Aeon versus Dutch Lady (A Comparative Study)

	3.4.2012		3.4..2012
	Aeon		Dutch Lady
Income Statement
	31/12/2011		31/12/2011
	RM (m)		RM (m)
Revenue	2,984.61		810.65
Gross Profit	-		304.47
Operating Profit	271.775		139.372
Financing costs	0		-0.919
PBT	277.272		141.553
PAT	195.353		108.082
EPS (basic) sen	55.66		168.88
EPS (diluted) sen
Balance Sheet
NCA	1674.326		74.048
CA	763.156		324.465
Total Assets	2437.482		398.513
Total Equity	1287.91		259.154
NCL	21.146		4.051
CL	1128.426		135.308
Total Liabilities	1149.572		139.359
Total Eq + Liab	2437.482		398.513
Net assets per share	3.669		4.05
Cash & Eq	341.052		193.143
LT Borrowings	0		0
ST Borrowings	0		0
Net Cash	341.052		193.143
Inventories	353.555		93.448
Trade receivables	68.549		36.713
Trade payables	1108.504		121.831
Quick Ratio	0.36		1.71
Current Ratio	0.68		2.40
Cash flow statement
PBT	277.272		141.553
OPBCWC	414.932
Cash from Operations	447.334		188.290
Net CFO	356.860		161.940
CFI	-304.594		-7.135
CFF	-42.122		-47.319
Capex	-315.131		-10.882
FCF	41.729		151.058
Dividends paid	-42.120		-46.400
DPS (sen)	12.00		72.5
No of ord shares (m)
basic	351		64
diluted
Financial Ratios
Gross Profit Margin	#VALUE!		37.56%
Net Profit Margin	6.55%		13.33%
Asset Turnover	1.22		2.03
Financial Leverage	1.89		1.54
ROA	8.01%		27.12%
ROC	20.63%		163.73%
ROE	15.17%		41.71%
Valuation	3.4.2012		3.4.2012
Price	9.5		36.08
Market cap (m)	3334.50		2309.12
P/E	17.07		21.36
P/BV	2.59		8.91
P/FCF	79.91		15.29
P/Div	79.17		49.77
DPO ratio	0.22		0.43
EY	5.86%		4.68%
FCF/P	1.25%		6.54%
DY	1.26%		2.01%