Financials Dutch Lady Milk Industries

Equities

End-of-day quote BURSA MALAYSIA Other stock markets 06:00:00 2024-04-25 pm EDT			5-day change	1st Jan Change
34.2 ^MYR	+2.27%		+4.27%	+47.67%

Mar. 29	Malaysian Shares End in Black After Mixed Trading; Shares of Dutch Lady Milk Industries Rally 10%	MT
Mar. 18	Malaysian Stocks Open Week in Black; Ge-Shen's Shares Rally Over 24%	MT

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Capitalization ¹	3,968	3,142	2,400	2,145	1,935	2,189	2,189	-
Enterprise Value (EV) ¹	3,968	3,142	2,400	2,145	1,830	1,482	2,189	2,189
P/E ratio	30.6 x	-	32.7 x	8.65 x	41.8 x	20.5 x	23.2 x	20.9 x
Yield	3.23%	2.04%	2.13%	1.49%	1.65%	1.83%	1.61%	1.92%
Capitalization / Revenue	3.78 x	2.95 x	2.18 x	1.89 x	1.44 x	1.03 x	1.47 x	1.44 x
EV / Revenue	3.78 x	2.95 x	2.18 x	1.89 x	1.44 x	1.03 x	1.47 x	1.44 x
EV / EBITDA	-	-	-	6.63 x	14.5 x	7.74 x	12.1 x	10.2 x
EV / FCF	-	-	-	-	56,840,433 x	-	-	-
FCF Yield	-	-	-	-	0%	-	-	-
Price to Book	37.6 x	21.7 x	14.4 x	5.61 x	4.88 x	3.39 x	4.5 x	4.12 x
Nbr of stocks (in thousands)	64,000	63,994	64,000	64,000	64,000	64,000	64,000	-
Reference price ²	62.00	49.10	37.50	33.52	30.24	34.20	34.20	34.20
Announcement Date	2/27/19	2/25/20	2/25/21	2/23/22	2/24/23	2/20/24	-	-

¹MYR in Million²MYR

Estimates

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	1,050	1,067	1,101	1,134	1,339	1,443	1,485	1,522
EBITDA ¹	-	-	-	323.5	133.8	191.4	181.1	214.1
EBIT ¹	173.9	140.8	100	286.5	51.86	100	126.2	142.4
Operating Margin	16.56%	13.2%	9.09%	25.27%	3.87%	6.93%	8.5%	9.35%
Earnings before Tax (EBT) ¹	171.3	137.6	97.51	284.5	54.56	96.49	122.8	138.9
Net income ¹	129.4	103	73.36	248	46.27	72.39	94.4	105
Net margin	12.33%	9.65%	6.67%	21.87%	3.45%	5.02%	6.36%	6.9%
EPS ²	2.023	-	1.146	3.875	0.7230	1.131	1.473	1.640
Free Cash Flow	-	-	-	-	34.05	-	-	-
FCF margin	-	-	-	-	2.54%	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	25.46%	-	-	-
FCF Conversion (Net income)	-	-	-	-	73.59%	-	-	-
Dividend per Share ²	2.000	1.000	0.8000	0.5000	0.5000	0.6250	0.5500	0.6550
Announcement Date	2/27/19	2/25/20	2/25/21	2/23/22	2/24/23	2/20/24	-	-

¹MYR in Million²MYR

Estimates

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Net Debt	-	-	-	-	-	-	-	-
Net Cash position	-	-	-	-	105	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow	-	-	-	-	34	-	-	-
ROE (net income / shareholders' equity)	124%	-	47.2%	90.3%	11.9%	-	17.1%	-
ROA (Net income/ Total Assets)	-	-	-	-	-	-	-	-
Assets ¹	-	-	-	-	-	-	-	-
Book Value Per Share ²	1.650	2.260	2.600	5.980	6.200	6.830	7.600	8.300
Cash Flow per Share	-	-	-	-	-	-	-	-
Capex	-	-	-	-	-	-	-	-
Capex / Sales	-	-	-	-	-	-	-	-
Announcement Date	2/27/19	2/25/20	2/25/21	2/23/22	2/24/23	2/20/24	-	-

¹MYR in Million²MYR

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

34.2 MYR

Average target price

27.32 MYR

Spread / Average Target

-20.10%

	1st Jan change	Capi.
DUTCH LADY MILK INDUSTRIES	+47.67%	459M
INNER MONGOLIA YILI INDUSTRIAL GROUP CO., LTD.	+4.71%	24.52B
CHINA MENGNIU DAIRY COMPANY LIMITED	-23.24%	8.1B
NESTLÉ (MALAYSIA)	+8.16%	6.26B
VIETNAM DAIRY PRODUCTS	-3.85%	5.36B
EMMI AG	-3.18%	5.16B
CHINA FEIHE LIMITED	+1.41%	5.02B
GLANBIA PLC	+19.79%	4.98B
HEBEI YANGYUAN ZHIHUI BEVERAGE CO., LTD.	+22.01%	4.53B
HATSUN AGRO PRODUCT LIMITED	-3.99%	2.92B