flow / Sales 1.15% 2.32% 8.36% 0.59% 4.42%

 Capital Expenditures (374) (443) (460) (375) (59) 

Capital Expenditures / Sales -1.66% -2.37% -1.52% -1.25% -0.21% 

Free Cash Flow (116) (9) 2,071 (199) 1,154

 Free Cash Flow Growth -1168.71% -100.44% 1140.99% -117.24% -

 Free Cash Flow Yield -3.53% - - - -

 Cash Dividends Paid - Total (606) (606) (695) (934) (775 

BALANCE SHEET

 Cash & Short Term Investments 1,911 2,692 3,477 2,238 3,358 

 ST Debt & Current Portion LT Debt 24 81 166 25 18 

Long-Term Debt 92 97 169 30 49 

 Total Current Assets 5,560 4,271 5,838 5,324 5,903

 Total Current Liabilities 3,759 2,452 3,687 3,050 3,488

 Current Ratio 1.48 1.74 1.58 1.75 1.69

 Quick Ratio 1.44 1.57 1.37 1.47 1.44

 Cash Ratio 0.51 1.10 0.94 0.73 0.96

 Total Assets 9,601 8,360 9,996 9,171 9,748 

Return On Average Assets 5.90% - - - -

 Total Liabilities 3,985 2,684 3,985 3,234 3,708

 Total Liabilities / Total Assets 41.51% 32.11% 39.86% 35.26% 38.03%

 Total Shareholders' Equity 5,582 5,644 5,976 5,897 6,002

 Total Shareholders' Equity / Total Assets 58.14% 67.51% 59.78% 64.30% 61.57%

 Retained Earnings 4,595 4,690 5,020 4,941 5,027

 Average Growth Rates 

Petronas Dagangan Bhd 

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

Revenue -3.17%

 Net Income -10.21%

 Earnings Per Share -10.44% 

Capital Spending +107.36%

 Gross Margin +12.13%

 Cash Flow -22.02% 

 KEY STOCK DATA 

P/E Ratio (TTM) 28.77(12/22/22) 

EPS (TTM) RM0.77 

Market Cap RM21.94 B 

Shares Outstanding N/A 

Public Float 222.60 M 

Yield 2.78%(12/22/22) 

Latest Dividend RM0.200000003(12/27/22) 

Ex-Dividend Date 12/13/22 ? 

SHORT INTEREST () 

N/A

PRICE RM 21.80 PER SHARE

Petronas Dagangan 21.8.2017

Petdag
21.8.2017

INCOME STATEMENT
Millions
Year …. T4Q
Revenues …. 24,736
PBT …. 1,321
PAT …. 1,012
EPS (RM) …. 1.0175
No of shr (m) …. 993.0

PBT Marg …. 5.34%
NP Marg …. 4.09%


----------------------------------



Petdag
21.8.2017

INCOME STATEMENT
Millions
Year …. 2016 …. 2015 …. 2014 …. 2013 …. 2012
Revenues …. 21,787 …. 25,060 …. 32,341 …. 32,342 …. 29,515
GrProf …. 2,137 …. 2,016 …. 1,904 …. 2,236 …. 2,217
EBIT …. 834 …. - …. 519 …. 935 …. 991
Int Exp …. 6 …. 10 …. 16 …. 17 …. 9
PBT …. 1,207 …. 1,079 …. 707 …. 1,106 …. 1,164
Tax …. 297 …. 290 …. 201 …. 290 …. 322
PAT …. 913 …. 788 …. 502 …. 812 …. 837
EPS (Dil) …. 0.95 …. 0.8 …. 0.5 …. 0.82 …. 0.84
No of shr (Dil) …. 993.0 …. 993.0 …. 993.0 …. 993.0 …. 993.0



GP Marg …. 9.81% …. 8.04% …. 5.89% …. 6.91% …. 7.51%
PBT Marg …. 5.54% …. 4.31% …. 2.19% …. 3.42% …. 3.94%
NP Marg …. 4.19% …. 3.14% …. 1.55% …. 2.51% …. 2.84%
EBIT/Int …. 139.0 …. #VALUE! …. 32.4 …. 55.0 …. 110.1



