Padini (At a Glance)

6.3.2012
Padini
Income Statement
	30/6/2011	30/6/2010	Absolute Chg	Change
Revenue	568.48	518.84	49.64	9.57%
Gross Profit	290.80	259.28	31.52	12.16%
Operating Profit	106.63	87.374	19.26	22.04%
Financing costs	-1.573	-1.094	-0.48	43.78%
PBT	105.057	86.28	18.78	21.76%
PAT	75.694	60.974	14.72	24.14%
EPS (basic) sen	11.51	9.27	2.24	24.16%
Balance Sheet
NCA	94.585	92.257	2.33	2.52%
CA	349.754	264.325	85.43	32.32%
Total Assets	444.339	356.582	87.76	24.61%
Total Equity	282.677	234.332	48.35	20.63%
NCL	23.715	10.899	12.82	117.59%
CL	137.947	111.351	26.60	23.88%
Total Liabilities	161.662	122.25	39.41	32.24%
Total Eq + Liab	444.339	356.582	87.76	24.61%
Net assets per share	0.430	0.356	0.07	20.63%
Cash & Eq	138.622	135.025	3.60	2.66%
LT Borrowings	22.151	10.125	12.03	118.78%
ST Borrowings	24.948	26.128	-1.18	-4.52%
Net Cash	91.523	98.772	-7.25	-7.34%
Inventories	170.955	76.554	94.40	123.31%
Trade receivables	39.433	32.561	6.87	21.11%
Trade payables	93.94	58.62	35.32	60.25%
Quick Ratio	1.30	1.69	-0.39	-23.14%
Current Ratio	2.54	2.37	0.16	6.81%
Cash flow statement
PBT	105.057	86.280	18.78	21.76%
OPBCWC	129.019	111.207	17.81	16.02%
Cash from Operations	60.017	137.997	-77.98	-56.51%
Net CFO	-2.104	93.513	-95.62	-102.25%
CFI	-2.276	-26.351	24.08	-91.36%
CFF	8.773	3.084	5.69	184.47%
Capex	-24.728	-25.690	0.96	-3.74%
FCF	-26.832	67.823	-94.66	-139.56%
Dividends paid	-26.316	-29.606	3.29	-11.11%
DPS (sen)	4.00	4.50	-0.50	-11.11%
No of ord shares (m)	657.91	657.91	0.00	0.00%
Financial Ratios
Net Profit Margin	13.32%	11.75%	1.56%	13.30%
Asset Turnover	1.28	1.46	-0.18	-12.07%
Financial Leverage	1.57	1.52	0.05	3.30%
ROA	17.04%	17.10%	-0.06%	-0.38%
ROC	39.60%	44.98%	-5.38%	-11.96%
ROE	26.78%	26.02%	0.76%	2.91%
Valuation	6.3.2012	4.3.2011
Price	1.53	1.09	0.44	40.37%
Market cap (m)	1006.60	717.12	289.48	40.37%
P/E	13.30	11.76	1.54	13.07%
P/BV	3.56	3.06	0.50	16.36%
P/FCF	-37.51	10.57	-48.09	-454.80%
P/Div	38.25	24.22	14.03	57.92%
DPO ratio	0.35	0.49	-0.14	-28.40%
EY	7.52%	8.50%	-0.98%	-11.56%
FCF/P	-2.67%	9.46%	-12.12%	-128.18%
DY	2.61%	4.13%	-1.51%	-36.67%

Recent Financial Results

Announcement Date		Financial Yr. End		Qtr	Period End		Revenue RM '000		Profit/Lost RM'000		EPS		Amended
29-Nov-11		30-Jun-12		1	30-Sep-11		178,115		26,946		4.10		-
26-Aug-11		30-Jun-11		4	30-Jun-11		132,146		18,076		2.75		-
30-May-11		30-Jun-11		3	31-Mar-11		147,960		24,386		3.71		-
25-Feb-11		30-Jun-11		2	31-Dec-10		141,814		14,484		2.20		-

ttm-EPS  12.76 sen
Price  RM 1.53
PE (ttm)  12x

Dutch Lady: How do you value this stock?

