Wednesday 28 December 2022

A Range of Value

 A Range of Value


Businesses, unlike debt instruments, do not have contractual
cash flows
. As a result, they cannot be as precisely valued as
bonds. 

Benjamin Graham knew how hard it is to pinpoint the
value of businesses and thus of equity securities that represent
fractional ownership of those businesses. In
Security Analysis he
and David Dodd discussed the concept of a range of value:

The essential point is that security analysis does not seek to
determine exactly what is the intrinsic value of a given security.
It needs only to establish that the value is adequate – e.g., to
protect a bond or to justify a stock purchase – or else that the
value is considerably higher or considerably lower than the
market price. 
For such purposes an indefinite and approximate
measure of the intrinsic value may be sufficient.

Indeed, Graham frequently performed a calculation known as
net working capital per share, a back-of-the-envelope estimate
of a company’s liquidation value. His use of this rough
approximation was a tacit admission that he was often unable
to ascertain a company’s value more precisely.

To illustrate the difficulty of accurate business valuation,
investors need only consider the wide range of Wall Street
estimates
that typically are offered whenever a company is put
up for sale. 

In 1989, for example, Campeau Corporation
marketed Bloomingdales to prospective buyers; Harcourt Brace
Jovanovich, Inc., held an auction of its Sea World subsidiary;
and Hilton Hotels, Inc., offered itself for sale. In each case Wall
Street’s value estimates ranged widely, with the highest
estimate as much as twice the lowest figure. If expert analysts
with extensive information cannot gauge the value of high 
profile, well-regarded businesses with more certainty than this,
investors should not fool themselves into believing they are
capable of greater precision
when buying marketable securities
based only on limited, publicly available information.

Markets exist because of differences of opinion among

investors. If securities could be valued precisely, there would be
many fewer differences of opinion; market prices would
fluctuate less frequently, and trading activity would diminish.
To fundamentally oriented investors, the value of a security to
the buyer must be greater than the price paid, and the value to
the seller must be less, or no transaction would take place. The
discrepancy between the buyer’s and the seller’s perceptions of
value
can result from such factors as differences in assumptions
regarding the future, different intended uses for the asset, and
differences in the discount rates applied.
 
Every asset being
bought and sold thus has a possible range of values bounded by
the value to the buyer and the value to the seller; the actual
transaction price will be somewhere in between.

In early 1991, for example, the junk bonds of Tonka
Corporation sold at steep discounts to par value, and the stock
sold for a few dollars per share. The company was offered for
sale by its investment bankers, and Hasbro, Inc., was evidently
willing to pay more for Tonka than any other buyer because of
economies that could be achieved in combining the two
operations. Tonka, in effect, provided appreciably higher cash
flows to Hasbro than it would have generated either as a 
standalone business or to most other buyers. There was a sharp
difference of opinion between the financial markets and Hasbro
regarding the value of Tonka, a disagreement that was resolved
with Hasbro’s acquisition of the company.


The Art of Business Valuation. BUSINESS VALUE IS IMPRECISIVELY KNOWABLE.

 



BUSINESS VALUE IS IMPRECISIVELY KNOWABLE

Many investors insist on affixing exact values to their investments, seeking precision in an imprecise world, but business value cannot be precisely determined

Reported book value, earnings, and cash flow are, after all, only the best guesses of accountants who follow a fairly strict set of standards and practices designed more to achieve conformity than to reflect economic value. 

Projected results are less precise still. 

You cannot appraise the value of your home to the nearest thousand dollars. Why would it be any easier to place a value on vast and complex businesses?



BUSINESS VALUE CHANGES OVER TIME.  REQUIRES CONTINUOUS REASSESSMENTS.

Not only is business value imprecisely knowable, it also changes over time, fluctuating with numerous macroeconomic, microeconomic, and market-related factors. So while investors at any given time cannot determine business value with precision, they must nevertheless almost continuously reassess their estimates of value in order to incorporate all known factors that could influence their appraisal.

Any attempt to value businesses with precision will yield values that are precisely inaccurate. The problem is that it is easy to confuse the capability to make precise forecasts with the ability to make accurate ones. 

Anyone with a simple, handheld calculator can perform net present value (NPV) and internal rate of return (IRR) calculations. 
  • The NPV calculation provides a single-point value of an investment by discounting estimates of future cash flow back to the present. 
  • IRR, using assumptions of future cash flow and price paid, is a calculation of the rate of return on an investment to as many decimal places as desired.


NPV AND IRR ARE ONLY AS ACCURATE AS THE CASH FLOW ASSUMPTIONS USED

The seeming precision provided by NPV and IRR calculations can give investors a false sense of certainty for they are really only as accurate as the cash flow assumptions that were used to derive them.

The advent of the computerized spreadsheet has exacerbated this problem, creating the illusion of extensive and thoughtful 
analysis, even for the most haphazard of efforts. Typically, investors place a great deal of importance on the output, even though they pay little attention to the assumptions. 
“Garbage in, garbage out” is an apt description of the process. 

NPV and IRR are wonderful at summarizing, in absolute and percentage terms, respectively, the returns for a given series of cash flows. 

When cash flows are contractually determined, as in the case of a bond, and when all payments are received when due, 
  • IRR provides the precise rate of return to the investor while 
  • NPV describes the value of the investment at a given discount rate. 

In the case of a bond, these calculations allow investors to quantify their returns under one set of assumptions, that is, that contractual payments are received when due. 

These tools, however, are of no use in determining the likelihood that investors will actually receive all contractual payments and, in fact, achieve the projected returns.

Dutch Lady

 Fiscal year is January-December. 

2021 2020 2019 2018 2017 5-year trend 



INCOME STATEMENT
All values MYR Millions.
Sales/Revenue 1,134 1,101 1,067 1,049 1,065 
Gross Income 400 357 405 416 401 
SG&A Expense 189 184 195 194 174
Depreciation & Amortization Expense 37 20 20 14 12
 Interest Expense 3 3 4 3 - 
Sale of Fixed Assets & Businesses 194  0.137  0.073 - - 
Pretax Income 285 98 138 171 158 
Net Income 248 73 103 129 118 


CASH FLOW STATEMENT
 All values MYR Thousands. 
Net Operating Cash Flow (16,259.0) 142,038.0 114,602.0 117,876.0 43,200.0 
Capital Expenditures (61,692.0) (93,228.0) (20,038.0) (34,278.0) (16,280.0) 
Free Cash Flow (70,181.0) 49,403.0 94,756.0 83,613.0 27,517.0 
 Cash Dividends Paid - Total (32,000.0) (51,200.0) (64,000.0) (128,000.0) (179,200.0) 

Sale of Fixed Assets & Businesses 194,001.0 137.0 73.0 - - 


BALANCE SHEET
 All values MYR Thousands. 
 Cash & Short Term Investments 118,300.0 55,605.0 61,532.0 32,109.0 61,339.0 
ST Debt & Current Portion LT Debt 8,487.0 19,598.0 17,358.0 15,172.0 - 
Long-Term Debt 6,652.0 3,590.0 340.0 - - 

Total Current Assets 482,151.0 288,435.0 314,460.0 279,549.0 286,781.0 
Total Current Liabilities 306,032.0 324,181.0 292,043.0 292,804.0 281,640.0
 Current Ratio 1.58 0.89 1.08 0.95 1.02
 Quick Ratio 1.05 0.42 0.61 0.51 0.61
 Cash Ratio 0.39 0.17 0.21 0.11 0.22

 Total Shareholders' Equity 382,580.0 166,580.0 144,417.0 105,459.0 104,010.0
 Retained Earnings 318,580.0 102,580.0 80,417.0 41,459.0 40,010.0
 Total Shareholders' Equity / Total Assets 54.56% 33.39% 32.56% 25.92% 26.40%
 Liabilities & Shareholders' Equity 701,232.0 498,845.0 443,594.0 406,899.0 394,006.0

Total Assets 701,232.0 498,845.0 443,594.0 406,899.0 394,006.0 
Return On Average Assets 41.33%





Average Growth Rates 
Dutch Lady Milk Industries Bhd 
Past Five Years Ending 12/31/2021 (Fiscal Year) 
Revenue +1.30%
 Net Income +22.13%
 Earnings Per Share +22.13% 
Capital Spending +55.79%
 Gross Margin +38.50%
 Cash Flow -71.01% 


 KEY STOCK DATA 
P/E Ratio (TTM) 7.74(12/28/22) 
EPS (TTM) RM3.91 
Market Cap RM1.93 B 
Shares Outstanding N/A 
Public Float 56.93 M 
Yield 1.65%(12/28/22) 
Latest Dividend RM0.25(12/13/22)

Understanding financially distressed and bankrupt companies.