BALANCE SHEET
Millions
Year …. 2016 …. 2015 …. 2014 …. 2013 …. 2012
CA …. 5,067 …. 3,566 …. 4,991 …. 5,772 …. 5,711
NCA …. 4,298 …. 4,505 …. 4,550 …. 4,395 …. 4,213
TA …. 9,365 …. 8,071 …. 9,541 …. 10,167 …. 9,924

CL …. 3,772 …. 2,793 …. 4,445 …. 5,018 …. 4,780
NCL …. 256 …. 294 …. 304 …. 320 …. 298
TL …. 4,028 …. 3,087 …. 4,749 …. 5,338 …. 5,078
Eq …. 5,337 …. 4,984 …. 4,792 …. 4,829 …. 4,845
TL+Eq …. 9,365 …. 8,071 …. 9,541 …. 10,167 …. 9,924



Cash …. 2,432 …. 1,259 …. 1,840 …. 359 …. 251
ST Debt …. 34 …. 98 …. 360 …. 443 …. 325
LT Debt …. 84 …. 113 …. 135 …. 140 …. 139
Total Debt …. 118 …. 211 …. 495 …. 583 …. 464

Inventories …. 803 …. 626 …. 1,032 …. 1,193 …. 1,279
AR …. 1,586 …. 1,476 …. 2,024 …. 4,221 …. 4,181
AP …. 133 …. 113 …. 229 …. 69 …. 3,530

CA-CL …. 1,295 …. 773 …. 546 …. 754 …. 931

TD/Eq …. 2.2% …. 4.2% …. 10.3% …. 12.1% …. 9.6%
TD/TA …. 1.3% …. 2.6% …. 5.2% …. 5.7% …. 4.7%
TL/TA …. 43.0% …. 38.2% …. 49.8% …. 52.5% …. 51.2%

CR …. 1.34 …. 1.28 …. 1.12 …. 1.15 …. 1.19
QR …. 1.13 …. 1.05 …. 0.89 …. 0.91 …. 0.93



CE …. 8,025 …. 6,537 …. 6,936 …. 5,508 …. 5,395

Average of 2 years
CE (Avg) …. 7,281 …. 6,737 …. 6,222 …. 5,452 ….
TA (Avg) …. 8,718 …. 8,806 …. 9,854 …. 10,046 ….
Eq (Avg) …. 5,161 …. 4,888 …. 4,811 …. 4,837 ….






CASH FLOW STATEMENT
Millions
Year …. 2016 …. 2015 …. 2014 …. 2013 …. 2012
Net Inc …. 913 …. 788 …. 502 …. 812 …. 837
D&A …. 362 …. 340 …. 345 …. 317 …. 294
FFO …. 2,065 …. 660 …. 847 …. 1,355 …. 1,880
CWC …. - …. - …. - …. - …. -
NetOCF …. 2,065 …. 660 …. 2,562 …. 1,355 …. 1,880

Capex …. (228) …. (315) …. (395) …. (548) …. (555)

FCF …. 1,837 …. 344 …. 2,167 …. 888 …. 1,392
Dividends …. (596) …. (616) …. (551) …. (829) …. (764)
RE …. 317 …. 172 …. (49) …. (17) …. 73
Owner's Cash …. 1,047 …. 813 …. 452 …. 581 …. 576
FFO less Capex …. 1,837 …. 345 …. 452 …. 807 …. 1,325


NetOCF/Net Inc …. 226.2% …. 83.8% …. 510.4% …. 166.9% …. 224.6%
FCF/Net Inc …. 201.2% …. 43.7% …. 431.7% …. 109.4% …. 166.3%
Capex/Net Inc …. 25.0% …. 40.0% …. 78.7% …. 67.5% …. 66.3%
Capex/NetOCF …. 11.0% …. 47.7% …. 15.4% …. 40.4% …. 29.5%
Capex/D&A …. 63.0% …. 92.6% …. 114.5% …. 172.9% …. 188.8%
DPO ratio …. 65.3% …. 78.2% …. 109.8% …. 102.1% …. 91.3%



