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%