Financially distressed and bankrupt securities are analytically complex and often illiquid.

The reorganization process is both tedious and highly uncertain. 

Although the number of variables is high in any type of investing, the issues that must be considered when investing in the securities of financially distressed or bankrupt companies are greater in number and in complexity. 

In addition to comparing price to value as one would for any investment, investors in financially distressed securities must consider, among other things, 
  • - the effect of financial distress on business results; 
  • - the availability of cash to meet upcoming debt-service requirements; and 
  • - likely restructuring alternatives, including a detailed understanding of the different classes of securities and financial claims outstanding and who owns them. 

Similarly, investors in bankrupt securities must develop a thorough understanding of the 
  • -  reorganization process in general as well as 
  • -  the specifics of each situation being analyzed.



Financially Distressed and Bankrupt Businesses

Companies get into financial trouble for at least one of three reasons: 
  • - operating problems, 
  • - legal problems, and/or 
  • - financial problems. 

A serious business deterioration can cause continuing operating losses and ultimately financial distress.

Unusually severe legal problems caused tremendous financial uncertainty for these companies, leading them ultimately to seek bankruptcy court protection. 

Financial distress sometimes results almost entirely from the burdens of excessive debt; many of the junk-bond issuers of the 1980s shared this experience.


Financial distress is typically characterized by a shortfall of cash to meet operating needs and scheduled debt-service obligations. 
  • -  When a company runs short of cash, its near-term liabilities, such as commercial paper or bank debt, may not be refinanceable at maturity. 
  • Suppliers, fearing that they may not be paid, curtail or cease shipments or demand cash on delivery, exacerbating the debtor’s woes. 
  • Customers dependent on an ongoing business relationship may stop buying
  • Employees may abandon ship for more secure or less stressful jobs.


Effect of financial distress vary from company to company

Since the effect of financial distress on business results can vary from company to company, investors must exercise considerable caution in analyzing distressed securities. 

The operations of 
  • capital-intensive businesses are, over the long run, relatively immune from financial distress, while 
  • those that depend on public trust, like financial institutions, or on image, like retailers, may be damaged irreversibly. 

For some businesses the decline in operating results is limited to the period of financial distress. 
  • -  After a successful exchange offer, an injection of fresh capital, or a bankruptcy reorganization, these businesses recover to their historic levels of profitability. 
  • -  Others, however, remain shadows of their former selves.  

The capital structure of a business also affects the degree to which operations are impacted by financial distress. 
  • -  For debtors with most or all of their obligations at a holding company one or more levels removed from the company’s primary assets, the impact of financial distress can be minimal. Overleveraged holding companies, for example, can file for bankruptcy protection while their viable subsidiaries continue to operate unimpaired; Texaco entered bankruptcy while most of its subsidiaries did not file for court protection. 
  • -  Companies that incur debt at the operating-subsidiary level may face greater dislocations.


More often bankrupt enterprise continues in business under protection for some to return to financial health

The popular media image of a bankrupt company is a rusting hulk of a factory viewed from beyond a padlocked gate. Although this is sometimes the unfortunate reality, far more often the bankrupt enterprise continues in business under court protection from its creditors. 

Indeed, while there may be a need to rebuild damaged relationships, a company that files for bankruptcy has usually reached rock bottom and in many cases soon begins to recover. 
  • -  As soon as new lenders can be assured of their senior creditor position, debtor-in-possession financing becomes available, providing cash to meet payroll, to restock depleted inventories, and to give confidence both to customers and suppliers. 
  • - Since postpetition suppliers to the debtor have a senior claim to unsecured prepetition creditors, most suppliers renew shipments. 
  • -  As restocked inventories and increased confidence stimulate business and as deferred maintenance and delayed capital expenditures are undertaken, results may begin to improve. 
  • - Cash usually starts to build (for a number of reasons). 
  • -  When necessary, new management can be attracted by the prospect of a stable and improving business situation and by the lure of low-priced stock or options in the reorganized company. 

While Chapter 11 is not a panacea, bankruptcy can provide a sheltered opportunity for some troubled businesses to return to financial health.

Thursday 22 December 2022

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

NIKE

 

Fiscal year is June-May. 
All values USD Millions.
2022 2021 2020 2019 2018 5-year trend 

INCOME STATEMENT
Sales/Revenue 46,792 44,493 37,420 39,122 36,363
 Sales Growth 5.17% 18.90% -4.35% 7.59%
 Gross Income 21,584 19,905 15,894 17,426 16,012
 Gross Income Growth 8.44% 25.24% -8.79% 8.83% -
 Gross Profit Margin 46.13% - - - -
 Interest Expense 292 289 144 124 117
 Interest Expense Growth 1.04% 100.69% 16.13% 5.98% - 
Pretax Income 6,651 6,661 2,887 4,801 4,325
 Pretax Income Growth -0.15% 130.72% -39.87% 11.01% -
 Pretax Margin 14.21% - - - -
 Net Income 6,046 5,727 2,539 4,029 1,933
 Net Income Growth 5.57% 125.56% -36.98% 108.43% -
 Net Margin 12.92% - - - -
 

CASH FLOW STATEMENT
Net Income before Extraordinaries 6,046 5,727 2,539 4,029 1,933
 Net Income Growth 5.57% 125.56% -36.98% 108.43% -
 Funds from Operations 6,848 6,612 3,730 5,341 3,473 
Net Operating Cash Flow 5,188 6,657 2,485 5,903 4,955
 Net Operating Cash Flow Growth -22.07% 167.89% -57.90% 19.13% -
 Net Operating Cash Flow / Sales 11.09% 14.96% 6.64% 15.09% 13.63%
 Capital Expenditures (758) (695) (1,086) (1,119) (1,028)
 Capital Expenditures / Sales -1.62% -1.56% -2.90% -2.86% -2.83% 
 Free Cash Flow 4,430 5,962 1,399 4,784 3,927
 Free Cash Flow Growth -25.70% 326.16% -70.76% 21.82% -
 Free Cash Flow Yield 1.35% - - - - 
 Cash Dividends Paid - Total (1,837) (1,638) (1,452) (1,332) (1,243) 


BALANCE SHEET
 Cash & Short Term Investments 12,997 13,476 8,787 4,663 5,245 
ST Debt & Current Portion LT Debt 930 469 696 15 342 
Long-Term Debt 11,697 12,344 12,319 3,464 3,468 


 Total Accounts Receivable 4,667 4,463 2,749 4,272 3,498 
Accounts Receivable Turnover 10.03 9.97 13.61 9.16 10.40
 Accounts Payable 3,358 2,836 2,248 2,612 2,279 


 Total Current Assets 28,213 26,291 20,556 16,525 15,134
Total Current Liabilities 10,730 9,674 8,284 7,866 6,040
 Current Ratio 2.63 2.72 2.48 2.10 2.51
 Quick Ratio 1.84 2.01 1.59 1.39 1.63
 Cash Ratio 1.21 1.39 1.06 0.59 0.87 

 Net Property, Plant & Equipment 7,717 8,017 7,963 4,744 4,454 
 Total Assets 40,321 37,740 31,342 23,717 22,536
 Assets - Total - Growth 6.84% 20.41% 32.15% 5.24% -
 Asset Turnover 1.20 - - - -
 Return On Average Assets 15.49% - - - - 


Total Liabilities 25,040 24,973 23,287 14,677 12,724
 Total Liabilities / Total Assets 62.10% 66.17% 74.30% 61.88% 56.46% 
 Retained Earnings 3,476 3,179 (191) 1,643 3,517
 Common Equity / Total Assets 37.90% 33.83% 25.70% 38.12% 43.54%
 Total Shareholders' Equity 15,281 12,767 8,055 9,040 9,812
 Total Shareholders' Equity / Total Assets 37.90% 33.83% 25.70% 38.12% 43.54%
 Total Equity 15,281 12,767 8,055 9,040 9,812
 Liabilities & Shareholders' Equity 40,321 37,740 31,342 23,717 22,536