VALUATION
Year …. 2016 …. 2015 …. 2014 …. 2013 …. 2012
Share Price RM …. 23.80 …. 24.86 …. 17.12 …. 31.44 …. 23.50
Market cap (m) …. 23,633 …. 24,686 …. 17,000 …. 31,220 …. 23,336

ROCE …. 11.5% …. #VALUE! …. 8.3% …. 17.2% …. #DIV/0!
ROA …. 10.5% …. 8.9% …. 5.1% …. 8.1% …. #DIV/0!
ROE …. 17.7% …. 16.1% …. 10.4% …. 16.8% …. #DIV/0!

FCF/Revenues …. 8.4% …. 1.4% …. 6.7% …. 2.7% …. 4.7%

FCF/Mkt Cap …. 7.8% …. 1.4% …. 12.7% …. 2.8% …. 6.0%
DY …. 2.5% …. 2.5% …. 3.2% …. 2.7% …. 3.3%

Mkt. cap/Equity (P/B) …. 4.43 …. 4.95 …. 3.55 …. 6.47 …. 4.82
Mkt. cap/Net Inc (PE) …. 25.89 …. 31.33 …. 33.86 …. 38.45 …. 27.88



Today's Price RM …. 24.00
Shares (m) …. 993.000
Market cap (m) today …. 23,832

Mkt. cap/Equity (P/B) …. 4.47
Mkt. cap/Net Inc (PE) …. 23.54












Petronas Dagangan
Quarterly Results

Qtr	Financial	…	Revenue	…	PBT	…	Net Profit	…	PBT
No	Quarter	…	(RM,000)	…	(RM,000)	…	(RM,000)	…	Margin
2	30-Jun-17	…	6,505,281	…	317,229		246,043	…	4.9%
1	31-Mar-17	…	6,686,263	…	335,596		253,152	…	5.0%
4	31-Dec-16	…	6,007,127	…	335,989		261,490	…	5.6%
3	30-Sep-16	…	5,537,492	…	331,692		248,763	…	6.0%
2	30-Jun-16	…	5,331,453	…	249,013		214,953	…	4.7%
1	31-Mar-16	…	4,929,389	…	293,950		219,402	…	6.0%
4	31-Dec-15	…	6,047,568	…	129,145		92,113	…	2.1%
3	30-Sep-15	…	6,529,317	…	297,679		218,884	…	4.6%
2	30-Jun-15	…	6,493,136	…	374,026		273,210	…	5.8%
1	31-Mar-15	…	6,101,188	…	283,797		205,768	…	4.7%
4	31-Dec-14	…	7,452,818	…	11,739		445	…	0.2%
3	30-Sep-14	…	8,226,648	…	223,629		160,399	…	2.7%
Qtr	Financial	…	EPS (Cent)	…	ttm-EPS	…	Dividend	…	NTA
No	Quarter	…	(Cent)	…	(Cent)	…	(Cent)	…	(RM)
2	30-Jun-17	…	24.8	…	101.6	…	14	…	5.38
1	31-Mar-17	…	25.5	…	98.4	…	14	…	5.29
4	31-Dec-16	…	26.3	…	95	…	30	…	5.34
3	30-Sep-16	…	25	…	78	…	14	…	5.2
2	30-Jun-16	…	21.6	…	75	…	14	…	5.09
1	31-Mar-16	…	22.1	…	80.9	…	12	…	4.99
4	31-Dec-15	…	9.3	…	79.5	…	20	…	4.98
3	30-Sep-15	…	22	…	70.24	…	14	…	5.03
2	30-Jun-15	…	27.5	…	64.34	…	14	…	4.93
1	31-Mar-15	…	20.7	…	####	…	12	…	4.78
4	31-Dec-14	…	0.04	…	####	…	22	…	4.78
3	30-Sep-14	…	16.1	…	####	…	12	…	4.89

Comments:

Earnings have been improving.