Padini versus Dutch Lady (A Comparative Study)

	6.3.2012		5.3.2012
	Padini		Dutch Lady
Income Statement
	30/6/2011		31/12/2011
	RM (m)		RM (m)
Revenue	568.48		810.65
Gross Profit	290.80		304.47
Operating Profit	106.63		139.372
Financing costs	-1.573		-0.919
PBT	105.057		141.553
PAT	75.694		108.082
EPS (basic) sen	11.51		168.88
Balance Sheet
NCA	94.585		74.048
CA	349.754		324.465
Total Assets	444.339		398.513
Total Equity	282.677		259.154
NCL	23.715		4.051
CL	137.947		135.308
Total Liabilities	161.662		139.359
Total Eq + Liab	444.339		398.513
Net assets per share	0.430		4.05
Cash & Eq	138.622		193.143
LT Borrowings	22.151		0
ST Borrowings	24.948		0
Net Cash	91.523		193.143
Inventories	170.955		93.448
Trade receivables	39.433		36.713
Trade payables	93.94		121.831
Quick Ratio	1.30		1.71
Current Ratio	2.54		2.40
Cash flow statement
PBT	105.057		141.553
OPBCWC	129.019
Cash from Operations	60.017		188.290
Net CFO	-2.104		161.940
CFI	-2.276		-7.135
CFF	8.773		-47.319
Capex	-24.728		-10.882
FCF	-26.832		151.058
Dividends paid	-26.316		-46.400
DPS (sen)	4.00		72.5
No of ord shares (m)	657.91		64
Financial Ratios
Gross Profit Margin	51.16%		37.56%
Net Profit Margin	13.32%		13.33%
Asset Turnover	1.28		2.03
Financial Leverage	1.57		1.54
ROA	17.04%		27.12%
ROC	39.60%		163.73%
ROE	26.78%		41.71%
Valuation	6.3.2012		5.3.2012
Price	1.53		29.5
Market cap (m)	1006.60		1888.00
P/E	13.30		17.47
P/BV	3.56		7.29
P/FCF	-37.51		12.50
P/Div	38.25		40.69
DPO ratio	0.35		0.43
EY	7.52%		5.72%
FCF/P	-2.67%		8.00%
DY	2.61%		2.46%

Padini (At a Glance)

6.3.2012
Padini
Income Statement
	30/6/2011	30/6/2010	Absolute Chg	Change
Revenue	568.48	518.84	49.64	9.57%
Gross Profit	290.80	259.28	31.52	12.16%
Operating Profit	106.63	87.374	19.26	22.04%
Financing costs	-1.573	-1.094	-0.48	43.78%
PBT	105.057	86.28	18.78	21.76%
PAT	75.694	60.974	14.72	24.14%
EPS (basic) sen	11.51	9.27	2.24	24.16%
Balance Sheet
NCA	94.585	92.257	2.33	2.52%
CA	349.754	264.325	85.43	32.32%
Total Assets	444.339	356.582	87.76	24.61%
Total Equity	282.677	234.332	48.35	20.63%
NCL	23.715	10.899	12.82	117.59%
CL	137.947	111.351	26.60	23.88%
Total Liabilities	161.662	122.25	39.41	32.24%
Total Eq + Liab	444.339	356.582	87.76	24.61%
Net assets per share	0.430	0.356	0.07	20.63%
Cash & Eq	138.622	135.025	3.60	2.66%
LT Borrowings	22.151	10.125	12.03	118.78%
ST Borrowings	24.948	26.128	-1.18	-4.52%
Net Cash	91.523	98.772	-7.25	-7.34%
Inventories	170.955	76.554	94.40	123.31%
Trade receivables	39.433	32.561	6.87	21.11%
Trade payables	93.94	58.62	35.32	60.25%
Quick Ratio	1.30	1.69	-0.39	-23.14%
Current Ratio	2.54	2.37	0.16	6.81%
Cash flow statement
PBT	105.057	86.280	18.78	21.76%
OPBCWC	129.019	111.207	17.81	16.02%
Cash from Operations	60.017	137.997	-77.98	-56.51%
Net CFO	-2.104	93.513	-95.62	-102.25%
CFI	-2.276	-26.351	24.08	-91.36%
CFF	8.773	3.084	5.69	184.47%
Capex	-24.728	-25.690	0.96	-3.74%
FCF	-26.832	67.823	-94.66	-139.56%
Dividends paid	-26.316	-29.606	3.29	-11.11%
DPS (sen)	4.00	4.50	-0.50	-11.11%
No of ord shares (m)	657.91	657.91	0.00	0.00%
Financial Ratios
Net Profit Margin	13.32%	11.75%	1.56%	13.30%
Asset Turnover	1.28	1.46	-0.18	-12.07%
Financial Leverage	1.57	1.52	0.05	3.30%
ROA	17.04%	17.10%	-0.06%	-0.38%
ROC	39.60%	44.98%	-5.38%	-11.96%
ROE	26.78%	26.02%	0.76%	2.91%
Valuation	6.3.2012	4.3.2011
Price	1.53	1.09	0.44	40.37%
Market cap (m)	1006.60	717.12	289.48	40.37%
P/E	13.30	11.76	1.54	13.07%
P/BV	3.56	3.06	0.50	16.36%
P/FCF	-37.51	10.57	-48.09	-454.80%
P/Div	38.25	24.22	14.03	57.92%
DPO ratio	0.35	0.49	-0.14	-28.40%
EY	7.52%	8.50%	-0.98%	-11.56%
FCF/P	-2.67%	9.46%	-12.12%	-128.18%
DY	2.61%	4.13%	-1.51%	-36.67%

Recent Financial Results

Announcement Date		Financial Yr. End		Qtr	Period End		Revenue RM '000		Profit/Lost RM'000		EPS		Amended
29-Nov-11		30-Jun-12		1	30-Sep-11		178,115		26,946		4.10		-
26-Aug-11		30-Jun-11		4	30-Jun-11		132,146		18,076		2.75		-
30-May-11		30-Jun-11		3	31-Mar-11		147,960		24,386		3.71		-
25-Feb-11		30-Jun-11		2	31-Dec-10		141,814		14,484		2.20		-

ttm-EPS  12.76 sen
Price  RM 1.53
PE (ttm)  12x