Average Growth Rates 
Nike Inc. Cl B 
Past Five Years Ending 05/31/2022 (Fiscal Year) 
Revenue +5.74%
 Net Income +42.56%
 Earnings Per Share - 
Capital Spending -5.25%
 Gross Margin +46.18%
 Cash Flow +2.56% 

 KEY STOCK DATA 
P/E Ratio (TTM) 32.66(12/21/22) 
EPS (TTM) $3.54 
Market Cap $161.49 B 
Shares Outstanding 1.26 B 
Public Float 1.24 B 
Yield 1.17%(12/21/22) 
Latest Dividend $0.340000004(12/28/22) 
Ex-Dividend Date 12/02/22 ? 
SHORT INTEREST (11/30/22) 
Shares Sold Short 16.19 M 
Change from Last 0.70% 
Percent of Float 1.30%

Wednesday 21 December 2022

Heineken Malaysia Bhd (HEIM)

 

Fiscal year is January-December. 
2021 2020 2019 2018 2017
5-year trend 

INCOME STATEMENT
All values MYR Millions.
Sales/Revenue 1,979 1,762 2,320 2,030 1,930 
Gross Income 600 479 709 654 663
 Gross Income Growth 25.34% -32.45% 8.43% -1.35% -
 Gross Profit Margin 30.32% - - - -
 EBIT 326 219 406 378 367 
Interest Expense 4 9 4 4 4
 Pretax Income 321 199 412 381 363
 Pretax Income Growth 61.75% -51.78% 8.24% 4.84% -
 Pretax Margin 16.24% - - - - 
Consolidated Net Income 246 154 313 283 270
 Net Income 246 154 313 283 270
 Net Income Growth 59.33% -50.73% 10.78% 4.61% -
 Net Margin 12.41% - - - - 


CASH FLOW STATEMENT
 All values MYR Thousands. 
Net Income before Extraordinaries 321,427.0 198,716.0 412,127.0 380,764.0 363,174.0
 Net Income Growth 61.75% -51.78% 8.24% 4.84% - 
Depreciation, Depletion & Amortization 70,706.0 68,847.0 56,684.0 45,657.0 103,645.0 
Funds from Operations 350,636.0 254,306.0 440,292.0 396,244.0 383,919.0 
Net Operating Cash Flow 341,430.0 230,486.0 412,705.0 349,686.0 358,921.0
 Net Operating Cash Flow Growth 48.13% -44.15% 18.02% -2.57% -
 Net Operating Cash Flow / Sales 17.25% 13.08% 17.79% 17.23% 18.60% 
 Capital Expenditures (104,179.0) (61,410.0) (108,581.0) (81,846.0) (77,235.0) 
Capital Expenditures Growth -69.65% 43.44% -32.67% -5.97% -
 Capital Expenditures / Sales -5.26% -3.48% -4.68% -4.03% -4.00% 
Free Cash Flow 242,611.0 173,011.0 310,859.0 272,292.0 287,092.0
 Free Cash Flow Growth 40.23% -44.34% 14.16% -5.16% -
 Free Cash Flow Yield 0.69% - - - -


 Net Investing Cash Flow (103,354.0) (61,199.0) (108,098.0) (80,520.0) (76,563.0)
 Net Investing Cash Flow Growth -68.88% 43.39% -34.25% -5.17% -
 Net Investing Cash Flow / Sales -5.22% -3.47% -4.66% -3.97% -3.97%

 Cash Dividends Paid - Total (199,385.0) (199,385.0) (290,014.0) (271,888.0) (302,098.0) 

 


BALANCE SHEET
 All values MYR Millions.
Cash & Short Term Investments 76 132 15 13 11 
Cash & ST Investments / Total Assets 7.00% 12.53% 1.36% 1.34% 1.30% 
ST Debt & Current Portion LT Debt 163 254 102 105 101 
Long-Term Debt 5 7 3 - - 
 
Total Accounts Receivable 420 317 578 478 469 
Accounts Receivable Growth 32.31% -45.11% 21.05% 1.83% -
 Accounts Receivable Turnover 4.71 5.55 4.01 4.25 4.12
 Accounts Payable 160 124 161 120 86
 Accounts Payable Growth 29.05% -23.42% 34.14% 39.87% -

 Total Current Assets 658 658 703 604 582
 Total Current Liabilities 655 659 664 536 478
 Current Ratio 1.00 1.00 1.06 1.13 1.22
 Quick Ratio 0.77 0.71 0.95 0.96 1.08
 Cash Ratio 0.12 0.20 0.02 0.02 0.02 

 Net Property, Plant & Equipment 407 364 360 293 242 

 Total Assets 1,092 1,052 1,106 940 868
 Assets - Total - Growth 3.77% -4.83% 17.59% 8.28% -
 Asset Turnover 1.85 - - - -
 Return On Average Assets 22.91%

 Total Liabilities 696 703 712 569 508
 Total Liabilities / Total Assets 63.77% 66.80% 64.36% 60.53% 58.48%

 Common Equity (Total) 396 349 394 371 361
 Common Stock Par/Carry Value 151 151 151 151 151
 Retained Earnings 244 198 243 220 209
 Other Appropriated Reserves 0 0 - - -
 Common Equity / Total Assets 36.23% 33.20% 35.64% 39.47% 41.52%
 Total Shareholders' Equity 396 349 394 371 361
 Total Shareholders' Equity / Total Assets 36.23% 33.20% 35.64% 39.47% 41.52%
 Total Equity 396 349 394 371 361
 Liabilities & Shareholders' Equity 1,092 1,052 1,106 940 868 

 
Average Growth Rates 
Heineken Malaysia Bhd 
Past Five Years Ending 12/31/2021 (Fiscal Year) 
Revenue +0.51%
 Net Income -1.81%
 Earnings Per Share -1.81% 
Capital Spending +6.98%
 Gross Margin +34.43%
 Cash Flow -3.10% 


 KEY STOCK DATA 
P/E Ratio (TTM) 19.08(12/21/22) 
EPS (TTM) RM1.34 
Market Cap RM7.62 B 
Shares Outstanding N/A 
Public Float 134.61 M 
Yield 4.15%(12/21/22) 
Latest Dividend RM0.400000006(11/11/22) 
Ex-Dividend Date 10/19/22 ? 
SHORT INTEREST () 
N/A ? 
STOCK MONEY FLOW 
N/A

How and Why Do Companies Pay Dividends?

An important part missing in many of these discussions 

  • is the purpose of dividends and 
  • why they are used by some companies and not by others.  
Let's look at different arguments for and against dividends policies. 


Arguments Against Dividends

1.  First, some financial analysts feel that the consideration of a dividend policy is irrelevant because investors have the ability to create "homemade" dividends. 

These analysts claim that this income is achieved by individuals adjusting their personal portfolios to reflect their own preferences. For example, investors looking for a steady stream of income are more likely to invest in bonds (in which interest payments don't change), rather than a dividend-paying stock (in which value can fluctuate). Because their interest payments won't change, those who own bonds don't care about a particular company's dividend policy.

2.  The second argument claims that little to no dividend payout is more favorable for investors. 

Supporters of this policy point out that taxation on a dividend is higher than on a capital gainThe argument against dividends is based on the belief that a firm that reinvests funds (rather than paying them out as dividends) will increase the value of the firm as a whole and consequently increase the market value of the stock.

According to the proponents of the no dividend policy, a company's alternatives to paying out excess cash as dividends are the following: 
  • undertaking more projects, 
  • repurchasing the company's own shares, 
  • acquiring new companies and 
  • profitable assets, and reinvesting in financial assets. 

Arguments For Dividends

In opposition to these two arguments is the idea that a high dividend payout is important for investors because:

1.  dividends provide certainty about the company's financial well-being
2.  dividends are also attractive for investors looking to secure current income. 

In addition, there are many examples of how the decrease and increase of a dividend distribution can affect the price of a security.
  • Companies that have a long-standing history of stable dividend payouts would be negatively affected by lowering or omitting dividend distributions; these companies would be positively affected by increasing dividend payouts or making additional payouts of the same dividends.
  • Furthermore, companies without a dividend history are generally viewed favorably when they declare new dividends. 



Dividend-Paying Methods

Should the company decide to follow either the high or low dividend method, it would use one of three main approaches
  • residual, 
  • stability, or 
  • a hybrid compromise between the two.

