Highlights
KLSE: DLADY (3026)       DUTCH LADY MILK INDUSTRIES BHD MAIN : Consumer
Last Price Today's Change   Day's Range   Trading Volume
29.72   0.00 (0.00%)  29.68 - 29.74  12,100
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Overview

Market Cap: 1,902 Million
NOSH: 64 Million
Avg Volume (4 weeks):5,744
4 Weeks Range:29.68 - 30.20
4 Weeks Price Volatility (%):
7.69%
52 Weeks Range:29.68 - 34.60
52 Weeks Price Volatility (%):
0.81%
Average Price Target: 34.36
Price Target Upside/Downside: +4.64

Financial Highlight

Latest Quarter | Ann. Date 30-Sep-2022 [#3]  |  15-Nov-2022
Next QR | Est. Ann. Date: 31-Dec-2022  |  23-Feb-2023
T4Q P/E | EY: 7.61  |  13.14%
T4Q DY | Payout %: 0.00%  |  - %
T4Q NAPS | P/NAPS: 6.77  |  4.39
T4Q NP Margin | ROE: 19.56%  |  57.69%

Headlines

Date Subject
01-Dec-2022 Dutch Lady Milk Industries Bhd - Bottomline Still Prone to Erosion
16-Nov-2022 【行家论股】子母牌 疫后销售渐恢复
16-Nov-2022 Dutch Lady - Cost Containment Efforts Pay Off
16-Nov-2022 MQ Market Updates - 16 November 2022
16-Nov-2022 Dutch Lady Milk Industries - Top Lines and Margins on Recovery Path
16-Nov-2022 In Addressing Inflation Hit, Dutch Lady Ups New Facilities’ Capex to RM540 Mil
16-Nov-2022 Mplus Market Pulse - 16 Nov 2022
02-Sep-2022 2QCY22 Report Card - A Soft Patch
24-Aug-2022 Dutch Lady Milk Industries - Inflation Weighs
24-Aug-2022 Mplus Market Pulse - 24 Aug 2022
24-Aug-2022 Dutch Lady - Margin Hit by Higher Input Costs
29-Jul-2022 7 things I learned from the 2022 Dutch Lady Milk Industries AGM - Shak Chee Hoi
28-Jul-2022 Dutch Lady's Delicate Balance Of Purpose, Profit And Price
27-Jul-2022 Perodua订单爆满!哪个公司最受惠?Dutch Lady首度公开产能扩展计划!【谈股论今 14】【中字】 - 陈剑
01-Jul-2022 Consumer - Cautiously Optimistic on Recovery
24-Jun-2022 Mplus Market Pulse - 24 Jun 2022
02-Jun-2022 Mplus Market Pulse - 2 Jun 2022
01-Jun-2022 MQ Market Updates - 1 June 2022
26-May-2022 Dutch Lady 1Q Net Profit Rises 22% to RM20.6m
25-May-2022 Dutch Lady - Promising start supported by strong demand

Business Background

Dutch Lady Milk Industries is a Malaysia-based company that produces and distributes dairy products. The company’s products include infant formula milk, growing-up milk, ultra-high-temperature processing milk, pasteurised milk, sterilised milk, family powdered milk, low-fat and zero-fat drinking yoghurt, and fruit juice drink. The products are packaged and marketed in various formats under the brand Dutch Lady. The company primarily operates domestically, but it distributes some of its products to surrounding countries in Asia and Oceania. Dutch Lady Milk Industries is owned by Royal FrieslandCampina.
Analyze this stock with MQ Trader system

  9 people like this.
 
Keyman188 ROE = 14% per quarter

ROA = 5% per quarter

Quality of earnings = 2.97 times

Gearing = Net cash position

Dividend yield = 2.44% (based on 2020 payout)
(as per 32.76) = 3.05% (based on 2019 payout)
= 6.10% (based on 2018 payout)
26/08/2021 6:08 PM
Keyman188 Foreign buying extends to third week, surges to RM964.3m

(theedgemarkets.com / August 30, 2021 09:42 am +08)

KUALA LUMPUR (Aug 30): Foreign buying of Malaysian equities extended for the third week and surged to RM964.33 million last week, from a paltry RM6.71 million the prior week.

