Apex Healthcare versus Dutch Lady (A Comparative Study)

	3.4.2012		5.3.2012
	Apex Healthcare		Dutch Lady
Income Statement
	31/12/2011		31/12/2011
	RM (m)		RM (m)
Revenue	366.00		810.65
Gross Profit	95.14		304.47
Operating Profit	-		139.372
Financing costs	-0.288		-0.919
PBT	35.849		141.553
PAT	28.468		108.082
EPS (basic) sen	29.96		168.88
EPS (diluted) sen	29.96
Balance Sheet
NCA	85.596		74.048
CA	202.303		324.465
Total Assets	287.899		398.513
Total Equity	212.212		259.154
NCL	8.737		4.051
CL	66.95		135.308
Total Liabilities	75.687		139.359
Total Eq + Liab	287.899		398.513
Net assets per share	2.120		4.05
Cash & Eq	22.802		193.143
LT Borrowings	1.345		0
ST Borrowings	2.267		0
Net Cash	19.19		193.143
Inventories	43.098		93.448
Trade receivables	86.158		36.713
Trade payables	63.665		121.831
Quick Ratio	2.38		1.71
Current Ratio	3.02		2.40
Cash flow statement
PBT	35.849		141.553
OPBCWC	42.941
Cash from Operations	39.476		188.290
Net CFO	32.650		161.940
CFI	-15.866		-7.135
CFF	-16.979		-47.319
Capex	-13.251		-10.882
FCF	19.399		151.058
Dividends paid	-11.363		-46.400
DPS (sen)	12.12		72.5
No of ord shares (m)
basic	93.717		64
diluted
Financial Ratios
Gross Profit Margin	25.99%		37.56%
Net Profit Margin	7.78%		13.33%
Asset Turnover	1.27		2.03
Financial Leverage	1.36		1.54
ROA	9.89%		27.12%
ROC	14.75%		163.73%
ROE	13.41%		41.71%
Valuation	3.4.2012		5.3.2012
Price	2.92		29.5
Market cap (m)	273.65		1888.00
P/E	9.61		17.47
P/BV	1.29		7.29
P/FCF	14.11		12.50
P/Div	24.08		40.69
DPO ratio	0.40		0.43
EY	10.40%		5.72%
FCF/P	7.09%		8.00%
DY	4.15%		2.46%

Petronas Dagangan versus Dutch Lady (A Comparative Study)

	5.3.2012		5.3.2012
	PetDag		Dutch Lady
Income Statement
	31/12/2011		31/12/2011
	RM (m)		RM (m)
Revenue	23,251.78		810.65
Gross Profit	2,100.70		304.47
Operating Profit	1209.173		139.372
Financing costs	-1.015		-0.919
PBT	1208.911		141.553
PAT	875.927		108.082
EPS (basic) sen	87.5		168.88
EPS (diluted) sen
Balance Sheet
NCA	3957.02		74.048
CA	4527.712		324.465
Total Assets	8484.732		398.513
Total Equity	4830.594		259.154
NCL	198.629		4.051
CL	3455.509		135.308
Total Liabilities	3654.138		139.359
Total Eq + Liab	8484.732		398.513
Net assets per share	4.862		4.05
Cash & Eq	1026.209		193.143
LT Borrowings	16.232		0
ST Borrowings	0		0
Net Cash	1009.977		193.143
Inventories	832.6		93.448
Trade receivables	2668.903		36.713
Trade payables	3351.073		121.831
Quick Ratio	1.07		1.71
Current Ratio	1.31		2.40
Cash flow statement
PBT	1208.911		141.553
OPBCWC
Cash from Operations			188.290
Net CFO	1043.938		161.940
CFI	-307.041		-7.135
CFF	-623.159		-47.319
Capex	-289.167		-10.882
FCF	754.771		151.058
Dividends paid	-633.327		-46.400
DPS (sen)	63.75		72.5
No of ord shares (m)
basic	993.454		64
diluted
Financial Ratios
Gross Profit Margin	9.03%		37.56%
Net Profit Margin	3.77%		13.33%
Asset Turnover	2.74		2.03
Financial Leverage	1.76		1.54
ROA	10.32%		27.12%
ROC	22.93%		163.73%
ROE	18.13%		41.71%
Valuation	5.3.2012		5.3.2012
Price	18.24		29.5
Market cap (m)	18120.6		1888.00
P/E	20.69		17.47
P/BV	3.75		7.29
P/FCF	24.01		12.50
P/Div	28.61		40.69
DPO ratio	0.72		0.43
EY	4.83%		5.72%
FCF/P	4.17%		8.00%
DY	3.50%		2.46%

Padini versus Dutch Lady (A Comparative Study)