Residual

Companies using the residual dividend policy choose to rely on internally generated equity to finance any new projects. As a result, dividend payments can come out of the residual or leftover equity only after all project capital requirements are met. These companies usually attempt to maintain balance in their debt/equity ratios before making any dividend distributions, which demonstrates that they decide on dividends only if there is enough money left over after all operating and expansion expenses are met.

For example, let's suppose that a company named CBC has recently earned $1,000 and has a strict policy to maintain a debt/equity ratio of 0.5 (one part debt to every two parts of equity).
  • Now, suppose this company has a project with a capital requirement of $900. In order to maintain the debt/equity ratio of 0.5, CBC would have to pay for one-third of this project by using debt ($300) and two-thirds ($600) by using equity. In other words, the company would have to borrow $300 and use $600 of its equity to maintain the 0.5 ratio, leaving a residual amount of $400 ($1,000 - $600) for dividends. 
  • On the other hand, if the project had a capital requirement of $1,500, the debt requirement would be $500 and the equity requirement would be $1,000, leaving zero ($1,000 - $1,000) for dividends. If any project required an equity portion that was greater than the company's available levels, the company would issue new stock.

Stability

The fluctuation of dividends created by the residual policy significantly contrasts with the certainty of the dividend stability policy. 

With the stability policy, companies 
  • may choose a cyclical policy that sets dividends at a fixed fraction of quarterly earnings, or 
  • it may choose a stable policy whereby quarterly dividends are set at a fraction of yearly earnings. 
In either case, the aim of the dividend stability policy is to reduce uncertainty for investors and to provide them with income.

Suppose our imaginary company, CBC, earned the $1,000 for the year (with quarterly earnings of $300, $200, $100, $400). 
  • If CBC decided on a stable policy of 10% of yearly earnings ($1,000 x 10%), it would pay $25 ($100/4) to shareholders every quarter. 
  • Alternatively, if CBC decided on a cyclical policy, the dividend payments would adjust every quarter to be $30, $20, $10 and $40 respectively. 
In either instance, companies following this policy are always attempting to share earnings with shareholders rather than searching for projects in which to invest excess cash.


Hybrid

The final approach is a combination between the residual and stable dividend policy. Using this approach, companies tend to view the debt/equity ratio as a long-term rather than a short-term goal. In today's markets, this approach is commonly used by companies that pay dividends. 
  • As these companies will generally experience business cycle fluctuations, they will generally have one set dividend, which is set as a relatively small portion of yearly income and can be easily maintained
  • On top of this set dividend, these companies will offer another extra dividend paid only when income exceeds general levels.


Conclusion

If a company decides to pay dividends, it will choose one of three approaches: residual, stability or hybrid policies. Which a company chooses can determine how profitable its dividend payments will be for investors - and how stable the income.


http://investopedia.com/articles/03/011703.asp?partner=basics4bb

Tuesday 20 December 2022

Perlis Plantation Berhad

 

Fiscal year is January-December. 

2021 2020 2019 2018 2017 5-year trend 

INCOME STATEMENT
All values MYR Millions.
Sales/Revenue 4,857 4,191 4,684 4,528 4,284 
Sales Growth 15.91% -10.53% 3.43% 5.69% -
 Gross Income 399 430 630 561 540
 Gross Income Growth -7.10% -31.79% 12.25% 3.90% -
 Gross Profit Margin 8.22% - - - - 
SG&A Expense 408 388 416 365 348
 Other SG&A 408 388 416 365 348
 SGA Growth 5.10% -6.64% 13.90% 4.87% - 
Non Operating Income/Expense 58 (2) 7 (7) (10)
 Interest Expense 35 29 34 34 36
 Pretax Income (80) 74 237 1,168 1,271
 Pretax Income Growth -207.20% -68.68% -79.71% -8.10% -
 Pretax Margin -1.64% - - - - 
Equity in Affiliates 1,578 1,347 1,035 - -
 Consolidated Net Income 1,507 1,363 1,199 1,103 1,217
 Minority Interest Expense 11 46 47 28 33
 Net Income 1,496 1,317 1,153 1,075 1,184
 Net Income Growth 13.60% 14.26% 7.20% -9.17% -
 Net Margin 30.80% - - - -


CASH FLOW STATEMENT
 All values MYR Thousands. 
Net Income before Extraordinaries 1,498,073.0 1,420,933.0 1,271,628.0 1,167,683.0 1,270,599.0
 Net Income Growth 5.43% 11.74% 8.90% -8.10% -
 Depreciation, Depletion & Amortization 168,408.0 182,421.0 172,695.0 181,538.0 182,354.0
 Funds from Operations 711,104.0 732,885.0 752,406.0 745,435.0 620,377.0 
Net Operating Cash Flow 298,157.0 533,137.0 811,096.0 893,144.0 330,143.0
 Net Operating Cash Flow Growth -44.07% -34.27% -9.19% 170.53% -
 Net Operating Cash Flow / Sales 6.14% 12.72% 17.32% 19.72% 7.71%
 Capital Expenditures (222,113.0) (126,453.0) (142,640.0) (150,622.0) (168,683.0) 
 Capital Expenditures Growth -75.65% 11.35% 5.30% 10.71% -
 Capital Expenditures / Sales -4.57% -3.02% -3.05% -3.33% -3.94% 
 Free Cash Flow 107,831.0 429,072.0 668,456.0 742,522.0 161,460.0
 Free Cash Flow Growth -74.87% -35.81% -9.97% 359.88% -
 Free Cash Flow Yield - 2.36% - - - -

 Cash Dividends Paid - Total (682,847.0) (467,170.0) (424,254.0) (394,013.0) (327,248.0)


BALANCE SHEET
 All values MYR Millions. 
Cash & Short Term Investments 1,270 1,389 1,483 1,361 1,307 
Cash & ST Investments / Total Assets 4.64% 5.58% 6.29% 5.86% 5.70%
 ST Debt & Current Portion LT Debt 1,018 485 386 501 775 
Long-Term Debt 403 265 232 253 276 

 Total Accounts Receivable 1,060 863 746 777 915
 Accounts Receivable Growth 22.84% 15.63% -3.88% -15.12% -
 Accounts Receivable Turnover 4.58 4.86 6.27 5.83 4.68
 Accounts Payable 326 212 407 446 230
 Accounts Payable Growth 54.04% -48.02% -8.73% 93.89% -

 Total Current Assets 3,694 2,994 3,151 3,139 3,142 
Total Current Liabilities 1,679 934 1,085 1,168 1,225
 Current Ratio 2.20 3.21 2.90 2.69 2.56
 Quick Ratio 1.52 2.46 2.13 1.89 1.88
 Cash Ratio 0.76 1.49 1.37 1.17 1.07 

 Net Property, Plant & Equipment 1,794 1,679 1,686 1,621 1,679 
Total Assets 27,397 24,884 23,580 23,245 22,939
 Assets - Total - Growth 10.10% 5.53% 1.44% 1.33% -
 Asset Turnover 0.19 - - - -
 Return On Average Assets 5.72%

 Total Investments and Advances 21,782 20,116 18,649 18,386 18,018

 Total Liabilities 2,217 1,337 1,449 1,508 1,583
 Total Liabilities / Total Assets 8.09% 5.37% 6.14% 6.49% 6.90% 

 Common Equity (Total) 24,431 22,819 21,435 21,040 20,680
 Common Stock Par/Carry Value 1,429 1,429 1,429 1,429 1,192
 Retained Earnings 18,725 18,012 17,180 16,444 15,992 
 Total Shareholders' Equity 24,431 22,819 21,435 21,040 20,680
 Total Shareholders' Equity / Total Assets 89.18% 91.70% 90.91% 90.52% 90.15%

 Accumulated Minority Interest 749 728 696 697 676
 Total Equity 25,180 23,546 22,131 21,737 21,356
 Liabilities & Shareholders' Equity 27,397 24,884 23,580 23,245 22,939 


 Average Growth Rates 
PPB Group Bhd 
Past Five Years Ending 12/31/2021 (Fiscal Year) 
Revenue +2.57%
 Net Income +4.82%
 Earnings Per Share +4.82% 
Capital Spending +6.33%
 Gross Margin +15.02%
 Cash Flow -2.13% 


 KEY STOCK DATA 
P/E Ratio (TTM) 10.70(12/20/22) 
EPS (TTM) RM1.61 
Market Cap RM25.38 B 
Shares Outstanding N/A 
Public Float 596.55 M 
Yield 2.04%(12/20/22) 
Latest Dividend RM0.119999997(09/28/22) 
Ex-Dividend Date 09/08/22