Dutch Lady

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

Dutch Lady	31/12/2011	31/12/2010	Absolute Chg	Change
Revenue	810.65	696.63	114.02	16.37%
Gross Profit	304.47	248.664	55.81	22.44%
Operating Profit	139.372	89.221	50.15	56.21%
Financing costs	-0.919	0	-0.92	#DIV/0!
PBT	141.553	90.104	51.45	57.10%
PAT	108.082	63.887	44.20	69.18%
EPS (basic) sen	168.88	99.82	69.06	69.18%
NCA	74.048	73.246	0.80	1.09%
CA	324.465	234.244	90.22	38.52%
Total Assets	398.513	307.49	91.02	29.60%
Total Equity	259.154	197.472	61.68	31.24%
NCL	4.051	3.757	0.29	7.83%
CL	135.308	106.261	29.05	27.34%
Total Liabilities	139.359	110.018	29.34	26.67%
Total Eq + Liab	398.513	307.49	91.02	29.60%
Net assets per share	4.05	3.09	0.96	31.07%
Cash & Eq	193.143	85.657	107.49	125.48%
LT Borrowings	0	0	0.00	#DIV/0!
ST Borrowings	0	0	0.00	#DIV/0!
Net Cash	193.143	85.657	107.49	125.48%
Inventories	93.448	72.722	20.73	28.50%
Trade receivables	36.713	75.176	-38.46	-51.16%
Trade payables	121.831	99.638	22.19	22.27%
Current Ratio	2.40	2.20	0.19	8.78%
PBT	141.553	90.104	51.45	57.10%
OPBCWC			0.00	#DIV/0!
Cash from Operations	188.290	123.391	64.90	52.60%
Net CFO	161.940	98.389	63.55	64.59%
CFI	-7.135	-8.064	0.93	-11.52%
CFF	-47.319	-46.400	-0.92	1.98%
Capex	-10.882	-9.089	-1.79	19.73%
FCF	151.058	89.300	61.76	69.16%
Dividends paid	-46.400	-46.400	0.00	0.00%
DPS (sen)	72.5	72.5	0.00	0.00%
No of ord shares (m)	64	64	0.00	0.00%
Financial Ratios
Net Profit Margin	13.33%	9.17%	0.04	45.38%
Asset Turnover	2.03	2.27	-0.23	-10.21%
Financial Leverage	1.54	1.56	-0.02	-1.24%
ROA	27.12%	20.78%	0.06	30.54%
ROC	163.73%	57.14%	1.07	186.57%
ROE	41.71%	32.35%	0.09	28.91%
Valuation	5.3.2012	5.3.2011
Price	29.5	17.38	12.12	69.74%
Market cap (m)	1888.00	1112.32	775.68	69.74%
P/E	17.47	17.41	0.06	0.33%
P/BV	7.29	5.63	1.65	29.34%
P/FCF	12.50	12.46	0.04	0.34%
P/Div	40.69	23.97	16.72	69.74%
DPO ratio	0.43	0.73	-0.30	-40.89%
EY	5.72%	5.74%	0.00	-0.33%
FCF/P	8.00%	8.03%	0.00	-0.34%
DY	2.46%	4.17%	-0.02	-41.08%

The price of Dutch Lady was RM 29.50 on 5.3.2012.  Its price a year ago, on 5.3.2011 was RM 17.38.  However, look at their  PEs.  Today, Dutch Lady is trading at PE of 17.47 while it was trading at PE of 17.41 a year ago.  :-)

LPI (At a Glance)

6.3.2012
LPI	31/12/2011	31/12/2010	Change
Revenue	902.70	751.70	20.09%
Net earned premium	526.70	462.5	13.88%
Operating Profit	201.2	183.2	9.83%
Financing costs	-1.9	-2.6	-26.92%
PBT	200.1	181.3	10.37%
PAT	154.5	137.9	12.04%
EPS (basic) sen	70.1	63.8	9.87%
NCA			#DIV/0!
CA			#DIV/0!
Total Assets	2405.215	2246.462	7.07%
Total Equity	1181.584	1160.242	1.84%
NCL			#DIV/0!
CL			#DIV/0!
Total Liabilities	1223.631	1086.22	12.65%
Total Eq + Liab	2405.215	2246.462	7.07%
Net assets per share	5.34	5.24	1.84%
Cash & Eq	415.424	600.074	-30.77%
LT Borrowings	39.5	52.88	-25.30%
ST Borrowings			#DIV/0!
Net Cash	375.924	547.194	-31.30%
Inventories			#DIV/0!
Trade receivables	105.087	79.906	31.51%
Trade payables	61.333	56.068	9.39%
Current Ratio	#DIV/0!	#DIV/0!	#DIV/0!
PBT	200.100	181.300	10.37%
OPBCWC			#DIV/0!
Cash from Operations	-31.365	367.406	-108.54%
Net CFO	-12.173	380.996	-103.20%
CFI	-6.248	-5.507	13.46%
CFF	-167.017	4.230	-4048.39%
Capex	0.317	0.243	30.45%
FCF	-11.856	381.239	-103.11%
Dividends paid	-154.198	-70.555	118.55%
DPS (sen)	0.70	0.32	118.55%
No of ord shares (m)	221.324	221.324	0.00%
Financial Ratios
Net Profit Margin	17.12%	18.35%	-6.70%
Asset Turnover	0.38	0.33	12.16%
Financial Leverage	2.04	1.94	5.13%
ROA	6.42%	6.14%	4.64%
ROC	19.18%	22.49%	-14.75%
ROE	13.08%	11.89%	10.01%
Valuation
Price (5.3.2012)	13.5
Market cap (m)	2987.87
P/E	19.34
P/BV	2.53
P/FCF	-252.01
P/Div	19.38
DPO ratio	1.00
EY	5.17%
FCF/P	-0.40%
DY	5.16%

Recent Financial Results

Announcement Date		Financial Yr. End		Qtr	Period End		Revenue RM '000		Profit/Lost RM'000		EPS		Amended
09-Jan-12		31-Dec-11		4	31-Dec-11		239,323		39,334		17.85		-
06-Oct-11		31-Dec-11		3	30-Sep-11		236,385		45,116		20.48		-
07-Jul-11		31-Dec-11		2	30-Jun-11		213,889		31,418		14.26		-
07-Apr-11		31-Dec-11		1	31-Mar-11		213,412		38,626		17.54		-

ttm-EPS 70.13 sen

Price 13.50 (5.3.2012)

PE (ttm) 19.25x

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		-