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Duty Free International

SGX:5SO
Snowflake Description

Flawless balance sheet second-rate dividend payer.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
5SO
SGX
SGD190M
Market Cap
  1. Home
  2. SG
  3. Retail
Company description

Duty Free International Limited, an investment holding company, trades in duty free merchandise under the Zon brand in Malaysia. The last earnings update was 37 days ago. More info.


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5SO Share Price and Events
7 Day Returns
-3.7%
SGX:5SO
-1.9%
SG Specialty Retail
-1.3%
SG Market
1 Year Returns
-21%
SGX:5SO
-2%
SG Specialty Retail
-3.3%
SG Market
5SO Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Duty Free International (5SO) -3.7% -13.2% -16.4% -21% -59.5% -48.2%
SG Specialty Retail -1.9% -4.1% -5.9% -2% -20.9% -41.3%
SG Market -1.3% -6.7% -2.5% -3.3% 2.9% -10.4%
1 Year Return vs Industry and Market
  • 5SO underperformed the Specialty Retail industry which returned -2% over the past year.
  • 5SO underperformed the Market in Singapore which returned -3.3% over the past year.
Price Volatility
5SO
Industry
5yr Volatility vs Market

Value

 Is Duty Free International undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Duty Free International to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Duty Free International.

SGX:5SO Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model Dividend Discount Model
Dividend Per Share Company Filings (2019-05-31) in MYR MYR .054122
Payout Ratio Company Filings (2019-05-31) 14002.8%
Discount Rate (Cost of Equity) See below 8.6%
Perpetual Growth Rate 10-Year SG Government Bond Rate 2.3%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for SGX:5SO
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year SG Govt Bond Rate 2.3%
Equity Risk Premium S&P Global 6%
Specialty Retail Unlevered Beta Simply Wall St/ S&P Global 0.85
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.846 (1 + (1- 17%) (19.71%))
1.062
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.06
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.3% + (1.062 * 5.96%)
8.63%

Discounted Cash Flow Calculation for SGX:5SO using Dividend Discount Model Model

The calculations below outline how an intrinsic value for Duty Free International is arrived at by discounting future dividends to their present value. This approach is used for finance firms where free cash flow is difficult to estimate (e.g. Banks/ Insurance firms).

If the firm does not pay the majority of its earnings out as a dividend this method will often arrive at a value significantly lower than the share price.

See our documentation to learn about this calculation.

SGX:5SO Gordon Growth Model
Calculation Result
Value per share = Expected dividends per share / (Discount Rate - Perpetual growth rate)
= MYR0.05 / (8.63% - 2.3%)
MYR0.14
SGX:5SO Discount to Share Price
Calculation Result
Exchange Rate MYR/SGD
(Reporting currency to currency of SGX:5SO)
0.332
Value per Share
(SGD)
= Value per Share in MYR x Exchange Rate (MYR/SGD)
= MYR0.43 x 0.332
SGD0.14
Value per share (SGD) From above. SGD0.14
Current discount Discount to share price of SGD0.16
= -1 x (SGD0.16 - SGD0.14) / SGD0.14
-9.9%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of Duty Free International is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Duty Free International's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Duty Free International's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
SGX:5SO PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-05-31) in MYR MYR0.04
SGX:5SO Share Price ** SGX (2019-08-16) in SGD SGD0.16
SGX:5SO Share Price converted to MYR reporting currency Exchange rate (SGD/ MYR) 3.012 MYR0.48
Singapore Specialty Retail Industry PE Ratio Median Figure of 6 Publicly-Listed Specialty Retail Companies 9.64x
Singapore Market PE Ratio Median Figure of 317 Publicly-Listed Companies 12.56x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Duty Free International.

SGX:5SO PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= SGX:5SO Share Price ÷ EPS (both in MYR)

= 0.48 ÷ 0.04

12.88x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Duty Free International is overvalued based on earnings compared to the SG Specialty Retail industry average.
  • Duty Free International is overvalued based on earnings compared to the Singapore market.
Price based on expected Growth
Does Duty Free International's expected growth come at a high price?
Raw Data
SGX:5SO PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 12.88x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 0 Analysts
5.7%per year
Asia Specialty Retail Industry PEG Ratio Median Figure of 15 Publicly-Listed Specialty Retail Companies 0.75x
Singapore Market PEG Ratio Median Figure of 120 Publicly-Listed Companies 1.59x

*Line of best fit is calculated by linear regression .