Sunday 18 December 2022

TESCO UK

 

Fiscal year is March-February. 
All values GBP Millions.
2022 2021 2020 2019 2018 5-year trend 


INCOME STATEMENT
Sales/Revenue 61,344 57,887 58,091 63,911 57,493
 Sales Growth 5.97% -0.35% -9.11% 11.16% - 
Cost of Goods Sold (COGS) incl. D&A 56,650 54,028 53,680 59,403 54,092
 COGS Growth 4.85% 0.65% -9.63% 9.82% -
 Gross Income 4,694 3,859 4,411 4,508 3,401
 Gross Income Growth 21.64% -12.51% -2.15% 32.55% -
 Gross Profit Margin 7.65% - - - -
 SG&A Expense 1,984 1,767 1,736 1,979 1,765
 SGA Growth 12.28% 1.79% -12.28% 12.12% - 
EBIT 2,710 - - - - Interest Expense 652 695 722 847 400
 Interest Expense Growth -6.19% -3.74% -14.76% 111.75% -
 Pretax Income 2,018 610 1,036 1,585 1,306
 Pretax Income Growth 230.82% -41.12% -34.64% 21.36% -
 Pretax Margin 3.29% - - - - 
Net Income 1,521 528 736 1,272 992
 Net Income Growth 188.07% -28.26% -42.14% 28.23% -
 Net Margin 2.48% - - - - 


CASH FLOW STATEMENT
 Net Income before Extraordinaries 2,560 1,547 (150) 2,649 1,839
 Net Income Growth 65.48% 1131.33% -105.66% 44.05% -
 Funds from Operations 3,430 394 3,651 3,262 2,268 
Net Operating Cash Flow 3,792 640 108 2,614 2,858
 Net Operating Cash Flow Growth 492.50% 492.59% -95.87% -8.54% -
 Net Operating Cash Flow / Sales 6.18% 1.11% 0.19% 4.09% 4.97%
 Capital Expenditures (1,178) (1,377) (1,204) (1,292) (1,637) 
Capital Expenditures Growth 14.45% -14.37% 6.81% 21.08% -
 Capital Expenditures / Sales -1.92% -2.38% -2.07% -2.02% -2.85% 
Free Cash Flow 2,843 (531) (895) 1,513 1,418
 Free Cash Flow Growth 635.40% 40.67% -159.15% 6.70% -
 Free Cash Flow Yield 9.52% - - - -

 Cash Dividends Paid - Total (731) (5,858) (656) (357) (82) 


BALANCE SHEET
 Cash & Short Term Investments 4,647 3,699 5,415 3,373 5,156
 Cash & Short Term Investments Growth 25.63% -31.69% 60.54% -34.58% -
 Cash & ST Investments / Total Assets 9.42% 8.13% 10.19% 5.93% 11.49%
 ST Debt & Current Portion LT Debt 1,272 1,655 2,817 2,209 1,479 
Long-Term Debt 14,085 14,015 14,973 15,439 7,142 

 Total Accounts Receivable 4,705 4,397 5,697 6,438 6,153 
Accounts Receivable Growth 7.00% -22.82% -11.51% 4.63% -
 Accounts Receivable Turnover 13.04 13.17 10.20 9.93 9.34
 Inventories 2,339 2,069 2,433 2,617 2,264 
Accounts Payable 9,181 8,399 8,922 9,131 8,994 
Accounts Payable Growth 9.31% -5.86% -2.29% 1.52% -

 Total Current Assets 12,189 10,807 13,608 12,480 13,600
 Total Current Liabilities 16,125 15,721 18,656 20,973 19,233
 Current Ratio 0.76 0.69 0.73 0.60 0.71
 Quick Ratio 0.61 0.56 0.60 0.47 0.59
 Cash Ratio 0.29 0.24 0.29 0.16 0.27

 Net Property, Plant & Equipment 22,780 22,896 26,108 26,899 18,521 
 Total Assets 49,351 45,512 53,147 56,898 44,884
 Assets - Total - Growth 8.44% -14.37% -6.59% 26.77% -
 Asset Turnover 1.29 - - - -
 Return On Average Assets 3.20% - - - -

 Total Liabilities 33,707 33,453 39,778 43,466 34,404
 Total Liabilities / Total Assets 68.30% 73.50% 74.85% 76.39% 76.65%
 Common Equity (Total) 15,660 12,077 13,391 13,456 10,502 
 Retained Earnings 10,022 6,329 7,168 7,121 4,290 Treasury Stock (365) (188) (250) (179) (16) Common Equity / Total Assets 31.73% 26.54% 25.20% 23.65% 23.40%
 Total Shareholders' Equity 15,660 12,077 13,391 13,456 10,502
 Total Shareholders' Equity / Total Assets 31.73% 26.54% 25.20% 23.65% 23.40%
 Accumulated Minority Interest (16) (18) (22) (24) (22)
 Total Equity 15,644 12,059 13,369 13,432 10,480
 Liabilities & Shareholders' Equity 49,351 45,512 53,147 56,898 44,884



Average Growth Rates 
Tesco PLC 
Past Five Years Ending 02/28/2022 (Fiscal Year) 
Revenue +1.34%
 Net Income +10.73%
 Earnings Per Share +0.51% 
Capital Spending -5.61%
 Gross Margin +9.55%
 Cash Flow +20.10% 

 KEY STOCK DATA 
P/E Ratio (TTM) 18.00(12/16/22) 
EPS (TTM) £0.12 
Market Cap £16.28 B 
Shares Outstanding 7.37 B 
Public Float 7.16 B 
Yield 5.20%(12/16/22) 
Latest Dividend p3.84999998(11/25/22) 
Ex-Dividend Date 10/13/22

Tencent HK

 

Fiscal year is January-December. 
All values HKD Millions.
2021 2020 2019 2018 2017 5-year trend 


INCOME STATEMENT
Sales/Revenue 675,060 541,692 427,814 370,372 274,158
 Sales Growth 24.62% 26.62% 15.51% 35.09% - 
Gross Income 290,106 244,184 188,023 165,629 134,825
 Gross Income Growth 18.81% 29.87% 13.52% 22.85% -
 Gross Profit Margin 42.97%
 Non Operating Income/Expense 153,763 32,819 14,303 5,642 21,664
 Non-Operating Interest Income 8,015 7,818 7,160 5,412 4,543
 Interest Expense 9,543 8,370 8,720 5,801 3,528
 Pretax Income 318,786 198,163 125,957 110,129 100,773
 Pretax Income Growth 60.87% 57.33% 14.37% 9.28% -
 Pretax Margin 47.22%
 Net Income 270,958 179,619 105,806 93,239 82,457
 Net Income Growth 50.85% 69.76% 13.48% 13.08% -
 Net Margin 40.14%


CASH FLOW STATEMENT
 Net Income before Extraordinaries 274,559 179,931 108,729 94,737 83,565
 Net Income Growth 52.59% 65.49% 14.77% 13.37% -
 Funds from Operations 210,932 188,087 152,073 127,573 101,489
 Net Operating Cash Flow 212,006 218,902 169,456 133,372 128,774
 Net Operating Cash Flow Growth -3.15% 29.18% 27.06% 3.57% -
 Net Operating Cash Flow / Sales 31.41% 40.41% 39.61% 36.01% 46.97% 
 Capital Expenditures (74,922) (74,837) (64,620) (64,033) (36,903) 
Capital Expenditures Growth -0.11% -15.81% -0.92% -73.51% -
 Capital Expenditures / Sales -11.10% -13.82% -15.10% -17.29% -13.46% 
Free Cash Flow 176,691 180,618 143,641 109,987 114,813
 Free Cash Flow Growth -2.17% 25.74% 30.60% -4.20% -
 Free Cash Flow Yield 3.65% - - - -

 Cash Dividends Paid - Total (15,069) (11,618) (9,429) (8,026) (5,825)


BALANCE SHEET
 Cash & Short Term Investments 323,955 273,169 212,053 193,674 173,455 
 ST Debt & Current Portion LT Debt 29,908 21,417 40,838 46,246 24,547
 Long-Term Debt 365,789 289,770 219,258 159,821 133,798 

 Total Accounts Receivable 103,373 79,951 57,732 42,002 29,347 
Accounts Payable 133,911 111,486 90,259 84,084 60,124 

