Financials Asian Alliance International

Equities

AAI

THA984010001

Food Processing

End-of-day quote Thailand S.E. Other stock markets 23:00:00 13/05/2024 BST			5-day change	1st Jan Change
6 ^THB	+2.56%		+20.00%	+38.25%

05-07	Asian Alliance International Public Company Limited Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
04-24	Asian Alliance International Public Company Limited Approves Dividend for the Year 2023, Payable May 17, 2024	CI

Valuation

Fiscal Period: December	2022	2023	2024	2025	2026
Capitalization ¹	14,662	9,222	12,750	-	-
Enterprise Value (EV) ¹	14,662	9,222	11,079	10,836	10,281
P/E ratio	14.4 x	24.1 x	15 x	12.8 x	10.7 x
Yield	-	-	3.33%	4%	4.67%
Capitalization / Revenue	2.06 x	1.7 x	1.97 x	1.75 x	1.55 x
EV / Revenue	2.06 x	1.7 x	1.72 x	1.48 x	1.25 x
EV / EBITDA	12.3 x	15.6 x	9.59 x	8.01 x	6.51 x
EV / FCF	-	-	39 x	16.3 x	9.75 x
FCF Yield	-	-	2.56%	6.13%	10.3%
Price to Book	-	-	2.38 x	2.15 x	1.92 x
Nbr of stocks (in thousands)	2,125,000	2,125,000	2,125,000	-	-
Reference price ²	6.900	4.340	6.000	6.000	6.000
Announcement Date	22/02/23	20/02/24	-	-	-

¹THB in Million²THB

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2021	2022	2023	2024	2025	2026
Net sales ¹	5,036	7,124	5,439	6,458	7,303	8,247
EBITDA ¹	-	1,191	589.8	1,155	1,352	1,580
EBIT ¹	-	1,017	382.2	901	1,078	1,287
Operating Margin	-	14.28%	7.03%	13.95%	14.76%	15.61%
Earnings before Tax (EBT) ¹	-	984.9	396.8	979	1,160	1,375
Net income ¹	639	859.1	382.9	851	1,009	1,196
Net margin	12.69%	12.06%	7.04%	13.18%	13.82%	14.5%
EPS ²	-	0.4800	0.1800	0.4000	0.4700	0.5600
Free Cash Flow ¹	-	-	-	284	664	1,054
FCF margin	-	-	-	4.4%	9.09%	12.78%
FCF Conversion (EBITDA)	-	-	-	24.59%	49.11%	66.71%
FCF Conversion (Net income)	-	-	-	33.37%	65.81%	88.13%
Dividend per Share ²	-	-	-	0.2000	0.2400	0.2800
Announcement Date	25/04/22	22/02/23	20/02/24	-	-	-

¹THB in Million²THB

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4
Net sales ¹	-	1,701	1,391	1,196	2,587	1,359	1,494
EBITDA ¹	-	389.7	122.8	49.24	158.1	174.2	229.5
EBIT ¹	-	342.7	74.77	-3.126	57.71	120.8	175.7
Operating Margin	-	20.15%	5.38%	-0.26%	2.23%	8.89%	11.76%
Earnings before Tax (EBT)	-	335.9	70.72	12.8	83.53	-	-
Net income ¹	195.2	300.4	72.31	26.24	98.55	118.2	166.2
Net margin	-	17.66%	5.2%	2.19%	3.81%	8.7%	11.12%
EPS	0.1100	-	-	-	-	-	-
Dividend per Share	-	-	-	-	-	-	-
Announcement Date	10/11/22	22/02/23	10/05/23	09/08/23	09/08/23	08/11/23	20/02/24

¹THB in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-
Net Cash position ¹	-	-	-	1,671	1,914	2,469
Leverage (Debt/EBITDA)	-	-	-	-	-	-
Free Cash Flow ¹	-	-	-	284	664	1,054
ROE (net income / shareholders' equity)	-	-	-	16.6%	17.9%	19%
ROA (Net income/ Total Assets)	-	-	-	14.6%	15.7%	-
Assets ¹	-	-	-	5,829	6,427	-
Book Value Per Share ²	-	-	-	2.520	2.790	3.120
Cash Flow per Share	-	-	-	-	-	-
Capex ¹	-	-	-	434	203	203
Capex / Sales	-	-	-	6.72%	2.78%	2.46%
Announcement Date	25/04/22	22/02/23	20/02/24	-	-	-

¹THB in Million²THB

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Asian Alliance International

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

6 THB

Average target price

8 THB

Spread / Average Target

+33.33%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

Sector Other Food Processing

	1st Jan change	Capi.
ASIAN ALLIANCE INTERNATIONAL	+38.25%	349M
NESTLÉ S.A.	-3.21%	274B
MONDELEZ INTERNATIONAL, INC.	-0.69%	96.48B
KRAFT HEINZ	-2.14%	43.95B
THE HERSHEY COMPANY	+12.04%	42.24B
DANONE	+1.36%	41.25B
GENERAL MILLS, INC.	+8.77%	40B
ARCHER-DANIELS-MIDLAND COMPANY	-14.61%	30.49B
NESTLÉ INDIA LIMITED	-7.25%	28.7B
ASSOCIATED BRITISH FOODS PLC	+14.07%	25.55B

Other Food Processing