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to calculate PEG ratio for Duty Free International, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Duty Free International's assets?
Raw Data
SGX:5SO PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-05-31) in MYR MYR0.46
SGX:5SO Share Price * SGX (2019-08-16) in SGD SGD0.16
SGX:5SO Share Price converted to MYR reporting currency Exchange rate (SGD/ MYR) 3.012 MYR0.48
Singapore Specialty Retail Industry PB Ratio Median Figure of 10 Publicly-Listed Specialty Retail Companies 0.78x
Singapore Market PB Ratio Median Figure of 429 Publicly-Listed Companies 0.7x
SGX:5SO PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= SGX:5SO Share Price ÷ Book Value per Share (both in MYR)

= 0.48 ÷ 0.46

1.02x

* Primary Listing of Duty Free International.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Duty Free International is overvalued based on assets compared to the SG Specialty Retail industry average.
X
Value checks
We assess Duty Free International's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Specialty Retail industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Specialty Retail industry average (and greater than 0)? (1 check)
  5. Duty Free International has a total score of 0/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Duty Free International expected to perform in the next 1 to 3 years based on estimates from 0 analysts?

  • No analysts cover Duty Free International, future earnings growth has been estimated based on fundamentals.
The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
5.7%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Duty Free International expected to grow at an attractive rate?
  • Duty Free International's earnings growth is expected to exceed the low risk savings rate of 2.3%.
Growth vs Market Checks
  • Duty Free International's earnings growth is positive but not above the Singapore market average.
  • Unable to compare Duty Free International's revenue growth to the Singapore market average as no estimate data is available.
Annual Growth Rates Comparison
Raw Data
SGX:5SO Future Growth Rates Data Sources
Data Point Source Value (per year)
SGX:5SO Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 0 Analysts 5.7%
Singapore Specialty Retail Industry Earnings Growth Rate Market Cap Weighted Average 12.9%
Asia Specialty Retail Industry Revenue Growth Rate Market Cap Weighted Average 9.6%
Singapore Market Earnings Growth Rate Market Cap Weighted Average 5.8%
Singapore Market Revenue Growth Rate Market Cap Weighted Average 5.2%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
SGX:5SO Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below
All numbers in MYR Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
SGX:5SO Future Estimates Data
Date (Data in MYR Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
SGX:5SO Past Financials Data
Date (Data in MYR Millions) Revenue Cash Flow Net Income *
2019-05-31 575 7 45
2019-02-28 556 29 47
2018-11-30 566 0 46
2018-08-31 541 63 34
2018-05-31 564 113 36
2018-02-28 612 124 42
2017-11-30 593 117 50
2017-08-31 594 126 68
2017-05-31 605 126 68
2017-02-28 633 123 73
2016-11-30 645 96 76
2016-08-31 664 43 71

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Duty Free International's earnings are expected to grow by 5.7% yearly, however this is not considered high growth (20% yearly).
  • Unable to determine if Duty Free International is high growth as no revenue estimate data is available.
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
SGX:5SO Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below

All data from Duty Free International Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SGX:5SO Future Estimates Data
Date (Data in MYR Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
SGX:5SO Past Financials Data
Date (Data in MYR Millions) EPS *
2019-05-31 0.04
2019-02-28 0.04
2018-11-30 0.04
2018-08-31 0.03
2018-05-31 0.03
2018-02-28 0.03
2017-11-30 0.04
2017-08-31 0.06
2017-05-31 0.06
2017-02-28 0.06
2016-11-30 0.07
2016-08-31 0.06

