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%