In its weekly fund flow report today, the MIDF Research team said as the market reopened last Monday, foreign investors were net buyers amounting to RM6.7 million.

Meanwhile, it said local institutions bought RM19.16 million net of local equities, with retailers as net sellers to the tune of RM25.86 million.

The research house said foreign investors were net buyers every day of the week.

It said the largest foreign inflow was recorded last Thursday to the tune of RM310.79 million, while the inflow of RM6.7 million last Monday was the smallest.

“As for retailers, they were net sellers every day of the week except on Monday.

“The largest net selling by retailers was recorded last Tuesday and the smallest net selling was on Friday to the tune of RM48.43 million and RM16.88 million respectively.

“Cumulatively, for the week, retailers net sold RM113.96 million worth of equities on Bursa Malaysia,” it said.

MIDF said that meanwhile, local institutions recorded cumulative weekly net selling to the tune of RM850.37 million.

It said local institutions were net sellers every day of the week, with the largest net selling on Thursday to the tune of RM290.41 million.

Since the beginning of 2021, cumulatively, retailers were the only net buyers of the local equity market to the tune of RM9.46 billion.

Local institutions and foreign investors were net sellers to the tune of RM4.46 billion and RM5 billion respectively.

“In terms of participation, retail investors, local institutions and foreign investors recorded weekly movements of -3.82%, 9.89% and 16.82% respectively in average daily trade value (ADTV),” it said.



## https://www.theedgemarkets.com/article/foreign-buying-extends-third-week-surges-rm9643m
30/08/2021 9:56 AM
Keyman188 Foreign funds coming back...
30/08/2021 9:56 AM
Keyman188 OMG...What is happening today !!!...

Why so fierce shooting up today !!!...



wkwkwk...kekeke...hehehe...
30/08/2021 2:42 PM
treasurehunt FMCG recovery theme.
30/08/2021 6:14 PM
okooi32 Drop one day
Up 2,3 days
01/09/2021 8:11 PM
XUXNN dlady profits from land sold will contribute to next QR?
08/09/2021 10:20 AM
Keyman188 Amboi...very soon can collect some more liao...


BRAVO...
27/09/2021 4:39 PM
Thirai Thiraviam Why is the price sliding down continuously? Is it the turnover, or something else entirely? The analyst reports are glowing, with TP north of RM40!
01/10/2021 5:18 PM
dompeilee dompeilee But in the new economic environment, the true fair value is 32 or less...
19/09/2019 9:07 AM

Prescient call from 2 years ago =)
02/10/2021 8:42 AM
Keyman188 NVM...others selling...Keyman188 still buying...

Sell lahhh if NO confidence....sell lahh if NO comfortable holding...

Keyman188 prefer put at the fridge...



wkwkwk...kekeke...hehehe...
02/10/2021 10:18 AM
James_Bond Most undervalued consumer stock! Catch DLADY before it rockets up very soon!
10/10/2021 8:11 AM
Bgt 9963 Farm best is commming...!
10/10/2021 8:25 AM
James_Bond FrieslandCampina, one of the world largest dairy companies, is the largest shareholder in DLady (>50% shareholding), has been transferring cutting edge and robust milk production technology to DLady Malaysia, and therefore, not only transforming DLady milk the most nutritious and the safest to drink, but also the most cost effective in the ever competitive market. Milk quality and safety of FrieslandCampina (DLady) are recognised worldwide by obtaining GMP and HACCP certificates. Interestingly, Friso Gold/ MaxGro products are one of the best seller milk powders for the newborn, toddler, and children. DLady also producing Frisomum for the consumption of pregnant and lactating mums. There are also a variety of DLady fresh milk and yogurts for teenagers and adults to enjoy consuming. Hence, DLady products cater for all, from newborn to adulthood. Not to forget, DLady able to maintain great track record of more than 70% dividend payout for the past 5 years.