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Unable to establish if Duty Free International will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess Duty Free International's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Singapore market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Asia market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Duty Free International has a total score of 1/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Duty Free International performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Duty Free International's growth in the last year to its industry (Specialty Retail).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Duty Free International's year on year earnings growth rate was negative over the past 5 years and the most recent earnings are below average.
  • Duty Free International's 1-year earnings growth exceeds its 5-year average (25.2% vs -5.5%)
  • Duty Free International's earnings growth has exceeded the SG Specialty Retail industry average in the past year (25.2% vs 17.8%).
Earnings and Revenue History
Duty Free International's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Duty Free International Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SGX:5SO Past Revenue, Cash Flow and Net Income Data
Date (Data in MYR Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-05-31 574.57 44.64 92.02
2019-02-28 556.33 46.52 92.51
2018-11-30 565.95 45.85 90.30
2018-08-31 540.55 33.89 88.37
2018-05-31 563.83 35.67 86.44
2018-02-28 611.58 41.67 86.10
2017-11-30 593.04 50.19 86.68
2017-08-31 594.42 68.17 87.98
2017-05-31 605.11 67.95 87.52
2017-02-28 632.59 72.73 90.07
2016-11-30 644.54 75.86 90.01
2016-08-31 664.45 71.40 88.57
2016-05-31 657.46 67.04 88.59
2016-02-29 604.51 61.74 83.76
2015-11-30 602.58 61.77 81.45
2015-08-31 585.61 55.19 78.53
2015-05-31 572.34 57.70 75.47
2015-02-28 561.01 55.00 74.36
2014-11-30 562.39 50.43 72.56
2014-08-31 580.24 57.44 73.64
2014-05-31 573.86 53.74 72.34
2014-02-28 566.89 53.21 70.68
2013-11-30 559.64 53.20 61.54
2013-08-31 538.79 52.94 54.36
2013-05-31 540.52 63.92 56.83
2013-02-28 539.19 63.74 53.12
2012-11-30 485.36 63.86 47.66
2012-08-31 488.25 63.53 50.58

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Duty Free International has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Duty Free International used its assets less efficiently than the SG Specialty Retail industry average last year based on Return on Assets.
  • Duty Free International's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Duty Free International's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Specialty Retail industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Duty Free International has a total score of 2/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Duty Free International's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Duty Free International's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Duty Free International is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Duty Free International's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Duty Free International's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is covered by short term assets, assets are 15.7x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Duty Free International Company Filings, last reported 2 months ago.

SGX:5SO Past Debt and Equity Data
Date (Data in MYR Millions) Total Equity Total Debt Cash & Short Term Investments
2019-05-31 575.63 33.70 312.39
2019-02-28 569.30 20.82 340.01
2018-11-30 606.77 2.91 314.62
2018-08-31 589.56 1.68 290.24
2018-05-31 609.69 0.00 328.90
2018-02-28 599.69 15.20 376.23
2017-11-30 578.03 0.00 279.58
2017-08-31 601.76 4.94 282.81
2017-05-31 608.63 7.17 269.87
2017-02-28 552.30 5.54 275.73
2016-11-30 583.72 13.30 244.44
2016-08-31 561.47 30.57 212.70
2016-05-31 463.13 61.38 112.25
2016-02-29 401.81 50.61 52.71
2015-11-30 383.12 40.58 30.66
2015-08-31 366.36 38.19 59.26
2015-05-31 376.52 58.70 68.59
2015-02-28 391.71 47.29 79.31
2014-11-30 395.65 45.46 40.66
2014-08-31 407.07 55.49 37.29
2014-05-31 426.00 69.06 65.00
2014-02-28 415.64 62.66 56.58
2013-11-30 423.70 85.18 50.97
2013-08-31 406.33 75.62 30.27
2013-05-31 467.87 75.01 108.87
2013-02-28 341.07 89.41 34.73
2012-11-30 333.08 111.49 41.89
2012-08-31 341.84 120.82 40.31
  • Duty Free International's level of debt (5.9%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (16% vs 5.9% today).
  • Debt is well covered by operating cash flow (20.1%, greater than 20% of total debt).
  • Duty Free International earns more interest than it pays, coverage of interest payments is not a concern.
X
Financial health checks
We assess Duty Free International's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Duty Free International has a total score of 6/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Duty Free International's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
11.37%
Current annual income from Duty Free International dividends.
If you bought SGD2,000 of Duty Free International shares you are expected to receive SGD227 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Duty Free International's pays a higher dividend yield than the bottom 25% of dividend payers in Singapore (2.66%).
  • Duty Free International's dividend is above the markets top 25% of dividend payers in Singapore (5.73%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
SGX:5SO Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below
Singapore Specialty Retail Industry Average Dividend Yield Market Cap Weighted Average of 5 Stocks 5.1%
Singapore Market Average Dividend Yield Market Cap Weighted Average of 273 Stocks 4.1%
Singapore Minimum Threshold Dividend Yield 10th Percentile 1.8%
Singapore Bottom 25% Dividend Yield 25th Percentile 2.7%
Singapore Top 25% Dividend Yield 75th Percentile 5.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