 Total Current Assets 608,915 390,692 284,087 257,286 220,557 
Total Current Liabilities 494,685 321,078 268,637 232,137 182,626
 Current Ratio 1.23 1.22 1.06 1.11 1.21
 Quick Ratio 1.23 1.21 1.05 1.11 1.21
 Cash Ratio 0.65 0.85 0.79 0.83 0.95 

 Net Property, Plant & Equipment 108,020 92,137 68,912 45,580 32,124
 Intangible Assets 232,291 207,312 144,142 64,601 48,337 
Total Assets 1,972,349 1,580,962 1,067,124 825,072 665,853
 Assets - Total - Growth 24.76% 48.15% 29.34% 23.91% -
 Asset Turnover 0.38 - - - -
 Return On Average Assets 15.25%

 Total Liabilities 899,921 658,483 520,328 418,869 333,218
 Total Liabilities / Total Assets 45.63% 41.65% 48.76% 50.77% 50.04%
 Common Equity (Total) 986,318 834,672 484,023 368,917 307,403
 Additional Paid-In Capital/Capital Surplus 82,362 57,851 39,454 31,125 26,655
 Retained Earnings 837,514 638,425 430,269 341,719 243,309
 Common Equity / Total Assets 50.01% 52.80% 45.36% 44.71% 46.17%

 Total Shareholders' Equity 986,318 834,672 484,023 368,917 307,403
 Total Shareholders' Equity / Total Assets 50.01% 52.80% 45.36% 44.71% 46.17%
 Accumulated Minority Interest 86,111 87,807 62,773 37,286 25,232
 Total Equity 1,072,428 922,479 546,796 406,203 332,635
 Liabilities & Shareholders' Equity 1,972,349 1,580,962 1,067,124 825,072 665,853


 Average Growth Rates 
Tencent Holdings Ltd. 
Past Five Years Ending 12/31/2021 (Fiscal Year) 
Revenue +29.25%
 Net Income +45.72%
 Earnings Per Share +44.57% 
Capital Spending +20.60%
 Gross Margin +55.85%
 Cash Flow +10.78% 

 KEY STOCK DATA
 P/E Ratio (TTM) 14.50(12/16/22) 
EPS (TTM) HK$21.85 
Market Cap HK$3.01 T 
Shares Outstanding 9.57 B 
Public Float 5.97 B 
Yield 0.51%(12/16/22) 
Latest Dividend HK$1.60000002(06/06/22) 
Ex-Dividend Date 05/20/22 ? 
SHORT INTEREST ()

Saturday 17 December 2022

Alibaba HK

 

Fiscal year is April-March. All values HKD Millions.
2022 2021 2020 2019 2018 5-year trend 

INCOME STATEMENT
Sales/Revenue 1,034,800 820,205 571,884 440,328 294,897
 Sales Growth 26.16% 43.42% 29.88% 49.32% -
 Cost of Goods Sold (COGS) incl. D&A 667,600 493,919 327,872 251,001 133,580
 COGS Growth 35.16% 50.64% 30.63% 87.90% 
Gross Income 367,200 326,286 244,012 189,327 161,318
 Gross Income Growth 12.54% 33.72% 28.88% 17.36% -
 Gross Profit Margin 35.49% - - - -
 SG&A Expense 251,325 221,811 136,825 119,305 78,117
 SGA Growth 13.31% 62.11% 14.69% 52.73% -
 EBIT 115,875 104,475 107,187 70,022 83,201
 Unusual Expense 31,401 1,930 4,605 3,322 (81)
 Non Operating Income/Expense (6,282) 8,670 8,346 258 501
 Non-Operating Interest Income - 83,238 81,855 51,536 38,073
 Interest Expense 5,955 5,118 5,812 6,064 4,202
 Interest Expense Growth 16.35% -11.93% -4.16% 44.32% -
 Pretax Income 72,237 189,335 186,972 112,431 118,308
 Pretax Income Growth -61.85% 1.26% 66.30% -4.97% -
 Pretax Margin 6.98%

 
CASH FLOW STATEMENT
Net Income before Extraordinaries 57,109 163,842 157,469 93,750 72,364 
Net Income Growth -65.14% 4.05% 67.97% 29.55% -
 Depreciation, Depletion & Amortization 58,305 54,783 47,602 43,327 25,947
 Other Funds 81,436 (15,038) (22,602) 4,216 22,012
 Funds from Operations 195,189 207,288 178,606 138,726 121,473
 Changes in Working Capital (22,017) 57,755 24,031 37,683 26,020
 Other Assets/Liabilities (33,906) (35,305) (42,422) 34,107 (8,299)
 Net Operating Cash Flow 173,173 265,042 202,637 176,409 147,493
 Net Operating Cash Flow Growth -34.66% 30.80% 14.87% 19.60% -
 Net Operating Cash Flow / Sales 16.73% 32.31% 35.43% 40.06% 50.02% 
 Capital Expenditures (64,684) (49,381) (50,922) (58,006) (35,157)
 Capital Expenditures Growth -30.99% 3.03% 12.21% -64.99% -
 Capital Expenditures / Sales -6.25% -6.02% -8.90% -13.17% -11.92% 
 Free Cash Flow 108,488 215,661 151,715 118,403 112,337
 Free Cash Flow Growth -49.70% 42.15% 28.13% 5.40% -
 Free Cash Flow Yield 4.44% - - - -


BALANCE SHEET
 Cash & Short Term Investments 605,406 613,026 410,225 237,511 262,524 
ST Debt & Current Portion LT Debt 17,081 20,763 8,654 26,243 7,519
 Long-Term Debt 200,951 194,430 152,292 130,635 149,096

 Total Current Assets 783,523 759,129 503,668 313,385 318,353
 Total Current Liabilities 473,832 447,559 264,303 242,581 169,410
 Current Ratio 1.65 1.70 1.91 1.29 1.88
 Quick Ratio 1.58 1.62 1.84 1.25 1.85
 Cash Ratio 1.28 1.37 1.55 0.98 1.55 

 Net Property, Plant & Equipment 312,919 263,484 154,677 116,429 90,340 
Total Assets 2,093,442 2,004,711 1,434,804 1,127,375 894,748
 Assets - Total - Growth 4.43% 39.72% 27.27% 26.00% -
Asset Turnover 0.51 - - - -
 Return On Average Assets 3.67% - - - -

 Common Equity (Total) 1,171,080 1,111,927 825,511 575,069 456,532 
Common Equity / Total Assets 55.94% 55.47% 57.53% 51.01% 51.02%
 Total Shareholders' Equity 1,171,080 1,111,927 825,511 575,069 456,532
 Total Shareholders' Equity / Total Assets 55.94% 55.47% 57.53% 51.01% 51.02%
 Accumulated Minority Interest 165,088 173,355 135,773 143,847 91,830
 Total Equity 1,336,168 1,285,282 961,284 718,916 548,362
 Liabilities & Shareholders' Equity 2,093,442 2,004,711 1,434,804 1,127,375 894,748


Average Growth Rates 
Alibaba Group Holding Ltd. 
Past Five Years Ending 03/31/2022 (Fiscal Year) 
Revenue +50.18%
 Net Income -0.06%
 Earnings Per Share -0.90% 
Capital Spending +16.80%
 Gross Margin +50.88%
 Cash Flow -0.69% 


 KEY STOCK DATA 
P/E Ratio (TTM) 239.54(12/16/22) 
EPS (TTM) HK$0.36 
Market Cap HK$1.83 T 
Shares Outstanding 21.18 B 
Public Float 14.69 B 
Yield 9988 is not currently paying a regular dividend. 
Latest Dividend N/A 
Ex-Dividend Date N/A ? 