Comparing with Farmfresh, local dairy company, selling expensive, beyond affordable, milk to locals with disputable quality, questionable R&D, poorer cash reserve comparatively, no dividend payout track record (claiming 25% dividend payout in the future). We hv doubt in such small company can strive out in fighting the market share among DLady, Nestle and F&N.

DLady, the Leading Dairy Company, is the BEST!

Choice is yours! Good Luck!
10/10/2021 10:24 PM
dompeilee I prefer the taste of Goodday...their gobbling of DLady's mkt share is EVIDENT in the bottom & toplines PLUS the collapse in DLady's price below Mar 2020 lows
11/10/2021 8:15 PM
Uniglobe Farmfresh IPO going to be superbly oversubscribe and going to have plenty of cash to grow and expand. The real facts, Farmfresh milk are much fresher, lesser preservative and better than Dlady milk. Many established cafes such as Starbucks is using better and fresher milk of Farmfresh instead of Dlady milk. More and more cafes are switching from dlady milk to farmfresh milk.
Farmfresh has better farm and better breed of cows compared to dlady. The mentality of foreigners is better than locals were over. Dlady must step aside for Farmfresh.
soon, dlady will goes under 30.00 especially after the listing of FarmFresh.
14/10/2021 5:12 PM
MorningGlory123 Skyrocket coming soon since foreign funds are coming back to Malaysia equities.

Foreign funds' darling stocks top pick as Nestle, F&N, Carlsberg, Heineken, Dutch Lady , Panasonic, Ajinomoto.
14/10/2021 8:20 PM
MorningGlory123 https://www.theedgemarkets.com/article/nearterm-outlook-remains-positive-due-stronger-pickup-market-interest-says-interpacific


https://www.thestar.com.my/business/business-news/2021/09/30/strong-support-from-foreign-investors-seen


https://www.theedgemarkets.com/article/frankly-speaking-foreign-funds-are-back
14/10/2021 8:20 PM
topgfan Anyone looked at Farm Fresh IPO yet? I found a new video talking about it

https://youtu.be/y9WoFzwzAt0
19/10/2021 9:44 PM
mf duty stem
31/10/2021 3:04 PM
cheeseburger cukai Makmur...
31/10/2021 4:21 PM
Sipekhuat Post removed. Why?
01/11/2021 12:18 AM
whocare1982 https://youtu.be/1tHBsylmgKU
荷兰牛奶DUTCHLADY卖地建新厂,投资机会?!第三季度业绩分析
25/11/2021 9:09 PM
Thirai Thiraviam Dutch Lady's last Qtr results are certainly encouraging. However, I think it is still too early to say if the company has turned the bend. While the Q-on-Q results are good, the operating margins are still low compared to 2016. This is the most critical factor, to me.

Does anyone here know what the company is doing to improve its margins?
09/12/2021 10:21 AM
RainT read
29/12/2021 4:49 PM
dam82 https://www.bloomberg.com/news/articles/2022-01-24/bain-capital-carlyle-said-to-vie-for-dutch-infant-formula-friso

It looks like they selling their IFT business what is the impact for DLADY in malaysia ? Lower profit soon ?
25/01/2022 10:16 PM
dam82 'Bain Capital and Carlyle are interested in taking over Friso from FrieslandCampina'
24-01 14:51 | source: FoodPro Network

AMERSFOORT - The Canadian Bain Capital and the American Carlyle Group are interested in acquiring the Friso dairy brand from FrieslandCampina. In addition, Baring Private Equity Asia is seen as a potential buyer. There would also be interest from the Chinese dairy company Shijiazhuang Junlebao Dairy, according to Bloomberg .

Estimates of the value of the activities through the Friso brand range from 1 to 2 billion dollars. FrieslandCampina is said to be preparing a possible sale together with investment bank JPMorgan. The first round of bidding should take place in the coming weeks.

