KLCI Stock - DXN / 5074 - 2011 Quarter 2

DXN HOLDINGS BERHAD

Listing Date: 30.09.2003
Market: MAIN
Sector: CONSUMER
Par Value: 0.25
Major Industry: Drugs, Cosmetics & Health Care
Sub Industry : Diversified Drugs, Cosmetics, & Health Care
Market Cap : 240764000*1.35 = 325,031,400 (Small)
NTA per share : (209360-10987)/227217 = 0.87 (Increased)
P/BV : 1.35/0.87 = 1.5517
Forecast P/E now : (1.35-0.0475)/0.1948 = 6.69 (High)
ROE : 17.87% (Moderate)
DY : 0.0475/1.35*100 = 3.52% (Low)
Fixed Asset Turnover(3 year) : (0.9399+0.7982+0.8417)/3 = 0.8599 (Moderate)
Liquidity Ratio : 172615/55830 = 3.0918 (High)
Receivables Collection Period : (42033+51878)/2/(272734/365) = 62 days (Acceptable)
My Target Price : 1.56+0.05 = 1.61 (PE 8, EPS 0.1948, DPS 0.0475)
My Decision : BUY
My Comment : Revenue and profit increased, good cash flow, below moderate debt and decreased, navps increasing
Technical Support Price : 0.55
Risk Rating : MODERATE

DXN HOLDINGS BERHAD is a Malaysia-based investment holding and provision of management services. The Company operates in five business segments: multi-level marketing, which is engaged in the manufacture and sale of health supplements, and other products on a multi-level marketing basis; property development, which is engaged in housing developing and contracting; energy, which is engaged in the manufacture and sale of biodiesel, and other incidental products; investment holding, which is engaged in investment holding and provision of management services, and others, which is engaged in travel agency and tour operation, information technology consultancy and advisory wholesale and retail of stationeries, household items, gifts and accessories. During the fiscal year ended February 29, 2008, the Company incorporated a 65%-owned subsidiary, Borneo Bio Best (Sabah) Sdn. Bhd. Its product lines include dietary supplements, food and beverages, personal care products and household products.

My notes based on 2011 quarter 2 report (number in '000):-

- The Group recorded an increase of 13.5% in revenue for the current quarter ended 31 August 2010 as compared to the corresponding quarter ended 31 August 2009. The increased in revenue was due to higher sales generated from the Group overseas multi-level marketing segment and realisation of a sale of a piece of land sold to Tesco Stores(Malaysia) Sdn Bhd in its Stargate development site

- The Group recorded a higher profit before tax (“PBT”) of RM 15.3 million with PBT margin of 18.6% for the current quarter ended 31 August 2010 as compared to the corresponding quarter ended 31 August 2009 of RM 10.8 million with PBT margin of 14.8%. Multi-level marketing segment has contributed higher profit margin due to cost efficiency

- The Group reported 21.7% higher revenue in the current quarter ended 31 August 2010 as compared to the preceding quarter ended 31 May 2010. The increased in revenue was due to higher sales generated from the Group overseas multi-level marketing segment and realisation of a sale of a piece of land sold to Tesco Stores (Malaysia) Sdn Bhd in its Stargate development site. The Group’s PBT for the current quarter was 22.4% higher as compared to the preceding quarter. The PBT margin for current quarter stand at 18.6% which is slightly higher than 18.5% of preceding quarter

- Estimate next 4Q eps after 2011 Q2 result announced = 0.0541*4*0.9 = 0.1948, estimate PE on current price 1.35 = 6.69(DPS 0.0475)
- Estimate next 4Q eps after 2011 Q1 result announced = 0.1465*1.05 = 0.1538, estimate highest/lowest PE = 8.99/4.5 (DPS 0.0375)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.1238*0.9 = 0.1114(10% drop), estimate highest/lowest PE = 6.24/4.44 (DPS 0.035)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.0397*4*0.8 = 0.127, estimate highest/lowest PE = 5.28/4.49 (DPS 0.035)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.0615*2 = 0.123, estimate highest/lowest PE = 5.81/4.11 (DPS 0.035)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.0874*1.1 = 0.0961, estimate highest/lowest PE = 6.87/3.64 (DPS 0.03)

DXN latest news (English)