SGX:5SO Future Dividends Estimate Data
Date (Data in MYR) Dividend per Share (annual) Avg. No. Analysts
SGX:5SO Past Annualized Dividends Data
Date (Data in MYR) Dividend per share (annual) Avg. Yield (%)
2019-06-03 0.054 10.097
2019-04-25 0.055 9.510
2019-01-09 0.054 9.021
2018-06-11 0.054 9.182
2018-04-25 0.054 8.720
2018-01-10 0.054 7.441
2017-07-12 0.048 5.659
2017-06-13 0.077 7.315
2017-04-26 0.077 6.629
2017-01-12 0.078 6.271
2016-07-13 0.054 4.705
2016-06-10 0.047 4.299
2016-04-27 0.046 4.316
2015-08-11 0.067 7.497
2015-05-07 0.067 8.596
2015-04-28 0.067 9.010
2015-01-15 0.066 8.834
2014-10-13 0.038 5.140
2014-07-21 0.050 6.752
2014-06-11 0.051 6.623
2014-04-30 0.051 6.608
2014-01-13 0.051 6.400
2013-10-16 0.051 6.307
2013-06-25 0.050 5.443
2013-06-11 0.000 0.000
2013-04-25 0.000 0.000
2013-01-14 0.000 0.000
2012-10-08 0.098 12.392
2012-07-10 0.099 13.650
2012-06-14 0.037 4.874
2012-04-30 0.037 4.705
2012-01-11 0.036 6.436
2011-10-13 0.036 6.768

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Duty Free International has been paying a dividend for less than 10 years and during this time payments have been volatile (annual drop of over 20%).
  • Dividend payments have increased, but Duty Free International only paid a dividend in the past 8 years.
Current Payout to shareholders
What portion of Duty Free International's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.2x coverage).
Future Payout to shareholders
  • Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
X
Income/ dividend checks
We assess Duty Free International's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Duty Free International afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Duty Free International has a total score of 3/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Duty Free International's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Bok Ong
AGE 60
TENURE AS CEO 6.2 years
CEO Bio

Mr. Bok Siong Ong has been the Managing Director of Duty Free International Limited since June 27, 2013 and serves as its Chief Executive Officer. Mr. Ong serves as Managing Director of Atlan Holdings Bhd. He served as the Managing Director of Atlan Holdings Bhd from April 30, 2012 to June 26, 2013. He served as the Chief Executive Officer at Meda Inc. Bhd from April 23, 2002 to 2007. He also served as Project Director of the Group overseeing the property development activities of Meda Group. He served as Group Chief Executive Officer of Andaman Consolidated Sdn Bhd Group before joining DFZ Capital Berhad Group. He started his career in the construction and property industry since 1983 and had been involved in mega construction and property development projects. Mr. Ong has been a Director at Duty Free International Limited since June 27, 2013. He has been a Non-Independent Non-Executive Director of Atlan Holdings Bhd since June 26, 2013 and served its Executive Director from August 26, 2010 to June 26, 2013. He also served as Non-Independent Executive Director of Meda Inc. Bhd from May 15, 2002 to June 29, 2007. He is a registered Quantity Surveyor with the Lembaga Juruukur Bahan Malaysia and an Accredited Mediator with the Construction Industry Development Board. He is a member of the Chartered Institute of Building, United Kingdom, the Malaysian Institute of Arbitrators, the Chartered Institute of Arbitrators, UK and the Malaysian Institute of Management. Mr. Ong holds a Bachelor of Laws Degree from University of London, a First Class Honours Bachelor of Science degree in Building Economics and Quantity Surveying from the Heriot Watt University, Scotland, United Kingdom and a Diploma in Building Technology from the Tuanku Abdul Rahman College.