SHORT INTEREST 
()

Public Bank Berhad

 

Fiscal year is January-December. All values MYR Millions.
2021 2020 2019 2018 2017 5-year trend 


INCOME STATEMENT
Interest Income 15,092 15,500 17,565 17,330 16,282 
Interest Income Growth -2.63% -11.76% 1.36% 6.44% - 
Total Interest Expense 5,160 7,004 8,857 8,698 7,861 
Total Interest Expense Growth -26.34% -20.92% 1.83% 10.65% - 
Net Interest Income 9,932 8,495 8,708 8,632 8,420 
Net Interest Income Growth 16.92% -2.45% 0.88% 2.52% - 
Loan Loss Provision 1,201 1,106 154 169 203 
Loan Loss Provision Growth 8.58% 616.21% -8.75% -16.74% - 
Net Interest Income after Provision 8,731 7,389 8,554 8,463 8,217 
Net Interest Inc After Loan Loss Prov Growth 18.17% -13.62% 1.08% 2.99% -
 Net Interest Margin 2.20%
 Non-Interest Income 3,601 3,588 3,113 3,011 3,143 
Non-Interest Expense 4,966 4,672 4,587 4,424 4,246 
Operating Income 7,367 6,305 7,080 7,050 7,114 
Operating Income Growth 16.83% -10.94% 0.43% -0.91% - 
Pretax Income 7,367 6,285 7,134 7,096 7,121 
Pretax Income Growth 17.21% -11.90% 0.54% -0.35% -
 Pretax Margin 39.41%
 Net Income 5,657 4,872 5,512 5,591 5,470 
Net Income 5,657 4,872 5,512 5,591 5,470
 Net Income Growth 16.11% -11.61% -1.41% 2.20% -
 Net Margin 30.26% F



CASH FLOW STATEMENT
Funds from Operations 6,985 6,496 6,329 5,989 6,204 
Funds from Operations Growth 7.52% 2.64% 5.69% -3.48% -
 Net Operating Cash Flow 7,889 4,744 6,564 5,679 6,700 
Net Operating Cash Flow / Interest Income 52.27% 30.60% 37.37% 32.77% 41.15% 
Capital Expenditures (143) (373) (205) (218) (312) 
Free Cash Flow 7,746 4,370 6,358 5,461 6,389
 Free Cash Flow Growth 77.24% -31.27% 16.43% -14.52% -
 Free Cash Flow Yield 4.66% 

 Cash Dividends Paid - Total (3,979) (1,553) (2,717) (2,555) (2,278)
 Cash Dividend Growth -   156.25% 42.86% -6.35% -12.15% - 


BALANCE SHEET
ASSETS
 Total Cash & Due from Banks 6,691 5,689 15,213 14,298 13,421
 Investments - Total 80,572 78,225 72,162 72,246 61,157 
Investments Growth 3.00% 8.40% -0.12% 18.13% - 
Net Loans 366,114 357,947 337,383 325,981 313,156 
Real Estate Other Than Bank Premises 807 904 931 845 796
 Loans - 1 Yr Growth Rate 2.28% 6.10% 3.50% 4.10% - 
Net Property, Plant & Equipment 2,577 2,697 2,570 1,567 1,564
 Other Assets (Including Intangibles) 5,316 5,612 4,370 4,604 5,076 
Total Assets 462,739 451,257 432,831 419,693 395,276
 Assets - Total Growth 2.54% 4.26% 3.13% 6.18% -
 Return On Average Assets 1.24% - - - - 


LIABILITIES & EQUITY
 Total Deposits 380,394 365,871 353,340 339,160 319,259 
Total Debt 26,506 29,501 28,370 32,561 31,081 
Other Liabilities 6,197 6,533 6,193 5,671 6,325
 Total Liabilities 413,314 402,830 388,084 377,597 356,831
 Common Equity (Total) 48,163 47,248 43,594 40,973 37,365 
Accumulated Minority Interest 1,263 1,178 1,152 1,123 1,081
 Total Equity 49,425 48,427 44,746 42,096 38,446
 Liabilities & Shareholders' Equity 462,739 451,257 432,831 419,693 395,276


Average Growth Rates 
Public Bank Bhd 
Past Five Years Ending 12/31/2021 (Fiscal Year) 
Revenue -0.75%
 Net Income +0.68%
 Earnings Per Share -15.89% 
Capital Spending -10.82%
 Gross Margin -
 Cash Flow +4.25% 


 KEY STOCK DATA 
P/E Ratio (TTM) 14.69(12/16/22) 
EPS (TTM) RM0.30 
Market Cap RM85.02 B 
Shares Outstanding 19.41 B 
Public Float 11.82 B 
Yield 4.50%(12/16/22) 
Latest Dividend RM0.0399999991(12/23/22) 
Ex-Dividend Date 12/14/22 ? 

SHORT INTEREST () 
N/A

Southern Acids Berhad

 

Fiscal year is April-March. All values MYR Millions.
2022 2021 2020 2019 2018 5-year trend 


INCOME STATEMENT
Sales/Revenue 1,176 741 660 599 763
 Sales Growth 58.72% 12.24% 10.30% -21.55% - 
Cost of Goods Sold (COGS) incl. D&A 979 625 541 476 636 
COGS Growth 56.50% 15.54% 13.69% -25.08% -
 Gross Income 197 116 119 123 128 
Gross Profit Margin 16.79% 
SG&A Expense 76 74 84 101 79 
EBIT 135 - 45 31 - 
Interest Expense 1 0 0 0 0 
Pretax Income 150 60 49 39 51
 Pretax Margin 12.74% 
Net Income 94 37 32 21 33
 Net Income Growth 152.75% 16.75% 48.94% -34.02% - 


CASH FLOW STATEMENT
 All values MYR Thousands. 
Net Income before Extraordinaries 149,855.0 60,345.0 48,740.0 38,574.0 51,019.0 
Funds from Operations 153,255.0 77,043.0 64,831.0 47,043.0 61,646.0 
Net Operating Cash Flow 89,981.0 62,125.0 37,191.0 72,833.0 63,704.0 
Capital Expenditures (20,421.0) (22,960.0) (15,840.0) (38,963.0) (34,453.0) 
Free Cash Flow 69,560.0 39,165.0 21,351.0 33,870.0 29,251.0 
Free Cash Flow Yield 11.90% 

 Cash Dividends Paid - Total (6,847.0) (6,847.0) (6,847.0) (6,847.0) (6,847.0)


BALANCE SHEET
 All values MYR Thousands. 
Cash & Short Term Investments 322,288.0 242,163.0 208,938.0 199,911.0 174,381.0
 ST Debt & Current Portion LT Debt 21,502.0 2,870.0 2,531.0 187.0 217.0 
Long-Term Debt 3,852.0 6,615.0 8,662.0 212.0 123.0

 Total Accounts Receivable 134,847.0 97,975.0 73,619.0 68,848.0 86,844.0 
Accounts Payable 32,832.0 33,070.0 21,142.0 21,875.0 36,688.0 

 Total Current Assets 593,116.0 433,061.0 362,435.0 341,173.0 339,648.0 
Total Current Liabilities 115,399.0 73,897.0 51,574.0 60,563.0 67,373.0 
Current Ratio 5.14 5.86 7.03 5.63 5.04
 Quick Ratio 4.13 4.72 5.68 4.54 3.98
 Cash Ratio 2.79 3.28 4.05 3.30 2.59 

 Total Assets 974,221.0 812,407.0 727,388.0 731,557.0 717,050.0 
Total Equity 823,350.0 709,349.0 650,222.0 656,015.0 637,069.0 
Return On Average Assets 10.59%



 Average Growth Rates 
Southern Acids (Malaysia) Bhd 
Past Five Years Ending 03/31/2022 (Fiscal Year) 
Revenue +10.83%
 Net Income +37.33%
 Earnings Per Share +37.33% 
Capital Spending -8.15%
 Gross Margin +20.04%
 Cash Flow +27.56% 


 KEY STOCK DATA 
P/E Ratio (TTM) 6.26(12/12/22) 
EPS (TTM) RM0.58 
Market Cap RM499.81 M 
Shares Outstanding N/A 
Public Float 36.73 M 
Yield 1.37%(12/12/22) 
Latest Dividend RM0.0500000007(11/28/22) 
Ex-Dividend Date 11/08/22

United Plantation

 

Fiscal year is January-December. All values MYR Millions.
 2021 2020 2019 2018 2017 5-year trend 

INCOME STATEMENT
 Sales/Revenue 2,033 1,340 1,173 1,306 1,474 
Gross Income 890 596 492 556 580 
Gross Profit Margin 43.76% 
EBIT 676 462 350 469 -
 Interest Expense 0 0 0 0 0 
Pretax Income 683 495 355 491 504 
Pretax Margin 33.59% 