DXN latest news (Chinese)

a_date	year	qrt	h_price	l_price	div	roe	c_roe	rev	c_rev	pbt	c_pbt	prof	c_prof	eps	c_eps	asset	liab	mino	equi	cfo	cfi	cff	cash	fcf	net	final	share	c_share	market	date	prof_m	pe	de	navps	vat
2010-10-18	2011	2	N/A	N/A	0.0275	0.0580	0.1055	82458	150258	15311	27834	12289	22365	0.0541	0.0984	290161	78108	2693	212053	44716	1287	-41315	30633	46003	4688	35321	227217	227217	309015	2010-08-31	0.1857	-	0.3683	0.92	0.1873
2010-07-28	2011	1	1.42	0.73	0.02	0.0490	0.0490	67800	67800	12523	12523	10076	10076	0.0443	0.0443	307428	101713	2738	205715	20931	1979	-17604	31301	22910	5306	36607	227224	227224	163601	2010-05-31	0.1847	-	0.4944	0.89	0.1932
2010-04-29	2010	4	0.73	0.53	0.0075	0.0261	0.1448	60137	259939	7312	36726	5125	28410	0.0226	0.1238	313029	116843	0	196186	45380	-17047	-34830	38464	28333	-6497	31967	227227	229483	143153	2010-02-28	0.1216	5.0388	0.5956	0.86	0.2991
2010-01-26	2010	3	0.705	0.605	0.01	0.0471	0.1211	62339	199802	12072	29414	9061	23285	0.0397	0.1011	321482	129139	0	192343	37844	-17337	-19607	38273	20507	900	39173	228111	230317	153974	2009-11-30	0.1937	-	0.6714	0.84	0.2494
2009-10-27	2010	2	0.75	0.54	0.01	0.0493	0.0762	72681	137463	10773	17342	9212	14224	0.0400	0.0615	337146	150366	0	186780	23016	-6968	5328	38455	16048	21376	59831	230543	231285	145242	2009-08-31	0.1482	-	0.805	0.81	0.1449
2009-07-30	2010	1	0.69	0.38	0.0075	0.0277	0.0277	64782	64782	6569	6569	5012	5012	0.0216	0.0216	323324	142312	0	181012	9519	-4639	1357	38341	4880	6237	44578	232305	232305	92922	2009-05-31	0.1014	-	0.7862	0.78	0.237
2009-04-29	2009	4	0.445	0.335	0.0125	0.0358	0.1146	60871	276730	8788	27218	6356	20334	0.0273	0.0874	318304	140814	0	177490	34207	-3431	-13641	21153	30776	17135	38288	232612	232612	74435	2009-02-28	0.1444	3.6607	0.7934	0.76	0.2767
2009-01-22	2009	3	0.36	0.21	-	0.0272	0.0874	70768	215851	4079	18813	4652	14960	0.0200	0.0643	308629	137492	0	171137	16628	-3950	-5741	20821	12678	6937	27758	232612	232612	82577	2008-11-30	0.0576	-	0.8034	0.74	-
2008-10-29	2009	2	0.4	0.27	-	0.0369	0.0612	71978	145083	8666	14734	6224	10308	0.0267	0.0443	317660	149165	0	168495	6360	-3271	783	21777	3089	3872	25649	232689	232689	65152	2008-08-31	0.1204	-	0.8853	0.72	0.2818
2008-07-24	2009	1	0.43	0.28	-	0.0253	0.0253	73105	73105	6068	6068	4084	4084	0.0175	0.0175	315493	153986	0	161507	9188	-2938	1378	21650	6250	7628	29278	232873	232873	109450	2008-05-31	0.083	-	0.9534	0.69	0.327
2008-04-29	2008	4	0.56	0.345	-	0.0220	0.1219	67183	225152	8227	28671	3503	19449	0.0150	0.0839	304855	145356	0	159499	7862	-18794	-8198	41467	-10932	-19130	22337	232903	231812	130425	2008-02-29	0.1225	6.706	0.9113	0.68	0.5742
2008-01-29	2008	3	0.56	0.42	-	0.0294	0.1007	55107	163070	6966	21477	4614	15817	0.0198	0.0684	299358	142358	-8	157000	428	-19296	-6767	41421	-18868	-25635	15786	232904	231243	116452	2007-11-30	0.1264	-	0.9067	0.67	0.3381
2007-10-29	2008	2	0.58	0.485	-	0.0394	0.0734	55785	107963	7518	14511	6006	11203	0.0260	0.0486	301708	149103	-5	152605	-1788	-15537	-1283	41196	-17325	-18608	22588	231266	230514	143384	2007-08-31	0.1348	-	0.9771	0.66	0.2016
2007-07-26	2008	1	N/A	N/A	-	0.0357	0.0357	52178	52178	6993	6993	5197	5197	0.0226	0.0226	290168	144700	-1	145468	-853	-11639	-2235	40585	-12492	-14727	25858	230046	230046	165633	2007-05-31	0.134	-	0.9947	0.63	0.257
2007-04-25	2007	4	N/A	N/A	0.0125	0.0634	0.1721	50108	199459	6916	28185	8826	23951	0.0378	0.1012	283860	144660	0	139200	-14833	-27874	41595	41756	-42707	-1112	40644	233622	236670	143677	2007-02-28	0.138	5.9988	1.0392	0.6	-