It is not certain whether all interested parties will actually make an offer, according to the sources. In addition, new interested parties can also register.
25/01/2022 10:21 PM
Faiza steady
02/02/2022 10:28 AM
JimmySooong Slowly losing market share trend to FFB, they have any plan to counter this?
04/03/2022 10:14 AM
dam82 Divident is reduced due to capex expansion .... selling their infant nutrition ... no new product introduced ..new factory no news .. as usual due to covid will be delayed ... not much positive news ... better buy other FMCG stock..dying business
04/03/2022 10:10 PM
Integrity. Intelligent. Industrious. 3iii (iiinvestsmart)$€£¥ The Company recorded 3.3% higher revenue resulting from continued strong commercial execution, which increased the penetration of our milk consumption in Malaysia.
Like-for-like Operating Profit (excluding land & buildings sales and accelerated depreciation of assets) increased 53% in the quarter, where strong demand for Dutch Lady products, lower brand investments were partially offset by significantly rising prices of global dairy raw materials.

Qtr4 2021
19/05/2022 10:17 AM
Integrity. Intelligent. Industrious. 3iii (iiinvestsmart)$€£¥ Dutch Lady is determined to invest in Malaysia. (clap)
25/05/2022 4:57 PM
calvintaneng https://klse1.i3investor.com/blogs/www.eaglevisioninvest.com/2022-08-20-story-h1628036691-REPOSTED_IDEAS_FROM_TSH_RESOURCES_9059_FORUM_Avoid_Spam_Scam_posts_By_C.jsp?_gl=1*1wcypor*_ga*MTczNTMzMTE0MS4xNjU4NDc0MzQ5*_ga_MNBHX2J50S*MTY2MDk3OTMyOS41Ny4xLjE2NjA5ODgxNTYuMC4wLjA.


Posted by calvintaneng > Aug 19, 2022 4:38 PM | Report Abuse

X

Now every co will do this

1. Increase dividend like tsh
2. Reduce dividend like Dlady
3. Ask for money like Yinson
4. Go bankrupt like london biscuit
20/08/2022 5:51 PM
dam82 Dividend will be reduced for a long time ...it’s obvious they cannot manage the cost and blame inflation ..... their operational cost management is very bad...
Old lady should start to manage their cost and introduce innovative product for now better buy Carlsberg or HEIM …
Will not touch for now ….
15/11/2022 8:00 PM
DickyMe Get rid of rent seeking politicians and extortionists.
Cost will dramatically reduce, and old lady will transform to new lady.
15/11/2022 8:02 PM
pang72 Susu cap German lady satu
16/11/2022 10:48 AM
williamh It will be similar to BAT few years back and it will became a trading company no wonder the price keep going south,bat was 70 before closing down the factory in pj since then all the way to around the price of today
30/11/2022 1:45 PM
dam82 The new factory will be white elephant for sure ….too much competition and non innovative product …
01/12/2022 9:07 AM
Integrity. Intelligent. Industrious. 3iii (iiinvestsmart)$€£¥ DLady


Fiscal year is January-December. All values MYR Millions.
2021
2020
2019
2018
2017
5-year trend


Sales/Revenue
1,134
1,101
1,067
1,049
1,065

Gross Income
400
357
405
416
401

SG&A Expense
189
184
195
194
174

Interest Expense
3
3
4
3
-

Pretax Income
285
98
138
171
158


2021
PBT margin 25.1%
PAT margin 21.9%
13/12/2022 11:23 PM
Integrity. Intelligent. Industrious. 3iii (iiinvestsmart)$€£¥ All values MYR Thousands.
2021
2020
2019
2018
2017
5-year trend
Capital Expenditures
(61,692.0)
(93,228.0)
(20,038.0)
(34,278.0)
(16,280.0)

Cash Dividends Paid - Total
(32,000.0)
(51,200.0)
(64,000.0)
(128,000.0)
(179,200.0