CEO Compensation
  • Insufficient data for Bok to compare compensation growth.
  • Insufficient data for Bok to establish whether their remuneration is reasonable compared to companies of similar size in Singapore.
Management Team Tenure

Average tenure and age of the Duty Free International management team in years:

4.5
Average Tenure
50
Average Age
  • The tenure for the Duty Free International management team is about average.
Management Team

Bok Ong

TITLE
CEO, MD & Director
AGE
60
TENURE
6.2 yrs

Sze Lee

TITLE
Executive Director of Finance & Corporate Services and Executive Director
AGE
48

Im Bee Cheah

TITLE
Financial Controller
TENURE
13.6 yrs

Andreas Winnen

TITLE
Chief Executive Officer of DFZ Capital Berhad
AGE
50
TENURE
2.9 yrs

Sook Fun Thum

TITLE
Company Secretary
TENURE
0.3 yrs
Board of Directors Tenure

Average tenure and age of the Duty Free International board of directors in years:

6.2
Average Tenure
63
Average Age
  • The tenure for the Duty Free International board of directors is about average.
Board of Directors

Adam Bin Abdullah

TITLE
Non-Executive Chairman
AGE
63

Bok Ong

TITLE
CEO, MD & Director
AGE
60
TENURE
6.2 yrs

Sze Lee

TITLE
Executive Director of Finance & Corporate Services and Executive Director
AGE
48
TENURE
9 yrs

Panglima Mohamed Bin Mohamed

TITLE
Lead Independent Director
AGE
70
TENURE
5.3 yrs

Megat Hisham bin Megat Mahmud

TITLE
Independent & Non-Executive Director
TENURE
6.1 yrs

Soo Lin Chew

TITLE
Independent Director
AGE
70
TENURE
8 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month open market individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (SGD) Value (SGD)
X
Management checks
We assess Duty Free International's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Duty Free International has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

How Does Duty Free International Limited (SGX:5SO) Fare As A Dividend Stock?

Today we'll take a closer look at Duty Free International Limited (SGX:5SO) from a dividend investor's perspective. Owning a strong business and reinvesting the dividends is widely seen as an attractive way of growing your wealth. If you are hoping to live on the income from dividends, it's important to be a lot more stringent with your investments than the average punter. With a goodly-sized dividend yield despite a relatively short payment history, investors might be wondering if Duty Free International is a new dividend aristocrat in the making. We'd agree the yield does look enticing. The company also bought back stock equivalent to around 1.2% of market capitalisation this year. Before you buy any stock for its dividend however, you should always remember Warren Buffett's two rules: 1) Don't lose money, and 2) Remember rule #1. … With a cash payout ratio of 3126%, Duty Free International's dividend payments are poorly covered by cash flow. … It's good to see that Duty Free International has been paying a dividend for a number of years.

Simply Wall St -

With A Return On Equity Of 9.2%, Has Duty Free International Limited's (SGX:5SO) Management Done Well?

The formula for return on equity is: Return on Equity = Net Profit ÷ Shareholders' Equity Or for Duty Free International: 9.2% = RM47m ÷ RM569m (Based on the trailing twelve months to February 2019.) Most know that net profit is the total earnings after all expenses, but the concept of shareholders' equity is a little more complicated. … In the latter case, the debt required for growth will boost returns, but will not impact the shareholders' equity. … Combining Duty Free International's Debt And Its 9.2% Return On Equity Although Duty Free International does use a little debt, its debt to equity ratio of just 0.039 is very low.

Simply Wall St -

Consider This Before Buying Duty Free International Limited (SGX:5SO) For The 9.3% Dividend

Is Duty Free International Limited (SGX:5SO) a good dividend stock? … Yet sometimes, investors buy a popular dividend stock because of its yield, and then lose money if the company's dividend doesn't live up to expectations. … With a goodly-sized dividend yield despite a relatively short payment history, investors might be wondering if Duty Free International is a new dividend aristocrat in the making.

Simply Wall St -

Is Duty Free International Limited's (SGX:5SO) 8.6% Better Than Average?

Our data shows Duty Free International has a return on equity of 8.6% for the last year. … Another way to think of that is that for every SGD1 worth of equity in the company, it was able to earn SGD0.086. … Return on Equity = Net Profit ÷ Shareholders' Equity

Simply Wall St -

Duty Free International Limited's (SGX:5SO) Earnings Dropped -8.7%, How Did It Fare Against The Industry?