CASH FLOW STATEMENT
All values MYR Thousands. 
Funds from Operations 537,382.0 402,078.0 311,725.0 557,308.0 590,081.0
 Net Operating Cash Flow 537,382.0 402,078.0 311,725.0 557,308.0 590,081.0 
Capital Expenditures (114,409.0) (111,313.0) (112,556.0) (181,234.0) (147,415.0) 
Free Cash Flow 422,973.0 290,765.0 199,169.0 381,975.0 443,836.0 
Free Cash Flow Yield 0.50% 
 Cash Dividends Paid - Total (394,045.0) (300,719.0) (290,789.0) (311,687.0) (238,960.0) 


BALANCE SHEET
All values MYR Millions.
 Cash & Short Term Investments 478 465 459 916 852 
ST Debt & Current Portion LT Debt 0 0 0 0 0 
Other Liabilities 23 0 8 - 1 

 Total Current Assets 1,143 972 874 1,356 1,305 
Total Current Liabilities 294 177 127 170 164
 Current Ratio 3.88 5.49 6.90 7.98 7.96
 Quick Ratio 3.25 4.51 5.66 6.92 6.82
 Cash Ratio 1.62 2.62 3.63 5.39 5.20 

 Total Equity 2,685 2,631 2,554 2,589 2,531
 Liabilities & Shareholders' Equity 3,153 2,975 2,858 2,918 2,850 


 Average Growth Rates 
United Plantations Bhd 
Past Five Years Ending 12/31/2021 (Fiscal Year) 
Revenue +7.59%
 Net Income +6.55%
 Earnings Per Share +6.60% 
Capital Spending -4.48%
 Gross Margin +48.87%
 Cash Flow -0.94% 

 KEY STOCK DATA 
P/E Ratio (TTM) 10.80(12/16/22) 
EPS (TTM) RM1.43 
Market Cap RM6.23 B 
Shares Outstanding 416.27 M 
Public Float 157.49 M 
Yield 6.78%(12/16/22) 
Latest Dividend RM0.400000006(12/05/22) 
Ex-Dividend Date 11/21/22

Topglove

Fiscal year is February-January. All values MYR Millions.
2022 2021 2020 2019 2018
5-year trend 

INCOME STATEMENT 
Sales/Revenue 5,572 16,361 7,237 4,801 4,221 
Gross Income 953 11,102 2,850 884 842 
SG&A Expense 612 1,153 604 402 308 
EBIT 341 9,949 2,248 482 - 
Interest Expense 4 4 34 80 37 
 Pretax Income 362 10,031 2,167 424 523 


CASH FLOW STATEMENT
 Net Income before Extraordinaries 358 10,034 2,166 424 523 
Net Operating Cash Flow 153 7,837 3,454 537 353 
 Capital Expenditures (954) (1,335) (816) (624) (459) 
 Free Cash Flow (800) 6,502 2,638 (31) (106) 

 Cash Dividends Paid - Total (529) (5,474) (372) (217) (196) 
Net Financing Cash Flow (690) (6,851) (17) (35) 1,281 


BALANCE SHEET
 Cash & Short Term Investments 951 2,508 2,883 253 359 
ST Debt & Current Portion LT Debt 309 318 316 1,041 883 
Long-Term Debt 1,284 1,459 1,531 1,379 1,330 

 Total Current Assets 2,111 4,346 4,288 1,539 1,607 
Total Current Liabilities 996 2,198 2,133 1,592 1,452 

 Total Equity 5,618 5,925 4,896 2,554 2,398
 Liabilities & Shareholders' Equity 8,117 9,782 8,706 5,688 5,297


Average Growth Rates 
Top Glove Corp. Bhd 
Past Five Years Ending 01/01/0001 (Fiscal Year) 
Revenue +6.44%
 Net Income -9.61%
 Earnings Per Share -10.04% 
Capital Spending +21.53%
 Gross Margin +36.35%
 Cash Flow +133.03% 


 KEY STOCK DATA 
P/E Ratio (TTM) N/A 
EPS (TTM) RM-0.01 
Market Cap RM5.89 B 
Shares Outstanding 8.21 B 
Public Float 4.57 B 
Yield 1.66%(12/16/22) 
Latest Dividend RM0.252000004(04/06/21) 
Ex-Dividend Date 03/23/21

Friday 16 December 2022

GENTING MALAYSIA 5 YEARS FINANCIAL DATA

LAST 5 YEARS ANNUAL RESULTS

Fiscal year is January-December. All values MYR Millions. 
2021
 2020
 2019
 2018
 2017
 5-year trend 

INCOME STATEMENT
 Sales/Revenue
 4,157
 4,529
 0,407
 9,928
 9,330 

 Gross Income
 155
 (101)
 2,495
 2,662
 2,195 

 SG&A Expense
711
706
972
852
962 

 EBIT
(556)
(805)
1,522
1,811
 -

 Interest Expense
382
332
332
156
115 

 Pretax Income
(964)
 (1,852)
1,521
(4)
1,320


CASH FLOW STATEMENT

Net Income before Extraordinaries
(1,148)
(2,138)
 1,489
(4)
1,320 

 Funds from Operations
68
 (337)
2,161
 2,465
 1,997 

  Net Operating Cash Flow
35
(850)
2,208
2,488
2,062 

 Capital Expenditures
(876)
(1,079)
(2,521)
(1,854)
(2,659) 

 Free Cash Flow
(830)
(1,920)
(310)
634
(597)

 Free Cash Flow Yield -8.05% 

Cash Dividends Paid - Total 
(480) 
(1,130) 
(1,074) 
(1,075)
 (991)

 Net Financing Cash Flow
2,747
(1,778)
(988)
1,502
1,679


BALANCE SHEET

Cash & Short Term Investments
4,641
2,845
7,306
8,508
6,196 

ST Debt & Current Portion LT Debt
490
463
1,615
478
384 

Long-Term Debt
13,297
9,775
9,263
9,283
6,591 

 Total Current Assets
5,526
 3,965
 8,063
 9,339
7,059

 Total Current Liabilities
3,046
2,978
4,727
3,383
3,253

 Current Ratio
1.81
1.33
1.71
2.76
2.17

 Quick Ratio
1.77
1.29
1.68
2.73
2.14

 Cash Ratio
1.52
0.96
1.55
2.51
1.90



LAST 5 QTRS RESULTS

Fiscal year is January-December. All values MYR Millions.
30-Sep-2022
30-Jun-2022
31-Mar-2022
31-Dec-2021
30-Sep-2021
5-qtr trend 

INCOME STATEMENT
Sales/Revenue
2,271
2,176
1,721
1,889
 826 

ttm-Revenue 8,057

Gross Income
 535
 543
328
453
(66) 

SG&A Expense
303
318
287
242
243 

 Interest Expense
142
135
170
104
95 

 Pretax Income
102
93
(67)
219
(348) 

ttm-PBT  347


CASH FLOW STATEMENT
Fiscal year is January-December. All values MYR Thousands.
 Net Income before Extraordinaries
95,672.0
50,620.0
(116,072.0)
162,226.0
 (379,215.0) 

 Funds from Operations
394,910.0
472,556.0
192,591.0
580,900.0
(165,520.0) 

 Net Operating Cash Flow
636,401.0
 526,595.0
101,251.0
813,439.0
(93,035.0) 

 Capital Expenditures
(184,111.0)
(116,436.0)
 (137,682.0)
(207,040.0)
 (247,623.0) 

 Free Cash Flow
452,290.0
410,159.0
(36,431.0)
617,699.0
 (340,658.0) 

 Cash Dividends Paid - Total
 (339,913.0)
-
(508,787.0)
55.0
 -

 Net Investing Cash Flow
(201,307.0)
(177,975.0)
 (126,141.0)
 (669,399.0)
(272,969.0) 


PROFILE SUMMARY
Average Growth Rates 
Genting Malaysia Bhd 
Past Five Years Ending 12/31/2021 (Fiscal Year) 
Revenue -11.09%
 Net Income -36.33%
 Earnings Per Share -36.41% 
Capital Spending -13.41%
 Gross Margin +31.42%
 Cash Flow +7.81% 

 KEY STOCK DATA 
P/E Ratio (TTM) 317.86(12/16/22) 
EPS (TTM) RM0.01 
Market Cap RM15.09 B 
Shares Outstanding N/A 
Public Float 2.69 B 
Yield 4715 is not currently paying a regular dividend. 
Latest Dividend RM0.0599999987(09/29/20) 
Ex-Dividend Date 09/10/20 ? 

SHORT INTEREST () 
N/A ? 

STOCK MONEY FLOW 
N/A