Financials Dutch Lady Milk Industries

Equities

End-of-day quote BURSA MALAYSIA Other stock markets 23:00:00 25/06/2024 BST			5-day change	1st Jan Change
35.8 ^MYR	-0.61%		-4.79%	+54.58%

05-27	Dutch Lady Milk Industries Berhad Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
05-27	Dutch Lady Milk Industries Berhad Announces First Single-Tier Interim Dividend for the Financial Year Ending 31 December 2024, Payable on June 20, 2024	CI

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	3,142	2,400	2,145	1,935	1,482	2,305	-	-
Enterprise Value (EV) ¹	3,142	2,400	2,145	1,830	1,482	2,305	2,305	2,305
P/E ratio	-	32.7 x	8.65 x	41.8 x	20.5 x	21.9 x	20.7 x	-
Yield	2.04%	2.13%	1.49%	1.65%	2.16%	1.99%	2.07%	2.94%
Capitalization / Revenue	2.95 x	2.18 x	1.89 x	1.44 x	1.03 x	1.55 x	1.51 x	1.47 x
EV / Revenue	2.95 x	2.18 x	1.89 x	1.44 x	1.03 x	1.55 x	1.51 x	1.47 x
EV / EBITDA	-	-	6.63 x	14.5 x	7.74 x	11.2 x	10.2 x	9.64 x
EV / FCF	-	-	-	56,840,433 x	-	-	-	-
FCF Yield	-	-	-	0%	-	-	-	-
Price to Book	21.7 x	14.4 x	5.61 x	4.88 x	3.39 x	4.74 x	4.34 x	-
Nbr of stocks (in thousands)	63,994	64,000	64,000	64,000	64,000	64,000	-	-
Reference price ²	49.10	37.50	33.52	30.24	23.16	36.02	36.02	36.02
Announcement Date	25/02/20	25/02/21	23/02/22	24/02/23	20/02/24	-	-	-

¹MYR in Million²MYR

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	1,067	1,101	1,134	1,339	1,443	1,485	1,522	1,569
EBITDA ¹	-	-	323.5	133.8	191.4	206.7	225.6	239.2
EBIT ¹	140.8	100	286.5	51.86	100	140.4	150.4	201.8
Operating Margin	13.2%	9.09%	25.27%	3.87%	6.93%	9.45%	9.89%	12.86%
Earnings before Tax (EBT) ¹	137.6	97.51	284.5	54.56	96.49	137.1	147.1	197.9
Net income ¹	103	73.36	248	46.27	72.39	105.5	111.2	150.4
Net margin	9.65%	6.67%	21.87%	3.45%	5.02%	7.1%	7.31%	9.59%
EPS ²	-	1.146	3.875	0.7230	1.131	1.646	1.737	-
Free Cash Flow	-	-	-	34.05	-	-	-	-
FCF margin	-	-	-	2.54%	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	25.46%	-	-	-	-
FCF Conversion (Net income)	-	-	-	73.59%	-	-	-	-
Dividend per Share ²	1.000	0.8000	0.5000	0.5000	0.5000	0.7150	0.7450	1.060
Announcement Date	25/02/20	25/02/21	23/02/22	24/02/23	20/02/24	-	-	-

¹MYR in Million²MYR

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-	-
Net Cash position	-	-	-	105	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow	-	-	-	34	-	-	-	-
ROE (net income / shareholders' equity)	-	47.2%	90.3%	11.9%	-	22.8%	27.5%	26.4%
ROA (Net income/ Total Assets)	-	-	-	-	-	-	-	-
Assets ¹	-	-	-	-	-	-	-	-
Book Value Per Share ²	2.260	2.600	5.980	6.200	6.830	7.600	8.300	-
Cash Flow per Share	-	-	-	-	-	-	-	-
Capex	-	-	-	-	-	-	-	-
Capex / Sales	-	-	-	-	-	-	-	-
Announcement Date	25/02/20	25/02/21	23/02/22	24/02/23	20/02/24	-	-	-

¹MYR in Million²MYR

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

UNDERPERFORM

Number of Analysts

Last Close Price

35.8 MYR

Average target price

30.82 MYR

Spread / Average Target

-13.90%

	1st Jan change	Capi.
DUTCH LADY MILK INDUSTRIES	+54.58%	490M
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WANT WANT CHINA HOLDINGS LIMITED	+3.81%	6.67B
NESTLÉ (MALAYSIA)	+3.32%	6.1B
EMMI AG	-1.98%	5.43B
VIETNAM DAIRY PRODUCTS	-3.55%	5.38B
GLANBIA PLC	+22.27%	5.2B
CHINA FEIHE LIMITED	-13.11%	4.28B
HEBEI YANGYUAN ZHIHUI BEVERAGE CO., LTD.	+0.56%	3.74B