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%