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%