year	qrt	Deferred tax assets (A-0)	Goodwill on consolidation (A-0)	Intangible assets (A-0)	Investment in associated companies (A-0)	Investment properties (A-0)	Land held for property development (A-0)	Other investments (A-0)	Prepaid lease payments (A-0)	Property, plant and equipment (A-0)	Cash and cash equivalents (A-1)	Current asset classified as held for sales (A-1)	Current tax assets (A-1)	Derivative assets (A-1)	Inventories (A-1)	Other receivables, deposits and prepayments (A-1)	Property development costs (A-1)	Trade receivables (A-1)	Deferred tax liabilities (L-0)	Loans & borrowings (L-0)	Current tax liabilities (L-1)	Derivative financial liabilities (L-1)	Dividend payable (L-1)	Loans & borrowings (L-1)	Other payables (L-1)	Trade and other payables (L-1)	Minority interest (M-1)
2011	2	3851	-	10987	-	10702	7770	850	916	82470	37812	-	5735	880	45856	20112	40299	21921	150	22128	4193	-	3976	12423	26492	8746	2693
2011	1	3131	-	11971	-	7527	7770	850	959	87229	43460	-	6161	1127	32035	20025	62221	22962	189	6627	3133	85	1278	54254	25293	10854	2738
2010	4	3180	-	11763	1890	7613	7770	850	1066	84841	42466	1389	5839	-	33302	23562	59599	27899	252	11338	3682	-	1704	68526	23381	7960	-
2010	3	2272	-	12467	1799	9322	9096	6525	14727	71902	50197	-	4479	-	33368	25748	54144	25436	200	21468	4487	-	1704	70873	22789	7618	-
2010	2	1888	-	13311	1737	6958	4099	6520	14896	69889	66689	-	5013	-	30326	24651	63942	27227	252	92259	2576	-	3453	16254	26215	9357	-
2010	1	1825	-	14135	1636	6352	3120	8523	14995	69820	55199	974	5389	-	29851	24033	61396	26076	327	91818	2471	-	-	15163	21484	11049	-
2009	4	1410	-	14182	1611	6064	1416	8519	14988	70381	48208	974	5062	-	35698	27642	48303	33846	466	92168	1967	-	-	11456	20900	13857	-
2009	3	3305	1815	1783	1565	6078	1416	8522	4899	83256	37094	-	5397	-	37768	32683	45775	37273	338	93497	2955	-	-	16213	19750	4739	-
2009	2	3340	1815	1783	1512	5982	1416	8526	4964	86132	32688	-	5063	-	42488	36715	43617	41619	229	94578	4928	-	-	18128	25254	6048	-
2009	1	3925	1815	1678	1442	5946	1416	8569	4823	87171	38470	-	5024	-	33137	34672	45701	41704	1076	95358	2963	-	-	18926	23294	12369	-
2008	4	3372	1815	1610	1368	5675	1416	8569	4856	85715	32549	-	5610	-	32414	35600	47325	36961	756	95383	2696	-	-	16659	23369	6493	-
2008	3	3825	1815	1521	1291	2359	1416	8574	5047	89910	23253	-	3957	-	31868	32264	49303	42955	1128	97282	790	-	-	12239	26714	4205	-8
2008	2	4220	1815	1371	1231	2387	1416	8575	5158	87339	29463	-	3391	-	34145	29806	51100	40291	1194	95883	419	-	2125	15359	30242	3881	-5
2008	1	3375	1815	1270	1147	2419	1416	8568	5153	82439	32085	-	2910	-	33587	26189	50144	37651	1006	94415	529	-	-	13813	27838	7099	-1
2007	4	3296	1815	1212	1063	2441	1416	8587	5244	70281	45324	-	2530	-	32729	29042	45600	33280	896	94406	902	-	2099	10636	28514	7207	-

year	qrt	Revenue	Income tax expense	Finance/interest costs	Administrative/Operating expenses	Minority interest	Finance/interest income	Share of profit/ (loss) of associates
2011	2	82458	-2868	-404	-66743	-154	-	0
2011	1	67800	-2420	-250	-55090	-27	-	63
2010	4	60137	-2187	-1710	-51318	-	110	93
2010	3	62339	-3011	-1143	-49377	-	191	62
2010	2	72681	-1561	-1203	-61110	-	304	101
2010	1	64782	-1557	-1158	-57080	-	-	25
2009	4	60871	-2432	-1219	-51060	-	149	47
2009	3	70768	573	-1216	-65665	-	138	54
2009	2	71978	-2442	-1082	-62445	-	145	70
2009	1	73105	-1984	-1276	-65925	-	90	74
2008	4	67183	-4724	-1211	-57955	-	134	76
2008	3	55107	-2355	-878	-47610	3	287	60
2008	2	55785	-1516	-1311	-47282	4	241	85
2008	1	52178	-1797	-1068	-44444	1	243	84
2007	4	50108	1912	-911	-42692	-2	320	91

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