Coastal versus Dutch Lady (A Comparative Study)

	3.4.2012		5.3.2012
	Coastal		Dutch Lady
Income Statement
	31/12/2011		31/12/2011
	RM (m)		RM (m)
Revenue	719.31		810.65
Gross Profit	196.67		304.47
Operating Profit	-		139.372
Financing costs	-0.519		-0.919
PBT	191.636		141.553
PAT	190.954		108.082
EPS (basic) sen	39.51		168.88
EPS (diluted) sen
Balance Sheet
NCA	98.487		74.048
CA	1042.326		324.465
Total Assets	1140.813		398.513
Total Equity	770.798		259.154
NCL	16.936		4.051
CL	353.079		135.308
Total Liabilities	370.015		139.359
Total Eq + Liab	1140.813		398.513
Net assets per share	1.595		4.05
Cash & Eq	150		193.143
LT Borrowings	11.414		0
ST Borrowings	4.089		0
Net Cash	134.497		193.143
Inventories	819.277		93.448
Trade & other receivables	72.347		36.713
Trade & other payables	348.967		121.831
Quick Ratio	0.63		1.71
Current Ratio	2.95		2.40
Cash flow statement
PBT	191.636		141.553
OPBCWC	194.058
Cash from Operations	61.380		188.290
Net CFO	59.471		161.940
CFI	14.510		-7.135
CFF	-75.736		-47.319
Capex	-16.547		-10.882
FCF	42.924		151.058
Dividends paid	-40.231		-46.400
DPS (sen)	8.33		72.5
No of ord shares (m)
basic	483.229		64
diluted
Financial Ratios
Gross Profit Margin	27.34%		37.56%
Net Profit Margin	26.55%		13.33%
Asset Turnover	0.63		2.03
Financial Leverage	1.48		1.54
ROA	16.74%		27.12%
ROC	30.01%		163.73%
ROE	24.77%		41.71%
Valuation	3.4.2012		5.3.2012
Price	2.02		29.5
Market cap (m)	976.12		1888.00
P/E	5.11		17.47
P/BV	1.27		7.29
P/FCF	22.74		12.50
P/Div	24.26		40.69
DPO ratio	0.21		0.43
EY	19.56%		5.72%
FCF/P	4.40%		8.00%
DY	4.12%		2.46%

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%

Malaysia’s stock market hit an all-time high

Stock market hits all-time high

Malaysia’s stock market hit an all-time high of 1,603.96 points yesterday and closed at 1,603.78 for a gain of 7.45 points. PETALING JAYA: Malaysia’s stock market hit a new high yesterday with the FTSE Bursa Malaysia KLCI (FBM KLCI) reaching 1,603.96 after... By WONG WEI-SHEN weishen.wong@thestar.com.my

Impact of Retained earnings on EPS

When EPS growth is entirely due to profits from retained earnings, the increased EPS percentage measures the impact of ROE on those retained earnings. 

For instance,

Half of profit is retained: If ROE is 20 percent, half the profit is retained and ROE in the following year remains steady at 20 percent, EPS will increase by 10 percent.

All profit is retained: If all profit is retained and reinvested at 20 percent, EPS will increase by 20 per cent. 

All profit is distributed: If all profit were distributed, irrespective of ROE, EPS growth would be zero.

Money is actually a debt instrument. So grows the gap between the haves and have-nots.

When it come to personal-finance success, responsibility for how we earn, spend, save and invest is obviously essential. However, financial objectives can easily elude us if we lack the whole story about money. 

Central banks worldwide (Federal Reserve for the U.S.) issue currency at the precise moment it is borrowed via an automated procedure called fractional-reserve banking. Therefore, money is actually a debt instrument (Federal Reserve Note). This private profit, interest-delivering system was designed centuries ago.

Over time debt grows per compounding interest and purchasing power diminishes with increased cost of living. The cost of living rises as businesses add their interest cost from bank loans to the cost of the goods and services we purchase.

And so grows the gap between the haves and have-nots.

That brings me to the pivotal issue of how much purchasing power $1.00 has in the marketplace today. One dollar is only worth 4.5 cents and an online inflation calculator proves my point. An item purchased for $1.00 in 1913 (when the Federal Reserve System was created) would cost $22.10 in 2010; a 2000% increase in inflation!

Without a working knowledge of money as debt, even the most sincere efforts may falter as a rising cost of living erodes hard-won forward movement. When following conventional financial wisdom, the solution to keeping up and making ends meet could well end up, once again, as participation in the vicious cycle of credit and debt. Who benefits?

If you find a good company at a good price, who cares what "the market" is doing?

When buying a great wonderful company, also ensure that the stock was reasonably priced.

Even a great company can be a bad investment if you pay too much for it. 

If you find a good company at a good price, who cares what "the market" is doing?

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%