	6.3.2012		5.3.2012
	Padini		Dutch Lady
Income Statement
	30/6/2011		31/12/2011
	RM (m)		RM (m)
Revenue	568.48		810.65
Gross Profit	290.80		304.47
Operating Profit	106.63		139.372
Financing costs	-1.573		-0.919
PBT	105.057		141.553
PAT	75.694		108.082
EPS (basic) sen	11.51		168.88
Balance Sheet
NCA	94.585		74.048
CA	349.754		324.465
Total Assets	444.339		398.513
Total Equity	282.677		259.154
NCL	23.715		4.051
CL	137.947		135.308
Total Liabilities	161.662		139.359
Total Eq + Liab	444.339		398.513
Net assets per share	0.430		4.05
Cash & Eq	138.622		193.143
LT Borrowings	22.151		0
ST Borrowings	24.948		0
Net Cash	91.523		193.143
Inventories	170.955		93.448
Trade receivables	39.433		36.713
Trade payables	93.94		121.831
Quick Ratio	1.30		1.71
Current Ratio	2.54		2.40
Cash flow statement
PBT	105.057		141.553
OPBCWC	129.019
Cash from Operations	60.017		188.290
Net CFO	-2.104		161.940
CFI	-2.276		-7.135
CFF	8.773		-47.319
Capex	-24.728		-10.882
FCF	-26.832		151.058
Dividends paid	-26.316		-46.400
DPS (sen)	4.00		72.5
No of ord shares (m)	657.91		64
Financial Ratios
Gross Profit Margin	51.16%		37.56%
Net Profit Margin	13.32%		13.33%
Asset Turnover	1.28		2.03
Financial Leverage	1.57		1.54
ROA	17.04%		27.12%
ROC	39.60%		163.73%
ROE	26.78%		41.71%
Valuation	6.3.2012		5.3.2012
Price	1.53		29.5
Market cap (m)	1006.60		1888.00
P/E	13.30		17.47
P/BV	3.56		7.29
P/FCF	-37.51		12.50
P/Div	38.25		40.69
DPO ratio	0.35		0.43
EY	7.52%		5.72%
FCF/P	-2.67%		8.00%
DY	2.61%		2.46%

Guan Chong versus Dutch Lady (A Comparative Study)

	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%

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%

Dutch Lady Corporate Video

Dutch Lady Corporate Video from Willieong on Vimeo.

Dutch Lady (At a Glance)

Dutch Lady	31/12/2011	31/12/2010	Change
Revenue	810.65	696.63	16.37%
Gross Profit	304.47	248.664	22.44%
Operating Profit	139.372	89.221	56.21%
Financing costs	-0.919	0	#DIV/0!
PBT	141.553	90.104	57.10%
PAT	108.082	63.887	69.18%
EPS (basic) sen	168.88	99.82	69.18%
NCA	74.048	73.246	1.09%
CA	324.465	234.244	38.52%
Total Assets	398.513	307.49	29.60%
Total Equity	259.154	197.472	31.24%
NCL	4.051	3.757	7.83%
CL	135.308	106.261	27.34%
Total Liabilities	139.359	110.018	26.67%
Total Eq + Liab	398.513	307.49	29.60%
Net assets per share	4.05	3.09	31.07%
Cash & Eq	193.143	85.657	125.48%
LT Borrowings	0	0	#DIV/0!
ST Borrowings	0	0	#DIV/0!
Net Cash	193.143	85.657	125.48%
Inventories	93.448	72.722	28.50%
Trade receivables	36.713	75.176	-51.16%
Trade payables	121.831	99.638	22.27%
Current Ratio	2.40	2.20	8.78%
PBT	141.553	90.104	57.10%
OPBCWC			#DIV/0!
Cash from Operations	188.290	123.391	52.60%
Net CFO	161.940	98.389	64.59%
CFI	-7.135	-8.064	-11.52%
CFF	-47.319	-46.400	1.98%
Capex	-10.882	-9.089	19.73%
FCF	151.058	89.300	69.16%
Dividends paid	-46.400	-46.400	0.00%
DPS (sen)	72.5	72.5	0.00%
No of ord shares (m)	64	64	0.00%
Financial Ratios
Net Profit Margin	13.33%	9.17%	45.38%
Asset Turnover	2.03	2.27	-10.21%
Financial Leverage	1.54	1.56	-1.24%
ROA	27.12%	20.78%	30.54%
ROC	163.73%	57.14%	186.57%
ROE	41.71%	32.35%	28.91%
Valuation
Price (5.3.2012)	29.5
Market cap (m)	1888.00
P/E	17.47
P/BV	7.29
P/FCF	12.50
P/Div	40.69
DPO ratio	0.43
EY	5.72%
FCF/P	8.00%
DY	2.46%

	FYE	31st Dec
Qtr	Year	Revenue	Earnings	EPS	Div	NAV	ttm-EPS	ROE
Q4	2011	211.404	28.37	44.33	37.5	4.05	168.88	41.70%
Q3	2011	201.708	23.6	36.87	35	3.98	141.48	35.55%
Q2	2011	200.892	27.775	43.4	0	3.61	125.43	34.75%
Q1	2011	196.643	28.338	44.28	0	3.53	111.59	31.61%
Q4	2010	156.768	10.835	16.93	37.5	3.09	99.83	32.31%
Q3	2010	183.619	13.822	20.82	35	3.27	107.98	33.02%
Q2	2010	185.784	18.918	29.56	0	3.07	118.74	38.68%
Q1	2010	170.454	20.812	32.52	0	3.14	113.23	36.06%
Q4	2009	169.521	16.048	25.08	57.19	2.81	94.39	33.59%
Q3	2009	177.129	20.21	31.58	8.44
Q2	2009	176.631	15.389	24.05	0
Q1	2009	168.566	8.753	13.68	0

Recent Financial Results

Announcement Date		Financial Yr. End		Qtr	Period End		Revenue RM '000		Profit/Lost RM'000		EPS		Amended
24-Feb-12		31-Dec-11		4	31-Dec-11		211,404		28,370		44.33		-
15-Nov-11		31-Dec-11		3	30-Sep-11		201,708		23,600		36.87		-
18-Aug-11		31-Dec-11		2	30-Jun-11		200,892		27,775		43.40		-
18-May-11		31-Dec-11		1	31-Mar-11		196,643		28,338		44.28		-