ST Debt & Current Portion LT Debt
8,487.0
19,598.0
17,358.0
15,172.0
-

Long-Term Debt
6,652.0
3,590.0
340.0
-
-

Cash & Short Term Investments
118,300.0
55,605.0
61,532.0
32,109.0
61,339.0
13/12/2022 11:39 PM
Integrity. Intelligent. Industrious. 3iii (iiinvestsmart)$€£¥ Summary

Revenues and profits had been flat over the last 5 years.
Slight increased in revenues over these years, but profit margins not increasing due to rising costs of raw materials.
Operating expenses were well contained.
Interest expenses remained low/negligible.

Dividends had been cut drastically over the last 5 years.
Many funds looking for dividends had sold down this counter as dictated by their funds requirements.
Capital expenditures had increased over the last 2 years and will remain high until 2025.
Due to high capital expenditures already planned for the next few years, dividends will remain at present levels for the near term, as company needs to invest its funds into PPE for future growth.
Capital expenditures, though high the last 2 years, had been funded from internal generated cash and not from borrowings.
Company borrowings remained negligible to date despite huge capex the last 2 years.
In 2021, cash in hand remained remarkably high.
13/12/2022 11:57 PM
Integrity. Intelligent. Industrious. 3iii (iiinvestsmart)$€£¥ https://myinvestingnotes.blogspot.com/2022/12/dutch-lady_28.html
Financial statements of DLady
28/12/2022 11:19 AM
Integrity. Intelligent. Industrious. 3iii (iiinvestsmart)$€£¥ Is Dutch Lady a bargain?

Dutch Lady has dropped a lot from its latest high price. Why?

Your first reaction would not have been, “What a great bargain!” but, “What’s wrong with Dutch Lady?”

Dutch Lady should be inspected and re-inspected for possible flaws.

Among possible reasons for its share price being sold down are:
- Irrational or indifferent selling alone may have made it cheap, but there may be more fundamental reasons for the depressed price.
- Perhaps there are contingent liabilities or pending litigation that you are unaware of.
- Maybe a competitor is preparing to introduce a superior product.

You can have some comfort should you conclude that the price is not depressed for an undisclosed fundamental business reason.

When reason for undervaluation can be clearly identified, the outcome is also more predictable
01/01/2023 8:11 PM
dam82 Beg to differ on DLADY , their product is very old school no innovation ..or too boring .. they don’t bring their trademark brands from their parent company to Malaysia ….big factory nice to have but still no clear direction … better buy HEIM or CARLSBERG ..
01/01/2023 8:31 PM
Integrity. Intelligent. Industrious. 3iii (iiinvestsmart)$€£¥ What is popular may not be undervalued.
What is shunned and ignored, may be undervalued.
01/01/2023 9:22 PM
Integrity. Intelligent. Industrious. 3iii (iiinvestsmart)$€£¥ https://klse.i3investor.com/web/blog/detail/bfm_podcast/2022-07-28-story-h1627001483-Dutch_Lady_s_Delicate_Balance_Of_Purpose_Profit_And_Price
03/01/2023 11:33 AM
stockraider Dlady use to be Rm 60 to Rm 80....touted by 3iii loh!

What happen to dlady.....flattened by atom bomb ah ???
03/01/2023 12:14 PM
dam82 unlike Aji where the new plant constructed on time and the management clearly stated their future planning ..DLADY plant is delayed and no future direction on their new production .. DLADY have advantage due to the parent company yet same product being produced in Malaysia no innovation.

07/01/2023 9:25 PM
dam82 by the way will collect below 25 hopefully it will go down more ....
07/01/2023 9:26 PM
dompeilee After selling off my DLady @ $64.32 in Oct '18 ,seeing the evidence of increased milk competition in the supermarkets, I re-entered my long position $18.90 cheaper than my original cost in Nov '13 recently(below $30)
17/01/2023 2:51 PM


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