Assessing Duty Free International Limited's (SGX:5SO) performance as a company requires looking at more than just a years' earnings data. … Below, I will run you through a simple sense check to build perspective on how Duty Free International is doing by comparing its most recent earnings with its historical trend, in addition to the performance of its specialty retail industry peers. … Furthermore, this one-year growth rate has been lower than its average earnings growth rate over the past 5 years of -2.8%, indicating the rate at which 5SO is growing has slowed down

Simply Wall St -

What Should Investors Know About Duty Free International Limited's (SGX:5SO) Capital Returns?

and want a simplistic look at the return on Duty Free International Limited (SGX:5SO) stock. … Buying Duty Free International makes you a partial owner of the company. … Thus, to understand how your money can grow by investing in Duty Free International, you need to look at what the company returns to owners for the use of their capital, which can be done in many ways but today we will use return on capital employed (ROCE)

Simply Wall St -

Why Duty Free International Limited's (SGX:5SO) ROE Of 6.84% Does Not Tell The Whole Story

Duty Free International Limited (SGX:5SO) performed in line with its specialty stores industry on the basis of its ROE – producing a return of 6.84% relative to the peer average of 8.83% over the past 12 months. … But what is more interesting is whether 5SO can sustain or improve on this level of return. … View our latest analysis for Duty Free International

Simply Wall St -

Should You Be Happy With Duty Free International Limited's (SGX:5SO) Performance Lately?

After looking at Duty Free International Limited's (SGX:5SO) latest earnings update (31 May 2018), I found it helpful to revisit the company's performance in the past couple of years and compare this against the latest numbers. … Check out our latest analysis for Duty Free International? … 5SO's trailing twelve-month earnings (from 31 May 2018) of RM35.67m has

Simply Wall St -

Is Duty Free International Limited's (SGX:5SO) Balance Sheet Strong Enough To Weather A Storm?

While small-cap stocks, such as Duty Free International Limited (SGX:5SO) with its market cap of S$249.00m, are popular for their explosive growth, investors should also be aware of their balance sheet to judge whether the company can survive a downturn. … Specialty Retail businesses operating in the environment facing headwinds from current disruption,.

Simply Wall St -

What does Duty Free International Limited's (SGX:5SO) Balance Sheet Tell Us About Its Future?

5SO's debt levels surged from RM7.07M to RM16.37M over the last 12 months – this includes both the current and long-term debt. … On top of this, 5SO has produced RM123.60M in operating cash flow in the last twelve months, resulting in an operating cash to total debt ratio of 755.24%, signalling that 5SO’s debt is appropriately covered by operating cash. … Next Steps: 5SO’s high cash coverage and low debt levels indicate its ability to utilise its borrowings efficiently in order to generate ample cash flow.

Simply Wall St -

Company Info

Description

Duty Free International Limited, an investment holding company, trades in duty free merchandise under the Zon brand in Malaysia. The company wholesales, distributes, and retails duty free and non-dutiable merchandise, including imported duty free beverages, tobacco products, chocolates and confectionary products, perfumes, cosmetics, and souvenirs. It operates approximately 40 outlets comprising duty-free retail outlets and duty paid retail outlets located at various locations in airports, seaports, ferry terminals, border towns, and tourist destinations. Duty Free International Limited is also involved in the development of resorts; property investment and management activities; cultivation of oil palms; and sale of fresh oil palm fruit bunches. The company was founded in 1978 and is based in Singapore. Duty Free International Limited is a subsidiary of Atlan Holdings Bhd.

Details
Name: Duty Free International Limited
5SO
Exchange: SGX
Founded: 1978
SGD189,941,010
1,202,158,293
Website: http://www.dfi.com.sg
Address: Duty Free International Limited
138 Cecil Street,
No. 12-01A Cecil Court,
Singapore,
069538,
Singapore
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
SGX 5SO Ordinary Shares Singapore Exchange SG SGD 09. Jan 2011
Number of employees
Current staff
Staff numbers
0
Duty Free International employees.
Industry
Specialty Stores
Retail
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/08/17 12:53
End of day share price update: 2019/08/16 00:00
Last estimates confirmation: 2017/04/26
Last earnings filing: 2019/07/11
Last earnings reported: 2019/05/31
Last annual earnings reported: 2019/02/28


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.